Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 16, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | CHATHAM LODGING TRUST | ||
Entity Central Index Key | 1476045 | ||
Trading Symbol | CLDT | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 38,298,287 | ||
Entity Public Float | $588,622,878.30 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Investment in hotel properties, net | $1,096,425 | $652,877 |
Cash and cash equivalents | 15,077 | 4,221 |
Restricted cash | 12,030 | 4,605 |
Investment in unconsolidated real estate entities | 28,152 | 774 |
Hotel receivables (net of allowance for doubtful accounts of $71 and $30, respectively) | 3,601 | 2,455 |
Deferred costs, net | 7,514 | 7,113 |
Prepaid expenses and other assets | 2,300 | 1,879 |
Total assets | 1,165,099 | 673,924 |
Liabilities and Equity: | ||
Mortgage debt | 527,721 | 222,063 |
Revolving credit facility | 22,500 | 50,000 |
Accounts payable and accrued expenses | 20,042 | 12,799 |
Distributions and losses in excess of investments of unconsolidated real estate entities | 0 | 1,576 |
Distributions payable | 2,884 | 1,950 |
Total liabilities | 573,147 | 288,388 |
Commitments and contingencies | ||
Shareholders’ Equity: | ||
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2014 and 2013 | 0 | 0 |
Common shares, $0.01 par value, 500,000,000 shares authorized; 34,173,691 and 26,295,558 shares issued and outstanding at December 31, 2014 and 2013, respectively | 339 | 261 |
Additional paid-in capital | 599,318 | 433,900 |
Accumulated deficit | -11,120 | -50,792 |
Total shareholders’ equity | 588,537 | 383,369 |
Noncontrolling Interests: | ||
Noncontrolling interest in operating partnership | 3,415 | 2,167 |
Total equity | 591,952 | 385,536 |
Total liabilities and equity | $1,165,099 | $673,924 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Hotel receivables, allowance for doubtful accounts | $71 | $30 |
Preferred shares, par value (in dollars per share) | $0.01 | $0.01 |
Preferred shares, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred shares, shares issued | ||
Common shares, par value (in dollars per share) | $0.01 | $0.01 |
Common shares, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common shares, shares issued (in shares) | 34,173,691 | 26,295,558 |
Common shares, shares outstanding (in shares) | 34,173,691 | 26,295,558 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Room | $184,926 | $118,169 | $94,566 |
Food and beverage | 2,764 | 1,311 | 253 |
Other | 7,534 | 5,113 | 4,023 |
Cost reimbursements from unconsolidated real estate entities | 1,992 | 1,635 | 1,622 |
Total revenue | 197,216 | 126,228 | 100,464 |
Hotel operating expenses: | |||
Room | 37,516 | 25,709 | 20,957 |
Food and beverage expense | 1,966 | 944 | 307 |
Telephone expense | 1,304 | 899 | 718 |
Other hotel operating expense | 2,056 | 1,580 | 1,508 |
General and administrative | 16,265 | 11,529 | 9,320 |
Franchise and marketing fees | 15,110 | 9,394 | 7,529 |
Advertising and promotions | 3,676 | 2,782 | 2,257 |
Utilities | 7,269 | 4,955 | 4,081 |
Repairs and maintenance | 8,705 | 6,310 | 4,958 |
Management fees | 6,096 | 3,752 | 2,872 |
Insurance | 998 | 742 | 523 |
Total hotel operating expenses | 100,961 | 68,596 | 55,030 |
Depreciation and amortization | 34,710 | 18,249 | 14,273 |
Property taxes and insurance | 12,624 | 8,915 | 7,088 |
General and administrative | 9,852 | 8,131 | 7,565 |
Hotel property acquisition costs and other charges | 10,381 | 3,341 | 236 |
Reimbursable costs from unconsolidated real estate entities | 1,992 | 1,635 | 1,622 |
Total operating expenses | 170,520 | 108,867 | 85,814 |
Operating income | 26,696 | 17,361 | 14,650 |
Interest and other income | 108 | 132 | 55 |
Interest expense, including amortization of deferred fees | -21,354 | -11,580 | -14,641 |
Loss on early extinguishment of debt | -184 | -933 | 0 |
Loss from unconsolidated real estate entities | -3,830 | -1,874 | -1,439 |
Net gain from remeasurement and sale of investment in unconsolidated real estate entities | 65,750 | 0 | 0 |
Income (loss) before income tax expense | 67,186 | 3,106 | -1,375 |
Income tax expense | -105 | -124 | -75 |
Net income (loss) | 67,081 | 2,982 | -1,450 |
Net income attributable to non-controlling interest | -208 | 0 | 0 |
Net income attributable to common shareholders | $66,873 | $2,982 | ($1,450) |
Income per Common Share - Basic: | |||
Net income (loss) attributable to common shareholders (in dollars per share) | $2.32 | $0.13 | ($0.12) |
Income per Common Share - Diluted: | |||
Net income (loss) attributable to common shareholders (in dollars per share) | $2.30 | $0.13 | ($0.12) |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 28,531,094 | 21,035,892 | 13,811,691 |
Diluted (in shares) | 28,846,724 | 21,283,831 | 13,811,691 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | Common Shares | Additional Paid-In Capital | Accumulated Deficit | Total Shareholders' Equity | Noncontrolling Interest in Operating Partnership |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2011 | $217,118 | $137 | $239,173 | ($23,220) | $216,090 | $1,028 |
Beginning Balance (in shares) at Dec. 31, 2011 | 13,819,939 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to Equity Incentive Plan (in shares) | 27,592 | |||||
Issuance of shares pursuant to Equity Incentive Plan | 300 | 300 | 300 | |||
Issuance of restricted time-based shares (in shares) | 61,376 | |||||
Amortization of share based compensation | 1,663 | 882 | 882 | 781 | ||
Dividends declared on common shares ($0.93 per share) in 2014, ($0.84 per share) in 2013, and ($0.775 per share) in 2012 | -10,821 | -10,821 | -10,821 | |||
Distributions declared on LTIP units ($0.93 per unit) in 2014, ($0.84 per unit) in 2013, and ($0.775 per unit) in 2012 | -198 | -198 | ||||
Net (loss) income | -1,450 | -1,450 | -1,450 | |||
Ending Balance at Dec. 31, 2012 | 206,612 | 137 | 240,355 | -35,491 | 205,001 | 1,611 |
Ending Balance (in shares) at Dec. 31, 2012 | 13,908,907 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to Equity Incentive Plan (in shares) | 22,536 | |||||
Issuance of shares pursuant to Equity Incentive Plan | 337 | 337 | 337 | |||
Issuance of shares, net of offering costs of $7,153 in 2014 and $10,388 in 2013 (in shares) | 12,306,000 | |||||
Issuance of shares, net of offering costs of $7,153 in 2014 and $10,388 in 2013 | 192,363 | 124 | 192,239 | 192,363 | ||
Issuance of restricted time-based shares (in shares) | 40,829 | |||||
Issuance of performance based shares (in shares) | 17,731 | |||||
Repurchase of common shares (in shares) | -445 | |||||
Repurchase of common shares | -7 | -7 | -7 | |||
Amortization of share based compensation | 1,748 | 966 | 966 | 782 | ||
Dividends declared on common shares ($0.93 per share) in 2014, ($0.84 per share) in 2013, and ($0.775 per share) in 2012 | -18,283 | -18,283 | -18,283 | |||
Distributions declared on LTIP units ($0.93 per unit) in 2014, ($0.84 per unit) in 2013, and ($0.775 per unit) in 2012 | -216 | -216 | ||||
Reallocation of noncontrolling interest | 0 | 10 | 10 | -10 | ||
Net (loss) income | 2,982 | 2,982 | 2,982 | |||
Ending Balance at Dec. 31, 2013 | 385,536 | 261 | 433,900 | -50,792 | 383,369 | 2,167 |
Ending Balance (in shares) at Dec. 31, 2013 | 26,295,558 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to Equity Incentive Plan (in shares) | 16,542 | |||||
Issuance of shares pursuant to Equity Incentive Plan | 337 | 337 | 337 | |||
Issuance of shares, net of offering costs of $7,153 in 2014 and $10,388 in 2013 (in shares) | 7,782,903 | |||||
Issuance of shares, net of offering costs of $7,153 in 2014 and $10,388 in 2013 | 164,399 | 78 | 164,321 | 164,399 | ||
Issuance of restricted time-based shares (in shares) | 48,213 | |||||
Issuance of performance based shares (in shares) | 31,342 | |||||
Repurchase of common shares (in shares) | -867 | |||||
Repurchase of common shares | -18 | -18 | -18 | |||
Amortization of share based compensation | 2,058 | 1,275 | 1,275 | 783 | ||
Dividends declared on common shares ($0.93 per share) in 2014, ($0.84 per share) in 2013, and ($0.775 per share) in 2012 | -27,201 | -27,201 | -27,201 | |||
Distributions declared on LTIP units ($0.93 per unit) in 2014, ($0.84 per unit) in 2013, and ($0.775 per unit) in 2012 | -240 | -240 | ||||
Reallocation of noncontrolling interest | 0 | -497 | -497 | 497 | ||
Net (loss) income | 67,081 | 66,873 | 66,873 | 208 | ||
Ending Balance at Dec. 31, 2014 | $591,952 | $339 | $599,318 | ($11,120) | $588,537 | $3,415 |
Ending Balance (in shares) at Dec. 31, 2014 | 34,173,691 |
Consolidated_Statements_of_Equ1
Consolidated Statements of Equity (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Stockholders' Equity [Abstract] | ||
Issuance of shares, offering costs | $7,153 | $10,388 |
Common shares, dividend declared per share (in dollars per share) | $0.93 | $0.84 |
LTIP units, distributions per unit (in dollars per share) | $0.93 | $0.84 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $67,081 | $2,982 | ($1,450) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 34,579 | 18,162 | 14,198 |
Amortization of deferred franchise fees | 131 | 87 | 75 |
Amortization of deferred financing fees included in interest expense | 1,532 | 1,088 | 1,840 |
Net gain from remeasurement and sale of investment in unconsolidated real estate entities | -65,750 | 0 | 0 |
Loss on early extinguishment of debt | 184 | 933 | 0 |
Loss on write-off of deferred franchise fee | 0 | 64 | 0 |
Share based compensation | 2,471 | 2,085 | 2,003 |
Loss from unconsolidated real estate entities | 3,830 | 1,874 | 1,439 |
Changes in assets and liabilities: | |||
Hotel receivables | 243 | -68 | -41 |
Deferred costs | -754 | -493 | -148 |
Prepaid expenses and other assets | -118 | 338 | -428 |
Accounts payable and accrued expenses | 5,877 | 4,519 | -2,603 |
Net cash provided by operating activities | 49,306 | 31,571 | 14,885 |
Cash flows from investing activities: | |||
Improvements and additions to hotel properties | -14,931 | -16,178 | -8,590 |
Acquisition of hotel properties, net of cash acquired | -404,737 | -229,646 | -27,998 |
Distributions from unconsolidated entities | 2,053 | 13,939 | 21,202 |
Investment in unconsolidated real estate entities | -27,948 | -1,649 | 0 |
Restricted cash | -7,425 | -1,656 | 2,350 |
Net cash used in investing activities | -452,988 | -235,190 | -13,036 |
Cash flows from financing activities: | |||
Borrowings on revolving credit facility | 250,000 | 234,000 | 38,500 |
Repayments on revolving credit facility | -277,500 | -263,500 | -26,500 |
Payments on debt | -2,631 | -2,166 | -1,694 |
Proceeds from the issuance of debt | 340,475 | 164,613 | 0 |
Principal prepayment of mortgage debt | -32,186 | -100,130 | 0 |
Payments of financing costs | -1,585 | -2,405 | -1,452 |
Payment of offering costs | -7,062 | -10,388 | -277 |
Proceeds from issuance of common shares | 171,552 | 202,751 | 0 |
In-substance repurchase of vested common shares | -18 | -7 | 0 |
Distributions-common shares/units | -26,507 | -19,424 | -10,610 |
Net cash provided by (used in) financing activities | 414,538 | 203,344 | -2,033 |
Net change in cash and cash equivalents | 10,856 | -275 | -184 |
Cash and cash equivalents, beginning of period | 4,221 | 4,496 | 4,680 |
Cash and cash equivalents, end of period | 15,077 | 4,221 | 4,496 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 18,296 | 10,169 | 12,677 |
Cash paid for income taxes | $220 | $77 | $135 |
Consolidated_Statements_of_Cas1
Consolidated Statements of Cash Flows (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Statement of Cash Flows [Abstract] | |||
Accrued distributions payable | $2,884,000 | $1,950,000 | $2,875,000 |
Accrued but unpaid distribution | 129,000 | 92,000 | 41,000 |
Prepaid expenses and other assets | 75,000 | ||
Accrued share based compensation | 413,000 | 337,000 | 337,000 |
Accounts payable and accrued expenses | 865,000 | 323,000 | 869,000 |
Deferred finance costs, net | 0 | 91,000 | |
Loss on early extinguishment of debt | 397,000 | ||
Write Off Of Deferred Debt Accumulated Amortization | $213,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust on October 26, 2009. The Company is internally-managed and was organized to invest primarily in premium-branded upscale extended-stay and select-service hotels. The Company has elected to be treated as a real estate investment trust for federal income tax purposes ("REIT"). | |
The Company had no operations prior to the consummation of the initial public offering ("IPO") in April 2010. The net proceeds from our share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership. Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership, which are presented as non-controlling interests on our consolidated balance sheets. | |
As of December 31, 2014, the Company owned 34 hotels with an aggregate of 5,115 (unaudited) rooms located in 15 states and the District of Columbia. The Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with NorthStar Realty Finance Corp ("NorthStar"), which was formed in the second quarter of 2014 and acquired 47 hotels from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management (“Cerberus”), comprising an aggregate of 6,094 (unaudited) rooms, (ii) held a 10.0% noncontrolling interest in a separate joint venture (the "Inland JV") with NorthStar, which was formed in the fourth quarter of 2014 acquired 48 hotels from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,401 (unaudited) rooms and (iii) held a 5.0% noncontrolling interest in a joint venture (the "Torrance JV") with Cerberus that owns the 248-room (unaudited) Residence Inn by Marriott in Torrance, CA. We sometimes refer to the NewINK JV, Inland JV and Torrance JV collectively as the "JVs". | |
To qualify as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease our wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by one of the Company’s taxable REIT subsidiary (“TRS”) holding companies. Each hotel is leased to a TRS Lessee under a percentage lease that provides for rental payments equal to the greater of (i) a fixed base rent amount or (ii) a percentage rent based on hotel room revenue. The initial term of each of the TRS leases is 5 years. Lease revenue from each TRS Lessee is eliminated in consolidation. The Company indirectly owns its (i) 10.3% interest in 47 of the NewINK JV hotels, (ii) 10% interest in 48 of the Inland JV hotels and (iii) its 5.0% interest in the Torrance JV through the Operating Partnership. All of the NewINK JV hotels, Inland JV hotels and the Torrance JV hotel are leased to TRS Lessees, in which the Company indirectly owns noncontrolling interests through one of its TRS holding companies. | |
The TRS Lessees have entered into management agreements with third-party management companies that provide day-to-day management for the hotels. As of December 31, 2014, Island Hospitality Management Inc. (“IHM”), which was 90% owned by Mr. Fisher, managed 32 of the Company’s wholly owned hotels and Concord Hospitality Enterprises Company managed two of the Company’s wholly owned hotels. As of December 31, 2014, all of the NewINK JV hotels were managed by IHM. As of December 31, 2014, 34 of the Inland JV hotels are managed by IHM and 14 hotels are managed by Marriott International, Inc. ("Marriott"). The Torrance JV hotel is managed by Marriott. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||
Basis of Presentation | ||||||||
The accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. | ||||||||
The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. | ||||||||
Reclassifications | ||||||||
Certain prior period revenue and expense amounts in the consolidated financial statements have been reclassified to be comparable to the current period presentation. The reclassification did not have any impact on net income (loss). | ||||||||
Use of Estimates | ||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of and disclosures of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | ||||||||
Fair Value of Financial Instruments | ||||||||
The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable and debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, the fair value of which is separately disclosed in Note 6. | ||||||||
Investment in Hotel Properties | ||||||||
The Company allocates the purchase prices of hotel properties acquired through a business combination based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees are expensed in the period incurred. | ||||||||
The Company’s investment in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 15 years for building improvements and one to ten years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. | ||||||||
The Company will periodically review its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair market value is recorded and an impairment loss recognized. As of December 31, 2014, 2013 and 2012, there were no hotel properties impaired. | ||||||||
For properties the Company considers held for sale, depreciation and amortization are no longer recorded and the value the properties is recorded at the lower of depreciated cost or fair value, less costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the FASB's guidance on the impairment or disposal of long-lived assets are met. As of December 31, 2014, the Company had no hotel properties held for sale. | ||||||||
Investment in Unconsolidated Real Estate Entities | ||||||||
If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable investment entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee. | ||||||||
Investment in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities. | ||||||||
The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. | ||||||||
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. Cash balances in individual banks may exceed federally insurable limits. | ||||||||
Restricted Cash | ||||||||
Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans or hotel management agreements. Restricted cash on the accompanying consolidated balance sheet at December 31, 2014 and 2013 is $12,030 and $4,605, respectively. | ||||||||
Hotel Receivables | ||||||||
Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses. At December 31, 2014 and 2013, the allowance for doubtful accounts was $71 and $30, respectively. | ||||||||
Deferred Costs | ||||||||
Deferred costs consist of franchise agreement fees for the Company’s hotels, loan costs related to the Company’s senior secured revolving credit facility and mortgage loans and costs related to the Company’s share offerings or share plans. | ||||||||
Deferred costs consisted of the following at December 31, 2014 and 2013 (in thousands): | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Loan costs | $ | 10,717 | $ | 9,529 | ||||
Franchise fees | 2,969 | 2,215 | ||||||
Other | — | 91 | ||||||
13,686 | 11,835 | |||||||
Less accumulated amortization | (6,172 | ) | (4,722 | ) | ||||
Deferred costs, net | $ | 7,514 | $ | 7,113 | ||||
Loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. Other deferred costs relate to potential share offerings and are recorded as a reduction in additional paid-in capital as shares are sold. For the years ended December 31, 2014, 2013 and 2012, amortization expense related to franchise fees of $131, $87 and $75, respectively, is included in depreciation and amortization. Amortization expense related to loan costs of $1,532, $1,088 and $1,840 for the years ended December 31, 2014, 2013 and 2012, respectively, is included in interest expense in the consolidated statements of operations. | ||||||||
Prepaid Expenses and Other Assets | ||||||||
The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory. | ||||||||
Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities | ||||||||
At times, certain of the Company’s investments in unconsolidated entities share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. Although the Company typically does not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside financial returns, the Company generally intends to make any required capital contributions to maintain its ownership percentage and as such will record its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities is negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s Consolidated Balance Sheets. | ||||||||
The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. | ||||||||
Revenue Recognition | ||||||||
Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. | ||||||||
Share-Based Compensation | ||||||||
The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statement of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. | ||||||||
Earnings Per Share | ||||||||
A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and long-term incentive plan units are entitled to receive dividends, if declared. The rights to dividends declared are non-forfeitable, and therefore, the unvested restricted shares and long-term incentive plan units qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to the unvested restricted shares is based on the proportion of the weighted average unvested restricted shares outstanding to the total of the basic weighted average common shares outstanding and the weighted average unvested restricted shares outstanding. Basic EPS is then computed by dividing income less earnings allocable to unvested restricted shares by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities. | ||||||||
Income Taxes | ||||||||
The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions. | ||||||||
The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiaries (each, a “TRS”) which, in turn are wholly owned by the Operating Partnership. Additionally, the Company indirectly owns its interest in the hotels owned by the NewINK JV (47 hotels), the Inland JV (48 hotels) and the Torrance JV through the Operating Partnership. All of the NewINK JV hotels, Inland JV hotels and the Torrance JV hotel are leased to TRS Lessees in which the Company indirectly owns noncontrolling interests through one of its TRS holding companies. Each TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. | ||||||||
As of December 31, 2014, the Company is no longer subject to U.S federal income tax examinations for years before 2012 and with few exceptions to state examinations before 2012. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provisions for income taxes is required in the Company's consolidated financial statements as of December 31, 2014. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. | ||||||||
During the first quarter of 2015, management was notified that one of the Company's TRS' is going to be examined by the State of Florida Department of Revenue for the tax years ended December 31, 2009 through 2013. As of March 16, 2015, the examination remains open. The Company believes that it does not need to record a liability related to all matters contained in the tax periods open to examination. However, should the Company experience an unfavorable outcome in the State of Florida matter, such an outcome could have a material impact on its results of operations, financial position, and cash flows. Although the timing of the income tax audit resolutions and negotiations with taxing authorities is highly uncertain, the Company does not anticipate a significant change to the total amount of unrecognized income tax benefits within the next 12 months. | ||||||||
Organizational and Offering Costs | ||||||||
The Company expensed organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. For offering costs incurred prior to potential share offerings, these costs are initially recorded in deferred costs on the balance sheet and then recorded as a reduction to addtional paid-in capital as shares are sold through the subsequent share offering. As of December 31, 2014 and 2013, the Company had $0 and $91 recorded in deferred costs related to deferred offering costs. | ||||||||
Segment Information | ||||||||
Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers. | ||||||||
Recently Issued Accounting Standards | ||||||||
In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results or a business activity classified as held for sale upon acquisition should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014. Early adoption is only permitted for disposals that have not been reported in financial statements previously issued. We adopted this accounting standard update effective January 1, 2014 and the implementation of the amended guidance did not have a material impact on the Company's consolidated financial position or results of operations, but do expect these amendments to impact the Company's determination of which future property disposals qualify as discontinued operations as well as requiring additional disclosures about discontinued operations. | ||||||||
On May 28, 2014, 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 ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on it financial statements. | ||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entities ability to continue within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity's ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017 and will not have an impact on the Company's financial position, results of operations or cash flows. | ||||||||
In February 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis, which requires amendments to both the variable interest entity and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements. |
Acquisition_of_Hotel_Propertie
Acquisition of Hotel Properties | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisition of Hotel Properties | Acquisition of Hotel Properties | ||||||||||||
Hotel Purchase Price Allocation | |||||||||||||
The allocation of the purchase price of each of the hotels acquired by the Company in 2014, based on the fair value on the date of its acquisition, was (in thousands): | |||||||||||||
Silicon Valley Hotels | Cherry Creek Hotel | Inland 4 Pack Hotels | Total | ||||||||||
Acquisition date | 6/9/14 | 8/29/14 | 11/17/14 | ||||||||||
Number of rooms (unaudited) | 751 | 194 | 575 | 1,520 | |||||||||
Land | $ | 149,565 | $ | 3,700 | $ | 12,923 | $ | 166,188 | |||||
Building and improvements | 159,391 | 26,300 | 92,414 | 278,105 | |||||||||
Furniture, fixtures and equipment | 14,897 | 2,000 | 1,404 | 18,301 | |||||||||
Cash | 25 | 1 | 11 | 37 | |||||||||
Restricted cash | — | — | — | — | |||||||||
Accounts receivable | 959 | 56 | 374 | 1,389 | |||||||||
Deferred costs, net | — | — | — | — | |||||||||
Prepaid expenses and other assets | 289 | 17 | 56 | 362 | |||||||||
Mortgage Debt | — | — | — | — | |||||||||
Accounts payable and accrued expenses | — | (62 | ) | (686 | ) | (748 | ) | ||||||
Net assets acquired | $ | 325,126 | $ | 32,012 | $ | 106,496 | $ | 463,634 | |||||
