Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-34693 | ||
Entity Registrant Name | CHATHAM LODGING TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 27-1200777 | ||
Entity Address, Address Line One | 222 Lakeview Avenue, Suite 200 | ||
Entity Address, City or Town | West Palm Beach | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33401 | ||
City Area Code | 561 | ||
Local Phone Number | 802-4477 | ||
Title of 12(b) Security | Common Shares of Beneficial Interest, par value $0.01 per share | ||
Trading Symbol | CLDT | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 281,453,678 | ||
Entity Common Stock, Shares Outstanding (in shares) | 47,014,403 | ||
Documents Incorporated by Reference | Portions of the registrant's Definitive Proxy Statement for its 2021 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission on or before A pril 30, 2021 ) are incorporated by reference into this Annual Report on Form 10-K in response to Part III hereof. | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001476045 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets: | ||
Investment in hotel properties, net | $ 1,265,174 | $ 1,347,116 |
Investment in hotel properties under development | 43,651 | 20,496 |
Cash and cash equivalents | 21,124 | 6,620 |
Restricted cash | 10,329 | 13,562 |
Investment in unconsolidated real estate entities | 0 | 17,969 |
Right of use asset, net | 20,641 | 21,270 |
Hotel receivables (net of allowance for doubtful accounts of $248 and $451, respectively) | 1,688 | 4,626 |
Deferred costs, net | 5,384 | 4,271 |
Prepaid expenses and other assets | 2,266 | 2,615 |
Deferred tax asset, net | 0 | 29 |
Total assets | 1,370,257 | 1,438,574 |
Liabilities and Equity: | ||
Mortgage debt, net | 460,145 | 495,465 |
Revolving credit facility | 135,300 | 90,000 |
Construction loan | 13,325 | 0 |
Accounts payable and accrued expenses | 25,374 | 33,012 |
Distributions and losses in excess of investments of unconsolidated real estate entities | 19,951 | 15,214 |
Lease liability, net | 23,233 | 23,717 |
Distributions payable | 469 | 6,142 |
Total liabilities | 677,797 | 663,550 |
Commitments and contingencies (see note 14) | ||
Shareholders’ Equity: | ||
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at December 31, 2020 and 2019 | 0 | 0 |
Common shares, $0.01 par value, 500,000,000 shares authorized; 46,973,473 and 46,928,445 shares issued and outstanding at December 31, 2020 and 2019, respectively | 470 | 469 |
Additional paid-in capital | 906,000 | 904,273 |
Accumulated deficit | (228,718) | (142,365) |
Total shareholders’ equity | 677,752 | 762,377 |
Noncontrolling Interests: | ||
Noncontrolling interest in operating partnership | 14,708 | 12,647 |
Total equity | 692,460 | 775,024 |
Total liabilities and equity | $ 1,370,257 | $ 1,438,574 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Hotel receivables, allowance for doubtful accounts | $ 248 | $ 451 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 100,000,000 | 100,000,000 |
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) | 46,973,473 | 46,928,445 |
Common shares, shares outstanding (in shares) | 46,973,473 | 46,928,445 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Supplemental Income Statement Elements [Abstract] | |||
Total revenue | $ 144,916 | $ 328,328 | $ 324,230 |
Hotel operating expenses: | |||
Total hotel operating expenses | 95,498 | 174,251 | 170,562 |
Depreciation and amortization | 53,871 | 51,505 | 48,169 |
Impairment loss on investment in unconsolidated real estate entities | 15,282 | 0 | 0 |
Property taxes, ground rent and insurance | 23,040 | 24,717 | 23,678 |
General and administrative | 11,564 | 14,077 | 14,120 |
Other charges | 4,385 | 1,441 | 3,806 |
Reimbursable costs from unconsolidated real estate entities | 4,045 | 5,670 | 5,743 |
Total operating expenses | 207,685 | 271,661 | 266,078 |
Operating (loss) income before gain (loss) on sale of hotel property | (62,769) | 56,667 | 58,152 |
Gain (loss) on sale of hotel property | 21,116 | (3,282) | (18) |
Operating (loss) income | (41,653) | 53,385 | 58,134 |
Interest and other income | 179 | 190 | 462 |
Interest expense net of amounts capitalized, including amortization of deferred fees | (28,122) | (28,247) | (26,878) |
Loss from unconsolidated real estate entities | (7,424) | (6,448) | (876) |
(Loss ) income before income tax expense | (77,020) | 18,880 | 30,842 |
Income tax expense | 0 | 0 | 28 |
Net (loss) income | (77,020) | 18,880 | 30,870 |
Net (loss) income attributable to non-controlling interest | 997 | (177) | (229) |
Net (loss) income attributable to common shareholders | $ (76,023) | $ 18,703 | $ 30,641 |
(Loss) income per Common Share - Basic: | |||
Net income attributable to common shareholders (in dollars per share) | $ (1.62) | $ 0.39 | $ 0.66 |
(Loss) income per Common Share - Diluted: | |||
Net income attributable to common shareholders (in dollars per share) | $ (1.62) | $ 0.39 | $ 0.66 |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 46,961,039 | 46,788,784 | 46,073,515 |
Diluted (in shares) | 46,961,039 | 47,023,280 | 46,243,660 |
Distributions per common share (in dollars per share) | $ 0.22 | $ 1.32 | $ 1.32 |
Room | |||
Supplemental Income Statement Elements [Abstract] | |||
Total revenue | $ 130,564 | $ 296,267 | $ 295,897 |
Hotel operating expenses: | |||
Total hotel operating expenses | 31,883 | 65,270 | 63,877 |
Food and beverage | |||
Supplemental Income Statement Elements [Abstract] | |||
Total revenue | 2,718 | 9,824 | 8,880 |
Hotel operating expenses: | |||
Total hotel operating expenses | 2,456 | 8,396 | 7,312 |
Other | |||
Supplemental Income Statement Elements [Abstract] | |||
Total revenue | 7,589 | 16,567 | 13,710 |
Reimbursable costs from unconsolidated real estate entities | |||
Supplemental Income Statement Elements [Abstract] | |||
Total revenue | 4,045 | 5,670 | 5,743 |
Telephone | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 1,451 | 1,638 | 1,766 |
Other hotel operating | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 1,629 | 4,039 | 3,296 |
General and administrative | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 16,733 | 25,641 | 25,567 |
Franchise and marketing fees | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 11,608 | 25,850 | 24,864 |
Advertising and promotions | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 3,983 | 6,043 | 6,227 |
Utilities | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 9,229 | 10,867 | 10,835 |
Repairs and maintenance | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 9,799 | 14,321 | 14,710 |
Management fees | |||
Hotel operating expenses: | |||
Total hotel operating expenses | 5,289 | 10,822 | 10,754 |
Insurance | |||
Hotel operating expenses: | |||
Total hotel operating expenses | $ 1,438 | $ 1,364 | $ 1,354 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Total Shareholders’ Equity | Common Shares | Additional Paid - In Capital | Accumulated Deficit | Noncontrolling Interest in Operating Partnership |
Beginning Balance (in shares) at Dec. 31, 2017 | 45,375,266 | |||||
Beginning Balance at Dec. 31, 2017 | $ 809,780 | $ 803,162 | $ 450 | $ 871,730 | $ (69,018) | $ 6,618 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to Equity Incentive Plan (in shares) | 21,670 | |||||
Issuance of shares pursuant to Equity Incentive Plan | 500 | 500 | 500 | |||
Issuance of shares, net of offering costs (in shares) | 1,135,095 | |||||
Issuance of shares, net of offering costs | 23,968 | 23,968 | $ 15 | 23,953 | ||
Issuance of restricted time-based shares (in shares) | 5,000 | |||||
Issuance of restricted time-based shares | 0 | |||||
Amortization of share based compensation | 3,710 | 103 | 103 | 3,607 | ||
Dividends declared on common shares | (60,908) | (60,908) | (60,908) | |||
Distributions declared on LTIP units | (1,154) | (1,154) | ||||
Forfeited distributions on LTIP units | 652 | 652 | ||||
Net income (loss) | 30,870 | 30,641 | 30,641 | 229 | ||
Ending Balance (in shares) at Dec. 31, 2018 | 46,537,031 | |||||
Ending Balance at Dec. 31, 2018 | 807,418 | 797,466 | $ 465 | 896,286 | (99,285) | 9,952 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to Equity Incentive Plan (in shares) | 27,870 | |||||
Issuance of shares pursuant to Equity Incentive Plan | 500 | 500 | 500 | |||
Issuance of shares, net of offering costs (in shares) | 363,544 | |||||
Issuance of shares, net of offering costs | 7,091 | 7,091 | $ 4 | 7,087 | ||
Issuance of restricted time-based shares (in shares) | 0 | |||||
Issuance of restricted time-based shares | 0 | |||||
Amortization of share based compensation | 4,269 | 63 | 63 | 4,206 | ||
Dividends declared on common shares | (61,783) | (61,783) | (61,783) | |||
Distributions declared on LTIP units | (1,351) | (1,351) | ||||
Reallocation of noncontrolling interest | 0 | 337 | 337 | (337) | ||
Net income (loss) | 18,880 | 18,703 | 18,703 | 177 | ||
Ending Balance (in shares) at Dec. 31, 2019 | 46,928,445 | |||||
Ending Balance at Dec. 31, 2019 | 775,024 | 762,377 | $ 469 | 904,273 | (142,365) | 12,647 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of shares pursuant to Equity Incentive Plan (in shares) | 24,516 | |||||
Issuance of shares pursuant to Equity Incentive Plan | 450 | 450 | 450 | |||
Issuance of shares, net of offering costs (in shares) | 20,512 | |||||
Issuance of shares, net of offering costs | 134 | 134 | $ 1 | 133 | ||
Amortization of share based compensation | 4,436 | 30 | 30 | 4,406 | ||
Dividends declared on common shares | (10,330) | (10,330) | (10,330) | |||
Distributions declared on LTIP units | (234) | (234) | ||||
Reallocation of noncontrolling interest | 0 | 1,114 | 1,114 | (1,114) | ||
Net income (loss) | (77,020) | (76,023) | (76,023) | (997) | ||
Ending Balance (in shares) at Dec. 31, 2020 | 46,973,473 | |||||
Ending Balance at Dec. 31, 2020 | $ 692,460 | $ 677,752 | $ 470 | $ 906,000 | $ (228,718) | $ 14,708 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of shares, offering costs | $ 49 | $ 209 | $ 518 |
Common shares, dividend declared per share (in dollars per share) | $ 0.22 | $ 1.32 | $ 1.32 |
LTIP units, distributions per unit (in dollars per share) | $ 0.22 | $ 1.32 | $ 1.32 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (77,020) | $ 18,880 | $ 30,870 |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 53,627 | 51,258 | 47,932 |
Amortization of deferred franchise fees | 244 | 247 | 237 |
Amortization of deferred financing fees included in interest expense | 1,275 | 912 | 902 |
(Gain) loss on sale of hotel property | (21,116) | 3,282 | 18 |
Impairment loss on investment in unconsolidated real estate entities | 15,282 | 0 | 0 |
Deferred tax expense (benefit) | 29 | 29 | (28) |
Share based compensation | 4,597 | 4,719 | 4,210 |
Accelerated share based compensation for employee severance | 288 | 0 | 0 |
Loss from unconsolidated real estate entities | 7,424 | 6,448 | 876 |
Changes in assets and liabilities: | |||
Right of use asset | 629 | 613 | |
Hotel receivables | 2,940 | (102) | (437) |
Deferred costs | (6) | (17) | (243) |
Prepaid expenses and other assets | 292 | (308) | 64 |
Accounts payable and accrued expenses | (7,962) | 664 | 1,814 |
Lease liability | (484) | (391) | |
Net cash (used in) provided by operating activities | (19,961) | 86,234 | 86,215 |
Cash flows from investing activities: | |||
Improvements and additions to hotel properties | (14,487) | (35,859) | (31,417) |
Investment in hotel properties under development | (23,155) | (12,224) | 0 |
Acquisition of hotel properties, net of cash acquired | 0 | (8,171) | (70,020) |
Proceeds from sale of hotel properties, net | 64,448 | 8,987 | 0 |
Distributions from unconsolidated entities | 0 | 2,692 | 5,036 |
Net cash provided by (used in) investing activities | 26,806 | (44,575) | (96,401) |
Cash flows from financing activities: | |||
Borrowings on revolving credit facility | 86,000 | 74,500 | 149,000 |
Repayments on revolving credit facility | (40,700) | (66,000) | (99,500) |
Borrowings on construction loan | 13,325 | 0 | 0 |
Payments on mortgage debt | (35,744) | (6,695) | (4,899) |
Payments of financing costs | (2,351) | (48) | (955) |
Payment of offering costs | (49) | (209) | (518) |
Proceeds from issuance of common shares | 182 | 7,298 | 24,486 |
Distributions - common shares/units | (16,237) | (62,660) | (61,590) |
Net cash provided by (used in) financing activities | 4,426 | (53,814) | 6,024 |
Net change in cash, cash equivalents and restricted cash | 11,271 | (12,155) | (4,162) |
Cash, cash equivalents and restricted cash, beginning of period | 20,182 | 32,337 | 36,499 |
Cash, cash equivalents and restricted cash, end of period | 31,453 | 20,182 | 32,337 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 28,119 | 27,274 | 25,328 |
Capitalized interest | 1,473 | 445 | 0 |
Cash paid for income taxes | $ 328 | $ 748 | $ 887 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Cash Flows [Abstract] | |||
Accrued distributions payable | $ 469 | $ 6,142 | $ 5,700 |
Accrued share based compensation | 500 | 500 | 500 |
Accounts payable and accrued expenses | $ 4,500 | $ 3,800 | $ 2,400 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
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 upscale extended-stay and premium-branded 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 its 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. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership ("common units"). Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of December 31, 2020, the Company owned 39 hotels with an aggregate of 5,900 (unaudited) rooms located in 15 states and the District of Columbia (unaudited). As of December 31, 2020, the Company also (i) held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of Colony Capital, Inc. ("CLNY"), which was formed in the second quarter of 2014 and currently owns 46 hotels acquired from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management (“Cerberus”), comprising an aggregate of 5,948 (unaudited) rooms, (ii) held a 10.0% noncontrolling interest in a separate joint venture (the "Inland JV") with CLNY, which was formed in the fourth quarter of 2014 which owns 48 hotels acquired from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 (unaudited) rooms. As of December 31, 2020, the Inland JV hotels are in receivership. We sometimes use the term, "JVs", which refers collectively to the NewINK JV and Inland JV. To qualify as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease the Company's wholly owned hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by the Company’s taxable REIT subsidiary (“TRS”) holding company. The Company indirectly (i) owns its 10.3% interest in the 46 NewINK JV hotels and (ii) owns its 10.0% interest in the 48 of the Inland JV hotels through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees, in which the Company indirectly owns noncontrolling interests through its TRS holding company. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation 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 consisting of normal, recurring adjustments which are considered necessary for a fair statement 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 In accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, the Company presented the Gain (loss) on sale of hotel property line on the Company’s Consolidated Statements of Operations within Operating income for all periods presented. 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 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, mortgage debt and revolving credit facility. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for mortgage debt and the revolving credit facility the fair value of which is separately disclosed in Note 7. Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired 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. The Company’s investments 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, 5 to 20 years for building improvements and one Management periodically reviews its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable over management's estimated holding period. This estimated holding period incorporates management’s intent and ability to hold the hotel properties over the estimated holding period. 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 and management has identified uncertainty surrounding the recoverability of the hotel property carrying value, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the estimated 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. For the years ended December 31, 2020 and 2019, there were no impairment losses. 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 Financial Accounting Standards Board's ("FASB") guidance on disposal of long-lived assets are met. As of December 31, 2020 and 2019 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 interest 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. Investments 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. As of December 31, 2020, the Company recorded an impairment of the entire carrying value of $15.3 million on our investment in the Inland JV related to a decline in operating performance caused by the COVID-19 pandemic (See Note 6). The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. 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 sheets at December 31, 2020 and 2019 is $10.3 million and $13.6 million, 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, 2020 and 2019, the allowance for doubtful accounts was $0.2 million and $0.5 million, respectively. Deferred Costs Deferred costs consist of franchise agreement application fees for the Company’s hotels, costs associated with potential future acquisitions and loan costs related to the Company’s senior unsecured revolving credit facility. Deferred costs consisted of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Loan costs $ 4,455 $ 2,104 Franchise fees 4,311 4,409 Other 75 129 8,841 6,642 Less accumulated amortization (3,457) (2,371) Deferred costs, net $ 5,384 $ 4,271 Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. For the years ended December 31, 2020, 2019 and 2018, amortization expense related to franchise fees of $0.2 million, $0.2 million and $0.2 million, respectively, is included in depreciation and amortization in the consolidated statements of operations. Amortization expense related to loan costs of $0.9 million, $0.5 million and $0.5 million for the years ended December 31, 2020, 2019 and 2018, respectively, is included in interest expense in the consolidated statements of operations. Mortgage Debt, net Mortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans. Mortgage debt consisted of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Mortgage debt $ 461,116 $ 496,860 Deferred financing costs (971) (1,395) Mortgage debt, net $ 460,145 $ 495,465 Deferred financing loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. For the years ended December 31, 2020, 2019 and 2018, amortization expense related to mortgage loan costs of $0.4 million, $0.4 million, $0.4 million, respectively, is included in interest expense in the consolidated statement 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 from future 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. 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. Cash received prior to customer arrival is recorded as an advanced deposit from the customer and is recognized as revenue at the time of occupancy. Room revenue is generate through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy hotel rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night. Food and beverage revenues are generated when customers purchase food and beverage at a hotel's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. 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. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. 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 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. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership. 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 or distributions, on unvested share grants and LTIP units, 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 common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities 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 The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. Additionally, the Company indirectly owns its interest in the hotels owned by the NewINK JV (46 hotels) and the Inland JV (48 hotels) through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees in which the Company indirectly owns a noncontrolling interests through its TRS holding company. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB 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. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2020, the Company is no longer subject to U.S federal income tax examinations for years before 2017 and with few exceptions to state examinations before 2017. 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 provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2020. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. During the third quarter of 2018, management was notified that the Company's TRS was going to be examined by the Internal Revenue Service for the tax year ended December 31, 2016. The examination remains open. The Company believes it does not need to record a liability related to matters contained in the tax period open to examination. However, should the Company experience an unfavorable outcome in the matter, such outcome could have a material impact on its results of operations, financial position and cash flows. Leases On January 1, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting for leasing transactions. On February 25, 2016, the FASB issued updated accounting guidance which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new accounting guidance requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on whether or not the lease is effectively a financed purchase by the lessee. The classification of the lease will determine whether lease expense is recognized based on an effective interest method or on a straight-line basis over the term of the lease. A lessee is also required to record a right-of-use asset and a lease liability for all leases. The Company adopted the new accounting guidance on January 1, 2019 and applied it based on the optional transition method provided for, which allows entities to recognize a cumulative-effect adjustment to the balance sheet on the adoption date. Upon adoption, the Company applied the package of practical expedients made available under the new accounting guidance and also make an accounting policy election to not recognize right-of-use assets or lease liabilities for leases with terms of 12 months or less. For the ground lease agreements and corporate office lease agreement, all of which are currently accounted for as operating leases, the Company recognized lease liabilities of $25.7 million with corresponding right-of use assets of $23.1 million on our consolidated balance sheet as of January 1, 2019. 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 On January 1, 2018, the Company adopted accounting guidance under Accounting Standards Codification (ASU) Topic 2014-09, " Revenue from Contracts with Customers " on a modified retrospective basis. Our current revenue streams are not affected under the new model and we did not recognize a cumulative effect adjustment as part of the modified retrospective method of adoption. Furthermore, the new accounting guidance will not materially impact the recognition of or the accounting for disposition of hotels since we primarily dispose of hotels to third parties in exchange for cash with few contingencies. As it relates to capitalization of costs to acquire customer contracts, the Company has elected to use the Financial Accounting Standards Board's ("FASB") practical expedient which allows us to expense costs to acquire customer contracts as they are incurred due to their short-term nature for a specified number of nights that never exceed one year. This guidance applies to all contracts as of the adoption date. The Company has applied all relevant disclosures of this standard. On January 1, 2018, the Company adopted accounting guidance under 2016-15 ("ASU 2016-15"), Classification of Certain Cash Receipts and Cash Payments, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. The Company has certain cash payments and receipts related to debt extinguishment that are affected by the new standard. The Company has historically classified distributions received from equity method investments under the cumulative earnings approach. As such, there was no impact due to application of the new guidance. The Company applied the new guidance on a retrospective basis. On January 1, 2018, the Company adopted accounting guidance under ASU 2016-18 ("ASU 2016-18"), Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This standard addresses presentation of restricted cash in the consolidated statements of cash flows only. Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrow reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company's loans. The Company applied the new guidance on a retrospective basis. In August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification. The amendments simplify or eliminate duplicative, overlapping, or outdated disclosure requirements. The amendments also add certain disclosure requirements, such as requiring entities to disclose the current and comparative quarter and year-to-date changes in shareholders' equity for interim periods. The amended rules are effective for reports filed on or after November 5, 2018. However, the SEC issued Compliance & Disclosure Interpretation 105.09 that allows entities to defer the adoption of the new disclosure requirement relating to changes in shareholders' equity for interim periods until the Form 10-Q for the quarterly period that begins after November 5, 2018. The Company adopted the new disclosure requirement relating to changes in shareholders' equity for interim periods on January 1, 2019. Based on the Company's assessment, the adoption of the new disclosures did not have a material impact on the Company's consolidated financial statements. |
Acquisition of Hotel Properties
Acquisition of Hotel Properties | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Acquisition of Hotel Properties | Acquisition of Hotel Properties Hotel Purchase Price Allocation We acquired the Residence Inn Summerville ("RI Summerville") hotel in Summerville, SC for $20.8 million on August 27, 2018 and the Dallas Downtown Courtyard ("Dallas DT") hotel in Dallas, TX for $49.0 million on December 5, 2018. The allocation of the purchase price of each of the hotels acquired by the Company, based on the fair value on the date of its acquisition, dollars (in thousands): RI Summerville Dallas DT Total Acquisition date 8/27/2018 12/5/2018 Number of rooms (unaudited) 96 167 263 Land $ 2,300 $ 2,900 $ 5,200 Building and improvements 17,060 42,760 59,820 Furniture, fixtures and equipment 1,234 3,340 4,574 Cash — 5 5 Accounts receivable — 8 8 Prepaid expenses and other assets — 68 68 Accounts payable and accrued expenses (9) (33) (42) Net assets acquired, net of cash $ 20,585 $ 49,043 $ 69,628 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. Property acquisition costs of $0.1 million were capitalized in 2019. The amount of revenue and operating income from the hotels acquired in 2018 from their respective date of acquisition through December 31, 2020 is as follows (in thousands): For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Acquisition Date Revenue Operating Income Revenue Operating Income Residence Inn Summerville, SC 8/27/18 $ 2,968 $ 903 $ 3,645 $ 1,250 Courtyard Dallas Downtown, TX 12/05/18 3,574 838 7,833 2,479 Total $ 6,542 $ 1,741 $ 11,478 $ 3,729 On July 2, 2019, the Company purchased a parcel of land in Silicon Valley, California for $8.1 million. |
Disposition of Hotel Properties
Disposition of Hotel Properties | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposition of Hotel Properties | Disposition of Hotel Properties On November 24, 2020, the Company sold the Residence Inn Mission Valley hotel in San Diego, CA for $67.0 million and recognized a gain on the sale of the hotel property of $21.1 million. The balance of the mortgage loan of $26.7 million was repaid with proceeds from the sale. Additional proceeds were used to repay amounts outstanding on the Company's revolving credit facility. On May 7, 2019, the Company sold the Courtyard by Marriott hotel in Altoona, PA for $4.6 million and recognized a loss on the sale of the hotel property of $4.4 million. On May 15, 2019, the Company sold the SpringHill Suites by Marriott hotel in Washington, PA for $5.1 million and recognized a gain on the sale of the hotel property of $1.1 million. Proceeds from the sales were used to repay amounts outstanding on the Company's revolving credit facility. During the years ended December 31, 2020, 2019 and 2018, the Company's consolidated statements of operations included operating income related to the disposed hotels as follows: (in thousands): Operating Income For the years ended December 31, 2020 2019 2018 Residence Inn Mission Valley, CA $ 2,013 $ 4,782 $ 4,608 Courtyard Altoona, PA — 24 517 SpringHill Suites Washington, PA — 198 718 Total $ 2,013 $ 5,004 $ 5,843 |
Investment in Hotel Properties
Investment in Hotel Properties | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties, net Investment in hotel properties, net as of December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 December 31, 2019 Land and improvements $ 287,049 $ 296,884 Building and improvements 1,195,276 1,216,849 Furniture, fixtures and equipment 84,381 81,707 Renovations in progress 11,225 31,589 1,577,931 1,627,029 Less: accumulated depreciation (312,757) (279,913) Investment in hotel properties, net $ 1,265,174 $ 1,347,116 Investment in hotel properties under development |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the operating partnership. The Company accounts for this investment under the equity method. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owns a 89.7% interest and the Company owns a 10.3% interest in the NewINK JV. The value of NewINK JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. As of December 31, 2020 and December 31, 2019, the Company's share of partners' capital in the NewINK JV is approximately $2.7 million and $40.6 million, respectively, and the total difference between the carrying amount of the investment and the Company's share of partners' capital is approximately $22.7 million and $55.8 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). The Company offset approximately $32.2 million of its share of the NewINK JV's impairment loss in the current year by its remaining basis difference in the NewINK JV. The Company serves as managing member of the NewINK JV. During the years ended December 31, 2020 and 2019, the Company received cash distributions from the NewINK JV as follows (in thousands): For the year ended December 31, 2020 2019 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 Inland JV, a joint venture between affiliates of NorthStar and the Operating Partnership. The Company accounts for this investment under the equity method. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owns a 90.0% interest in the Inland JV. The values of Inland JV assets and liabilities were adjusted to reflect estimated fair market values at the time Colony merged with NorthStar. The Company serves as managing member of the Inland JV. During the years ended December 31, 2020 and 2019, the Company received cash distributions from the Inland JV as follows (in thousands): For the year ended December 31, 2020 2019 Cash generated from other activities and excess cash $ — $ 1,150 Total $ — $ 1,150 On May 9, 2017, the NewINK JV refinanced the $840.0 million loan collateralized by the 47 hotels with a new $850.0 million loan with an interest rate of LIBOR plus a spread of 2.79% and had an initial maturity of June 7, 2019 and three one one On April 7, 2020 and May 7, 2020, the NewINK JV failed to make debt service payments related to its $855.0 million loan. The servicer and lender subsequently agreed to fund the April 7, 2020 and May 7, 2020 interest payments for the senior portion of the loan from restricted cash balances that were originally escrowed to fund future capital expenditures. During the three months ended December 31, 2020, CLNY advanced $15.2 million to the NewINK JV. The NewINK JV used these funds, along with existing cash, to fund operating expenses, stay current on senior interest payments and make all late payments on its mezzanine debt. The NewINK JV is now current on all senior and mezzanine debt payments. The NewINK JV debt is non-recourse to the Company with the exception of customary non-recourse carve-out provisions such as fraud, material and intentional misrepresentations and misapplication of funds. A default under the NewINK loan agreement does not trigger a cross-default under any of the Company’s debt agreements. On June 9, 2017, the Inland JV refinanced the $817.0 million loan collateralized by the 48 hotels with a new $780.0 million non-recourse loan with Column Financial, Inc. On June 9, 2017, the Company contributed an additional $5.0 million of capital related to its share in the Inland JV to reduce the debt collateralized by the 48 hotels. The new loan bears interest at a rate of LIBOR plus a spread of 3.3%, has an initial maturity of July 9, 2019 and three one On April 9, 2020 the Inland JV failed to make a debt service payment related to its $780.0 million loan and has not made any of its subsequent monthly debt service payments. The failure to make the required debt service payments is an event of default under the Inland JV loan agreement. The Inland JV has not been successful in negotiating a forbearance agreement with its lenders. The Inland JV debt is non-recourse to the Company with the exception of customary non-recourse carve-out provisions such as fraud, material and intentional misrepresentations and misapplication of funds. A default under the Inland JV loan agreement does not trigger a cross-default under any of the Company’s debt agreements. At the direction of the special servicer for the Inland JV loan, control of Inland JV properties has transitioned to a court appointed receiver. The receiver, LW Hospitality Advisors, has replaced IHM with new hotel management companies. The Company’s ownership interests in the JVs are subject to change in the event that either the Company or CLNY 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. In connection with (i) the non-recourse mortgage loan secured by the NewINK JV properties and the related non-recourse mezzanine loans secured by the membership interests in the owners of the NewINK JV properties and (ii) the non-recourse mortgage loan secured by the Inland JV properties, the Operating Partnership provided the applicable lenders with customary environmental indemnities, as well as guarantees of certain customary non-recourse carveout provisions such as fraud, material and intentional misrepresentations and misapplication of funds. In some circumstances, such as the bankruptcy of the applicable borrowers, the guarantees are for the full amount of the outstanding debt, but in most circumstances, the guarantees are capped at 15% of the debt outstanding at the time in question (in the case of the NewINK JV loans) or 20% of the debt outstanding at the time in question (in the case of the Inland JV loans). In connection with each of the NewINK JV and Inland JV loans, the Operating Partnership has entered into a contribution agreement with its JV partner whereby the JV partner is, in most cases, responsible to cover such JV partner’s pro rata share of any amounts due by the Operating Partnership under the applicable guarantees and environmental indemnities. The Company manages the JVs and will receive a promote interest in each applicable JV if it meets certain return thresholds for such JV. CLNY may also approve certain actions by the JVs 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. On September 24, 2020, CLNY announced that it had entered into an agreement to sell six of its hospitality portfolios, including the NewINK JV, in a transaction with a gross equity sale price of $67.5 million. The Inland JV is not included in this proposed transaction. CLNY has not disclosed a proposed allocation of the sale price among the six portfolios. On December 23, 2020, the Company entered in to an agreement with CLNY to sell the Company's interest in the NewINK JV for $2.8 million concurrent with the closing of the portfolio sales. The transaction is subject to closing conditions, including the assumption of debt by the purchaser. During the three months ended March 31, 2020, the Company determined that an other than temporary decline in the value of its equity investment in the Inland JV had occurred. The Inland JV’s operating performance has been significantly impacted by the COVID-19 pandemic. The Inland JV has high leverage, limited liquidity and limited ability to fund the current level of operating losses caused by the COVID-19 pandemic for a sustained period of time. Based on these factors, we have assessed that the fair market value of our equity investment in the Inland JV is zero and the Company did not consider the investment recoverable and therefore recorded an impairment of $15.3 million on the investment. Since the Company’s basis in the Inland JV is now zero and we expect that ongoing losses are not sustainable, we stopped recording any equity income or losses from the Inland JV as of March 31, 2020. The Company's investments in the NewInk JV and the Inland JV are $(20.0) million and $0.0 million, respectively, at December 31, 2020. The following tables sets forth the total assets, liabilities and equity and components of net income (loss), including the Company's share, related to all JVs for the years ended December 31, 2020, 2019 and 2018 (in thousands): Balance Sheet December 31, 2020 December 31, 2019 December 31, 2018 Assets Investment in hotel properties, net $ 1,604,501 $ 2,221,718 $ 2,309,396 Other assets 79,136 104,560 118,600 Total Assets $ 1,683,637 $ 2,326,278 $ 2,427,996 Liabilities Mortgages and notes payable, net $ 1,622,305 $ 1,612,217 $ 1,606,334 Other Liabilities 80,423 34,948 37,051 Total Liabilities 1,702,728 1,647,165 1,643,385 Equity Chatham Lodging Trust (1,835) 69,008 79,744 Joint Venture Partner (17,256) 610,105 704,867 Total Equity (19,091) 679,113 784,611 Total Liabilities and Equity $ 1,683,637 $ 2,326,278 $ 2,427,996 For the year ended December 31, 2020 2019 2018 Revenue $ 246,694 $ 496,485 $ 498,507 Total hotel operating expenses 216,846 329,879 329,756 Impairment loss 578,217 41,132 — Hotel operating income $ 29,848 $ 166,606 $ 168,751 Net loss from continuing operations $ (701,880) $ (76,869) $ (24,400) Loss on sale of hotels $ (15) $ (2,129) $ — Net loss $ (701,895) $ (78,998) $ (24,400) Loss allocable to the Company $ (8,420) $ (8,044) $ (2,472) Basis difference adjustment $ 996 $ 1,596 $ 1,596 Total loss from unconsolidated real estate entities attributable to Chatham $ (7,424) $ (6,448) $ (876) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's mortgage loans are collateralized by first-mortgage liens on certain of the Company's properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. The Company's credit facility is secured by pledges of its equity interests in certain properties. Debt consisted of the following (in thousands): Loan/Collateral Interest Rate Maturity Date 12/31/20 Property Balance Outstanding as of December 31, 2020 December 31, Revolving Credit Facility (1) 3.07 % March 8, 2022 $ 608,319 $ 135,300 $ 90,000 Construction loan (2) 7.75 % August 4, 2024 43,651 13,325 — Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 21,883 12,602 12,936 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 — — 27,272 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 28,622 15,195 15,563 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,996 20,780 21,291 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 30,152 17,126 17,559 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 33,760 21,031 21,520 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 62,419 42,998 43,857 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 41,246 31,463 32,053 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 75,680 63,418 64,406 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 83,931 69,192 70,270 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 62,652 47,564 48,305 Residence Inn by Marriott Mountain View, CA 4.64 % July 1, 2024 48,563 37,092 37,670 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 33,349 29,358 29,817 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 38,044 20,490 20,931 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 13,014 15,411 15,693 Hampton Inn & Suites Houston Medical Cntr., TX 4.25 % January 6, 2025 15,769 17,396 17,717 Total debt before unamortized debt issue costs $ 1,272,050 $ 609,741 $ 586,860 Unamortized mortgage debt issue costs (971) (1,395) Total debt outstanding 608,770 585,465 1. The interest rate for the revolving credit facility is variable and based on LIBOR (subject to a 0.5% floor) plus a spread of 2.50% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At December 31, 2020 and 2019, the Company had $135.3 million and $90.0 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. The credit facility provides two six-month extension options that would extend the final maturity to March 8, 2023 if exercised. The Company can exercise the extension options as long as there is no default. 2. On August 4, 2020, a subsidiary of the Company entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a loan with a total commitment of up to $40 million to fund the remaining construction costs of the Warner Center hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The rate on the loan is LIBOR, subject to a 0.25% floor, plus a spread of 7.5%. At December 31, 2020 and 2019, the Company had $135.3 million and $90.0 million, respectively, of outstanding borrowings under its revolving credit facility. At December 31, 2020, the maximum borrowing availability under the revolving credit facility was $250.0 million. The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. 