Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2018 | Feb. 22, 2019 | Jun. 30, 2018 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Pebblebrook Hotel Trust | ||
Entity Central Index Key | 1,474,098 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 130,518,284 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.6 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Investment in hotel properties, net | $ 6,534,193 | $ 2,456,450 |
Ground lease asset, net | 199,745 | 29,037 |
Cash and cash equivalents | 83,366 | 25,410 |
Restricted cash | 24,445 | 7,123 |
Hotel receivables (net of allowance for doubtful accounts of $526 and $245, respectively) | 59,897 | 29,206 |
Prepaid expenses and other assets | 76,702 | 43,642 |
Total assets | 6,978,348 | 2,590,868 |
LIABILITIES AND EQUITY | ||
Debt | 2,746,898 | 885,237 |
Accounts payable and accrued expenses | 360,279 | 141,290 |
Deferred revenues | 54,741 | 26,919 |
Accrued interest | 2,741 | 2,073 |
Distribution payable | 43,759 | 31,823 |
Total liabilities | 3,208,418 | 1,087,342 |
Commitments and contingencies (Note 12) | ||
Shareholders’ equity: | ||
Preferred shares of beneficial interest, $.01 par value (liquidation preference $510,000 at December 31, 2018 and $250,000 at December 31, 2017), 100,000,000 shares authorized; 20,400,000 shares issued and outstanding at December 31, 2018 and 10,000,000 shares issued and outstanding at December 31, 2017 | 204 | 100 |
Common shares of beneficial interest, $.01 par value, 500,000,000 shares authorized; 130,311,289 issued and outstanding at December 31, 2018 and 68,812,575 issued and outstanding at December 31, 2017 | 1,303 | 688 |
Additional paid-in capital | 4,065,804 | 1,685,437 |
Accumulated other comprehensive income (loss) | 1,330 | 3,689 |
Distributions in excess of retained earnings | (308,806) | (191,013) |
Total shareholders’ equity | 3,759,835 | 1,498,901 |
Non-controlling interests | 10,095 | 4,625 |
Total equity | 3,769,930 | 1,503,526 |
Total liabilities and equity | $ 6,978,348 | $ 2,590,868 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 526 | $ 245 |
Preferred shares of beneficial interest, liquidation preference value | $ 510,000 | $ 250,000 |
Preferred shares of beneficial interest, par value (usd per share) | $ 0.01 | $ 0.01 |
Preferred shares of beneficial interest, authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred shares of beneficial interest, issued (in shares) | 20,400,000 | 10,000,000 |
Preferred shares of beneficial interest, outstanding (in shares) | 20,400,000 | 10,000,000 |
Common shares of beneficial interest, par value (usd per share) | $ 0.01 | $ 0.01 |
Common shares of beneficial interest, authorized (in shares) | 500,000,000 | 500,000,000 |
Common shares of beneficial interest, issued (in shares) | 130,311,289 | 68,812,575 |
Common shares of beneficial interest, outstanding (in shares) | 130,311,289 | 68,812,575 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | |||
Total revenues | $ 828,678 | $ 769,317 | $ 816,421 |
Hotel operating expenses: | |||
Total hotel operating expenses | 511,834 | 467,973 | 483,924 |
Depreciation and amortization | 108,475 | 102,290 | 102,439 |
Real estate taxes, personal property taxes, property insurance, and ground rent | 54,191 | 48,500 | 50,488 |
General and administrative | 22,512 | 23,977 | 27,912 |
Transaction costs | 75,049 | 71 | 193 |
Impairment and other losses | 1,452 | 6,003 | 12,148 |
Loss (gain) on sale of hotel properties | 2,147 | (14,877) | (40,690) |
Gain on insurance settlement | (13,954) | 0 | 0 |
Total operating expenses | 761,706 | 633,937 | 636,414 |
Operating income (loss) | 66,972 | 135,380 | 180,007 |
Interest income | 178 | 97 | 1,995 |
Interest expense | (53,923) | (37,299) | (43,615) |
Other | 1,900 | 2,265 | 283 |
Equity in earnings (loss) of joint venture | 0 | 0 | (64,842) |
Income (loss) before income taxes | 15,127 | 100,443 | 73,828 |
Income tax (expense) benefit | (1,742) | (181) | 134 |
Net income (loss) | 13,385 | 100,262 | 73,962 |
Net income (loss) attributable to non-controlling interests | (8) | 374 | 258 |
Net income (loss) attributable to the Company | 13,393 | 99,888 | 73,704 |
Distributions to preferred shareholders | (17,466) | (16,094) | (19,662) |
Transaction costs | 0 | 0 | (7,090) |
Net income (loss) attributable to common shareholders | $ (4,073) | $ 83,794 | $ 46,952 |
Net income (loss) per share available to common shareholders, basic (in usd per share) | $ (0.06) | $ 1.20 | $ 0.65 |
Net income (loss) per share available to common shareholders, diluted (in usd per share) | $ (0.06) | $ 1.19 | $ 0.64 |
Weighted-average number of common shares, basic (in shares) | 74,286,307 | 69,591,973 | 71,901,499 |
Weighted-average number of common shares, diluted (in shares) | 74,286,307 | 69,984,837 | 72,373,242 |
Comprehensive Income: | |||
Net income (loss) | $ 13,385 | $ 100,262 | $ 73,962 |
Other comprehensive income (loss): | |||
Unrealized gain (loss) on derivative instruments | (2,907) | 6,001 | 2,438 |
Comprehensive income (loss) | 10,478 | 106,263 | 76,400 |
Comprehensive income (loss) attributable to non-controlling interests | (16) | 395 | 266 |
Comprehensive income (loss) attributable to the Company | 10,494 | 105,868 | 76,134 |
Room | |||
Revenues | |||
Total revenues | 565,107 | 532,288 | 568,867 |
Hotel operating expenses: | |||
Total hotel operating expenses | 143,171 | 134,068 | 137,312 |
Food and beverage | |||
Revenues | |||
Total revenues | 199,089 | 182,737 | 191,857 |
Hotel operating expenses: | |||
Total hotel operating expenses | 136,845 | 123,213 | 126,957 |
Other | |||
Revenues | |||
Total revenues | 64,482 | 54,292 | 55,697 |
Hotel operating expenses: | |||
Total hotel operating expenses | $ 231,818 | $ 210,692 | $ 219,655 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Distributions in Excess of Retained Earnings | Total Shareholders' Equity | Non-Controlling Interests |
Preferred stock, beginning balance (in shares) at Dec. 31, 2015 | 14,000,000 | |||||||
Common stock, beginning balance (in shares) at Dec. 31, 2015 | 71,735,129 | |||||||
Beginning balance at Dec. 31, 2015 | $ 1,760,834 | $ 140 | $ 717 | $ 1,868,047 | $ (4,750) | $ (105,765) | $ 1,758,389 | $ 2,445 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares, net of offering costs (in shares) | 5,000,000 | |||||||
Issuance of shares, net of offering costs | 120,808 | $ 50 | 120,758 | 120,808 | ||||
Redemption of preferred shares (in shares) | (9,000,000) | |||||||
Redemption of preferred shares | (225,050) | $ (90) | (217,870) | (7,090) | (225,050) | |||
Issuance of common shares for Board of Trustees compensation (in shares) | 21,407 | |||||||
Issuance of common shares for Board of Trustee compensation | 606 | 606 | 606 | |||||
Repurchase of common shares (in shares) | (88,510) | |||||||
Repurchase of common shares | (2,496) | $ (1) | (2,495) | (2,496) | ||||
Share-based compensation (in shares) | 254,878 | |||||||
Share-based compensation | 8,466 | $ 3 | 7,358 | 7,361 | 1,105 | |||
Distributions on common shares/units | (110,773) | (110,414) | (110,414) | (359) | ||||
Distributions on preferred shares | (19,679) | (19,662) | (19,662) | (17) | ||||
Other comprehensive income (loss): | ||||||||
Unrealized gain (loss) on derivative instruments | 2,438 | 2,438 | 2,438 | |||||
Net income (loss) | 73,962 | 73,704 | 73,704 | 258 | ||||
Preferred stock, ending balance (in shares) at Dec. 31, 2016 | 10,000,000 | |||||||
Common stock, ending balance (in shares) at Dec. 31, 2016 | 71,922,904 | |||||||
Ending balance at Dec. 31, 2016 | 1,609,116 | $ 100 | $ 719 | 1,776,404 | (2,312) | (169,227) | 1,605,684 | 3,432 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Offering costs | (62) | (62) | (62) | |||||
Issuance of common shares for Board of Trustees compensation (in shares) | 16,711 | |||||||
Issuance of common shares for Board of Trustee compensation | 503 | $ 1 | 502 | 503 | ||||
Repurchase of common shares (in shares) | (3,335,278) | |||||||
Repurchase of common shares | (95,981) | $ (33) | (95,948) | (95,981) | ||||
Share-based compensation (in shares) | 208,238 | |||||||
Share-based compensation | 5,646 | $ 1 | 4,541 | 4,542 | 1,104 | |||
Distributions on common shares/units | (105,939) | (105,580) | (105,580) | (359) | ||||
Distributions on preferred shares | (16,126) | (16,094) | (16,094) | (32) | ||||
Redemption of non-controlling interest LTIP units | 106 | 106 | ||||||
Other comprehensive income (loss): | ||||||||
Unrealized gain (loss) on derivative instruments | 6,001 | 6,001 | 6,001 | |||||
Net income (loss) | $ 100,262 | 99,888 | 99,888 | 374 | ||||
Preferred stock, ending balance (in shares) at Dec. 31, 2017 | 10,000,000 | 10,000,000 | ||||||
Common stock, ending balance (in shares) at Dec. 31, 2017 | 68,812,575 | 68,812,575 | ||||||
Ending balance at Dec. 31, 2017 | $ 1,503,526 | $ 100 | $ 688 | 1,685,437 | 3,689 | (191,013) | 1,498,901 | 4,625 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Issuance of shares, net of offering costs (in shares) | 10,400,000 | 61,399,104 | ||||||
Issuance of shares, net of offering costs | 2,377,807 | $ 104 | $ 614 | 2,377,089 | 2,377,807 | |||
Issuance of operating partnership units | 4,665 | 4,665 | ||||||
Issuance of common shares for Board of Trustees compensation (in shares) | 17,410 | |||||||
Issuance of common shares for Board of Trustee compensation | 662 | $ 1 | 661 | 662 | ||||
Repurchase of common shares (in shares) | (69,687) | |||||||
Repurchase of common shares | (2,507) | $ (1) | (2,506) | (2,507) | ||||
Share-based compensation (in shares) | 151,887 | |||||||
Share-based compensation | 6,228 | $ 1 | 5,123 | 5,124 | 1,104 | |||
Distributions on common shares/units | (113,549) | (113,172) | (113,172) | (377) | ||||
Distributions on preferred shares | (17,505) | (17,466) | (17,466) | (39) | ||||
Net contribution from non-controlling interests | 125 | 125 | ||||||
Other comprehensive income (loss): | ||||||||
Unrealized gain (loss) on derivative instruments | (2,907) | (2,907) | (2,907) | |||||
Net income (loss) | $ 13,385 | 13,393 | 13,393 | (8) | ||||
Preferred stock, ending balance (in shares) at Dec. 31, 2018 | 20,400,000 | 20,400,000 | ||||||
Common stock, ending balance (in shares) at Dec. 31, 2018 | 130,311,289 | 130,311,289 | ||||||
Ending balance at Dec. 31, 2018 | $ 3,769,930 | $ 204 | $ 1,303 | $ 4,065,804 | $ 1,330 | $ (308,806) | $ 3,759,835 | $ 10,095 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Operating activities: | |||
Net income (loss) | $ 13,385 | $ 100,262 | $ 73,962 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 108,475 | 102,290 | 102,439 |
Share-based compensation | 6,228 | 5,646 | 8,466 |
(Gain) loss on derivative instruments | 0 | (265) | (283) |
(Gain) loss on marketable securities | 2,978 | 0 | 0 |
Amortization of deferred financing costs and mortgage loan premiums | 18,256 | 2,040 | 1,513 |
Loss (gain) on sale of hotel properties | 2,147 | (14,877) | (40,690) |
Impairment and other losses | 0 | 3,849 | 12,148 |
Non-cash ground rent | 3,062 | 2,884 | 2,762 |
Equity in (earnings) loss from joint venture | 0 | 0 | 66,636 |
Other | 2,939 | 2,378 | 2,654 |
Changes in assets and liabilities: | |||
Hotel receivables | 3,684 | (1,270) | 1,263 |
Prepaid expenses and other assets | 5,031 | (2,161) | 2,286 |
Accounts payable and accrued expenses | (34,517) | (9,176) | 4,492 |
Deferred revenues | 4,029 | 2,039 | 2,324 |
Net cash provided by (used in) operating activities | 135,697 | 193,639 | 239,972 |
Investing activities: | |||
Acquisition of LaSalle, net of cash acquired | (1,372,584) | 0 | 0 |
Improvements and additions to hotel properties | (89,605) | (80,825) | (121,899) |
Proceeds from joint venture redemption | 0 | 0 | 2,530 |
Deposit received on hotel properties | 0 | 2,000 | 3,000 |
Proceeds from sale of hotel properties | 28,551 | 203,479 | 364,390 |
Receipt from (acquisition of) note receivable | 0 | 0 | 50,000 |
Investment in marketable securities | (356,180) | 0 | 0 |
Sale of marketable securities | 6,658 | 0 | 0 |
Purchase of corporate office equipment, software, and furniture | (164) | (40) | (74) |
Property insurance proceeds | 5,162 | 7,674 | 0 |
Net cash provided by (used in) investing activities | (1,778,162) | 132,288 | 297,947 |
Financing activities: | |||
Gross proceeds from issuance of preferred shares | 0 | 0 | 125,000 |
Payment of offering costs — common and preferred shares | (470) | (62) | (4,189) |
Payment of deferred financing costs | (29,366) | (5,411) | (1,414) |
Contributions from non-controlling interest | 0 | 106 | 0 |
Borrowings under revolving credit facilities | 550,181 | 238,687 | 469,000 |
Repayments under revolving credit facilities | (425,181) | (275,687) | (552,000) |
Proceeds from debt | 1,850,000 | 0 | 150,000 |
Repayments of debt | (102,366) | (72,317) | (365,583) |
Repurchase of common shares | (2,507) | (95,982) | (2,496) |
Redemption of preferred shares | 0 | 0 | (225,050) |
Distributions — common shares/units | (105,729) | (107,329) | (105,321) |
Distributions — preferred shares | (16,094) | (16,094) | (21,770) |
Proceeds from refundable membership deposits | 29 | 656 | 1,658 |
Repayments of refundable membership deposits | (754) | (790) | (723) |
Net cash provided by (used in) financing activities | 1,717,743 | (334,223) | (532,888) |
Net change in cash and cash equivalents and restricted cash | 75,278 | (8,296) | 5,031 |
Cash and cash equivalents and restricted cash, beginning of year | 32,533 | 40,829 | 35,798 |
Cash and cash equivalents and restricted cash, end of period | $ 107,811 | $ 32,533 | $ 40,829 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Pebblebrook Hotel Trust (the "Company") was formed as a Maryland real estate investment trust in October 2009 to opportunistically acquire and invest in hotel properties located primarily in major United States cities, with an emphasis on major gateway coastal markets. As of December 31, 2018 , the Company owned 63 hotels with a total of 15,253 guest rooms. The hotels are located in the following markets: Atlanta (Buckhead), Georgia; Boston, Massachusetts; Chicago, Illinois; Key West, Florida; Miami (Coral Gables), Florida; Los Angeles, California (Beverly Hills, Santa Monica, and West Hollywood); Naples, Florida; Nashville, Tennessee; New York, New York; Philadelphia, Pennsylvania; Portland, Oregon; San Diego, California; San Francisco, California; Seattle, Washington; Stevenson, Washington; and Washington, D.C. Substantially all of the Company’s assets are held by, and all of the Company's operations are conducted through, Pebblebrook Hotel, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. At December 31, 2018 , the Company owned 99.7 % of the common limited partnership units issued by the Operating Partnership ("common units"). The remaining 0.3 % of the common units are owned by the other limited partners of the Operating Partnership. For the Company to qualify as a real estate investment trust ("REIT") under the Internal Revenue Code of 1986, as amended (the "Code"), it cannot operate the hotels it owns. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to subsidiaries of Pebblebrook Hotel Lessee, Inc. (collectively with its subsidiaries, "PHL") and LaSalle Hotel Lessee Inc. (collectively with its subsidiaries, "LHL"), the Company’s taxable REIT subsidiaries ("TRSs"), which in turn engage third-party eligible independent contractors to manage the hotels. PHL and LHL are consolidated into the Company’s financial statements. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. 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, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations. Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 to the accompanying consolidated financial statements for disclosures on the fair value of debt and derivative instruments. Investment in Hotel Properties Upon acquisition of a hotel property, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Acquisition costs related to business combinations are expensed as incurred and are included in general and administrative expenses on the statement of operations. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its 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, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance. Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture. Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services 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 the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The Company recognizes revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense. Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses. Income Taxes To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company's TRS lessees are subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. Segment Information The Company separately evaluates the performance of each of its hotels properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment. Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have a material impact on the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of retained earnings. The adoption of this standard has resulted in the reclassification of certain accounts on the Company's consolidated balance sheets to present deferred revenues (contract liabilities) and additional disclosures. As of December 31, 2017, the Company reclassified $7.5 million from accounts payable and accrued expenses to deferred revenues on the Company's consolidated balance sheets. In February 2016, the FASB issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases , to clarify how to apply certain aspects of the new leases standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , to give companies another option for transition and to provide lessors with a practical expedient to reduce the cost and complexity of implementing the new standard. The transition option allows companies to not apply the new leases standard in the comparative periods they present in their financial statements in the year of adoption. Upon adoption, the Company currently expects to elect the practical expedients allowed under the guidance and retain the original lease classification and historical accounting for initial direct costs for leases existing prior to the adoption date. The Company also expects that it will elect not to restate prior periods for the impact of the adoption of the new standard and will instead recognize a cumulative-effect adjustment to beginning retained earnings in the period of adoption. These standards are expected to result in the recognition of right-to-use assets and related liabilities to account for the Company's future obligations under the ground lease arrangements for which the Company is the lessee. The Company expects to recognize right of use assets and corresponding liabilities of approximately $200.0 million to $300.0 million during the first quarter of 2019. In August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash equivalents in the statement of cash flows. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. As a result, the Company's consolidated statements of cash flows included changes to cash and cash equivalents and restricted cash for all periods presented. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award, and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company adopted this standard on January 1, 2018 and reclassified an immaterial amount from retained earnings to accumulated other comprehensive income. In subsequent periods, any ineffectiveness related to the Company's derivatives instruments are reflected in accumulated other comprehensive income. |
Acquisition and Disposition of
Acquisition and Disposition of Hotel Properties | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition and Disposition of Hotel Properties | Acquisition and Disposition of Hotel Properties Merger with LaSalle Hotel Properties On November 30, 2018, the Company completed its merger with LaSalle Hotel Properties (“LaSalle”). Pursuant to the Agreement and Plan of Merger, dated as of September 6, 2018, as amended on September 18, 2018 (the “Merger Agreement”), by and among the Company, the Operating Partnership, Ping Merger Sub, LLC (“Merger Sub”), Ping Merger OP, LP (“Merger OP”), LaSalle and LaSalle Hotel Operating Partnership, L.P. (“LaSalle OP”). Pursuant to the Merger Agreement, on November 30, 2018, Merger OP merged with and into LaSalle OP (the “Partnership Merger”) with LaSalle OP surviving as a subsidiary of the Operating Partnership. Immediately following the Partnership Merger, LaSalle merged with and into Merger Sub (the “Company Merger” and, together with the Partnership Merger, the “Mergers”) with Merger Sub surviving as a wholly owned subsidiary of the Company. On December 3, 2018, Merger Sub assigned all of its rights and obligations to the Company and was liquidated and dissolved. Upon completion of the Company Merger and pursuant to the Merger Agreement, each issued and outstanding LaSalle common share of beneficial interest, $0.01 par value per share ("LaSalle common shares") (other than the 10.8 million LaSalle common shares held by the Company) was converted into the right to receive either (i) 0.92 of the Company's common shares and cash in lieu of fractional shares, if any; or (ii) $37.80 in cash, subject to certain adjustments and to any applicable withholding tax (the “Cash Consideration”). The maximum number of LaSalle common shares that were eligible to be converted into the right to receive the Cash Consideration was equal to 30% of the aggregate number of LaSalle common shares issued and outstanding immediately prior to completion of the Company Merger. The LaSalle common shares, held by the Company, were excluded from the cash election in the Company Merger and were cancelled. In addition, each issued and outstanding LaSalle 6.375% Series I cumulative redeemable preferred share was converted into the right to receive one of the Company's 6.375% Series E cumulative redeemable preferred shares and each issued and outstanding LaSalle 6.3% Series J cumulative redeemable preferred share was converted into the right to receive one of the Company's 6.3% Series F cumulative redeemable preferred shares. Upon completion of the Partnership Merger and under the terms of the Merger Agreement, each common unit of LaSalle OP (a “LaSalle OP Common Unit”) that was issued and outstanding immediately prior to completion of the Partnership Merger, other than LaSalle OP Common Units held by LaSalle and its subsidiaries, was cancelled and converted into the right to receive 0.92 common units of the Operating Partnership, without interest. No fractional common shares or OP units were issued in the Mergers, and the value of any fractional interests was paid in cash. The Company accounted for the Mergers under the acquisition method of accounting in ASC 805, Business Combinations . As a result of the Mergers, the Company acquired an ownership interest in the following 36 hotel properties: Property Location Ownership Interest Rooms Villa Florence San Francisco on Union Square San Francisco, CA 100 % 189 Hotel Vitale San Francisco, CA 100 % 200 The Marker San Francisco San Francisco, CA 100 % 208 Hotel Spero San Francisco, CA 100 % 236 Chaminade Resort & Spa Santa Cruz, CA 100 % 156 Harbor Court Hotel San Francisco San Francisco, CA 100 % 131 Viceroy Santa Monica Hotel Santa Monica, CA 100 % 162 Le Parc Suite Hotel West Hollywood, CA 100 % 154 Hotel Amarano Burbank Burbank, CA 100 % 132 Montrose West Hollywood West Hollywood, CA 100 % 133 Chamberlain West Hollywood Hotel West Hollywood, CA 100 % 115 Grafton on Sunset West Hollywood, CA 100 % 108 The Westin Copley Place, Boston Boston, MA 100 % 803 The Liberty, A Luxury Collection Hotel, Boston Boston, MA 99.99 % 298 Hyatt Regency Boston Harbor Boston, MA 100 % 270 Onyx Hotel Boston, MA 100 % 112 Hotel Palomar Washington DC Washington, DC 100 % 335 Sofitel Washington DC Lafayette Square Washington, DC 100 % 237 The Liaison Capitol Hill Washington, DC 100 % 343 George Hotel Washington, DC 100 % 139 Mason & Rook Hotel Washington, DC 100 % 178 Donovan Hotel Washington, DC 100 % 193 Rouge Hotel Washington, DC 100 % 137 Topaz Hotel Washington, DC 100 % 99 Hotel Madera Washington, DC 100 % 82 Paradise Point Resort & Spa San Diego, CA 100 % 462 Hilton San Diego Gaslamp Quarter San Diego, CA 100 % 286 Solamar Hotel San Diego, CA 100 % 235 L'Auberge Del Mar Del Mar, CA 100 % 121 Hilton San Diego Resort & Spa San Diego, CA 100 % 357 The Heathman Hotel Portland, OR 100 % 151 Southernmost Beach Resort Key West, FL 100 % 262 The Marker Key West Key West, FL 100 % 96 The Roger New York New York, NY 100 % 194 Hotel Chicago Downtown, Autograph Collection Chicago, IL 100 % 354 The Westin Michigan Avenue Chicago Chicago, IL 100 % 752 8,420 The total consideration for the Mergers was approximately $4.1 billion , which included the Company's issuance of approximately 61.4 million common shares valued at $34.92 per share to LaSalle common shareholders, the Company's issuance of 4.4 million Series E Preferred Shares valued at $23.10 per share to former LaSalle Series I preferred shareholders and 6.0 million Series F Preferred Shares valued at $22.10 per share to former LaSalle Series J preferred shareholders, the Operating Partnership's issuance of approximately 0.1 million OP units valued at $34.92 per unit to former LaSalle limited partners, and cash. Additionally, the Company's investment of 10.8 million of LaSalle common shares valued at $346.5 million is included in the total consideration. The Company recognized a loss of $3.3 million from this investment immediately prior to the closing of the merger and the loss is included in Other in the consolidated statements of operations and comprehensive income. The total consideration, excluding the net working capital assumed, consisted of the following (in thousands): Total Consideration Common shares $ 2,144,057 Preferred Series E shares 101,622 Preferred Series F shares 132,600 OP units 4,665 Cash 1,719,150 Total consideration $ 4,102,094 The Company preliminarily allocated the purchase price as follows (in thousands): November 30, 2018 Investment in hotel properties $ 4,120,370 Restricted cash reserves 14,784 Hotel and other receivables 34,669 Intangible assets 171,660 Prepaid expenses and other assets 47,808 Accounts payable and accrued expenses (258,036 ) Deferred revenues (23,816 ) Accrued interest (2,496 ) Distributions payable (2,744 ) Other (105 ) Total consideration $ 4,102,094 The estimated fair values for the assets acquired and the liabilities assumed are preliminary and are subject to change during the measurement period as additional information related to the inputs and assumptions used in determining the fair value of the assets and liabilities becomes available. These estimated fair values are based on a valuation prepared by the Company with assistance of a third party valuation specialist. The Company reviewed the inputs used by the third party specialist as well as the allocation of the purchase price to ensure reasonableness. The Company and the third party valuation specialist have prepared the fair value estimates for each of the hotel properties acquired, and continue reviewing the underlying inputs and assumptions; therefore, the purchase price and its allocation, in their entirety, are not yet complete as of the date of this filing. Once the purchase price and allocation are complete, additional adjustment to the purchase price or allocation may occur. The Company used the following valuation methodologies, inputs, and assumptions to estimate the fair value of the assets acquired, the liabilities assumed, and the equity interests acquired: • Investment in hotel properties — The Company estimated the fair values of the land and improvements, buildings and improvements, and furniture, fixtures, and equipment at the hotel properties by using a combination of the market, cost, and income approaches. These valuation methodologies are based on significant Level 2 and Level 3 inputs in the fair value hierarchy, such as estimates of future income growth, capitalization rates, discount rates, capital expenditures, and cash flow projections at the respective hotel properties. • Intangible assets — The Company estimated the fair value of its lease intangible assets by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancellable term of the lease. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. The market lease intangible assets are amortized as adjustments to ground rent expense over the remaining terms of the respective leases. • Above market lease liabilities — The Company estimated the fair value of its above market lease liabilities by calculating the present value of the difference between the contractual rental amounts paid according to the in-place lease agreements and the market rental rates for similar leased space, measured over a period equal to the remaining non-cancellable term of the lease. This valuation methodology is based on Level 2 and Level 3 inputs in the fair value hierarchy. The above market lease liabilities are included in accounts payable and other liabilities in the accompanying consolidated balance sheet. The above market lease liabilities are amortized as adjustments to ground rent expense over the remaining terms of the respective leases. • Restricted cash reserves, hotel and other receivables, prepaid expenses and other assets, accounts payable and other liabilities, deferred revenues, accrued interest, and distributions payable — the carrying amounts of the assets acquired, the liabilities assumed, and the equity interests acquired approximate fair value because of their short term maturities. For the hotel properties acquired during the year ended December 31, 2018 , total revenues and operating income of $56.7 million and $15.9 million , respectively, from the date of acquisition (November 30, 2018) through December 31, 2018 are included in the accompanying consolidated statements of operations and comprehensive income. Other than the acquisition of the LaSalle portfolio, there were no other acquisitions of hotel properties during the year ended December 31, 2018 . For the year ended December 31, 2018 , the Company incurred $72.7 million in transaction costs and $2.0 million in integration costs in connection with the Mergers. The transaction costs primarily related to transfer taxes, financial advisory fees, loan commitment fees, legal, and other professional service fees in connection with the Mergers. The integration costs primarily related to professional fees and employee-related costs. The merger-related costs noted above are included in transaction costs in the accompanying consolidated statements of operations and comprehensive income. During the year ended December 31, 2017 , the Company did not acquire any hotel properties. During the year ended December 31, 2016 , the Company had no hotel acquisitions, other than obtaining full ownership of the Dumont NYC and Manhattan NYC from the Manhattan Collection joint venture redemption transaction. The following unaudited condensed pro forma financial information presents the results of operations as if the Mergers had taken place on January 1, 2017. The unaudited condensed pro forma financial information is not necessarily indicative of what the actual results of operations of the Company would have been assuming the Mergers had taken place on January 1, 2017, nor is it indicative of the results of operations for future periods. The unaudited condensed pro forma financial information is as follows (in thousands): For the year ended December 31, 2018 2017 (unaudited) Total revenues $ 1,677,663 $ 1,687,275 Operating income (loss) 276,508 303,370 Net income (loss) attributable to common shareholders 110,635 151,340 Net income (loss) per share available to common shareholders — basic $ 0.85 1.16 Net income (loss) per share available to common shareholders — diluted $ 0.85 $ 1.16 Disposition of Hotel Properties The Company will report a disposed or held for sale hotel property or group of hotel properties in discontinued operations only if the disposal represents a strategic shift that has, or will have, a major effect on its operations and financial results. All other disposed hotel properties will have their operating results reflected within continuing operations on the Company's consolidated statements of operations for all periods presented. On June 20, 2017 , the Company sold the Dumont NYC for $118.0 million and recognized an immaterial gain on sale. In March 2017, the Company recognized an impairment loss of $1.0 million related to this hotel property when the property was designated as held for sale. On June 23, 2017 , the Company sold the parking garage at the Revere Hotel Boston Common for $95.0 million . The Company recognized a gain of $13.9 million related to the sale of this parking garage. On December 4, 2018 , the Company sold The Grand Hotel Minneapolis for $30.0 million . The Company recognized a loss of $2.1 million related to this hotel property. For the years ended December 31, 2018 , 2017 and 2016 , the Company's consolidated statements of operations included operating income of $4.5 million , $8.5 million and $12.5 million , respectively, related to the Dumont NYC , the parking garage at the Revere Hotel Boston Common and The Grand Hotel Minneapolis . The sales of the hotel property and parking garage described above did not represent a strategic shift that had a major effect on the Company’s operations and financial results, and therefore, did not qualify as discontinued operations. |