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | (58,860 | ) | — | — | (58,860 | ) | |||||||
Net assets acquired, net of cash | $ | 266,241 | $ | 32,011 | $ | 106,485 | $ | 404,737 | |||||
The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets. The Company incurred acquisition costs of $10,381, $3,341 and $236, respectively, during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
The amount of revenue and operating income from the hotels acquired in 2014 from their respective date of acquisition through December 31, 2014 is as follows (in thousands): | |||||||||||||
Revenue | Operating Income | ||||||||||||
Silicon Valley hotels | $ | 26,814 | $ | 16,554 | |||||||||
Cherry Creek hotel | 2,445 | 1,111 | |||||||||||
Inland 4 Pack hotels | 2,035 | 692 | |||||||||||
Total | $ | 31,294 | $ | 18,357 | |||||||||
Pro Forma Financial Information (unaudited) | |||||||||||||
The following condensed pro forma financial information presents the unaudited results of operations as if the hotels acquired during the years ended December 31, 2014, 2013 or 2012 had taken place on January 1, 2013, 2012 and 2011, respectively. Since the acquisition of the Portland hotel and the Cherry Creek hotel were not material, the pro forma numbers presented below do not include the operating results of the Portland hotel or Cherry Creek hotel prior to the acquisition date. Supplemental pro forma earnings were adjusted to exclude $7,234 and $1,667, respectively, of acquisition-related costs incurred in the years ended December 31, 2014 and 2013. Supplemental pro forma earnings for the years ended December 2013 and 2012, respectively, were adjusted to include these charges from 2014 and 2013. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2013, 2012 or 2011, respectively, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). | |||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Pro forma total revenue | $ | 237,681 | $ | 216,239 | $ | 141,557 | |||||||
Pro forma net income (loss) | $ | 80,930 | $ | 7,627 | $ | 1,928 | |||||||
Pro forma income per share: | |||||||||||||
Basic | $ | 2.84 | $ | 0.27 | $ | 0.07 | |||||||
Diluted | $ | 2.81 | $ | 0.26 | $ | 0.07 | |||||||
Weighted average common shares outstanding | |||||||||||||
Basic | 28,531,094 | 28,531,094 | 28,531,094 | ||||||||||
Diluted | 28,846,724 | 28,846,724 | 28,846,724 | ||||||||||
As a result of the properties being treated as acquired as of January 1, 2012 and 2013, the Company assumed approximately 28,531,094 shares were issued as of January 1, 2012 to fund the acquisition of the properties. Consequently, the weighted average shares outstanding was adjusted to reflect the treatment of these assumed additional shares as issued outstanding as of the beginning of the periods presented. |
Investment_in_Hotel_Properties
Investment in Hotel Properties | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments Schedule [Abstract] | ||||||||
Investment in Hotel Properties | Investment in Hotel Properties | |||||||
Investment in hotel properties as of December 31, 2014 and 2013 consisted of the following (in thousands): | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Land and improvements | $ | 261,108 | $ | 94,847 | ||||
Building and improvements | 844,396 | 559,713 | ||||||
Furniture, fixtures and equipment | 61,186 | 36,628 | ||||||
Renovations in progress | 6,574 | 4,006 | ||||||
1,173,264 | 695,194 | |||||||
Less: accumulated depreciation | (76,839 | ) | (42,317 | ) | ||||
Investment in hotel properties, net | $ | 1,096,425 | $ | 652,877 | ||||
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | |||||||||||||
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities | ||||||||||||
On April 17, 2013, the Company acquired a 5.0% interest in the Torrance JV with Cerberus for $1,649. The Torrance JV acquired the 248-room (unaudited) Residence Inn by Marriott in Torrance, CA for $31,000. The Company accounts for this investment under the equity method. During the years ended December 31, 2014 and 2013, the Company received cash distributions from the Torrance JV as follows (in thousands): | |||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cash generated from other activities and excess cash | $ | 100 | $ | 40 | |||||||||
Cash generated from debt refinancing | — | 908 | |||||||||||
Total | $ | 100 | $ | 948 | |||||||||
The Company owned a 10.3% interest in a joint venture (the "Innkeepers JV") with Cerberus, which owned 51 hotels comprising an aggregate of 6,845 rooms until June 9, 2014. The Company accounted for this investment under the equity method. During the years ended December 31, 2014 and 2013, the Company received cash distributions from the Innkeepers JV as follows (in thousands): | |||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cash generated from other activities and excess cash | $ | 411 | $ | 2,716 | |||||||||
Cash generated from asset sales | — | 130 | |||||||||||
Cash generated from debt refinancing | — | 10,145 | |||||||||||
Total | $ | 411 | $ | 12,991 | |||||||||
On June 9, 2014, the Innkeepers JV completed the sale of 47 of the 51-hotels, owned by the Innkeepers JV to a new joint venture (the "NewINK JV") between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the Operating Partnership: NorthStar owns an 89.7% interest and the Company owns a 10.3% interest in the NewINK JV. The remaining four hotels that were part of the 51-hotel Innkeeper's JV portfolio, each of which is a Residence Inn hotel located in Silicon Valley, CA ("Silicon Valley Hotels"), were purchased by the Company (see note 3). The Company accounts for its investment in the NewINK JV under the equity method. The remeasurement gain of the Company's interest in the four Silicon Valley Hotels as a result of the step acquisition was approximately $18.8 million and the net gain from the Company's promote interest in the Innkeepers JV was approximately $47.0 million (which was credited toward the purchase of the Silicon Valley Hotels), resulting in a total gain of $65.8 million from the transaction. For tax purposes, the Company's gain resulting from this transaction was rolled tax deferred between the basis of the Company's investment in the NewINK JV and the Company's basis in the four Silicon Valley Hotels. As of December 31, 2014, the Company's share of partners' capital in the NewINK JV is approximately $19.0 million and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $17.3 million (for which the basis difference related to amortizing assets is being recognized over the life of the related assets as a basis difference adjustment). | |||||||||||||
During the years ended December 31, 2014 and 2013, the Company received cash distributions from the NewINK JV as follows (in thousands): | |||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cash generated from other activities and excess cash | $ | 1,542 | $ | — | |||||||||
Total | $ | 1,542 | $ | — | |||||||||
On November 17, 2014, the Company acquired a 10.0% interest in a joint venture between affiliates of NorthStar and the Operating Partnership (the "Inland JV"). NorthStar owns a 90.0% interest in the Inland JV. The Company accounts for this investment under the equity method. During the years ended December 31, 2014 and 2013, the Company did not receive any cash distributions from the Inland JV. | |||||||||||||
The Company’s ownership interests in the NewINK JV, the Inland JV and the Torrance JV (the "JVs") are subject to change in the event that either the Company, NorthStar or Cerberus calls for additional capital contributions to the respective JVs necessary for the conduct of business, including contributions to fund costs and expenses related to capital expenditures. The Company manages the JVs and will receive a promote interest in each applicable JV if it meets certain return thresholds for such JV. NorthStar and Cerberus may also approve certain actions by the JVs in which they are a partner without the Company’s consent, including certain property dispositions conducted at arm’s length, certain actions related to the restructuring of the applicable JV and removal of the Company as managing member in the event the Company fails to fulfill its material obligations under the applicable joint venture agreement. | |||||||||||||
The Company's investments in the NewInk JV, the Inland JV and the Torrance JV are $1,694, $25,676, $782, respectively, at December 31, 2014. The following tables sets forth the total assets, liabilities, equity and components of net loss, including the Company’s share, related to all JVs for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||
Balance Sheet | |||||||||||||
31-Dec-14 | December 31, 2013 | December 31, 2012 | |||||||||||
Assets | |||||||||||||
Investment in hotel properties, net | $ | 1,907,928 | $ | 874,058 | $ | 862,747 | |||||||
Other assets | 261,311 | 114,034 | 86,149 | ||||||||||
Total Assets | $ | 2,169,239 | $ | 988,092 | $ | 948,896 | |||||||
Liabilities | |||||||||||||
Mortgages and notes payable | $ | 1,677,159 | $ | 969,023 | $ | 792,239 | |||||||
Other Liabilities | 34,929 | 19,211 | 27,041 | ||||||||||
Total Liabilities | 1,712,088 | 988,234 | 819,280 | ||||||||||
Equity | |||||||||||||
Chatham Lodging Trust | 45,470 | (802 | ) | 13,362 | |||||||||
Joint Venture Partner | 411,681 | 660 | 116,254 | ||||||||||
Total Equity | 457,151 | (142 | ) | 129,616 | |||||||||
Total Liabilities and Equity | $ | 2,169,239 | $ | 988,092 | $ | 948,896 | |||||||
For the year ended | |||||||||||||
Statement of Operations | December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | $ | 290,419 | $ | 271,224 | $ | 251,612 | |||||||
Total hotel operating expenses | 166,849 | 151,823 | 143,525 | ||||||||||
Operating income | $ | 123,570 | $ | 119,401 | $ | 108,087 | |||||||
Net loss from continuing operations | $ | (40,018 | ) | $ | (14,376 | ) | $ | (16,093 | ) | ||||
Gain (loss) on sale of hotels | $ | (5 | ) | $ | (2,730 | ) | $ | 2,092 | |||||
Net loss | $ | (40,023 | ) | $ | (17,106 | ) | $ | (14,001 | ) | ||||
Income allocable to the Company | $ | (4,165 | ) | $ | (1,874 | ) | $ | (1,439 | ) | ||||
Basis difference adjustment | $ | 335 | $ | — | $ | — | |||||||
Total loss from unconsolidated real estate entities attributable to Chatham | $ | (3,830 | ) | $ | (1,874 | ) | $ | (1,439 | ) |
Debt
Debt | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Debt | Debt | ||||||||||||||||
The Company’s mortgage loans and its senior secured revolving credit facility are collateralized by first-mortgage liens on certain properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Mortgage debt consisted of the following (in thousands): | |||||||||||||||||
Collateral | Interest | Maturity Date | 12/31/14 | Balance Outstanding as of | |||||||||||||
Rate | Property | ||||||||||||||||
Carrying | |||||||||||||||||
Value | December 31, 2014 | December 31, | |||||||||||||||
2013 | |||||||||||||||||
Senior Secured Revolving Credit Facility (1) | 2.67 | % | November 5, 2016 | $ | 177,133 | $ | 22,500 | $ | 50,000 | ||||||||
SpringHill Suites by Marriott Washington, PA | 5.84 | % | April 1, 2015 | 11,509 | 4,760 | 4,937 | |||||||||||
Courtyard by Marriott Altoona, PA | 5.96 | % | April 1, 2016 | 10,553 | 6,172 | 6,378 | |||||||||||
Residence Inn by Marriott New Rochelle, NY | 5.75 | % | September 1, 2021 | 21,075 | 14,832 | 15,150 | |||||||||||
Residence Inn by Marriott San Diego, CA | 4.66 | % | February 6, 2023 | 46,947 | 30,062 | 30,546 | |||||||||||
Homewood Suites by Hilton San Antonio, TX | 4.59 | % | February 6, 2023 | 29,615 | 17,174 | 17,454 | |||||||||||
Residence Inn by Marriott Vienna, VA | 4.49 | % | February 6, 2023 | 32,918 | 23,534 | 23,925 | |||||||||||
Courtyard by Marriott Houston, TX | 4.19 | % | May 6, 2023 | 32,526 | 19,475 | 19,812 | |||||||||||
Hyatt Place Pittsburgh, PA | 4.65 | % | July 6, 2023 | 38,187 | 23,657 | 24,028 | |||||||||||
Residence Inn by Marriott Bellevue, WA | 4.97 | % | December 6, 2023 | 69,635 | 47,580 | 47,580 | |||||||||||
Residence Inn by Marriott Garden Grove, CA (2) | 4.79 | % | April 6, 2024 | 42,873 | 34,000 | 32,253 | |||||||||||
Residence Inn by Marriott Silicon Valley I, CA (3) | 4.64 | % | July 1, 2024 | 90,509 | 64,800 | — | |||||||||||
Residence Inn by Marriott Silicon Valley II, CA (3) | 4.64 | % | July 1, 2024 | 99,150 | 70,700 | — | |||||||||||
Residence Inn by Marriott San Mateo, CA (3) | 4.64 | % | July 1, 2024 | 71,022 | 48,600 | — | |||||||||||
Residence Inn by Marriott Mountain View, CA (3) | 4.64 | % | July 1, 2024 | 54,781 | 37,900 | — | |||||||||||
SpringHill Suites by Marriott Savannah, GA (4) | 4.62 | % | July 6, 2024 | 38,215 | 30,000 | — | |||||||||||
Homewood Suites by Hilton Billerica, MA (5) | 4.32 | % | December 6, 2024 | 12,238 | 16,225 | — | |||||||||||
Homewood Suite by Marriott Carlsbad, CA (5) | 4.32 | % | December 6, 2024 | 28,838 | 19,950 | — | |||||||||||
Hampton Inn & Suites Houston Medical Cntr., TX (6) | 4.25 | % | January 6, 2025 | 15,605 | 18,300 | — | |||||||||||
Total | $ | 923,329 | $ | 550,221 | $ | 272,063 | |||||||||||
-1 | Ten properties in the borrowing base serve as collateral for borrowings under the credit facility at December 31, 2014. The interest rate for the senior secured revolving credit facility is variable and based on LIBOR plus 2.5%. | ||||||||||||||||
-2 | On March 21, 2014, the Company refinanced the mortgage for the Residence Inn Garden Grove hotel. The new loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 12 months. The Company incurred $184 in costs for the early extinguishment of debt related to the old loan. | ||||||||||||||||
-3 | On June 9, 2014, the Company obtained 4 new mortgage loans secured by a first mortgage for the Silicon Valley I, Silicon Valley II, San Mateo and Mountain View hotels, respectively. The new loans have a 10-year term and a 30-year amortization payment schedule but are interest only for the first 60 months. | ||||||||||||||||
-4 | On July 2, 2014, the Company obtained a new mortgage loan secured by a first mortgage for the Savannah hotel. The loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 60 months. | ||||||||||||||||
-5 | On November 25, 2014, the Company obtained 2 new mortgage loans secured by a first mortgage on each of the Billerica and Carlsbad hotels. The loans have a 10-year term and a 30-year amortization payment schedule but are interest only for the first 36 months. | ||||||||||||||||
-6 | On December 17, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Houston Medical Center hotel. The loan has a 10-year term, a 30-year amortization payment schedule but is interest only for the first 36 months. | ||||||||||||||||
The Company entered into an amendment (the "Amendment") to its amended and restated senior secured revolving credit facility on December 11, 2013. The Amendment extends the maturity date to November 5, 2016 and includes the Company's option to extend the maturity date by an additional year. The senior secured revolving credit facility includes limitations on the extent of allowable distributions to the Company not to exceed the greater of 95% of Adjusted Funds from Operations (as defined in the senior secured revolving credit facility) and the minimum amount of distributions required for the Company to maintain its REIT status. Other key terms are as follows: | |||||||||||||||||
Facility amount | $175,000 | ||||||||||||||||
Accordion feature | Increase additional $50,000 | ||||||||||||||||
LIBOR floor | None | ||||||||||||||||
Interest rate applicable margin | 200-300 basis points, based on leverage ratio | ||||||||||||||||
Unused fee | 25 basis points if less than 50% unused, 35 basis points if more than 50% unused | ||||||||||||||||
Minimum fixed charge coverage ratio | 1.5x | ||||||||||||||||
At December 31, 2014 and 2013, the Company had $22,500 and $50,000, respectively, of outstanding borrowings under its senior secured revolving credit facility. Ten properties in the borrowing base serve as collateral for borrowings under the credit facility at December 31, 2014. At December 31, 2014, the maximum borrowing availability under the revolving credit facility was $175,000. | |||||||||||||||||
The Company estimates the fair value of its fixed rate debt, which is all of the Company's mortgage loans by discounting the future cash flows of each instrument at estimated market rates. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of December 31, 2014 and 2013 was $542.5 million and $220.0 million, respectively. | |||||||||||||||||
The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with a similar maturity and that is classified within level 3 of the fair value hierarchy. The Company’s only variable rate debt is under its senior secured revolving credit facility. The estimated fair value of the Company’s variable rate debt as of December 31, 2014 and 2013 was $22.5 million and $50.0 million, respectively. | |||||||||||||||||
As of December 31, 2014, the Company was in compliance with all of its financial covenants. At December 31, 2014, the Company’s consolidated fixed charge coverage ratio was 3.15. Future scheduled principal payments of debt obligations as of December 31, 2014, for each of the next five calendar years and thereafter are as follows (in thousands): | |||||||||||||||||
Amount | |||||||||||||||||
2015 | $ | 8,062 | |||||||||||||||
2016 | 31,978 | ||||||||||||||||
2017 | 3,971 | ||||||||||||||||
2018 | 5,012 | ||||||||||||||||
2019 | 7,046 | ||||||||||||||||
Thereafter | 494,152 | ||||||||||||||||
Total | $ | 550,221 | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | Income Taxes | ||||||||||||
The Company’s TRSs are subject to federal and state income taxes. The Company’s TRSs are structured under two TRS holding companies, which are referred to as TRS 1 and TRS 2, which are treated separately for income tax purposes. | |||||||||||||
The components of income tax expense for the following periods are as follows (in thousands): | |||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 82 | $ | 93 | $ | 55 | |||||||
State | 27 | 30 | 19 | ||||||||||
Current tax expense | $ | 109 | $ | 123 | $ | 74 | |||||||
Deferred: | |||||||||||||
Federal | (3 | ) | — | 1 | |||||||||
State | (1 | ) | 1 | — | |||||||||
Deferred tax expense | (4 | ) | 1 | 1 | |||||||||
Total tax expense | $ | 105 | $ | 124 | $ | 75 | |||||||
The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRSs before taxes were as follows (in thousands): | |||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Book income (loss) before income taxes | $ | (520 | ) | $ | (2,080 | ) | $ | 159 | |||||
Statutory rate of 34% applied to pre-tax income | $ | (178 | ) | $ | (707 | ) | $ | 54 | |||||
Effect of state and local income taxes, net of federal tax benefit | (14 | ) | (82 | ) | 20 | ||||||||
Provision to return and deferred adjustment | 40 | 118 | — | ||||||||||
Change in valuation allowance | 257 | 795 | 1 | ||||||||||
Total expense | $ | 105 | $ | 124 | $ | 75 | |||||||
Effective tax rate | (20.19 | )% | (5.96 | )% | 47.17 | % | |||||||
At December 31, 2014, TRS 1 had a gross deferred tax asset associated with future tax deductions of $1,297. TRS 1 has continued to record a full valuation allowance equal to 100% of the gross deferred tax asset due to the uncertainty of realizing the benefit of its deferred assets due to the cumulative taxable losses incurred by TRS 1 since its inception. TRS 2 has a gross deferred tax asset of $10 as of December 31, 2014 and no valuation allowance has been recorded in connection with the gross deferred tax assets of TRS 2 for December 31, 2014 and 2013. Accordingly, the net deferred tax asset of the Company solely relates to the deferred tax assets generated by TRS 2 during the years ended December 31, 2014 and 2013. The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2014 and 2013 are as follows (in thousands): | |||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 28 | $ | 11 | |||||||||
Other | 230 | 101 | |||||||||||
Valuation allowance | (248 | ) | (89 | ) | |||||||||
Current deferred tax asset | $ | 10 | $ | 23 | |||||||||
Non-current | |||||||||||||
Total book to tax difference in partnership | $ | (165 | ) | $ | (149 | ) | |||||||
Net operating loss | 1,214 | 1,100 | |||||||||||
Valuation allowance | (1,049 | ) | (951 | ) | |||||||||
Non-current deferred tax asset | $ | — | $ | — | |||||||||
Net deferred tax asset | $ | 10 | $ | 23 | |||||||||
Dividends_Declared_and_Paid
Dividends Declared and Paid | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Dividends Declared and Paid | Dividends Declared and Paid | ||||||||||||||||||||
The Company declared total common share dividends of $0.93 per share and distributions on long-term incentive plan ("LTIP") units of $0.93 per unit for the year ended December 31, 2014. The dividends and distributions and their tax characterization were as follows: | |||||||||||||||||||||
Record | Payment | Common | LTIP | Ordinary Income | Return of Capital | ||||||||||||||||
Date | Date | share | unit | ||||||||||||||||||
distribution | distribution | ||||||||||||||||||||
amount | amount | ||||||||||||||||||||
January | 1/31/14 | 2/28/14 | $ | 0.07 | $ | 0.07 | $ | 0.069 | $ | 0.001 | |||||||||||
February | 2/28/14 | 3/28/14 | 0.07 | 0.07 | 0.069 | 0.001 | |||||||||||||||
March | 3/31/14 | 4/25/14 | 0.07 | 0.07 | 0.069 | 0.001 | |||||||||||||||
1st Quarter 2014 | $ | 0.21 | $ | 0.21 | $ | 0.207 | $ | 0.003 | |||||||||||||
April | 4/30/14 | 5/30/14 | $ | 0.08 | $ | 0.08 | $ | 0.078 | $ | 0.002 | |||||||||||
May | 5/30/14 | 6/27/14 | 0.08 | 0.08 | 0.078 | 0.002 | |||||||||||||||
June | 6/30/14 | 7/25/14 | 0.08 | $ | 0.08 | 0.078 | 0.002 | ||||||||||||||
2nd Quarter 2014 | $ | 0.24 | $ | 0.24 | $ | 0.234 | $ | 0.006 | |||||||||||||
July | 7/31/14 | 8/29/14 | $ | 0.08 | $ | 0.08 | $ | 0.078 | $ | 0.002 | |||||||||||
August | 8/29/14 | 9/26/14 | 0.08 | 0.08 | 0.078 | 0.002 | |||||||||||||||
September | 9/30/14 | 10/31/14 | $ | 0.08 | 0.08 | $ | 0.078 | $ | 0.002 | ||||||||||||
3rd Quarter 2014 | $ | 0.24 | $ | 0.24 | $ | 0.234 | $ | 0.006 | |||||||||||||
October | 10/31/14 | 11/28/14 | $ | 0.08 | $ | 0.08 | $ | 0.078 | $ | 0.002 | |||||||||||
November | 11/28/14 | 12/26/14 | 0.08 | 0.08 | 0.078 | 0.002 | |||||||||||||||
December | 12/31/14 | 1/30/15 | $ | 0.08 | $ | 0.08 | $ | 0.078 | $ | 0.002 | |||||||||||
4th Quarter 2014 | $ | 0.24 | $ | 0.24 | $ | 0.234 | $ | 0.006 | |||||||||||||
Total 2014 | $ | 0.93 | $ | 0.93 | $ | 0.909 | $ | 0.021 | |||||||||||||
Record | Payment | Common | LTIP | Ordinary Income | Return of Capital | ||||||||||||||||
Date | Date | share | unit | ||||||||||||||||||
distribution | distribution | ||||||||||||||||||||
amount | amount | ||||||||||||||||||||
January | 1/31/13 | 2/22/13 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
February | 2/28/13 | 3/29/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
March | 3/28/13 | 4/26/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
1st Quarter 2013 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.03 | |||||||||||||
April | 4/30/13 | 5/31/13 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
May | 5/31/13 | 6/28/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
June | 6/28/13 | 7/26/13 | 0.07 | $ | 0.07 | 0.06 | 0.01 | ||||||||||||||
2nd Quarter 2013 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.03 | |||||||||||||
July | 7/31/13 | 8/30/13 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
August | 8/30/13 | 9/27/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
September | 9/30/13 | 10/25/13 | $ | 0.07 | 0.07 | $ | 0.06 | $ | 0.01 | ||||||||||||
3rd Quarter 2013 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.03 | |||||||||||||
October | 10/31/13 | 11/29/13 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
November | 11/29/13 | 12/27/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
December | 12/31/13 | 1/31/14 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
4th Quarter 2013 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.03 | |||||||||||||
Total 2013 | $ | 0.84 | $ | 0.84 | $ | 0.72 | $ | 0.12 | |||||||||||||
For the years ended December 31, 2014 and 2013, approximately 97.7% and 85.7% of the distributions paid to stockholders were considered taxable income and approximately 2.3% and 14.3% were considered a return of capital for federal income tax purposes, respectively. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Shareholders' Equity | Shareholders' Equity | ||||||||||||
Common Shares | |||||||||||||
The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by its Board of Trustees. As of December 31, 2014, 34,173,691 common shares were outstanding. | |||||||||||||
Common share stock offerings of the Company consisted of the following from inception through December 31, 2014: | |||||||||||||
Type of Offering | Date | Shares Issued | Price per Share | Gross Proceeds (in millions) | Net Proceeds (in millions) | ||||||||
Initial public offering | 4/21/10 | 8,625,000 | $ | 20 | $ | 172.5 | $ | 158.7 | |||||
Private placement offering (1) | 4/21/10 | 500,000 | 20 | 10 | 10 | ||||||||
Follow-on common share offering | 2/8/11 | 4,000,000 | 16 | 64 | 60.3 | ||||||||
Over-allotment option | 2/8/11 | 600,000 | 16 | 9.6 | 9.1 | ||||||||
Follow-on common share offering | 1/14/13 | 3,500,000 | 14.7 | 51.4 | 48.4 | ||||||||
Over-allotment option | 1/31/13 | 92,677 | 14.7 | 1.4 | 1.3 | ||||||||
Follow-on common share offering | 6/18/13 | 4,500,000 | 16.35 | 73.6 | 70 | ||||||||
Over-allotment option | 6/28/13 | 475,823 | 16.35 | 7.8 | 7.4 | ||||||||
Follow-on common share offering | 9/30/13 | 3,250,000 | 18.35 | 59.6 | 56.7 | ||||||||
Over-allotment option | 10/11/13 | 487,500 | 18.35 | 8.9 | 8.5 | ||||||||
Follow-on common share offering | 9/24/14 | 6,000,000 | 21.85 | 131.1 | 125.6 | ||||||||
Over-allotment option | 9/24/14 | 900,000 | 21.85 | 19.7 | 18.9 | ||||||||
32,931,000 | $ | 609.6 | $ | 574.9 | |||||||||
(1) The Company sold 500,000 common shares to Jeffrey H. Fisher, the Company’s Chairman, President and Chief Executive Officer (“Mr. Fisher”) in a private placement concurrent with its IPO. | |||||||||||||
In January 2014, we established a $25 million dividend reinvestment and stock purchase plan ("DRSPP"). Under the DRSPP, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on the Company's common shares. Shareholders may also make optional cash purchases of the Company's common shares subject to certain limitations detailed in the prospectus for the DRSPP. As of December 31, 2014 and 2013, respectively, we had issued 2,083 and 0 shares under the DRSP at a weighted average price of $24.38. As of December 31, 2014, there was approximately $24,949 available for issuance under the DRSPP. | |||||||||||||