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, 2020 and 2019 was $462.6 million and $501.5 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. As of December 31, 2020, the Company’s variable rate debt consists of its revolving credit facility and its construction loan. The estimated fair value of the Company’s variable rate debt as of December 31, 2020 and 2019 was $148.6 million and $90.0 million, respectively. On December 16, 2020, the Company, entered into a Third Amendment to the Company’s Amended and Restated Credit Agreement, dated as of March 8, 2018 (as amended by the Credit Agreement Amendment, and as previously amended by that certain First Amendment to the Amended and Restated Credit Agreement, dated as of May 6, 2020, and as further amended by that certain Second Amendment to Amended and Restated Credit Agreement, dated as of July 23, 2020), with certain lenders for whom Barclays Bank PLC is acting as the administrative agent. The amendment provides for the waiver of certain financial covenants through December 31, 2021 and allows the Company to borrow up to the entire $250 million facility size during this period. During this covenant waiver period, the Company will be required to maintain a minimum liquidity of $25 million which will include both unrestricted cash and credit facility availability. In connection with the amendment, the Company added six hotels to the credit facility’s borrowing base which now has a total of 24 properties. The amendment provided the Company’s credit facility lenders with pledges of the equity in the 24 borrowing base hotels. The amendment places additional limits on the Company’s ability to incur debt, pay dividends, and make capital expenditures during the covenant waiver period. During the covenant waiver period interest will be calculated as LIBOR (subject to a 0.5% floor) plus a spread of 2.50% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. As of December 31, 2020, the Company was in compliance with all of its modified financial covenants. Our mortgage debt agreements contain “cash trap” provisions that are triggered when the hotel’s operating results fall below a certain debt service coverage ratio or debt yield. When these provisions are triggered, all of the excess cash flow generated by the hotel is deposited directly into cash management accounts for the benefit of our lenders until a specified debt service coverage ratio or debt yield is reached. Such provisions do not allow the lender the right to accelerate repayment of the underlying debt. As of December 31, 2020, the debt service coverage ratios or debt yields for all of our mortgage loans were below the minimum thresholds such that the cash trap provision of each respective loan could be enforced. As of December 31, 2020, none of our mortgage debt lenders has enforced cash trap provisions. We do not expect that such cash traps will affect our ability to satisfy our short-term liquidity requirements. Future scheduled principal payments of debt obligations as of December 31, 2020, for each of the next five calendar years and thereafter are as follows (in thousands): Amount 2021 $ 21,441 2022 144,549 2023 117,875 2024 309,941 2025 15,935 Thereafter — Total debt before unamortized debt issue costs $ 609,741 Unamortized mortgage debt issue costs (971) Total debt outstanding $ 608,770 Accounting for Derivative Instruments The Company has entered into interest rate cap agreements to hedge against interest rate fluctuations related to the construction loan for the Warner Center hotel. The Company records its derivative instruments on the balance sheet at their estimated fair values. Changes in the fair value of the derivatives are recorded each period in current earnings or in other comprehensive income, depending on whether a derivative is designated as part of a hedging relationship and, if it is, depending on the type of hedging relationship. The Company's interest rate caps are not designated as a hedge but to eliminate the incremental cost to the Company if the one-month LIBOR were to exceed 3.5%. Accordingly, the interest rate caps are recorded on the balance sheet under prepaid expenses and other assets at the estimated fair value and realized and unrealized changes in the fair value are reported in the consolidated statements of operations. As of December 31, 2020, the fair value of the interest rate caps were $9.1 thousand. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income tax expense for the following periods are as follows (in thousands): For the year ended December 31, 2020 2019 2018 Current: Federal $ (29) $ (29) $ — State — — — Current tax expense (benefit) $ (29) $ (29) $ — Deferred: Federal 29 29 (28) State — — — Deferred tax expense (benefit) 29 29 (28) Total income tax expense (benefit) $ — $ — $ (28) 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 TRS before taxes were as follows (in thousands): For the year ended December 31, 2020 2019 2018 Book loss before income taxes of the TRS $ (4,838) $ (8,167) $ (6,040) Statutory rate of 21% for 2018 and after $ (1,016) $ (1,715) $ (1,268) Effect of state and local income taxes, net of federal tax benefit (253) (347) (200) Permanent adjustments 4 8 12 Change in valuation allowance 1,445 2,100 1,456 Valuation allowance release — — (28) Other (180) (46) — Total income tax (benefit) expense $ — $ — $ (28) Effective tax rate — % — % 0.46 % At December 31, 2020 and 2019, the Company had valuation allowances against certain deferred tax assets totaling $7.1 million and $5.6 million, respectively. The increase in valuation allowance was primarily from the increase in the net operating losses incurred during the year. The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2020 and 2019 are as follows (in thousands): For the year ended December 31, 2020 2019 Gross Deferred Tax Assets: Allowance for doubtful accounts $ 133 $ 117 Accrued compensation 547 870 Net operating loss 6,541 4,741 AMT credit — 29 Gross Deferred Tax Assets $ 7,221 $ 5,757 Less: Valuation Allowance $ (7,070) $ (5,625) Total Deferred Tax Assets Net of Valuation Allowance 151 132 Gross Deferred Tax Liabilities: Total Book/tax difference in partnership (151) (103) Gross Deferred Tax Liabilities: (151) (103) Net, Deferred Tax Assets: — 29 As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of net deferred tax assets. The Company's TRS is expecting continued taxable losses in 2020. As of December 31, 2020, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets. Management will continue to monitor the need for a valuation allowance. The TRS has income tax NOL carryforwards for Federal and various states of approximately $24.2 million and $30.0 million, respectively. The loss carryforwards begin to expire starting in 2038 for Federal purposes and in 2031 and thereafter for state purposes. |
Dividends Declared and Paid
Dividends Declared and Paid | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Dividends Declared and Paid | Dividends Declared and Paid The Company declared regular common share dividends of $0.22 per share and distributions on LTIP units of $0.22 per unit for the year ended December 31, 2020. The dividends and distributions and their tax characterization were as follows: Record Payment Common LTIP Taxable Ordinary Income Return of Capital Section 199A Dividends January 1/31/2020 2/28/2020 $ 0.11 $ 0.11 $ — $ 0.1100 $ — February 2/28/2020 3/27/2020 0.11 0.11 — 0.1100 — Total 2020 $ 0.22 $ 0.22 $ — $ 0.2200 $ — Record Payment Common LTIP Taxable Ordinary Income Return of Capital Section 199A Dividends January 1/31/2019 2/22/2019 $ 0.11 $ 0.11 $ 0.0847 $ 0.0253 $ 0.0847 February 2/28/2019 3/29/2019 0.11 0.11 0.0847 0.0253 0.0847 March 3/29/2019 4/26/2019 0.11 0.11 0.0847 0.0253 0.0847 1st Quarter 2019 $ 0.33 $ 0.33 $ 0.2541 $ 0.0759 $ 0.2541 April 4/30/2019 5/31/2019 $ 0.11 $ 0.11 $ 0.0847 $ 0.0253 $ 0.0847 May 5/31/2019 6/28/2019 0.11 0.11 0.0847 0.0253 0.0847 June 6/28/2019 7/26/2019 0.11 0.11 0.0847 0.0253 0.0847 2nd Quarter 2019 $ 0.33 $ 0.33 $ 0.2541 $ 0.0759 $ 0.2541 July 7/31/2019 8/30/2019 $ 0.11 $ 0.11 $ 0.0847 $ 0.0253 $ 0.0847 August 8/30/2019 9/27/2019 0.11 0.11 0.0847 0.0253 0.0847 September 9/30/2019 10/25/2019 0.11 0.11 0.0847 0.0253 0.0847 3rd Quarter 2019 $ 0.33 $ 0.33 $ 0.2541 $ 0.0759 $ 0.2541 October 10/31/2019 11/29/2019 $ 0.11 $ 0.11 $ 0.0847 $ 0.0253 $ 0.0847 November 11/29/2019 12/27/2019 0.11 0.11 0.0847 0.0253 0.0847 December 12/31/2019 1/31/2020 0.11 0.11 0.0847 0.0253 0.0847 4th Quarter 2019 $ 0.33 $ 0.33 $ 0.2541 $ 0.0759 $ 0.2541 Total 2019 $ 1.32 $ 1.32 $ 1.0164 $ 0.3036 $ 1.0164 For the year ended December 31, 2020, 100.0% |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $0.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. As of December 31, 2020, 46,973,473 common shares were outstanding. In December 2017, we established a $50 million dividend reinvestment and stock purchase plan (the "Prior DRSPP"). We filed a new $50 million shelf registration statement for the dividend reinvestment and stock purchase plan (the "Current DRSPP" and together with the Prior DRSPP, the "DRSPPs") on December 22, 2020 to replace the prior program. Under the DRSPPs, 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 prospectuses for the DRSPPs. During the year ended December 31, 2020, we issued 20,512 shares under the Prior DRSPP at a weighted average price of $8.89, which generated $0.2 million of proceeds. As of December 31, 2020, there were common shares having a maximum aggregate sales price of approximately $50.0 million available for issuance under the Current DRSPP. In December 2017, we established an "At-the-Market-Equity" program (the "Prior ATM Plan") whereby, from time to time, we may publicly offer and sell our common shares having an aggregate offering price up to $100 million 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 of 1933, as amended. We filed a $100 million registration statement for a new ATM program (the "ATM Plan") on January 5, 2021 to replace the prior program. At the same time, the Company entered into a sales agreement with Cantor Fitzgerald & Co., Barclays Capital Inc., BMO Capital Markets Corp., BofA Securities, Inc., BTIG, LLC, Citigroup Global Markets Inc., Regions Securities LLC, Stifel, Nicolaus & Company, Incorporated and Wells Fargo Securities as sales agents. In accordance with the terms of the sales agreement, the Company may from time to time offer, and sell shares of its common stock having an aggregate offering price of up to $100 million. During the year ended December 31, 2020, we issued no shares under the Prior ATM Plan. As of December 31, 2020, there were common shares having a maximum aggregate sales price of approximately $100.0 million available for issuance under the ATM Plan. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares, $0.01 par value per share. No preferred shares were outstanding at December 31, 2020 and 2019. 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, 2020, there were 654,603 vested Operating Partnership LTIP units held by employees and 102,048 Operating Partnership LTIP units held by a former employee. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
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. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP 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 per share (in thousands, except share and per share data): For the year ended December 31, 2020 2019 2018 Numerator: Net income $ (76,023) $ 18,703 $ 30,641 Dividends paid on unvested shares and LTIP units (50) (297) (310) Net income attributable to common shareholders $ (76,073) $ 18,406 $ 30,331 Denominator: Weighted average number of common shares - basic 46,961,039 46,788,784 46,073,515 Effect of dilutive securities: Unvested shares — 234,496 170,145 Weighted average number of common shares - diluted 46,961,039 47,023,280 46,243,660 Basic income per Common Share: Net income attributable to common shareholders per weighted average common share $ (1.62) $ 0.39 $ 0.66 Diluted income per Common Share: Net income attributable to common shareholders per weighted average common share $ (1.62) $ 0.39 $ 0.66 |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [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 plan provides for the grant of options to purchase common shares, share awards, share appreciation rights, performance units, and other equity-based awards. The plan was amended and restated as of May 17, 2013 to increase the maximum number of shares available under the plan to 3,000,000 shares. Share awards under this plan generally vest over three five Restricted Share Awards From time to time, the Company may award restricted shares under the Equity Incentive Plan as compensation to officers, employees and non-employee trustees. The Company recognizes compensation expense for the restricted shares on a straight-line basis over the vesting period based on the fair market value of the shares on the date of issuance. A summary of the Company’s restricted share awards for the years ended December 31, 2020, 2019 and 2018 is as follows: December 31, 2020 December 31, 2019 December 31, 2018 Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Non-vested at beginning of the period 5,001 $ 18.33 8,334 $ 18.52 57,514 $ 23.78 Granted — — — — 5,000 17.40 Vested (3,334) 18.80 (3,333) 18.80 (30,084) 26.24 Forfeited — — — — (24,096) 21.21 Unvested at end of the period 1,667 $ 17.40 5,001 $ 18.33 8,334 $ 18.52 As of December 31, 2020 and 2019, there were $0.0 million and $0.1 million, respectively, of unrecognized compensation costs related to restricted share awards. As of December 31, 2020, these costs were expected to be recognized over a weighted–average period of approximately 1.0 years. For the years ended December 31, 2020, 2019 and 2018, the Company recognized approximately $0.0 million, $0.1 million and $0.1 million, 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 Awards 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 number of shares available for other equity awards on a one-for-one basis. A summary of the Company's LTIP unit awards for the years ended years ended December 31, 2020, 2019 and 2018 is as follows: December 31, 2020 December 31, 2019 December 31, 2018 Number of Weighted - Number of Weighted - Number of Weighted - Non-vested at beginning of the period 598,320 $ 18.30 476,398 $ 17.73 482,056 $ 16.58 Granted 325,507 13.42 221,853 $ 18.73 244,917 $ 16.94 Vested (254,218) 18.82 (99,931) $ 16.55 (67,275) $ 16.42 Forfeited — — — $ — (183,300) $ 14.13 Non-vested at end of period 669,609 $ 15.73 598,320 $ 18.30 476,398 $ 17.73 Outperformance Plan LTIP Awards On June 1, 2015, the Company's Operating Partnership granted 183,300 Class A Performance LTIP units, as recommended by the Compensation Committee of the Board (the "Compensation Committee"), pursuant to long-term, multi-year performance plan (the "Outperformance Plan"). As of June 1, 2018, the Class A Performance LTIP units did not meet the required market based Total Shareholder Return ("TSR") measurements and therefore, the accrued dividends and units have been forfeited. Time-Based LTIP Awards On March 1, 2020, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 130,206 time-based awards (the “2020 Time-Based LTIP Unit Award”). The grants were made pursuant to award agreements that provide for time-based vesting (the "LTIP Unit Time-Based Vesting Agreement"). Time-Based LTIP Unit Awards will vest ratably provided that the recipient remains employed by the Company through the applicable vesting date , subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company ). Prior to vesting, a holder is entitled to receive distributions on the LTIP Units that comprise the 2020 Time-Based LTIP Unit Awards and the prior year LTIP unit Awards set forth in the table above. Performance-Based LTIP Awards On March 1, 2020, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, also granted 195,301 performance-based awards (the "2020 Performance-Based LTIP Unit Awards"). The grants were made pursuant to award agreements that have market based vesting conditions. The Performance-Based LTIP Unit Awards are comprised of Class A Performance LTIP units that will vest only if and to the extent that (i) the Company achieves certain long-term market based TSR criteria established by the Compensation Committee and (ii) the recipient remains employed by the Company through the applicable vesting date, subject to acceleration of vesting in the event of the recipient’s death, disability, termination without cause or resignation with good reason, or in the event of a change of control of the Company. Compensation expense is based on an estimated value of $13.66 per 2020 Performance-Based LTIP Unit Award, which takes into account that some or all of the awards may not vest if long-term market based TSR criteria are not met during the vesting period. The 2020 Performance-Based LTIP Unit Awards may be earned based on the Company's relative TSR performance for the three-year period beginning on March 1, 2020 and ending on February 28, 2023. The 2020 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 50th 100% Maximum 75th 150% Payouts at performance levels in between the hurdles will be calculated by straight-line interpolation. The Company estimated the aggregate compensation cost to be recognized over the service period determined as of the grant date under ASC 718, excluding the effect of estimated forfeitures, using the Monte Carlo 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 of the Operating Partnership and thus have an economic value of zero to the grantee. Additional factors considered in estimating the value of the LTIP units included discounts for illiquidity; expectations for future dividends; risk free interest rates; stock volatility; and economic environment and market conditions. The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows: Grant Date Number of Units Granted Estimated Value per Unit Volatility Dividend Yield Risk Free Interest Rate Outperformance Plan 6/1/2015 183,300 $14.13 26% 4.5% 0.95% 2016 Time-Based LTIP Unit Awards 1/28/2016 72,966 $16.69 28% —% 0.79% 2016 Performance-Based LTIP Unit Awards 1/28/2016 39,285 $11.09 30% 5.8% 1.13% 2017 Time-Based LTIP Unit Awards 3/1/2017 89,574 $18.53 24% —% 0.92% 2017 Performance-Based LTIP Unit Awards 3/1/2017 134,348 $19.65 25% 5.8% 1.47% 2018 Time-Based LTIP Unit Awards 3/1/2018 97,968 $16.83 26% —% 2.07% 2018 Performance-Based LTIP Unit Awards 3/1/2018 146,949 $17.02 26% 6.2% 2.37% 2019 Time-Based LTIP Unit Awards 3/1/2019 88,746 $18.45 21% —% 2.57% 2019 Performance-Based LTIP Unit Awards 3/1/2019 133,107 $18.91 21% 6.2% 2.55% 2020 Time-Based LTIP Unit Awards 3/1/2020 130,206 $13.05 20% —% 1.06% 2020 Performance-Based LTIP Unit Awards 3/1/2020 195,301 $13.66 20% 8.1% 0.90% The Company recorded $4.4 million, $4.2 million and $3.6 million in compensation expense related to the LTIP units for years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and 2019, there was $4.9 million and $4.9 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 1.8 years, which represents the weighted average remaining vesting period of the LTIP units. Board of Trustee Share Compensation For 2020, 2019 and 2018, each independent trustee was compensated $0.1 million 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 2020, 2019 and 2018, the Company issued 24,516, 27,870 and 21,670 common shares, respectively, to its independent trustees as compensation for services performed in 2019, 2018 and 2017, 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 40,203 common shares to its independent trustees for services performed in 2020. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Leases The Courtyard Altoona hotel was subject to a ground lease with an expiration date of April 30, 2029 and we had an extension option by the Company of up to 12 additional terms of five years each. Monthly payments were determined by the quarterly average room occupancy of the hotel. Rent was equal to approximately $8,400 per month when monthly occupancy was less than 85% and could increase up to approximately $20,000 per month if occupancy was 100%, with minimum rent increased by two and one-half percent (2.5%) on an annual basis. The Courtyard Altoona hotel was sold on May 7, 2019. The Residence Inn San Diego Gaslamp hotel is subject to a ground lease with an expiration of January 31, 2065 with an extension option by the Company of up to three additional terms of ten The Residence Inn New Rochelle hotel is subject to 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. Aggregate rent for 2020 under these leases amounted to approximately $31,000 per quarter. The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration of December 31, 2067. Minimum monthly payments are currently approximately $47,500 per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income. The Company entered into a corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12-month rent abatement period and certain tenant improvement allowances. The Company has a renewal option of up to two successive terms of five The Company is the lessee under ground, air rights, garage and office lease agreements for certain of its properties, all of which qualify as operating leases as of December 31, 2020. The leases typically provide multi-year renewal options to extend term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. In calculating the Company's lease obligations under the various leases, the Company uses discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2020, for each of the next five calendar years and thereafter (in thousands): Total Future Lease Payments Amount 2021 $ 2,051 2022 2,071 2023 2,093 2024 2,115 2025 2,186 Thereafter 66,720 Total lease payments $ 77,236 Less: Imputed interest (54,003) Present value of lease liabilities $ 23,233 The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2019, for each of the next five calendar years and thereafter (in thousands): Total Future Lease Payments Amount 2020 $ 2,027 2021 2,051 2022 2,071 2023 2,093 2024 2,115 Thereafter 68,906 Total lease payments $ 79,263 Less: Imputed interest (55,546) Present value of lease liabilities $ 23,717 For the year ended December 31, 2020, the Company made $1.2 million of fixed lease payments and $33.0 thousand of variable lease payments related to hotel ground leases, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. For the year ended December 31, 2020, the Company made $0.8 million of fixed lease payments related to its corporate office lease, which are included in general and administrative expense in our consolidated statement of operations. The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2020: Right of Use Asset Lease Liability Balance as of January 1, 2020 $ 21,270 $ 23,717 Amortization (629) (484) Balance as of December 31, 2020 $ 20,641 $ 23,233 Lease Term and Discount Rate December 31, 2020 Weighted-average remaining lease term (years) 40.62 Weighted-average discount rate 6.57% |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation The nature of the operations of the Company's hotels exposes those hotels, the Company and the Operating Partnership to the risk of claims and litigation in the normal course of their business. IHM is currently a defendant in several class action lawsuits pending in the state of California. The first class action lawsuit was filed in the Santa Clara County Superior Court on October 21, 2016 under the title Ruffy, et al, v. Island Hospitality Management, LLC, et al. Case No. 16-CV-301473 (“Ruffy”) and the second class action lawsuit was filed on March 21, 2018 under the title Doonan, et al, v. Island Hospitality Management, LLC, et al. Case No 18-CV-325187 (“Doonan”). The class actions relate to hotels operated by IHM in the state of California and owned by affiliates of the Company and the NewINK JV, and/or certain third parties. The complaint alleged various wage and hour law violations based on alleged misclassification of certain hotel managerial staff and violation of certain California statutes regarding incorrect information contained on employee paystubs. The plaintiffs seek injunctive relief, money damages, penalties, and interest. A settlement agreement has been negotiated and approved by the applicable courts for Ruffy and Doonan. In August 2020, a payment of $0.1 million, which represents the Company’s total exposure to the Ruffy and Doonan litigations based on standard indemnification obligations under hotel management agreements with IHM, was paid related to this lawsuit settlement. In addition, IHM is a defendant in the following series of interrelated class action lawsuits: Perez et al. v. Island Hospitality Management III LLC et al. (United States District Court for the Central District of California, Case No. 2:18-cv-04903-DMG-JPR) filed on March 15, 2018, Cruz v. Island Hospitality Management III LLC (Santa Clara County Superior Court Case No. 19CV353655) filed on August 19, 2019, Leon et al. v. Island Hospitality Management III LLC (Orange County Superior Court Case No. 30-2019-01050719-CU-OE-CXC) filed on April 2, 2019, and Vela v. Island Hospitality Management LLC et al. (San Diego County Superior Court, Case No. 37-2019-0003525) filed on July 9, 2019 (collectively the “Perez class actions”). The Perez class actions also relate to hotels operated by IHM in the state of California and owned by affiliates of the Company and the NewINK JV, and/or certain third parties. The complaints alleged various wage and hour law violations based on alleged violation of certain California statutes regarding rest and meal breaks and wage statements. The plaintiffs seek injunctive relief, money damages, penalties, and interest. In September 2020, a payment of $0.6 million, which represents the Company’s total exposure to the Perez class actions based on standard indemnification obligations under hotel management agreements with IHM, was paid related to this lawsuit settlement. Management Agreements The management agreements with IHM have an initial term of five years and automatically renew for two five As of December 31, 2020, terms of the Company's management agreements are (dollars are not in thousands): Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Cap Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Minneapolis-Mall of America IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Nashville-Brentwood IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Dallas-Market Center IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Hartford-Farmington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Orlando-Maitland IHM 3.0 % 1,200 1,000 1.0 % Hampton Inn & Suites Houston-Medical Center IHM 3.0 % 1,000 1,000 1.0 % Residence Inn Long Island Holtsville IHM 3.0 % 1,000 1,000 1.0 % Residence Inn White Plains IHM 3.0 % 1,000 750 1.0 % Residence Inn New Rochelle IHM 3.0 % 1,000 750 1.0 % Residence Inn Garden Grove IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton San Antonio River Walk IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Washington DC IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Tysons Corner IHM 3.0 % 1,200 1,000 1.0 % Hampton Inn Portland Downtown IHM 3.0 % 1,000 550 1.0 % Courtyard Houston IHM 3.0 % 1,000 550 1.0 % Hyatt Place Pittsburgh North Shore IHM 3.0 % 1,500 1,000 1.0 % Hampton Inn Exeter IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Denver Tech IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Bellevue IHM 3.0 % 1,200 1,000 1.0 % Springhill Suites Savannah IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley I IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley II IHM 3.0 % 1,200 1,000 1.0 % Residence Inn San Mateo IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Mountain View IHM 3.0 % 1,200 1,000 1.0 % Hyatt Place Cherry Creek IHM 3.0 % 1,500 1,000 1.0 % Courtyard Addison IHM 3.0 % 1,500 1,000 1.0 % Courtyard West University Houston IHM 3.0 % 1,500 1,000 1.0 % Residence Inn West University Houston IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Burlington IHM 3.0 % 1,500 1,000 1.0 % Residence Inn San Diego Gaslamp IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Dedham IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Il Lugano IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Portsmouth IHM 3.0 % 1,500 1,000 1.0 % Courtyard Summerville IHM 3.0 % 1,500 1,000 1.0 % Embassy Suites Springfield IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Summerville IHM 3.0 % 1,500 1,000 1.0 % Courtyard Dallas IHM 3.0 % 1,500 1,000 1.0 % Management fees totaled approximately $5.3 million, $10.8 million and $10.8 million, respectively, for the years ended December 31, 2020, 2019 and 2018. Incentive management fees paid to IHM for the years ended years ended December 31, 2020, 2019 and 2018 were $0.0 million, $0.1 million and $0.1 million, respectively. Franchise Agreements The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Terms of the Company's franchise agreements are as of December 31, 2020: Property Franchise/Royalty Fee Marketing/Program Fee Expiration Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Minneapolis-Mall of America 4.0 % 4.0 % 2025 Homewood Suites by Hilton Nashville-Brentwood 4.0 % 4.0 % 2025 Homewood Suites by Hilton Dallas-Market Center 4.0 % 4.0 % 2025 Homewood Suites by Hilton Hartford-Farmington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Orlando-Maitland 4.0 % 4.0 % 2025 Hampton Inn & Suites Houston-Medical Center 6.0 % 4.0 % 2035 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 5.0 % 2.5 % 2031 Homewood Suites by Hilton San Antonio River Walk 4.0 % 4.0 % 2026 Residence Inn Washington DC 5.5 % 2.5 % 2033 Residence Inn Tysons Corner 5.0 % 2.5 % 2031 Hampton Inn Portland Downtown 6.0 % 4.0 % 2032 Courtyard Houston 5.5 % 2.0 % 2030 Hyatt Place Pittsburgh North Shore 5.0 % 3.5 % 2030 Hampton Inn Exeter 6.0 % 4.0 % 2031 Hilton Garden Inn Denver Tech 5.5 % 4.3 % 2028 Residence Inn Bellevue 5.5 % 2.5 % 2033 Springhill Suites Savannah 5.0 % 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% to 5% 3.5 % 2034 Courtyard Addison 5.5 % 2.0 % 2029 Courtyard West University Houston 5.5 % 2.0 % 2029 Residence Inn West University Houston 6.0 % 2.5 % 2024 Hilton Garden Inn Burlington 5.5 % 4.3 % 2029 Residence Inn San Diego Gaslamp 6.0 % 2.5 % 2035 Hilton Garden Inn Marina del Rey 3% to 5.5% 4.3 % 2030 Residence Inn Dedham 6.0 % 2.5 % 2030 Residence Inn Il Lugano 3% to 6% 2.5 % 2045 Hilton Garden Inn Portsmouth 5.5 % 4.0 % 2037 Courtyard Summerville 6.0 % 2.5 % 2037 Embassy Suites Springfield 5.5 % 4.0 % 2037 Residence Inn Summerville 6.0 % 2.5 % 2038 Courtyard Dallas 4% to 6% 2.0 % 2038 Franchise and marketing/program fees totaled approximately $11.6 million, $25.9 million and $24.9 million, respectively, for the years ended December 31, 2020, 2019 and 2018. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Prior to March 1, 2019, Mr. Fisher owned 51% of IHM. On March 1, 2019, Mr. Fisher acquired the 1.5% ownership interest of an employee who was leaving IHM. As of December 31, 2020, Mr. Fisher owns 52.5% of IHM. As of December 31, 2020, the Company had hotel management agreements with IHM to manage 39 of its wholly owned hotels. As of December 31, 2020, all 46 hotels owned by the NewINK JV were managed by IHM. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the years ended December 31, 2020, 2019 and 2018 were $5.3 million, $10.8 million and $10.8 million, respectively. At December 31, 2020 and 2019, the amounts due to IHM were $0.3 million and $0.7 million, respectively. Incentive management fees paid to IHM by the Company for the years ended December 31, 2020, 2019 and 2018 were $0.0 million, $0.1 million and $0.1 million, respectively. The Company provides services to Castleblack, which is 97.5% owned by affiliates of CLNY and 2.5% owned by Mr. Fisher. For the years ended December 31, 2020 and 2019 the company provided services of $0.1 million and $0.1 million, respectively. Cost reimbursements from unconsolidated real estate entities revenue represents reimbursements of costs incurred on behalf of the NewINK JV, Inland JV, Castleblack and IHM. These costs relate primarily to corporate payroll costs at the NewINK JV, Inland JV and Castleblack where the Company is the employer and office expenses are shared with these entities and IHM. 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 are recorded based upon the occurrence of a reimbursed activity. |
Quarterly Operating Results (un
Quarterly Operating Results (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Operating Results (unaudited) | Quarterly Operating Results (unaudited) Quarter Ended - 2020 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 60,209 $ 20,173 $ 34,969 $ 29,565 Total operating expenses 77,895 38,793 45,214 24,667 Operating income (17,686) (18,620) (10,245) 4,898 Net income attributable to common shareholders (27,783) (26,827) (18,057) (3,356) Income (loss) per common share, basic (1) (0.59) (0.57) (0.38) (0.07) Income (loss) per common share, diluted (1) (0.59) (0.57) (0.38) (0.07) Weighted average number of common shares outstanding: Basic 46,948,533 46,960,289 46,965,526 46,969,483 Diluted 46,948,533 46,960,289 46,965,526 46,969,483 Quarter Ended - 2019 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 75,679 $ 87,874 $ 90,080 $ 74,695 Total operating expenses 65,786 71,741 70,182 67,234 Operating income 9,893 16,133 19,898 7,461 Net income attributable to common shareholders 1,613 9,437 10,002 (2,349) Income per common share, basic (1) 0.03 0.20 0.21 (0.05) Income per common share, diluted (1) 0.03 0.20 0.21 (0.05) Weighted average number of common shares outstanding: Basic 46,556,710 46,760,016 46,913,922 46,919,035 Diluted 46,734,958 46,976,999 47,152,166 47,220,671 (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 LTIP 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. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2020 (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 — $ 1,800 $ 7,200 $ 34 $ 5,185 $ 1,834 $ 12,385 $ 14,219 $ 12,385 $ 4,135 2000 (1) Homewood Suites Boston - Billerica, MA 2010 15,693 1,470 10,555 48 3,848 1,518 14,403 15,921 14,403 3,990 1999 (1) Homewood Suites Minneapolis - Mall of America, Bloomington, MN 2010 — 3,500 13,960 19 4,101 3,519 18,061 21,580 18,061 5,414 1998 (1) Homewood Suites Nashville - Brentwood, TN 2010 — 1,525 9,300 12 3,683 1,537 12,983 14,520 12,983 3,929 1998 (1) Homewood Suites Dallas - Market Center, Dallas, TX 2010 — 2,500 7,583 30 4,230 2,530 11,813 14,343 11,813 3,402 1998 (1) Homewood Suites Hartford - Farmington, CT 2010 — 1,325 9,375 92 3,556 1,417 12,931 14,348 12,931 3,556 1999 (1) Hampton Inn & Suites Houston - Houston, TX 2010 17,717 3,200 12,709 60 3,089 3,260 15,798 19,058 15,798 3,913 1997 (1) Residence Inn Holtsville - Holtsville, NY 2010 — 2,200 18,765 — 1,244 2,200 20,009 22,209 20,009 5,563 2004 (1) Residence Inn White Plains - White Plains, NY 2010 — 2,200 17,677 — 9,362 2,200 27,039 29,239 27,039 7,720 1982 (1) Residence Inn New Rochelle - New Rochelle, NY 2010 12,936 — 20,281 9 6,642 9 26,923 26,932 26,923 6,777 2000 (1) Residence Inn Garden Grove - Garden Grove, CA 2011 32,053 7,109 35,484 57 3,568 7,166 39,052 46,218 39,052 9,564 2003 (1) Homewood Suites San Antonio - San Antonio, TX 2011 15,563 5,999 24,764 7 5,488 6,006 30,252 36,258 30,252 7,948 1996 (1) Residence Inn Washington DC - Washington, DC 2011 — 6,083 22,063 28 6,145 6,111 28,208 34,319 28,208 7,868 1974 (1) Residence Inn Tyson's Corner - Vienna, VA 2011 21,291 5,752 28,917 — 2,630 5,752 31,547 37,299 31,547 7,281 2001 (1) Hampton Inn Portland Downtown - Portland, ME 2012 — 4,315 22,664 — 363 4,315 23,027 27,342 23,027 4,641 2011 (1) Courtyard Houston - Houston, TX 2013 17,559 5,600 27,350 — 2,802 5,600 30,152 35,752 30,152 6,043 2010 (1) Hyatt Place Pittsburgh - Pittsburgh, PA 2013 21,520 3,000 35,576 — 1,442 3,000 37,018 40,018 37,018 7,035 2011 (1) Hampton Inn & Suites Exeter - Exeter, NH 2013 — 1,900 12,350 4 164 1,904 12,514 14,418 12,514 2,345 2010 (1) Hilton Garden Inn Denver Tech - Denver, CO 2013 — 4,100 23,100 5 670 4,105 23,770 27,875 23,770 4,539 1999 (1) Residence Inn Bellevue - Bellevue, WA 2013 43,857 13,800 56,957 — 2,351 13,800 59,308 73,108 59,308 11,022 2008 (1) SpringHill Suites Savannah - Savannah, GA 2013 29,817 2,400 36,050 1 1,605 2,401 37,655 40,056 37,655 7,026 2009 (1) Residence Inn Silicon Valley I - Sunnyvale, CA 2014 64,406 42,652 45,846 — 5,914 42,652 51,760 94,412 51,760 20,944 1983 (1) Residence Inn Silicon Valley II - Sunnyvale, CA 2014 70,270 46,474 50,380 — 7,223 46,474 57,603 104,077 57,603 22,865 1985 (1) Residence Inn San Mateo - San Mateo, CA 2014 48,305 38,420 31,352 — 5393 38,420 36,745 75,165 36,745 14,274 1985 (1) Residence Inn Mt. View - Mountain View, CA 2014 37,670 22,019 31,813 — 10,186 22,019 41,999 64,018 41,999 16,600 1985 (1) Hyatt Place Cherry Creek - Cherry Creek, CO 2014 — 3,700 26,300 — 1,844 3,700 28,144 31,844 28,144 4,654 1987 (1) Courtyard Addison - Dallas, TX 2014 — 2,413 21,554 — 2,566 2,413 24,120 26,533 24,120 4,053 2000 (1) - continued - 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 Courtyard West University - Houston, TX 2014 — 2,012 17,916 — 1437 2,012 19,353 21,365 19,353 2,978 2004 (1) Residence Inn West University - Houston, TX 2014 — 3,640 25,631 — 1,551 3,640 27,182 30,822 27,182 4,503 2004 (1) Hilton Garden Inn Burlington - Burlington, MA 2014 — 4,918 27,193 — 1,524 4,918 28,717 33,635 28,717 4,860 1975 (1) Residence Inn Gaslamp - San Diego, CA 2015 — — 89,040 10 2,079 10 91,119 91,129 91,119 13,580 2009 (1) Hilton Garden Inn - Marina del Rey, CA 2015 20,931 — 43,210 — 656 — 43,866 43,866 43,866 5,934 2013 (1) Residence Inn - Dedham, MA 2015 — 4,230 17,304 — 1,935 4,230 19,239 23,469 19,239 2,614 1998 (1) Residence Inn - Ft. Lauderdale, FL 2015 — 9,200 24,048 — 1,887 9,200 25,935 35,135 25,935 3,501 2008 (1) Warner Center 2017 — 6,500 — 99 — 6,599 — 6,599 — — Hilton Garden Inn - Portsmouth, NH 2017 — 3,600 37,630 — 520 3,600 38,150 41,750 38,150 3,133 2006 (1) Courtyard - Summerville, SC 2017 — 2,500 16,923 6 136 2,506 17,059 19,565 17,059 1337 2014 (1) Embassy Suites - Springfield, VA 2017 — 7,700 58,807 — 350 7,700 59,157 66,857 59,157 4,544 2013 (1) Residence Inn - Summerville, SC 2018 — 2,300 17,060 — 246 2,300 17,306 19,606 17,306 1,033 2018 (1) Courtyard Dallas Downtown - Dallas, TX 2018 — 2,900 42,760 — 120 2,900 42,880 45,780 42,880 2,226 2018 (1) Sili III 2018 — 8,171 — — — 8,171 — 8,171 — — Grand Total(s) $ 293,127 $ 1,077,447 $ 521 $ 117,735 $ 293,648 $ 1,195,182 $ 1,488,830 $ 1,195,182 $ 257,344 (1) Depreciation is computed based upon the following estimated useful lives: Years Building 40 Land improvements 20 Building improvements 5-20 - continued - Notes: (a) The change in total cost of real estate assets for the year ended is as follows: 2020 2019 2018 2017 2016 2015 Balance at the beginning of the year $ 1,520,189 $ 1,510,864 $ 1,431,374 $ 1,320,273 $ 1,306,192 1,105,504 Acquisitions — 8,171 65,020 133,660 — 187,032 Dispositions during the year (52,770) (17,889) — (33053) — — Capital expenditures and transfers from construction-in-progress 21,411 19,043 14,470 10,494 14,081 13,656 Investment in Real Estate $ 1,488,830 $ 1,520,189 $ 1,510,864 $ 1,431,374 $ 1,320,273 $ 1,306,192 (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 $ 224,339 $ 187,780 $ 148,071 $ 116,866 $ 83,245 50,910 Depreciation and amortization 42,145 41,908 39,709 36,401 33,621 32,335 Dispositions during the year $ (9,140) $ (5349) $ — $ (5196) $ — $ — Balance at the end of the year $ 257,344 $ 224,339 $ 187,780 $ 148,071 $ 116,866 $ 83,245 (c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,488.736 as of December 31, 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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 consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. |
Reclassifications | ReclassificationsIn accordance with the SEC’s Disclosure Update and Simplification release, dated August 18, 2018, the Company presented the Gain (loss) on sale of hotel property line on the Company’s Consolidated Statements of Operations within Operating income for all periods presented. |
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 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, mortgage debt and revolving credit facility. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for mortgage debt and the revolving credit facility the fair value of which is separately disclosed in Note 7. |
Investment in Hotel Properties | Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired 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. The Company’s investments 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, 5 to 20 years for building improvements and one Management periodically reviews its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable over management's estimated holding period. This estimated holding period incorporates management’s intent and ability to hold the hotel properties over the estimated holding period. 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 and management has identified uncertainty surrounding the recoverability of the hotel property carrying value, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the estimated 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. For the years ended December 31, 2020 and 2019, there were no impairment losses. |
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 interest 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. Investments 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. As of December 31, 2020, the Company recorded an impairment of the entire carrying value of $15.3 million on our investment in the Inland JV related to a decline in operating performance caused by the COVID-19 pandemic (See Note 6). The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. |
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 ReceivablesHotel 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 application fees for the Company’s hotels, costs associated with potential future acquisitions and loan costs related to the Company’s senior unsecured revolving credit facility. Deferred costs consisted of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Loan costs $ 4,455 $ 2,104 Franchise fees 4,311 4,409 Other 75 129 8,841 6,642 Less accumulated amortization (3,457) (2,371) Deferred costs, net $ 5,384 $ 4,271 |
Mortgage Debt, net | Mortgage Debt, netMortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans. |
Prepaid Expenses And Other Assets | 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 from future 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. |
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. Cash received prior to customer arrival is recorded as an advanced deposit from the customer and is recognized as revenue at the time of occupancy. Room revenue is generate through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy hotel rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night. Food and beverage revenues are generated when customers purchase food and beverage at a hotel's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. |
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. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. 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 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. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership. |