Investment in Hotel Properties
Investment in Hotel Properties | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, December 31, 2017 Land $ 1,056,862 $ 448,401 Buildings and improvements 5,532,498 2,205,315 Furniture, fixtures and equipment 462,620 240,842 Construction in progress 25,643 9,514 Investment in hotel properties $ 7,077,623 $ 2,904,072 Less: Accumulated depreciation (543,430 ) (447,622 ) Investment in hotel properties, net $ 6,534,193 $ 2,456,450 As of December 31, 2018 and 2017 , buildings and improvements include capital lease assets of $92.0 million and $12.2 million , respectively, and accumulated depreciation includes amounts related to capital lease assets of $1.4 million and $1.0 million , respectively. Depreciation of capital lease assets is included in depreciation and amortization expense in the accompanying consolidated statements of operations and comprehensive income for all periods presented. On September 10, 2017, Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel ("Hotel Colonnade") located in Coral Gables, Florida and LaPlaya Beach Resort and Club ("LaPlaya") located in Naples, Florida were impacted by Hurricane Irma. Hotel Colonnade did not suffer any material damage and remained open. LaPlaya was closed in anticipation of the storm and re-opened in stages beginning in the fourth quarter of 2017 and was fully reopened in January 2018. The Company’s insurance policies provide coverage for property damage, business interruption, and reimbursement for other costs that were incurred relating to damages sustained during Hurricane Irma. Insurance proceeds are subject to deductibles. As of December 31, 2018 , the Company reached a final agreement with the insurance carriers related to LaPlaya totaling $20.5 million , and the Company recognized a gain of $13.1 million , zero and zero for the years ended December 31, 2018 , 2017 and 2016 , respectively. |
Investment in Joint Venture
Investment in Joint Venture | 12 Months Ended |
Dec. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Joint Venture | Investment in Joint Venture On July 29, 2011, the Company acquired a 49% interest in a joint venture (the “Manhattan Collection joint venture”), which owned six properties in New York, New York. The Company accounted for this investment using the equity method. On October 19, 2016 , the Company liquidated its interest in the joint venture and became the 100.0% owner of two hotels, the Manhattan NYC and Dumont NYC, which were previously owned by the joint venture. For the year ended December 31, 2018 2017 and 2016 , the Company had zero , zero and $(64.8) million , respectively, in equity in earnings (loss) from the joint venture. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's debt consisted of the following as of December 31, 2018 and 2017 (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2018 December 31, 2017 Revolving credit facilities Senior unsecured credit facility Floating (1) January 2022 $ 170,000 $ 45,000 PHL unsecured credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 170,000 $ 45,000 Unsecured term loans First Term Loan Floating (3) January 2023 300,000 300,000 Second Term Loan Floating (3) April 2022 65,000 65,000 Third Term Loan Floating (3) January 2021 200,000 200,000 Fourth Term Loan Floating (3) October 2024 110,000 110,000 Fifth Term Loan Floating (3) March 2019 — — Sixth Term Loan Tranche 2020 Floating (3) December 2020 250,000 — Tranche 2021 Floating (3) November 2021 300,000 — Tranche 2022 Floating (3) November 2022 400,000 — Tranche 2023 Floating (3) November 2023 400,000 — Tranche 2024 Floating (3) January 2024 400,000 — Total Sixth Term Loan 1,750,000 — Total term loans at stated value 2,425,000 675,000 Deferred financing costs, net (15,716 ) (4,594 ) Total term loans $ 2,409,284 $ 670,406 Senior unsecured notes Series A Notes 4.70% December 2023 60,000 60,000 Series B Notes 4.93% December 2025 40,000 40,000 Total senior unsecured notes at stated value 100,000 100,000 Deferred financing costs, net (531 ) (626 ) Total senior unsecured notes $ 99,469 $ 99,374 Mortgage loans The Westin San Diego Gaslamp Quarter 3.69% January 2020 68,207 70,573 Deferred financing costs, net (62 ) (116 ) Total mortgage loans $ 68,145 $ 70,457 Total debt $ 2,746,898 $ 885,237 ________________________ (1) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin. (2) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin. (3) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. Unsecured Revolving Credit Facilities The Company has a $650.0 million senior unsecured credit facility maturing in January 2022 , with options to extend the maturity date to January 2023 , pursuant to certain terms and conditions and payment of an extension fee. As of December 31, 2018 , the Company had $170.0 million outstanding borrowings and $480.0 million borrowing capacity remaining on its senior unsecured credit facility. Interest is paid on the periodic advances under the senior unsecured revolving credit facility at varying rates, based upon either LIBOR or the alternate base rate, plus an additional margin amount. The Company has the ability to further increase the aggregate borrowing capacity under the credit agreement to up to $1.3 billion , subject to lender approval. Borrowings on the revolving credit facility bear interest at LIBOR plus 1.45% to 2.25% , depending on the Company’s leverage ratio. Additionally, the Company is required to pay an unused commitment fee at an annual rate of 0.20% or 0.30% of the unused portion of the revolving credit facility, depending on the amount of borrowings outstanding. The credit agreement contains certain financial covenants, including a maximum leverage ratio, a minimum fixed charge coverage ratio, and a maximum percentage of secured debt to total asset value. The Company also has a $10.0 million unsecured revolving credit facility (the "PHL Credit Facility") to be used for PHL's working capital and general corporate purposes. This credit facility has substantially similar terms as our senior unsecured revolving credit facility, as amended and restated and matures in January 2022 . Borrowings on the PHL Credit Facility bear interest at LIBOR plus 1.45% to 2.25% , depending on the Company's leverage ratio. The PHL Credit Facility is subject to debt covenants substantially similar to the covenants under the Company's amended and restated credit agreement. As of December 31, 2018 , the Company had no borrowings under the PHL Credit Facility and had $10.0 million borrowing capacity remaining under the PHL Credit Facility. Under the terms of the credit agreement for the unsecured revolving credit facility, one or more standby letters of credit, up to a maximum aggregate outstanding balance of $30.0 million , may be issued on behalf of the Company by the lenders under the unsecured revolving credit facility. The Company will incur a fee that shall be agreed upon with the issuing bank. Any outstanding standby letters of credit reduce the available borrowings on the senior unsecured revolving credit facility by a corresponding amount. No standby letters of credit were outstanding at December 31, 2018 . As of December 31, 2018 , the Company was in compliance with the credit agreement debt covenants. Unsecured Term Loan Facilities The Company has senior unsecured term loans with different maturities. The unsecured term loans bear interest at a variable rate of a benchmark interest rate plus an applicable margin, depending on its leverage ratio. Each of the term loan facilities is subject to debt covenants substantially similar to the covenants under the credit agreement that governs the revolving credit facility. As of December 31, 2018 , the Company was in compliance with all debt covenants of its term loan facilities. The Company entered into interest rate swap agreements to fix the LIBOR rate on a portion of these unsecured term loan facilities, see Derivative and Hedging Activities below. Senior Unsecured Notes The Company has unsecured notes outstanding, $60.0 million of senior unsecured notes bearing a fixed interest rate of 4.70% per annum and maturing in December 2023 (the "Series A Notes") and $40.0 million of senior unsecured notes bearing a fixed interest rate of 4.93% per annum and maturing in December 2025 (the "Series B Notes"). The terms of the Series A Notes and the Series B Notes are substantially similar to those of its senior unsecured revolving credit facility, as amended and restated. As of December 31, 2018 , the Company was in compliance with all such debt covenants. Mortgage Debt The Company’s sole mortgage loan is secured by a first mortgage lien on the underlying property. The mortgage is non-recourse to the Company except for customary carve-outs such as fraud or misapplication of funds. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2018 2017 2016 Unsecured revolving credit facilities $ 11,274 $ 3,914 $ 3,694 Unsecured term loan facilities 30,479 21,396 21,208 Senior unsecured notes 4,686 4,805 4,872 Mortgage debt 2,592 3,600 11,377 Amortization of deferred financing fees 2,565 2,397 2,737 Other 2,327 1,187 (273 ) Total interest expense $ 53,923 $ 37,299 $ 43,615 Future Minimum Principal Payments As of December 31, 2018 , the future minimum principal payments for the Company's debt are as follows (in thousands): 2019 $ 2,455 2020 315,752 2021 500,000 2022 635,000 2023 760,000 Thereafter 550,000 Total debt principal payments 2,763,207 Mortgage loan premiums and deferred financing costs (16,309 ) Total debt $ 2,746,898 The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates, taking into consideration general market conditions and maturity of the debt with similar credit terms and is classified within level 2 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt (unsecured senior notes and mortgage loans) as of December 31, 2018 and 2017 was $164.3 million and $167.1 million , respectively. Derivative and Hedging Activities The Company enters into interest rate swap agreements to hedge against interest rate fluctuations. All of the Company's interest rate swaps are cash flow hedges. On January 1, 2018, the Company adopted ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities. All unrealized gains and losses on these hedging instruments are reported in accumulated other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The Company's interest rate swaps consisted of the following (in thousands): Notional Value as of Hedge Type Interest Rate Maturity December 31, 2018 December 31, 2017 Swap - cash flow 1.57% (1) May 2019 $ 100,000 $ — Swap - cash flow 1.57% (1) May 2019 62,500 — Swap - cash flow 1.57% (1) May 2019 15,000 — Swap - cash flow 1.63% January 2020 50,000 50,000 Swap - cash flow 1.63% January 2020 50,000 50,000 Swap - cash flow 2.46% January 2020 50,000 50,000 Swap - cash flow 2.46% January 2020 50,000 50,000 Swap - cash flow 1.66% January 2020 50,000 50,000 Swap - cash flow 1.66% January 2020 50,000 50,000 Swap - cash flow 1.74% January 2021 75,000 75,000 Swap - cash flow 1.75% January 2021 50,000 50,000 Swap - cash flow 1.53% January 2021 37,500 37,500 Swap - cash flow 1.53% January 2021 37,500 37,500 Swap - cash flow 1.46% (1) January 2021 100,000 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 2.60% (2) October 2021 55,000 — Swap - cash flow 2.60% (2) October 2021 55,000 — Swap - cash flow 1.78% (1) January 2022 100,000 — Swap - cash flow 1.78% (1) January 2022 50,000 — Swap - cash flow 1.79% (1) January 2022 30,000 — Swap - cash flow 1.68% April 2022 25,000 25,000 Swap - cash flow 1.68% April 2022 25,000 25,000 Swap - cash flow 1.64% April 2022 25,000 25,000 Swap - cash flow 1.64% April 2022 25,000 25,000 Swap - cash flow 2.60% (3) January 2024 75,000 — Swap - cash flow 2.60% (3) January 2024 50,000 — Swap - cash flow 2.60% (3) January 2024 25,000 — Swap - cash flow 2.60% (3) January 2024 75,000 — Swap - cash flow 2.60% (3) January 2024 75,000 — ________________________ (1) Swaps assumed from the LaSalle merger on November 30, 2018. (2) Swaps will be effective January 2019. (3) Swaps will be effective January 2020. The Company records all derivative instruments at fair value in the consolidated balance sheets. Fair values of interest rate swaps are determined using the standard market methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. Variable interest rates used in the calculation of projected receipts and payments on the swaps are based on an expectation of future interest rates derived from observable market interest rate curves (Overnight Index Swap curves) and volatilities (Level 2 inputs). Derivatives expose the Company to credit risk in the event of non-performance by the counterparties under the terms of the interest rate hedge agreements. The Company incorporates these counterparty credit risks in its fair value measurements. The Company believes it minimizes the credit risk by transacting with major creditworthy financial institutions. As of December 31, 2018 , the Company's derivative instruments were in an asset position, with aggregate net asset fair values of $15.1 million , in the accompanying consolidated balance sheets. For the year ended December 31, 2018 and 2017 , there was $(2.9) million and $6.0 million in unrealized gain (loss), respectively, recorded in accumulated other comprehensive income (loss). For the years ended December 31, 2018 , 2017 and 2016 , the Company recorded a gain (loss) of zero , $0.3 million and $0.3 million , respectively, for the ineffective portion of the change in fair values of the interest rate swaps. For the years ended December 31, 2018 , 2017 and 2016 , the Company reclassified $0.7 million , $3.4 million and $6.2 million , respectively, from accumulated other comprehensive income (loss) to interest expense. The Company expects approximately $3.4 million will be reclassified from accumulated other comprehensive income (loss) to interest expense in the next 12 months. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company presents revenue on a disaggregated basis on the consolidated statements of operations and comprehensive income. The following table presents revenues by geographic location for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the year ended December 31, 2018 2017 2016 San Francisco, CA $ 193,708 $ 179,248 $ 186,139 Los Angeles, CA 128,016 124,979 134,129 San Diego, CA 78,965 69,447 69,863 Boston, MA 85,676 73,461 77,614 Seattle, WA 33,025 32,061 30,597 Portland, OR 98,265 100,070 97,743 Washington DC 34,731 27,586 35,113 Southern FL 63,824 50,916 67,990 Chicago, IL 3,885 — — Other (1) 108,583 111,549 117,233 $ 828,678 $ 769,317 $ 816,421 (1) Other includes: Atlanta (Buckhead), GA, Minneapolis, MN, Nashville, TN, New York City, NY, Philadelphia, PA and Santa Cruz, CA. Payments from customers are primarily made when services are provided. Due to the short-term nature of the Company's contracts and the almost simultaneous receipt of payment, almost all of the contract liability balance at the beginning of the year is expected to be recognized as revenue over the next 12 months. |
Share-Based Compensation Plan
Share-Based Compensation Plan | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plan | Share-Based Compensation Plan The Company maintains the 2009 Equity Incentive Plan, as amended and restated (as amended, the "Plan"), to attract and retain independent trustees, executive officers and other key employees and service providers. The Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. Share awards under the Plan vest over a period determined by the Board of Trustees, generally over three to five years, with certain awards vesting over periods of up to six years. The Company pays or accrues for dividends on share-based awards. All share awards are subject to full or partial accelerated vesting upon a change in control and upon death or disability or certain other employment termination events as set forth in the award agreements. As of December 31, 2018 , there were 1,207,886 common shares available for issuance under the Plan, assuming performance-based equity awards vest at target. Service Condition Share Awards From time to time, the Company awards restricted common shares under the Plan to members of the Board of Trustees, officers and employees. These shares generally vest over three to five years based on continued service or employment. The following table provides a summary of service condition restricted share activity as of December 31, 2018 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2016 124,617 $ 35.46 Granted 68,535 $ 23.87 Vested (52,452 ) $ 32.79 Forfeited (4,809 ) $ 30.66 Unvested at December 31, 2016 135,891 $ 30.82 Granted 59,139 $ 29.68 Vested (57,559 ) $ 31.50 Forfeited (366 ) $ 28.01 Unvested at December 31, 2017 137,105 $ 30.05 Granted 52,609 $ 36.86 Vested (61,982 ) $ 31.35 Forfeited — $ — Unvested at December 31, 2018 127,732 $ 32.22 The fair value of each of these service condition restricted share awards is determined based on the closing price of the Company’s common shares on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized approximately $2.0 million , $1.9 million and $1.8 million , respectively, of share-based compensation expense related to these service condition restricted shares in the consolidated statement of operations. As of December 31, 2018 , there was $2.2 million of total unrecognized share-based compensation expense related to unvested restricted shares. The unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 1.6 years. Performance-Based Equity Awards On January 30, 2013, the Board of Trustees approved a target award of 72,118 performance-based equity awards to officers and employees of the Company. In January 2016, these awards vested and the Company issued 120,730 and 56,562 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested were based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2013 through December 31, 2015. On December 13, 2013, the Board of Trustees approved a target award of 252,088 performance-based equity awards to officers and employees of the Company. The awards vest ratably on January 1, 2016, 2017, 2018, 2019 and 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined on each vesting date based upon the two performance criteria as defined in the award agreements for the period of performance beginning on the grant date and ending on the applicable vesting date. In January 2016, the Company issued 25,134 of common shares which represented achieving 49% of the 50,418 target number of shares for that measurement period. In January 2017, the Company issued 12,285 of common shares which represented achieving 25% of the 49,914 target number of shares for that measurement period. In January 2018, the Company issued 72,236 of common shares which represented achieving 145% of the 49,914 target number of shares for that measurement period. On February 4, 2014, the Board of Trustees approved a target award of 66,483 performance-based equity awards to officers and employees of the Company. In January 2017, these awards vested and the Company issued 112,782 and 25,619 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2014 through December 31, 2016. On February 11, 2015, the Board of Trustees approved a target award of 44,962 performance-based equity awards to officers and employees of the Company. In January 2018, these awards vested and the Company issued 14,089 and 2,501 common shares to officers and non-executive management employees, respectively. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2015 through December 31, 2017. On July 27, 2015, a target award of 771 performance-based equity awards was granted to an employee of the Company. In January 2018, these awards vested and the Company issued 1,079 common shares to the employee. The actual number of common shares that ultimately vested was based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2016 through December 31, 2017. On February 10, 2016, the Board of Trustees approved a target award of 100,919 performance-based equity awards to officers and employees of the Company. These awards vest in 2019. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award (except for 17,372 target awards to non-executive management employees which have no maximum) and will be determined in 2019 based on three performance criteria as defined in the award agreements for the period of performance from January 1, 2016 through December 31, 2018. On February 15, 2017, the Board of Trustees approved a target award of 81,939 performance-based equity awards to officers and employees of the Company. These awards vest in 2020. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined in 2020 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2017 through December 31, 2019. On February 14, 2018, the Board of Trustees approved a target award of 78,918 performance-based equity awards to officers and employees of the Company. These awards vest in 2021. The actual number of common shares that ultimately vest will range from 0% to 200% of the target award and will be determined in 2021 based on two performance criteria as defined in the award agreements for the period of performance from January 1, 2018 through December 31, 2020. The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component ($ in millions) Volatility Interest Rate Dividend Yield January 30, 2013 Relative Total Shareholder Return 30.00% $0.7 31.00% 0.41% 2.20% Absolute Total Shareholder Return 30.00% $0.5 31.00% 0.41% 2.20% EBITDA Comparison 40.00% $0.7 31.00% 0.41% 2.20% December 13, 2013 Relative Total Shareholder Return 50.00% $4.7 29.00% 0.34% - 2.25% 2.40% Absolute Total Shareholder Return 50.00% $2.9 29.00% 0.34% - 2.25% 2.40% February 4, 2014 Relative Total Shareholder Return 30.00% $0.7 29.00% 0.62% 2.40% Absolute Total Shareholder Return 30.00% $0.5 29.00% 0.62% 2.40% EBITDA Comparison 40.00% $0.8 29.00% 0.62% 2.40% February 11, 2015 Relative Total Shareholder Return 30.00% $0.9 22.00% 1.02% 2.50% Absolute Total Shareholder Return 40.00% $0.7 22.00% 1.02% 2.50% EBITDA Comparison 30.00% $0.7 22.00% 1.02% 2.50% July 27, 2015 Relative Total Shareholder Return 30.00% — (1) 22.00% 0.68% 2.50% Absolute Total Shareholder Return 40.00% — (1) 22.00% 0.68% 2.50% EBITDA Comparison 30.00% — (1) 22.00% 0.68% 2.50% February 10, 2016 Relative Total Shareholder Return 70.00% $1.6 25.00% 0.71% 3.00% Absolute Total Shareholder Return 15.00% $0.2 25.00% 0.71% 3.00% EBITDA Comparison 15.00% $0.4 25.00% 0.71% 3.00% February 15, 2017 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $2.7 28.00% 1.27% 5.60% February 14, 2018 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $3.5 28.00% 2.37% 4.70% (1) Amounts round to zero. In the table above, the Relative Total Shareholder Return and Absolute Total Shareholder Return components are market conditions as defined by ASC 718. The EBITDA Comparison component is a performance condition as defined by ASC 718, and, therefore, compensation expense related to this component will be reassessed at each reporting date based on the Company's estimate of the probable level of achievement, and the accrual of compensation expense will be adjusted as appropriate. Dividends on unvested performance-based equity awards accrue over the vesting period and will be paid on the actual number of shares that vest at the end of the applicable period. The Company recognizes compensation expense on a straight-line basis through the vesting date. As of December 31, 2018 , there was approximately $4.6 million of unrecognized compensation expense related to these performance-based equity awards which will be recognized over the weighted-average remaining vesting period of 1.5 years. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $3.2 million , $2.6 million and $5.6 million , respectively, in expense related to these awards. Long-Term Incentive Partnership Units LTIP units, which are also referred to as profits interest units, may be issued to eligible participants for the performance of services to or for the benefit of the Operating Partnership. LTIP units are a class of partnership unit in the Operating Partnership and receive, whether vested or not, the same per-unit profit distributions as the other outstanding units in the Operating Partnership, which equal per-share distributions on common shares. LTIP units are allocated their pro-rata share of the Company's net income (loss). Vested LTIP units may be converted by the holder, at any time, into an equal number of common Operating Partnership units and thereafter will possess all of the rights and interests of a common Operating Partnership unit, including the right to redeem the common Operating Partnership unit for a common share in the Company or cash, at the option of the Operating Partnership. As of December 31, 2018 , the Operating Partnership had two classes of LTIP units, LTIP Class A and LTIP Class B units. All of the outstanding LTIP units are held by officers of the Company. On December 13, 2013, the Board of Trustees approved a grant of 226,882 LTIP Class B units to executive officers of the Company. These LTIP units are subject to time-based vesting in five equal annual installments beginning January 1, 2016 and ending on January 1, 2020 . The fair value of each award was determined based on the closing price of the Company’s common shares on the grant date of $29.19 per unit. The aggregate grant date fair value of the LTIP Class B units was $6.6 million . As of December 31, 2018 , the Company had 236,351 LTIP units outstanding. All unvested LTIP units will vest upon a change in control. As of December 31, 2018 , of the 236,351 units outstanding, 145,598 LTIP units have vested. For the years ended December 31, 2018 , 2017 and 2016 , the Company recognized $1.1 million , $1.1 million and $1.1 million , respectively, in expense related to these LTIP units. As of December 31, 2018 , there was $1.1 million of total unrecognized share-based compensation expense related to LTIP units. This unrecognized share-based compensation expense is expected to be recognized over the weighted-average remaining vesting period of 0.5 years. The aggregate expense related to the LTIP unit grants is presented as non-controlling interest in the Company’s consolidated balance sheets. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Equity | Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $0.01 par value per share (“common shares”). Each outstanding common share entitles the holder to one vote on each matter submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. On November 30, 2018, in connection with the LaSalle merger, the Company issued 61,399,104 common shares. On March 5, 2014 , the Company filed a prospectus supplement with the SEC to sell up to $175.0 million in common shares under a new "at the market" offering program (an "ATM program"). At the same time, the Company terminated its prior $170.0 million ATM program. As of March 1, 2017, $159.8 million in common shares remained available for issuance under the $175.0 million ATM program, and as of that date the Company terminated the program. On February 22, 2016, the Company announced that the Board of Trustees authorized a share repurchase program of up to $150.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase its common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. Upon repurchase by the Company, common shares cease to be outstanding and become authorized but unissued common shares. For the year ended December 31, 2018 , the Company had no repurchases under this program and as of December 31, 2018 , $56.6 million of common shares remained available for repurchase under this program. On July 27, 2017, the Company announced that the Board of Trustees authorized a new share repurchase program of up to $100.0 million of the Company's outstanding common shares. Under this program, the Company may repurchase its common shares from time to time in transactions on the open market or by private agreement. The Company may suspend or discontinue this program at any time. This $100.0 million share repurchase program will commence upon completion of the Company's $150.0 million share repurchase program. Common Dividends The Company declared the following dividends on common shares/units for the year ended December 31, 2018 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.38 March 31, 2018 March 29, 2018 April 16, 2018 $ 0.38 June 30, 2018 June 29, 2018 July 16, 2018 $ 0.38 September 30, 2018 September 28, 2018 October 15, 2018 $ 0.25 (1) December 31, 2018 November 29, 2018 January 15, 2019 $ 0.13 (1) December 31, 2018 December 31, 2018 January 15, 2019 (1) The Company declared pro-rated dividends in anticipation of and following the completion of the merger with LaSalle. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares of beneficial interest, $.01 par value per share (“preferred shares”). On November 30, 2018, in connection with the LaSalle merger, the Company issued 4,400,000 of its Series E Cumulative Redeemable Preferred Shares ("Series E Preferred Shares") and 6,000,000 of its Series F Cumulative Redeemable Preferred Shares ("Series F Preferred Shares"). The following Preferred Shares were outstanding as of December 31, 2018 and 2017 : As of December 31, Security Type 2018 2017 6.50% Series C 5,000,000 5,000,000 6.375% Series D 5,000,000 5,000,000 6.375% Series E 4,400,000 — 6.30% Series F 6,000,000 — 20,400,000 10,000,000 The Series C Preferred Shares, Series D Preferred Shares, Series E Preferred Shares and Series F Preferred Shares (collectively, the “Preferred Shares”) rank senior to the common shares and on parity with each other with respect to payment of distributions. The Preferred Shares are cumulative redeemable preferred shares, do not have any maturity date and are not subject to mandatory redemption. The Company could not redeem the Series C Preferred Shares prior to March 18, 2018, may not redeem the Series D Preferred Shares prior to June 9, 2021, could not redeem the Series E Preferred Shares prior to March 4, 2018 and may not redeem the Series F Preferred Shares prior to May 25, 2021, except in limited circumstances relating to the Company’s continuing qualification as a REIT or as discussed below. On or after June 9, 2021, the Company may, at its option, redeem the Series D Preferred Shares, and at any time the Company may, at its option, redeem the Series C Preferred Shares, in each case in whole or from time to time in part, by payment of $25.00 per share, plus any accumulated, accrued and unpaid distributions through the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Preferred Shares upon a change of control, the holders of the Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on a defined formula subject to a share cap. The share cap on each Series C Preferred Share is 2.0325 common shares, on each Series D Preferred Share is 1.9794 common shares, on each Series E Preferred Share is 1.9372 common shares and on each Series F Preferred Share is 2.0649 common shares. Preferred Dividends The Company declared the following dividends on preferred shares for the year ended December 31, 2018 : Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.50% Series C $ 0.41 March 31, 2018 March 29, 2018 April 16, 2018 6.50% Series C $ 0.41 June 30, 2018 June 29, 2018 July 16, 2018 6.50% Series C $ 0.41 September 30, 2018 September 28, 2018 October 15, 2018 6.50% Series C $ 0.41 December 31, 2018 December 31, 2018 January 15, 2019 6.375% Series D $ 0.40 March 31, 2018 March 29, 2018 April 16, 2018 6.375% Series D $ 0.40 June 30, 2018 June 29, 2018 July 16, 2018 6.375% Series D $ 0.40 September 30, 2018 September 28, 2018 October 15, 2018 6.375% Series D $ 0.40 December 31, 2018 December 31, 2018 January 15, 2019 6.375% Series E $ 0.40 December 31, 2018 December 31, 2018 January 15, 2019 6.30% Series F $ 0.39 December 31, 2018 December 31, 2018 January 15, 2019 Non-controlling Interest of Common Units in Operating Partnership Holders of Operating Partnership units have certain redemption rights that enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or the Company’s common shares on a one -for- one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the Operating Partnership's limited partners or the Company's shareholders. As of December 31, 2018 and 2017 , the Operating Partnership had 236,351 long-term incentive partnership units (“LTIP units”) outstanding. Of the 236,351 LTIP units outstanding at December 31, 2018 , 145,598 LTIP units have vested. Only vested LTIP units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described above. On November 30, 2018, in connection with the LaSalle merger, the Company issued 133,605 OP units in the Operating Partnership to third-party limited partners of LaSalle OP. As of December 31, 2018 and 2017 , the Operating Partnership had 133,605 and zero OP units held by third parties, respectively, excluding LTIP units. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Code. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 % of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. It is the Company's current intention to adhere to these requirements and maintain the Company's qualification for taxation as a REIT. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. However, as a REIT, the Company is still subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income of TRSs, including our TRS lessees, are subject to federal, state and local income taxes. For federal income tax purposes, the cash distributions paid to the Company’s common shareholders and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gains. Tax law permits certain characterization of distributions which could result in differences between cash basis and tax basis distribution amounts. The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 1.2040 77.57 % $ 1.3611 95.41 % $ 1.3794 95.14 % Qualified dividend 0.3482 22.43 % 0.0256 1.79 % 0.0704 4.86 % Capital gain — — % — — % — — % Return of capital — — % 0.0399 2.80 % — — % Total $ 1.5522 100.00 % $ 1.4266 100.00 % $ 1.4498 100.00 % Series A Preferred Shares: (1) Ordinary non-qualified income $ — — % $ — — % $ 0.2914 95.14 % Qualified dividend — — % — — % 0.0149 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ 0.3063 100.00 % Series B Preferred Shares: (2) Ordinary non-qualified income $ — — % $ — — % $ 1.3109 95.14 % Qualified dividend — — % — — % 0.0669 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ 1.3778 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ 1.2605 77.57 % $ 1.1969 98.20 % $ 1.5461 95.14 % Qualified dividend 0.3645 22.43 % 0.0219 1.80 % 0.0789 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.6250 100.00 % $ 1.2188 100.00 % $ 1.6250 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ 1.2363 77.57 % $ 1.1739 98.21 % $ 0.9099 95.15 % Qualified dividend 0.3575 22.43 % 0.0214 1.79 % 0.0464 4.85 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.5938 100.00 % $ 1.1953 100.00 % $ 0.9563 100.00 % Series E Preferred Shares: (3) Ordinary non-qualified income — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ — — % Series F Preferred Shares: (3) Ordinary non-qualified income — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ — — % (1) Redeemed in full in March 2016. (2) Redeemed in full in September 2016. (3) Issued upon completion of the Company's merger with LaSalle on November 30, 2018. Of the common distribution declared on December 15, 2015 and paid on January 15, 2016, $0.2164 was treated as a 2016 distribution for tax purposes. The preferred share distributions declared on December 15, 2015 and paid on January 15, 2016 were treated as 2015 distributions for tax purposes. Of the common distribution declared on December 15, 2016 and paid on January 17, 2017, $0.2866 was treated as a 2017 distribution for tax purposes. The preferred share distributions declared on December 15, 2016 and paid on January 17, 2017, were treated as 2016 distributions for tax purposes. Of the common distribution declared on December 15, 2017 and paid on January 12, 2018, $0.3800 was treated as a 2018 distribution for tax purposes. The preferred share distributions declared on December 15, 2017 and paid on January 12, 2018, were treated as 2018 distributions for tax purposes. Of the common distributions declared on November 19, 2018 and December 14, 2018 and paid on January 15, 2019, $0.3478 was treated as a 2019 distribution for tax purposes. The preferred share distributions declared on December 14, 2018 and paid on January 15, 2019, $0.4063 per Series C Preferred Share, $0.3984 per Series D Preferred Share, $0.3984 per Series E Preferred Share and $0.3938 per Series F Preferred Share were treated as 2019 distributions for tax purposes. For the years ended December 31, 2018 , 2017 and 2016 , the Operating Partnership income tax expenses was zero , zero and $0.5 million , respectively. The Company's TRS, PHL, is subject to federal and state corporate income taxes at statutory tax rates. The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): For the year ended December 31, 2018 2017 2016 Federal Current $ 1,696 $ 4 $ (27 ) Deferred (248 ) (89 ) (353 ) State and local Current 426 9 93 Deferred (66 ) 224 (171 ) Income tax expense (benefit) $ 1,808 $ 148 $ (458 ) A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands): For the year ended December 31, 2018 2017 2016 Statutory federal tax expense (benefit) $ 1,349 $ (418 ) $ (618 ) State income tax expense (benefit), net of federal tax (benefit) expense 271 231 (110 ) Other 188 335 270 Income tax expense (benefit) $ 1,808 $ 148 $ (458 ) The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal, state and local jurisdictions, where applicable. As of December 31, 2018 and 2017 , the statute of limitations remains open for all major jurisdictions for tax years dating back to 2015 and 2014, respectively. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): For the year ended December 31, 2018 2017 2016 Numerator: Net income (loss) attributable to common shareholders $ (4,073 ) $ 83,794 $ 46,952 Less: dividends paid on unvested share-based compensation (332 ) (415 ) (483 ) Net income (loss) available to common shareholders $ (4,405 ) $ 83,379 $ 46,469 Denominator: Weighted-average number of common shares — basic 74,286,307 69,591,973 71,901,499 Effect of dilutive share-based compensation — 392,864 471,743 Weighted-average number of common shares — diluted 74,286,307 69,984,837 72,373,242 Net income (loss) per share available to common shareholders — basic $ (0.06 ) $ 1.20 $ 0.65 Net income (loss) per share available to common shareholders — diluted $ (0.06 ) $ 1.19 $ 0.64 For the years ended December 31, 2018 , 2017 and 2016 , 343,941 , 6,319 and 114,889 respectively, of unvested service condition restricted shares and performance-based equity awards were excluded from diluted weighted-average common shares, as their effect would have been anti-dilutive. The LTIP and OP units held by the non-controlling interest holders have been excluded from the denominator of the diluted earnings per share as there would be no effect on the amounts since the limited partners' share of income (loss) would also be added or subtracted to derive net income (loss) available to common shareholders. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Management Agreements The Company’s hotel properties are operated pursuant to management agreements with various management companies. The terms of these management agreements range from 1 year to 22 years, not including renewals, and 1 year to 52 years, including renewals. Many of the Company’s management agreements are terminable at will by the Company upon paying a termination fee and some are terminable by the Company upon sale of the property, with, in some cases, the payment of termination fees. Most of the agreements also provide the Company the ability to terminate based on failure to achieve defined operating performance thresholds. Termination fees range from zero to up to eight times the annual base management and incentive management fees, depending on the agreement and the reason for termination. Certain of the Company’s management agreements are non-terminable except upon the manager’s breach of a material representation or the manager’s failure to meet performance thresholds as defined in the management agreement. The management agreements require the payment of a base management fee generally between 1% and 4% of hotel revenues. Under certain management agreements, the management companies are also eligible to receive an incentive management fee if hotel operating income, cash flows or other performance measures, as defined in the agreements, exceed certain performance thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Com bined base and incentive management fees were $24.5 million , $23.4 million and $24.2 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Base and incentive management fees are included in other direct and indirect expenses in the Company's consolidated statements of operations and comprehensive income. Reserve Funds Certain of the Company’s agreements with its hotel managers, franchisors and lenders have provisions for the Company to provide funds, typically 4.0% of hotel revenues, sufficient to cover the cost of (a) certain non-routine repairs and maintenance to the hotels and (b) replacements and renewals to the hotels’ furniture, fixtures and equipment. Restricted Cash At December 31, 2018 and December 31, 2017 , the Company had $24.4 million and $7.1 million , respectively, in restricted cash, which consisted of reserves for replacement of furniture and fixtures or reserves to pay for real estate taxes or property insurance under certain hotel management agreements or loan agreements. Ground and Hotel Leases As of December 31, 2018 , the following hotels are subject to leases as follows: Lease Properties Lease Type Lease Expiration Date Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zelos San Francisco Operating lease June 2097 Hotel Zephyr Fisherman's Wharf Operating lease February 2062 Hotel Palomar Los Angeles Beverly Hills Operating lease January 2107 (1) Union Station Hotel Nashville, Autograph Collection Operating lease December 2105 Southernmost Beach Resort Operating lease April 2029 Hyatt Regency Boston Harbor Operating lease April 2077 Hilton San Diego Resort & Spa Operating lease July 2068 Paradise Point Resort & Spa Operating lease May 2050 Hotel Vitale Operating lease March 2056 (2) Viceroy Santa Monica Hotel Operating lease September 2065 The Westin Copley Place, Boston Operating lease December 2077 (3) The Liberty, A Luxury Collection Hotel, Boston Operating lease May 2080 Solamar Hotel Operating lease December 2102 Hotel Zeppelin San Francisco Operating and capital lease June 2059 (4) Harbor Court Hotel San Francisco Capital lease August 2052 The Roger New York Capital lease December 2044 (1) The expiration date assumes the exercise of all 19 five -year extension options. (2) The Company has the option, subject to certain terms and conditions, to extend the ground lease for 14 years to 2070 . (3) No payments are required through maturity. (4) The Company has a one -time extension of 30 years to 2089. The Company's leases may require minimum fixed rent payments, percentage rent payments based on a percentage of revenues in excess of certain thresholds or rent payments equal to the greater of a minimum fixed rent or percentage rent. Minimum fixed rent may be adjusted annually by increases in consumer price index ("CPI") and may be subject to minimum and maximum increases. Some leases also contain certain restrictions on modifications that can be made to the hotel structures due to their status as a national historic landmarks. The Company records expense on a straight-line basis for leases that provide for minimum rental payments that increase in pre-established amounts over the remaining terms of the leases. Ground rent expense was $14.5 million , $13.5 million and $12.1 million for the years ended December 31, 2018 , 2017 and 2016 , respectively. Ground rent expense is included in real estate taxes, personal property taxes, property insurance and ground rent in the Company's consolidated statements of operations and comprehensive income. In January 2019, the Company acquired the ground lease underlying the land of the Solamar Hotel for $6.9 million . Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2018 (in thousands): 2019 $ 18,882 2020 19,091 2021 19,223 2022 19,325 2023 19,429 Thereafter 1,219,303 Total $ 1,315,253 Litigation The nature of the operations of hotels exposes the Company's hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. The Company has insurance to cover certain potential material losses. The Company is not presently subject to any material litigation nor, to the Company’s knowledge, is any material litigation threatened against the Company. |
Supplemental Information to Sta
Supplemental Information to Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Statements of Cash Flows | Supplemental Information to Statements of Cash Flows For the year ended December 31, 2018 2017 2016 (in thousands) Interest paid, net of capitalized interest $ 48,658 $ 33,999 $ 41,416 Interest capitalized $ — $ — $ 492 Income taxes paid $ 4,047 $ 575 $ 369 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 36,201 $ 28,381 $ 29,773 Distributions payable on preferred shares $ 7,558 $ 3,442 $ 3,442 Issuance of common shares for Board of Trustees compensation $ 662 $ 503 $ 606 Accrued additions and improvements to hotel properties $ 8,620 $ 961 $ 4,717 Write-off of fully depreciated building, furniture, fixtures and equipment $ — $ 14,134 $ — Write-off of deferred financing costs $ — $ 5,956 $ 1,836 The Company also had the following transactions in connection with the LaSalle merger: Issuance of common shares $ 2,144,057 $ — $ — Issuance of Series E and F preferred shares $ 234,222 $ — $ — Issuance of OP units $ 4,665 $ — $ — Exchange of LaSalle shares as part of purchase price $ 346,544 $ — $ — In conjunction with the Manhattan Collection joint venture redemption transaction, the Company assumed the following assets and liabilities: Investment in hotel properties $ — $ — $ 319,800 Mortgage loans $ — $ — $ 190,000 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 13, 2019 , the Board of Trustees granted awards of an aggregate of 84,648 service condition restricted common shares and 126,087 target performance-based equity to executive officers and employees of the Company. These awards will vest over 3 years. The actual number of common shares to be issued under the performance-based equity awards will be determined in early 2022 and will be based on certain performance criteria stipulated in the agreements for the period January 1, 2019 through December 31, 2021. On February 14, 2019 , the Company sold The Liaison Capitol Hill for $111.0 million . On February 22, 2019 , the Company sold the Hotel Palomar Washington DC for $141.5 million . |
Quarterly Operating Results (Un
Quarterly Operating Results (Unaudited) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Operating Results (Unaudited) | Quarterly Operating Results (Unaudited) The Company's unaudited consolidated quarterly operating data for the years ended December 31, 2018 and 2017 (in thousands, except per-share data) is below. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. It is also management's opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years. Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 181,055 $ 206,501 $ 205,480 $ 235,642 Net income (loss) 24,516 58,295 29,917 (99,343 ) Net income (loss) attributable to the Company 24,409 58,103 29,792 (98,911 ) Net income (loss) attributable to common shareholders 20,386 54,079 25,769 (104,307 ) Net income (loss) per share available to common shareholders, basic $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) Net income (loss) per share available to common shareholders, diluted $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) Year Ended December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 182,178 $ 205,717 $ 201,793 $ 179,629 Net income (loss) 14,089 43,670 30,571 11,932 Net income (loss) attributable to the Company 14,034 43,512 30,443 11,899 Net income (loss) attributable to common shareholders 10,011 39,488 26,420 7,875 Net income (loss) per share available to common shareholders, basic $ 0.14 $ 0.57 $ 0.38 $ 0.11 Net income (loss) per share available to common shareholders, diluted $ 0.14 $ 0.57 $ 0.38 $ 0.11 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2018 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation As of December 31, 2018 (In thousands) Initial Costs Gross Amount at End of Year Description Encumbrances Land Building and Improvements Furniture, Fixtures and Equipment Cost Capitalized Subsequent to Acquisition (1) Land Building and Improvements Furniture, Fixtures and Equipment Total Accumulated Depreciation Net Book Value Year of Original Construction Date of Acquisition Depreciation Life Sir Francis Drake $ — $ 22,500 $ 60,547 $ 6,953 $ 30,033 $ 22,500 $ 78,764 $ 18,769 $ 120,033 $ 31,700 $ 88,333 1928 6/22/2010 3-40 years InterContinental Buckhead Atlanta — 25,000 68,844 11,000 14,293 25,000 74,912 19,225 119,137 33,719 85,418 2004 7/1/2010 3-40 years Hotel Monaco Washington DC — — 60,630 2,441 22,559 — 75,530 10,100 85,630 22,373 63,257 1839 9/9/2010 3-40 years Skamania Lodge — 7,130 44,987 3,523 18,331 7,130 55,257 11,584 73,971 18,217 55,754 1993 11/3/2010 3-40 years Le Meridien Delfina Santa Monica — 18,784 81,580 2,295 16,787 18,784 91,001 9,661 119,446 27,734 91,712 1972 11/19/2010 3-40 years Sofitel Philadelphia at Rittenhouse Square — 18,000 64,256 4,639 14,199 18,000 71,220 11,874 101,094 22,684 78,410 2000 12/3/2010 3-40 years Argonaut Hotel — — 79,492 4,247 8,121 — 83,608 8,252 91,860 24,139 67,721 1907 2/16/2011 3-40 years The Westin San Diego Gaslamp Quarter (2 ) 68,207 25,537 86,089 6,850 21,875 25,537 104,392 10,422 140,351 30,272 110,079 1987 4/6/2011 1-40 years Hotel Monaco Seattle — 10,105 38,888 2,073 11,774 10,105 45,282 7,453 62,840 15,192 47,648 1969 4/7/2011 3-40 years Mondrian Los Angeles — 20,306 110,283 6,091 24,942 20,306 118,802 22,514 161,622 33,691 127,931 1959 5/3/2011 3-40 years W Boston — 19,453 63,893 5,887 16,896 19,453 71,465 15,211 106,129 22,167 83,962 2009 6/8/2011 2-40 years Hotel Zetta San Francisco — 7,294 22,166 290 16,532 7,294 34,632 4,356 46,282 9,847 36,435 1913 4/4/2012 3-40 years Hotel Vintage Seattle — 8,170 23,557 706 8,421 8,170 29,351 3,333 40,854 7,547 33,307 1922 7/9/2012 3-40 years Hotel Vintage Portland — 6,222 23,012 1,093 15,858 6,222 34,667 5,296 46,185 9,104 37,081 1894 7/9/2012 3-40 years W Los Angeles - West Beverly Hills — 24,403 93,203 3,600 22,833 24,403 111,797 7,839 144,039 24,384 119,655 1969 8/23/2012 3-40 years Hotel Zelos San Francisco — — 63,430 3,780 14,474 — 71,885 9,799 81,684 17,228 64,456 1907 10/25/2012 3-40 years Embassy Suites San Diego Bay - Downtown — 20,103 90,162 6,881 17,247 20,103 104,162 10,128 134,393 24,837 109,556 1988 1/29/2013 3-40 years Hotel Modera — 8,215 37,874 1,500 7,515 8,215 42,409 4,480 55,104 8,398 46,706 1962 8/28/2013 3-40 years Hotel Zephyr Fisherman's Wharf — — 116,445 3,550 38,367 — 151,485 6,877 158,362 25,643 132,719 1964 12/9/2013 3-40 years Hotel Zeppelin San Francisco — 12,561 43,665 1,094 35,764 12,561 74,548 5,975 93,084 13,483 79,601 1913 5/22/2014 1-45 years Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2018 (In thousands) The Nines, a Luxury Collection Hotel, Portland — 18,493 92,339 8,757 10,502 18,493 98,082 13,516 130,091 18,612 111,479 1909 7/17/2014 3-40 years Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel — 12,108 46,317 1,271 19,205 12,108 58,657 8,136 78,901 11,187 67,714 1989 11/12/2014 2-40 years Hotel Palomar Los Angeles Beverly Hills — — 90,675 1,500 13,425 — 99,398 6,202 105,600 13,013 92,587 1972 11/20/2014 3-40 years Union Station Hotel Nashville, Autograph Collection — — 37,803 6,833 21,376 — 54,536 11,476 66,012 12,746 53,266 1900 12/10/2014 3-40 years Revere Hotel Boston Common — 41,857 207,817 10,596 (45,079 ) 17,367 179,969 17,855 215,191 27,010 188,181 1972 12/18/2014 3-40 years LaPlaya Beach Resort and Club — 112,575 82,117 6,733 26,354 112,575 103,146 12,058 227,779 15,529 212,250 1968 5/21/2015 3-40 years Hotel Zoe Fisherman's Wharf — 29,125 90,323 2,500 18,955 29,125 104,740 7,038 140,903 13,741 127,162 1990 6/11/2015 2-40 years Villa Florence San Francisco on Union Square — 26,950 101,061 6,737 34 26,950 101,061 6,771 134,782 291 134,491 1908 11/30/2018 3-40 years Hotel Vitale — — 122,886 6,142 99 — 122,886 6,241 129,127 329 128,798 2005 11/30/2018 3-40 years The Marker San Francisco — 22,697 85,115 5,674 145 22,697 85,115 5,819 113,631 245 113,386 1910/1995 11/30/2018 3-40 years Hotel Spero — 21,371 80,140 5,343 141 21,371 80,140 5,484 106,995 231 106,764 1928/1999 11/30/2018 3-40 years Chaminade Resort & Spa — 13,088 49,081 3,544 330 13,088 49,081 3,874 66,043 141 65,902 1985 11/30/2018 3-40 years Harbor Court Hotel San Francisco — — 33,324 — 121 — 33,324 121 33,445 69 33,376 1926/1991 11/30/2018 3-40 years Viceroy Santa Monica Hotel — — 98,905 4,820 162 — 98,905 4,982 103,887 263 103,624 1967/2002 11/30/2018 3-40 years Le Parc Suite Hotel — 17,177 64,415 4,294 118 17,177 64,415 4,412 86,004 185 85,819 1970 11/30/2018 3-40 years Hotel Amarano Burbank — 14,292 53,597 3,573 47 14,292 53,597 3,620 71,509 154 71,355 2002 11/30/2018 3-40 years Montrose West Hollywood — 16,414 61,553 4,104 170 16,414 61,553 4,274 82,241 177 82,064 1976 11/30/2018 3-40 years Chamberlain West Hollywood Hotel — 12,720 47,701 3,180 687 12,720 47,701 3,867 64,288 137 64,151 1970/2005 11/30/2018 3-40 years Grafton on Sunset — 10,200 38,250 2,550 169 10,200 38,250 2,719 51,169 110 51,059 1954 11/30/2018 3-40 years The Westin Copley Place, Boston — — 310,947 22,888 362 — 310,952 23,245 334,197 920 333,277 1983 11/30/2018 3-40 years The Liberty, A Luxury Collection Hotel, Boston — — 215,744 13,000 327 — 215,744 13,327 229,071 604 228,467 1851/2007 11/30/2018 3-40 years Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2018 (In thousands) Hyatt Regency Boston Harbor — — 125,444 6,309 60 — 125,444 6,369 131,813 336 131,477 1993 11/30/2018 3-40 years Onyx Hotel — 15,000 42,600 2,400 259 15,000 42,600 2,659 60,259 117 60,142 2004 11/30/2018 3-40 years Hotel Palomar Washington DC — 28,290 106,088 7,073 125 28,290 106,088 7,198 141,576 305 141,271 1962 11/30/2018 3-40 years Sofitel Washington DC Lafayette Square — 26,154 98,077 6,538 10 26,154 98,077 6,548 130,779 282 130,497 2002 11/30/2018 3-40 years The Liaison Capitol Hill — 22,200 83,250 5,550 129 22,200 83,313 5,616 111,129 240 110,889 1968 11/30/2018 3-40 years George Hotel — 17,078 64,043 4,270 26 17,078 64,043 4,296 85,417 184 85,233 1928 11/30/2018 3-40 years Mason & Rook Hotel — 16,490 61,839 4,123 172 16,490 61,839 4,295 82,624 178 82,446 1962 11/30/2018 3-40 years Donovan Hotel — 16,301 61,127 4,075 431 16,301 61,127 4,506 81,934 176 81,758 1972 11/30/2018 3-40 years Rouge Hotel — 8,600 32,250 2,150 146 8,600 32,250 2,296 43,146 93 43,053 1963 11/30/2018 3-40 years Topaz Hotel — 6,200 23,250 1,550 128 6,200 23,250 1,678 31,128 67 31,061 1963 11/30/2018 3-40 years Hotel Madera — 5,200 19,500 1,300 426 5,200 19,500 1,726 26,426 56 26,370 1963 11/30/2018 3-40 years Paradise Point Resort & Spa — — 204,133 13,254 1,147 — 204,133 14,401 218,534 583 217,951 1962 11/30/2018 3-40 years Hilton San Diego Gaslamp Quarter — 35,976 136,708 7,195 323 35,976 136,708 7,518 180,202 370 179,832 2000 11/30/2018 3-40 years Solamar Hotel — — 74,730 4,801 21 — 74,730 4,822 79,552 213 79,339 2005 11/30/2018 3-40 years L'Auberge Del Mar — 32,749 93,006 5,240 237 32,749 93,006 5,477 131,232 256 130,976 1989 11/30/2018 3-40 years Hilton San Diego Resort & Spa — — 105,050 4,380 2,782 — 105,050 7,162 112,212 271 111,941 1962 11/30/2018 3-40 years The Heathman Hotel — 12,000 44,999 3,000 138 12,000 44,999 3,138 60,137 129 60,008 1927 11/30/2018 3-40 years Southernmost Beach Resort — 116,477 214,885 9,978 388 116,477 214,917 10,334 341,728 549 341,179 1958-2008 11/30/2018 3-40 years The Marker Key West — 33,198 58,808 2,846 95 33,198 58,808 2,941 94,947 156 94,791 2014 11/30/2018 3-40 years The Roger New York — — 46,489 — 54 — 46,489 54 46,543 97 46,446 1930/1998 11/30/2018 3-40 years Hotel Chicago Downtown, Autograph Collection — 32,240 120,900 8,060 101 32,240 120,900 8,161 161,301 348 160,953 1998 11/30/2018 3-40 years The Westin Michigan Avenue Chicago — 34,349 128,807 8,587 295 34,348 128,807 8,883 172,038 371 171,667 1963/1972 11/30/2018 3-40 years $ 68,207 $ 1,081,352 $ 5,229,096 $ 315,211 $ 451,964 $ 1,056,861 $ 5,532,499 $ 488,263 $ 7,077,623 $ 543,430 $ 6,534,193 (1) Disposals are reflected as reductions to cost capitalized subsequent to acquisition. (2) Encumbrance on the The Westin San Diego Gaslamp Quarter is presented at face value, which excludes deferred financing costs of $0.1 million at December 31, 2018. Pebblebrook Hotel Trust Schedule III--Real Estate and Accumulated Depreciation - Continued As of December 31, 2018 (In thousands) Reconciliation of Real Estate and Accumulated Depreciation: Reconciliation of Real Estate: Balance at December 31, 2015 $ 2,956,761 Acquisitions 319,800 Capital expenditures 105,074 Disposal of Assets (350,496 ) Balance at December 31, 2016 $ 3,031,139 Acquisitions — Capital expenditures 80,737 Disposal of Assets (207,804 ) Balance at December 31, 2017 $ 2,904,072 Acquisitions 4,120,641 Capital expenditures 95,348 Disposal of Assets (42,438 ) Balance at December 31, 2018 $ 7,077,623 Reconciliation of Accumulated Depreciation: Balance at December 31, 2015 $ 283,177 Depreciation 101,060 Disposal of Assets (25,752 ) Balance at December 31, 2016 $ 358,485 Depreciation 101,157 Disposal of Assets (12,020 ) Balance at December 31, 2017 $ 447,622 Depreciation 107,496 Disposal of Assets (11,688 ) Balance at December 31, 2018 $ 543,430 The aggregate cost of properties for federal income tax purposes is approximately $6,550,696 thousand as of December 31, 2018 . |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company and its subsidiaries are separate legal entities and maintain records and books of account separate and apart from each other. The consolidated financial statements include all of the accounts of the Company and its subsidiaries and are presented in accordance with U.S. GAAP. All significant intercompany balances and transactions have been eliminated in consolidation. Investments in entities that the Company does not control, but over which the Company has the ability to exercise significant influence regarding operating and financial policies, are accounted for under the equity method. |
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, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management’s best judgment, after considering past, current and expected events and economic conditions. Actual results could differ from these estimates. |
Risks and Uncertainties | Risks and Uncertainties The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of the hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our shareholders and service debt or meet other financial obligations. |
Fair Value Measurements | Fair Value Measurements A fair value measurement is based on the assumptions that market participants would use in pricing an asset or liability in an orderly transaction. The hierarchy for inputs used in measuring fair value are as follows: 1. Level 1 – Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. 2. Level 2 – Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, and model-derived valuations whose inputs are observable. 3. Level 3 – Model-derived valuations with unobservable inputs. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The Company's financial instruments include cash and cash equivalents, restricted cash, accounts payable and accrued expenses. Due to their short maturities, the carrying amounts of these assets and liabilities approximate fair value. See Note 6 to the accompanying consolidated financial statements for disclosures on the fair value of debt and derivative instruments. |
Investment in Hotel Properties | Investment in Hotel Properties Upon acquisition of a hotel property, the Company allocates the purchase price based on the fair value of the acquired land, land improvements, building, furniture, fixtures and equipment, identifiable intangible assets or liabilities, other assets and assumed liabilities. Identifiable intangible assets or liabilities typically arise from contractual arrangements in connection with the transaction, including terms that are above or below market compared to an estimated market agreement at the acquisition date. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. Acquisition costs related to business combinations are expensed as incurred and are included in general and administrative expenses on the statement of operations. Hotel renovations and replacements of assets that improve or extend the life of the asset are recorded at cost and depreciated over their estimated useful lives. Furniture, fixtures and equipment under capital leases are recorded at the present value of the minimum lease payments. Repair and maintenance costs are expensed as incurred. Hotel properties are recorded at cost and depreciated using the straight-line method over an estimated useful life of 10 to 40 years for buildings, land improvements, and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. Intangible assets arising from contractual arrangements are typically amortized over the life of the contract. The Company is required to make subjective assessments as to the useful lives and classification of properties for purposes of determining the amount of depreciation expense to reflect each year with respect to the assets. These assessments may impact the Company’s results of operations. The Company reviews its 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, when a hotel property experiences a current or projected loss from operations, when it becomes more likely than not that a hotel property will be sold before the end of its useful life, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, the Company performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying value of the asset, an adjustment to reduce the carrying value to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. In the evaluation of impairment of its hotel properties, the Company makes many assumptions and estimates including projected cash flows both from operations and eventual disposition, expected useful life and holding period, future required capital expenditures, and fair values, including consideration of capitalization rates, discount rates, and comparable selling prices. The Company will adjust its assumptions with respect to the remaining useful life of the hotel property when circumstances change or it is more likely than not that the hotel property will be sold prior to its previously expected useful life. The Company will classify a hotel as held for sale and will cease recording depreciation expense when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, approval of the Company's board of trustees (the "Board of Trustees") has been obtained, no significant financing contingencies exist, and the sale is expected to close within one year. If the fair value less costs to sell is lower than the carrying value of the hotel, the Company will record an impairment loss. The Company will classify the loss, together with the related operating results, as continuing or discontinuing operations on the statements of operations and classify the assets and related liabilities as held for sale on the balance sheet. |
Intangible Assets and Liabilities | Intangible Assets and Liabilities Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. The Company reviews the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are over or under market compared to an estimated market agreement at the acquisition date. Under market lease assets or over market contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. The Company does not amortize intangible assets with indefinite useful lives, but reviews these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short-term liquid investments with an original maturity of three months or less. The Company maintains cash and cash equivalents balances in excess of insured limits with various financial institutions. This may subject the Company to significant concentrations of credit risk. The Company performs periodic evaluations of the credit quality of these financial institutions. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of reserves for replacement of furniture and fixtures and cash held in escrow pursuant to lender requirements to pay for real estate taxes or property insurance. |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets The Company's prepaid expenses and other assets consist of prepaid real estate taxes, prepaid insurance, deposits on hotel acquisitions, inventories, over or under market leases, and corporate office equipment and furniture. |
Derivative Instruments | Derivative Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company may enter into derivative instruments including interest rate swaps, caps and collars to manage or hedge interest rate risk. Derivative instruments are recorded at fair value on the balance sheet date. Unrealized gains and losses of hedging instruments are reported in other comprehensive income (loss) and are subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. |
Revenue Recognition | Revenue Recognition Revenue consists of amounts derived from hotel operations, including the sales of rooms, food and beverage, and other ancillary services. Room revenue is recognized over a customer's hotel stay. Revenue from food and beverage and other ancillary services is generated when a customer chooses to purchase goods or services separately from a hotel room and revenue is recognized on these distinct goods and services 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 the Company assesses whether it is the principal or agent in these arrangements. If the Company is the agent, revenue is recognized based upon the commission earned from the third party. If the Company is the principal, the Company recognizes revenue based upon the gross sales price. Some contracts for rooms or food and beverage services require an upfront deposit which is recorded as deferred revenues (or contract liabilities) and recognized once the performance obligations are satisfied. The Company recognizes revenue related to nonrefundable membership initiation fees and refundable membership initiation deposits over the expected life of an active membership. For refundable membership initiation deposits, the difference between the amount paid by the member and the present value of the refund obligation is deferred and recognized as other operating revenues on the consolidated statements of operations and comprehensive income over the expected life of an active membership. The present value of the refund obligation is recorded as a membership initiation deposit liability in the consolidated balance sheets and accretes over the nonrefundable term using the effective interest method using the Company's incremental borrowing rate. The accretion is included in interest expense. Certain of the Company's hotels have retail spaces, restaurants or other spaces which the Company leases to third parties. Lease revenue is recognized on a straight-line basis over the life of the lease and included in other operating revenues in the Company's consolidated statements of operations and comprehensive income. The Company collects sales, use, occupancy and similar taxes at its hotels which are presented on a net basis on the consolidated statements of operations and comprehensive income. Accounts receivable primarily represents receivables from hotel guests who occupy hotel rooms and utilize hotel services. The Company maintains an allowance for doubtful accounts sufficient to cover estimated potential credit losses. |
Income Taxes | Income Taxes To qualify as a REIT for federal income tax purposes, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90 percent of its REIT taxable income (determined without regard to the deduction for dividends paid and excluding net capital gains) to its shareholders. As a REIT, the Company generally is not subject to federal corporate income tax on that portion of its taxable income that is currently distributed to shareholders. The Company is subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. In addition, the Company's TRS lessees are subject to federal and state income taxes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. 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. |
Share-based Compensation | Share-based Compensation The Company has adopted an equity incentive plan that provides for the grant of common share options, share awards, share appreciation rights, performance units and other equity-based awards. Equity-based compensation is measured at the fair value of the award on the date of grant and recognized as an expense on a straight-line basis over the vesting period. Share-based compensation awards that contain a performance condition are reviewed at least quarterly to assess the achievement of the performance condition. Compensation expense will be adjusted when a change in the assessment of achievement of the specific performance condition level is determined to be probable. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether these awards will achieve parity with other operating partnership units or achieve performance thresholds. |
Earnings Per Share | Earnings Per Share Basic earnings per share (“EPS”) is computed by dividing the net income (loss) available to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available to common shareholders, as adjusted for dilutive securities, by the weighted-average number of common shares outstanding plus dilutive securities. Any anti-dilutive securities are excluded from the diluted per-share calculation. |
Comprehensive Income | Comprehensive Income The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. |
Segment Information | Segment Information The Company separately evaluates the performance of each of its hotels properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment. |
Recent Accounting Standards | Recent Accounting Standards In May 2014, the Financial Accounting Standards Board (the "FASB") issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The Company adopted this standard on January 1, 2018 using the modified retrospective transition method. Due to the short-term nature of the Company's revenue streams, the adoption of this standard did not have a material impact on the amount and timing of revenue recognition for revenues from rooms, food and beverage, and other ancillary services. The adoption of this standard had no impact on the Company's revenue or net income, and, therefore, no adjustment was recorded to the Company's opening balance of retained earnings. The adoption of this standard has resulted in the reclassification of certain accounts on the Company's consolidated balance sheets to present deferred revenues (contract liabilities) and additional disclosures. As of December 31, 2017, the Company reclassified $7.5 million from accounts payable and accrued expenses to deferred revenues on the Company's consolidated balance sheets. In February 2016, the FASB issued ASU 2016-02, Leases, which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for similarly to existing guidance for operating leases today. This guidance is effective for the Company on January 1, 2019, however, early adoption is permitted. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842, Leases , to clarify how to apply certain aspects of the new leases standard. In July 2018, the FASB also issued ASU 2018-11, Leases (Topic 842): Targeted Improvements , to give companies another option for transition and to provide lessors with a practical expedient to reduce the cost and complexity of implementing the new standard. The transition option allows companies to not apply the new leases standard in the comparative periods they present in their financial statements in the year of adoption. Upon adoption, the Company currently expects to elect the practical expedients allowed under the guidance and retain the original lease classification and historical accounting for initial direct costs for leases existing prior to the adoption date. The Company also expects that it will elect not to restate prior periods for the impact of the adoption of the new standard and will instead recognize a cumulative-effect adjustment to beginning retained earnings in the period of adoption. These standards are expected to result in the recognition of right-to-use assets and related liabilities to account for the Company's future obligations under the ground lease arrangements for which the Company is the lessee. The Company expects to recognize right of use assets and corresponding liabilities of approximately $200.0 million to $300.0 million during the first quarter of 2019. In August 2016, the FASB issued ASU-2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Payment , which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash, which clarifies how companies should present restricted cash and restricted cash equivalents in the statement of cash flows. This guidance requires companies to show the changes in the total of cash, cash equivalents, restricted cash equivalents in the statement of cash flows. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. As a result, the Company's consolidated statements of cash flows included changes to cash and cash equivalents and restricted cash for all periods presented. In January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business. This ASU clarifies the definition of a business with the objective of adding guidance to assist companies with evaluating whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. The changes to the definition of a business will likely result in more of the Company's property acquisitions qualifying as asset acquisitions, which will permit capitalization of acquisition costs. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. In May 2017, the FASB issued ASU No. 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting. This ASU provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. An entity will account for the effects of a modification unless the fair value of the modified award is the same as the original award, the vesting conditions of the modified award are the same as the original award, and the classification of the modified award as an equity instrument or liability instrument is the same as the original award. The Company adopted this standard on January 1, 2018 and it did not have a material impact on the Company's consolidated financial statements. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging: Targeted Improvements to Accounting for Hedging Activities , which improves the financial reporting of hedging relationships to better align risk management activities in financial statements and make certain targeted improvements to simplify the application of the hedge accounting guidance in current GAAP. The Company adopted this standard on January 1, 2018 and reclassified an immaterial amount from retained earnings to accumulated other comprehensive income. In subsequent periods, any ineffectiveness related to the Company's derivatives instruments are reflected in accumulated other comprehensive income. |
Acquisition and Disposition o_2
Acquisition and Disposition of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Schedule of Properties Acquired and Consideration | The total consideration, excluding the net working capital assumed, consisted of the following (in thousands): Total Consideration Common shares $ 2,144,057 Preferred Series E shares 101,622 Preferred Series F shares 132,600 OP units 4,665 Cash 1,719,150 Total consideration $ 4,102,094 As a result of the Mergers, the Company acquired an ownership interest in the following 36 hotel properties: Property Location Ownership Interest Rooms Villa Florence San Francisco on Union Square San Francisco, CA 100 % 189 Hotel Vitale San Francisco, CA 100 % 200 The Marker San Francisco San Francisco, CA 100 % 208 Hotel Spero San Francisco, CA 100 % 236 Chaminade Resort & Spa Santa Cruz, CA 100 % 156 Harbor Court Hotel San Francisco San Francisco, CA 100 % 131 Viceroy Santa Monica Hotel Santa Monica, CA 100 % 162 Le Parc Suite Hotel West Hollywood, CA 100 % 154 Hotel Amarano Burbank Burbank, CA 100 % 132 Montrose West Hollywood West Hollywood, CA 100 % 133 Chamberlain West Hollywood Hotel West Hollywood, CA 100 % 115 Grafton on Sunset West Hollywood, CA 100 % 108 The Westin Copley Place, Boston Boston, MA 100 % 803 The Liberty, A Luxury Collection Hotel, Boston Boston, MA 99.99 % 298 Hyatt Regency Boston Harbor Boston, MA 100 % 270 Onyx Hotel Boston, MA 100 % 112 Hotel Palomar Washington DC Washington, DC 100 % 335 Sofitel Washington DC Lafayette Square Washington, DC 100 % 237 The Liaison Capitol Hill Washington, DC 100 % 343 George Hotel Washington, DC 100 % 139 Mason & Rook Hotel Washington, DC 100 % 178 Donovan Hotel Washington, DC 100 % 193 Rouge Hotel Washington, DC 100 % 137 Topaz Hotel Washington, DC 100 % 99 Hotel Madera Washington, DC 100 % 82 Paradise Point Resort & Spa San Diego, CA 100 % 462 Hilton San Diego Gaslamp Quarter San Diego, CA 100 % 286 Solamar Hotel San Diego, CA 100 % 235 L'Auberge Del Mar Del Mar, CA 100 % 121 Hilton San Diego Resort & Spa San Diego, CA 100 % 357 The Heathman Hotel Portland, OR 100 % 151 Southernmost Beach Resort Key West, FL 100 % 262 The Marker Key West Key West, FL 100 % 96 The Roger New York New York, NY 100 % 194 Hotel Chicago Downtown, Autograph Collection Chicago, IL 100 % 354 The Westin Michigan Avenue Chicago Chicago, IL 100 % 752 8,420 |
Schedule of Purchase Price Allocation | The Company preliminarily allocated the purchase price as follows (in thousands): November 30, 2018 Investment in hotel properties $ 4,120,370 Restricted cash reserves 14,784 Hotel and other receivables 34,669 Intangible assets 171,660 Prepaid expenses and other assets 47,808 Accounts payable and accrued expenses (258,036 ) Deferred revenues (23,816 ) Accrued interest (2,496 ) Distributions payable (2,744 ) Other (105 ) Total consideration $ 4,102,094 |
Schedule of Pro Forma Financial Information | The unaudited condensed pro forma financial information is as follows (in thousands): For the year ended December 31, 2018 2017 (unaudited) Total revenues $ 1,677,663 $ 1,687,275 Operating income (loss) 276,508 303,370 Net income (loss) attributable to common shareholders 110,635 151,340 Net income (loss) per share available to common shareholders — basic $ 0.85 1.16 Net income (loss) per share available to common shareholders — diluted $ 0.85 $ 1.16 |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of Investment in Hotel Properties | Investment in hotel properties as of December 31, 2018 and 2017 consisted of the following (in thousands): December 31, December 31, 2017 Land $ 1,056,862 $ 448,401 Buildings and improvements 5,532,498 2,205,315 Furniture, fixtures and equipment 462,620 240,842 Construction in progress 25,643 9,514 Investment in hotel properties $ 7,077,623 $ 2,904,072 Less: Accumulated depreciation (543,430 ) (447,622 ) Investment in hotel properties, net $ 6,534,193 $ 2,456,450 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Debt | The Company's debt consisted of the following as of December 31, 2018 and 2017 (dollars in thousands): Balance Outstanding as of Interest Rate Maturity Date December 31, 2018 December 31, 2017 Revolving credit facilities Senior unsecured credit facility Floating (1) January 2022 $ 170,000 $ 45,000 PHL unsecured credit facility Floating (2) January 2022 — — Total revolving credit facilities $ 170,000 $ 45,000 Unsecured term loans First Term Loan Floating (3) January 2023 300,000 300,000 Second Term Loan Floating (3) April 2022 65,000 65,000 Third Term Loan Floating (3) January 2021 200,000 200,000 Fourth Term Loan Floating (3) October 2024 110,000 110,000 Fifth Term Loan Floating (3) March 2019 — — Sixth Term Loan Tranche 2020 Floating (3) December 2020 250,000 — Tranche 2021 Floating (3) November 2021 300,000 — Tranche 2022 Floating (3) November 2022 400,000 — Tranche 2023 Floating (3) November 2023 400,000 — Tranche 2024 Floating (3) January 2024 400,000 — Total Sixth Term Loan 1,750,000 — Total term loans at stated value 2,425,000 675,000 Deferred financing costs, net (15,716 ) (4,594 ) Total term loans $ 2,409,284 $ 670,406 Senior unsecured notes Series A Notes 4.70% December 2023 60,000 60,000 Series B Notes 4.93% December 2025 40,000 40,000 Total senior unsecured notes at stated value 100,000 100,000 Deferred financing costs, net (531 ) (626 ) Total senior unsecured notes $ 99,469 $ 99,374 Mortgage loans The Westin San Diego Gaslamp Quarter 3.69% January 2020 68,207 70,573 Deferred financing costs, net (62 ) (116 ) Total mortgage loans $ 68,145 $ 70,457 Total debt $ 2,746,898 $ 885,237 ________________________ (1) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Adjusted Base Rate (as defined in the applicable credit agreement) plus an applicable margin. (2) Borrowings bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) an Eurocurrency Rate (as defined in the applicable credit agreement) plus an applicable margin. (3) Borrowings under the term loan facilities bear interest at floating rates equal to, at the Company's option, either (i) LIBOR plus an applicable margin or (ii) a Base Rate plus an applicable margin. |
Schedule of Components of Interest Expense | The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2018 2017 2016 Unsecured revolving credit facilities $ 11,274 $ 3,914 $ 3,694 Unsecured term loan facilities 30,479 21,396 21,208 Senior unsecured notes 4,686 4,805 4,872 Mortgage debt 2,592 3,600 11,377 Amortization of deferred financing fees 2,565 2,397 2,737 Other 2,327 1,187 (273 ) Total interest expense $ 53,923 $ 37,299 $ 43,615 |
Schedule of Future Minimum Principal Payments for Debt | As of December 31, 2018 , the future minimum principal payments for the Company's debt are as follows (in thousands): 2019 $ 2,455 2020 315,752 2021 500,000 2022 635,000 2023 760,000 Thereafter 550,000 Total debt principal payments 2,763,207 Mortgage loan premiums and deferred financing costs (16,309 ) Total debt $ 2,746,898 |