In January 2014, the Company established an At the Market Equity Offering ("ATM Plan") whereby, from time to time, the Company may publicly offer and sell up to $50 million of its common shares by means of ordinary brokers' transactions on the New York Stock Exchange (the "NYSE"), in negotiated transactions or in transactions that are deemed to be "at the market" offerings as defined in Rule 415 under the Securities Act, with Cantor Fitzgerald & Co. ("Cantor") acting as sales agent. As of December 31, 2014 and 2013, respectively, we had issued 880,820 and 0 shares under the ATM Plan at a weighted average price of $23.54 in addition to the offerings discussed above. As of December 31, 2014, there was approximately $29,264 available for issuance under the ATM Plan. | |||||||||||||
On January 13, 2015, the Company entered into a Sales Agreement (the “Barclays Sales Agreement”) with Barclays Capital Inc. (“Barclays”) to add Barclays as an additional sales agent under the Company’s ATM Plan. | |||||||||||||
During the years ended December 31, 2014 and 2013, the Company withheld 867 and 445, respectively, of common shares of beneficial interest that had vested to executives in accordance with the Equity Incentive Plan at a value of $20.63 and $16.31, respectively, per share to meet the minimum statutory tax withholding requirements of the executive which were directly remitted by the Company to the appropriate taxing jurisdiction. The price per share is determined by using the closing price of the common shares the day before they are withheld. | |||||||||||||
Preferred Shares | |||||||||||||
The Company is authorized to issue up to 100,000,000 preferred shares, $.01 par value per share. No preferred shares were outstanding at December 31, 2014. | |||||||||||||
Operating Partnership Units | |||||||||||||
Holders of common units in the Operating Partnership, if and when issued, will have certain redemption rights, which will 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 for 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 limited partners or shareholders. As of December 31, 2014 and 2013, there were no Operating Partnership common units held by unaffiliated third parties. | |||||||||||||
At December 31, 2014 and 2013, an aggregate of 257,775 LTIP units, a special class of operating partnership units, were held by executive officers. The LTIP units receive per unit distributions equal to the per share distribution paid on common shares. Upon the closing of the Company's equity offering on September 30, 2013, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 26,250 LTIPS units of one of the officers of the Company achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. Four-fifths of these LTIP units have vested. As of June 4, 2014, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 231,525 LTIP units of the other two officers of the Company achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. Four-fifths of these units have vested as of December 31, 2014. Accordingly, these LTIP units will be allocated their pro-rata share of the Company's net income (loss). |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings Per Share | Earnings Per Share | |||||||||||
The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. Unvested restricted shares and unvested long-term incentive plan units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. The following is a reconciliation of the amounts used in calculating basic and diluted net income (loss) per share (in thousands, except share and per share data): | ||||||||||||
For the year ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) | $ | 66,873 | $ | 2,982 | $ | (1,450 | ) | |||||
Dividends paid on unvested shares and units | (216 | ) | (294 | ) | (272 | ) | ||||||
Undistributed earnings allocated to unvested shares and units | $ | (324 | ) | $ | — | $ | — | |||||
Net income (loss) attributable to common shareholders | $ | 66,333 | $ | 2,688 | $ | (1,722 | ) | |||||
Denominator: | ||||||||||||
Weighted average number of common shares - basic | 28,531,094 | 21,035,892 | 13,811,691 | |||||||||
Effect of dilutive securities: | ||||||||||||
Unvested shares | 315,630 | 247,939 | — | |||||||||
Weighted average number of common shares - diluted | 28,846,724 | 21,283,831 | 13,811,691 | |||||||||
Basic income (loss) per Common Share: | ||||||||||||
Net income (loss) attributable to common shareholders per weighted average common share | $ | 2.32 | $ | 0.13 | $ | (0.12 | ) | |||||
Diluted income (loss) per Common Share: | ||||||||||||
Net income (loss) attributable to common shareholders per weighted average common share | $ | 2.3 | $ | 0.13 | $ | (0.12 | ) | |||||
Equity_Incentive_Plan
Equity Incentive Plan | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Equity Incentive Plan | Equity Incentive Plan | ||||||||||||||||||||
The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees and service providers. The Equity Incentive Plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units and other equity-based awards. The Equity Incentive Plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the Equity Incentive Plan to 3,000,000 shares. Share awards under this plan generally vest over three to five years, though compensation for the Company’s independent trustees includes shares granted that vest immediately. The Company pays dividends on unvested shares and units, except for performance-based shares, for which dividends on unvested performance-based shares are not paid until those shares are vested. Certain awards may provide for accelerated vesting if there is a change in control. As of December 31, 2014, there were 2,296,458 common shares available for issuance under the Equity Incentive Plan. | |||||||||||||||||||||
Restricted Share Awards | |||||||||||||||||||||
A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of December 31, 2014 are: | |||||||||||||||||||||
Award Type | Award Date | Total Shares Granted | Vested as of December 31, 2014 | ||||||||||||||||||
2012 Time-based Awards | 2/23/12 | 61,376 | 40,918 | ||||||||||||||||||
2012 Performance-based Awards | 2/23/12 | 53,191 | 35,462 | ||||||||||||||||||
2013 Time-based Awards | 1/29/13 | 40,829 | 13,611 | ||||||||||||||||||
2013 Performance-based Awards | 5/17/13 | 40,829 | 13,611 | ||||||||||||||||||
2014 Time-based Awards | 1/31/14 | 48,213 | — | ||||||||||||||||||
2014 Performance-based Awards | 1/31/14 | 38,805 | — | ||||||||||||||||||
Time-based shares will vest over a three-year period. The performance-based shares will be issued and vest over a three-year period only if and to the extent that long-term performance criteria established by the Board of Trustees are met and the recipient remains employed by the Company through the vesting date. | |||||||||||||||||||||
The Company measures compensation expense for time-based vesting restricted share awards based upon the fair market value of its common shares at the date of grant. For the performance-based shares granted in 2012, 2013 and 2014, compensation expense is based on a valuation of $10.20, $10.93 and $13.17, respectively, per performance share granted, which takes into account that some or all of the awards may not vest if long-term performance criteria are not met during the vesting period. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on non-vested time-based restricted shares. Dividends for performance-based shares are accrued and paid annually only if and to the extent that long-term performance criteria established by the Board of Trustees are met and the recipient remains employed by the Company on the vesting date. | |||||||||||||||||||||
A summary of the Company’s restricted share awards for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Number of | Weighted - | Number of | Weighted - | Number of | Weighted - | ||||||||||||||||
Shares | Average Grant | Shares | Average Grant | Shares | Average Grant | ||||||||||||||||
Date Fair | Date Fair | Date Fair | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||
Non-vested at beginning of the period | 158,035 | $ | 12.39 | 140,077 | $ | 12.7 | 51,029 | $ | 19.04 | ||||||||||||
Granted | 87,018 | 17.46 | 81,658 | 13.43 | 114,567 | 11.28 | |||||||||||||||
Vested | (65,412 | ) | 12.17 | (63,700 | ) | 14.39 | (25,519 | ) | 19.04 | ||||||||||||
Non-vested at end of the period | 179,641 | $ | 14.92 | 158,035 | $ | 12.39 | 140,077 | $ | 12.7 | ||||||||||||
As of December 31, 2014 and 2013, there were $1,458 and $1,214, respectively, of unrecognized compensation costs related to restricted share awards. As of December 31, 2014, these costs were expected to be recognized over a weighted–average period of approximately 1.9 years. For the years ended December 31, 2014, 2013 and 2012, the Company recognized approximately $1,275, $966 and $883 respectively of expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statements of operations. | |||||||||||||||||||||
Long-Term Incentive Plan Units | |||||||||||||||||||||
LTIP units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants for the performance of services to or for the benefit of the Company. Under the Equity Incentive Plan, each LTIP unit issued is deemed equivalent to an award of one common share thereby reducing the availability for other equity awards on a one-for-one basis. The Company does not receive a tax deduction for the value of any LTIP units granted to employees. LTIP units, whether vested or not, receive the same per unit profit distributions as other outstanding units of the Operating Partnership, which profit distribution will generally equal per share dividends on the Company’s common shares. Initially, LTIP units have a capital account balance of zero, and do not have full parity with common Operating Partnership units with respect to liquidating distributions. The Operating Partnership will revalue its assets upon the occurrence of certain specified events and any increase in valuation will be allocated first to the holders of LTIP units to equalize the capital accounts of such holders with the capital accounts of the Operating Partnership unit holders. If such parity is reached, vested LTIP units may be converted by the holder, at any time, into an equal number of common units of limited partnership interest in the Operating Partnership (“Common Units”), which may be redeemed, at the option of the holder, for cash or at the Company’s option an equivalent number of the Company’s common shares. | |||||||||||||||||||||
On April 21, 2010, the Company’s Operating Partnership granted 246,960 LTIP units to the Company’s executive officers pursuant to the Equity Incentive Plan, all of which are accounted for in accordance with FASB Codification Topic (“ASC”) 718, “Stock Compensation”. On September 9, 2010, the Company’s Operating Partnership granted 26,250 LTIP units to the Company’s then new Chief Financial Officer and 15,435 LTIP units granted to the Company’s former Chief Financial Officer were forfeited. These LTIP units vest ratably over a five years period beginning on the date of grant. | |||||||||||||||||||||
The LTIP units’ fair value was determined by using a discounted value approach. In determining the discounted value of the LTIP Units, the Company considered the inherent uncertainty that the LTIP units would never reach parity with the other Common Units and thus have an economic value of zero to the grantee. Additional factors considered in reaching the assumptions of uncertainty included discounts for illiquidity; expectations for future dividends; limited or no operating history as of the date of the grant; significant dependency on the efforts and services of our executive officers and other key members of management to implement the Company's business plan; available acquisition opportunities; and economic environment and conditions. The Company used an expected stabilized dividend yield of 5.0% and a risk free interest rate of 2.33% based on a five-year U.S. Treasury yield. | |||||||||||||||||||||
The Company recorded $783, $783 and $783 in compensation expense related to the LTIP units for years ended December 31, 2014, 2013 and 2012, respectively. As of December 31, 2014 and 2013, there was $267 and $1,049, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 0.4 years, which represents the weighted average remaining vesting period of the LTIP units. Upon the closing of the Company's equity offering on September 30, 2013, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 26,250 LTIP units of one of the officers of the Company achieved full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. Four-fifths of these units have vested as of December 31, 2014. As of June 4, 2014, the Company determined that a revaluation event occurred, as defined in the Internal Revenue Code of 1986, as amended, and 231,525 LTIP units of the other two officers of the Company achieve full parity with the common units of the Operating Partnership with respect to liquidating distributions and all other purposes. Four-fifths of these units have vested as of December 31, 2014. Accordingly, these LTIP units were allocated their pro-rata share of the Company's net income. | |||||||||||||||||||||
Board of Trustee Share Compensation | |||||||||||||||||||||
For 2014, 2013 and 2012, each independent trustee was compensated $75 for their services. Each trustee may elect to receive up to 100% of their compensation in the form of shares, but must receive at least 50% in the form of shares. In January 2014, 2013 and 2012, the Company issued 16,542, 22,536 and 27,592 common shares, respectively, to its independent trustees as compensation for services performed in 2013, 2012 and 2011, respectively. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the last ten trading days preceding the reporting date. On January 15, 2015, the Company distributed 14,113 common shares to its independent trustees for services performed in 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Commitments and Contingencies | Commitments and Contingencies | |||||||||
Litigation | ||||||||||
The nature of the operations of the hotels exposes the hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. An affiliate of the Company is currently a defendant, along with IHM, in a class action lawsuit pending in the San Diego County Superior Court. The class actions were filed on April 25, 2012 and February 27, 2013, and have subsequently been consolidated on November 8, 2013 under the title Martinez et al v. Island Hospitality Management, Inc., et al. Case No. 37-2012-00096221-CU-OE-CTL. The class actions relate to fifteen hotels operated by IHM in the state of CA and owned by affiliates of the Company, NewINK JV, INK JV, and/or certain third parties. Both complaints in the now consolidated lawsuit allege various wage and hour law violations including unpaid off-the-clock work, failure to provide meal breaks and failure to provide rest breaks. The plaintiffs seek injunctive relief, money damages, penalties, and interest. We are defending our case vigorously. As of December 31, 2014, included in accounts payable and expenses is $287, which represents an estimate of our exposure to the litigation and is also estimated as the maximum possible loss that the Company may incur. | ||||||||||
Hotel Ground Rent | ||||||||||
The Altoona hotel is subject to a ground lease with an expiration date of April 30, 2029 with an extension option by the Company of up to 12 additional terms of five years each. Monthly payments are determined by the quarterly average room occupancy of the hotel. Rent is equal to approximately $7,500 per month when monthly occupancy is less than 85% and can increase up to approximately $20,000 per month if occupancy is 100%, with minimum rent increased on an annual basis by two and one-half percent (2.5%). | ||||||||||
At the New Rochelle Residence Inn, there is an air rights lease and garage lease that each expires on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund the cost of capital repairs. Rent for 2014 is equal to approximately $116. | ||||||||||
Future minimum rental payments under the terms of all non-cancellable operating ground leases under which the Company is the lessee are expensed on a straight-line basis regardless of when payments are due. The following is a schedule of the minimum future obligation payments required under the ground, air rights and garage leases as of December 31, 2014, and for each of the next five calendar years and thereafter (in thousands): | ||||||||||
Amount | ||||||||||
2015 | $ | 210 | ||||||||
2016 | 212 | |||||||||
2017 | 214 | |||||||||
2018 | 217 | |||||||||
2019 | 219 | |||||||||
Thereafter | 11,009 | |||||||||
Total | $ | 12,081 | ||||||||
Management Agreements | ||||||||||
The management agreements with Concord have an initial ten-year term that expire on February 28, 2017 and will renew automatically for successive one-year terms unless terminated by the TRS lessee or the manager by written notice to the other party no later than 90 days prior to the then current term’s expiration date. The management agreements may be terminated for cause, including the failure of the managed hotel operating performance to meet specified levels. If the Company were to terminate the management agreements during the first nine years of the initial term other than for breach or default by the manager, the Company would be responsible for paying termination fees to the manager. | ||||||||||
The management agreements with IHM have an initial term of five years and may be renewed for two five-year periods at IHM’s option. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. | ||||||||||
As of December 31, 2014, Terms of the Company's management agreements are: | ||||||||||
Property | Management Company | Base Management Fee | Monthly Accounting Fee | Monthly Revenue Management Fee | Incentive Management Fee | |||||
Courtyard Altoona | Concord | 4 | % | 1,211 | — | — | % | |||
Springhill Suites Washington | Concord | 4 | % | 991 | — | — | % | |||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Minneapolis-Mall of America | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Nashville-Brentwood | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Dallas-Market Center | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Hartford-Farmington | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Orlando-Maitland | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Carlsbad (North San Diego County) | IHM | 3 | % | 1,000 | — | 1 | % | |||
Hampton Inn & Suites Houston-Medical Center | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn Long Island Holtsville | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn White Plains | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn New Rochelle | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn Garden Grove | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Mission Valley | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Homewood Suites by Hilton San Antonio River Walk | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Washington DC | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Tysons Corner | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Hampton Inn Portland Downtown | IHM | 3 | % | 1,000 | 550 | 1 | % | |||
Courtyard Houston | IHM | 3 | % | 1,000 | 550 | 1 | % | |||
Hyatt Place Pittsburgh North Shore | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Hampton Inn Exeter | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Hilton Garden Inn Denver Tech | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Residence Inn Bellevue | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Springhill Suites Savannah | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Silicon Valley I | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Silicon Valley II | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn San Mateo | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Mountain View | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Hyatt Place Cherry Creek | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Courtyard Addison | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Courtyard West University Houston | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Residence Inn West University Houston | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Hilton Garden Inn Burlington | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Base management fees are calculated as a percentage of the hotel's gross revenue. If certain financial thresholds are met or exceeded, an incentive management fee is calculated as 10% of the hotel's net operating income less fixed costs, base management fees and a specified return threshold. The incentive management fee is capped at 1% of gross hotel revenues for the applicable calculation. | ||||||||||
Management fees totaled approximately $6,096, $3,752 and $2,872, respectively, for the years ended December 31, 2014, 2013 and 2012. Incentive management fees paid to IHM for the years ended years ended December 31, 2014, 2013 and 2012 were $161, $63 and $16, respectively. There have been no incentive management fees paid to Concord. | ||||||||||
Franchise Agreements | ||||||||||
The Company’s TRS Lessees have entered into hotel franchise agreements with Promus Hotels, Inc., a subsidiary of Hilton, Hampton Inns Franchise, LLC, Marriott International, Inc., Hyatt Hotels, LLC and Hilton Garden Inns Franchise, LLC. | ||||||||||
Terms of the Company's Franchise agreements are as of December 31, 2014: | ||||||||||
Property | Franchise/Royalty Fee | Marketing/Program Fee | Expiration | |||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Minneapolis-Mall of America | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Nashville-Brentwood | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Dallas-Market Center | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Hartford-Farmington | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Orlando-Maitland | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Carlsbad (North San Diego County) | 4 | % | 4 | % | 2028 | |||||
Hampton Inn & Suites Houston-Medical Center | 5 | % | 4 | % | 2020 | |||||
Courtyard Altoona | 5.5 | % | 2 | % | 2030 | |||||
Springhill Suites Washington | 5 | % | 2.5 | % | 2030 | |||||
Residence Inn Long Island Holtsville | 5.5 | % | 2.5 | % | 2025 | |||||
Residence Inn White Plains | 5.5 | % | 2.5 | % | 2030 | |||||
Residence Inn New Rochelle | 5.5 | % | 2.5 | % | 2030 | |||||
Residence Inn Garden Grove | 5 | % | 2.5 | % | 2031 | |||||
Residence Inn Mission Valley | 5 | % | 2.5 | % | 2031 | |||||
Homewood Suites by Hilton San Antonio River Walk | 4 | % | 4 | % | 2026 | |||||
Residence Inn Washington DC | 5.5 | % | 2.5 | % | 2033 | |||||
Residence Inn Tysons Corner | 5 | % | 2.5 | % | 2031 | |||||
Hampton Inn Portland Downtown | 6 | % | 4 | % | 2032 | |||||
Courtyard Houston | 5.5 | % | 2 | % | 2030 | |||||
Hyatt Place Pittsburgh North Shore | 5 | % | 3.5 | % | 2030 | |||||
Hampton Inn Exeter | 6 | % | 4 | % | 2031 | |||||
Hilton Garden Inn Denver Tech | 4.3 | % | 5.5 | % | 2028 | |||||
Residence Inn Bellevue | 5.5 | % | 2.5 | % | 2033 | |||||
Springhill Suites Savannah | 5 | % | 2.5 | % | 2033 | |||||
Residence Inn Silicon Valley I | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn Silicon Valley II | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn San Mateo | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn Mountain View | 5.5 | % | 2.5 | % | 2029 | |||||
Hyatt Place Cherry Creek | 3-5.0% | 3.5 | % | 2034 | ||||||
Courtyard Addison | 5.5 | % | 2 | % | 2029 | |||||
Courtyard West University Houston | 5.5 | % | 2 | % | 2029 | |||||
Residence Inn West University Houston | 6 | % | 2 | % | 2024 | |||||
Hilton Garden Inn Burlington | 5.5 | % | 4.3 | % | 2029 | |||||
Franchise fees totaled approximately $15,110, $9,394 and $7,529 , respectively, for the years ended December 31, 2014, 2013 and 2012. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions |
Mr. Fisher owns 90% of IHM. As of December 31, 2014, the Company had hotel management agreements with IHM to manage 32 of its wholly owned hotels. As of December 31, 2014, all 47 hotels owned by the NewINK JV were managed by IHM. As of December 31, 2014, 34 of the 48 hotels owned by the Inland JV were managed by IHM. Hotel management, revenue management and accounting fees paid to IHM by the Company for the years ended December 31, 2014, 2013 and 2012 were $5.8 million, $3.4 million and $2.3 million, respectively. At December 31, 2014 and 2013, the amounts due to IHM were $0.6 million and $0.5 million, respectively. Incentive management fees paid to IHM by the Company for the years ended December 31, 2014, 2013 and 2012 were $161, $63 thousand and $16 thousand, respectively. | |
Cost reimbursements from unconsolidated real estate entities revenue represents reimbursements of costs incurred on behalf of the Innkeepers, NewINK, Inland JVs and an entity which is 2.5% owned by Mr. Fisher. These costs relate primarily to corporate payroll costs at the Innkeepers, NewINK and Inland JVs where the Company is the employer. As the Company records cost reimbursements based upon costs incurred with no added markup, the revenue and related expense has no impact on the Company’s operating income or net income. Cost reimbursements from the Innkeepers JV are recorded based upon the occurrence of a reimbursed activity. | |
During 2014, Mr. Fisher entered into joint venture agreement with NorthStar by which Mr. Fisher acquired a 2.5% non-voting interest in Castleblack Owner Holding, LLC ("Castleblack"). |
Quarterly_Operating_Results_un
Quarterly Operating Results (unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Quarterly Operating Results (unaudited) | Quarterly Operating Results (unaudited) | |||||||||||||||
Quarter Ended - 2014 | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Total revenue | $ | 36,866 | $ | 47,077 | $ | 60,662 | $ | 52,610 | ||||||||
Total operating expenses | 34,370 | 42,076 | 45,979 | 48,095 | ||||||||||||
Operating income | 2,496 | 5,001 | 14,683 | 4,516 | ||||||||||||
Net income (loss) attributable to common shareholders | (1,808 | ) | 65,137 | 8,664 | (5,660 | ) | ||||||||||
Income (loss) per common share, basic (1) | (0.07 | ) | 2.46 | 0.32 | (0.16 | ) | ||||||||||
Income (loss) per common share, diluted (1) | (0.07 | ) | 2.44 | 0.31 | (0.16 | ) | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 26,271,678 | 26,437,878 | 27,370,815 | 33,972,134 | ||||||||||||
Diluted | 26,271,678 | 26,734,919 | 27,695,347 | 33,972,134 | ||||||||||||
Quarter Ended - 2013 | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Total revenue | $ | 25,779 | $ | 30,746 | $ | 35,370 | $ | 34,333 | ||||||||
Total operating expenses | 22,997 | 25,730 | 29,359 | 30,781 | ||||||||||||