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 or distributions, on unvested share grants and LTIP units, 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 common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities 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 The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. Additionally, the Company indirectly owns its interest in the hotels owned by the NewINK JV (46 hotels) and the Inland JV (48 hotels) through the Operating Partnership. All of the NewINK JV hotels and Inland JV hotels are leased to TRS Lessees in which the Company indirectly owns a noncontrolling interests through its TRS holding company. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB 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. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2020, the Company is no longer subject to U.S federal income tax examinations for years before 2017 and with few exceptions to state examinations before 2017. 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 provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2020. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. During the third quarter of 2018, management was notified that the Company's TRS was going to be examined by the Internal Revenue Service for the tax year ended December 31, 2016. The examination remains open. The Company believes it does not need to record a liability related to matters contained in the tax period open to examination. However, should the Company experience an unfavorable outcome in the matter, such outcome could have a material impact on its results of operations, financial position and cash flows. |
Leases | Leases On January 1, 2019, the Company adopted accounting guidance under Accounting Standards Codification (ASU) 2016-02 (“ASU 2016-02”), Leases , which relates to the accounting for leasing transactions. On February 25, 2016, |
Segment Information | Segment InformationManagement 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 On January 1, 2018, the Company adopted accounting guidance under Accounting Standards Codification (ASU) Topic 2014-09, " Revenue from Contracts with Customers " on a modified retrospective basis. Our current revenue streams are not affected under the new model and we did not recognize a cumulative effect adjustment as part of the modified retrospective method of adoption. Furthermore, the new accounting guidance will not materially impact the recognition of or the accounting for disposition of hotels since we primarily dispose of hotels to third parties in exchange for cash with few contingencies. As it relates to capitalization of costs to acquire customer contracts, the Company has elected to use the Financial Accounting Standards Board's ("FASB") practical expedient which allows us to expense costs to acquire customer contracts as they are incurred due to their short-term nature for a specified number of nights that never exceed one year. This guidance applies to all contracts as of the adoption date. The Company has applied all relevant disclosures of this standard. On January 1, 2018, the Company adopted accounting guidance under 2016-15 ("ASU 2016-15"), Classification of Certain Cash Receipts and Cash Payments, which clarifies and provides specific guidance on eight cash flow classification issues with an objective to reduce the current diversity in practice. The Company has certain cash payments and receipts related to debt extinguishment that are affected by the new standard. The Company has historically classified distributions received from equity method investments under the cumulative earnings approach. As such, there was no impact due to application of the new guidance. The Company applied the new guidance on a retrospective basis. On January 1, 2018, the Company adopted accounting guidance under ASU 2016-18 ("ASU 2016-18"), Restricted Cash, which requires that the statement of cash flows explain the change during the period in the total of cash, cash equivalents and amounts generally described as restricted cash or restricted cash equivalents. This standard addresses presentation of restricted cash in the consolidated statements of cash flows only. Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract and escrow reserves such as reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company's loans. The Company applied the new guidance on a retrospective basis. In August 2018, the SEC issued SEC Final Rule 33-10532, Disclosure Update and Simplification. The amendments simplify or eliminate duplicative, overlapping, or outdated disclosure requirements. The amendments also add certain disclosure requirements, such as requiring entities to disclose the current and comparative quarter and year-to-date changes in shareholders' equity for interim periods. The amended rules are effective for reports filed on or after November 5, 2018. However, the SEC issued Compliance & Disclosure Interpretation 105.09 that allows entities to defer the adoption of the new disclosure requirement relating to changes in shareholders' equity for interim periods until the Form 10-Q for the quarterly period that begins after November 5, 2018. The Company adopted the new disclosure requirement relating to changes in shareholders' equity for interim periods on January 1, 2019. Based on the Company's assessment, the adoption of the new disclosures did not have a material impact on the Company's consolidated financial statements. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Components of Deferred Costs | Deferred costs consisted of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Loan costs $ 4,455 $ 2,104 Franchise fees 4,311 4,409 Other 75 129 8,841 6,642 Less accumulated amortization (3,457) (2,371) Deferred costs, net $ 5,384 $ 4,271 |
Schedule of Mortgage Loans | Mortgage debt consisted of the following at December 31, 2020 and 2019 (in thousands): December 31, 2020 December 31, 2019 Mortgage debt $ 461,116 $ 496,860 Deferred financing costs (971) (1,395) Mortgage debt, net $ 460,145 $ 495,465 |
Acquisition of Hotel Properti_2
Acquisition of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Purchase Price Allocation | The allocation of the purchase price of each of the hotels acquired by the Company, based on the fair value on the date of its acquisition, dollars (in thousands): RI Summerville Dallas DT Total Acquisition date 8/27/2018 12/5/2018 Number of rooms (unaudited) 96 167 263 Land $ 2,300 $ 2,900 $ 5,200 Building and improvements 17,060 42,760 59,820 Furniture, fixtures and equipment 1,234 3,340 4,574 Cash — 5 5 Accounts receivable — 8 8 Prepaid expenses and other assets — 68 68 Accounts payable and accrued expenses (9) (33) (42) Net assets acquired, net of cash $ 20,585 $ 49,043 $ 69,628 |
Revenue and Operating Income of New Hotels Acquired | The amount of revenue and operating income from the hotels acquired in 2018 from their respective date of acquisition through December 31, 2020 is as follows (in thousands): For the Year Ended December 31, 2020 For the Year Ended December 31, 2019 Acquisition Date Revenue Operating Income Revenue Operating Income Residence Inn Summerville, SC 8/27/18 $ 2,968 $ 903 $ 3,645 $ 1,250 Courtyard Dallas Downtown, TX 12/05/18 3,574 838 7,833 2,479 Total $ 6,542 $ 1,741 $ 11,478 $ 3,729 |
Disposition of Hotel Properti_2
Disposition of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | During the years ended December 31, 2020, 2019 and 2018, the Company's consolidated statements of operations included operating income related to the disposed hotels as follows: (in thousands): Operating Income For the years ended December 31, 2020 2019 2018 Residence Inn Mission Valley, CA $ 2,013 $ 4,782 $ 4,608 Courtyard Altoona, PA — 24 517 SpringHill Suites Washington, PA — 198 718 Total $ 2,013 $ 5,004 $ 5,843 |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Investments [Abstract] | |
Investment in Hotel Properties | Investment in hotel properties, net as of December 31, 2020 and 2019 consisted of the following (in thousands): December 31, 2020 December 31, 2019 Land and improvements $ 287,049 $ 296,884 Building and improvements 1,195,276 1,216,849 Furniture, fixtures and equipment 84,381 81,707 Renovations in progress 11,225 31,589 1,577,931 1,627,029 Less: accumulated depreciation (312,757) (279,913) Investment in hotel properties, net $ 1,265,174 $ 1,347,116 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Additional Cash Flow Information | During the years ended December 31, 2020 and 2019, the Company received cash distributions from the NewINK JV as follows (in thousands): For the year ended December 31, 2020 2019 Cash generated from other activities and excess cash $ — $ 1,542 Total $ — $ 1,542 For the year ended December 31, 2020 2019 Cash generated from other activities and excess cash $ — $ 1,150 Total $ — $ 1,150 |
Components of Assets, Liabilities, and Equity Related to Joint Venture | Balance Sheet December 31, 2020 December 31, 2019 December 31, 2018 Assets Investment in hotel properties, net $ 1,604,501 $ 2,221,718 $ 2,309,396 Other assets 79,136 104,560 118,600 Total Assets $ 1,683,637 $ 2,326,278 $ 2,427,996 Liabilities Mortgages and notes payable, net $ 1,622,305 $ 1,612,217 $ 1,606,334 Other Liabilities 80,423 34,948 37,051 Total Liabilities 1,702,728 1,647,165 1,643,385 Equity Chatham Lodging Trust (1,835) 69,008 79,744 Joint Venture Partner (17,256) 610,105 704,867 Total Equity (19,091) 679,113 784,611 Total Liabilities and Equity $ 1,683,637 $ 2,326,278 $ 2,427,996 |
Components of Net Loss, Including Share, Related to Joint Venture | For the year ended December 31, 2020 2019 2018 Revenue $ 246,694 $ 496,485 $ 498,507 Total hotel operating expenses 216,846 329,879 329,756 Impairment loss 578,217 41,132 — Hotel operating income $ 29,848 $ 166,606 $ 168,751 Net loss from continuing operations $ (701,880) $ (76,869) $ (24,400) Loss on sale of hotels $ (15) $ (2,129) $ — Net loss $ (701,895) $ (78,998) $ (24,400) Loss allocable to the Company $ (8,420) $ (8,044) $ (2,472) Basis difference adjustment $ 996 $ 1,596 $ 1,596 Total loss from unconsolidated real estate entities attributable to Chatham $ (7,424) $ (6,448) $ (876) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Components of Mortgage Debt | Debt consisted of the following (in thousands): Loan/Collateral Interest Rate Maturity Date 12/31/20 Property Balance Outstanding as of December 31, 2020 December 31, Revolving Credit Facility (1) 3.07 % March 8, 2022 $ 608,319 $ 135,300 $ 90,000 Construction loan (2) 7.75 % August 4, 2024 43,651 13,325 — Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 21,883 12,602 12,936 Residence Inn by Marriott San Diego, CA 4.66 % February 6, 2023 — — 27,272 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 28,622 15,195 15,563 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,996 20,780 21,291 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 30,152 17,126 17,559 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 33,760 21,031 21,520 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 62,419 42,998 43,857 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 41,246 31,463 32,053 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 75,680 63,418 64,406 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 83,931 69,192 70,270 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 62,652 47,564 48,305 Residence Inn by Marriott Mountain View, CA 4.64 % July 1, 2024 48,563 37,092 37,670 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 33,349 29,358 29,817 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 38,044 20,490 20,931 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 13,014 15,411 15,693 Hampton Inn & Suites Houston Medical Cntr., TX 4.25 % January 6, 2025 15,769 17,396 17,717 Total debt before unamortized debt issue costs $ 1,272,050 $ 609,741 $ 586,860 Unamortized mortgage debt issue costs (971) (1,395) Total debt outstanding 608,770 585,465 1. The interest rate for the revolving credit facility is variable and based on LIBOR (subject to a 0.5% floor) plus a spread of 2.50% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At December 31, 2020 and 2019, the Company had $135.3 million and $90.0 million, respectively, of outstanding borrowings under its $250.0 million revolving credit facility. The credit facility provides two six-month extension options that would extend the final maturity to March 8, 2023 if exercised. The Company can exercise the extension options as long as there is no default. 2. On August 4, 2020, a subsidiary of the Company entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a loan with a total commitment of up to $40 million to fund the remaining construction costs of the Warner Center hotel development. The loan has an initial term of 4 years and there are two six-month extension options. The rate on the loan is LIBOR, subject to a 0.25% floor, plus a spread of 7.5%. |
Future Scheduled Principal Payments of Debt Obligations | Future scheduled principal payments of debt obligations as of December 31, 2020, for each of the next five calendar years and thereafter are as follows (in thousands): Amount 2021 $ 21,441 2022 144,549 2023 117,875 2024 309,941 2025 15,935 Thereafter — Total debt before unamortized debt issue costs $ 609,741 Unamortized mortgage debt issue costs (971) Total debt outstanding $ 608,770 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 Current: Federal $ (29) $ (29) $ — State — — — Current tax expense (benefit) $ (29) $ (29) $ — Deferred: Federal 29 29 (28) State — — — Deferred tax expense (benefit) 29 29 (28) Total income tax expense (benefit) $ — $ — $ (28) |
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 TRS before taxes were as follows (in thousands): For the year ended December 31, 2020 2019 2018 Book loss before income taxes of the TRS $ (4,838) $ (8,167) $ (6,040) Statutory rate of 21% for 2018 and after $ (1,016) $ (1,715) $ (1,268) Effect of state and local income taxes, net of federal tax benefit (253) (347) (200) Permanent adjustments 4 8 12 Change in valuation allowance 1,445 2,100 1,456 Valuation allowance release — — (28) Other (180) (46) — Total income tax (benefit) expense $ — $ — $ (28) Effective tax rate — % — % 0.46 % |
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, 2020 and 2019 are as follows (in thousands): For the year ended December 31, 2020 2019 Gross Deferred Tax Assets: Allowance for doubtful accounts $ 133 $ 117 Accrued compensation 547 870 Net operating loss 6,541 4,741 AMT credit — 29 Gross Deferred Tax Assets $ 7,221 $ 5,757 Less: Valuation Allowance $ (7,070) $ (5,625) Total Deferred Tax Assets Net of Valuation Allowance 151 132 Gross Deferred Tax Liabilities: Total Book/tax difference in partnership (151) (103) Gross Deferred Tax Liabilities: (151) (103) Net, Deferred Tax Assets: — 29 |
Dividends Declared and Paid (Ta
Dividends Declared and Paid (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Dividends Declared and Paid | The dividends and distributions and their tax characterization were as follows: Record Payment Common LTIP Taxable Ordinary Income Return of Capital Section 199A Dividends January 1/31/2020 2/28/2020 $ 0.11 $ 0.11 $ — $ 0.1100 $ — February 2/28/2020 3/27/2020 0.11 0.11 — 0.1100 — Total 2020 $ 0.22 $ 0.22 $ — $ 0.2200 $ — Record Payment Common LTIP Taxable Ordinary Income Return of Capital Section 199A Dividends January 1/31/2019 2/22/2019 $ 0.11 $ 0.11 $ 0.0847 $ 0.0253 $ 0.0847 February 2/28/2019 3/29/2019 0.11 0.11 0.0847 0.0253 0.0847 March 3/29/2019 4/26/2019 0.11 0.11 0.0847 0.0253 0.0847 1st Quarter 2019 $ 0.33 $ 0.33 $ 0.2541 $ 0.0759 $ 0.2541 April 4/30/2019 5/31/2019 $ 0.11 $ 0.11 $ 0.0847 $ 0.0253 $ 0.0847 May 5/31/2019 6/28/2019 0.11 0.11 0.0847 0.0253 0.0847 June 6/28/2019 7/26/2019 0.11 0.11 0.0847 0.0253 0.0847 2nd Quarter 2019 $ 0.33 $ 0.33 $ 0.2541 $ 0.0759 $ 0.2541 July 7/31/2019 8/30/2019 $ 0.11 $ 0.11 $ 0.0847 $ 0.0253 $ 0.0847 August 8/30/2019 9/27/2019 0.11 0.11 0.0847 0.0253 0.0847 September 9/30/2019 10/25/2019 0.11 0.11 0.0847 0.0253 0.0847 3rd Quarter 2019 $ 0.33 $ 0.33 $ 0.2541 $ 0.0759 $ 0.2541 October 10/31/2019 11/29/2019 $ 0.11 $ 0.11 $ 0.0847 $ 0.0253 $ 0.0847 November 11/29/2019 12/27/2019 0.11 0.11 0.0847 0.0253 0.0847 December 12/31/2019 1/31/2020 0.11 0.11 0.0847 0.0253 0.0847 4th Quarter 2019 $ 0.33 $ 0.33 $ 0.2541 $ 0.0759 $ 0.2541 Total 2019 $ 1.32 $ 1.32 $ 1.0164 $ 0.3036 $ 1.0164 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 per share (in thousands, except share and per share data): For the year ended December 31, 2020 2019 2018 Numerator: Net income $ (76,023) $ 18,703 $ 30,641 Dividends paid on unvested shares and LTIP units (50) (297) (310) Net income attributable to common shareholders $ (76,073) $ 18,406 $ 30,331 Denominator: Weighted average number of common shares - basic 46,961,039 46,788,784 46,073,515 Effect of dilutive securities: Unvested shares — 234,496 170,145 Weighted average number of common shares - diluted 46,961,039 47,023,280 46,243,660 Basic income per Common Share: Net income attributable to common shareholders per weighted average common share $ (1.62) $ 0.39 $ 0.66 Diluted income per Common Share: Net income attributable to common shareholders per weighted average common share $ (1.62) $ 0.39 $ 0.66 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Summary of Restricted Share Awards | A summary of the Company’s restricted share awards for the years ended December 31, 2020, 2019 and 2018 is as follows: December 31, 2020 December 31, 2019 December 31, 2018 Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Non-vested at beginning of the period 5,001 $ 18.33 8,334 $ 18.52 57,514 $ 23.78 Granted — — — — 5,000 17.40 Vested (3,334) 18.80 (3,333) 18.80 (30,084) 26.24 Forfeited — — — — (24,096) 21.21 Unvested at end of the period 1,667 $ 17.40 5,001 $ 18.33 8,334 $ 18.52 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | A summary of the Company's LTIP unit awards for the years ended years ended December 31, 2020, 2019 and 2018 is as follows: December 31, 2020 December 31, 2019 December 31, 2018 Number of Weighted - Number of Weighted - Number of Weighted - Non-vested at beginning of the period 598,320 $ 18.30 476,398 $ 17.73 482,056 $ 16.58 Granted 325,507 13.42 221,853 $ 18.73 244,917 $ 16.94 Vested (254,218) 18.82 (99,931) $ 16.55 (67,275) $ 16.42 Forfeited — — — $ — (183,300) $ 14.13 Non-vested at end of period 669,609 $ 15.73 598,320 $ 18.30 476,398 $ 17.73 |
Schedule of Share-based Payment Award, Performance-Based Long-Term Incentive Plan Payout Unit Awards | The 2020 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 150% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 50th 100% Maximum 75th 150% |
Schedule of Share-based Payment Award, Valuation Assumptions | The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows: Grant Date Number of Units Granted Estimated Value per Unit Volatility Dividend Yield Risk Free Interest Rate Outperformance Plan 6/1/2015 183,300 $14.13 26% 4.5% 0.95% 2016 Time-Based LTIP Unit Awards 1/28/2016 72,966 $16.69 28% —% 0.79% 2016 Performance-Based LTIP Unit Awards 1/28/2016 39,285 $11.09 30% 5.8% 1.13% 2017 Time-Based LTIP Unit Awards 3/1/2017 89,574 $18.53 24% —% 0.92% 2017 Performance-Based LTIP Unit Awards 3/1/2017 134,348 $19.65 25% 5.8% 1.47% 2018 Time-Based LTIP Unit Awards 3/1/2018 97,968 $16.83 26% —% 2.07% 2018 Performance-Based LTIP Unit Awards 3/1/2018 146,949 $17.02 26% 6.2% 2.37% 2019 Time-Based LTIP Unit Awards 3/1/2019 88,746 $18.45 21% —% 2.57% 2019 Performance-Based LTIP Unit Awards 3/1/2019 133,107 $18.91 21% 6.2% 2.55% 2020 Time-Based LTIP Unit Awards 3/1/2020 130,206 $13.05 20% —% 1.06% 2020 Performance-Based LTIP Unit Awards 3/1/2020 195,301 $13.66 20% 8.1% 0.90% |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Operating Lease Maturity | The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2020, for each of the next five calendar years and thereafter (in thousands): Total Future Lease Payments Amount 2021 $ 2,051 2022 2,071 2023 2,093 2024 2,115 2025 2,186 Thereafter 66,720 Total lease payments $ 77,236 Less: Imputed interest (54,003) Present value of lease liabilities $ 23,233 |
Schedule of Lessee Operating Lease Liability Maturity, Ground, Air Rights, Garage and Office Leases | Total Future Lease Payments Amount 2020 $ 2,027 2021 2,051 2022 2,071 2023 2,093 2024 2,115 Thereafter 68,906 Total lease payments $ 79,263 Less: Imputed interest (55,546) Present value of lease liabilities $ 23,717 |
Schedule of Right of Use Asset and Liability | The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2020: Right of Use Asset Lease Liability Balance as of January 1, 2020 $ 21,270 $ 23,717 Amortization (629) (484) Balance as of December 31, 2020 $ 20,641 $ 23,233 |
Schedule of Lease Cost | Lease Term and Discount Rate December 31, 2020 Weighted-average remaining lease term (years) 40.62 Weighted-average discount rate 6.57% |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Management Agreement Terms | As of December 31, 2020, terms of the Company's management agreements are (dollars are not in thousands): Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Cap Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Minneapolis-Mall of America IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Nashville-Brentwood IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Dallas-Market Center IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Hartford-Farmington IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton Orlando-Maitland IHM 3.0 % 1,200 1,000 1.0 % Hampton Inn & Suites Houston-Medical Center IHM 3.0 % 1,000 1,000 1.0 % Residence Inn Long Island Holtsville IHM 3.0 % 1,000 1,000 1.0 % Residence Inn White Plains IHM 3.0 % 1,000 750 1.0 % Residence Inn New Rochelle IHM 3.0 % 1,000 750 1.0 % Residence Inn Garden Grove IHM 3.0 % 1,200 1,000 1.0 % Homewood Suites by Hilton San Antonio River Walk IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Washington DC IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Tysons Corner IHM 3.0 % 1,200 1,000 1.0 % Hampton Inn Portland Downtown IHM 3.0 % 1,000 550 1.0 % Courtyard Houston IHM 3.0 % 1,000 550 1.0 % Hyatt Place Pittsburgh North Shore IHM 3.0 % 1,500 1,000 1.0 % Hampton Inn Exeter IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Denver Tech IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Bellevue IHM 3.0 % 1,200 1,000 1.0 % Springhill Suites Savannah IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley I IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Silicon Valley II IHM 3.0 % 1,200 1,000 1.0 % Residence Inn San Mateo IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Mountain View IHM 3.0 % 1,200 1,000 1.0 % Hyatt Place Cherry Creek IHM 3.0 % 1,500 1,000 1.0 % Courtyard Addison IHM 3.0 % 1,500 1,000 1.0 % Courtyard West University Houston IHM 3.0 % 1,500 1,000 1.0 % Residence Inn West University Houston IHM 3.0 % 1,200 1,000 1.0 % Hilton Garden Inn Burlington IHM 3.0 % 1,500 1,000 1.0 % Residence Inn San Diego Gaslamp IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Dedham IHM 3.0 % 1,200 1,000 1.0 % Residence Inn Il Lugano IHM 3.0 % 1,500 1,000 1.0 % Hilton Garden Inn Portsmouth IHM 3.0 % 1,500 1,000 1.0 % Courtyard Summerville IHM 3.0 % 1,500 1,000 1.0 % Embassy Suites Springfield IHM 3.0 % 1,500 1,000 1.0 % Residence Inn Summerville IHM 3.0 % 1,500 1,000 1.0 % Courtyard Dallas IHM 3.0 % 1,500 1,000 1.0 % |