Schedule of Interest Rate Swaps | The Company's interest rate swaps consisted of the following (in thousands): Notional Value as of Hedge Type Interest Rate Maturity December 31, 2018 December 31, 2017 Swap - cash flow 1.57% (1) May 2019 $ 100,000 $ — Swap - cash flow 1.57% (1) May 2019 62,500 — Swap - cash flow 1.57% (1) May 2019 15,000 — Swap - cash flow 1.63% January 2020 50,000 50,000 Swap - cash flow 1.63% January 2020 50,000 50,000 Swap - cash flow 2.46% January 2020 50,000 50,000 Swap - cash flow 2.46% January 2020 50,000 50,000 Swap - cash flow 1.66% January 2020 50,000 50,000 Swap - cash flow 1.66% January 2020 50,000 50,000 Swap - cash flow 1.74% January 2021 75,000 75,000 Swap - cash flow 1.75% January 2021 50,000 50,000 Swap - cash flow 1.53% January 2021 37,500 37,500 Swap - cash flow 1.53% January 2021 37,500 37,500 Swap - cash flow 1.46% (1) January 2021 100,000 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 1.47% (1) January 2021 47,500 — Swap - cash flow 2.60% (2) October 2021 55,000 — Swap - cash flow 2.60% (2) October 2021 55,000 — Swap - cash flow 1.78% (1) January 2022 100,000 — Swap - cash flow 1.78% (1) January 2022 50,000 — Swap - cash flow 1.79% (1) January 2022 30,000 — Swap - cash flow 1.68% April 2022 25,000 25,000 Swap - cash flow 1.68% April 2022 25,000 25,000 Swap - cash flow 1.64% April 2022 25,000 25,000 Swap - cash flow 1.64% April 2022 25,000 25,000 Swap - cash flow 2.60% (3) January 2024 75,000 — Swap - cash flow 2.60% (3) January 2024 50,000 — Swap - cash flow 2.60% (3) January 2024 25,000 — Swap - cash flow 2.60% (3) January 2024 75,000 — Swap - cash flow 2.60% (3) January 2024 75,000 — ________________________ (1) Swaps assumed from the LaSalle merger on November 30, 2018. (2) Swaps will be effective January 2019. (3) Swaps will be effective January 2020. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents revenues by geographic location for the years ended December 31, 2018 , 2017 and 2016 (in thousands): For the year ended December 31, 2018 2017 2016 San Francisco, CA $ 193,708 $ 179,248 $ 186,139 Los Angeles, CA 128,016 124,979 134,129 San Diego, CA 78,965 69,447 69,863 Boston, MA 85,676 73,461 77,614 Seattle, WA 33,025 32,061 30,597 Portland, OR 98,265 100,070 97,743 Washington DC 34,731 27,586 35,113 Southern FL 63,824 50,916 67,990 Chicago, IL 3,885 — — Other (1) 108,583 111,549 117,233 $ 828,678 $ 769,317 $ 816,421 (1) Other includes: Atlanta (Buckhead), GA, Minneapolis, MN, Nashville, TN, New York City, NY, Philadelphia, PA and Santa Cruz, CA. |
Share-Based Compensation Plan (
Share-Based Compensation Plan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Service Condition Restricted Share Activity | The following table provides a summary of service condition restricted share activity as of December 31, 2018 : Shares Weighted-Average Grant Date Fair Value Unvested at January 1, 2016 124,617 $ 35.46 Granted 68,535 $ 23.87 Vested (52,452 ) $ 32.79 Forfeited (4,809 ) $ 30.66 Unvested at December 31, 2016 135,891 $ 30.82 Granted 59,139 $ 29.68 Vested (57,559 ) $ 31.50 Forfeited (366 ) $ 28.01 Unvested at December 31, 2017 137,105 $ 30.05 Granted 52,609 $ 36.86 Vested (61,982 ) $ 31.35 Forfeited — $ — Unvested at December 31, 2018 127,732 $ 32.22 |
Performance-Based Equity Awards Methodology and Assumptions | The grant date fair value of the performance awards, with market conditions, were determined using a Monte Carlo simulation method with the following assumptions: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component ($ in millions) Volatility Interest Rate Dividend Yield January 30, 2013 Relative Total Shareholder Return 30.00% $0.7 31.00% 0.41% 2.20% Absolute Total Shareholder Return 30.00% $0.5 31.00% 0.41% 2.20% EBITDA Comparison 40.00% $0.7 31.00% 0.41% 2.20% December 13, 2013 Relative Total Shareholder Return 50.00% $4.7 29.00% 0.34% - 2.25% 2.40% Absolute Total Shareholder Return 50.00% $2.9 29.00% 0.34% - 2.25% 2.40% February 4, 2014 Relative Total Shareholder Return 30.00% $0.7 29.00% 0.62% 2.40% Absolute Total Shareholder Return 30.00% $0.5 29.00% 0.62% 2.40% EBITDA Comparison 40.00% $0.8 29.00% 0.62% 2.40% February 11, 2015 Relative Total Shareholder Return 30.00% $0.9 22.00% 1.02% 2.50% Absolute Total Shareholder Return 40.00% $0.7 22.00% 1.02% 2.50% EBITDA Comparison 30.00% $0.7 22.00% 1.02% 2.50% July 27, 2015 Relative Total Shareholder Return 30.00% — (1) 22.00% 0.68% 2.50% Absolute Total Shareholder Return 40.00% — (1) 22.00% 0.68% 2.50% EBITDA Comparison 30.00% — (1) 22.00% 0.68% 2.50% February 10, 2016 Relative Total Shareholder Return 70.00% $1.6 25.00% 0.71% 3.00% Absolute Total Shareholder Return 15.00% $0.2 25.00% 0.71% 3.00% EBITDA Comparison 15.00% $0.4 25.00% 0.71% 3.00% February 15, 2017 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $2.7 28.00% 1.27% 5.60% February 14, 2018 Relative and Absolute Total Shareholder Return 65.00% / 35.00% $3.5 28.00% 2.37% 4.70% (1) Amounts round to zero. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
Schedule of Common Dividends | The Company declared the following dividends on common shares/units for the year ended December 31, 2018 : Dividend per Share/Unit For the Quarter Ended Record Date Payable Date $ 0.38 March 31, 2018 March 29, 2018 April 16, 2018 $ 0.38 June 30, 2018 June 29, 2018 July 16, 2018 $ 0.38 September 30, 2018 September 28, 2018 October 15, 2018 $ 0.25 (1) December 31, 2018 November 29, 2018 January 15, 2019 $ 0.13 (1) December 31, 2018 December 31, 2018 January 15, 2019 (1) The Company declared pro-rated dividends in anticipation of and following the completion of the merger with LaSalle. |
Schedule of Preferred Shares Outstanding | The following Preferred Shares were outstanding as of December 31, 2018 and 2017 : As of December 31, Security Type 2018 2017 6.50% Series C 5,000,000 5,000,000 6.375% Series D 5,000,000 5,000,000 6.375% Series E 4,400,000 — 6.30% Series F 6,000,000 — 20,400,000 10,000,000 |
Schedule of Preferred Dividends | The Company declared the following dividends on preferred shares for the year ended December 31, 2018 : Security Type Dividend per Share/Unit For the Quarter Ended Record Date Payable Date 6.50% Series C $ 0.41 March 31, 2018 March 29, 2018 April 16, 2018 6.50% Series C $ 0.41 June 30, 2018 June 29, 2018 July 16, 2018 6.50% Series C $ 0.41 September 30, 2018 September 28, 2018 October 15, 2018 6.50% Series C $ 0.41 December 31, 2018 December 31, 2018 January 15, 2019 6.375% Series D $ 0.40 March 31, 2018 March 29, 2018 April 16, 2018 6.375% Series D $ 0.40 June 30, 2018 June 29, 2018 July 16, 2018 6.375% Series D $ 0.40 September 30, 2018 September 28, 2018 October 15, 2018 6.375% Series D $ 0.40 December 31, 2018 December 31, 2018 January 15, 2019 6.375% Series E $ 0.40 December 31, 2018 December 31, 2018 January 15, 2019 6.30% Series F $ 0.39 December 31, 2018 December 31, 2018 January 15, 2019 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Distributions Paid Per Common Share of Beneficial Interest and Preferred Shares on a Tax Basis | The following characterizes distributions paid per common share and preferred share on a tax basis for the years ended December 31, 2018 , 2017 and 2016 : 2018 2017 2016 Amount % Amount % Amount % Common Shares: Ordinary non-qualified income $ 1.2040 77.57 % $ 1.3611 95.41 % $ 1.3794 95.14 % Qualified dividend 0.3482 22.43 % 0.0256 1.79 % 0.0704 4.86 % Capital gain — — % — — % — — % Return of capital — — % 0.0399 2.80 % — — % Total $ 1.5522 100.00 % $ 1.4266 100.00 % $ 1.4498 100.00 % Series A Preferred Shares: (1) Ordinary non-qualified income $ — — % $ — — % $ 0.2914 95.14 % Qualified dividend — — % — — % 0.0149 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ 0.3063 100.00 % Series B Preferred Shares: (2) Ordinary non-qualified income $ — — % $ — — % $ 1.3109 95.14 % Qualified dividend — — % — — % 0.0669 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ 1.3778 100.00 % Series C Preferred Shares: Ordinary non-qualified income $ 1.2605 77.57 % $ 1.1969 98.20 % $ 1.5461 95.14 % Qualified dividend 0.3645 22.43 % 0.0219 1.80 % 0.0789 4.86 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.6250 100.00 % $ 1.2188 100.00 % $ 1.6250 100.00 % Series D Preferred Shares: Ordinary non-qualified income $ 1.2363 77.57 % $ 1.1739 98.21 % $ 0.9099 95.15 % Qualified dividend 0.3575 22.43 % 0.0214 1.79 % 0.0464 4.85 % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ 1.5938 100.00 % $ 1.1953 100.00 % $ 0.9563 100.00 % Series E Preferred Shares: (3) Ordinary non-qualified income — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ — — % Series F Preferred Shares: (3) Ordinary non-qualified income — — % $ — — % $ — — % Qualified dividend — — % — — % — — % Capital gain — — % — — % — — % Return of capital — — % — — % — — % Total $ — — % $ — — % $ — — % (1) Redeemed in full in March 2016. (2) Redeemed in full in September 2016. (3) Issued upon completion of the Company's merger with LaSalle on November 30, 2018. |
Components of Income Tax Expense | The Company's provision (benefit) for income taxes for PHL consists of the following (in thousands): For the year ended December 31, 2018 2017 2016 Federal Current $ 1,696 $ 4 $ (27 ) Deferred (248 ) (89 ) (353 ) State and local Current 426 9 93 Deferred (66 ) 224 (171 ) Income tax expense (benefit) $ 1,808 $ 148 $ (458 ) |
Reconciliation of Statutory Federal Tax Expense to Company's Income Tax Expense | A reconciliation of the statutory federal tax expense (benefit) to the Company's income tax expense (benefit) for PHL is as follows (in thousands): For the year ended December 31, 2018 2017 2016 Statutory federal tax expense (benefit) $ 1,349 $ (418 ) $ (618 ) State income tax expense (benefit), net of federal tax (benefit) expense 271 231 (110 ) Other 188 335 270 Income tax expense (benefit) $ 1,808 $ 148 $ (458 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic and Diluted Earnings Per Common Share | The following is a reconciliation of basic and diluted earnings per common share (in thousands, except share and per-share data): For the year ended December 31, 2018 2017 2016 Numerator: Net income (loss) attributable to common shareholders $ (4,073 ) $ 83,794 $ 46,952 Less: dividends paid on unvested share-based compensation (332 ) (415 ) (483 ) Net income (loss) available to common shareholders $ (4,405 ) $ 83,379 $ 46,469 Denominator: Weighted-average number of common shares — basic 74,286,307 69,591,973 71,901,499 Effect of dilutive share-based compensation — 392,864 471,743 Weighted-average number of common shares — diluted 74,286,307 69,984,837 72,373,242 Net income (loss) per share available to common shareholders — basic $ (0.06 ) $ 1.20 $ 0.65 Net income (loss) per share available to common shareholders — diluted $ (0.06 ) $ 1.19 $ 0.64 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Hotels Subject to Leases | As of December 31, 2018 , the following hotels are subject to leases as follows: Lease Properties Lease Type Lease Expiration Date Hotel Monaco Washington DC Operating lease November 2059 Argonaut Hotel Operating lease December 2059 Hotel Zelos San Francisco Operating lease June 2097 Hotel Zephyr Fisherman's Wharf Operating lease February 2062 Hotel Palomar Los Angeles Beverly Hills Operating lease January 2107 (1) Union Station Hotel Nashville, Autograph Collection Operating lease December 2105 Southernmost Beach Resort Operating lease April 2029 Hyatt Regency Boston Harbor Operating lease April 2077 Hilton San Diego Resort & Spa Operating lease July 2068 Paradise Point Resort & Spa Operating lease May 2050 Hotel Vitale Operating lease March 2056 (2) Viceroy Santa Monica Hotel Operating lease September 2065 The Westin Copley Place, Boston Operating lease December 2077 (3) The Liberty, A Luxury Collection Hotel, Boston Operating lease May 2080 Solamar Hotel Operating lease December 2102 Hotel Zeppelin San Francisco Operating and capital lease June 2059 (4) Harbor Court Hotel San Francisco Capital lease August 2052 The Roger New York Capital lease December 2044 (1) The expiration date assumes the exercise of all 19 five -year extension options. (2) The Company has the option, subject to certain terms and conditions, to extend the ground lease for 14 years to 2070 . (3) No payments are required through maturity. (4) The Company has a one -time extension of 30 years to 2089. |
Schedule of Future Minimum Rental Payments for Operating and Capital Leases | Future minimum annual rental payments, including capital lease payments, assuming fixed rent for all periods and excludes percentage rent and CPI adjustments, is as follows as of December 31, 2018 (in thousands): 2019 $ 18,882 2020 19,091 2021 19,223 2022 19,325 2023 19,429 Thereafter 1,219,303 Total $ 1,315,253 |
Supplemental Information to S_2
Supplemental Information to Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of Supplemental Information to Statements of Cash Flows | For the year ended December 31, 2018 2017 2016 (in thousands) Interest paid, net of capitalized interest $ 48,658 $ 33,999 $ 41,416 Interest capitalized $ — $ — $ 492 Income taxes paid $ 4,047 $ 575 $ 369 Non-Cash Investing and Financing Activities: Distributions payable on common shares/units $ 36,201 $ 28,381 $ 29,773 Distributions payable on preferred shares $ 7,558 $ 3,442 $ 3,442 Issuance of common shares for Board of Trustees compensation $ 662 $ 503 $ 606 Accrued additions and improvements to hotel properties $ 8,620 $ 961 $ 4,717 Write-off of fully depreciated building, furniture, fixtures and equipment $ — $ 14,134 $ — Write-off of deferred financing costs $ — $ 5,956 $ 1,836 The Company also had the following transactions in connection with the LaSalle merger: Issuance of common shares $ 2,144,057 $ — $ — Issuance of Series E and F preferred shares $ 234,222 $ — $ — Issuance of OP units $ 4,665 $ — $ — Exchange of LaSalle shares as part of purchase price $ 346,544 $ — $ — In conjunction with the Manhattan Collection joint venture redemption transaction, the Company assumed the following assets and liabilities: Investment in hotel properties $ — $ — $ 319,800 Mortgage loans $ — $ — $ 190,000 |
Quarterly Operating Results (_2
Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Consolidated Quarterly Operating Data | Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 181,055 $ 206,501 $ 205,480 $ 235,642 Net income (loss) 24,516 58,295 29,917 (99,343 ) Net income (loss) attributable to the Company 24,409 58,103 29,792 (98,911 ) Net income (loss) attributable to common shareholders 20,386 54,079 25,769 (104,307 ) Net income (loss) per share available to common shareholders, basic $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) Net income (loss) per share available to common shareholders, diluted $ 0.29 $ 0.78 $ 0.37 $ (1.16 ) Year Ended December 31, 2017 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenues $ 182,178 $ 205,717 $ 201,793 $ 179,629 Net income (loss) 14,089 43,670 30,571 11,932 Net income (loss) attributable to the Company 14,034 43,512 30,443 11,899 Net income (loss) attributable to common shareholders 10,011 39,488 26,420 7,875 Net income (loss) per share available to common shareholders, basic $ 0.14 $ 0.57 $ 0.38 $ 0.11 Net income (loss) per share available to common shareholders, diluted $ 0.14 $ 0.57 $ 0.38 $ 0.11 |
Organization (Details)
Organization (Details) | Dec. 31, 2018hotel_roomproperty |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of hotels owned by the company | property | 63 |
Total number of guest rooms | hotel_room | 15,253 |
Operating Partnership | |
Noncontrolling Interest [Line Items] | |
Percentage of Operating Partnership units owned by company | 99.70% |
Percentage of Operating Partnership units owned by other limited partners | 0.30% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Investment in Hotel Properties (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Buildings, land improvements, and building improvements | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Buildings, land improvements, and building improvements | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 40 years |
Furniture, fixtures and equipment | Minimum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 1 year |
Furniture, fixtures and equipment | Maximum | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Recent Accounting Standards (Details) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts payable and accrued expenses | $ 360,279 | $ 141,290 | |
Deferred revenue | 54,741 | 26,919 | |
Accounting Standards Update 2014-09 | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accounts payable and accrued expenses | $ (7,500) | ||
Deferred revenue | $ 7,500 | ||
Accounting Standards Update 2016-02 | Scenario, Forecast | Minimum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of use assets | $ 200,000 | ||
Lease liabilities | 200,000 | ||
Accounting Standards Update 2016-02 | Scenario, Forecast | Maximum | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Right of use assets | 300,000 | ||
Lease liabilities | $ 300,000 |
Acquisition and Disposition o_3
Acquisition and Disposition of Hotel Properties - Merger with LaSalle Hotel Properties - Narrative (Details) $ / shares in Units, $ in Thousands | Nov. 30, 2018USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | Dec. 31, 2017$ / shares |
Business Acquisition [Line Items] | |||
Common shares of beneficial interest, par value (usd per share) | $ / shares | $ 0.01 | $ 0.01 | |
Transaction costs | $ | $ 72,700 | ||
Integration costs | $ | 2,000 | ||
LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Common exchange ratio, right to receive shares for each share of common stock | 0.92 | ||
Right to receive cash in lieu of common shares (in usd per share) | $ / shares | $ 37.80 | ||
Maximum percentage of shares available to convert to cash | 30.00% | ||
Total consideration | $ | $ 4,102,094 | ||
Revenues of acquired hotel properties since acquisition date | $ | 56,700 | ||
Operating income of acquired hotel properties since acquisition date | $ | $ 15,900 | ||
LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Common shares of beneficial interest, par value (usd per share) | $ / shares | $ 0.01 | ||
Series I preferred stock | LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Preferred stock, dividend rate, percentage | 6.375% | ||
Preferred Series E shares | |||
Business Acquisition [Line Items] | |||
Preferred stock, dividend rate, percentage | 6.375% | 6.375% | |
Preferred Series E shares | LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Preferred exchange ratio, right to receive shares for each share of common stock | 1 | ||
Series J preferred stock | LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Preferred stock, dividend rate, percentage | 6.30% | ||
Preferred Series F shares | |||
Business Acquisition [Line Items] | |||
Preferred stock, dividend rate, percentage | 6.30% | 6.30% | |
Preferred Series F shares | LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Preferred exchange ratio, right to receive shares for each share of common stock | 1 | ||
Common shares | LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Equity interests issued (in shares) | shares | 61,399,104 | ||
Equity interests issued (in usd per share) | $ / shares | $ 34.92 | ||
Preferred shares | Preferred Series E shares | LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Equity interests issued (in shares) | shares | 4,400,000 | ||
Equity interests issued (in usd per share) | $ / shares | $ 23.10 | ||
Preferred shares | Preferred Series F shares | LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Equity interests issued (in shares) | shares | 6,000,000 | ||
Equity interests issued (in usd per share) | $ / shares | $ 22.10 | ||
Operating partnership units | LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Equity interests issued (in shares) | shares | 133,605 | ||
Equity interests issued (in usd per share) | $ / shares | $ 34.92 | ||
LaSalle Hotel Properties | |||
Business Acquisition [Line Items] | |||
Common shares held prior to acquisition (in shares) | shares | 10,800,000 | ||
Value of common shares held prior to acquisition | $ | $ 346,500 | ||
Loss on investment prior to acquisition | $ | $ 3,300 |
Acquisition and Disposition o_4
Acquisition and Disposition of Hotel Properties - Properties Acquired (Details) | Nov. 30, 2018hotel_roomproperty | Dec. 31, 2018hotel_room |
Business Acquisition [Line Items] | ||
Rooms | 15,253 | |
LaSalle Hotel Properties | ||
Business Acquisition [Line Items] | ||
Number of hotel properties acquired | property | 36 | |
Rooms | 8,420 | |
LaSalle Hotel Properties | Villa Florence San Francisco on Union Square | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 189 | |
LaSalle Hotel Properties | Hotel Vitale | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 200 | |
LaSalle Hotel Properties | The Marker San Francisco | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 208 | |
LaSalle Hotel Properties | Hotel Spero | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 236 | |
LaSalle Hotel Properties | Chaminade Resort & Spa | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 156 | |
LaSalle Hotel Properties | Harbor Court Hotel San Francisco | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 131 | |
LaSalle Hotel Properties | Viceroy Santa Monica Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 162 | |
LaSalle Hotel Properties | Le Parc Suite Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 154 | |
LaSalle Hotel Properties | Hotel Amarano Burbank | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 132 | |
LaSalle Hotel Properties | Montrose West Hollywood | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 133 | |
LaSalle Hotel Properties | Chamberlain West Hollywood Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 115 | |
LaSalle Hotel Properties | Grafton on Sunset | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 108 | |
LaSalle Hotel Properties | The Westin Copley Place, Boston | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 803 | |
LaSalle Hotel Properties | The Liberty, A Luxury Collection Hotel, Boston | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 99.99% | |
Rooms | 298 | |
LaSalle Hotel Properties | Hyatt Regency Boston Harbor | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 270 | |
LaSalle Hotel Properties | Onyx Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 112 | |
LaSalle Hotel Properties | Hotel Palomar Washington DC | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 335 | |
LaSalle Hotel Properties | Sofitel Washington DC Lafayette Square | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 237 | |
LaSalle Hotel Properties | The Liaison Capitol Hill | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 343 | |
LaSalle Hotel Properties | George Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 139 | |
LaSalle Hotel Properties | Mason & Rook Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 178 | |
LaSalle Hotel Properties | Donovan Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 193 | |
LaSalle Hotel Properties | Rouge Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 137 | |
LaSalle Hotel Properties | Topaz Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 99 | |
LaSalle Hotel Properties | Hotel Madera | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 82 | |
LaSalle Hotel Properties | Paradise Point Resort & Spa | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 462 | |
LaSalle Hotel Properties | Hilton San Diego Gaslamp Quarter | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 286 | |
LaSalle Hotel Properties | Solamar Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 235 | |
LaSalle Hotel Properties | L'Auberge Del Mar | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 121 | |
LaSalle Hotel Properties | Hilton San Diego Resort & Spa | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 357 | |
LaSalle Hotel Properties | The Heathman Hotel | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 151 | |
LaSalle Hotel Properties | Southernmost Beach Resort | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 262 | |
LaSalle Hotel Properties | The Marker Key West | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 96 | |
LaSalle Hotel Properties | The Roger New York | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 194 | |
LaSalle Hotel Properties | Hotel Chicago Downtown, Autograph Collection | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 354 | |
LaSalle Hotel Properties | The Westin Michigan Avenue Chicago | ||
Business Acquisition [Line Items] | ||
Ownership Interest | 100.00% | |
Rooms | 752 |
Acquisition and Disposition o_5
Acquisition and Disposition of Hotel Properties - Purchase Consideration (Details) - LaSalle Hotel Properties $ in Thousands | Nov. 30, 2018USD ($) |
Business Acquisition [Line Items] | |
Cash | $ 1,719,150 |
Total consideration | 4,102,094 |
Common shares | |
Business Acquisition [Line Items] | |
Equity interests issued | 2,144,057 |
Preferred shares | Preferred Series E shares | |
Business Acquisition [Line Items] | |
Equity interests issued | 101,622 |
Preferred shares | Preferred Series F shares | |
Business Acquisition [Line Items] | |
Equity interests issued | 132,600 |
Operating partnership units | |
Business Acquisition [Line Items] | |
Equity interests issued | $ 4,665 |
Acquisition and Disposition o_6
Acquisition and Disposition of Hotel Properties - Purchase Price Allocation (Details) - LaSalle Hotel Properties $ in Thousands | Nov. 30, 2018USD ($) |
Business Acquisition [Line Items] | |
Investment in hotel properties | $ 4,120,370 |
Restricted cash reserves | 14,784 |
Hotel and other receivables | 34,669 |
Intangible assets | 171,660 |
Prepaid expenses and other assets | 47,808 |
Accounts payable and accrued expenses | (258,036) |
Deferred revenues | (23,816) |
Accrued interest | (2,496) |
Distributions payable | (2,744) |
Other | (105) |
Total consideration | $ 4,102,094 |
Acquisition and Disposition o_7
Acquisition and Disposition of Hotel Properties - Pro Forma Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Business Combinations [Abstract] | ||
Total revenues | $ 1,677,663 | $ 1,687,275 |
Operating income (loss) | 276,508 | 303,370 |
Net income (loss) attributable to common shareholders | $ 110,635 | $ 151,340 |
Net income (loss) per share available to common shareholders — basic (in usd per share) | $ 0.85 | $ 1.16 |
Net income (loss) per share available to common shareholders — diluted (in usd per share) | $ 0.85 | $ 1.16 |
Acquisition and Disposition o_8
Acquisition and Disposition of Hotel Properties - Disposition of Hotel Properties (Details) - USD ($) $ in Thousands | Dec. 04, 2018 | Jun. 23, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 20, 2017 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Gain (loss) on sale of hotel properties | $ (2,147) | $ 14,877 | $ 40,690 | ||||
Operating income from disposed properties | $ 4,500 | $ 8,500 | $ 12,500 | ||||
Dumont NYC | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration received for asset sold | $ 118,000 | ||||||
Impairment loss | $ 1,000 | ||||||
Parking garage at Revere Boston Hotel | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration received for asset sold | $ 95,000 | ||||||
Gain (loss) on sale of hotel properties | $ 13,900 | ||||||
The Grand Hotel Minneapolis | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Consideration received for asset sold | $ 30,000 | ||||||
Gain (loss) on sale of hotel properties | $ (2,100) |
Investment in Hotel Propertie_2
Investment in Hotel Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investment in hotel properties | |||
Land | $ 1,056,862 | $ 448,401 | |
Buildings and improvements | 5,532,498 | 2,205,315 | |
Furniture, fixtures and equipment | 462,620 | 240,842 | |
Construction in progress | 25,643 | 9,514 | |
Investment in hotel properties | 7,077,623 | 2,904,072 | |
Less: Accumulated depreciation | (543,430) | (447,622) | |
Investment in hotel properties, net | 6,534,193 | 2,456,450 | |
Capital lease assets | 92,000 | 12,200 | |
Capital leased assets, accumulated depreciation | 1,400 | 1,000 | |
Real Estate Properties [Line Items] | |||
Gain on insurance settlement | 13,954 | 0 | $ 0 |
LaPlaya Beach Resort and Club | |||
Real Estate Properties [Line Items] | |||
Insurance settlement | 20,500 | ||
Gain on insurance settlement | $ 13,100 | $ 0 | $ 0 |
Investment in Joint Venture (De
Investment in Joint Venture (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 19, 2016property | Jul. 29, 2011property | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of properties owned | 63 | ||||
Equity in earnings (loss) of joint venture | $ | $ 0 | $ 0 | $ (64,842) | ||
Manhattan Collection joint venture | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Equity interest issued in a joint venture | 49.00% | ||||
Number of properties owned | 6 | ||||
Equity in earnings (loss) of joint venture | $ | $ 0 | $ 0 | $ (64,800) | ||
Manhattan NYC & Dumont NYC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of properties owned | 2 | ||||
Manhattan NYC & Dumont NYC | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Ownership percentage | 100.00% |
Debt - Components of Debt (Deta
Debt - Components of Debt (Details) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt | $ 2,763,207,000 | |
Deferred financing costs, net | (16,309,000) | |
Total debt | 2,746,898,000 | $ 885,237,000 |
Unsecured debt | Revolving credit facilities | ||
Debt Instrument [Line Items] | ||
Debt | 170,000,000 | 45,000,000 |
Unsecured debt | Revolving credit facilities | Senior unsecured credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 170,000,000 | 45,000,000 |
Unsecured debt | Revolving credit facilities | PHL unsecured credit facility | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 0 |
Unsecured debt | Unsecured term loans | ||
Debt Instrument [Line Items] | ||
Debt | 2,425,000,000 | 675,000,000 |
Deferred financing costs, net | (15,716,000) | (4,594,000) |
Total debt | 2,409,284,000 | 670,406,000 |
Unsecured debt | Unsecured term loans | First Term Loan | ||
Debt Instrument [Line Items] | ||
Debt | 300,000,000 | 300,000,000 |
Unsecured debt | Unsecured term loans | Second Term Loan | ||