Operating income | 2,782 | 5,016 | 6,011 | 3,552 | ||||||||||||
Net income (loss) attributable to common shareholders | (1,696 | ) | 2,103 | 2,469 | (188 | ) | ||||||||||
Income (loss) per common share, basic and diluted (1) | (0.1 | ) | 0.12 | 0.11 | (0.01 | ) | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 17,212,124 | 18,147,108 | 22,508,988 | 26,160,823 | ||||||||||||
Diluted | 17,212,124 | 18,383,626 | 22,769,282 | 26,160,823 | ||||||||||||
(1) The sum of per share amounts for the four quarters may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year. Unvested restricted shares and unvested long-term incentive plan units could potentially dilute basic earnings per share in the future were not included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events |
On January 21, 2015, the Company entered into a purchase and sale agreement to acquire an upscale extended-stay hotel located in San Diego, California for an aggregate purchase price of approximately $90,000 (the "San Diego Acquisition"). The hotel's operations include two third-party retail restaurants and a parking garage that earns revenue from sources outside of the hotel. The hotel is subject to a ground lease. The transaction closed on February 26, 2015. The Company funded the purchase price with available cash. The hotel will be managed by IHM for a base management fee of 3.0% of the hotel's gross room revenue plus standard revenue management fee and accounting fee. | |
On January 27, 2015, the Company completed a follow-on common share offering that resulted in the sale of 4,025,000 common shares (including 525,000 common shares sold pursuant to the exercise of the underwriters, option to purchase additional shares) at $30.00 per share, resulting in net proceeds of $119.0 million to the Company after deducting underwriters' discounts and commissions and other offering expenses. |
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | CHATHAM LODGING TRUST | |||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||
December 31, 2014 | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Initial Cost | Gross Amount at End of Year | |||||||||||||||||||||||||||||||
Description | Year of Acquisition | Encumbrances | Land | Buildings & Improvements | Cost Cap. Sub. To Acq. Land | Cost Cap. Sub. To Acq. Bldg & Improvements | Land | Buildings & Improvements | Total | Bldg & Improvements | Accumulated Depreciation | Year of Original Construction | Depreciation Life | |||||||||||||||||||
Homewood Suites Orlando - Maitland, FL | 2010 | -1 | $ | 1,800 | $ | 7,200 | $ | 34 | $ | 1,418 | $ | 1,834 | $ | 8,618 | $ | 10,452 | $ | 8,618 | $ | 1,125 | 2000 | -2 | ||||||||||
Homewood Suites Boston - Billerica, MA | 2010 | 16,225 | 1,470 | 10,555 | 48 | 1,022 | 1,518 | 11,577 | 13,095 | 11,577 | 1,571 | 1999 | -2 | |||||||||||||||||||
Homewood Suites Minneapolis - Mall of America, Bloomington, MN | 2010 | -1 | 3,500 | 13,960 | 19 | 1,314 | 3,519 | 15,274 | 18,793 | 15,274 | 1,988 | 1998 | -2 | |||||||||||||||||||
Homewood Suites Nashville - Brentwood, TN | 2010 | -1 | 1,525 | 9,300 | 12 | 1,204 | 1,537 | 10,504 | 12,041 | 10,504 | 1,399 | 1998 | -2 | |||||||||||||||||||
Homewood Suites Dallas - Market Center, Dallas, TX | 2010 | -1 | 2,500 | 7,583 | 17 | 1,003 | 2,517 | 8,586 | 11,103 | 8,586 | 1,214 | 1998 | -2 | |||||||||||||||||||
Homewood Suites Hartford - Farmington, CT | 2010 | -1 | 1,325 | 9,375 | 92 | 1,274 | 1,417 | 10,649 | 12,066 | 10,649 | 1,433 | 1999 | -2 | |||||||||||||||||||
Hampton Inn & Suites Houston - Houston, TX | 2010 | 18,300 | 3,200 | 12,709 | 56 | 656 | 3,256 | 13,365 | 16,621 | 13,365 | 1,562 | 1997 | -2 | |||||||||||||||||||
Residence Inn Holtsville - Holtsville, NY | 2010 | -1 | 2,200 | 18,765 | — | 923 | 2,200 | 19,688 | 21,888 | 19,688 | 2,275 | 2004 | -2 | |||||||||||||||||||
Courtyard Altoona - Altoona, PA | 2010 | 6,172 | — | 10,730 | — | 894 | — | 11,624 | 11,624 | 11,624 | 1,372 | 2001 | -2 | |||||||||||||||||||
SpringHill Suites Washington - Washington, PA | 2010 | 4,760 | 1,000 | 10,692 | — | 842 | 1,000 | 11,534 | 12,534 | 11,534 | 1,354 | 2000 | -2 | |||||||||||||||||||
Residence Inn White Plains - White Plains, NY | 2010 | -1 | 2,200 | 17,677 | — | 4,399 | 2,200 | 22,076 | 24,276 | 22,076 | 2,202 | 1982 | -2 | |||||||||||||||||||
Residence Inn New Rochelle - New Rochelle, NY | 2010 | 14,832 | — | 20,281 | 9 | 2,377 | 9 | 22,658 | 22,667 | 22,658 | 2,607 | 2000 | -2 | |||||||||||||||||||
Homewood Suites Carlsbad - Carlsbad, CA | 2010 | 19,950 | 3,900 | 27,520 | — | 92 | 3,900 | 27,612 | 31,512 | 27,612 | 2,883 | 2008 | -2 | |||||||||||||||||||
Residence Inn Garden Grove - Garden Grove, CA | 2011 | 34,000 | 7,109 | 35,484 | — | 1,075 | 7,109 | 36,559 | 43,668 | 36,559 | 3,260 | 2003 | -2 | |||||||||||||||||||
Residence Inn Mission Valley - San Diego, CA | 2011 | 30,062 | 9,856 | 39,535 | — | 318 | 9,856 | 39,853 | 49,709 | 39,853 | 3,468 | 2003 | -2 | |||||||||||||||||||
Homewood Suites San Antonio - San Antonio, TX | 2011 | 17,174 | 5,999 | 24,764 | 2 | 501 | 6,001 | 25,265 | 31,266 | 25,265 | 2,222 | 1996 | -2 | |||||||||||||||||||
Doubletree Suites Washington DC - Washington, DC | 2011 | -1 | 6,083 | 22,063 | 28 | 4,637 | 6,111 | 26,700 | 32,811 | 26,700 | 2,306 | 1974 | -2 | |||||||||||||||||||
Residence Inn Tyson's Corner - Vienna, VA | 2011 | 23,534 | 5,752 | 28,917 | — | 127 | 5,752 | 29,044 | 34,796 | 29,044 | 2,522 | 2001 | -2 | |||||||||||||||||||
Hampton Inn Portland Downtown - Portland, ME | 2012 | -1 | 4,315 | 22,664 | — | 3 | 4,315 | 22,667 | 26,982 | 22,667 | 1,141 | 2011 | -2 | |||||||||||||||||||
Courtyard Houston - Houston, TX | 2013 | 19,475 | 5,600 | 27,350 | — | 99 | 5,600 | 27,449 | 33,049 | 27,449 | 1,304 | 2010 | -2 | |||||||||||||||||||
Hyatt Place Pittsburgh - Pittsburgh, PA | 2013 | 23,657 | 3,000 | 35,576 | — | 113 | 3,000 | 35,689 | 38,689 | 35,689 | 1,380 | 2011 | -2 | |||||||||||||||||||
Hampton Inn & Suites Exeter - Exeter, NH | 2013 | -1 | 1,900 | 12,350 | 4 | 4 | 1,904 | 12,354 | 14,258 | 12,354 | 431 | 2010 | -2 | |||||||||||||||||||
Hilton Garden Inn Denver Tech - Denver, CO | 2013 | none | 4,100 | 23,100 | 5 | 351 | 4,105 | 23,451 | 27,556 | 23,451 | 741 | 1999 | -2 | |||||||||||||||||||
Residence Inn Bellevue - Bellevue, WA | 2013 | 47,580 | 13,800 | 56,957 | — | 232 | 13,800 | 57,189 | 70,989 | 57,189 | 1,668 | 2008 | -2 | |||||||||||||||||||
SpringHill Suites Savannah - Savannah, GA | 2013 | 30,000 | 2,400 | 36,050 | — | 123 | 2,400 | 36,173 | 38,573 | 36,173 | 970 | 2009 | -2 | |||||||||||||||||||
Residence Inn Silicon Valley I - Sunnyvale, CA | 2014 | 64,800 | 42,652 | 45,846 | — | 67 | 42,652 | 45,913 | 88,565 | 45,913 | 1,726 | 1983 | -2 | |||||||||||||||||||
Residence Inn Silicon Valley II - Sunnyvale, CA | 2014 | 70,700 | 46,474 | 50,380 | — | 51 | 46,474 | 50,431 | 96,905 | 50,431 | 1,896 | 1985 | -2 | |||||||||||||||||||
Residence Inn San Mateo - San Mateo, CA | 2014 | 48,600 | 38,420 | 31,352 | — | 89 | 38,420 | 31,441 | 69,861 | 31,441 | 1,182 | 1985 | -2 | |||||||||||||||||||
Residence Inn Mt. View - Mountain View, CA | 2014 | 37,900 | 22,019 | 31,813 | — | 32 | 22,019 | 31,845 | 53,864 | 31,845 | 1,198 | 1985 | -2 | |||||||||||||||||||
Hyatt Place Cherry Creek - Cherry Creek, CO | 2014 | none | 3,700 | 26,300 | — | 14 | 3,700 | 26,314 | 30,014 | 26,314 | 225 | 1987 | -2 | |||||||||||||||||||
Courtyard Addison - Dallas, TX | 2014 | none | 2,413 | 21,554 | — | — | 2,413 | 21,554 | 23,967 | 21,554 | 66 | 2000 | -2 | |||||||||||||||||||
Courtyard West University - Houston, TX | 2014 | none | 2,012 | 17,916 | — | — | 2,012 | 17,916 | 19,928 | 17,916 | 56 | 2004 | -2 | |||||||||||||||||||
Residence Inn West University - Houston, TX | 2014 | none | 3,640 | 25,631 | — | — | 3,640 | 25,631 | 29,271 | 25,631 | 79 | 2004 | -2 | |||||||||||||||||||
Hilton Garden Inn Burlington - Burlington, MA | 2014 | none | 4,918 | 27,193 | — | — | 4,918 | 27,193 | 32,111 | 27,193 | 84 | 1975 | -2 | |||||||||||||||||||
Grand Total(s) | $ | 260,782 | $ | 819,142 | $ | 326 | $ | 25,254 | $ | 261,108 | $ | 844,396 | $ | 1,105,504 | $ | 844,396 | $ | 50,910 | ||||||||||||||
(1) This property is pledged as collateral to borrowings made under the revolving credit facility obtained on October 12, 2010, which had outstanding borrowings of $22,500 as of December 31, 2014. | ||||||||||||||||||||||||||||||||
(2) Depreciation is computed based upon the following estimated useful lives: | ||||||||||||||||||||||||||||||||
Years | ||||||||||||||||||||||||||||||||
Building | 40 | |||||||||||||||||||||||||||||||
Land improvements | 20 | |||||||||||||||||||||||||||||||
Building improvements | 20-May | |||||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||
(a) The change in total cost of real estate assets for the year ended is as follows: | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | 2011 | 2010 | ||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 654,560 | $ | 423,729 | $ | 392,463 | $ | 200,974 | — | |||||||||||||||||||||||
Acquisitions | 444,233 | 222,273 | 26,979 | 185,995 | 200,967 | |||||||||||||||||||||||||||
Dispositions during the year | — | — | (951 | ) | — | — | ||||||||||||||||||||||||||
Capital expenditures and transfers from construction-in-progress | 6,711 | 8,558 | 5,238 | 5,494 | 7 | |||||||||||||||||||||||||||
Investment in Real Estate | $ | 1,105,504 | $ | 654,560 | $ | 423,729 | $ | 392,463 | $ | 200,974 | ||||||||||||||||||||||
(b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows: | ||||||||||||||||||||||||||||||||
Balance at the beginning of the year | $ | 28,980 | $ | 17,398 | $ | 8,394 | $ | 1,901 | — | |||||||||||||||||||||||
Depreciation and amortization | 21,930 | 11,582 | 9,004 | 6,493 | 1,901 | |||||||||||||||||||||||||||
Balance at the end of the year | $ | 50,910 | $ | 28,980 | $ | 17,398 | $ | 8,394 | $ | 1,901 | ||||||||||||||||||||||
(c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,096,425 as of December 31, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Basis of Presentation | Basis of Presentation | |||||||
The accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments considered necessary for a fair presentation of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. | ||||||||
The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. | ||||||||
Reclassifications | Reclassifications | |||||||
Certain prior period revenue and expense amounts in the consolidated financial statements have been reclassified to be comparable to the current period presentation. The reclassification did not have any impact on net income (loss). | ||||||||
Use of Estimates | Use of Estimates | |||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of and disclosures of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | ||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||
The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable and debt. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for debt, the fair value of which is separately disclosed in Note 6. | ||||||||
Investment in Hotel Properties | Investment in Hotel Properties | |||||||
The Company allocates the purchase prices of hotel properties acquired through a business combination based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. Hotel property acquisition costs, such as transfer taxes, title insurance, environmental and property condition reviews, and legal and accounting fees are expensed in the period incurred. | ||||||||
The Company’s investment in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 15 years for building improvements and one to ten years for furniture, fixtures and equipment. Renovations and/or replacements at the hotel properties that improve or extend the life of the assets are capitalized and depreciated over their useful lives, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of property and equipment, the cost and related accumulated depreciation are removed from the Company’s accounts and any resulting gain or loss is recognized in the consolidated statements of operations. | ||||||||
The Company will periodically review its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair market value is recorded and an impairment loss recognized. As of December 31, 2014, 2013 and 2012, there were no hotel properties impaired. | ||||||||
For properties the Company considers held for sale, depreciation and amortization are no longer recorded and the value the properties is recorded at the lower of depreciated cost or fair value, less costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the FASB's guidance on the impairment or disposal of long-lived assets are met. As of December 31, 2014, the Company had no hotel properties held for sale. | ||||||||
Investment in Unconsolidated Real Estate Entities | Investment in Unconsolidated Real Estate Entities | |||||||
If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable investment entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee. | ||||||||
Investment in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities. | ||||||||
The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. | ||||||||
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. Cash balances in individual banks may exceed federally insurable limits. | ||||||||
Restricted Cash | Restricted Cash | |||||||
Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrows for reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans or hotel management agreements. | ||||||||
Hotel Receivables | Hotel Receivables | |||||||
Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses. | ||||||||
Deferred Costs | Deferred Costs | |||||||
Deferred costs consist of franchise agreement fees for the Company’s hotels, loan costs related to the Company’s senior secured revolving credit facility and mortgage loans and costs related to the Company’s share offerings or share plans. | ||||||||
Deferred costs consisted of the following at December 31, 2014 and 2013 (in thousands): | ||||||||
December 31, 2014 | December 31, 2013 | |||||||
Loan costs | $ | 10,717 | $ | 9,529 | ||||
Franchise fees | 2,969 | 2,215 | ||||||
Other | — | 91 | ||||||
13,686 | 11,835 | |||||||
Less accumulated amortization | (6,172 | ) | (4,722 | ) | ||||
Deferred costs, net | $ | 7,514 | $ | 7,113 | ||||
Loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. Other deferred costs relate to potential share offerings and are recorded as a reduction in additional paid-in capital as shares are sold. | ||||||||
Prepaid Expenses And Other Policy | Prepaid Expenses and Other Assets | |||||||
The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory. | ||||||||
Distributions and losses in Excess of Investments in Unconsolidated Real Estate Entities | Distributions and Losses in Excess of Investments in Unconsolidated Real Estate Entities | |||||||
At times, certain of the Company’s investments in unconsolidated entities share of cumulative allocated losses and cash distributions received exceeds its cumulative allocated share of income and equity contributions. Although the Company typically does not make any guarantees of its investments in unconsolidated real estate entities other than certain customary non-recourse carve-out provisions, due to potential penalties along with potential upside financial returns, the Company generally intends to make any required capital contributions to maintain its ownership percentage and as such will record its share of cumulative allocated losses and cash distributions below zero. As a result, the carrying value of certain investments in unconsolidated entities is negative. Unconsolidated entities with negative carrying values are included in cash distributions and losses in excess of investments in unconsolidated entities in the Company’s Consolidated Balance Sheets. | ||||||||
The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. | ||||||||
Revenue Recognition | Revenue Recognition | |||||||
Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. | ||||||||
Share-Based Compensation | Share-Based Compensation | |||||||
The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statement of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. | ||||||||
Earnings Per Share | Earnings Per Share | |||||||
A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and long-term incentive plan units are entitled to receive dividends, if declared. The rights to dividends declared are non-forfeitable, and therefore, the unvested restricted shares and long-term incentive plan units qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to the unvested restricted shares is based on the proportion of the weighted average unvested restricted shares outstanding to the total of the basic weighted average common shares outstanding and the weighted average unvested restricted shares outstanding. Basic EPS is then computed by dividing income less earnings allocable to unvested restricted shares by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities. | ||||||||
Income Taxes | Income Taxes | |||||||
The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the IRS grants the Company relief under certain statutory provisions. | ||||||||
The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiaries (each, a “TRS”) which, in turn are wholly owned by the Operating Partnership. Additionally, the Company indirectly owns its interest in the hotels owned by the NewINK JV (47 hotels), the Inland JV (48 hotels) and the Torrance JV through the Operating Partnership. All of the NewINK JV hotels, Inland JV hotels and the Torrance JV hotel are leased to TRS Lessees in which the Company indirectly owns noncontrolling interests through one of its TRS holding companies. Each TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of Financial Accounting Standards Board Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. | ||||||||
As of December 31, 2014, the Company is no longer subject to U.S federal income tax examinations for years before 2012 and with few exceptions to state examinations before 2012. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provisions for income taxes is required in the Company's consolidated financial statements as of December 31, 2014. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. | ||||||||
During the first quarter of 2015, management was notified that one of the Company's TRS' is going to be examined by the State of Florida Department of Revenue for the tax years ended December 31, 2009 through 2013. As of March 16, 2015, the examination remains open. The Company believes that it does not need to record a liability related to all matters contained in the tax periods open to examination. However, should the Company experience an unfavorable outcome in the State of Florida matter, such an outcome could have a material impact on its results of operations, financial position, and cash flows. Although the timing of the income tax audit resolutions and negotiations with taxing authorities is highly uncertain, the Company does not anticipate a significant change to the total amount of unrecognized income tax benefits within the next 12 months. | ||||||||
Organizational and Offering Costs | Organizational and Offering Costs | |||||||
The Company expensed organizational costs as incurred. Offering costs, which include selling commissions, are recorded as a reduction in additional paid-in capital in shareholders’ equity as shares are sold. For offering costs incurred prior to potential share offerings, these costs are initially recorded in deferred costs on the balance sheet and then recorded as a reduction to addtional paid-in capital as shares are sold through the subsequent share offering. As of December 31, 2014 and 2013, the Company had $0 and $91 recorded in deferred costs related to deferred offering costs. | ||||||||
Segment Information | Segment Information | |||||||
Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers. | ||||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | |||||||
In April 2014, the FASB issued amendments to guidance for reporting discontinued operations and disposals of components of an entity. The amended guidance requires that a disposal representing a strategic shift that has (or will have) a major effect on an entity’s operations and financial results or a business activity classified as held for sale upon acquisition should be reported as discontinued operations. The amendments also expand the disclosure requirements for discontinued operations and add new disclosures for individually significant dispositions that do not qualify as discontinued operations. The amendments are effective prospectively for fiscal years, and interim reporting periods within those years, beginning after December 15, 2014. Early adoption is only permitted for disposals that have not been reported in financial statements previously issued. We adopted this accounting standard update effective January 1, 2014 and the implementation of the amended guidance did not have a material impact on the Company's consolidated financial position or results of operations, but do expect these amendments to impact the Company's determination of which future property disposals qualify as discontinued operations as well as requiring additional disclosures about discontinued operations. | ||||||||
On May 28, 2014, 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 ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on it financial statements. | ||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entities Ability to Continue as a Going Concern, which requires management to perform interim and annual assessments of an entities ability to continue within one year of the date the financial statements are issued and provides guidance on determining when and how to disclose going concern uncertainties in the financial statements. Certain disclosures will be required if conditions give rise to substantial doubt about an entity's ability to continue as a going concern. This guidance is effective for the Company on January 1, 2017 and will not have an impact on the Company's financial position, results of operations or cash flows. | ||||||||
In February 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis, which requires amendments to both the variable interest entity and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify the identification of variable interests (fees paid to a decision maker or service provider), the VIE characteristics for a limited partnership or similar entity and primary beneficiary determination under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. The new guidance is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2015 with early adoption permitted. The amendments may be applied using either a modified retrospective or full retrospective approach. The Company is currently evaluating the effect the guidance will have on its consolidated financial statements. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounting Policies [Abstract] | ||||||||
Components of Deferred Costs | Deferred costs consisted of the following at December 31, 2014 and 2013 (in thousands): | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Loan costs | $ | 10,717 | $ | 9,529 | ||||
Franchise fees | 2,969 | 2,215 | ||||||
Other | — | 91 | ||||||
13,686 | 11,835 | |||||||
Less accumulated amortization | (6,172 | ) | (4,722 | ) | ||||
Deferred costs, net | $ | 7,514 | $ | 7,113 | ||||
Acquisition_of_Hotel_Propertie1
Acquisition of Hotel Properties (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Purchase Price Allocation | The allocation of the purchase price of each of the hotels acquired by the Company in 2014, based on the fair value on the date of its acquisition, was (in thousands): | ||||||||||||
Silicon Valley Hotels | Cherry Creek Hotel | Inland 4 Pack Hotels | Total | ||||||||||
Acquisition date | 6/9/14 | 8/29/14 | 11/17/14 | ||||||||||
Number of rooms (unaudited) | 751 | 194 | 575 | 1,520 | |||||||||
Land | $ | 149,565 | $ | 3,700 | $ | 12,923 | $ | 166,188 | |||||
Building and improvements | 159,391 | 26,300 | 92,414 | 278,105 | |||||||||
Furniture, fixtures and equipment | 14,897 | 2,000 | 1,404 | 18,301 | |||||||||
Cash | 25 | 1 | 11 | 37 | |||||||||
Restricted cash | — | — | — | — | |||||||||
Accounts receivable | 959 | 56 | 374 | 1,389 | |||||||||
Deferred costs, net | — | — | — | — | |||||||||
Prepaid expenses and other assets | 289 | 17 | 56 | 362 | |||||||||
Mortgage Debt | — | — | — | — | |||||||||
Accounts payable and accrued expenses | — | (62 | ) | (686 | ) | (748 | ) | ||||||
Net assets acquired | $ | 325,126 | $ | 32,012 | $ | 106,496 | $ | 463,634 | |||||
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | (58,860 | ) | — | — | (58,860 | ) | |||||||
Net assets acquired, net of cash | $ | 266,241 | $ | 32,011 | $ | 106,485 | $ | 404,737 | |||||
Revenue and Operating Income of New Hotels Acquired | The amount of revenue and operating income from the hotels acquired in 2014 from their respective date of acquisition through December 31, 2014 is as follows (in thousands): | ||||||||||||
Revenue | Operating Income | ||||||||||||
Silicon Valley hotels | $ | 26,814 | $ | 16,554 | |||||||||
Cherry Creek hotel | 2,445 | 1,111 | |||||||||||
Inland 4 Pack hotels | 2,035 | 692 | |||||||||||
Total | $ | 31,294 | $ | 18,357 | |||||||||
Pro Forma Financial Information | The following condensed pro forma financial information presents the unaudited results of operations as if the hotels acquired during the years ended December 31, 2014, 2013 or 2012 had taken place on January 1, 2013, 2012 and 2011, respectively. Since the acquisition of the Portland hotel and the Cherry Creek hotel were not material, the pro forma numbers presented below do not include the operating results of the Portland hotel or Cherry Creek hotel prior to the acquisition date. Supplemental pro forma earnings were adjusted to exclude $7,234 and $1,667, respectively, of acquisition-related costs incurred in the years ended December 31, 2014 and 2013. Supplemental pro forma earnings for the years ended December 2013 and 2012, respectively, were adjusted to include these charges from 2014 and 2013. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2013, 2012 or 2011, respectively, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data). | ||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Pro forma total revenue | $ | 237,681 | $ | 216,239 | $ | 141,557 | |||||||
Pro forma net income (loss) | $ | 80,930 | $ | 7,627 | $ | 1,928 | |||||||
Pro forma income per share: | |||||||||||||
Basic | $ | 2.84 | $ | 0.27 | $ | 0.07 | |||||||
Diluted | $ | 2.81 | $ | 0.26 | $ | 0.07 | |||||||
Weighted average common shares outstanding | |||||||||||||
Basic | 28,531,094 | 28,531,094 | 28,531,094 | ||||||||||