Schedule of Franchise Agreement Terms | Terms of the Company's franchise agreements are as of December 31, 2020: Property Franchise/Royalty Fee Marketing/Program Fee Expiration Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Minneapolis-Mall of America 4.0 % 4.0 % 2025 Homewood Suites by Hilton Nashville-Brentwood 4.0 % 4.0 % 2025 Homewood Suites by Hilton Dallas-Market Center 4.0 % 4.0 % 2025 Homewood Suites by Hilton Hartford-Farmington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Orlando-Maitland 4.0 % 4.0 % 2025 Hampton Inn & Suites Houston-Medical Center 6.0 % 4.0 % 2035 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 5.0 % 2.5 % 2031 Homewood Suites by Hilton San Antonio River Walk 4.0 % 4.0 % 2026 Residence Inn Washington DC 5.5 % 2.5 % 2033 Residence Inn Tysons Corner 5.0 % 2.5 % 2031 Hampton Inn Portland Downtown 6.0 % 4.0 % 2032 Courtyard Houston 5.5 % 2.0 % 2030 Hyatt Place Pittsburgh North Shore 5.0 % 3.5 % 2030 Hampton Inn Exeter 6.0 % 4.0 % 2031 Hilton Garden Inn Denver Tech 5.5 % 4.3 % 2028 Residence Inn Bellevue 5.5 % 2.5 % 2033 Springhill Suites Savannah 5.0 % 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% to 5% 3.5 % 2034 Courtyard Addison 5.5 % 2.0 % 2029 Courtyard West University Houston 5.5 % 2.0 % 2029 Residence Inn West University Houston 6.0 % 2.5 % 2024 Hilton Garden Inn Burlington 5.5 % 4.3 % 2029 Residence Inn San Diego Gaslamp 6.0 % 2.5 % 2035 Hilton Garden Inn Marina del Rey 3% to 5.5% 4.3 % 2030 Residence Inn Dedham 6.0 % 2.5 % 2030 Residence Inn Il Lugano 3% to 6% 2.5 % 2045 Hilton Garden Inn Portsmouth 5.5 % 4.0 % 2037 Courtyard Summerville 6.0 % 2.5 % 2037 Embassy Suites Springfield 5.5 % 4.0 % 2037 Residence Inn Summerville 6.0 % 2.5 % 2038 Courtyard Dallas 4% to 6% 2.0 % 2038 |
Quarterly Operating Results (_2
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarter Ended - 2020 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 60,209 $ 20,173 $ 34,969 $ 29,565 Total operating expenses 77,895 38,793 45,214 24,667 Operating income (17,686) (18,620) (10,245) 4,898 Net income attributable to common shareholders (27,783) (26,827) (18,057) (3,356) Income (loss) per common share, basic (1) (0.59) (0.57) (0.38) (0.07) Income (loss) per common share, diluted (1) (0.59) (0.57) (0.38) (0.07) Weighted average number of common shares outstanding: Basic 46,948,533 46,960,289 46,965,526 46,969,483 Diluted 46,948,533 46,960,289 46,965,526 46,969,483 Quarter Ended - 2019 March 31 June 30 September 30 December 31 (in thousands, except share and per share data) Total revenue $ 75,679 $ 87,874 $ 90,080 $ 74,695 Total operating expenses 65,786 71,741 70,182 67,234 Operating income 9,893 16,133 19,898 7,461 Net income attributable to common shareholders 1,613 9,437 10,002 (2,349) Income per common share, basic (1) 0.03 0.20 0.21 (0.05) Income per common share, diluted (1) 0.03 0.20 0.21 (0.05) Weighted average number of common shares outstanding: Basic 46,556,710 46,760,016 46,913,922 46,919,035 Diluted 46,734,958 46,976,999 47,152,166 47,220,671 (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 LTIP 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 Infor
Organization - Additional Information (Details) | 12 Months Ended | |||||
Dec. 31, 2020HotelRoomstate | Nov. 07, 2019Hotel | Mar. 01, 2019 | Feb. 28, 2019 | Nov. 17, 2014 | Jun. 09, 2014 | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of hotels in ownership by Company | Hotel | 39 | |||||
Aggregate number of rooms in hotels | Room | 5,900 | |||||
Number of states in which hotels are owned | state | 15 | |||||
Initial term of each TRS lease | 5 years | |||||
Operating Partnership | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Percentage of common units of limited partnership owned (as a percentage) | 100.00% | |||||
Island Hospitality Management Inc. | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Ownership percentage in related party owned by the company's chairman | 52.50% | |||||
NewINK Joint Venture | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of hotels in ownership by Company | Hotel | 46 | 46 | ||||
Indirect ownership in the leased, hotels | 10.30% | |||||
Innkeepers Joint Venture | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Aggregate number of rooms in hotels | Room | 5,948 | |||||
Inland Joint Venture | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Number of hotels in ownership by Company | Hotel | 48 | |||||
Aggregate number of rooms in hotels | Room | 6,402 | |||||
Indirect ownership in the leased, hotels | 10.00% | |||||
Island Hospitality Management Inc. | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Ownership percentage in related party owned by the company's chairman | 1.50% | 51.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Investment in Hotel Properties (Details) | 12 Months Ended | |
Dec. 31, 2020USD ($)Hotel | Dec. 31, 2019USD ($)Hotel | |
Property, Plant and Equipment [Line Items] | ||
Goodwill impairment loss | $ | $ 0 | $ 0 |
Number of hotel properties held for sale | Hotel | 0 | 0 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 40 years | |
Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 20 years | |
Building Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 5 years | |
Building Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 20 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 Accoun_5
Summary of Significant Accounting Policies - Investment in Unconsolidated Real Estate Entities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||
Impairment loss on investment in unconsolidated real estate entities | $ 15,282 | $ 0 | $ 0 |
Inland Joint Venture | |||
Related Party Transaction [Line Items] | |||
Impairment loss on investment in unconsolidated real estate entities | $ 15,300 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Restricted Cash and Hotel Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 10,329 | $ 13,562 |
Hotel receivables, allowance for doubtful accounts | 248 | 451 |
Renovation, Property Tax And Insurance Escrows | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 10,300 | $ 13,600 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Deferred Costs and Mortgage Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Deferred Costs [Line Items] | |||
Loan costs | $ 4,455 | $ 2,104 | |
Franchise fees | 4,311 | 4,409 | |
Other | 75 | 129 | |
Deferred costs, gross | 8,841 | 6,642 | |
Less accumulated amortization | (3,457) | (2,371) | |
Deferred costs, net | 5,384 | 4,271 | |
Amortization of deferred franchise fees | 244 | 247 | $ 237 |
Amortization of deferred financing fees included in interest expense | 1,275 | 912 | 902 |
Franchise | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred franchise fees | 200 | 200 | 200 |
Loans | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred financing fees included in interest expense | 900 | 500 | 500 |
Mortgages | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred financing fees included in interest expense | $ 400 | $ 400 | $ 400 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Mortgage debt | $ 461,116 | $ 496,860 |
Deferred financing costs | (971) | (1,395) |
Mortgage debt, net | $ 460,145 | $ 495,465 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)Hotel | Dec. 31, 2019USD ($) | Nov. 07, 2019Hotel | Jan. 01, 2019USD ($) | |
Income Tax Holiday [Line Items] | ||||
Percentage of REIT taxable income distributed to its shareholders (at least) | 90.00% | |||
Tax holiday period for REIT taxable income | 4 years | |||
Number of hotels in ownership by Company | Hotel | 39 | |||
Lease liability, net | $ 23,233 | $ 23,717 | ||
Right of use asset, net | $ 20,641 | $ 21,270 | ||
Accounting Standards Update 2016-02 | ||||
Income Tax Holiday [Line Items] | ||||
Lease liability, net | $ 25,700 | |||
Right of use asset, net | $ 23,100 | |||
NewINK Joint Venture | ||||
Income Tax Holiday [Line Items] | ||||
Number of hotels in ownership by Company | Hotel | 46 | 46 | ||
Inland Joint Venture | ||||
Income Tax Holiday [Line Items] | ||||
Number of hotels in ownership by Company | Hotel | 48 | |||
Class A Performance LTIP Units | ||||
Income Tax Holiday [Line Items] | ||||
Distribution entitlement (in percentage) | 10.00% |
Acquisition of Hotel Properti_3
Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Millions | Jul. 02, 2019 | Dec. 05, 2018 | Aug. 27, 2018 | Dec. 31, 2019 |
Business Acquisition [Line Items] | ||||
Property acquisition costs capitalized | $ 0.1 | |||
Courtyard Summerville, SC | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 20.8 | |||
Courtyard Dallas Downtown, TX | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 49 | |||
Silicon Valley, California | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 8.1 |
Acquisition of Hotel Properti_4
Acquisition of Hotel Properties - Allocation of Purchase Price to Hotels Based on Fair Value (Details) $ in Thousands | Dec. 05, 2018USD ($)Room | Aug. 27, 2018USD ($)Room | Dec. 31, 2020USD ($)Room |
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |||
Number of rooms (unaudited) | Room | 263 | ||
Land | $ 5,200 | ||
Building and improvements | 59,820 | ||
Furniture, fixtures and equipment | 4,574 | ||
Cash | 5 | ||
Accounts receivable | 8 | ||
Prepaid expenses and other assets | 68 | ||
Accounts payable and accrued expenses | (42) | ||
Net assets acquired, net of cash | $ 69,628 | ||
Residence Inn Summerville, SC | |||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |||
Number of rooms (unaudited) | Room | 96 | ||
Land | $ 2,300 | ||
Building and improvements | 17,060 | ||
Furniture, fixtures and equipment | 1,234 | ||
Cash | 0 | ||
Accounts receivable | 0 | ||
Prepaid expenses and other assets | 0 | ||
Accounts payable and accrued expenses | (9) | ||
Net assets acquired, net of cash | $ 20,585 | ||
Courtyard Dallas Downtown, TX | |||
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items] | |||
Number of rooms (unaudited) | Room | 167 | ||
Land | $ 2,900 | ||
Building and improvements | 42,760 | ||
Furniture, fixtures and equipment | 3,340 | ||
Cash | 5 | ||
Accounts receivable | 8 | ||
Prepaid expenses and other assets | 68 | ||
Accounts payable and accrued expenses | (33) | ||
Net assets acquired, net of cash | $ 49,043 |
Acquisition of Hotel Properti_5
Acquisition of Hotel Properties - Revenue and Operating Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Residence Inn Summerville, SC | ||
Business Acquisition [Line Items] | ||
Revenue | $ 2,968 | $ 3,645 |
Operating Income | 903 | 1,250 |
Courtyard Dallas Downtown, TX | ||
Business Acquisition [Line Items] | ||
Revenue | 3,574 | 7,833 |
Operating Income | 838 | 2,479 |
Total | ||
Business Acquisition [Line Items] | ||
Revenue | 6,542 | 11,478 |
Operating Income | $ 1,741 | $ 3,729 |
Disposition of Hotel Properti_3
Disposition of Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands | May 15, 2019 | May 07, 2019 | Dec. 20, 2017 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain (loss) on sale of hotel property | $ 21,116 | $ (3,282) | $ (18) | |||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Operating income in disposition of property | 2,013 | 5,004 | 5,843 | |||
Residence Inn Mission Valley | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Amount sold in disposition of property | $ 67,000 | |||||
Gain (loss) on sale of hotel property | 21,100 | |||||
Mortgage loan secured by hotel | $ 26,700 | |||||
Operating income in disposition of property | 2,013 | 4,782 | 4,608 | |||
Courtyard Altoona | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Amount sold in disposition of property | $ 4,600 | |||||
Gain (loss) on sale of hotel property | $ (4,400) | |||||
Operating income in disposition of property | 0 | 24 | 517 | |||
Springhill Suites By Marriott | Disposal Group, Disposed of by Sale, Not Discontinued Operations | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Amount sold in disposition of property | $ 5,100 | |||||
Gain (loss) on sale of hotel property | $ 1,100 | |||||
Operating income in disposition of property | $ 0 | $ 198 | $ 718 |
Investment in Hotel Propertie_2
Investment in Hotel Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of Investments [Line Items] | ||
Land and improvements | $ 287,049 | $ 296,884 |
Building and improvements | 1,195,276 | 1,216,849 |
Furniture, fixtures and equipment | 84,381 | 81,707 |
Renovations in progress | 11,225 | 31,589 |
Investment in hotel properties, at cost | 1,577,931 | 1,627,029 |
Less: accumulated depreciation | (312,757) | (279,913) |
Investment in hotel properties, net | 1,265,174 | $ 1,347,116 |
Estimated total development costs | 70,000 | |
California | ||
Schedule of Investments [Line Items] | ||
Costs of development incurred to date | 43,700 | |
California | Land | ||
Schedule of Investments [Line Items] | ||
Costs of development incurred to date | 6,600 | |
California | Other Development Costs | ||
Schedule of Investments [Line Items] | ||
Costs of development incurred to date | $ 37,100 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Additional Information (Details) | Dec. 23, 2020USD ($) | Sep. 24, 2020USD ($)portfolio | Nov. 07, 2019USD ($)optionHotel | Jun. 09, 2017USD ($)option | May 09, 2017USD ($)optionHotel | Dec. 31, 2020USD ($)Hotel | Dec. 31, 2020USD ($)Hotel | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 17, 2014 | Jun. 09, 2014 |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Investment in unconsolidated real estate entities | $ 0 | $ 0 | $ 17,969,000 | ||||||||
Number of hotels in ownership by Company | Hotel | 39 | 39 | |||||||||
Outstanding borrowing under the revolving credit facility | $ 135,300,000 | $ 135,300,000 | 90,000,000 | ||||||||
Percentage of maximum amount of debt outstanding | 15.00% | ||||||||||
Percentage of outstanding debt balances | 20.00% | ||||||||||
Number of hospitality portfolios | portfolio | 6 | ||||||||||
Proceeds from sale of portfolios | $ 67,500,000 | ||||||||||
Proceeds from sale of interest in unconsolidated entities | $ 2,800,000 | ||||||||||
Impairment loss on investment in unconsolidated real estate entities | $ 15,282,000 | 0 | $ 0 | ||||||||
NewINK Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Indirect ownership in the leased, hotels | 10.30% | ||||||||||
Percentage ownership by third party (in percentage) | 89.70% | ||||||||||
Investment in unconsolidated real estate entities | 2,700,000 | 2,700,000 | 40,600,000 | ||||||||
Difference between carrying amount and share of partners' capital | $ 22,700,000 | 22,700,000 | $ 55,800,000 | ||||||||
Impairment of real estate | $ 32,200,000 | ||||||||||
Number of hotels in ownership by Company | Hotel | 46 | 46 | 46 | ||||||||
Payments for advance to affiliate | $ 15,200,000 | ||||||||||
Investment in joint venture | $ (20,000,000) | $ (20,000,000) | |||||||||
Inland Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Indirect ownership in the leased, hotels | 10.00% | ||||||||||
Percentage ownership by third party (in percentage) | 90.00% | ||||||||||
Number of hotels in ownership by Company | Hotel | 48 | 48 | |||||||||
Investment in joint venture | $ 0 | $ 0 | |||||||||
Impairment loss on investment in unconsolidated real estate entities | $ 15,300,000 | ||||||||||
Senior Notes | NewINK Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Loan amount refinanced | $ 840,000,000 | ||||||||||
Number of hotels in ownership by Company | Hotel | 47 | ||||||||||
Outstanding borrowing under the revolving credit facility | $ 855,000,000 | $ 850,000,000 | |||||||||
Senior Notes | Inland Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Loan amount refinanced | $ 817,000,000 | ||||||||||
Outstanding borrowing under the revolving credit facility | 780,000,000 | ||||||||||
Additional borrowing capacity | $ 5,000,000 | ||||||||||
LIBOR | Senior Notes | NewINK Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 2.82% | 2.79% | |||||||||
Number of extension options | option | 5 | 3 | |||||||||
Period of extension options | 1 year | 1 year | |||||||||
LIBOR | Senior Notes | Inland Joint Venture | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Debt instrument, basis spread on variable rate | 3.30% | ||||||||||
Number of extension options | option | 3 | ||||||||||
Period of extension options | 1 year |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Cash Received and Distributions from Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
NewINK Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash generated from other activities and excess cash | $ 0 | $ 1,542 |
Net change in cash and cash equivalents | 0 | 1,542 |
Inland Joint Venture | ||
Schedule of Equity Method Investments [Line Items] | ||
Cash generated from other activities and excess cash | 0 | 1,150 |
Net change in cash and cash equivalents | $ 0 | $ 1,150 |
Investment in Unconsolidated _5
Investment in Unconsolidated Entities - Components of Assets, Liabilities, and Equity Related to Joint Venture (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Investment in hotel properties, net | $ 1,265,174 | $ 1,347,116 | ||
Total assets | 1,370,257 | 1,438,574 | ||
Liabilities | ||||
Total liabilities | 677,797 | 663,550 | ||
Equity | ||||
Chatham Lodging Trust | 677,752 | 762,377 | ||
Total equity | 692,460 | 775,024 | $ 807,418 | $ 809,780 |
Total liabilities and equity | 1,370,257 | 1,438,574 | ||
Total Minority Interest Joint Ventures | Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||
Assets | ||||
Investment in hotel properties, net | 1,604,501 | 2,221,718 | 2,309,396 | |
Other assets | 79,136 | 104,560 | 118,600 | |
Total assets | 1,683,637 | 2,326,278 | 2,427,996 | |
Liabilities | ||||
Mortgages and notes payable, net | 1,622,305 | 1,612,217 | 1,606,334 | |
Other Liabilities | 80,423 | 34,948 | 37,051 | |
Total liabilities | 1,702,728 | 1,647,165 | 1,643,385 | |
Equity | ||||
Chatham Lodging Trust | (1,835) | 69,008 | 79,744 | |
Joint Venture Partner | (17,256) | 610,105 | 704,867 | |
Total equity | (19,091) | 679,113 | 784,611 | |
Total liabilities and equity | $ 1,683,637 | $ 2,326,278 | $ 2,427,996 |
Investment in Unconsolidated _6
Investment in Unconsolidated Entities - Components of Net Loss, Including Share, Related to Joint Venture (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | $ 29,565 | $ 34,969 | $ 20,173 | $ 60,209 | $ 74,695 | $ 90,080 | $ 87,874 | $ 75,679 | $ 144,916 | $ 328,328 | $ 324,230 |
Total operating expenses | 24,667 | 45,214 | 38,793 | 77,895 | 67,234 | 70,182 | 71,741 | 65,786 | |||
Operating (loss) income | 4,898 | (10,245) | (18,620) | (17,686) | 7,461 | 19,898 | 16,133 | 9,893 | (41,653) | 53,385 | 58,134 |
Net (loss) income attributable to common shareholders | $ (3,356) | $ (18,057) | $ (26,827) | $ (27,783) | $ (2,349) | $ 10,002 | $ 9,437 | $ 1,613 | (76,023) | 18,703 | 30,641 |
Total Minority Interest Joint Ventures | |||||||||||
Schedule of Equity Method Investments [Line Items] | |||||||||||
Revenue | 246,694 | 496,485 | 498,507 | ||||||||
Total operating expenses | 216,846 | 329,879 | 329,756 | ||||||||
Impairment loss | 578,217 | 41,132 | 0 | ||||||||
Operating (loss) income | 29,848 | 166,606 | 168,751 | ||||||||
Net loss from continuing operations | (701,880) | (76,869) | (24,400) | ||||||||
Loss on sale of hotels | (15) | (2,129) | 0 | ||||||||
Net (loss) income attributable to common shareholders | (701,895) | (78,998) | (24,400) | ||||||||
Loss allocable to the Company | (8,420) | (8,044) | (2,472) | ||||||||
Basis difference adjustment | 996 | 1,596 | 1,596 | ||||||||
Total loss from unconsolidated real estate entities attributable to Chatham | $ (7,424) | $ (6,448) | $ (876) |
Debt - Components of Mortgage D
Debt - Components of Mortgage Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Participating Mortgage Loans [Line Items] | ||
Carrying Value | $ 1,272,050 | |
Balance Outstanding | 609,741 | $ 586,860 |
Unamortized mortgage debt issue costs | (971) | (1,395) |
Total debt outstanding | $ 608,770 | 585,465 |
Senior Unsecured Revolving Credit Facility | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 3.07% | |
Carrying Value | $ 608,319 | |
Balance Outstanding | $ 135,300 | 90,000 |
Construction Loan | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 7.75% | |
Carrying Value | $ 43,651 | |
Balance Outstanding | $ 13,325 | 0 |
Residence Inn by Marriott New Rochelle, NY | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 5.75% | |
Carrying Value | $ 21,883 | |
Balance Outstanding | $ 12,602 | 12,936 |
Residence Inn by Marriott San Diego, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.66% | |
Carrying Value | $ 0 | |
Balance Outstanding | $ 0 | 27,272 |