Debt Instrument [Line Items] | ||
Debt | 65,000,000 | 65,000,000 |
Unsecured debt | Unsecured term loans | Third Term Loan | ||
Debt Instrument [Line Items] | ||
Debt | 200,000,000 | 200,000,000 |
Unsecured debt | Unsecured term loans | Fourth Term Loan | ||
Debt Instrument [Line Items] | ||
Debt | 110,000,000 | 110,000,000 |
Unsecured debt | Unsecured term loans | Fifth Term Loan | ||
Debt Instrument [Line Items] | ||
Debt | 0 | 0 |
Unsecured debt | Unsecured term loans | Sixth Term Loan | ||
Debt Instrument [Line Items] | ||
Debt | 1,750,000,000 | 0 |
Unsecured debt | Unsecured term loans | Tranche 2020 | ||
Debt Instrument [Line Items] | ||
Debt | 250,000,000 | 0 |
Unsecured debt | Unsecured term loans | Tranche 2021 | ||
Debt Instrument [Line Items] | ||
Debt | 300,000,000 | 0 |
Unsecured debt | Unsecured term loans | Tranche 2022 | ||
Debt Instrument [Line Items] | ||
Debt | 400,000,000 | 0 |
Unsecured debt | Unsecured term loans | Tranche 2023 | ||
Debt Instrument [Line Items] | ||
Debt | 400,000,000 | 0 |
Unsecured debt | Unsecured term loans | Tranche 2024 | ||
Debt Instrument [Line Items] | ||
Debt | 400,000,000 | 0 |
Senior unsecured notes | ||
Debt Instrument [Line Items] | ||
Debt | 100,000,000 | 100,000,000 |
Deferred financing costs, net | (531,000) | (626,000) |
Total debt | $ 99,469,000 | 99,374,000 |
Senior unsecured notes | Series A Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.70% | |
Debt | $ 60,000,000 | 60,000,000 |
Senior unsecured notes | Series B Notes | ||
Debt Instrument [Line Items] | ||
Interest Rate | 4.93% | |
Debt | $ 40,000,000 | 40,000,000 |
Mortgage loans | ||
Debt Instrument [Line Items] | ||
Deferred financing costs, net | (62,000) | (116,000) |
Total debt | $ 68,145,000 | 70,457,000 |
Mortgage loans | The Westin San Diego Gaslamp Quarter | ||
Debt Instrument [Line Items] | ||
Interest Rate | 3.69% | |
Debt | $ 68,207,000 | $ 70,573,000 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |||
Debt outstanding | $ 2,763,207,000 | ||
Estimated fair value of debt | 164,300,000 | $ 167,100,000 | |
Unrealized gain (loss) on derivative instruments | (2,907,000) | 6,001,000 | $ 2,438,000 |
(Gain) loss on derivative instruments | 0 | 265,000 | 283,000 |
Interest rate swaps | |||
Line of Credit Facility [Line Items] | |||
Derivative instruments, asset position, fair value | 15,100,000 | ||
Unrealized gain (loss) on derivative instruments | (2,900,000) | 6,000,000 | |
(Gain) loss on derivative instruments | 0 | 300,000 | 300,000 |
Expected reclassifications in next 12 months | 3,400,000 | ||
Interest rate swaps | Interest expense | |||
Line of Credit Facility [Line Items] | |||
Reclassification from AOCI to interest expense | 700,000 | 3,400,000 | $ 6,200,000 |
Letters of credit | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 30,000,000 | ||
Unsecured debt | Revolving credit facilities | |||
Line of Credit Facility [Line Items] | |||
Debt outstanding | 170,000,000 | 45,000,000 | |
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 650,000,000 | ||
Debt outstanding | 170,000,000 | 45,000,000 | |
Remaining borrowing capacity | 480,000,000 | ||
Maximum borrowing capacity potential increase (up to) | $ 1,300,000,000 | ||
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Minimum | |||
Line of Credit Facility [Line Items] | |||
Unused commitment fee annual rate | 0.20% | ||
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Minimum | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Credit facility borrowings LIBOR rate plus | 1.45% | ||
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Maximum | |||
Line of Credit Facility [Line Items] | |||
Unused commitment fee annual rate | 0.30% | ||
Unsecured debt | Senior unsecured credit facility | Revolving credit facilities | Maximum | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Credit facility borrowings LIBOR rate plus | 2.25% | ||
Unsecured debt | PHL unsecured credit facility | Revolving credit facilities | |||
Line of Credit Facility [Line Items] | |||
Maximum borrowing capacity | $ 10,000,000 | ||
Debt outstanding | 0 | 0 | |
Remaining borrowing capacity | $ 10,000,000 | ||
Unsecured debt | PHL unsecured credit facility | Revolving credit facilities | Minimum | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Credit facility borrowings LIBOR rate plus | 1.45% | ||
Unsecured debt | PHL unsecured credit facility | Revolving credit facilities | Maximum | LIBOR | |||
Line of Credit Facility [Line Items] | |||
Credit facility borrowings LIBOR rate plus | 2.25% | ||
Senior unsecured notes | |||
Line of Credit Facility [Line Items] | |||
Debt outstanding | $ 100,000,000 | 100,000,000 | |
Senior unsecured notes | Series A Notes | |||
Line of Credit Facility [Line Items] | |||
Debt outstanding | $ 60,000,000 | 60,000,000 | |
Stated interest rate | 4.70% | ||
Senior unsecured notes | Series B Notes | |||
Line of Credit Facility [Line Items] | |||
Debt outstanding | $ 40,000,000 | $ 40,000,000 | |
Stated interest rate | 4.93% |
Debt - Components of Interest E
Debt - Components of Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Amortization of deferred financing fees | $ 2,565 | $ 2,397 | $ 2,737 |
Other | 2,327 | 1,187 | (273) |
Total interest expense | 53,923 | 37,299 | 43,615 |
Senior unsecured notes | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | 4,686 | 4,805 | 4,872 |
Mortgage loans | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | 2,592 | 3,600 | 11,377 |
Unsecured revolving credit facilities | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | 11,274 | 3,914 | 3,694 |
Unsecured term loans | Unsecured debt | |||
Debt Instrument [Line Items] | |||
Interest expense, debt | $ 30,479 | $ 21,396 | $ 21,208 |
Debt - Future Minimum Principal
Debt - Future Minimum Principal Payments for Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
2,019 | $ 2,455 | |
2,020 | 315,752 | |
2,021 | 500,000 | |
2,022 | 635,000 | |
2,023 | 760,000 | |
Thereafter | 550,000 | |
Total debt principal payments | 2,763,207 | |
Mortgage loan premiums and deferred financing costs | (16,309) | |
Total debt | $ 2,746,898 | $ 885,237 |
Debt - Interest Rate Swaps (Det
Debt - Interest Rate Swaps (Details) - Cash flow hedging - Designated as hedging instrument - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Interest rate swap - May 2019 - 1 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.57% | |
Notional value | $ 100,000,000 | $ 0 |
Interest rate swap - May 2019 - 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.57% | |
Notional value | $ 62,500,000 | 0 |
Interest rate swap - May 2019 - 3 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.57% | |
Notional value | $ 15,000,000 | 0 |
Interest rate swap - January 2020 - 1 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.63% | |
Notional value | $ 50,000,000 | 50,000,000 |
Interest rate swap - January 2020 - 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.63% | |
Notional value | $ 50,000,000 | 50,000,000 |
Interest rate swap - January 2020 - 3 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 2.46% | |
Notional value | $ 50,000,000 | 50,000,000 |
Interest rate swap - January 2020 - 4 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 2.46% | |
Notional value | $ 50,000,000 | 50,000,000 |
Interest rate swap - January 2020 - 5 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.66% | |
Notional value | $ 50,000,000 | 50,000,000 |
Interest rate swap - January 2020 - 6 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.66% | |
Notional value | $ 50,000,000 | 50,000,000 |
Interest rate swap - January 2021 - 1 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.74% | |
Notional value | $ 75,000,000 | 75,000,000 |
Interest rate swap - January 2021 - 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.75% | |
Notional value | $ 50,000,000 | 50,000,000 |
Interest rate swap - January 2021 - 3 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.53% | |
Notional value | $ 37,500,000 | 37,500,000 |
Interest rate swap - January 2021 - 4 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.53% | |
Notional value | $ 37,500,000 | 37,500,000 |
Interest rate swap - January 2021 - 5 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.46% | |
Notional value | $ 100,000,000 | 0 |
Interest rate swap - January 2021 - 6 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.47% | |
Notional value | $ 47,500,000 | 0 |
Interest rate swap - January 2021 - 7 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.47% | |
Notional value | $ 47,500,000 | 0 |
Interest rate swap - January 2021 - 8 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.47% | |
Notional value | $ 47,500,000 | 0 |
Interest rate swap - January 2021 - 9 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.47% | |
Notional value | $ 47,500,000 | 0 |
Interest rate swap - October 2021 - 1 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 2.60% | |
Notional value | $ 55,000,000 | 0 |
Interest rate swap - October 2021 - 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 2.60% | |
Notional value | $ 55,000,000 | 0 |
Interest rate swap - January 2022 - 1 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.78% | |
Notional value | $ 100,000,000 | 0 |
Interest rate swap - January 2022 - 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.78% | |
Notional value | $ 50,000,000 | 0 |
Interest rate swap - January 2022 - 3 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.79% | |
Notional value | $ 30,000,000 | 0 |
Interest rate swap - April 2022 - 1 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.68% | |
Notional value | $ 25,000,000 | 25,000,000 |
Interest rate swap - April 2022 - 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.68% | |
Notional value | $ 25,000,000 | 25,000,000 |
Interest rate swap - April 2022 - 3 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.64% | |
Notional value | $ 25,000,000 | 25,000,000 |
Interest rate swap - April 2022 - 4 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 1.64% | |
Notional value | $ 25,000,000 | 25,000,000 |
Interest rate swap - January 2024 - 1 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 2.60% | |
Notional value | $ 75,000,000 | 0 |
Interest rate swap - January 2024 - 2 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 2.60% | |
Notional value | $ 50,000,000 | 0 |
Interest rate swap - January 2024 - 3 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 2.60% | |
Notional value | $ 25,000,000 | 0 |
Interest rate swap - January 2024 - 4 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 2.60% | |
Notional value | $ 75,000,000 | 0 |
Interest rate swap - January 2024 - 5 | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Interest rate | 2.60% | |
Notional value | $ 75,000,000 | $ 0 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | $ 235,642 | $ 205,480 | $ 206,501 | $ 181,055 | $ 179,629 | $ 201,793 | $ 205,717 | $ 182,178 | $ 828,678 | $ 769,317 | $ 816,421 |
San Francisco, CA | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | 193,708 | 179,248 | 186,139 | ||||||||
Los Angeles, CA | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | 128,016 | 124,979 | 134,129 | ||||||||
San Diego, CA | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | 78,965 | 69,447 | 69,863 | ||||||||
Boston, MA | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | 85,676 | 73,461 | 77,614 | ||||||||
Seattle, WA | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | 33,025 | 32,061 | 30,597 | ||||||||
Portland, OR | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | 98,265 | 100,070 | 97,743 | ||||||||
Washington DC | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | 34,731 | 27,586 | 35,113 | ||||||||
Southern FL | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | 63,824 | 50,916 | 67,990 | ||||||||
Chicago, IL | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | 3,885 | 0 | 0 | ||||||||
Other | |||||||||||
Disaggregation of Revenue [Abstract] | |||||||||||
Total revenues | $ 108,583 | $ 111,549 | $ 117,233 |
Share-Based Compensation Plan -
Share-Based Compensation Plan - Narrative (Details) $ / shares in Units, $ in Millions | Feb. 14, 2018shares | Feb. 15, 2017shares | Feb. 10, 2016shares | Jul. 27, 2015shares | Feb. 11, 2015shares | Feb. 04, 2014shares | Dec. 13, 2013USD ($)$ / sharesshares | Jan. 30, 2013shares | Jan. 31, 2018shares | Jan. 31, 2017shares | Jan. 31, 2016shares | Dec. 31, 2018USD ($)classshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares |
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Award vesting period | 6 years | |||||||||||||
Common shares available for issuance under the Plan (in shares) | 1,207,886 | |||||||||||||
LTIP units, outstanding (in shares) | 236,351 | 236,351 | ||||||||||||
LTIP units, vested (shares) | 145,598 | |||||||||||||
Restricted common shares | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Compensation expense | $ | $ 2 | $ 1.9 | $ 1.8 | |||||||||||
Total unrecognized compensation cost | $ | $ 2.2 | |||||||||||||
Weighted average remaining vesting period | 1 year 7 months | |||||||||||||
Awards granted (in shares) | 52,609 | 59,139 | 68,535 | |||||||||||
Awards vested (in shares) | 61,982 | 57,559 | 52,452 | |||||||||||
Restricted common shares | Minimum | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Award vesting period | 3 years | |||||||||||||
Restricted common shares | Maximum | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Award vesting period | 5 years | |||||||||||||
Performance-based shares | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Compensation expense | $ | $ 3.2 | $ 2.6 | $ 5.6 | |||||||||||
Total unrecognized compensation cost | $ | $ 4.6 | |||||||||||||
Weighted average remaining vesting period | 1 year 6 months | |||||||||||||
Performance-based shares | January 30, 2013 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 72,118 | |||||||||||||
Performance-based shares | January 30, 2013 | Officer awards | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards vested (in shares) | 120,730 | |||||||||||||
Performance-based shares | January 30, 2013 | Non-executive management awards | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards vested (in shares) | 56,562 | |||||||||||||
Performance-based shares | December 13, 2013 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 252,088 | |||||||||||||
Performance-based shares | December 2013 - Tranche 1 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 50,418 | |||||||||||||
Awards vested (in shares) | 25,134 | |||||||||||||
Estimated shares expected to vest, percent | 49.00% | |||||||||||||
Performance-based shares | December 2013 - Tranche 2 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 49,914 | |||||||||||||
Awards vested (in shares) | 12,285 | |||||||||||||
Estimated shares expected to vest, percent | 25.00% | |||||||||||||
Performance-based shares | December 2013 - Tranche 3 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 49,914 | |||||||||||||
Awards vested (in shares) | 72,236 | |||||||||||||
Estimated shares expected to vest, percent | 145.00% | |||||||||||||
Performance-based shares | February 4, 2014 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 66,483 | |||||||||||||
Performance-based shares | February 4, 2014 | Officer awards | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards vested (in shares) | 112,782 | |||||||||||||
Performance-based shares | February 4, 2014 | Non-executive management awards | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards vested (in shares) | 25,619 | |||||||||||||
Performance-based shares | February 11, 2015 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 44,962 | |||||||||||||
Performance-based shares | February 11, 2015 | Officer awards | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards vested (in shares) | 14,089 | |||||||||||||
Performance-based shares | February 11, 2015 | Non-executive management awards | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards vested (in shares) | 2,501 | |||||||||||||
Performance-based shares | July 27, 2015 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 771 | |||||||||||||
Performance-based shares | July 27, 2015 | Non-executive management awards | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards vested (in shares) | 1,079 | |||||||||||||
Performance-based shares | February 10, 2016 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 100,919 | |||||||||||||
Shares expected to vest, not subject to maximum (in shares) | 17,372 | |||||||||||||
Performance-based shares | February 15, 2017 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 81,939 | |||||||||||||
Performance-based shares | February 14, 2018 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Awards granted (in shares) | 78,918 | |||||||||||||
Performance-based shares | Minimum | December 13, 2013 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Estimated shares expected to vest, percent | 0.00% | |||||||||||||
Performance-based shares | Minimum | February 10, 2016 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Estimated shares expected to vest, percent | 0.00% | |||||||||||||
Performance-based shares | Minimum | February 15, 2017 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Estimated shares expected to vest, percent | 0.00% | |||||||||||||
Performance-based shares | Minimum | February 14, 2018 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Estimated shares expected to vest, percent | 0.00% | |||||||||||||
Performance-based shares | Maximum | December 13, 2013 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Estimated shares expected to vest, percent | 200.00% | |||||||||||||
Performance-based shares | Maximum | February 10, 2016 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Estimated shares expected to vest, percent | 200.00% | |||||||||||||
Performance-based shares | Maximum | February 15, 2017 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Estimated shares expected to vest, percent | 200.00% | |||||||||||||
Performance-based shares | Maximum | February 14, 2018 | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Estimated shares expected to vest, percent | 200.00% | |||||||||||||
LTIP units | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Compensation expense | $ | $ 1.1 | $ 1.1 | $ 1.1 | |||||||||||
Total unrecognized compensation cost | $ | $ 1.1 | |||||||||||||
Weighted average remaining vesting period | 6 months | |||||||||||||
Classes of LTIP units | class | 2 | |||||||||||||
LTIP Class B units | ||||||||||||||
Share-Based Compensation Plan (Textual) [Abstract] | ||||||||||||||
Award vesting period | 5 years | |||||||||||||
LTIP units granted (shares) | 226,882 | |||||||||||||
Value of LTIP grants per unit (in usd per share) | $ / shares | $ 29.19 | |||||||||||||
Grant date fair value of LTIP unit awards | $ | $ 6.6 |
Share-Based Compensation Plan_2
Share-Based Compensation Plan - Service Condition Restricted Share Activity (Details) - Restricted common shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Shares | |||
Unvested beginning balance (in shares) | 137,105 | 135,891 | 124,617 |
Granted (in shares) | 52,609 | 59,139 | 68,535 |
Vested (in shares) | (61,982) | (57,559) | (52,452) |
Forfeited (in shares) | 0 | (366) | (4,809) |
Unvested ending balance (in shares) | 127,732 | 137,105 | 135,891 |
Weighted-Average Grant Date Fair Value | |||
Unvested beginning balance (in usd per share) | $ 30.05 | $ 30.82 | $ 35.46 |
Granted (in usd per share) | 36.86 | 29.68 | 23.87 |
Vested (in usd per share) | 31.35 | 31.50 | 32.79 |
Forfeited (in usd per share) | 0 | 28.01 | 30.66 |
Unvested ending balance (in usd per share) | $ 32.22 | $ 30.05 | $ 30.82 |
Share-Based Compensation Plan_3
Share-Based Compensation Plan - Performance-Based Equity Awards, Fair Value Assumptions (Details) - Performance-based shares - USD ($) $ in Millions | Feb. 14, 2018 | Feb. 15, 2017 | Feb. 10, 2016 | Jul. 27, 2015 | Feb. 11, 2015 | Feb. 04, 2014 | Dec. 13, 2013 | Dec. 13, 2013 | Jan. 30, 2013 |
January 30, 2013 | Relative Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 30.00% | ||||||||
Grant date fair value by component | $ 0.7 | ||||||||
Volatility | 31.00% | ||||||||
Interest rate | 0.41% | ||||||||
Dividend yield | 2.20% | ||||||||
January 30, 2013 | Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 30.00% | ||||||||
Grant date fair value by component | $ 0.5 | ||||||||
Volatility | 31.00% | ||||||||
Interest rate | 0.41% | ||||||||
Dividend yield | 2.20% | ||||||||
January 30, 2013 | EBITDA Comparison | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 40.00% | ||||||||
Grant date fair value by component | $ 0.7 | ||||||||
Volatility | 31.00% | ||||||||
Interest rate | 0.41% | ||||||||
Dividend yield | 2.20% | ||||||||
December 13, 2013 | Relative Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 50.00% | ||||||||
Grant date fair value by component | $ 4.7 | ||||||||
Volatility | 29.00% | ||||||||
Dividend yield | 2.40% | ||||||||
December 13, 2013 | Relative Total Shareholder Return | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Interest rate | 0.34% | ||||||||
December 13, 2013 | Relative Total Shareholder Return | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Interest rate | 2.25% | ||||||||
December 13, 2013 | Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 50.00% | ||||||||
Grant date fair value by component | $ 2.9 | ||||||||
Volatility | 29.00% | ||||||||
Dividend yield | 2.40% | ||||||||
December 13, 2013 | Absolute Total Shareholder Return | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Interest rate | 0.34% | ||||||||
December 13, 2013 | Absolute Total Shareholder Return | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Interest rate | 2.25% | ||||||||
February 4, 2014 | Relative Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 30.00% | ||||||||
Grant date fair value by component | $ 0.7 | ||||||||
Volatility | 29.00% | ||||||||
Interest rate | 0.62% | ||||||||
Dividend yield | 2.40% | ||||||||
February 4, 2014 | Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 30.00% | ||||||||
Grant date fair value by component | $ 0.5 | ||||||||
Volatility | 29.00% | ||||||||
Interest rate | 0.62% | ||||||||
Dividend yield | 2.40% | ||||||||
February 4, 2014 | EBITDA Comparison | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 40.00% | ||||||||
Grant date fair value by component | $ 0.8 | ||||||||
Volatility | 29.00% | ||||||||
Interest rate | 0.62% | ||||||||
Dividend yield | 2.40% | ||||||||
February 11, 2015 | Relative Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 30.00% | ||||||||
Grant date fair value by component | $ 0.9 | ||||||||
Volatility | 22.00% | ||||||||
Interest rate | 1.02% | ||||||||
Dividend yield | 2.50% | ||||||||
February 11, 2015 | Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 40.00% | ||||||||
Grant date fair value by component | $ 0.7 | ||||||||
Volatility | 22.00% | ||||||||
Interest rate | 1.02% | ||||||||
Dividend yield | 2.50% | ||||||||
February 11, 2015 | EBITDA Comparison | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 30.00% | ||||||||
Grant date fair value by component | $ 0.7 | ||||||||
Volatility | 22.00% | ||||||||
Interest rate | 1.02% | ||||||||
Dividend yield | 2.50% | ||||||||
July 27, 2015 | Relative Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 30.00% | ||||||||
Grant date fair value by component | $ 0 | ||||||||
Volatility | 22.00% | ||||||||
Interest rate | 0.68% | ||||||||
Dividend yield | 2.50% | ||||||||
July 27, 2015 | Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 40.00% | ||||||||
Grant date fair value by component | $ 0 | ||||||||
Volatility | 22.00% | ||||||||
Interest rate | 0.68% | ||||||||
Dividend yield | 2.50% | ||||||||
July 27, 2015 | EBITDA Comparison | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 30.00% | ||||||||
Grant date fair value by component | $ 0 | ||||||||
Volatility | 22.00% | ||||||||
Interest rate | 0.68% | ||||||||
Dividend yield | 2.50% | ||||||||
February 10, 2016 | Relative Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 70.00% | ||||||||
Grant date fair value by component | $ 1.6 | ||||||||
Volatility | 25.00% | ||||||||
Interest rate | 0.71% | ||||||||
Dividend yield | 3.00% | ||||||||
February 10, 2016 | Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 15.00% | ||||||||
Grant date fair value by component | $ 0.2 | ||||||||
Volatility | 25.00% | ||||||||
Interest rate | 0.71% | ||||||||
Dividend yield | 3.00% | ||||||||
February 10, 2016 | EBITDA Comparison | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 15.00% | ||||||||
Grant date fair value by component | $ 0.4 | ||||||||
Volatility | 25.00% | ||||||||
Interest rate | 0.71% | ||||||||
Dividend yield | 3.00% | ||||||||
February 15, 2017 | Relative Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 65.00% | ||||||||
February 15, 2017 | Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 35.00% | ||||||||
February 15, 2017 | Relative and Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant date fair value by component | $ 2.7 | ||||||||
Volatility | 28.00% | ||||||||
Interest rate | 1.27% | ||||||||
Dividend yield | 5.60% | ||||||||
February 14, 2018 | Relative Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 65.00% | ||||||||
February 14, 2018 | Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Percentage of total award | 35.00% | ||||||||
February 14, 2018 | Relative and Absolute Total Shareholder Return | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Grant date fair value by component | $ 3.5 | ||||||||
Volatility | 28.00% | ||||||||
Interest rate | 2.37% | ||||||||
Dividend yield | 4.70% |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) | Nov. 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 27, 2017 | Mar. 01, 2017 | Feb. 22, 2016 | Mar. 05, 2014 |
Common Shares | |||||||
Common shares of beneficial interest, authorized (in shares) | 500,000,000 | 500,000,000 | |||||
Common shares of beneficial interest, par value (usd per share) | $ 0.01 | $ 0.01 | |||||
Preferred Shares | |||||||
Preferred shares of beneficial interest, authorized (in shares) | 100,000,000 | 100,000,000 | |||||
Preferred shares of beneficial interest, par value (usd per share) | $ 0.01 | $ 0.01 | |||||
Non-controlling Interest of Common Units in Operating Partnership | |||||||
LTIP units, outstanding (in shares) | 236,351 | 236,351 | |||||
LTIP units, vested (shares) | 145,598 | ||||||
Operating Partnership units outstanding (in shares) | 130,311,289 | 68,812,575 | |||||
Operating Partnership | |||||||
Non-controlling Interest of Common Units in Operating Partnership | |||||||
Operating Partnership units outstanding (in shares) | 133,605 | 0 | |||||
6.50% Series C preferred stock | |||||||
Preferred Shares | |||||||
Preferred stock, dividend rate, percentage | 6.50% | ||||||
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ 25 | ||||||
Preferred stock, redemption after change in control | 120 days | ||||||
Share cap on preferred shares on conversion (in shares) | 2.0325 | ||||||
6.375% Series D preferred stock | |||||||
Preferred Shares | |||||||
Preferred stock, dividend rate, percentage | 6.375% | ||||||
Preferred shares of beneficial interest, redemption price per share (in usd per share) | $ 25 | ||||||
Preferred stock, redemption after change in control | 120 days | ||||||
Share cap on preferred shares on conversion (in shares) | 1.9794 | ||||||
Preferred Series E shares | |||||||
Preferred Shares | |||||||
Preferred stock, dividend rate, percentage | 6.375% | 6.375% | |||||
Share cap on preferred shares on conversion (in shares) | 1.9372 | ||||||
Preferred Series F shares | |||||||
Preferred Shares | |||||||
Preferred stock, dividend rate, percentage | 6.30% | 6.30% | |||||
Share cap on preferred shares on conversion (in shares) | 2.0649 | ||||||
ATM Program | |||||||
Common Shares | |||||||
March 2014 shelf registration statement maximum amount | $ 175,000,000 | ||||||
September 2012 shelf registration statement maximum amount | $ 170,000,000 | ||||||
Amount available under ATM program | $ 159,800,000 | ||||||
February 2016 share repurchase program | |||||||
Common Shares | |||||||
Share repurchase program, authorized amount | $ 150,000,000 | ||||||
Share repurchased, shares | 0 | ||||||
Remaining authorized repurchase amount | $ 56,600,000 | ||||||
July 2017 share repurchase program | |||||||
Common Shares | |||||||
Share repurchase program, authorized amount | $ 100,000,000 | ||||||
LaSalle Hotel Properties | Common shares | |||||||
Common Shares | |||||||
Equity interests issued (in shares) | 61,399,104 | ||||||
Preferred Shares | |||||||
Equity interests issued (in shares) | 61,399,104 | ||||||
Non-controlling Interest of Common Units in Operating Partnership | |||||||
Equity interests issued (in shares) | 61,399,104 | ||||||
LaSalle Hotel Properties | Preferred shares | Preferred Series E shares | |||||||
Common Shares | |||||||
Equity interests issued (in shares) | 4,400,000 | ||||||
Preferred Shares | |||||||
Equity interests issued (in shares) | 4,400,000 | ||||||
Non-controlling Interest of Common Units in Operating Partnership | |||||||
Equity interests issued (in shares) | 4,400,000 | ||||||
LaSalle Hotel Properties | Preferred shares | Preferred Series F shares | |||||||
Common Shares | |||||||
Equity interests issued (in shares) | 6,000,000 | ||||||