Diluted | 28,846,724 | 28,846,724 | 28,846,724 | ||||||||||
Investment_in_Hotel_Properties1
Investment in Hotel Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Investments Schedule [Abstract] | ||||||||
Investment in Hotel Properties | Investment in hotel properties as of December 31, 2014 and 2013 consisted of the following (in thousands): | |||||||
December 31, 2014 | December 31, 2013 | |||||||
Land and improvements | $ | 261,108 | $ | 94,847 | ||||
Building and improvements | 844,396 | 559,713 | ||||||
Furniture, fixtures and equipment | 61,186 | 36,628 | ||||||
Renovations in progress | 6,574 | 4,006 | ||||||
1,173,264 | 695,194 | |||||||
Less: accumulated depreciation | (76,839 | ) | (42,317 | ) | ||||
Investment in hotel properties, net | $ | 1,096,425 | $ | 652,877 | ||||
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Schedule Of Assets Liabilities and Equity Of Joint Venture Table | The following tables sets forth the total assets, liabilities, equity and components of net loss, including the Company’s share, related to all JVs for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
Balance Sheet | |||||||||||||
31-Dec-14 | December 31, 2013 | December 31, 2012 | |||||||||||
Assets | |||||||||||||
Investment in hotel properties, net | $ | 1,907,928 | $ | 874,058 | $ | 862,747 | |||||||
Other assets | 261,311 | 114,034 | 86,149 | ||||||||||
Total Assets | $ | 2,169,239 | $ | 988,092 | $ | 948,896 | |||||||
Liabilities | |||||||||||||
Mortgages and notes payable | $ | 1,677,159 | $ | 969,023 | $ | 792,239 | |||||||
Other Liabilities | 34,929 | 19,211 | 27,041 | ||||||||||
Total Liabilities | 1,712,088 | 988,234 | 819,280 | ||||||||||
Equity | |||||||||||||
Chatham Lodging Trust | 45,470 | (802 | ) | 13,362 | |||||||||
Joint Venture Partner | 411,681 | 660 | 116,254 | ||||||||||
Total Equity | 457,151 | (142 | ) | 129,616 | |||||||||
Total Liabilities and Equity | $ | 2,169,239 | $ | 988,092 | $ | 948,896 | |||||||
Schedule Of Income From Joint Venture Table | |||||||||||||
For the year ended | |||||||||||||
Statement of Operations | December 31, | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue | $ | 290,419 | $ | 271,224 | $ | 251,612 | |||||||
Total hotel operating expenses | 166,849 | 151,823 | 143,525 | ||||||||||
Operating income | $ | 123,570 | $ | 119,401 | $ | 108,087 | |||||||
Net loss from continuing operations | $ | (40,018 | ) | $ | (14,376 | ) | $ | (16,093 | ) | ||||
Gain (loss) on sale of hotels | $ | (5 | ) | $ | (2,730 | ) | $ | 2,092 | |||||
Net loss | $ | (40,023 | ) | $ | (17,106 | ) | $ | (14,001 | ) | ||||
Income allocable to the Company | $ | (4,165 | ) | $ | (1,874 | ) | $ | (1,439 | ) | ||||
Basis difference adjustment | $ | 335 | $ | — | $ | — | |||||||
Total loss from unconsolidated real estate entities attributable to Chatham | $ | (3,830 | ) | $ | (1,874 | ) | $ | (1,439 | ) | ||||
Torrance Joint Venture | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Additional Cash Flow Information Table | During the years ended December 31, 2014 and 2013, the Company received cash distributions from the Torrance JV as follows (in thousands): | ||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cash generated from other activities and excess cash | $ | 100 | $ | 40 | |||||||||
Cash generated from debt refinancing | — | 908 | |||||||||||
Total | $ | 100 | $ | 948 | |||||||||
Innkeepers Joint Venture | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Additional Cash Flow Information Table | During the years ended December 31, 2014 and 2013, the Company received cash distributions from the Innkeepers JV as follows (in thousands): | ||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cash generated from other activities and excess cash | $ | 411 | $ | 2,716 | |||||||||
Cash generated from asset sales | — | 130 | |||||||||||
Cash generated from debt refinancing | — | 10,145 | |||||||||||
Total | $ | 411 | $ | 12,991 | |||||||||
NewINK Joint Venture | |||||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||||
Additional Cash Flow Information Table | During the years ended December 31, 2014 and 2013, the Company received cash distributions from the NewINK JV as follows (in thousands): | ||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Cash generated from other activities and excess cash | $ | 1,542 | $ | — | |||||||||
Total | $ | 1,542 | $ | — | |||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Components of Mortgage Debt | Mortgage debt consisted of the following (in thousands): | ||||||||||||||||
Collateral | Interest | Maturity Date | 12/31/14 | Balance Outstanding as of | |||||||||||||
Rate | Property | ||||||||||||||||
Carrying | |||||||||||||||||
Value | December 31, 2014 | December 31, | |||||||||||||||
2013 | |||||||||||||||||
Senior Secured Revolving Credit Facility (1) | 2.67 | % | November 5, 2016 | $ | 177,133 | $ | 22,500 | $ | 50,000 | ||||||||
SpringHill Suites by Marriott Washington, PA | 5.84 | % | April 1, 2015 | 11,509 | 4,760 | 4,937 | |||||||||||
Courtyard by Marriott Altoona, PA | 5.96 | % | April 1, 2016 | 10,553 | 6,172 | 6,378 | |||||||||||
Residence Inn by Marriott New Rochelle, NY | 5.75 | % | September 1, 2021 | 21,075 | 14,832 | 15,150 | |||||||||||
Residence Inn by Marriott San Diego, CA | 4.66 | % | February 6, 2023 | 46,947 | 30,062 | 30,546 | |||||||||||
Homewood Suites by Hilton San Antonio, TX | 4.59 | % | February 6, 2023 | 29,615 | 17,174 | 17,454 | |||||||||||
Residence Inn by Marriott Vienna, VA | 4.49 | % | February 6, 2023 | 32,918 | 23,534 | 23,925 | |||||||||||
Courtyard by Marriott Houston, TX | 4.19 | % | May 6, 2023 | 32,526 | 19,475 | 19,812 | |||||||||||
Hyatt Place Pittsburgh, PA | 4.65 | % | July 6, 2023 | 38,187 | 23,657 | 24,028 | |||||||||||
Residence Inn by Marriott Bellevue, WA | 4.97 | % | December 6, 2023 | 69,635 | 47,580 | 47,580 | |||||||||||
Residence Inn by Marriott Garden Grove, CA (2) | 4.79 | % | April 6, 2024 | 42,873 | 34,000 | 32,253 | |||||||||||
Residence Inn by Marriott Silicon Valley I, CA (3) | 4.64 | % | July 1, 2024 | 90,509 | 64,800 | — | |||||||||||
Residence Inn by Marriott Silicon Valley II, CA (3) | 4.64 | % | July 1, 2024 | 99,150 | 70,700 | — | |||||||||||
Residence Inn by Marriott San Mateo, CA (3) | 4.64 | % | July 1, 2024 | 71,022 | 48,600 | — | |||||||||||
Residence Inn by Marriott Mountain View, CA (3) | 4.64 | % | July 1, 2024 | 54,781 | 37,900 | — | |||||||||||
SpringHill Suites by Marriott Savannah, GA (4) | 4.62 | % | July 6, 2024 | 38,215 | 30,000 | — | |||||||||||
Homewood Suites by Hilton Billerica, MA (5) | 4.32 | % | December 6, 2024 | 12,238 | 16,225 | — | |||||||||||
Homewood Suite by Marriott Carlsbad, CA (5) | 4.32 | % | December 6, 2024 | 28,838 | 19,950 | — | |||||||||||
Hampton Inn & Suites Houston Medical Cntr., TX (6) | 4.25 | % | January 6, 2025 | 15,605 | 18,300 | — | |||||||||||
Total | $ | 923,329 | $ | 550,221 | $ | 272,063 | |||||||||||
-1 | Ten properties in the borrowing base serve as collateral for borrowings under the credit facility at December 31, 2014. The interest rate for the senior secured revolving credit facility is variable and based on LIBOR plus 2.5%. | ||||||||||||||||
-2 | On March 21, 2014, the Company refinanced the mortgage for the Residence Inn Garden Grove hotel. The new loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 12 months. The Company incurred $184 in costs for the early extinguishment of debt related to the old loan. | ||||||||||||||||
-3 | On June 9, 2014, the Company obtained 4 new mortgage loans secured by a first mortgage for the Silicon Valley I, Silicon Valley II, San Mateo and Mountain View hotels, respectively. The new loans have a 10-year term and a 30-year amortization payment schedule but are interest only for the first 60 months. | ||||||||||||||||
-4 | On July 2, 2014, the Company obtained a new mortgage loan secured by a first mortgage for the Savannah hotel. The loan has a 10-year term and a 30-year amortization payment schedule but is interest only for the first 60 months. | ||||||||||||||||
-5 | On November 25, 2014, the Company obtained 2 new mortgage loans secured by a first mortgage on each of the Billerica and Carlsbad hotels. The loans have a 10-year term and a 30-year amortization payment schedule but are interest only for the first 36 months. | ||||||||||||||||
-6 | On December 17, 2014, the Company obtained a new mortgage loan secured by a first mortgage on the Houston Medical Center hotel. The loan has a 10-year term, a 30-year amortization payment schedule but is interest only for the first 36 months. | ||||||||||||||||
Summary of Amendment to Senior Secured Revolving Credit Facility | Other key terms are as follows: | ||||||||||||||||
Facility amount | $175,000 | ||||||||||||||||
Accordion feature | Increase additional $50,000 | ||||||||||||||||
LIBOR floor | None | ||||||||||||||||
Interest rate applicable margin | 200-300 basis points, based on leverage ratio | ||||||||||||||||
Unused fee | 25 basis points if less than 50% unused, 35 basis points if more than 50% unused | ||||||||||||||||
Minimum fixed charge coverage ratio | 1.5x | ||||||||||||||||
Future Scheduled Principal Payments of Debt Obligations | Future scheduled principal payments of debt obligations as of December 31, 2014, for each of the next five calendar years and thereafter are as follows (in thousands): | ||||||||||||||||
Amount | |||||||||||||||||
2015 | $ | 8,062 | |||||||||||||||
2016 | 31,978 | ||||||||||||||||
2017 | 3,971 | ||||||||||||||||
2018 | 5,012 | ||||||||||||||||
2019 | 7,046 | ||||||||||||||||
Thereafter | 494,152 | ||||||||||||||||
Total | $ | 550,221 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Income Tax Expense | The components of income tax expense for the following periods are as follows (in thousands): | ||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current: | |||||||||||||
Federal | $ | 82 | $ | 93 | $ | 55 | |||||||
State | 27 | 30 | 19 | ||||||||||
Current tax expense | $ | 109 | $ | 123 | $ | 74 | |||||||
Deferred: | |||||||||||||
Federal | (3 | ) | — | 1 | |||||||||
State | (1 | ) | 1 | — | |||||||||
Deferred tax expense | (4 | ) | 1 | 1 | |||||||||
Total tax expense | $ | 105 | $ | 124 | $ | 75 | |||||||
Schedule of Effective Income Tax Rate Reconciliation | The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRSs before taxes were as follows (in thousands): | ||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Book income (loss) before income taxes | $ | (520 | ) | $ | (2,080 | ) | $ | 159 | |||||
Statutory rate of 34% applied to pre-tax income | $ | (178 | ) | $ | (707 | ) | $ | 54 | |||||
Effect of state and local income taxes, net of federal tax benefit | (14 | ) | (82 | ) | 20 | ||||||||
Provision to return and deferred adjustment | 40 | 118 | — | ||||||||||
Change in valuation allowance | 257 | 795 | 1 | ||||||||||
Total expense | $ | 105 | $ | 124 | $ | 75 | |||||||
Effective tax rate | (20.19 | )% | (5.96 | )% | 47.17 | % | |||||||
Schedule of Deferred Tax Assets and Liabilities | The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2014 and 2013 are as follows (in thousands): | ||||||||||||
For the year ended | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax assets: | |||||||||||||
Allowance for doubtful accounts | $ | 28 | $ | 11 | |||||||||
Other | 230 | 101 | |||||||||||
Valuation allowance | (248 | ) | (89 | ) | |||||||||
Current deferred tax asset | $ | 10 | $ | 23 | |||||||||
Non-current | |||||||||||||
Total book to tax difference in partnership | $ | (165 | ) | $ | (149 | ) | |||||||
Net operating loss | 1,214 | 1,100 | |||||||||||
Valuation allowance | (1,049 | ) | (951 | ) | |||||||||
Non-current deferred tax asset | $ | — | $ | — | |||||||||
Net deferred tax asset | $ | 10 | $ | 23 | |||||||||
Dividends_Declared_and_Paid_Ta
Dividends Declared and Paid (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Dividends Declared and Paid | The dividends and distributions and their tax characterization were as follows: | ||||||||||||||||||||
Record | Payment | Common | LTIP | Ordinary Income | Return of Capital | ||||||||||||||||
Date | Date | share | unit | ||||||||||||||||||
distribution | distribution | ||||||||||||||||||||
amount | amount | ||||||||||||||||||||
January | 1/31/14 | 2/28/14 | $ | 0.07 | $ | 0.07 | $ | 0.069 | $ | 0.001 | |||||||||||
February | 2/28/14 | 3/28/14 | 0.07 | 0.07 | 0.069 | 0.001 | |||||||||||||||
March | 3/31/14 | 4/25/14 | 0.07 | 0.07 | 0.069 | 0.001 | |||||||||||||||
1st Quarter 2014 | $ | 0.21 | $ | 0.21 | $ | 0.207 | $ | 0.003 | |||||||||||||
April | 4/30/14 | 5/30/14 | $ | 0.08 | $ | 0.08 | $ | 0.078 | $ | 0.002 | |||||||||||
May | 5/30/14 | 6/27/14 | 0.08 | 0.08 | 0.078 | 0.002 | |||||||||||||||
June | 6/30/14 | 7/25/14 | 0.08 | $ | 0.08 | 0.078 | 0.002 | ||||||||||||||
2nd Quarter 2014 | $ | 0.24 | $ | 0.24 | $ | 0.234 | $ | 0.006 | |||||||||||||
July | 7/31/14 | 8/29/14 | $ | 0.08 | $ | 0.08 | $ | 0.078 | $ | 0.002 | |||||||||||
August | 8/29/14 | 9/26/14 | 0.08 | 0.08 | 0.078 | 0.002 | |||||||||||||||
September | 9/30/14 | 10/31/14 | $ | 0.08 | 0.08 | $ | 0.078 | $ | 0.002 | ||||||||||||
3rd Quarter 2014 | $ | 0.24 | $ | 0.24 | $ | 0.234 | $ | 0.006 | |||||||||||||
October | 10/31/14 | 11/28/14 | $ | 0.08 | $ | 0.08 | $ | 0.078 | $ | 0.002 | |||||||||||
November | 11/28/14 | 12/26/14 | 0.08 | 0.08 | 0.078 | 0.002 | |||||||||||||||
December | 12/31/14 | 1/30/15 | $ | 0.08 | $ | 0.08 | $ | 0.078 | $ | 0.002 | |||||||||||
4th Quarter 2014 | $ | 0.24 | $ | 0.24 | $ | 0.234 | $ | 0.006 | |||||||||||||
Total 2014 | $ | 0.93 | $ | 0.93 | $ | 0.909 | $ | 0.021 | |||||||||||||
Record | Payment | Common | LTIP | Ordinary Income | Return of Capital | ||||||||||||||||
Date | Date | share | unit | ||||||||||||||||||
distribution | distribution | ||||||||||||||||||||
amount | amount | ||||||||||||||||||||
January | 1/31/13 | 2/22/13 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
February | 2/28/13 | 3/29/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
March | 3/28/13 | 4/26/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
1st Quarter 2013 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.03 | |||||||||||||
April | 4/30/13 | 5/31/13 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
May | 5/31/13 | 6/28/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
June | 6/28/13 | 7/26/13 | 0.07 | $ | 0.07 | 0.06 | 0.01 | ||||||||||||||
2nd Quarter 2013 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.03 | |||||||||||||
July | 7/31/13 | 8/30/13 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
August | 8/30/13 | 9/27/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
September | 9/30/13 | 10/25/13 | $ | 0.07 | 0.07 | $ | 0.06 | $ | 0.01 | ||||||||||||
3rd Quarter 2013 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.03 | |||||||||||||
October | 10/31/13 | 11/29/13 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
November | 11/29/13 | 12/27/13 | 0.07 | 0.07 | 0.06 | 0.01 | |||||||||||||||
December | 12/31/13 | 1/31/14 | $ | 0.07 | $ | 0.07 | $ | 0.06 | $ | 0.01 | |||||||||||
4th Quarter 2013 | $ | 0.21 | $ | 0.21 | $ | 0.18 | $ | 0.03 | |||||||||||||
Total 2013 | $ | 0.84 | $ | 0.84 | $ | 0.72 | $ | 0.12 | |||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Equity [Abstract] | |||||||||||||
Schedule of Stock by Class | Common share stock offerings of the Company consisted of the following from inception through December 31, 2014: | ||||||||||||
Type of Offering | Date | Shares Issued | Price per Share | Gross Proceeds (in millions) | Net Proceeds (in millions) | ||||||||
Initial public offering | 4/21/10 | 8,625,000 | $ | 20 | $ | 172.5 | $ | 158.7 | |||||
Private placement offering (1) | 4/21/10 | 500,000 | 20 | 10 | 10 | ||||||||
Follow-on common share offering | 2/8/11 | 4,000,000 | 16 | 64 | 60.3 | ||||||||
Over-allotment option | 2/8/11 | 600,000 | 16 | 9.6 | 9.1 | ||||||||
Follow-on common share offering | 1/14/13 | 3,500,000 | 14.7 | 51.4 | 48.4 | ||||||||
Over-allotment option | 1/31/13 | 92,677 | 14.7 | 1.4 | 1.3 | ||||||||
Follow-on common share offering | 6/18/13 | 4,500,000 | 16.35 | 73.6 | 70 | ||||||||
Over-allotment option | 6/28/13 | 475,823 | 16.35 | 7.8 | 7.4 | ||||||||
Follow-on common share offering | 9/30/13 | 3,250,000 | 18.35 | 59.6 | 56.7 | ||||||||
Over-allotment option | 10/11/13 | 487,500 | 18.35 | 8.9 | 8.5 | ||||||||
Follow-on common share offering | 9/24/14 | 6,000,000 | 21.85 | 131.1 | 125.6 | ||||||||
Over-allotment option | 9/24/14 | 900,000 | 21.85 | 19.7 | 18.9 | ||||||||
32,931,000 | $ | 609.6 | $ | 574.9 | |||||||||
(1) The Company sold 500,000 common shares to Jeffrey H. Fisher, the Company’s Chairman, President and Chief Executive Officer (“Mr. Fisher”) in a private placement concurrent with its IPO. |
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share | The following is a reconciliation of the amounts used in calculating basic and diluted net income (loss) per share (in thousands, except share and per share data): | |||||||||||
For the year ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Net income (loss) | $ | 66,873 | $ | 2,982 | $ | (1,450 | ) | |||||
Dividends paid on unvested shares and units | (216 | ) | (294 | ) | (272 | ) | ||||||
Undistributed earnings allocated to unvested shares and units | $ | (324 | ) | $ | — | $ | — | |||||
Net income (loss) attributable to common shareholders | $ | 66,333 | $ | 2,688 | $ | (1,722 | ) | |||||
Denominator: | ||||||||||||
Weighted average number of common shares - basic | 28,531,094 | 21,035,892 | 13,811,691 | |||||||||
Effect of dilutive securities: | ||||||||||||
Unvested shares | 315,630 | 247,939 | — | |||||||||
Weighted average number of common shares - diluted | 28,846,724 | 21,283,831 | 13,811,691 | |||||||||
Basic income (loss) per Common Share: | ||||||||||||
Net income (loss) attributable to common shareholders per weighted average common share | $ | 2.32 | $ | 0.13 | $ | (0.12 | ) | |||||
Diluted income (loss) per Common Share: | ||||||||||||
Net income (loss) attributable to common shareholders per weighted average common share | $ | 2.3 | $ | 0.13 | $ | (0.12 | ) | |||||
Equity_Incentive_Plan_Tables
Equity Incentive Plan (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Summary of Restricted Share Awards | A summary of the shares granted to executive officers that have not fully vested pursuant to the Equity Incentive Plan as of December 31, 2014 are: | ||||||||||||||||||||
Award Type | Award Date | Total Shares Granted | Vested as of December 31, 2014 | ||||||||||||||||||
2012 Time-based Awards | 2/23/12 | 61,376 | 40,918 | ||||||||||||||||||
2012 Performance-based Awards | 2/23/12 | 53,191 | 35,462 | ||||||||||||||||||
2013 Time-based Awards | 1/29/13 | 40,829 | 13,611 | ||||||||||||||||||
2013 Performance-based Awards | 5/17/13 | 40,829 | 13,611 | ||||||||||||||||||
2014 Time-based Awards | 1/31/14 | 48,213 | — | ||||||||||||||||||
2014 Performance-based Awards | 1/31/14 | 38,805 | — | ||||||||||||||||||
A summary of the Company’s restricted share awards for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||
December 31, 2014 | December 31, 2013 | December 31, 2012 | |||||||||||||||||||
Number of | Weighted - | Number of | Weighted - | Number of | Weighted - | ||||||||||||||||
Shares | Average Grant | Shares | Average Grant | Shares | Average Grant | ||||||||||||||||
Date Fair | Date Fair | Date Fair | |||||||||||||||||||
Value | Value | Value | |||||||||||||||||||
Non-vested at beginning of the period | 158,035 | $ | 12.39 | 140,077 | $ | 12.7 | 51,029 | $ | 19.04 | ||||||||||||
Granted | 87,018 | 17.46 | 81,658 | 13.43 | 114,567 | 11.28 | |||||||||||||||
Vested | (65,412 | ) | 12.17 | (63,700 | ) | 14.39 | (25,519 | ) | 19.04 | ||||||||||||
Non-vested at end of the period | 179,641 | $ | 14.92 | 158,035 | $ | 12.39 | 140,077 | $ | 12.7 | ||||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Minimum Future Obligation Payments Required Under Ground Leases | The following is a schedule of the minimum future obligation payments required under the ground, air rights and garage leases as of December 31, 2014, and for each of the next five calendar years and thereafter (in thousands): | |||||||||
Amount | ||||||||||
2015 | $ | 210 | ||||||||
2016 | 212 | |||||||||
2017 | 214 | |||||||||
2018 | 217 | |||||||||
2019 | 219 | |||||||||
Thereafter | 11,009 | |||||||||
Total | $ | 12,081 | ||||||||
Schedule of Management Agreement Terms | As of December 31, 2014, Terms of the Company's management agreements are: | |||||||||
Property | Management Company | Base Management Fee | Monthly Accounting Fee | Monthly Revenue Management Fee | Incentive Management Fee | |||||
Courtyard Altoona | Concord | 4 | % | 1,211 | — | — | % | |||
Springhill Suites Washington | Concord | 4 | % | 991 | — | — | % | |||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Minneapolis-Mall of America | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Nashville-Brentwood | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Dallas-Market Center | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Hartford-Farmington | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Orlando-Maitland | IHM | 2 | % | 1,000 | 550 | 1 | % | |||
Homewood Suites by Hilton Carlsbad (North San Diego County) | IHM | 3 | % | 1,000 | — | 1 | % | |||
Hampton Inn & Suites Houston-Medical Center | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn Long Island Holtsville | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn White Plains | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn New Rochelle | IHM | 3 | % | 1,000 | — | 1 | % | |||
Residence Inn Garden Grove | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Mission Valley | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Homewood Suites by Hilton San Antonio River Walk | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Washington DC | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Residence Inn Tysons Corner | IHM | 2.5 | % | 1,000 | — | 1 | % | |||
Hampton Inn Portland Downtown | IHM | 3 | % | 1,000 | 550 | 1 | % | |||
Courtyard Houston | IHM | 3 | % | 1,000 | 550 | 1 | % | |||
Hyatt Place Pittsburgh North Shore | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Hampton Inn Exeter | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Hilton Garden Inn Denver Tech | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Residence Inn Bellevue | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Springhill Suites Savannah | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Silicon Valley I | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Silicon Valley II | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn San Mateo | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Residence Inn Mountain View | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Hyatt Place Cherry Creek | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Courtyard Addison | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Courtyard West University Houston | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Residence Inn West University Houston | IHM | 3 | % | 1,200 | 1,000 | 1 | % | |||
Hilton Garden Inn Burlington | IHM | 3 | % | 1,500 | 1,000 | 1 | % | |||
Schedule of Franchise Agreement Terms | Terms of the Company's Franchise agreements are as of December 31, 2014: | |||||||||
Property | Franchise/Royalty Fee | Marketing/Program Fee | Expiration | |||||||
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Minneapolis-Mall of America | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Nashville-Brentwood | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Dallas-Market Center | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Hartford-Farmington | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Orlando-Maitland | 4 | % | 4 | % | 2025 | |||||
Homewood Suites by Hilton Carlsbad (North San Diego County) | 4 | % | 4 | % | 2028 | |||||
Hampton Inn & Suites Houston-Medical Center | 5 | % | 4 | % | 2020 | |||||
Courtyard Altoona | 5.5 | % | 2 | % | 2030 | |||||
Springhill Suites Washington | 5 | % | 2.5 | % | 2030 | |||||
Residence Inn Long Island Holtsville | 5.5 | % | 2.5 | % | 2025 | |||||
Residence Inn White Plains | 5.5 | % | 2.5 | % | 2030 | |||||
Residence Inn New Rochelle | 5.5 | % | 2.5 | % | 2030 | |||||
Residence Inn Garden Grove | 5 | % | 2.5 | % | 2031 | |||||
Residence Inn Mission Valley | 5 | % | 2.5 | % | 2031 | |||||
Homewood Suites by Hilton San Antonio River Walk | 4 | % | 4 | % | 2026 | |||||
Residence Inn Washington DC | 5.5 | % | 2.5 | % | 2033 | |||||
Residence Inn Tysons Corner | 5 | % | 2.5 | % | 2031 | |||||
Hampton Inn Portland Downtown | 6 | % | 4 | % | 2032 | |||||
Courtyard Houston | 5.5 | % | 2 | % | 2030 | |||||
Hyatt Place Pittsburgh North Shore | 5 | % | 3.5 | % | 2030 | |||||
Hampton Inn Exeter | 6 | % | 4 | % | 2031 | |||||
Hilton Garden Inn Denver Tech | 4.3 | % | 5.5 | % | 2028 | |||||
Residence Inn Bellevue | 5.5 | % | 2.5 | % | 2033 | |||||
Springhill Suites Savannah | 5 | % | 2.5 | % | 2033 | |||||
Residence Inn Silicon Valley I | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn Silicon Valley II | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn San Mateo | 5.5 | % | 2.5 | % | 2029 | |||||
Residence Inn Mountain View | 5.5 | % | 2.5 | % | 2029 | |||||
Hyatt Place Cherry Creek | 3-5.0% | 3.5 | % | 2034 | ||||||
Courtyard Addison | 5.5 | % | 2 | % | 2029 | |||||
Courtyard West University Houston | 5.5 | % | 2 | % | 2029 | |||||
Residence Inn West University Houston | 6 | % | 2 | % | 2024 | |||||
Hilton Garden Inn Burlington | 5.5 | % | 4.3 | % | 2029 |
Quarterly_Operating_Results_un1
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||
Schedule of Quarterly Financial Information | ||||||||||||||||
Quarter Ended - 2014 | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Total revenue | $ | 36,866 | $ | 47,077 | $ | 60,662 | $ | 52,610 | ||||||||
Total operating expenses | 34,370 | 42,076 | 45,979 | 48,095 | ||||||||||||
Operating income | 2,496 | 5,001 | 14,683 | 4,516 | ||||||||||||
Net income (loss) attributable to common shareholders | (1,808 | ) | 65,137 | 8,664 | (5,660 | ) | ||||||||||
Income (loss) per common share, basic (1) | (0.07 | ) | 2.46 | 0.32 | (0.16 | ) | ||||||||||
Income (loss) per common share, diluted (1) | (0.07 | ) | 2.44 | 0.31 | (0.16 | ) | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 26,271,678 | 26,437,878 | 27,370,815 | 33,972,134 | ||||||||||||
Diluted | 26,271,678 | 26,734,919 | 27,695,347 | 33,972,134 | ||||||||||||
Quarter Ended - 2013 | ||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | |||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Total revenue | $ | 25,779 | $ | 30,746 | $ | 35,370 | $ | 34,333 | ||||||||
Total operating expenses | 22,997 | 25,730 | 29,359 | 30,781 | ||||||||||||