Homewood Suites by Hilton San Antonio, TX | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.59% | |
Carrying Value | $ 28,622 | |
Balance Outstanding | $ 15,195 | 15,563 |
Residence Inn by Marriott Vienna, VA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.49% | |
Carrying Value | $ 30,996 | |
Balance Outstanding | $ 20,780 | 21,291 |
Courtyard by Marriott Houston, TX | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.19% | |
Carrying Value | $ 30,152 | |
Balance Outstanding | $ 17,126 | 17,559 |
Hyatt Place Pittsburgh, PA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.65% | |
Carrying Value | $ 33,760 | |
Balance Outstanding | $ 21,031 | 21,520 |
Residence Inn by Marriott Bellevue, WA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.97% | |
Carrying Value | $ 62,419 | |
Balance Outstanding | $ 42,998 | 43,857 |
Residence Inn by Marriott Garden Grove, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.79% | |
Carrying Value | $ 41,246 | |
Balance Outstanding | $ 31,463 | 32,053 |
Residence Inn by Marriott Silicon Valley I, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Carrying Value | $ 75,680 | |
Balance Outstanding | $ 63,418 | 64,406 |
Residence Inn by Marriott Silicon Valley II, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Carrying Value | $ 83,931 | |
Balance Outstanding | $ 69,192 | 70,270 |
Residence Inn by Marriott San Mateo, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Carrying Value | $ 62,652 | |
Balance Outstanding | $ 47,564 | 48,305 |
Residence Inn by Marriott Mountain View, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.64% | |
Carrying Value | $ 48,563 | |
Balance Outstanding | $ 37,092 | 37,670 |
SpringHill Suites by Marriott Savannah, GA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.62% | |
Carrying Value | $ 33,349 | |
Balance Outstanding | $ 29,358 | 29,817 |
Hilton Garden Inn Marina del Rey, CA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.68% | |
Carrying Value | $ 38,044 | |
Balance Outstanding | $ 20,490 | 20,931 |
Homewood Suites by Hilton Billerica, MA | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.32% | |
Carrying Value | $ 13,014 | |
Balance Outstanding | $ 15,411 | 15,693 |
Hampton Inn & Suites Houston Medical Cntr., TX | ||
Participating Mortgage Loans [Line Items] | ||
Interest Rate | 4.25% | |
Carrying Value | $ 15,769 | |
Balance Outstanding | $ 17,396 | $ 17,717 |
Debt - Components of Mortgage_2
Debt - Components of Mortgage Debt (Footnotes) (Details) | Aug. 04, 2020USD ($)Hotel | May 06, 2020USD ($)Hotel | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Participating Mortgage Loans [Line Items] | ||||
Outstanding borrowing under the revolving credit facility | $ 135,300,000 | $ 90,000,000 | ||
Construction Debt [Member] | Warner Center | ||||
Participating Mortgage Loans [Line Items] | ||||
Number of extension options | Hotel | 2 | |||
Debt instrument, face amount | $ 40,000,000 | |||
Debt instrument, term | 4 years | |||
LIBOR | Construction Debt [Member] | Warner Center | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt instrument, basis spread on variable rate | 7.50% | |||
Base Rate | Construction Debt [Member] | Warner Center | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt instrument, basis spread on variable rate | 0.25% | |||
Senior Unsecured Revolving Credit Facility | ||||
Participating Mortgage Loans [Line Items] | ||||
Floor interest rate | 0.50% | |||
Borrowing capacity (up to) | $ 200,000,000 | 250,000,000 | ||
Outstanding borrowing under the revolving credit facility | $ 135,300,000 | $ 90,000,000 | ||
Number of extension options | Hotel | 2 | |||
Period of extension options | 6 months | |||
Senior Unsecured Revolving Credit Facility | LIBOR | Minimum | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt instrument, basis spread on variable rate | 2.50% | |||
Senior Unsecured Revolving Credit Facility | LIBOR | Maximum | ||||
Participating Mortgage Loans [Line Items] | ||||
Debt instrument, basis spread on variable rate | 3.00% |
Debt - Additional Information (
Debt - Additional Information (Details) | May 06, 2020USD ($)Hotel | Dec. 31, 2020USD ($)Hotel | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||
Outstanding borrowing under the revolving credit facility | $ 135,300,000 | $ 90,000,000 | |
Number of hotels in ownership by Company | Hotel | 39 | ||
Interest Rate Cap | |||
Debt Instrument [Line Items] | |||
Fair value of derivative | $ 9,100 | ||
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Estimated fair value of debt | 462,600,000 | 501,500,000 | |
Senior Secured Revolving Credit Facility | |||
Debt Instrument [Line Items] | |||
Outstanding borrowing under the revolving credit facility | 135,300,000 | 90,000,000 | |
Maximum borrowing availability under revolving credit facility | $ 200,000,000 | 250,000,000 | |
Estimated fair value of debt | $ 148,600,000 | $ 90,000,000 | |
Minimum liquidity | $ 25,000,000 | ||
Number of hotels acquired | Hotel | 6 | ||
Number of hotels in ownership by Company | Hotel | 24 | ||
LIBOR | Interest Rate Cap | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 3.50% | ||
LIBOR | Senior Secured Revolving Credit Facility | Minimum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 2.50% | ||
LIBOR | Senior Secured Revolving Credit Facility | Maximum | |||
Debt Instrument [Line Items] | |||
Debt instrument, basis spread on variable rate | 3.00% |
Debt - Future Scheduled Princip
Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Disclosure [Abstract] | ||
2021 | $ 21,441 | |
2022 | 144,549 | |
2023 | 117,875 | |
2024 | 309,941 | |
2025 | 15,935 | |
Thereafter | 0 | |
Total debt before unamortized debt issue costs | 609,741 | $ 586,860 |
Unamortized mortgage debt issue costs | (971) | (1,395) |
Total debt outstanding | $ 608,770 | $ 585,465 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ (29) | $ (29) | $ 0 |
State | 0 | 0 | 0 |
Current tax expense (benefit) | (29) | (29) | 0 |
Deferred: | |||
Federal | 29 | 29 | (28) |
State | 0 | 0 | 0 |
Deferred tax expense (benefit) | 29 | 29 | (28) |
Total income tax expense (benefit) | $ 0 | $ 0 | $ (28) |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Detail) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Book loss before income taxes of the TRS | $ (4,838) | $ (8,167) | $ (6,040) |
Statutory rate applied to pre-tax income | (1,016) | (1,715) | (1,268) |
Effect of state and local income taxes, net of federal tax benefit | (253) | (347) | (200) |
Permanent adjustments | 4 | 8 | 12 |
Change in valuation allowance | 1,445 | 2,100 | 1,456 |
Valuation allowance release | 0 | 0 | (28) |
Other | (180) | (46) | 0 |
Total income tax expense (benefit) | $ 0 | $ 0 | $ (28) |
Effective tax rate | 0.00% | 0.00% | 0.46% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Income Taxes [Line Items] | ||
Valuation allowance | $ 7,070 | $ 5,625 |
TRS | ||
Income Taxes [Line Items] | ||
NOL carryforwards, federal | 24,200 | |
NOL carryforwards, state and local | $ 30,000 |
Income Taxes - Tax Effect of Ea
Income Taxes - Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset (Detail) (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Gross Deferred Tax Assets: | ||
Allowance for doubtful accounts | $ 133 | $ 117 |
Accrued compensation | 547 | 870 |
Net operating loss | 6,541 | 4,741 |
AMT credit | 0 | 29 |
Gross Deferred Tax Assets | 7,221 | 5,757 |
Less: Valuation Allowance | (7,070) | (5,625) |
Total Deferred Tax Assets Net of Valuation Allowance | 151 | 132 |
Gross Deferred Tax Liabilities: | ||
Total Book/tax difference in partnership | 151 | 103 |
Gross Deferred Tax Liabilities: | $ 151 | 103 |
Net, Deferred Tax Assets: | $ 29 |
Dividends Declared and Paid - A
Dividends Declared and Paid - Additional Information (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Total regular dividends declared (in dollars per shares) | $ 0.22 | |
Regular Long-term incentive plan (LTIP) units, distributions per unit (in dollars per share) | $ 0.22 | |
Percentage of distribution considered capital gain | 100.00% | 23.00% |
Percentage of distribution considered taxable income | 77.00% |
Dividends Declared and Paid - D
Dividends Declared and Paid - Dividend Information (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Feb. 28, 2020 | Jan. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2019 | Oct. 31, 2019 | Sep. 30, 2019 | Aug. 31, 2019 | Jul. 31, 2019 | Jun. 30, 2019 | May 31, 2019 | Apr. 30, 2019 | Mar. 31, 2019 | Feb. 28, 2019 | Jan. 31, 2019 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||||||||||||||||||||
Common Share Distribution Amount (in dollars per share) | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.11 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.33 | $ 0.22 | $ 1.32 |
LTIP Unit Distribution Amount (in dollars per share) | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.11 | 0.33 | 0.33 | 0.33 | 0.33 | 0.22 | 1.32 |
Ordinary Income (in dollars per share) | 0 | 0 | 0.0847 | 0.0847 | 0.0847 | 0.0847 | 0.0847 | 0.0847 | 0.0847 | 0.0847 | 0.0847 | 0.0847 | 0.0847 | 0.0847 | 0.2541 | 0.2541 | 0.2541 | 0.2541 | 0 | 1.0164 |
Return Of Capital (in dollars per share) | 0.1100 | 0.1100 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0253 | $ 0.0759 | $ 0.0759 | $ 0.0759 | $ 0.0759 | 0.2200 | $ 0.3036 |
Section 199A Dividends (in dollars per share) | $ 0 | $ 0 | $ 0 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) | Dec. 28, 2017USD ($) | Dec. 31, 2020USD ($)vote$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) |
Stockholders Equity Note Disclosure [Line Items] | ||||
Common shares, shares authorized (up to) (in shares) | 500,000,000 | 500,000,000 | ||
Common shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Number of votes per common share | vote | 1 | |||
Common shares, shares outstanding (in shares) | 46,973,473 | 46,928,445 | ||
Proceeds from issuance of common shares | $ | $ 182,000 | $ 7,298,000 | $ 24,486,000 | |
Preferred shares, shares authorized (up to) (in shares) | 100,000,000 | 100,000,000 | ||
Preferred shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Vested operating partnership common units held by unaffiliated third parties (in shares) | 654,603 | |||
Operating partnership common units held by unaffiliated third parties (in shares) | 102,048 | |||
DRSP Plan | ||||
Stockholders Equity Note Disclosure [Line Items] | ||||
Stock purchase plan, authorized amount | $ | $ 50,000,000 | |||
Remaining authorized repurchase amount | $ | $ 50,000,000 | |||
New DRSPP | ||||
Stockholders Equity Note Disclosure [Line Items] | ||||
Additional common shares issued (in shares) | 20,512 | |||
Weighted average price per share (in dollars per share) | $ / shares | $ 8.89 | |||
Proceeds from issuance of common shares | $ | $ 200,000 | |||
ATM Plan | ||||
Stockholders Equity Note Disclosure [Line Items] | ||||
Common shares, shares outstanding (in shares) | 0 | |||
Stock purchase plan, authorized amount | $ | $ 100,000,000 | |||
Remaining authorized repurchase amount | $ | $ 100,000,000 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||||||||||
Net income | $ (3,356) | $ (18,057) | $ (26,827) | $ (27,783) | $ (2,349) | $ 10,002 | $ 9,437 | $ 1,613 | $ (76,023) | $ 18,703 | $ 30,641 |
Dividends paid on unvested shares and LTIP units | (50) | (297) | (310) | ||||||||
Net income attributable to common shareholders | $ (76,073) | $ 18,406 | $ 30,331 | ||||||||
Denominator: | |||||||||||
Weighted average number of common shares - basic (in shares) | 46,969,483 | 46,965,526 | 46,960,289 | 46,948,533 | 46,919,035 | 46,913,922 | 46,760,016 | 46,556,710 | 46,961,039 | 46,788,784 | 46,073,515 |
Effect of dilutive securities: | |||||||||||
Unvested shares (in shares) | 234,496 | 170,145 | |||||||||
Weighted average number of common shares - diluted (In shares) | 46,969,483 | 46,965,526 | 46,960,289 | 46,948,533 | 47,220,671 | 47,152,166 | 46,976,999 | 46,734,958 | 46,961,039 | 47,023,280 | 46,243,660 |
Basic income per Common Share: | |||||||||||
Net income attributable to common shareholders per weighted average common share (in dollars per share) | $ (0.07) | $ (0.38) | $ (0.57) | $ (0.59) | $ (0.05) | $ 0.21 | $ 0.20 | $ 0.03 | $ (1.62) | $ 0.39 | $ 0.66 |
Diluted income per Common Share: | |||||||||||
Net income attributable to common shareholders per weighted average common share (in dollars per share) | $ (0.07) | $ (0.38) | $ (0.57) | $ (0.59) | $ (0.05) | $ 0.21 | $ 0.20 | $ 0.03 | $ (1.62) | $ 0.39 | $ 0.66 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Millions | Mar. 01, 2020$ / sharesshares | Jan. 15, 2020shares | Jun. 01, 2015shares | May 17, 2013shares | Jan. 31, 2020shares | Jan. 31, 2019shares | Jan. 31, 2018shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares |
Independent Trustees | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Trustee fees | $ | $ 0.1 | $ 0.1 | $ 0.1 | |||||||
Common shares issued as compensation for services performed (in shares) | 40,203 | 24,516 | 27,870 | 21,670 | ||||||
Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage) | 50.00% | |||||||||
Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage) | 100.00% | |||||||||
Equity Incentive Plan | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of shares authorized (in shares) | 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) | 944,048 | |||||||||
Number of trading days preceding the reporting date for which average of closing price of common shares is taken | 10 days | |||||||||
Restricted Stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Unrecognized compensation costs | $ | $ 0 | 0.1 | ||||||||
Weighted - average period for recognition of unrecognized compensation costs | 1 year | |||||||||
Compensation expense recognized | $ | $ 0 | $ 0.1 | $ 0.1 | |||||||
Shares granted (in shares) | 0 | 0 | 5,000 | |||||||
Long Term Incentive Plan Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted - average period for recognition of unrecognized compensation costs | 1 year 9 months 18 days | |||||||||
Compensation expense recognized | $ | $ 4.4 | $ 4.2 | $ 3.6 | |||||||
Exchange ratio | 1 | |||||||||
Shares granted (in shares) | 183,300 | 325,507 | 221,853 | 244,917 | ||||||
Total unrecognized compensation cost related to LTIP Units | $ | $ 4.9 | $ 4.9 | ||||||||
Long Term Incentive Plan Units | Awarded June 1, 2015 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares granted (in shares) | 183,300 | |||||||||
2018 Time-Based LTIP Unit Award | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares granted (in shares) | 130,206 | |||||||||
2018 Performance-Based LTIP Unit Awards | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Shares granted (in shares) | 195,301 | |||||||||
Grants in period, intrinsic value, amount (in dollars per share) | $ / shares | $ 13.66 | |||||||||
2018 Performance-Based LTIP Unit Awards | Minimum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of target value to be paid out | 50.00% | |||||||||
2018 Performance-Based LTIP Unit Awards | Maximum | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Percentage of target value to be paid out | 150.00% |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary of company's restricted share awards | |||
Number of Shares, Nonvested at beginning of the period (in shares) | 5,001 | 8,334 | 57,514 |
Number of Shares, Granted (in shares) | 0 | 0 | 5,000 |
Number of Shares, Vested (in shares) | (3,334) | (3,333) | (30,084) |
Number of shares forfeited (in shares) | 0 | 0 | (24,096) |
Number of Shares, Nonvested at end of the period (in shares) | 1,667 | 5,001 | 8,334 |
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) | $ 18.33 | $ 18.52 | $ 23.78 |
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) | 0 | 0 | 17.40 |
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | 18.80 | 18.80 | 26.24 |
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share) | 0 | 0 | 21.21 |
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) | $ 17.40 | $ 18.33 | $ 18.52 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares | Jun. 01, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Number of Shares, Nonvested at beginning of the period (in shares) | 598,320 | 476,398 | 482,056 | |
Number of Shares, Granted (in shares) | 183,300 | 325,507 | 221,853 | 244,917 |
Number of Shares, Vested (in shares) | (254,218) | (99,931) | (67,275) | |
Number of shares forfeited (in shares) | 0 | 0 | (183,300) | |
Number of Shares, Nonvested at end of the period (in shares) | 669,609 | 598,320 | 476,398 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||||
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share) | $ 18.30 | $ 17.73 | $ 16.58 | |
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) | $ 14.13 | 13.42 | 18.73 | 16.94 |
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | 18.82 | 16.55 | 16.42 | |
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share) | 0 | 0 | 14.13 | |
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) | $ 15.73 | $ 18.30 | $ 17.73 |
Equity Incentive Plan - Sched_2
Equity Incentive Plan - Schedule of Payout Awards (Details) | Mar. 01, 2020 |
Relative TSR Hurdles (Percentile) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Threshold | 25.00% |
Target | 50.00% |
Maximum | 75.00% |
Payout Percentage | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Threshold | 50.00% |
Target | 100.00% |
Maximum | 150.00% |
Equity Incentive Plan - Valuati
Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares | Mar. 01, 2020 | Mar. 01, 2019 | Mar. 01, 2018 | Mar. 01, 2017 | Jan. 28, 2016 | Jun. 01, 2015 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Long Term Incentive Plan Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of Shares, Granted (in shares) | 183,300 | 325,507 | 221,853 | 244,917 | |||||
Estimated value per unit (in dollars per share) | $ 14.13 | $ 13.42 | $ 18.73 | $ 16.94 | |||||
Volatility | 26.00% | ||||||||
Dividend Yield | 4.50% | ||||||||
Risk Free Interest Rate | 0.95% | ||||||||
Long Term Incentive Plan Units, Time-Based | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of Shares, Granted (in shares) | 130,206 | 88,746 | 97,968 | 89,574 | 72,966 | ||||
Estimated value per unit (in dollars per share) | $ 13.05 | $ 18.45 | $ 16.83 | $ 18.53 | $ 16.69 | ||||
Volatility | 20.00% | 21.00% | 26.00% | 24.00% | 28.00% | ||||
Dividend Yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Risk Free Interest Rate | 1.06% | 2.57% | 2.07% | 0.92% | 0.79% | ||||
Long Term Incentive Plan Units, Performance-Based | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of Shares, Granted (in shares) | 195,301 | 133,107 | 146,949 | 134,348 | 39,285 | ||||
Estimated value per unit (in dollars per share) | $ 13.66 | $ 18.91 | $ 17.02 | $ 19.65 | $ 11.09 | ||||
Volatility | 20.00% | 21.00% | 26.00% | 25.00% | 30.00% | ||||
Dividend Yield | 8.10% | 6.20% | 6.20% | 5.80% | 5.80% | ||||
Risk Free Interest Rate | 0.90% | 2.55% | 2.37% | 1.47% | 1.13% |
Leases - Narrative (Details)
Leases - Narrative (Details) | 1 Months Ended | 12 Months Ended |
Sep. 30, 2015Term | Dec. 31, 2020USD ($)ParkingSpaceTerm | |
Operating Leased Assets [Line Items] | ||
Maximum additional terms up to which ground lease can be extended (up to) | Term | 12 | |
Periods in each additional renewal term | 5 years | |
Approximate rent when monthly occupancy is less than 85% | $ 8,400 | |
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% | |
Other Leases | Residence Inn San Diego Gaslamp | ||
Operating Leased Assets [Line Items] | ||
Maximum additional terms up to which ground lease can be extended (up to) | Term | 3 | |
Periods in each additional renewal term | 10 years | |
Operating leases, monthly payment | $ 44,400 | |
Operating lease, periodic increase, (in percentage) | 10.00% | |
Operating lease, periodic increase, term | 5 years | |
Annual supplemental rent, percentage of gross revenues | 5.00% | |
Annual supplemental rent subtraction, base rent multiplier | 12 | |
Other Leases | Hilton Garden Inn Marina del Rey | ||
Operating Leased Assets [Line Items] | ||
Operating leases, monthly payment | $ 47,500 | |
Air Rights Lease And Garage Lease | ||
Operating Leased Assets [Line Items] | ||
Number of parking spaces occupied by hotel | ParkingSpace | 128 | |
Aggregate rent under operating leases | $ 31,000 | |
Office Lease | ||
Operating Leased Assets [Line Items] | ||
Maximum additional terms up to which ground lease can be extended (up to) | Term | 2 | |
Periods in each additional renewal term | 5 years | |
Term of contract | 11 years | |
Abatement term of contract | 12 months | |
Fixed lease payments | 800,000 | |
Hotel Ground Lease | ||
Operating Leased Assets [Line Items] | ||
Fixed lease payments | 1,200,000 | |
Variable lease payments | $ 33,000 | |
Minimum | Other Leases | Hilton Garden Inn Marina del Rey | ||
Operating Leased Assets [Line Items] | ||
Annual supplemental rent, percentage of gross revenues | 5.00% | |
Maximum | Other Leases | Hilton Garden Inn Marina del Rey | ||
Operating Leased Assets [Line Items] | ||
Annual supplemental rent, percentage of gross revenues | 25.00% |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
2021 | $ 2,051 | |
2022 | 2,071 | |
2023 | 2,093 | |
2024 | 2,115 | |
2025 | 2,186 | |
Thereafter | 66,720 | |
Total lease payments | 77,236 | |
Less: Imputed interest | (54,003) | |
Present value of lease liabilities | $ 23,233 | $ 23,717 |
Leases - Schedule of Lessee Ope
Leases - Schedule of Lessee Operating Lease Liability Maturity, Ground, Air Rights, Garage and Office Leases (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 2,027 |
2021 | 2,051 |
2022 | 2,071 |
2023 | 2,093 |
2024 | 2,115 |
Thereafter | 68,906 |
Total lease payments | 79,263 |
Less: Imputed interest | (55,546) |
Present value of lease liabilities | $ 23,717 |