Preferred Shares | |||||||
Equity interests issued (in shares) | 6,000,000 | ||||||
Non-controlling Interest of Common Units in Operating Partnership | |||||||
Equity interests issued (in shares) | 6,000,000 | ||||||
LaSalle Hotel Properties | Operating partnership units | |||||||
Common Shares | |||||||
Equity interests issued (in shares) | 133,605 | ||||||
Preferred Shares | |||||||
Equity interests issued (in shares) | 133,605 | ||||||
Non-controlling Interest of Common Units in Operating Partnership | |||||||
Equity interests issued (in shares) | 133,605 |
Equity - Common Dividends (Deta
Equity - Common Dividends (Details) - $ / shares | 1 Months Ended | 2 Months Ended | 3 Months Ended | ||
Dec. 31, 2018 | Nov. 30, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | |
Common shares | |||||
Dividends Payable [Line Items] | |||||
Dividend per share/unit (in usd per share) | $ 0.13 | $ 0.25 | $ 0.38 | $ 0.38 | $ 0.38 |
Equity - Preferred Stock Outsta
Equity - Preferred Stock Outstanding and Dividends (Details) - $ / shares | Nov. 30, 2018 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 20,400,000 | 20,400,000 | 10,000,000 | ||||
6.50% Series C | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Preferred stock, dividend rate, percentage | 6.50% | ||||||
Dividend per share/unit (in usd per share) | $ 0.41 | $ 0.41 | $ 0.41 | $ 0.41 | |||
6.375% Series D | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Preferred stock, dividend rate, percentage | 6.375% | ||||||
Dividend per share/unit (in usd per share) | $ 0.40 | $ 0.40 | $ 0.40 | $ 0.40 | |||
6.375% Series E | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 4,400,000 | 4,400,000 | 0 | ||||
Preferred stock, dividend rate, percentage | 6.375% | 6.375% | |||||
Dividend per share/unit (in usd per share) | $ 0.40 | ||||||
6.30% Series F | |||||||
Class of Stock [Line Items] | |||||||
Preferred stock, outstanding (in shares) | 6,000,000 | 6,000,000 | 0 | ||||
Preferred stock, dividend rate, percentage | 6.30% | 6.30% | |||||
Dividend per share/unit (in usd per share) | $ 0.39 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 14, 2018 | Dec. 15, 2017 | Dec. 15, 2016 | Dec. 15, 2015 | Dec. 14, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Income Taxes [Line Items] | ||||||||
Income tax expense | $ 1,742 | $ 181 | $ (134) | |||||
Operating Partnership | ||||||||
Income Taxes [Line Items] | ||||||||
Income tax expense | $ 0 | $ 0 | $ 500 | |||||
Common shares | ||||||||
Income Taxes [Line Items] | ||||||||
Distributions declared, treated as distribution for tax purposes in next year (in usd per share) | $ 0.3800 | $ 0.2866 | $ 0.2164 | $ 0.3478 | ||||
6.50% Series C preferred stock | ||||||||
Income Taxes [Line Items] | ||||||||
Distributions declared, treated as distribution for tax purposes in next year (in usd per share) | $ 0.4063 | |||||||
6.375% Series D preferred stock | ||||||||
Income Taxes [Line Items] | ||||||||
Distributions declared, treated as distribution for tax purposes in next year (in usd per share) | 0.3984 | |||||||
Preferred Series E shares | ||||||||
Income Taxes [Line Items] | ||||||||
Distributions declared, treated as distribution for tax purposes in next year (in usd per share) | 0.3984 | |||||||
Preferred Series F shares | ||||||||
Income Taxes [Line Items] | ||||||||
Distributions declared, treated as distribution for tax purposes in next year (in usd per share) | $ 0.3938 |
Income Taxes - Distributions Pa
Income Taxes - Distributions Paid (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Common Shares | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified income (in usd per share) | $ 1.2040 | $ 1.3611 | $ 1.3794 |
Ordinary non-qualified income, percent | 77.57% | 95.41% | 95.14% |
Qualified dividend (in usd per share) | $ 0.3482 | $ 0.0256 | $ 0.0704 |
Qualified dividend, percent | 22.43% | 1.79% | 4.86% |
Capital gain (in usd per share) | $ 0 | $ 0 | $ 0 |
Capital gain, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in usd per share) | $ 0 | $ 0.0399 | $ 0 |
Return of capital, percent | 0.00% | 2.80% | 0.00% |
Total (in usd per share) | $ 1.5522 | $ 1.4266 | $ 1.4498 |
Total, percent | 100.00% | 100.00% | 100.00% |
Series A Preferred Shares | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified income (in usd per share) | $ 0 | $ 0 | $ 0.2914 |
Ordinary non-qualified income, percent | 0.00% | 0.00% | 95.14% |
Qualified dividend (in usd per share) | $ 0 | $ 0 | $ 0.0149 |
Qualified dividend, percent | 0.00% | 0.00% | 4.86% |
Capital gain (in usd per share) | $ 0 | $ 0 | $ 0 |
Capital gain, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in usd per share) | $ 0 | $ 0 | $ 0 |
Return of capital, percent | 0.00% | 0.00% | 0.00% |
Total (in usd per share) | $ 0 | $ 0 | $ 0.3063 |
Total, percent | 0.00% | 0.00% | 100.00% |
Series B Preferred Shares | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified income (in usd per share) | $ 0 | $ 0 | $ 1.3109 |
Ordinary non-qualified income, percent | 0.00% | 0.00% | 95.14% |
Qualified dividend (in usd per share) | $ 0 | $ 0 | $ 0.0669 |
Qualified dividend, percent | 0.00% | 0.00% | 4.86% |
Capital gain (in usd per share) | $ 0 | $ 0 | $ 0 |
Capital gain, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in usd per share) | $ 0 | $ 0 | $ 0 |
Return of capital, percent | 0.00% | 0.00% | 0.00% |
Total (in usd per share) | $ 0 | $ 0 | $ 1.3778 |
Total, percent | 0.00% | 0.00% | 100.00% |
Series C Preferred Shares | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified income (in usd per share) | $ 1.2605 | $ 1.1969 | $ 1.5461 |
Ordinary non-qualified income, percent | 77.57% | 98.20% | 95.14% |
Qualified dividend (in usd per share) | $ 0.3645 | $ 0.0219 | $ 0.0789 |
Qualified dividend, percent | 22.43% | 1.80% | 4.86% |
Capital gain (in usd per share) | $ 0 | $ 0 | $ 0 |
Capital gain, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in usd per share) | $ 0 | $ 0 | $ 0 |
Return of capital, percent | 0.00% | 0.00% | 0.00% |
Total (in usd per share) | $ 1.6250 | $ 1.2188 | $ 1.6250 |
Total, percent | 100.00% | 100.00% | 100.00% |
Series D Preferred Shares | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified income (in usd per share) | $ 1.2363 | $ 1.1739 | $ 0.9099 |
Ordinary non-qualified income, percent | 77.57% | 98.21% | 95.15% |
Qualified dividend (in usd per share) | $ 0.3575 | $ 0.0214 | $ 0.0464 |
Qualified dividend, percent | 22.43% | 1.79% | 4.85% |
Capital gain (in usd per share) | $ 0 | $ 0 | $ 0 |
Capital gain, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in usd per share) | $ 0 | $ 0 | $ 0 |
Return of capital, percent | 0.00% | 0.00% | 0.00% |
Total (in usd per share) | $ 1.5938 | $ 1.1953 | $ 0.9563 |
Total, percent | 100.00% | 100.00% | 100.00% |
Series E Preferred Shares | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified income (in usd per share) | $ 0 | $ 0 | $ 0 |
Ordinary non-qualified income, percent | 0.00% | 0.00% | 0.00% |
Qualified dividend (in usd per share) | $ 0 | $ 0 | $ 0 |
Qualified dividend, percent | 0.00% | 0.00% | 0.00% |
Capital gain (in usd per share) | $ 0 | $ 0 | $ 0 |
Capital gain, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in usd per share) | $ 0 | $ 0 | $ 0 |
Return of capital, percent | 0.00% | 0.00% | 0.00% |
Total (in usd per share) | $ 0 | $ 0 | $ 0 |
Total, percent | 0.00% | 0.00% | 0.00% |
Series F Preferred Shares | |||
Class of Stock [Line Items] | |||
Ordinary non-qualified income (in usd per share) | $ 0 | $ 0 | $ 0 |
Ordinary non-qualified income, percent | 0.00% | 0.00% | 0.00% |
Qualified dividend (in usd per share) | $ 0 | $ 0 | $ 0 |
Qualified dividend, percent | 0.00% | 0.00% | 0.00% |
Capital gain (in usd per share) | $ 0 | $ 0 | $ 0 |
Capital gain, percent | 0.00% | 0.00% | 0.00% |
Return of capital (in usd per share) | $ 0 | $ 0 | $ 0 |
Return of capital, percent | 0.00% | 0.00% | 0.00% |
Total (in usd per share) | $ 0 | $ 0 | $ 0 |
Total, percent | 0.00% | 0.00% | 0.00% |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income tax expense (benefit) | $ 1,742 | $ 181 | $ (134) |
PHL | |||
Federal, current | 1,696 | 4 | (27) |
Federal, deferred | (248) | (89) | (353) |
State and local, current | 426 | 9 | 93 |
State and local, deferred | (66) | 224 | (171) |
Income tax expense (benefit) | $ 1,808 | $ 148 | $ (458) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income tax expense (benefit) | $ 1,742 | $ 181 | $ (134) |
PHL | |||
Statutory federal tax expense (benefit) | 1,349 | (418) | (618) |
State income tax expense (benefit), net of federal tax (benefit) expense | 271 | 231 | (110) |
Other | 188 | 335 | 270 |
Income tax expense (benefit) | $ 1,808 | $ 148 | $ (458) |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | |||||||||||
Net income (loss) attributable to common shareholders | $ (104,307) | $ 25,769 | $ 54,079 | $ 20,386 | $ 7,875 | $ 26,420 | $ 39,488 | $ 10,011 | $ (4,073) | $ 83,794 | $ 46,952 |
Less: dividends paid on unvested share-based compensation | (332) | (415) | (483) | ||||||||
Net income (loss) available to common shareholders | $ (4,405) | $ 83,379 | $ 46,469 | ||||||||
Denominator: | |||||||||||
Weighted-average number of common shares — basic (in shares) | 74,286,307 | 69,591,973 | 71,901,499 | ||||||||
Effect of dilutive share-based compensation (in shares) | 0 | 392,864 | 471,743 | ||||||||
Weighted-average number of common shares — diluted (in shares) | 74,286,307 | 69,984,837 | 72,373,242 | ||||||||
Net income (loss) per share available to common shareholders — basic (in usd per share) | $ (1.16) | $ 0.37 | $ 0.78 | $ 0.29 | $ 0.11 | $ 0.38 | $ 0.57 | $ 0.14 | $ (0.06) | $ 1.20 | $ 0.65 |
Net income (loss) per share available to common shareholders — diluted (in usd per share) | $ (1.16) | $ 0.37 | $ 0.78 | $ 0.29 | $ 0.11 | $ 0.38 | $ 0.57 | $ 0.14 | $ (0.06) | $ 1.19 | $ 0.64 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 343,941 | 6,319 | 114,889 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019USD ($) | Dec. 31, 2018USD ($)extension_option | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Management Agreements [Line Items] | ||||
Combined base and incentive management fees | $ 24,500 | $ 23,400 | $ 24,200 | |
Commitments and Contingencies [Abstract] | ||||
Reserve funds allowed for hotel maintenance from hotel revenue | 4.00% | |||
Restricted cash | $ 24,445 | 7,123 | ||
Ground rent expense | $ 14,500 | $ 13,500 | $ 12,100 | |
Hotel Palomar Los Angeles Beverly Hills | ||||
Commitments and Contingencies [Abstract] | ||||
Number of extension options | extension_option | 19 | |||
Term of extension option | 5 years | |||
Hotel Vitale | ||||
Commitments and Contingencies [Abstract] | ||||
Term of extension option | 14 years | |||
Hotel Zeppelin San Francisco | ||||
Commitments and Contingencies [Abstract] | ||||
Number of extension options | extension_option | 1 | |||
Term of extension option | 30 years | |||
Minimum | ||||
Management Agreements [Line Items] | ||||
Terms of management agreements not including renewals | 1 year | |||
Terms of management agreements including renewals | 1 year | |||
Termination fees range | 0 | |||
Base management fee from hotel revenues | 1.00% | |||
Maximum | ||||
Management Agreements [Line Items] | ||||
Terms of management agreements not including renewals | 22 years | |||
Terms of management agreements including renewals | 52 years | |||
Termination fees range | 8 | |||
Base management fee from hotel revenues | 4.00% | |||
Subsequent event | ||||
Commitments and Contingencies [Abstract] | ||||
Acquisition of ground lease underlying land | $ 6,900 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Payments for Capital and Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,019 | $ 18,882 |
2,020 | 19,091 |
2,021 | 19,223 |
2,022 | 19,325 |
2,023 | 19,429 |
Thereafter | 1,219,303 |
Total | $ 1,315,253 |
Supplemental Information to S_3
Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non Cash Investing and Financing Information [Line Items] | |||
Interest paid, net of capitalized interest | $ 48,658 | $ 33,999 | $ 41,416 |
Interest capitalized | 0 | 0 | 492 |
Income taxes paid | 4,047 | 575 | 369 |
Non-Cash Investing and Financing Activities: | |||
Distributions payable on shares/units | 43,759 | 31,823 | |
Accrued additions and improvements to hotel properties | 8,620 | 961 | 4,717 |
Write-off of fully depreciated building, furniture, fixtures and equipment | 0 | 14,134 | 0 |
Write-off of deferred financing costs | 0 | 5,956 | 1,836 |
Manhattan Collection joint venture | |||
In conjunction with the Manhattan Collection joint venture redemption transaction, the Company assumed the following assets and liabilities: | |||
Investment in hotel properties | 0 | 0 | 319,800 |
Mortgage loans | 0 | 0 | 190,000 |
LaSalle Hotel Properties | |||
Non-Cash Investing and Financing Activities: | |||
Exchange of LaSalle shares as part of purchase price | 346,544 | 0 | 0 |
LaSalle Hotel Properties | Common shares | |||
Non-Cash Investing and Financing Activities: | |||
Issuance of shares/units | 2,144,057 | 0 | 0 |
LaSalle Hotel Properties | Preferred shares | |||
Non-Cash Investing and Financing Activities: | |||
Issuance of shares/units | 234,222 | 0 | 0 |
LaSalle Hotel Properties | Operating partnership units | |||
Non-Cash Investing and Financing Activities: | |||
Issuance of shares/units | 4,665 | 0 | 0 |
Common shares | |||
Non-Cash Investing and Financing Activities: | |||
Distributions payable on shares/units | 36,201 | 28,381 | 29,773 |
Preferred shares | |||
Non-Cash Investing and Financing Activities: | |||
Distributions payable on shares/units | 7,558 | 3,442 | 3,442 |
Board of Trustees compensation | |||
Non-Cash Investing and Financing Activities: | |||
Issuance of shares/units | $ 662 | $ 503 | $ 606 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | Feb. 13, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Feb. 22, 2019 | Feb. 14, 2019 |
Subsequent Event [Line Items] | ||||||
Award vesting period | 6 years | |||||
Restricted common shares | ||||||
Subsequent Event [Line Items] | ||||||
Awards granted (in shares) | 52,609 | 59,139 | 68,535 | |||
Subsequent event | ||||||
Subsequent Event [Line Items] | ||||||
Award vesting period | 3 years | |||||
Subsequent event | The Liaison Capitol Hill | ||||||
Subsequent Event [Line Items] | ||||||
Consideration received for asset sold | $ 111 | |||||
Subsequent event | Hotel Palomar Washington DC | ||||||
Subsequent Event [Line Items] | ||||||
Consideration received for asset sold | $ 141.5 | |||||
Subsequent event | Restricted common shares | ||||||
Subsequent Event [Line Items] | ||||||
Awards granted (in shares) | 84,648 | |||||
Subsequent event | Performance-based shares | ||||||
Subsequent Event [Line Items] | ||||||
Awards granted (in shares) | 126,087 |
Quarterly Operating Results (_3
Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 235,642 | $ 205,480 | $ 206,501 | $ 181,055 | $ 179,629 | $ 201,793 | $ 205,717 | $ 182,178 | $ 828,678 | $ 769,317 | $ 816,421 |
Net income (loss) | (99,343) | 29,917 | 58,295 | 24,516 | 11,932 | 30,571 | 43,670 | 14,089 | 13,385 | 100,262 | 73,962 |
Net income (loss) attributable to the Company | (98,911) | 29,792 | 58,103 | 24,409 | 11,899 | 30,443 | 43,512 | 14,034 | 13,393 | 99,888 | 73,704 |
Net income (loss) attributable to common shareholders | $ (104,307) | $ 25,769 | $ 54,079 | $ 20,386 | $ 7,875 | $ 26,420 | $ 39,488 | $ 10,011 | $ (4,073) | $ 83,794 | $ 46,952 |
Net income (loss) per share available to common shareholders, basic (in usd per share) | $ (1.16) | $ 0.37 | $ 0.78 | $ 0.29 | $ 0.11 | $ 0.38 | $ 0.57 | $ 0.14 | $ (0.06) | $ 1.20 | $ 0.65 |
Net income (loss) per share available to common shareholders, diluted (in usd per share) | $ (1.16) | $ 0.37 | $ 0.78 | $ 0.29 | $ 0.11 | $ 0.38 | $ 0.57 | $ 0.14 | $ (0.06) | $ 1.19 | $ 0.64 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 68,207 | |||
Initial Costs, Land | 1,081,352 | |||
Initial Costs, Building and Improvements | 5,229,096 | |||
Initial Costs, Furniture, Fixtures and Equipment | 315,211 | |||
Costs Capitalized Subsequent to Acquisition | 451,964 | |||
Gross Amount at End of Year, Land | 1,056,861 | |||
Gross Amount at End of Year, Building and Improvements | 5,532,499 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 488,263 | |||
Total | 7,077,623 | $ 2,904,072 | $ 3,031,139 | $ 2,956,761 |
Accumulated Depreciation | 543,430 | $ 447,622 | $ 358,485 | $ 283,177 |
Net Book Value | 6,534,193 | |||
Sir Francis Drake | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 22,500 | |||
Initial Costs, Building and Improvements | 60,547 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,953 | |||
Costs Capitalized Subsequent to Acquisition | 30,033 | |||
Gross Amount at End of Year, Land | 22,500 | |||
Gross Amount at End of Year, Building and Improvements | 78,764 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 18,769 | |||
Total | 120,033 | |||
Accumulated Depreciation | 31,700 | |||
Net Book Value | 88,333 | |||
InterContinental Buckhead Atlanta | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 25,000 | |||
Initial Costs, Building and Improvements | 68,844 | |||
Initial Costs, Furniture, Fixtures and Equipment | 11,000 | |||
Costs Capitalized Subsequent to Acquisition | 14,293 | |||
Gross Amount at End of Year, Land | 25,000 | |||
Gross Amount at End of Year, Building and Improvements | 74,912 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 19,225 | |||
Total | 119,137 | |||
Accumulated Depreciation | 33,719 | |||
Net Book Value | 85,418 | |||
Hotel Monaco Washington DC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 60,630 | |||
Initial Costs, Furniture, Fixtures and Equipment | 2,441 | |||
Costs Capitalized Subsequent to Acquisition | 22,559 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 75,530 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 10,100 | |||
Total | 85,630 | |||
Accumulated Depreciation | 22,373 | |||
Net Book Value | 63,257 | |||
Skamania Lodge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 7,130 | |||
Initial Costs, Building and Improvements | 44,987 | |||
Initial Costs, Furniture, Fixtures and Equipment | 3,523 | |||
Costs Capitalized Subsequent to Acquisition | 18,331 | |||
Gross Amount at End of Year, Land | 7,130 | |||
Gross Amount at End of Year, Building and Improvements | 55,257 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 11,584 | |||
Total | 73,971 | |||
Accumulated Depreciation | 18,217 | |||
Net Book Value | 55,754 | |||
Le Meridien Delfina Santa Monica | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 18,784 | |||
Initial Costs, Building and Improvements | 81,580 | |||
Initial Costs, Furniture, Fixtures and Equipment | 2,295 | |||
Costs Capitalized Subsequent to Acquisition | 16,787 | |||
Gross Amount at End of Year, Land | 18,784 | |||
Gross Amount at End of Year, Building and Improvements | 91,001 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 9,661 | |||
Total | 119,446 | |||
Accumulated Depreciation | 27,734 | |||
Net Book Value | 91,712 | |||
Sofitel Philadelphia at Rittenhouse Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 18,000 | |||
Initial Costs, Building and Improvements | 64,256 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,639 | |||
Costs Capitalized Subsequent to Acquisition | 14,199 | |||
Gross Amount at End of Year, Land | 18,000 | |||
Gross Amount at End of Year, Building and Improvements | 71,220 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 11,874 | |||
Total | 101,094 | |||
Accumulated Depreciation | 22,684 | |||
Net Book Value | 78,410 | |||
Argonaut Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 79,492 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,247 | |||
Costs Capitalized Subsequent to Acquisition | 8,121 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 83,608 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 8,252 | |||
Total | 91,860 | |||
Accumulated Depreciation | 24,139 | |||
Net Book Value | 67,721 | |||
The Westin San Diego Gaslamp Quarter | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 68,207 | |||
Initial Costs, Land | 25,537 | |||
Initial Costs, Building and Improvements | 86,089 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,850 | |||
Costs Capitalized Subsequent to Acquisition | 21,875 | |||
Gross Amount at End of Year, Land | 25,537 | |||
Gross Amount at End of Year, Building and Improvements | 104,392 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 10,422 | |||
Total | 140,351 | |||
Accumulated Depreciation | 30,272 | |||
Net Book Value | 110,079 | |||
Deferred financing costs | 100 | |||
Hotel Monaco Seattle | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 10,105 | |||
Initial Costs, Building and Improvements | 38,888 | |||
Initial Costs, Furniture, Fixtures and Equipment | 2,073 | |||
Costs Capitalized Subsequent to Acquisition | 11,774 | |||
Gross Amount at End of Year, Land | 10,105 | |||
Gross Amount at End of Year, Building and Improvements | 45,282 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 7,453 | |||
Total | 62,840 | |||
Accumulated Depreciation | 15,192 | |||
Net Book Value | 47,648 | |||
Mondrian Los Angeles | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 20,306 | |||
Initial Costs, Building and Improvements | 110,283 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,091 | |||
Costs Capitalized Subsequent to Acquisition | 24,942 | |||
Gross Amount at End of Year, Land | 20,306 | |||
Gross Amount at End of Year, Building and Improvements | 118,802 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 22,514 | |||
Total | 161,622 | |||
Accumulated Depreciation | 33,691 | |||
Net Book Value | 127,931 | |||
W Boston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 19,453 | |||
Initial Costs, Building and Improvements | 63,893 | |||
Initial Costs, Furniture, Fixtures and Equipment | 5,887 | |||
Costs Capitalized Subsequent to Acquisition | 16,896 | |||
Gross Amount at End of Year, Land | 19,453 | |||
Gross Amount at End of Year, Building and Improvements | 71,465 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 15,211 | |||
Total | 106,129 | |||
Accumulated Depreciation | 22,167 | |||
Net Book Value | 83,962 | |||
Hotel Zetta San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 7,294 | |||
Initial Costs, Building and Improvements | 22,166 | |||
Initial Costs, Furniture, Fixtures and Equipment | 290 | |||
Costs Capitalized Subsequent to Acquisition | 16,532 | |||
Gross Amount at End of Year, Land | 7,294 | |||
Gross Amount at End of Year, Building and Improvements | 34,632 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 4,356 | |||
Total | 46,282 | |||
Accumulated Depreciation | 9,847 | |||
Net Book Value | 36,435 | |||
Hotel Vintage Seattle | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 8,170 | |||
Initial Costs, Building and Improvements | 23,557 | |||
Initial Costs, Furniture, Fixtures and Equipment | 706 | |||
Costs Capitalized Subsequent to Acquisition | 8,421 | |||
Gross Amount at End of Year, Land | 8,170 | |||
Gross Amount at End of Year, Building and Improvements | 29,351 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 3,333 | |||
Total | 40,854 | |||
Accumulated Depreciation | 7,547 | |||
Net Book Value | 33,307 | |||
Hotel Vintage Portland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 6,222 | |||
Initial Costs, Building and Improvements | 23,012 | |||
Initial Costs, Furniture, Fixtures and Equipment | 1,093 | |||
Costs Capitalized Subsequent to Acquisition | 15,858 | |||
Gross Amount at End of Year, Land | 6,222 | |||
Gross Amount at End of Year, Building and Improvements | 34,667 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 5,296 | |||
Total | 46,185 | |||
Accumulated Depreciation | 9,104 | |||
Net Book Value | 37,081 | |||
W Los Angeles - West Beverly Hills | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 24,403 | |||
Initial Costs, Building and Improvements | 93,203 | |||
Initial Costs, Furniture, Fixtures and Equipment | 3,600 | |||
Costs Capitalized Subsequent to Acquisition | 22,833 | |||
Gross Amount at End of Year, Land | 24,403 | |||
Gross Amount at End of Year, Building and Improvements | 111,797 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 7,839 | |||
Total | 144,039 | |||
Accumulated Depreciation | 24,384 | |||
Net Book Value | 119,655 | |||
Hotel Zelos San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 63,430 | |||
Initial Costs, Furniture, Fixtures and Equipment | 3,780 | |||
Costs Capitalized Subsequent to Acquisition | 14,474 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 71,885 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 9,799 | |||
Total | 81,684 | |||
Accumulated Depreciation | 17,228 | |||
Net Book Value | 64,456 | |||
Embassy Suites San Diego Bay - Downtown | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 20,103 | |||
Initial Costs, Building and Improvements | 90,162 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,881 | |||
Costs Capitalized Subsequent to Acquisition | 17,247 | |||
Gross Amount at End of Year, Land | 20,103 | |||
Gross Amount at End of Year, Building and Improvements | 104,162 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 10,128 | |||
Total | 134,393 | |||
Accumulated Depreciation | 24,837 | |||
Net Book Value | 109,556 | |||
Hotel Modera | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 8,215 | |||
Initial Costs, Building and Improvements | 37,874 | |||
Initial Costs, Furniture, Fixtures and Equipment | 1,500 | |||
Costs Capitalized Subsequent to Acquisition | 7,515 | |||
Gross Amount at End of Year, Land | 8,215 | |||
Gross Amount at End of Year, Building and Improvements | 42,409 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 4,480 | |||
Total | 55,104 | |||
Accumulated Depreciation | 8,398 | |||
Net Book Value | 46,706 | |||
Hotel Zephyr Fisherman's Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 116,445 | |||
Initial Costs, Furniture, Fixtures and Equipment | 3,550 | |||
Costs Capitalized Subsequent to Acquisition | 38,367 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 151,485 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 6,877 | |||
Total | 158,362 | |||
Accumulated Depreciation | 25,643 | |||
Net Book Value | 132,719 | |||
Hotel Zeppelin San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 12,561 | |||
Initial Costs, Building and Improvements | 43,665 | |||
Initial Costs, Furniture, Fixtures and Equipment | 1,094 | |||
Costs Capitalized Subsequent to Acquisition | 35,764 | |||
Gross Amount at End of Year, Land | 12,561 | |||
Gross Amount at End of Year, Building and Improvements | 74,548 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 5,975 | |||
Total | 93,084 | |||
Accumulated Depreciation | 13,483 | |||
Net Book Value | 79,601 | |||
The Nines, a Luxury Collection Hotel, Portland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 18,493 | |||
Initial Costs, Building and Improvements | 92,339 | |||
Initial Costs, Furniture, Fixtures and Equipment | 8,757 | |||
Costs Capitalized Subsequent to Acquisition | 10,502 | |||
Gross Amount at End of Year, Land | 18,493 | |||
Gross Amount at End of Year, Building and Improvements | 98,082 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 13,516 | |||
Total | 130,091 | |||
Accumulated Depreciation | 18,612 | |||
Net Book Value | 111,479 | |||
Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 12,108 | |||
Initial Costs, Building and Improvements | 46,317 | |||
Initial Costs, Furniture, Fixtures and Equipment | 1,271 | |||
Costs Capitalized Subsequent to Acquisition | 19,205 | |||
Gross Amount at End of Year, Land | 12,108 | |||
Gross Amount at End of Year, Building and Improvements | 58,657 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 8,136 | |||
Total | 78,901 | |||
Accumulated Depreciation | 11,187 | |||
Net Book Value | 67,714 | |||
Hotel Palomar Los Angeles Beverly Hills | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 90,675 | |||
Initial Costs, Furniture, Fixtures and Equipment | 1,500 | |||
Costs Capitalized Subsequent to Acquisition | 13,425 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 99,398 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 6,202 | |||
Total | 105,600 | |||
Accumulated Depreciation | 13,013 | |||
Net Book Value | 92,587 | |||
Union Station Hotel Nashville, Autograph Collection | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 37,803 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,833 | |||
Costs Capitalized Subsequent to Acquisition | 21,376 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 54,536 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 11,476 | |||
Total | 66,012 | |||
Accumulated Depreciation | 12,746 | |||
Net Book Value | 53,266 | |||
Revere Hotel Boston Common | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 41,857 | |||
Initial Costs, Building and Improvements | 207,817 | |||
Initial Costs, Furniture, Fixtures and Equipment | 10,596 | |||
Costs Capitalized Subsequent to Acquisition | (45,079) | |||
Gross Amount at End of Year, Land | 17,367 | |||
Gross Amount at End of Year, Building and Improvements | 179,969 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 17,855 | |||
Total | 215,191 | |||
Accumulated Depreciation | 27,010 | |||
Net Book Value | 188,181 | |||
LaPlaya Beach Resort and Club | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 112,575 | |||