Operating income | 2,782 | 5,016 | 6,011 | 3,552 | ||||||||||||
Net income (loss) attributable to common shareholders | (1,696 | ) | 2,103 | 2,469 | (188 | ) | ||||||||||
Income (loss) per common share, basic and diluted (1) | (0.1 | ) | 0.12 | 0.11 | (0.01 | ) | ||||||||||
Weighted average number of common shares outstanding: | ||||||||||||||||
Basic | 17,212,124 | 18,147,108 | 22,508,988 | 26,160,823 | ||||||||||||
Diluted | 17,212,124 | 18,383,626 | 22,769,282 | 26,160,823 | ||||||||||||
(1) The sum of per share amounts for the four quarters may differ from the annual per share amounts due to the required method of computing weighted-average number of common shares outstanding in the respective periods and share offerings that occurred during the year. Unvested restricted shares and unvested long-term incentive plan units could potentially dilute basic earnings per share in the future were not included in the computation of diluted loss per share, for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. |
Organization_Additional_Inform
Organization - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2014 | Jun. 09, 2014 | Nov. 17, 2014 | Jun. 08, 2014 | Apr. 17, 2013 | |
state | Room | ||||
Room | |||||
Hotel | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Percentage of common units of limited partnership owned | 100.00% | ||||
Number of hotels in ownership by Company | 34 | ||||
Aggregate number of rooms in hotels | 5,115 | ||||
Number of states in which hotels are owned | 15 | ||||
Initial term of each TRS lease | 5 years | ||||
NewINK Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels in ownership by Company | 47 | ||||
Indirect ownership in the leased, hotels | 10.30% | 10.30% | |||
Innkeepers Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Aggregate number of rooms in hotels | 6,094 | ||||
Inland Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels in ownership by Company | 48 | ||||
Aggregate number of rooms in hotels | 6,401 | ||||
Indirect ownership in the leased, hotels | 10.00% | 10.00% | |||
Number of hotels acquired | 48 | ||||
Cerberus Capital Management | Innkeepers Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Indirect ownership in the leased, hotels | 10.30% | ||||
Number of hotels managed by related party | 47 | ||||
Cerberus Capital Management | Torrance Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Aggregate number of rooms in hotels | 248 | 248 | |||
Indirect ownership in the leased, hotels | 5.00% | 5.00% | |||
Island Hospitality Management Inc. | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels managed by related party | 32 | ||||
Ownership percentage in related party owned by the company's chairman | 90.00% | ||||
Island Hospitality Management Inc. | Inland Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels managed by related party | 34 | ||||
Concord Hospitality Enterprises | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels managed by related party | 2 | ||||
Marriott International, Inc. | Inland Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels managed by related party | 14 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Investment in Hotel Properties (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Hotel | Hotel | ||
Property, Plant and Equipment [Line Items] | |||
Number of hotel properties impaired | 0 | 0 | 0 |
Number of hotel properties held for sale | 0 | ||
Building | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 40 years | ||
Land Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 20 years | ||
Building Improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 15 years | ||
Furniture, fixtures, and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 1 year | ||
Furniture, fixtures, and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Useful life | 10 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Restricted Cash (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $12,030 | $4,605 |
Renovation, Property Tax And Insurance Escrows | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $12,030 | $4,605 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Additional Information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Hotel | ||
Disclosure Summary Of Significant Accounting Policies Additional Information [Abstract] | ||
Hotel receivables, allowance for doubtful accounts | $71 | $30 |
Income Tax Holiday [Line Items] | ||
Percentage of REIT taxable income distributed to its shareholders | 90.00% | |
Tax holiday period for REIT taxable income | 4 years | |
Number of hotels in ownership by Company | 34 | |
Deferred finance costs, net | $0 | $91 |
NewINK Joint Venture | ||
Income Tax Holiday [Line Items] | ||
Number of hotels in ownership by Company | 47 | |
Inland Joint Venture | ||
Income Tax Holiday [Line Items] | ||
Number of hotels in ownership by Company | 48 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Deferred Costs (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Deferred Costs [Abstract] | |||
Loan costs | $10,717 | $9,529 | |
Franchise fees | 2,969 | 2,215 | |
Other | 0 | 91 | |
Deferred costs, gross | 13,686 | 11,835 | |
Less accumulated amortization | -6,172 | -4,722 | |
Deferred costs, net | 7,514 | 7,113 | |
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred franchise fees | 131 | 87 | 75 |
Amortization of deferred financing fees included in interest expense | 1,532 | 1,088 | 1,840 |
Franchise | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred franchise fees | 131 | 87 | 75 |
Loans | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred financing fees included in interest expense | $1,532 | $1,088 | $1,840 |
Acquisition_of_Hotel_Propertie2
Acquisition of Hotel Properties - Allocation of Purchase Price to Hotels Based on Fair Value (Details) (USD $) | 0 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 09, 2014 | Aug. 29, 2014 | Nov. 17, 2014 | Dec. 31, 2014 |
Room | ||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||
Number of rooms (unaudited) | 1,520 | |||
Land | $166,188 | |||
Building and improvements | 278,105 | |||
Furniture, fixtures and equipment | 18,301 | |||
Cash | 37 | |||
Restricted cash | 0 | |||
Accounts receivable | 1,389 | |||
Deferred costs, net | 0 | |||
Prepaid expenses and other assets | 362 | |||
Mortgage Debt | 0 | |||
Accounts payable and accrued expenses | -748 | |||
Net assets acquired | 463,634 | |||
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | -58,860 | |||
Net assets acquired, net of cash | 404,737 | |||
Silicon Valley hotels | ||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||
Acquisition date | 9-Jun-14 | |||
Number of rooms (unaudited) | 751 | |||
Land | 149,565 | |||
Building and improvements | 159,391 | |||
Furniture, fixtures and equipment | 14,897 | |||
Cash | 25 | |||
Restricted cash | 0 | |||
Accounts receivable | 959 | |||
Deferred costs, net | 0 | |||
Prepaid expenses and other assets | 289 | |||
Mortgage Debt | 0 | |||
Accounts payable and accrued expenses | 0 | |||
Net assets acquired | 325,126 | |||
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | -58,860 | |||
Net assets acquired, net of cash | 266,241 | |||
Cherry Creek hotel | ||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||
Acquisition date | 29-Aug-14 | |||
Number of rooms (unaudited) | 194 | |||
Land | 3,700 | |||
Building and improvements | 26,300 | |||
Furniture, fixtures and equipment | 2,000 | |||
Cash | 1 | |||
Restricted cash | 0 | |||
Accounts receivable | 56 | |||
Deferred costs, net | 0 | |||
Prepaid expenses and other assets | 17 | |||
Mortgage Debt | 0 | |||
Accounts payable and accrued expenses | -62 | |||
Net assets acquired | 32,012 | |||
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | 0 | |||
Net assets acquired, net of cash | 32,011 | |||
Inland 4 Pack hotels | ||||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | ||||
Acquisition date | 17-Nov-14 | |||
Number of rooms (unaudited) | 575 | |||
Land | 12,923 | |||
Building and improvements | 92,414 | |||
Furniture, fixtures and equipment | 1,404 | |||
Cash | 11 | |||
Restricted cash | 0 | |||
Accounts receivable | 374 | |||
Deferred costs, net | 0 | |||
Prepaid expenses and other assets | 56 | |||
Mortgage Debt | 0 | |||
Accounts payable and accrued expenses | -686 | |||
Net assets acquired | 106,496 | |||
Less: Fair value of interest in the Silicon Valley Hotels and NewINK JV | 0 | |||
Net assets acquired, net of cash | $106,485 |
Acquisition_of_Hotel_Propertie3
Acquisition of Hotel Properties - Additional Information (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 01, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | ||||
Acquisition costs incurred | $10,381 | $3,341 | $236 | |
Assumed shares issued due to acquisitions | 28,531,094 | |||
Series of Individually Immaterial Business Acquisitions | ||||
Business Acquisition [Line Items] | ||||
Acquisition costs incurred | $7,234 | $1,667 |
Acquisition_of_Hotel_Propertie4
Acquisition of Hotel Properties - Revenue and Operating Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Business Acquisition [Line Items] | |||||||||||
Operating Income | $4,516 | $14,683 | $5,001 | $2,496 | $3,552 | $6,011 | $5,016 | $2,782 | $26,696 | $17,361 | $14,650 |
Silicon Valley hotels | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 26,814 | ||||||||||
Operating Income | 16,554 | ||||||||||
Cherry Creek hotel | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 2,445 | ||||||||||
Operating Income | 1,111 | ||||||||||
Inland 4 Pack hotels | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 2,035 | ||||||||||
Operating Income | 692 | ||||||||||
Recent Acquisitions | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Revenue | 31,294 | ||||||||||
Operating Income | $18,357 |
Acquisition_of_Hotel_Propertie5
Acquisition of Hotel Properties - Pro forma Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Pro forma income per share: | |||||||||||
Weighted average number of common shares - basic (in shares) | 33,972,134 | 27,370,815 | 26,437,878 | 26,271,678 | 26,160,823 | 22,508,988 | 18,147,108 | 17,212,124 | 28,531,094 | 21,035,892 | 13,811,691 |
Weighted average number of common shares - diluted (in shares) | 33,972,134 | 27,695,347 | 26,734,919 | 26,271,678 | 26,160,823 | 22,769,282 | 18,383,626 | 17,212,124 | 28,846,724 | 21,283,831 | 13,811,691 |
Recent Acquisitions | |||||||||||
Business Acquisition, Pro Forma Information [Line Items] | |||||||||||
Pro forma total revenue | 237,681 | 216,239 | 141,557 | ||||||||
Pro forma net income (loss) | 80,930 | 7,627 | 1,928 | ||||||||
Pro forma income per share: | |||||||||||
Basic (in dollars per share) | 2.84 | 0.27 | 0.07 | ||||||||
Diluted (in dollars per share) | 2.81 | 0.26 | 0.07 | ||||||||
Weighted average number of common shares - basic (in shares) | 28,531,094 | 28,531,094 | 28,531,094 | ||||||||
Weighted average number of common shares - diluted (in shares) | 28,846,724 | 28,846,724 | 28,846,724 |
Allowance_for_Doubtful_Account
Allowance for Doubtful Accounts - Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables [Abstract] | ||
Hotel receivables, allowance for doubtful accounts | $71 | $30 |
Investment_in_Hotel_Properties2
Investment in Hotel Properties (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments Schedule [Abstract] | ||
Land and improvements | $261,108 | $94,847 |
Building and improvements | 844,396 | 559,713 |
Furniture, fixtures and equipment | 61,186 | 36,628 |
Renovations in progress | 6,574 | 4,006 |
Investment in hotel properties, at cost | 1,173,264 | 695,194 |
Less accumulated depreciation | -76,839 | -42,317 |
Investment in hotel properties, net | $1,096,425 | $652,877 |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities - Additional Information (Details) (USD $) | 0 Months Ended | |||||
Jun. 09, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 17, 2013 | Jun. 08, 2014 | Nov. 17, 2014 | |
Room | Room | Room | ||||
Hotel | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Aggregate number of rooms in hotels | 5,115 | |||||
Real estate investment, purchase of hotels, number of hotels | 4 | |||||
Investment in unconsolidated real estate entities | $28,152,000 | $774,000 | ||||
Torrance Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in joint venture | 782,000 | |||||
Torrance Joint Venture | Cerberus Capital Management | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Indirect ownership in the leased, hotels | 5.00% | 5.00% | ||||
Investment in joint venture | 31,000,000 | |||||
Aggregate number of rooms in hotels | 248 | 248 | ||||
Torrance Joint Venture | Cerberus Capital Management | Senior Secured Revolving Credit Facility | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Investment in joint venture | 1,649,000 | |||||
Innkeepers Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Aggregate number of rooms in hotels | 6,094 | |||||
Joint Venture, Gain (Loss) On Remeasurement Of Joint Venture | 18,800,000 | |||||
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee | 47,000,000 | |||||
Gain (Loss) on Disposition of Stock in Subsidiary or Equity Method Investee After Remeasurement | 65,800,000 | |||||
Innkeepers Joint Venture | Cerberus Capital Management | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Indirect ownership in the leased, hotels | 10.30% | |||||
Joint Venture, Number of Hotels in Joint Venture Real Estate Portfolio | 51 | |||||
Joint Venture, Number Of Hotel Rooms In Joint Venture Real Estate Portfolio | 6,845 | |||||
Inland Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Indirect ownership in the leased, hotels | 10.00% | 10.00% | ||||
Investment in joint venture | 25,676,000 | |||||
Aggregate number of rooms in hotels | 6,401 | |||||
Joint Venture, Percentage Ownership By Third Party | 90.00% | |||||
NewINK Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Indirect ownership in the leased, hotels | 10.30% | 10.30% | ||||
Investment in joint venture | 1,694,000 | |||||
Joint Venture, Number of Hotels in Joint Venture Real Estate Portfolio | 47 | |||||
Joint Venture, Percentage Ownership By Third Party | 89.70% | |||||
Investment in unconsolidated real estate entities | 19,000,000 | |||||
Real Estate Investments, Unconsolidated Real Estate and Other Joint Ventures, Difference Between Carrying Amount And Share Of Partners' Capital | $17,300,000 |
Investment_in_Unconsolidated_E3
Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Schedule of Equity Method Investments [Line Items] | |||
Cash generated from debt refinancing | $414,538 | $203,344 | ($2,033) |
Net change in cash and cash equivalents | 10,856 | -275 | -184 |
Torrance Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Cash generated from other activities and excess cash | 100 | 40 | |
Cash generated from debt refinancing | 908 | ||
Net change in cash and cash equivalents | 100 | 948 | |
Innkeepers Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Cash generated from other activities and excess cash | 411 | 2,716 | |
Cash generated from asset sales | 0 | 130 | |
Cash generated from debt refinancing | 0 | 10,145 | |
Net change in cash and cash equivalents | 411 | 12,991 | |
NewINK Joint Venture | |||
Schedule of Equity Method Investments [Line Items] | |||
Cash generated from other activities and excess cash | 1,542 | 0 | |
Net change in cash and cash equivalents | $1,542 | $0 |
Investment_in_Unconsolidated_E4
Investment in Unconsolidated Entities - Components of Assets, Liabilities, and Equity Related to Joint Venture (Details) (Details) (Total Minority Interest Joint Ventures, USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Total Minority Interest Joint Ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Investment in hotel properties, net | $1,907,928 | $874,058 | $862,747 |
Other assets | 261,311 | 114,034 | 86,149 |
Total Assets | 2,169,239 | 988,092 | 948,896 |
Mortgages and notes payable | 1,677,159 | 969,023 | 792,239 |
Other Liabilities | 34,929 | 19,211 | 27,041 |
Total Liabilities | 1,712,088 | 988,234 | 819,280 |
Chatham Lodging Trust | 45,470 | -802 | 13,362 |
Joint Venture Partner | 411,681 | 660 | 116,254 |
Total Equity | 457,151 | -142 | 129,616 |
Total Equity | $2,169,239 | $988,092 | $948,896 |
Investment_in_Unconsolidated_E5
Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||||||||||
Total hotel operating expenses | $48,095 | $45,979 | $42,076 | $34,370 | $30,781 | $29,359 | $25,730 | $22,997 | $170,520 | $108,867 | $85,814 |
Operating income | 4,516 | 14,683 | 5,001 | 2,496 | 3,552 | 6,011 | 5,016 | 2,782 | 26,696 | 17,361 | 14,650 |
Net income attributable to common shareholders | 66,873 | 2,982 | -1,450 | ||||||||
Total loss from unconsolidated real estate entities attributable to Chatham | 65,750 | 0 | 0 | ||||||||
Total Minority Interest Joint Ventures | |||||||||||
Income Statement [Abstract] | |||||||||||
Revenue | 290,419 | 271,224 | 251,612 | ||||||||
Total hotel operating expenses | 166,849 | 151,823 | 143,525 | ||||||||
Operating income | 123,570 | 119,401 | 108,087 | ||||||||
Net loss from continuing operations | -40,018 | -14,376 | -16,093 | ||||||||
Gain (loss) on sale of hotels | -5 | -2,730 | 2,092 | ||||||||
Net income attributable to common shareholders | -40,023 | -17,106 | -14,001 | ||||||||
Income allocable to the Company | -4,165 | -1,874 | -1,439 | ||||||||
Basis difference adjustment | 335 | 0 | 0 | ||||||||
Total loss from unconsolidated real estate entities attributable to Chatham | ($3,830) | ($1,874) | ($1,439) |
Debt_Components_of_Mortgage_De
Debt - Components of Mortgage Debt (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Participating Mortgage Loans [Line Items] | ||
Carrying Value | $923,329 | |
Mortgage debt | 550,221 | 272,063 |
Senior Secured Revolving Credit Facility | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 2.67% | |
Maturity Date | 5-Nov-16 | |
Carrying Value | 177,133 | |
Mortgage debt | 22,500 | 50,000 |
SpringHill Suites by Marriott Washington, PA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 5.84% | |
Maturity Date | 1-Apr-15 | |
Carrying Value | 11,509 | |
Mortgage debt | 4,760 | 4,937 |
Courtyard by Marriott Altoona, PA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 5.96% | |
Maturity Date | 1-Apr-16 | |
Carrying Value | 10,553 | |
Mortgage debt | 6,172 | 6,378 |
Residence Inn by Marriott New Rochelle, NY | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 5.75% | |
Maturity Date | 1-Sep-21 | |
Carrying Value | 21,075 | |
Mortgage debt | 14,832 | 15,150 |
Residence Inn by Marriott San Diego, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.66% | |
Maturity Date | 6-Feb-23 | |
Carrying Value | 46,947 | |
Mortgage debt | 30,062 | 30,546 |
Homewood Suites by Hilton San Antonio, TX | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.59% | |
Maturity Date | 6-Feb-23 | |
Carrying Value | 29,615 | |
Mortgage debt | 17,174 | 17,454 |
Residence Inn by Marriott Vienna, VA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.49% | |
Maturity Date | 6-Feb-23 | |
Carrying Value | 32,918 | |
Mortgage debt | 23,534 | 23,925 |
Courtyard by Marriott Houston, TX | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.19% | |
Maturity Date | 6-May-23 | |
Carrying Value | 32,526 | |
Mortgage debt | 19,475 | 19,812 |
Hyatt Place Pittsburgh, PA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.65% | |
Maturity Date | 6-Jul-23 | |
Carrying Value | 38,187 | |
Mortgage debt | 23,657 | 24,028 |
Residence Inn by Marriott Bellevue, WA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.97% | |
Maturity Date | 6-Dec-23 | |
Carrying Value | 69,635 | |
Mortgage debt | 47,580 | 47,580 |
Residence Inn by Marriott Garden Grove, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.79% | |
Maturity Date | 6-Apr-24 | |
Carrying Value | 42,873 | |
Mortgage debt | 34,000 | 32,253 |
Residence Inn by Marriott Silicon Valley I, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Maturity Date | 1-Jul-24 | |
Carrying Value | 90,509 | |
Mortgage debt | 64,800 | 0 |
Residence Inn by Marriott Silicon Valley II, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Maturity Date | 1-Jul-24 | |
Carrying Value | 99,150 | |
Mortgage debt | 70,700 | 0 |
Residence Inn by Marriott San Mateo, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Maturity Date | 1-Jul-24 | |
Carrying Value | 71,022 | |
Mortgage debt | 48,600 | 0 |
Residence Inn by Marriott Mountain View, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Maturity Date | 1-Jul-24 | |
Carrying Value | 54,781 | |
Mortgage debt | 37,900 | 0 |
SpringHill Suites by Marriott Savannah, GA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.62% | |
Maturity Date | 6-Jul-24 | |
Carrying Value | 38,215 | |
Mortgage debt | 30,000 | 0 |
Homewood Suites by Hilton Billerica, MA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.32% | |
Maturity Date | 6-Dec-24 | |
Carrying Value | 12,238 | |
Mortgage debt | 16,225 | 0 |
Homewood Suite by Marriott Carlsbad, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.32% | |
Maturity Date | 6-Dec-24 | |
Carrying Value | 28,838 | |
Mortgage debt | 19,950 | 0 |
Hampton Inn & Suites Houston Medical Cntr., TX | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.25% | |
Maturity Date | 6-Jan-25 | |
Carrying Value | 15,605 | |
Mortgage debt | $18,300 | $0 |
Debt_Components_of_Mortgage_De1
Debt - Components of Mortgage Debt (Footnotes) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 21, 2014 | Jun. 09, 2014 | Jul. 02, 2014 | Nov. 25, 2014 | Dec. 17, 2014 |
Participating Mortgage Loans [Line Items] | ||||||||
Loss on early extinguishment of debt | $184 | $933 | $0 | |||||
Senior Secured Revolving Credit Facility | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Number of properties in borrowing base securing borrowing under credit facility | 10 | |||||||
Senior Secured Revolving Credit Facility | LIBOR | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 2.50% | |||||||
Residence Inn by Marriott Garden Grove, CA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Loan term | 10 years | |||||||
Loans amortization payment term | 30 years | |||||||
Debt instrument, interest only term | 12 months | |||||||
Loss on early extinguishment of debt | $184 | |||||||
Silicon Valley I, Silicon Valley II, San Mateo and Mountain View Loans | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Loans amortization payment term | 30 years | |||||||
Debt instrument, interest only term | 60 months | |||||||
Debt instrument, number of loans | 4 | |||||||
Debt instrument, term | 10 years | |||||||
SpringHill Suites by Marriott Savannah, GA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Loans amortization payment term | 30 years | |||||||
Debt instrument, interest only term | 60 months | |||||||
Debt instrument, term | 10 years | |||||||
Billerica And Carlsbad Hotel Loans | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Loans amortization payment term | 30 years | |||||||
Debt instrument, interest only term | 36 months | |||||||
Debt instrument, number of loans | 2 | |||||||
Debt instrument, term | 10 years | |||||||
Hampton Inn & Suites Houston Medical Cntr., TX | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Loan term | 10 years | |||||||
Loans amortization payment term | 30 years | |||||||
Debt instrument, interest only term | 36 months |
Debt_Summary_of_Amendment_to_S
Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Dec. 11, 2013 | Dec. 31, 2014 | |
Debt Disclosure [Abstract] | ||
Percentage of adjusted funds from operations | 95.00% | |
Facility amount | $175,000,000 | |
Interest rate applicable margin | 200-300 basis points, based on leverage ratio | |
Unused fee | 25 basis points if less than 50% unused, 35 basis points if more than 50% unused | |
Minimum fixed charge coverage ratio | 1.5 |
Debt_Summary_of_Amendment_to_S1
Debt - Summary of Amendment to Senior Secured Revolving Credit Facility (Descriptors) (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Senior Secured Notes [Line Items] | |
Amounts which can be increased to the credit facility, subject to lender approval. | $50,000,000 |
Minimum | |
Senior Secured Notes [Line Items] | |
Line of credit, interest spread basis points | 2.00% |
Line of credit facility commitment fee, basis points | 0.25% |
Maximum | |
Senior Secured Notes [Line Items] | |
Line of credit, interest spread basis points | 3.00% |
Line of credit facility commitment fee, basis points | 0.35% |
Debt_Additional_Information_De
Debt - Additional Information (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ||
Outstanding borrowing under the revolving credit facility | $22,500,000 | $50,000,000 |
Maximum borrowing availability under revolving credit facility | 175,000,000 | |
Consolidated fixed charge coverage ratio | 3.15 | |
Fixed Rate Debt | ||
Debt Instrument [Line Items] | ||
Estimated fair value of debt | 542,500,000 | 220,000,000 |
Variable rate debt | ||
Debt Instrument [Line Items] | ||
Estimated fair value of debt | 22,500,000 | 50,000,000 |
Senior Secured Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Outstanding borrowing under the revolving credit facility | 22,500,000 | 50,000,000 |
Number of properties in borrowing base securing borrowing under credit facility | 10 | |
Maximum borrowing availability under revolving credit facility | $175,000,000 |
Debt_Future_Scheduled_Principa
Debt - Future Scheduled Principal Payments of Debt Obligations (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $8,062 | |
2016 | 31,978 | |
2017 | 3,971 | |
2018 | 5,012 | |
2019 | 7,046 | |
Thereafter | 494,152 | |
Total | $550,221 | $272,063 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current: | |||
Federal | $82 | $93 | $55 |
State | 27 | 30 | 19 |
Current tax expense | 109 | 123 | 74 |
Deferred: | |||
Federal | -3 | 0 | 1 |
State | -1 | 1 | 0 |
Deferred tax expense | -4 | 1 | 1 |
Total tax expense | $105 | $124 | $75 |
Income_Taxes_Difference_Betwee
Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Detail) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure Difference Between Total Income Taxes Expense And Amount Computed At Statutory Federal Income Tax Rate [Abstract] | |||
Book income (loss) before income taxes | ($520) | ($2,080) | $159 |
Statutory rate of 34% applied to pre-tax income | -178 | -707 | 54 |
Effective of state and local income taxes, net of federal tax benefit | -14 | -82 | 20 |
Provision to return and deferred adjustment | 40 | 118 | 0 |
Change in valuation allowance | 257 | 795 | 1 |
Total tax expense | $105 | $124 | $75 |
Effective tax rate | -20.19% | -5.96% | 47.17% |
Income_Taxes_Difference_Betwee1
Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Descriptors) (Detail) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Difference Between Total Income Taxes Expense And Amount Computed At Statutory Federal Income Tax Rate [Abstract] | |||