Initial Costs, Building and Improvements | 82,117 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,733 | |||
Costs Capitalized Subsequent to Acquisition | 26,354 | |||
Gross Amount at End of Year, Land | 112,575 | |||
Gross Amount at End of Year, Building and Improvements | 103,146 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 12,058 | |||
Total | 227,779 | |||
Accumulated Depreciation | 15,529 | |||
Net Book Value | 212,250 | |||
Hotel Zoe Fisherman's Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 29,125 | |||
Initial Costs, Building and Improvements | 90,323 | |||
Initial Costs, Furniture, Fixtures and Equipment | 2,500 | |||
Costs Capitalized Subsequent to Acquisition | 18,955 | |||
Gross Amount at End of Year, Land | 29,125 | |||
Gross Amount at End of Year, Building and Improvements | 104,740 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 7,038 | |||
Total | 140,903 | |||
Accumulated Depreciation | 13,741 | |||
Net Book Value | 127,162 | |||
Villa Florence San Francisco on Union Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 26,950 | |||
Initial Costs, Building and Improvements | 101,061 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,737 | |||
Costs Capitalized Subsequent to Acquisition | 34 | |||
Gross Amount at End of Year, Land | 26,950 | |||
Gross Amount at End of Year, Building and Improvements | 101,061 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 6,771 | |||
Total | 134,782 | |||
Accumulated Depreciation | 291 | |||
Net Book Value | 134,491 | |||
Hotel Vitale | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 122,886 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,142 | |||
Costs Capitalized Subsequent to Acquisition | 99 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 122,886 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 6,241 | |||
Total | 129,127 | |||
Accumulated Depreciation | 329 | |||
Net Book Value | 128,798 | |||
The Marker San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 22,697 | |||
Initial Costs, Building and Improvements | 85,115 | |||
Initial Costs, Furniture, Fixtures and Equipment | 5,674 | |||
Costs Capitalized Subsequent to Acquisition | 145 | |||
Gross Amount at End of Year, Land | 22,697 | |||
Gross Amount at End of Year, Building and Improvements | 85,115 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 5,819 | |||
Total | 113,631 | |||
Accumulated Depreciation | 245 | |||
Net Book Value | 113,386 | |||
Hotel Spero | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 21,371 | |||
Initial Costs, Building and Improvements | 80,140 | |||
Initial Costs, Furniture, Fixtures and Equipment | 5,343 | |||
Costs Capitalized Subsequent to Acquisition | 141 | |||
Gross Amount at End of Year, Land | 21,371 | |||
Gross Amount at End of Year, Building and Improvements | 80,140 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 5,484 | |||
Total | 106,995 | |||
Accumulated Depreciation | 231 | |||
Net Book Value | 106,764 | |||
Chaminade Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 13,088 | |||
Initial Costs, Building and Improvements | 49,081 | |||
Initial Costs, Furniture, Fixtures and Equipment | 3,544 | |||
Costs Capitalized Subsequent to Acquisition | 330 | |||
Gross Amount at End of Year, Land | 13,088 | |||
Gross Amount at End of Year, Building and Improvements | 49,081 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 3,874 | |||
Total | 66,043 | |||
Accumulated Depreciation | 141 | |||
Net Book Value | 65,902 | |||
Harbor Court Hotel San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 33,324 | |||
Initial Costs, Furniture, Fixtures and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 121 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 33,324 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 121 | |||
Total | 33,445 | |||
Accumulated Depreciation | 69 | |||
Net Book Value | 33,376 | |||
Viceroy Santa Monica Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 98,905 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,820 | |||
Costs Capitalized Subsequent to Acquisition | 162 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 98,905 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 4,982 | |||
Total | 103,887 | |||
Accumulated Depreciation | 263 | |||
Net Book Value | 103,624 | |||
Le Parc Suite Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 17,177 | |||
Initial Costs, Building and Improvements | 64,415 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,294 | |||
Costs Capitalized Subsequent to Acquisition | 118 | |||
Gross Amount at End of Year, Land | 17,177 | |||
Gross Amount at End of Year, Building and Improvements | 64,415 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 4,412 | |||
Total | 86,004 | |||
Accumulated Depreciation | 185 | |||
Net Book Value | 85,819 | |||
Hotel Amarano Burbank | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 14,292 | |||
Initial Costs, Building and Improvements | 53,597 | |||
Initial Costs, Furniture, Fixtures and Equipment | 3,573 | |||
Costs Capitalized Subsequent to Acquisition | 47 | |||
Gross Amount at End of Year, Land | 14,292 | |||
Gross Amount at End of Year, Building and Improvements | 53,597 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 3,620 | |||
Total | 71,509 | |||
Accumulated Depreciation | 154 | |||
Net Book Value | 71,355 | |||
Montrose West Hollywood | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 16,414 | |||
Initial Costs, Building and Improvements | 61,553 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,104 | |||
Costs Capitalized Subsequent to Acquisition | 170 | |||
Gross Amount at End of Year, Land | 16,414 | |||
Gross Amount at End of Year, Building and Improvements | 61,553 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 4,274 | |||
Total | 82,241 | |||
Accumulated Depreciation | 177 | |||
Net Book Value | 82,064 | |||
Chamberlain West Hollywood Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 12,720 | |||
Initial Costs, Building and Improvements | 47,701 | |||
Initial Costs, Furniture, Fixtures and Equipment | 3,180 | |||
Costs Capitalized Subsequent to Acquisition | 687 | |||
Gross Amount at End of Year, Land | 12,720 | |||
Gross Amount at End of Year, Building and Improvements | 47,701 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 3,867 | |||
Total | 64,288 | |||
Accumulated Depreciation | 137 | |||
Net Book Value | 64,151 | |||
Grafton on Sunset | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 10,200 | |||
Initial Costs, Building and Improvements | 38,250 | |||
Initial Costs, Furniture, Fixtures and Equipment | 2,550 | |||
Costs Capitalized Subsequent to Acquisition | 169 | |||
Gross Amount at End of Year, Land | 10,200 | |||
Gross Amount at End of Year, Building and Improvements | 38,250 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 2,719 | |||
Total | 51,169 | |||
Accumulated Depreciation | 110 | |||
Net Book Value | 51,059 | |||
The Westin Copley Place, Boston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 310,947 | |||
Initial Costs, Furniture, Fixtures and Equipment | 22,888 | |||
Costs Capitalized Subsequent to Acquisition | 362 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 310,952 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 23,245 | |||
Total | 334,197 | |||
Accumulated Depreciation | 920 | |||
Net Book Value | 333,277 | |||
The Liberty, A Luxury Collection Hotel, Boston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 215,744 | |||
Initial Costs, Furniture, Fixtures and Equipment | 13,000 | |||
Costs Capitalized Subsequent to Acquisition | 327 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 215,744 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 13,327 | |||
Total | 229,071 | |||
Accumulated Depreciation | 604 | |||
Net Book Value | 228,467 | |||
Hyatt Regency Boston Harbor | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 125,444 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,309 | |||
Costs Capitalized Subsequent to Acquisition | 60 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 125,444 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 6,369 | |||
Total | 131,813 | |||
Accumulated Depreciation | 336 | |||
Net Book Value | 131,477 | |||
Onyx Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 15,000 | |||
Initial Costs, Building and Improvements | 42,600 | |||
Initial Costs, Furniture, Fixtures and Equipment | 2,400 | |||
Costs Capitalized Subsequent to Acquisition | 259 | |||
Gross Amount at End of Year, Land | 15,000 | |||
Gross Amount at End of Year, Building and Improvements | 42,600 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 2,659 | |||
Total | 60,259 | |||
Accumulated Depreciation | 117 | |||
Net Book Value | 60,142 | |||
Hotel Palomar Washington DC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 28,290 | |||
Initial Costs, Building and Improvements | 106,088 | |||
Initial Costs, Furniture, Fixtures and Equipment | 7,073 | |||
Costs Capitalized Subsequent to Acquisition | 125 | |||
Gross Amount at End of Year, Land | 28,290 | |||
Gross Amount at End of Year, Building and Improvements | 106,088 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 7,198 | |||
Total | 141,576 | |||
Accumulated Depreciation | 305 | |||
Net Book Value | 141,271 | |||
Sofitel Washington DC Lafayette Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 26,154 | |||
Initial Costs, Building and Improvements | 98,077 | |||
Initial Costs, Furniture, Fixtures and Equipment | 6,538 | |||
Costs Capitalized Subsequent to Acquisition | 10 | |||
Gross Amount at End of Year, Land | 26,154 | |||
Gross Amount at End of Year, Building and Improvements | 98,077 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 6,548 | |||
Total | 130,779 | |||
Accumulated Depreciation | 282 | |||
Net Book Value | 130,497 | |||
The Liaison Capitol Hill | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 22,200 | |||
Initial Costs, Building and Improvements | 83,250 | |||
Initial Costs, Furniture, Fixtures and Equipment | 5,550 | |||
Costs Capitalized Subsequent to Acquisition | 129 | |||
Gross Amount at End of Year, Land | 22,200 | |||
Gross Amount at End of Year, Building and Improvements | 83,313 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 5,616 | |||
Total | 111,129 | |||
Accumulated Depreciation | 240 | |||
Net Book Value | 110,889 | |||
George Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 17,078 | |||
Initial Costs, Building and Improvements | 64,043 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,270 | |||
Costs Capitalized Subsequent to Acquisition | 26 | |||
Gross Amount at End of Year, Land | 17,078 | |||
Gross Amount at End of Year, Building and Improvements | 64,043 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 4,296 | |||
Total | 85,417 | |||
Accumulated Depreciation | 184 | |||
Net Book Value | 85,233 | |||
Mason & Rook Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 16,490 | |||
Initial Costs, Building and Improvements | 61,839 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,123 | |||
Costs Capitalized Subsequent to Acquisition | 172 | |||
Gross Amount at End of Year, Land | 16,490 | |||
Gross Amount at End of Year, Building and Improvements | 61,839 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 4,295 | |||
Total | 82,624 | |||
Accumulated Depreciation | 178 | |||
Net Book Value | 82,446 | |||
Donovan Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 16,301 | |||
Initial Costs, Building and Improvements | 61,127 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,075 | |||
Costs Capitalized Subsequent to Acquisition | 431 | |||
Gross Amount at End of Year, Land | 16,301 | |||
Gross Amount at End of Year, Building and Improvements | 61,127 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 4,506 | |||
Total | 81,934 | |||
Accumulated Depreciation | 176 | |||
Net Book Value | 81,758 | |||
Rouge Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 8,600 | |||
Initial Costs, Building and Improvements | 32,250 | |||
Initial Costs, Furniture, Fixtures and Equipment | 2,150 | |||
Costs Capitalized Subsequent to Acquisition | 146 | |||
Gross Amount at End of Year, Land | 8,600 | |||
Gross Amount at End of Year, Building and Improvements | 32,250 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 2,296 | |||
Total | 43,146 | |||
Accumulated Depreciation | 93 | |||
Net Book Value | 43,053 | |||
Topaz Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 6,200 | |||
Initial Costs, Building and Improvements | 23,250 | |||
Initial Costs, Furniture, Fixtures and Equipment | 1,550 | |||
Costs Capitalized Subsequent to Acquisition | 128 | |||
Gross Amount at End of Year, Land | 6,200 | |||
Gross Amount at End of Year, Building and Improvements | 23,250 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 1,678 | |||
Total | 31,128 | |||
Accumulated Depreciation | 67 | |||
Net Book Value | 31,061 | |||
Hotel Madera | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 5,200 | |||
Initial Costs, Building and Improvements | 19,500 | |||
Initial Costs, Furniture, Fixtures and Equipment | 1,300 | |||
Costs Capitalized Subsequent to Acquisition | 426 | |||
Gross Amount at End of Year, Land | 5,200 | |||
Gross Amount at End of Year, Building and Improvements | 19,500 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 1,726 | |||
Total | 26,426 | |||
Accumulated Depreciation | 56 | |||
Net Book Value | 26,370 | |||
Paradise Point Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 204,133 | |||
Initial Costs, Furniture, Fixtures and Equipment | 13,254 | |||
Costs Capitalized Subsequent to Acquisition | 1,147 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 204,133 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 14,401 | |||
Total | 218,534 | |||
Accumulated Depreciation | 583 | |||
Net Book Value | 217,951 | |||
Hilton San Diego Gaslamp Quarter | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 35,976 | |||
Initial Costs, Building and Improvements | 136,708 | |||
Initial Costs, Furniture, Fixtures and Equipment | 7,195 | |||
Costs Capitalized Subsequent to Acquisition | 323 | |||
Gross Amount at End of Year, Land | 35,976 | |||
Gross Amount at End of Year, Building and Improvements | 136,708 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 7,518 | |||
Total | 180,202 | |||
Accumulated Depreciation | 370 | |||
Net Book Value | 179,832 | |||
Solamar Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 74,730 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,801 | |||
Costs Capitalized Subsequent to Acquisition | 21 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 74,730 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 4,822 | |||
Total | 79,552 | |||
Accumulated Depreciation | 213 | |||
Net Book Value | 79,339 | |||
L'Auberge Del Mar | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 32,749 | |||
Initial Costs, Building and Improvements | 93,006 | |||
Initial Costs, Furniture, Fixtures and Equipment | 5,240 | |||
Costs Capitalized Subsequent to Acquisition | 237 | |||
Gross Amount at End of Year, Land | 32,749 | |||
Gross Amount at End of Year, Building and Improvements | 93,006 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 5,477 | |||
Total | 131,232 | |||
Accumulated Depreciation | 256 | |||
Net Book Value | 130,976 | |||
Hilton San Diego Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 105,050 | |||
Initial Costs, Furniture, Fixtures and Equipment | 4,380 | |||
Costs Capitalized Subsequent to Acquisition | 2,782 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 105,050 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 7,162 | |||
Total | 112,212 | |||
Accumulated Depreciation | 271 | |||
Net Book Value | 111,941 | |||
The Heathman Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 12,000 | |||
Initial Costs, Building and Improvements | 44,999 | |||
Initial Costs, Furniture, Fixtures and Equipment | 3,000 | |||
Costs Capitalized Subsequent to Acquisition | 138 | |||
Gross Amount at End of Year, Land | 12,000 | |||
Gross Amount at End of Year, Building and Improvements | 44,999 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 3,138 | |||
Total | 60,137 | |||
Accumulated Depreciation | 129 | |||
Net Book Value | 60,008 | |||
Southernmost Beach Resort | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 116,477 | |||
Initial Costs, Building and Improvements | 214,885 | |||
Initial Costs, Furniture, Fixtures and Equipment | 9,978 | |||
Costs Capitalized Subsequent to Acquisition | 388 | |||
Gross Amount at End of Year, Land | 116,477 | |||
Gross Amount at End of Year, Building and Improvements | 214,917 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 10,334 | |||
Total | 341,728 | |||
Accumulated Depreciation | 549 | |||
Net Book Value | 341,179 | |||
The Marker Key West | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 33,198 | |||
Initial Costs, Building and Improvements | 58,808 | |||
Initial Costs, Furniture, Fixtures and Equipment | 2,846 | |||
Costs Capitalized Subsequent to Acquisition | 95 | |||
Gross Amount at End of Year, Land | 33,198 | |||
Gross Amount at End of Year, Building and Improvements | 58,808 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 2,941 | |||
Total | 94,947 | |||
Accumulated Depreciation | 156 | |||
Net Book Value | 94,791 | |||
The Roger New York | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 0 | |||
Initial Costs, Building and Improvements | 46,489 | |||
Initial Costs, Furniture, Fixtures and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 54 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Building and Improvements | 46,489 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 54 | |||
Total | 46,543 | |||
Accumulated Depreciation | 97 | |||
Net Book Value | 46,446 | |||
Hotel Chicago Downtown, Autograph Collection | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 32,240 | |||
Initial Costs, Building and Improvements | 120,900 | |||
Initial Costs, Furniture, Fixtures and Equipment | 8,060 | |||
Costs Capitalized Subsequent to Acquisition | 101 | |||
Gross Amount at End of Year, Land | 32,240 | |||
Gross Amount at End of Year, Building and Improvements | 120,900 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 8,161 | |||
Total | 161,301 | |||
Accumulated Depreciation | 348 | |||
Net Book Value | 160,953 | |||
The Westin Michigan Avenue Chicago | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Costs, Land | 34,349 | |||
Initial Costs, Building and Improvements | 128,807 | |||
Initial Costs, Furniture, Fixtures and Equipment | 8,587 | |||
Costs Capitalized Subsequent to Acquisition | 295 | |||
Gross Amount at End of Year, Land | 34,348 | |||
Gross Amount at End of Year, Building and Improvements | 128,807 | |||
Gross Amount at End of Year, Furniture, Fixtures and Equipment | 8,883 | |||
Total | 172,038 | |||
Accumulated Depreciation | 371 | |||
Net Book Value | $ 171,667 | |||
Minimum | Sir Francis Drake | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | InterContinental Buckhead Atlanta | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Monaco Washington DC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Skamania Lodge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Le Meridien Delfina Santa Monica | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Sofitel Philadelphia at Rittenhouse Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Argonaut Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | The Westin San Diego Gaslamp Quarter | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 1 year | |||
Minimum | Hotel Monaco Seattle | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Mondrian Los Angeles | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | W Boston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 2 years | |||
Minimum | Hotel Zetta San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Vintage Seattle | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Vintage Portland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | W Los Angeles - West Beverly Hills | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Zelos San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Embassy Suites San Diego Bay - Downtown | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Modera | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Zephyr Fisherman's Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Zeppelin San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 1 year | |||
Minimum | The Nines, a Luxury Collection Hotel, Portland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 2 years | |||
Minimum | Hotel Palomar Los Angeles Beverly Hills | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Union Station Hotel Nashville, Autograph Collection | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Revere Hotel Boston Common | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | LaPlaya Beach Resort and Club | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Zoe Fisherman's Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 2 years | |||
Minimum | Villa Florence San Francisco on Union Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Vitale | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | The Marker San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Spero | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Chaminade Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Harbor Court Hotel San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Viceroy Santa Monica Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Le Parc Suite Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Amarano Burbank | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Montrose West Hollywood | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Chamberlain West Hollywood Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Grafton on Sunset | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | The Westin Copley Place, Boston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | The Liberty, A Luxury Collection Hotel, Boston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hyatt Regency Boston Harbor | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Onyx Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Palomar Washington DC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Sofitel Washington DC Lafayette Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | The Liaison Capitol Hill | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | George Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Mason & Rook Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Donovan Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Rouge Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Topaz Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Madera | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Paradise Point Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hilton San Diego Gaslamp Quarter | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Solamar Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | L'Auberge Del Mar | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hilton San Diego Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | The Heathman Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Southernmost Beach Resort | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | The Marker Key West | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | The Roger New York | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | Hotel Chicago Downtown, Autograph Collection | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Minimum | The Westin Michigan Avenue Chicago | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 3 years | |||
Maximum | Sir Francis Drake | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | InterContinental Buckhead Atlanta | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Monaco Washington DC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Skamania Lodge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Le Meridien Delfina Santa Monica | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Sofitel Philadelphia at Rittenhouse Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Argonaut Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | The Westin San Diego Gaslamp Quarter | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Monaco Seattle | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Mondrian Los Angeles | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | W Boston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Zetta San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Vintage Seattle | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Vintage Portland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | W Los Angeles - West Beverly Hills | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Zelos San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Embassy Suites San Diego Bay - Downtown | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Modera | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Zephyr Fisherman's Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Zeppelin San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 45 years | |||
Maximum | The Nines, a Luxury Collection Hotel, Portland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Colonnade Coral Gables, a Tribute Portfolio Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Palomar Los Angeles Beverly Hills | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Union Station Hotel Nashville, Autograph Collection | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Revere Hotel Boston Common | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | LaPlaya Beach Resort and Club | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Zoe Fisherman's Wharf | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Villa Florence San Francisco on Union Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Vitale | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | The Marker San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Spero | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Chaminade Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Harbor Court Hotel San Francisco | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Viceroy Santa Monica Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Le Parc Suite Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Amarano Burbank | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Montrose West Hollywood | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Chamberlain West Hollywood Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Grafton on Sunset | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | The Westin Copley Place, Boston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | The Liberty, A Luxury Collection Hotel, Boston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hyatt Regency Boston Harbor | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Onyx Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Palomar Washington DC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Sofitel Washington DC Lafayette Square | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | The Liaison Capitol Hill | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | George Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Mason & Rook Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Donovan Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Rouge Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Topaz Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Madera | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Paradise Point Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hilton San Diego Gaslamp Quarter | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Solamar Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | L'Auberge Del Mar | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hilton San Diego Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | The Heathman Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Southernmost Beach Resort | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | The Marker Key West | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | The Roger New York | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | Hotel Chicago Downtown, Autograph Collection | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years | |||
Maximum | The Westin Michigan Avenue Chicago | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciation Life | 40 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of Real Estate: | |||
Beginning balance | $ 2,904,072 | $ 3,031,139 | $ 2,956,761 |
Acquisitions | 4,120,641 | 0 | 319,800 |
Capital expenditures | 95,348 | 80,737 | 105,074 |
Disposal of Assets | (42,438) | (207,804) | (350,496) |
Ending balance | 7,077,623 | 2,904,072 | 3,031,139 |
Reconciliation of Accumulated Depreciation: | |||
Beginning balance | 447,622 | 358,485 | 283,177 |
Depreciation | 107,496 | 101,157 | 101,060 |
Disposal of Assets | (11,688) | (12,020) | (25,752) |
Ending balance | 543,430 | $ 447,622 | $ 358,485 |
Aggregate cost of properties for federal income tax purposes | $ 6,550,696 |
Uncategorized Items - peb-20181
Label | Element | Value |
AOCI Attributable to Parent [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ 548,000 |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (548,000) |