Statutory rate | 34.00% | 34.00% | 34.00% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Trs Lessee One | ||
Income Taxes [Line Items] | ||
Gross deferred tax asset associated with future tax deductions | $1,297,000 | |
Recorded valuation allowance equal to gross deferred tax asset | 100.00% | |
Trs Lessee Two | ||
Income Taxes [Line Items] | ||
Gross deferred tax asset associated with future tax deductions | 10,000 | |
Deferred tax assets, valuation allowance | $0 | $0 |
Income_Taxes_Tax_Effect_of_Eac
Income Taxes - Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset (Detail) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Disclosure Tax Effect Of Each Type Of Temporary Difference And Carry Forward That Gives Rise To Deferred Tax Asset [Abstract] | ||
Allowance for doubtful accounts | $28 | $11 |
Other | 230 | 101 |
Valuation allowance | -248 | -89 |
Current deferred tax asset | 10 | 23 |
Total book to tax difference in partnership | -165 | -149 |
Net operating loss | 1,214 | 1,100 |
Valuation allowance | -1,049 | -951 |
Non-current deferred tax asset | 0 | 0 |
Net deferred tax asset | $10 | $23 |
Dividends_Declared_and_Paid_Ad
Dividends Declared and Paid - Additional Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Nov. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | 31-May-13 | Apr. 30, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | |||||||||||||||||||||||||||||||||||
Common shares, dividend declared per share | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.24 | $0.24 | $0.24 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.93 | $0.84 | $0.78 |
Long-term incentive plan (LTIP) units, distributions per unit | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.24 | $0.24 | $0.24 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.93 | $0.84 | $0.78 |
Percentage of distribution considered taxable income | 97.70% | 85.70% | |||||||||||||||||||||||||||||||||
Percentage of distribution considered return of capital | 2.30% | 14.30% |
Dividends_Declared_and_Paid_Di
Dividends Declared and Paid - Dividend Information (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | Nov. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | 31-May-14 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Oct. 31, 2013 | Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Jun. 30, 2013 | 31-May-13 | Apr. 30, 2013 | Mar. 31, 2013 | Feb. 28, 2013 | Jan. 31, 2013 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity [Abstract] | |||||||||||||||||||||||||||||||||||
Record Date | 31-Dec-14 | 28-Nov-14 | 31-Oct-14 | 30-Sep-14 | 29-Aug-14 | 31-Jul-14 | 30-Jun-14 | 30-May-14 | 30-Apr-14 | 31-Mar-14 | 28-Feb-14 | 31-Jan-14 | 31-Dec-13 | 29-Nov-13 | 31-Oct-13 | 30-Sep-13 | 30-Aug-13 | 31-Jul-13 | 28-Jun-13 | 31-May-13 | 30-Apr-13 | 28-Mar-13 | 28-Feb-13 | 31-Jan-13 | |||||||||||
Payment Date | 30-Jan-15 | 26-Dec-14 | 28-Nov-14 | 31-Oct-14 | 26-Sep-14 | 29-Aug-14 | 25-Jul-14 | 27-Jun-14 | 30-May-14 | 25-Apr-14 | 28-Mar-14 | 28-Feb-14 | 31-Jan-14 | 27-Dec-13 | 29-Nov-13 | 25-Oct-13 | 27-Sep-13 | 30-Aug-13 | 26-Jul-13 | 28-Jun-13 | 31-May-13 | 26-Apr-13 | 29-Mar-13 | 22-Feb-13 | |||||||||||
Common share distribution amount | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.24 | $0.24 | $0.24 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.93 | $0.84 | $0.78 |
LTIP unit distribution amount | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.07 | $0.24 | $0.24 | $0.24 | $0.21 | $0.21 | $0.21 | $0.21 | $0.21 | $0.93 | $0.84 | $0.78 |
Ordinary Income | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.08 | $0.07 | $0.07 | $0.07 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.06 | $0.23 | $0.23 | $0.23 | $0.21 | $0.18 | $0.18 | $0.18 | $0.18 | $0.91 | $0.72 | |
Return of Capital | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.00 | $0.03 | $0.03 | $0.03 | $0.03 | $0.02 | $0.12 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Details) (USD $) | 56 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Jun. 04, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | |
vote | officer | officer | ||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Common shares, shares authorized (in shares) | 500,000,000 | 500,000,000 | 500,000,000 | |||
Common shares, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | |||
Number of votes per common share | 1 | 1 | ||||
Common shares, shares outstanding (in shares) | 34,173,691 | 34,173,691 | 26,295,558 | |||
Additional common shares issued (in shares) | 32,931,000 | |||||
Preferred shares, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | |||
Preferred shares, par value (in dollars per share) | $0.01 | $0.01 | $0.01 | |||
Operating Partnership common units held by unaffiliated third parties (in shares) | 0 | 0 | 0 | |||
Long Term Incentive Plan Units | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Operating partnership unit (in shares) | 257,775 | 257,775 | 257,775 | |||
LTIP units achieving full parity (in shares) | 231,525 | 26,250 | ||||
Number of recipients | 2 | 1 | ||||
Percent of units with full parity that have vested | 80.00% | 80.00% | ||||
Equity Incentive Plans | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Common shares withheld to meet the minimum statutory tax withholding requirements (in shares) | 867 | 445 | ||||
Common shares price per share, withheld to meet the minimum statutory tax withholding requirements (in dollars per share) | $20.63 | $16.31 | ||||
DRSP Plan | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Stock Purchase Plan, Authorized Amount | $25,000,000 | |||||
Additional common shares issued (in shares) | 2,083 | 0 | ||||
Stock Purchase Plan, Average Price Per Share (in dollars per share) | $24.38 | |||||
Stock Purchase Plan, Remaining Authorized Repurchase Amount | 24,949,000 | 24,949,000 | ||||
ATM Plan | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Stock Purchase Plan, Authorized Amount | 50,000,000 | |||||
Additional common shares issued (in shares) | 880,820 | 0 | ||||
Stock Purchase Plan, Average Price Per Share (in dollars per share) | $23.54 | |||||
Stock Purchase Plan, Remaining Authorized Repurchase Amount | $29,264,000 | $29,264,000 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 56 Months Ended | 0 Months Ended | ||||||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Apr. 21, 2010 | Sep. 24, 2014 | Sep. 30, 2013 | Jun. 18, 2013 | Jan. 14, 2013 | Feb. 08, 2011 | Oct. 11, 2013 | Jun. 28, 2013 | Jan. 31, 2013 |
Class of Stock [Line Items] | ||||||||||
Additional common shares issued (in shares) | 32,931,000 | |||||||||
Gross proceeds from common share offering | $609.60 | |||||||||
Net proceeds from common share offering | 574.9 | |||||||||
Initial public offering | ||||||||||
Class of Stock [Line Items] | ||||||||||
Additional common shares issued (in shares) | 8,625,000 | |||||||||
Common stock price per share (in dollars per share) | $20 | |||||||||
Gross proceeds from common share offering | 172.5 | |||||||||
Net proceeds from common share offering | 158.7 | |||||||||
Private placement offering | ||||||||||
Class of Stock [Line Items] | ||||||||||
Additional common shares issued (in shares) | 500,000 | |||||||||
Common stock price per share (in dollars per share) | $20 | |||||||||
Gross proceeds from common share offering | 10 | |||||||||
Net proceeds from common share offering | 10 | |||||||||
Follow-on common share offering | ||||||||||
Class of Stock [Line Items] | ||||||||||
Additional common shares issued (in shares) | 6,000,000 | 3,250,000 | 4,500,000 | 3,500,000 | 4,000,000 | |||||
Common stock price per share (in dollars per share) | $21.85 | $18.35 | $16.35 | $14.70 | $16 | |||||
Gross proceeds from common share offering | 131.1 | 59.6 | 73.6 | 51.4 | 64 | |||||
Net proceeds from common share offering | 125.6 | 56.7 | 70 | 48.4 | 60.3 | |||||
Over-allotment option | ||||||||||
Class of Stock [Line Items] | ||||||||||
Additional common shares issued (in shares) | 900,000 | 600,000 | 487,500 | 475,823 | 92,677 | |||||
Common stock price per share (in dollars per share) | $21.85 | $16 | $18.35 | $16.35 | $14.70 | |||||
Gross proceeds from common share offering | 19.7 | 9.6 | 8.9 | 7.8 | 1.4 | |||||
Net proceeds from common share offering | $18.90 | $9.10 | $8.50 | $7.40 | $1.30 |
Earnings_Per_Share_Reconciliat
Earnings Per Share - Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Net income (loss) | $66,873 | $2,982 | ($1,450) | ||||||||
Dividends paid on unvested shares and units | -216 | -294 | -272 | ||||||||
Undistributed earnings allocated to unvested shares and units | -324 | 0 | 0 | ||||||||
Net income (loss) attributable to common shareholders | ($5,660) | $8,664 | $65,137 | ($1,808) | ($188) | $2,469 | $2,103 | ($1,696) | $66,333 | $2,688 | ($1,722) |
Denominator: | |||||||||||
Weighted average number of common shares - basic (in shares) | 33,972,134 | 27,370,815 | 26,437,878 | 26,271,678 | 26,160,823 | 22,508,988 | 18,147,108 | 17,212,124 | 28,531,094 | 21,035,892 | 13,811,691 |
Effect of dilutive securities: | |||||||||||
Unvested shares (in shares) | 315,630 | 247,939 | |||||||||
Weighted average number of common shares - diluted (in shares) | 33,972,134 | 27,695,347 | 26,734,919 | 26,271,678 | 26,160,823 | 22,769,282 | 18,383,626 | 17,212,124 | 28,846,724 | 21,283,831 | 13,811,691 |
Basic income (loss) per Common Share: | |||||||||||
Net income (loss) attributable to common shareholders per weighted average common share (in dollars per share) | ($0.16) | $0.32 | $2.46 | ($0.07) | $2.32 | $0.13 | ($0.12) | ||||
Diluted income (loss) per Common Share: | |||||||||||
Net income (loss) attributable to common shareholders per weighted average common share (in dollars per share) | ($0.16) | $0.31 | $2.44 | ($0.07) | $2.30 | $0.13 | ($0.12) |
Equity_Incentive_Plan_Addition
Equity Incentive Plan - Additional Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2014 | Jan. 31, 2013 | Jan. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 15, 2015 | Jun. 04, 2014 | Sep. 30, 2013 | Sep. 09, 2010 | Apr. 21, 2010 | 17-May-13 |
officer | officer | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Compensation expense valuation of performance-based shares (in dollars per share) | $13.17 | $10.93 | $10.20 | |||||||||
Total unrecognized compensation cost related to LTIP Units | $267 | $1,049 | ||||||||||
Independent Trustees | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Trustee Fees | 75 | 75 | 75 | |||||||||
Common shares issued as compensation for services performed (in shares) | 16,542 | 22,536 | 27,592 | |||||||||
Independent Trustees | Subsequent Event | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Common shares issued as compensation for services performed (in shares) | 14,113 | |||||||||||
Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Trustee Fees, Paid In Shares, Percentage | 50.00% | |||||||||||
Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Trustee Fees, Paid In Shares, Percentage | 100.00% | |||||||||||
Equity Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Number of shares authorized | 3,000,000 | |||||||||||
Equity Incentive Plan | Minimum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period for share awards under equity | 3 years | |||||||||||
Equity Incentive Plan | Maximum | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period for share awards under equity | 5 years | |||||||||||
2010 Equity Incentive Plan | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Common shares available for issuance (in shares) | 2,296,458 | |||||||||||
Number of trading days preceding the reporting date for which average of closing price of common shares is taken | 10 days | |||||||||||
Time-based Restricted Stock Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 3 years | |||||||||||
Performance-based Restricted Stock Awards | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period | 3 years | |||||||||||
Restricted Stock | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Unrecognized compensation costs | 1,458 | 1,214 | ||||||||||
Weighted - average period for recognition of unrecognized compensation costs | 1 year 10 months 24 days | |||||||||||
Compensation expense recognized | 1,275 | 966 | 883 | |||||||||
Shares granted (in shares) | 87,018 | 81,658 | 114,567 | |||||||||
Long Term Incentive Plan Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Vesting period for share awards under equity | 5 years | |||||||||||
Weighted - average period for recognition of unrecognized compensation costs | 0 years 4 months 26 days | |||||||||||
Compensation expense recognized | $783 | $783 | $783 | |||||||||
Shares granted (in shares) | 26,250 | 246,960 | ||||||||||
Shares forfeited (in shares) | 15,435 | |||||||||||
Expected stabilized dividend yield | 5.00% | |||||||||||
Risk free interest rate | 2.33% | |||||||||||
Number of years of Treasury yield considered | 5 years | |||||||||||
LTIP units achieving full parity (in shares) | 231,525 | 26,250 | ||||||||||
Number of recipients | 2 | 1 | ||||||||||
Percent of units with full parity that have vested | 80.00% |
Equity_Incentive_Plan_Restrict
Equity Incentive Plan - Restricted Share Awards Granted and Vested (Details) | 0 Months Ended | 34 Months Ended | 0 Months Ended | 23 Months Ended | 0 Months Ended | 11 Months Ended | 0 Months Ended | 19 Months Ended |
Feb. 23, 2012 | Dec. 31, 2014 | Jan. 29, 2013 | Dec. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2014 | 17-May-13 | Dec. 31, 2014 | |
Time-based Restricted Stock Awards | Awarded February 23, 2012 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total Shares Granted | 61,376 | |||||||
Vested | 40,918 | |||||||
Time-based Restricted Stock Awards | Awarded January 29, 2013 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total Shares Granted | 40,829 | |||||||
Vested | 13,611 | |||||||
Time-based Restricted Stock Awards | Awarded January 31, 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total Shares Granted | 48,213 | |||||||
Vested | 0 | |||||||
Performance-based Restricted Stock Awards | Awarded February 23, 2012 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total Shares Granted | 53,191 | |||||||
Vested | 35,462 | |||||||
Performance-based Restricted Stock Awards | Awarded May 17, 2013 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total Shares Granted | 40,829 | |||||||
Vested | 13,611 | |||||||
Performance-based Restricted Stock Awards | Awarded January 31, 2014 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total Shares Granted | 38,805 | |||||||
Vested | 0 |
Equity_Incentive_Plan_Summary_
Equity Incentive Plan - Summary of Restricted Share Awards (Details) (Restricted Stock, USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock | |||
Summary of company's restricted share awards | |||
Number of Shares, Nonvested at beginning of the period (in shares) | 158,035 | 140,077 | 51,029 |
Number of Shares, Granted (in shares) | 87,018 | 81,658 | 114,567 |
Number of Shares, Vested (in shares) | -65,412 | -63,700 | -25,519 |
Number of Shares, Nonvested at end of the period (in shares) | 179,641 | 158,035 | 140,077 |
Summary of company's restricted share awards, weighted average grant date fair value | |||
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share) | $12.39 | $12.70 | $19.04 |
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) | $17.46 | $13.43 | $11.28 |
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | $12.17 | $14.39 | $19.04 |
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) | $14.92 | $12.39 | $12.70 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Term | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Estimated Litigation Liability, Current | $287,000 | ||
Capital Leased Assets [Line Items] | |||
Maximum additional terms up to which ground lease can be extended | 12 | ||
Periods in each additional renewal term | 5 years | ||
Approximate rent when monthly occupancy is less than 85% | 7,500 | ||
Percentage of occupancy under condition one (less than) | 85.00% | ||
Approximate rent when monthly occupancy is 100% | 20,000 | ||
Percentage of occupancy under condition two | 100.00% | ||
Minimum percentage of annual rent increase | 2.50% | ||
Percentage Of Hotel Net Operating Income Less Certain Expenses Paid For Aggregate Yearly Management Fee | 10.00% | ||
Incentive Management Fee | 1.00% | ||
Management fees recorded within hotel other operating expenses | 6,096,000 | 3,752,000 | 2,872,000 |
Franchise fees recorded within hotel other operating expenses | 15,110,000 | 9,394,000 | 7,529,000 |
Island Hospitality Management Inc. | |||
Capital Leased Assets [Line Items] | |||
Management fees recorded within hotel other operating expenses | 161,000 | 63,000 | 16,000 |
Hotel Management Agreement | Island Hospitality Management Inc. | |||
Capital Leased Assets [Line Items] | |||
Initial terms of management agreements | 5 years | ||
Minimum notice period for termination of management agreement | 6 months | ||
Number of renewal periods | 2 | ||
Renewal periods of management agreements | 5 years | ||
Concord | Hotel Management Agreement | |||
Capital Leased Assets [Line Items] | |||
Periods in each additional renewal term | 1 year | ||
Initial terms of management agreements | 10 years | ||
Expiry date of initial term of management agreement | 28-Feb-17 | ||
Minimum notice period for termination of management agreement | 90 days | ||
Ground Leases | |||
Capital Leased Assets [Line Items] | |||
Lease expiration date | 30-Apr-29 | ||
Air Rights Lease And Garage Lease | |||
Capital Leased Assets [Line Items] | |||
Lease expiration date | 1-Dec-04 | ||
Number of parking spaces occupied by hotel | 128 | ||
Operating Leases, Rent Expense | $116,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Minimum Future Obligation Payments Required Under Ground Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Minimum future obligation payments required under ground leases | |
2015 | $210 |
2016 | 212 |
2017 | 214 |
2018 | 217 |
2019 | 219 |
Thereafter | 11,009 |
Total | $12,081 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Terms of Management Agreements (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Real Estate Properties [Line Items] | |
Incentive Management Fee | 1.00% |
Courtyard Altoona | |
Real Estate Properties [Line Items] | |
Base Management Fee | 4.00% |
Monthly Accounting Fee | 1,211 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 0.00% |
Springhill Suites Washington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 4.00% |
Monthly Accounting Fee | 991 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 0.00% |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Minneapolis-Mall of America | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Nashville-Brentwood | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Dallas-Market Center | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Hartford-Farmington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Orlando-Maitland | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton Carlsbad (North San Diego County) | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Hampton Inn & Suites Houston-Medical Center | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Long Island Holtsville | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn White Plains | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn New Rochelle | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Garden Grove | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Mission Valley | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Homewood Suites by Hilton San Antonio River Walk | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Washington DC | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Residence Inn Tysons Corner | |
Real Estate Properties [Line Items] | |
Base Management Fee | 2.50% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 0 |
Incentive Management Fee | 1.00% |
Hampton Inn Portland Downtown | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Courtyard Houston | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,000 |
Monthly Revenue Management Fee | 550 |
Incentive Management Fee | 1.00% |
Hyatt Place Pittsburgh North Shore | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,500 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Hampton Inn Exeter | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Hilton Garden Inn Denver Tech | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,500 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn Bellevue | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Springhill Suites Savannah | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn Silicon Valley I | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn Silicon Valley II | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn San Mateo | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn Mountain View | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Hyatt Place Cherry Creek | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,500 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Courtyard Addison | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,500 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Courtyard West University Houston | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,500 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Residence Inn West University Houston | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,200 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Hilton Garden Inn Burlington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | 1,500 |
Monthly Revenue Management Fee | 1,000 |
Incentive Management Fee | 1.00% |
Commitments_and_Contingencies_4
Commitments and Contingencies - Terms of Franchise Agreements (Details) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2025 |
Homewood Suites by Hilton Minneapolis-Mall of America | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2025 |
Homewood Suites by Hilton Nashville-Brentwood | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2025 |
Homewood Suites by Hilton Dallas-Market Center | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2025 |
Homewood Suites by Hilton Hartford-Farmington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2025 |
Homewood Suites by Hilton Orlando-Maitland | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2025 |
Homewood Suites by Hilton Carlsbad (North San Diego County) | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2028 |
Hampton Inn & Suites Houston-Medical Center | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2020 |
Courtyard Altoona | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Expiration | 2030 |
Springhill Suites Washington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | 2030 |
Residence Inn Long Island Holtsville | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | 2025 |
Residence Inn White Plains | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | 2030 |
Residence Inn New Rochelle | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | 2030 |
Residence Inn Garden Grove | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | 2031 |
Residence Inn Mission Valley | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | 2031 |
Homewood Suites by Hilton San Antonio River Walk | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2026 |
Residence Inn Washington DC | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | 2033 |
Residence Inn Tysons Corner | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | 2031 |
Hampton Inn Portland Downtown | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2032 |
Courtyard Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Expiration | 2030 |
Hyatt Place Pittsburgh North Shore | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 3.50% |
Expiration | 2030 |
Hampton Inn Exeter | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 4.00% |
Expiration | 2031 |
Hilton Garden Inn Denver Tech | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.30% |
Marketing/Program Fee | 5.50% |
Expiration | 2028 |
Residence Inn Bellevue | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | 2033 |
Springhill Suites Savannah | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Expiration | 2033 |
Residence Inn Silicon Valley I | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | 2029 |
Residence Inn Silicon Valley II | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | 2029 |
Residence Inn San Mateo | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | 2029 |
Residence Inn Mountain View | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Expiration | 2029 |
Hyatt Place Cherry Creek | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 3.50% |
Expiration | 2034 |
Hyatt Place Cherry Creek | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 3.00% |
Hyatt Place Cherry Creek | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Courtyard Addison | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Expiration | 2029 |
Courtyard West University Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Expiration | 2029 |
Residence Inn West University Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.00% |
Expiration | 2024 |
Hilton Garden Inn Burlington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.30% |
Expiration | 2029 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Hotel | |||
Related Party Transaction [Line Items] | |||
Number of hotels in ownership by Company | 34 | ||
Management and accounting fees paid by the company | $5,800,000 | $3,400,000 | $2,300,000 |
Amounts due to related party | 600,000 | 500,000 | |
Management fees recorded within hotel other operating expenses | 6,096,000 | 3,752,000 | 2,872,000 |
NewINK Joint Venture | |||
Related Party Transaction [Line Items] | |||
Number of hotels in ownership by Company | 47 | ||
Inland Joint Venture | |||
Related Party Transaction [Line Items] | |||
Number of hotels in ownership by Company | 48 | ||
Number of hotels acquired | 48 | ||
Island Hospitality Management Inc. | |||
Related Party Transaction [Line Items] | |||
Ownership percentage in related party owned by the company's chairman | 90.00% | ||
Number of hotels managed by related party | 32 | ||
Management fees recorded within hotel other operating expenses | $161,000 | $63,000 | $16,000 |
Island Hospitality Management Inc. | Inland Joint Venture | |||
Related Party Transaction [Line Items] | |||
Number of hotels managed by related party | 34 | ||
NorthStar Realty Finance Corp | |||
Related Party Transaction [Line Items] | |||
Ownership percentage in related party owned by the company's chairman | 2.50% |
Quarterly_Operating_Results_De
Quarterly Operating Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $52,610 | $60,662 | $47,077 | $36,866 | $34,333 | $35,370 | $30,746 | $25,779 | $197,216 | $126,228 | $100,464 |
Total hotel operating expenses | 48,095 | 45,979 | 42,076 | 34,370 | 30,781 | 29,359 | 25,730 | 22,997 | 170,520 | 108,867 | 85,814 |
Operating income | 4,516 | 14,683 | 5,001 | 2,496 | 3,552 | 6,011 | 5,016 | 2,782 | 26,696 | 17,361 | 14,650 |
Net income (loss) attributable to common shareholders | ($5,660) | $8,664 | $65,137 | ($1,808) | ($188) | $2,469 | $2,103 | ($1,696) | $66,333 | $2,688 | ($1,722) |
Income (loss) per common share, basic (in dollars per share) | ($0.16) | $0.32 | $2.46 | ($0.07) | $2.32 | $0.13 | ($0.12) | ||||
Income (loss) per common share, diluted (in dollars per share) | ($0.16) | $0.31 | $2.44 | ($0.07) | $2.30 | $0.13 | ($0.12) | ||||
Income (loss) per common share, basic and diluted (in dollars per share) | ($0.01) | $0.11 | $0.12 | ($0.10) | |||||||
Weighted average number of common shares outstanding: | |||||||||||
Basic (in shares) | 33,972,134 | 27,370,815 | 26,437,878 | 26,271,678 | 26,160,823 | 22,508,988 | 18,147,108 | 17,212,124 | 28,531,094 | 21,035,892 | 13,811,691 |
Diluted (in shares) | 33,972,134 | 27,695,347 | 26,734,919 | 26,271,678 | 26,160,823 | 22,769,282 | 18,383,626 | 17,212,124 | 28,846,724 | 21,283,831 | 13,811,691 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 56 Months Ended | 0 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 24, 2014 | Sep. 30, 2013 | Jun. 18, 2013 | Jan. 14, 2013 | Feb. 08, 2011 | Oct. 11, 2013 | Jun. 28, 2013 | Jan. 31, 2013 | Jan. 27, 2015 | Feb. 26, 2015 | |
Subsequent Event [Line Items] | |||||||||||
Additional common shares issued (in shares) | 32,931,000 | ||||||||||
Net proceeds from common share offering | $574,900,000 | ||||||||||
Follow-on common share offering | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Additional common shares issued (in shares) | 6,000,000 | 3,250,000 | 4,500,000 | 3,500,000 | 4,000,000 | ||||||
Common stock price per share (in dollars per share) | $21.85 | $18.35 | $16.35 | $14.70 | $16 | ||||||
Net proceeds from common share offering | 125,600,000 | 56,700,000 | 70,000,000 | 48,400,000 | 60,300,000 | ||||||
Over-allotment option | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Additional common shares issued (in shares) | 900,000 | 600,000 | 487,500 | 475,823 | 92,677 | ||||||
Common stock price per share (in dollars per share) | $21.85 | $16 | $18.35 | $16.35 | $14.70 | ||||||
Net proceeds from common share offering | 18,900,000 | 9,100,000 | 8,500,000 | 7,400,000 | 1,300,000 | ||||||
Subsequent Event | Follow-on common share offering | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Additional common shares issued (in shares) | 4,025,000 | ||||||||||
Common stock price per share (in dollars per share) | $30 | ||||||||||
Net proceeds from common share offering | 119,000,000 | ||||||||||
Subsequent Event | Over-allotment option | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Additional common shares issued (in shares) | 525,000 | ||||||||||
Subsequent Event | San Diego Acquisition | |||||||||||
Subsequent Event [Line Items] | |||||||||||
Payments to Acquire Businesses, Gross | $90,000,000 | ||||||||||
Base Management Fee | 3.00% |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Detail) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | $260,782 | |||||
Initial Cost, Buildings & Improvements | 819,142 | |||||
Cost Cap. Sub. To Acq. Land | 326 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 25,254 | |||||
Gross Amount at End of Year, Land | 261,108 | |||||
Gross Amount at End of Year, Buildings & Improvements | 844,396 | |||||
Gross Amount at End of Year, Total | 1,105,504 | 654,560 | 423,729 | 392,463 | 200,974 | 0 |
Accumulated Depreciation | 50,910 | 28,980 | 17,398 | 8,394 | 1,901 | 0 |
Homewood Suites Orlando - Maitland, FL | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Homewood Suites Orlando - Maitland, FL | |||||
Year of Acquisition | 2010 | |||||
Initial Cost, Land | 1,800 | |||||
Initial Cost, Buildings & Improvements | 7,200 | |||||
Cost Cap. Sub. To Acq. Land | 34 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,418 | |||||
Gross Amount at End of Year, Land | 1,834 | |||||
Gross Amount at End of Year, Buildings & Improvements | 8,618 | |||||
Gross Amount at End of Year, Total | 10,452 | |||||
Accumulated Depreciation | 1,125 | |||||
Year of Original Construction | 2000 | |||||
Homewood Suites Boston - Billerica, MA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Homewood Suites Boston - Billerica, MA | |||||
Year of Acquisition | 2010 | |||||
Encumbrances | 16,225 | |||||
Initial Cost, Land | 1,470 | |||||
Initial Cost, Buildings & Improvements | 10,555 | |||||
Cost Cap. Sub. To Acq. Land | 48 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,022 | |||||
Gross Amount at End of Year, Land | 1,518 | |||||
Gross Amount at End of Year, Buildings & Improvements | 11,577 | |||||
Gross Amount at End of Year, Total | 13,095 | |||||
Accumulated Depreciation | 1,571 | |||||
Year of Original Construction | 1999 | |||||
Homewood Suites Minneapolis - Mall of America, Bloomington, MN | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Homewood Suites Minneapolis - Mall of America, Bloomington, MN | |||||
Year of Acquisition | 2010 | |||||
Initial Cost, Land | 3,500 | |||||
Initial Cost, Buildings & Improvements | 13,960 | |||||
Cost Cap. Sub. To Acq. Land | 19 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,314 | |||||
Gross Amount at End of Year, Land | 3,519 | |||||
Gross Amount at End of Year, Buildings & Improvements | 15,274 | |||||
Gross Amount at End of Year, Total | 18,793 | |||||
Accumulated Depreciation | 1,988 | |||||
Year of Original Construction | 1998 | |||||
Homewood Suites Nashville - Brentwood, TN | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Homewood Suites Nashville - Brentwood, TN | |||||
Year of Acquisition | 2010 | |||||
Initial Cost, Land | 1,525 | |||||
Initial Cost, Buildings & Improvements | 9,300 | |||||
Cost Cap. Sub. To Acq. Land | 12 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,204 | |||||
Gross Amount at End of Year, Land | 1,537 | |||||
Gross Amount at End of Year, Buildings & Improvements | 10,504 | |||||
Gross Amount at End of Year, Total | 12,041 | |||||
Accumulated Depreciation | 1,399 | |||||
Year of Original Construction | 1998 | |||||
Homewood Suites Dallas - Market Center, Dallas, TX | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Homewood Suites Dallas - Market Center, Dallas, TX | |||||
Year of Acquisition | 2010 | |||||
Initial Cost, Land | 2,500 | |||||
Initial Cost, Buildings & Improvements | 7,583 | |||||
Cost Cap. Sub. To Acq. Land | 17 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,003 | |||||
Gross Amount at End of Year, Land | 2,517 | |||||
Gross Amount at End of Year, Buildings & Improvements | 8,586 | |||||
Gross Amount at End of Year, Total | 11,103 | |||||
Accumulated Depreciation | 1,214 | |||||
Year of Original Construction | 1998 | |||||
Homewood Suites Hartford - Farmington, CT | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Homewood Suites Hartford - Farmington, CT | |||||
Year of Acquisition | 2010 | |||||
Initial Cost, Land | 1,325 | |||||
Initial Cost, Buildings & Improvements | 9,375 | |||||
Cost Cap. Sub. To Acq. Land | 92 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,274 | |||||
Gross Amount at End of Year, Land | 1,417 | |||||
Gross Amount at End of Year, Buildings & Improvements | 10,649 | |||||
Gross Amount at End of Year, Total | 12,066 | |||||
Accumulated Depreciation | 1,433 | |||||
Year of Original Construction | 1999 | |||||
Hampton Inn & Suites Houston - Houston, TX | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Hampton Inn & Suites Houston - Houston, TX | |||||
Year of Acquisition | 2010 | |||||
Encumbrances | 18,300 | |||||
Initial Cost, Land | 3,200 | |||||
Initial Cost, Buildings & Improvements | 12,709 | |||||
Cost Cap. Sub. To Acq. Land | 56 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 656 | |||||
Gross Amount at End of Year, Land | 3,256 | |||||
Gross Amount at End of Year, Buildings & Improvements | 13,365 | |||||
Gross Amount at End of Year, Total | 16,621 | |||||
Accumulated Depreciation | 1,562 | |||||
Year of Original Construction | 1997 | |||||
Residence Inn Holtsville - Holtsville, NY | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn Holtsville - Holtsville, NY | |||||
Year of Acquisition | 2010 | |||||
Initial Cost, Land | 2,200 | |||||
Initial Cost, Buildings & Improvements | 18,765 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 923 | |||||
Gross Amount at End of Year, Land | 2,200 | |||||
Gross Amount at End of Year, Buildings & Improvements | 19,688 | |||||
Gross Amount at End of Year, Total | 21,888 | |||||
Accumulated Depreciation | 2,275 | |||||
Year of Original Construction | 2004 | |||||
Courtyard Altoona - Altoona, PA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Courtyard Altoona - Altoona, PA | |||||
Year of Acquisition | 2010 | |||||
Encumbrances | 6,172 | |||||
Initial Cost, Land | 0 | |||||
Initial Cost, Buildings & Improvements | 10,730 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 894 | |||||
Gross Amount at End of Year, Land | 0 | |||||
Gross Amount at End of Year, Buildings & Improvements | 11,624 | |||||
Gross Amount at End of Year, Total | 11,624 | |||||
Accumulated Depreciation | 1,372 | |||||
Year of Original Construction | 2001 | |||||
SpringHill Suites Washington - Washington, PA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | SpringHill Suites Washington - Washington, PA | |||||
Year of Acquisition | 2010 | |||||
Encumbrances | 4,760 | |||||
Initial Cost, Land | 1,000 | |||||
Initial Cost, Buildings & Improvements | 10,692 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 842 | |||||
Gross Amount at End of Year, Land | 1,000 | |||||
Gross Amount at End of Year, Buildings & Improvements | 11,534 | |||||
Gross Amount at End of Year, Total | 12,534 | |||||
Accumulated Depreciation | 1,354 | |||||
Year of Original Construction | 2000 | |||||
Residence Inn White Plains - White Plains, NY | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn White Plains - White Plains, NY | |||||
Year of Acquisition | 2010 | |||||
Initial Cost, Land | 2,200 | |||||
Initial Cost, Buildings & Improvements | 17,677 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 4,399 | |||||
Gross Amount at End of Year, Land | 2,200 | |||||
Gross Amount at End of Year, Buildings & Improvements | 22,076 | |||||
Gross Amount at End of Year, Total | 24,276 | |||||
Accumulated Depreciation | 2,202 | |||||
Year of Original Construction | 1982 | |||||
Residence Inn New Rochelle - New Rochelle, NY | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn New Rochelle - New Rochelle, NY | |||||
Year of Acquisition | 2010 | |||||
Encumbrances | 14,832 | |||||
Initial Cost, Land | 0 | |||||
Initial Cost, Buildings & Improvements | 20,281 | |||||
Cost Cap. Sub. To Acq. Land | 9 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,377 | |||||
Gross Amount at End of Year, Land | 9 | |||||
Gross Amount at End of Year, Buildings & Improvements | 22,658 | |||||
Gross Amount at End of Year, Total | 22,667 | |||||
Accumulated Depreciation | 2,607 | |||||
Year of Original Construction | 2000 | |||||
Homewood Suites Carlsbad - Carlsbad, CA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Homewood Suites Carlsbad - Carlsbad, CA | |||||
Year of Acquisition | 2010 | |||||
Encumbrances | 19,950 | |||||
Initial Cost, Land | 3,900 | |||||
Initial Cost, Buildings & Improvements | 27,520 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 92 | |||||
Gross Amount at End of Year, Land | 3,900 | |||||
Gross Amount at End of Year, Buildings & Improvements | 27,612 | |||||
Gross Amount at End of Year, Total | 31,512 | |||||
Accumulated Depreciation | 2,883 | |||||
Year of Original Construction | 2008 | |||||
Residence Inn Garden Grove - Garden Grove, CA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn Garden Grove - Garden Grove, CA | |||||
Year of Acquisition | 2011 | |||||
Encumbrances | 34,000 | |||||
Initial Cost, Land | 7,109 | |||||
Initial Cost, Buildings & Improvements | 35,484 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,075 | |||||
Gross Amount at End of Year, Land | 7,109 | |||||
Gross Amount at End of Year, Buildings & Improvements | 36,559 | |||||
Gross Amount at End of Year, Total | 43,668 | |||||
Accumulated Depreciation | 3,260 | |||||
Year of Original Construction | 2003 | |||||
Residence Inn Mission Valley - San Diego, CA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn Mission Valley - San Diego, CA | |||||
Year of Acquisition | 2011 | |||||
Encumbrances | 30,062 | |||||
Initial Cost, Land | 9,856 | |||||
Initial Cost, Buildings & Improvements | 39,535 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 318 | |||||
Gross Amount at End of Year, Land | 9,856 | |||||
Gross Amount at End of Year, Buildings & Improvements | 39,853 | |||||
Gross Amount at End of Year, Total | 49,709 | |||||
Accumulated Depreciation | 3,468 | |||||
Year of Original Construction | 2003 | |||||
Homewood Suites San Antonio - San Antonio, TX | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Homewood Suites San Antonio - San Antonio, TX | |||||
Year of Acquisition | 2011 | |||||
Encumbrances | 17,174 | |||||
Initial Cost, Land | 5,999 | |||||
Initial Cost, Buildings & Improvements | 24,764 | |||||
Cost Cap. Sub. To Acq. Land | 2 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 501 | |||||
Gross Amount at End of Year, Land | 6,001 | |||||
Gross Amount at End of Year, Buildings & Improvements | 25,265 | |||||
Gross Amount at End of Year, Total | 31,266 | |||||
Accumulated Depreciation | 2,222 | |||||
Year of Original Construction | 1996 | |||||
Doubletree Suites Washington DC - Washington, DC | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Doubletree Suites Washington DC - Washington, DC | |||||
Year of Acquisition | 2011 | |||||
Initial Cost, Land | 6,083 | |||||
Initial Cost, Buildings & Improvements | 22,063 | |||||
Cost Cap. Sub. To Acq. Land | 28 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 4,637 | |||||
Gross Amount at End of Year, Land | 6,111 | |||||
Gross Amount at End of Year, Buildings & Improvements | 26,700 | |||||
Gross Amount at End of Year, Total | 32,811 | |||||
Accumulated Depreciation | 2,306 | |||||
Year of Original Construction | 1974 | |||||
Residence Inn Tyson's Corner - Vienna, VA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn Tyson's Corner - Vienna, VA | |||||
Year of Acquisition | 2011 | |||||
Encumbrances | 23,534 | |||||
Initial Cost, Land | 5,752 | |||||
Initial Cost, Buildings & Improvements | 28,917 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 127 | |||||
Gross Amount at End of Year, Land | 5,752 | |||||
Gross Amount at End of Year, Buildings & Improvements | 29,044 | |||||
Gross Amount at End of Year, Total | 34,796 | |||||
Accumulated Depreciation | 2,522 | |||||
Year of Original Construction | 2001 | |||||
Hampton Inn Portland Downtown - Portland, ME | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Hampton Inn Portland Downtown - Portland, ME | |||||
Year of Acquisition | 2012 | |||||
Initial Cost, Land | 4,315 | |||||
Initial Cost, Buildings & Improvements | 22,664 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3 | |||||
Gross Amount at End of Year, Land | 4,315 | |||||
Gross Amount at End of Year, Buildings & Improvements | 22,667 | |||||
Gross Amount at End of Year, Total | 26,982 | |||||
Accumulated Depreciation | 1,141 | |||||
Year of Original Construction | 2011 | |||||
Courtyard Houston - Houston, TX | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Courtyard Houston - Houston, TX | |||||
Year of Acquisition | 2013 | |||||
Encumbrances | 19,475 | |||||
Initial Cost, Land | 5,600 | |||||
Initial Cost, Buildings & Improvements | 27,350 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 99 | |||||
Gross Amount at End of Year, Land | 5,600 | |||||
Gross Amount at End of Year, Buildings & Improvements | 27,449 | |||||
Gross Amount at End of Year, Total | 33,049 | |||||
Accumulated Depreciation | 1,304 | |||||
Year of Original Construction | 2010 | |||||
Hyatt Place Pittsburgh - Pittsburgh, PA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Hyatt Place Pittsburgh - Pittsburgh, PA | |||||
Year of Acquisition | 2013 | |||||
Encumbrances | 23,657 | |||||
Initial Cost, Land | 3,000 | |||||
Initial Cost, Buildings & Improvements | 35,576 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 113 | |||||
Gross Amount at End of Year, Land | 3,000 | |||||
Gross Amount at End of Year, Buildings & Improvements | 35,689 | |||||
Gross Amount at End of Year, Total | 38,689 | |||||
Accumulated Depreciation | 1,380 | |||||
Year of Original Construction | 2011 | |||||
Hampton Inn & Suites Exeter - Exeter, NH | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Hampton Inn & Suites Exeter - Exeter, NH | |||||
Year of Acquisition | 2013 | |||||
Initial Cost, Land | 1,900 | |||||
Initial Cost, Buildings & Improvements | 12,350 | |||||
Cost Cap. Sub. To Acq. Land | 4 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 4 | |||||
Gross Amount at End of Year, Land | 1,904 | |||||
Gross Amount at End of Year, Buildings & Improvements | 12,354 | |||||
Gross Amount at End of Year, Total | 14,258 | |||||
Accumulated Depreciation | 431 | |||||
Year of Original Construction | 2010 | |||||
Hilton Garden Inn Denver Tech - Denver, CO | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Hilton Garden Inn Denver Tech - Denver, CO | |||||
Year of Acquisition | 2013 | |||||
Initial Cost, Land | 4,100 | |||||
Initial Cost, Buildings & Improvements | 23,100 | |||||
Cost Cap. Sub. To Acq. Land | 5 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 351 | |||||
Gross Amount at End of Year, Land | 4,105 | |||||
Gross Amount at End of Year, Buildings & Improvements | 23,451 | |||||
Gross Amount at End of Year, Total | 27,556 | |||||
Accumulated Depreciation | 741 | |||||
Year of Original Construction | 1999 | |||||
Residence Inn Bellevue - Bellevue, WA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn Bellevue - Bellevue, WA | |||||
Year of Acquisition | 2013 | |||||
Encumbrances | 47,580 | |||||
Initial Cost, Land | 13,800 | |||||
Initial Cost, Buildings & Improvements | 56,957 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 232 | |||||
Gross Amount at End of Year, Land | 13,800 | |||||
Gross Amount at End of Year, Buildings & Improvements | 57,189 | |||||
Gross Amount at End of Year, Total | 70,989 | |||||
Accumulated Depreciation | 1,668 | |||||
Year of Original Construction | 2008 | |||||
SpringHill Suites Savannah - Savannah, GA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | SpringHill Suites Savannah - Savannah, GA | |||||
Year of Acquisition | 2013 | |||||
Encumbrances | 30,000 | |||||
Initial Cost, Land | 2,400 | |||||
Initial Cost, Buildings & Improvements | 36,050 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 123 | |||||
Gross Amount at End of Year, Land | 2,400 | |||||
Gross Amount at End of Year, Buildings & Improvements | 36,173 | |||||
Gross Amount at End of Year, Total | 38,573 | |||||
Accumulated Depreciation | 970 | |||||
Year of Original Construction | 2009 | |||||
Residence Inn Silicon Valley I - Sunnyvale, CA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn Silicon Valley I - Sunnyvale, CA | |||||
Year of Acquisition | 2014 | |||||
Encumbrances | 64,800 | |||||
Initial Cost, Land | 42,652 | |||||
Initial Cost, Buildings & Improvements | 45,846 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 67 | |||||
Gross Amount at End of Year, Land | 42,652 | |||||
Gross Amount at End of Year, Buildings & Improvements | 45,913 | |||||
Gross Amount at End of Year, Total | 88,565 | |||||
Accumulated Depreciation | 1,726 | |||||
Year of Original Construction | 1983 | |||||
Residence Inn Silicon Valley II - Sunnyvale, CA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn Silicon Valley II - Sunnyvale, CA | |||||
Year of Acquisition | 2014 | |||||
Encumbrances | 70,700 | |||||
Initial Cost, Land | 46,474 | |||||
Initial Cost, Buildings & Improvements | 50,380 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 51 | |||||
Gross Amount at End of Year, Land | 46,474 | |||||
Gross Amount at End of Year, Buildings & Improvements | 50,431 | |||||
Gross Amount at End of Year, Total | 96,905 | |||||
Accumulated Depreciation | 1,896 | |||||
Year of Original Construction | 1985 | |||||
Residence Inn San Mateo - San Mateo, CA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn San Mateo - San Mateo, CA | |||||
Year of Acquisition | 2014 | |||||
Encumbrances | 48,600 | |||||
Initial Cost, Land | 38,420 | |||||
Initial Cost, Buildings & Improvements | 31,352 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 89 | |||||
Gross Amount at End of Year, Land | 38,420 | |||||
Gross Amount at End of Year, Buildings & Improvements | 31,441 | |||||
Gross Amount at End of Year, Total | 69,861 | |||||
Accumulated Depreciation | 1,182 | |||||
Year of Original Construction | 1985 | |||||
Residence Inn Mt. View - Mountain View, CA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn Mt. View - Mountain View, CA | |||||
Year of Acquisition | 2014 | |||||
Encumbrances | 37,900 | |||||
Initial Cost, Land | 22,019 | |||||
Initial Cost, Buildings & Improvements | 31,813 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 32 | |||||
Gross Amount at End of Year, Land | 22,019 | |||||
Gross Amount at End of Year, Buildings & Improvements | 31,845 | |||||
Gross Amount at End of Year, Total | 53,864 | |||||
Accumulated Depreciation | 1,198 | |||||
Year of Original Construction | 1985 | |||||
Hyatt Place Cherry Creek - Cherry Creek, CO | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Hyatt Place Cherry Creek - Cherry Creek, CO | |||||
Year of Acquisition | 2014 | |||||
Initial Cost, Land | 3,700 | |||||
Initial Cost, Buildings & Improvements | 26,300 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 14 | |||||
Gross Amount at End of Year, Land | 3,700 | |||||
Gross Amount at End of Year, Buildings & Improvements | 26,314 | |||||
Gross Amount at End of Year, Total | 30,014 | |||||
Accumulated Depreciation | 225 | |||||
Year of Original Construction | 1987 | |||||
Courtyard Addison - Dallas, TX | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Courtyard Addison - Dallas, TX | |||||
Year of Acquisition | 2014 | |||||
Initial Cost, Land | 2,413 | |||||
Initial Cost, Buildings & Improvements | 21,554 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 0 | |||||
Gross Amount at End of Year, Land | 2,413 | |||||
Gross Amount at End of Year, Buildings & Improvements | 21,554 | |||||
Gross Amount at End of Year, Total | 23,967 | |||||
Accumulated Depreciation | 66 | |||||
Year of Original Construction | 2000 | |||||
Courtyard West University - Houston, TX | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Courtyard West University - Houston, TX | |||||
Year of Acquisition | 2014 | |||||
Initial Cost, Land | 2,012 | |||||
Initial Cost, Buildings & Improvements | 17,916 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 0 | |||||
Gross Amount at End of Year, Land | 2,012 | |||||
Gross Amount at End of Year, Buildings & Improvements | 17,916 | |||||
Gross Amount at End of Year, Total | 19,928 | |||||
Accumulated Depreciation | 56 | |||||
Year of Original Construction | 2004 | |||||
Residence Inn West University - Houston, TX | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Residence Inn West University - Houston, TX | |||||
Year of Acquisition | 2014 | |||||
Initial Cost, Land | 3,640 | |||||
Initial Cost, Buildings & Improvements | 25,631 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 0 | |||||
Gross Amount at End of Year, Land | 3,640 | |||||
Gross Amount at End of Year, Buildings & Improvements | 25,631 | |||||
Gross Amount at End of Year, Total | 29,271 | |||||
Accumulated Depreciation | 79 | |||||
Year of Original Construction | 2004 | |||||
Hilton Garden Inn Burlington - Burlington, MA | ||||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||||
Description | Hilton Garden Inn Burlington - Burlington, MA | |||||
Year of Acquisition | 2014 | |||||
Initial Cost, Land | 4,918 | |||||
Initial Cost, Buildings & Improvements | 27,193 | |||||
Cost Cap. Sub. To Acq. Land | 0 | |||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 0 | |||||
Gross Amount at End of Year, Land | 4,918 | |||||
Gross Amount at End of Year, Buildings & Improvements | 27,193 | |||||
Gross Amount at End of Year, Total | 32,111 | |||||
Accumulated Depreciation | $84 | |||||
Year of Original Construction | 1975 |
SCHEDULE_III_REAL_ESTATE_AND_A2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ||
Outstanding borrowing under the revolving credit facility | $22,500 | $50,000 |
SCHEDULE_III_REAL_ESTATE_AND_A3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Depreciable Lives (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Building | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 40 years |
Land Improvements | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 20 years |
Minimum | Building Improvements | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 5 years |
Maximum | Building Improvements | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 20 years |
SCHEDULE_III_REAL_ESTATE_AND_A4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Total Cost of Real Estate Assets (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||||
Balance at the beginning of the year | $654,560 | $423,729 | $392,463 | $200,974 | $0 |
Acquisitions | 444,233 | 222,273 | 26,979 | 185,995 | 200,967 |
Dispositions during the year | 0 | 0 | -951 | 0 | 0 |
Capital expenditures and transfers from construction-in-progress | 6,711 | 8,558 | 5,238 | 5,494 | 7 |
Investment in Real Estate | $1,105,504 | $654,560 | $423,729 | $392,463 | $200,974 |
SCHEDULE_III_REAL_ESTATE_AND_A5
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Accumulated Depreciation and Amortization of Real Estate Assets (Detail) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||||
Balance at the beginning of the year | $28,980 | $17,398 | $8,394 | $1,901 | $0 |
Depreciation and amortization | 21,930 | 11,582 | 9,004 | 6,493 | 1,901 |
Balance at the end of the year | $50,910 | $28,980 | $17,398 | $8,394 | $1,901 |
SCHEDULE_III_REAL_ESTATE_AND_A6
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost of properties for federal income tax purposes | $1,096,425 |
Uncategorized_Items
Uncategorized Items | 6/9/2014 - 6/9/2014 | 1/5/2012 - 1/6/2012 | 1/15/2013 - 1/15/2013 | 1/14/2014 - 1/15/2014 |
USD ($) | ||||
[us-gaap_NoncashOrPartNoncashAcquisitionInvestmentsAcquired1] | 6,900,000 | |||
[us-gaap_StockIssuedDuringPeriodSharesEmployeeBenefitPlan] | 27,592 | 22,536 | 16,542 |