Leases - Schedule of Right of U
Leases - Schedule of Right of Use Asset and Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Right of Use Asset | ||
Beginning balance | $ 21,270 | |
Amortization | (629) | $ (613) |
Ending balance | 20,641 | 21,270 |
Lease Liability | ||
Beginning balance | 23,717 | |
Disposal | (484) | (391) |
Ending balance | $ 23,233 | $ 23,717 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) | Dec. 31, 2020 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 40 years 7 months 13 days |
Weighted-average discount rate | 6.57% |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)renewal_period | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Capital Leased Assets [Line Items] | |||
Management fees recorded within hotel other operating expenses | $ 5.3 | $ 10.8 | $ 10.8 |
Franchise and marketing fees | 11.6 | 25.9 | 24.9 |
Island Hospitality Management Inc. | |||
Capital Leased Assets [Line Items] | |||
Management fees recorded within hotel other operating expenses | $ 0 | $ 0.1 | $ 0.1 |
Hotel Management Agreement | Island Hospitality Management Inc. | |||
Capital Leased Assets [Line Items] | |||
Initial terms of management agreements | 5 years | ||
Number of renewal periods | renewal_period | 2 | ||
Renewal periods of management agreements | 5 years | ||
Agreement renewal successive period termination notice (no later than) | 90 days | ||
Minimum notice period for termination of management agreement | 6 months | ||
Property management fee (in percentage) | 10.00% | ||
Incentive Management Fee Cap | 1.00% | ||
Accounts Payable and Accrued Liabilities | Ruffy, et al, v. Island Hospitality Management, LLC, et al. | |||
Capital Leased Assets [Line Items] | |||
Estimate of possible loss | $ 0.1 | ||
Accounts Payable and Accrued Liabilities | Perez et al. v. Island Hospitality Management III LLC et al. | |||
Capital Leased Assets [Line Items] | |||
Estimate of possible loss | $ 0.6 |
Commitment and Contingencies _2
Commitment and Contingencies - Terms of Management Agreements (Details) | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Minneapolis-Mall of America | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Nashville-Brentwood | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Dallas-Market Center | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Hartford-Farmington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton Orlando-Maitland | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 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 | $ 1,000 |
Incentive Management Fee Cap | 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 | $ 1,000 |
Incentive Management Fee Cap | 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 | $ 750 |
Incentive Management Fee Cap | 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 | $ 750 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Garden Grove | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Homewood Suites by Hilton San Antonio River Walk | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Washington DC | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Tysons Corner | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 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 Cap | 1.00% |
Residence Inn San Diego Gaslamp | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Hilton Garden Inn Marina del Rey | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Dedham | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn II Lugano | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Hilton Garden Inn Portsmouth | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Courtyard Summerville | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Embassy Suites Springfield | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Residence Inn Summerville, SC | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Courtyard Dallas | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3.00% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1.00% |
Commitment and Contingencies _3
Commitment and Contingencies - Terms of Franchise Agreements (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Minneapolis-Mall of America | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Nashville-Brentwood | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Dallas-Market Center | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Hartford-Farmington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Homewood Suites by Hilton Orlando-Maitland | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Hampton Inn & Suites Houston-Medical Center | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 4.00% |
Residence Inn Long Island Holtsville | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn White Plains | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn New Rochelle | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Garden Grove | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Homewood Suites by Hilton San Antonio River Walk | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Marketing/Program Fee | 4.00% |
Residence Inn Washington DC | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Tysons Corner | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Hampton Inn Portland Downtown | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 4.00% |
Courtyard Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Hyatt Place Pittsburgh North Shore | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 3.50% |
Hampton Inn Exeter | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 4.00% |
Hilton Garden Inn Denver Tech | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.30% |
Residence Inn Bellevue | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Springhill Suites Savannah | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.00% |
Marketing/Program Fee | 2.50% |
Residence Inn Silicon Valley I | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Silicon Valley II | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn San Mateo | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Mountain View | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Hyatt Place Cherry Creek | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 3.50% |
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% |
Courtyard West University Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.00% |
Residence Inn West University Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Hilton Garden Inn Burlington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.30% |
Residence Inn San Diego Gaslamp | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Hilton Garden Inn Marina del Rey | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 4.30% |
Hilton Garden Inn Marina del Rey | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 3.00% |
Hilton Garden Inn Marina del Rey | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Residence Inn Dedham | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Residence Inn II Lugano | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 2.50% |
Residence Inn II Lugano | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 3.00% |
Residence Inn II Lugano | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Hilton Garden Inn Portsmouth | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.00% |
Courtyard Summerville | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Embassy Suites Springfield | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.00% |
Residence Inn Summerville, SC | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Marketing/Program Fee | 2.50% |
Courtyard Dallas | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 2.00% |
Courtyard Dallas | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4.00% |
Courtyard Dallas | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Millions | 12 Months Ended | |||||
Dec. 31, 2020USD ($)Hotel | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 07, 2019Hotel | Mar. 01, 2019 | Feb. 28, 2019 | |
Related Party Transaction [Line Items] | ||||||
Number of hotels in ownership by Company | Hotel | 39 | |||||
Management and accounting fees paid by the company | $ 5.3 | $ 10.8 | $ 10.8 | |||
Amounts due to related party | 0.3 | 0.7 | ||||
Management fees recorded within hotel other operating expenses | 5.3 | 10.8 | 10.8 | |||
Island Hospitality Management Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage in related party owned by the company's chairman | 1.50% | 51.00% | ||||
Management fees recorded within hotel other operating expenses | $ 0 | 0.1 | 0.1 | |||
NewINK Joint Venture | ||||||
Related Party Transaction [Line Items] | ||||||
Number of hotels in ownership by Company | Hotel | 46 | 46 | ||||
Island Hospitality Management Inc. | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage in related party owned by the company's chairman | 52.50% | |||||
Management fees recorded within hotel other operating expenses | $ 0 | 0.1 | $ 0.1 | |||
CLNY | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage in related party owned by third party | 97.50% | |||||
Mr. Fisher | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership percentage in related party owned by the company's chairman | 2.50% | |||||
Castleblack | ||||||
Related Party Transaction [Line Items] | ||||||
Management and accounting fees paid by the company | $ 0.1 | $ 0.1 |
Quarterly Operating Results (_3
Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 29,565 | $ 34,969 | $ 20,173 | $ 60,209 | $ 74,695 | $ 90,080 | $ 87,874 | $ 75,679 | $ 144,916 | $ 328,328 | $ 324,230 |
Total operating expenses | 24,667 | 45,214 | 38,793 | 77,895 | 67,234 | 70,182 | 71,741 | 65,786 | |||
Operating income | 4,898 | (10,245) | (18,620) | (17,686) | 7,461 | 19,898 | 16,133 | 9,893 | (41,653) | 53,385 | 58,134 |
Net income attributable to common shareholders | $ (3,356) | $ (18,057) | $ (26,827) | $ (27,783) | $ (2,349) | $ 10,002 | $ 9,437 | $ 1,613 | $ (76,023) | $ 18,703 | $ 30,641 |
Income per common share, basic (in dollars per share) | $ (0.07) | $ (0.38) | $ (0.57) | $ (0.59) | $ (0.05) | $ 0.21 | $ 0.20 | $ 0.03 | $ (1.62) | $ 0.39 | $ 0.66 |
Income per common share, diluted (in dollars per share) | $ (0.07) | $ (0.38) | $ (0.57) | $ (0.59) | $ (0.05) | $ 0.21 | $ 0.20 | $ 0.03 | $ (1.62) | $ 0.39 | $ 0.66 |
Weighted average number of common shares outstanding: | |||||||||||
Basic (in shares) | 46,969,483 | 46,965,526 | 46,960,289 | 46,948,533 | 46,919,035 | 46,913,922 | 46,760,016 | 46,556,710 | 46,961,039 | 46,788,784 | 46,073,515 |
Diluted (in shares) | 46,969,483 | 46,965,526 | 46,960,289 | 46,948,533 | 47,220,671 | 47,152,166 | 46,976,999 | 46,734,958 | 46,961,039 | 47,023,280 | 46,243,660 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Initial Cost, Land | $ 293,127 | ||||||
Initial Cost, Buildings & Improvements | 1,077,447 | ||||||
Cost Cap. Sub. To Acq. Land | 521 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 117,735 | ||||||
Gross Amount at End of Year, Land | 293,648 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 1,195,182 | ||||||
Gross Amount at End of Year, Total | 1,488,830 | $ 1,520,189 | $ 1,510,864 | $ 1,431,374 | $ 1,320,273 | $ 1,306,192 | $ 1,105,504 |
Accumulated Depreciation | 257,344 | $ 224,339 | $ 187,780 | $ 148,071 | $ 116,866 | $ 83,245 | $ 50,910 |
Homewood Suites Orlando - Maitland, FL | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 5,185 | ||||||
Gross Amount at End of Year, Land | 1,834 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 12,385 | ||||||
Gross Amount at End of Year, Total | 14,219 | ||||||
Accumulated Depreciation | 4,135 | ||||||
Homewood Suites Boston - Billerica, MA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 15,693 | ||||||
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 | 3,848 | ||||||
Gross Amount at End of Year, Land | 1,518 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 14,403 | ||||||
Gross Amount at End of Year, Total | 15,921 | ||||||
Accumulated Depreciation | 3,990 | ||||||
Homewood Suites Minneapolis - Mall of America, Bloomington, MN | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 4,101 | ||||||
Gross Amount at End of Year, Land | 3,519 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 18,061 | ||||||
Gross Amount at End of Year, Total | 21,580 | ||||||
Accumulated Depreciation | 5,414 | ||||||
Homewood Suites Nashville - Brentwood, TN | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 3,683 | ||||||
Gross Amount at End of Year, Land | 1,537 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 12,983 | ||||||
Gross Amount at End of Year, Total | 14,520 | ||||||
Accumulated Depreciation | 3,929 | ||||||
Homewood Suites Dallas - Market Center, Dallas, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,500 | ||||||
Initial Cost, Buildings & Improvements | 7,583 | ||||||
Cost Cap. Sub. To Acq. Land | 30 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 4,230 | ||||||
Gross Amount at End of Year, Land | 2,530 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 11,813 | ||||||
Gross Amount at End of Year, Total | 14,343 | ||||||
Accumulated Depreciation | 3,402 | ||||||
Homewood Suites Hartford - Farmington, CT | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 3,556 | ||||||
Gross Amount at End of Year, Land | 1,417 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 12,931 | ||||||
Gross Amount at End of Year, Total | 14,348 | ||||||
Accumulated Depreciation | 3,556 | ||||||
Hampton Inn & Suites Houston - Houston, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 17,717 | ||||||
Initial Cost, Land | 3,200 | ||||||
Initial Cost, Buildings & Improvements | 12,709 | ||||||
Cost Cap. Sub. To Acq. Land | 60 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,089 | ||||||
Gross Amount at End of Year, Land | 3,260 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 15,798 | ||||||
Gross Amount at End of Year, Total | 19,058 | ||||||
Accumulated Depreciation | 3,913 | ||||||
Residence Inn Holtsville - Holtsville, NY | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 1,244 | ||||||
Gross Amount at End of Year, Land | 2,200 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 20,009 | ||||||
Gross Amount at End of Year, Total | 22,209 | ||||||
Accumulated Depreciation | 5,563 | ||||||
Residence Inn White Plains - White Plains, NY | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 9,362 | ||||||
Gross Amount at End of Year, Land | 2,200 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 27,039 | ||||||
Gross Amount at End of Year, Total | 29,239 | ||||||
Accumulated Depreciation | 7,720 | ||||||
Residence Inn New Rochelle - New Rochelle, NY | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 12,936 | ||||||
Initial Cost, Land | 0 | ||||||
Initial Cost, Buildings & Improvements | 20,281 | ||||||
Cost Cap. Sub. To Acq. Land | 9 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 6,642 | ||||||
Gross Amount at End of Year, Land | 9 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 26,923 | ||||||
Gross Amount at End of Year, Total | 26,932 | ||||||
Accumulated Depreciation | 6,777 | ||||||
Residence Inn Garden Grove - Garden Grove, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 32,053 | ||||||
Initial Cost, Land | 7,109 | ||||||
Initial Cost, Buildings & Improvements | 35,484 | ||||||
Cost Cap. Sub. To Acq. Land | 57 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,568 | ||||||
Gross Amount at End of Year, Land | 7,166 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 39,052 | ||||||
Gross Amount at End of Year, Total | 46,218 | ||||||
Accumulated Depreciation | 9,564 | ||||||
Homewood Suites San Antonio - San Antonio, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 15,563 | ||||||
Initial Cost, Land | 5,999 | ||||||
Initial Cost, Buildings & Improvements | 24,764 | ||||||
Cost Cap. Sub. To Acq. Land | 7 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 5,488 | ||||||
Gross Amount at End of Year, Land | 6,006 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 30,252 | ||||||
Gross Amount at End of Year, Total | 36,258 | ||||||
Accumulated Depreciation | 7,948 | ||||||
Residence Inn Washington DC - Washington, DC | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 6,145 | ||||||
Gross Amount at End of Year, Land | 6,111 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 28,208 | ||||||
Gross Amount at End of Year, Total | 34,319 | ||||||
Accumulated Depreciation | 7,868 | ||||||
Residence Inn Tyson's Corner - Vienna, VA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 21,291 | ||||||
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 | 2,630 | ||||||
Gross Amount at End of Year, Land | 5,752 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 31,547 | ||||||
Gross Amount at End of Year, Total | 37,299 | ||||||
Accumulated Depreciation | 7,281 | ||||||
Hampton Inn Portland Downtown - Portland, ME | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 363 | ||||||
Gross Amount at End of Year, Land | 4,315 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 23,027 | ||||||
Gross Amount at End of Year, Total | 27,342 | ||||||
Accumulated Depreciation | 4,641 | ||||||
Courtyard Houston - Houston, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 17,559 | ||||||
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 | 2,802 | ||||||
Gross Amount at End of Year, Land | 5,600 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 30,152 | ||||||
Gross Amount at End of Year, Total | 35,752 | ||||||
Accumulated Depreciation | 6,043 | ||||||
Hyatt Place Pittsburgh - Pittsburgh, PA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 21,520 | ||||||
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 | 1,442 | ||||||
Gross Amount at End of Year, Land | 3,000 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 37,018 | ||||||
Gross Amount at End of Year, Total | 40,018 | ||||||
Accumulated Depreciation | 7,035 | ||||||
Hampton Inn & Suites Exeter - Exeter, NH | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 164 | ||||||
Gross Amount at End of Year, Land | 1,904 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 12,514 | ||||||
Gross Amount at End of Year, Total | 14,418 | ||||||
Accumulated Depreciation | 2,345 | ||||||
Hilton Garden Inn Denver Tech - Denver, CO | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 670 | ||||||
Gross Amount at End of Year, Land | 4,105 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 23,770 | ||||||
Gross Amount at End of Year, Total | 27,875 | ||||||
Accumulated Depreciation | 4,539 | ||||||
Residence Inn Bellevue - Bellevue, WA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 43,857 | ||||||
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 | 2,351 | ||||||
Gross Amount at End of Year, Land | 13,800 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 59,308 | ||||||
Gross Amount at End of Year, Total | 73,108 | ||||||
Accumulated Depreciation | 11,022 | ||||||
SpringHill Suites Savannah - Savannah, GA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 29,817 | ||||||
Initial Cost, Land | 2,400 | ||||||
Initial Cost, Buildings & Improvements | 36,050 | ||||||
Cost Cap. Sub. To Acq. Land | 1 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,605 | ||||||
Gross Amount at End of Year, Land | 2,401 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 37,655 | ||||||
Gross Amount at End of Year, Total | 40,056 | ||||||
Accumulated Depreciation | 7,026 | ||||||
Residence Inn Silicon Valley I - Sunnyvale, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 64,406 | ||||||
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 | 5,914 | ||||||
Gross Amount at End of Year, Land | 42,652 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 51,760 | ||||||
Gross Amount at End of Year, Total | 94,412 | ||||||
Accumulated Depreciation | 20,944 | ||||||
Residence Inn Silicon Valley II - Sunnyvale, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 70,270 | ||||||
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 | 7,223 | ||||||
Gross Amount at End of Year, Land | 46,474 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 57,603 | ||||||
Gross Amount at End of Year, Total | 104,077 | ||||||
Accumulated Depreciation | 22,865 | ||||||
Residence Inn San Mateo - San Mateo, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 48,305 | ||||||
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 | 5,393 | ||||||
Gross Amount at End of Year, Land | 38,420 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 36,745 | ||||||
Gross Amount at End of Year, Total | 75,165 | ||||||
Accumulated Depreciation | 14,274 | ||||||
Residence Inn Mt. View - Mountain View, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 37,670 | ||||||
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 | 10,186 | ||||||
Gross Amount at End of Year, Land | 22,019 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 41,999 | ||||||
Gross Amount at End of Year, Total | 64,018 | ||||||
Accumulated Depreciation | 16,600 | ||||||
Hyatt Place Cherry Creek - Cherry Creek, CO | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 1,844 | ||||||
Gross Amount at End of Year, Land | 3,700 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 28,144 | ||||||
Gross Amount at End of Year, Total | 31,844 | ||||||
Accumulated Depreciation | 4,654 | ||||||
Courtyard Addison - Dallas, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 2,566 | ||||||
Gross Amount at End of Year, Land | 2,413 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 24,120 | ||||||
Gross Amount at End of Year, Total | 26,533 | ||||||
Accumulated Depreciation | 4,053 | ||||||
Courtyard West University - Houston, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 1,437 | ||||||
Gross Amount at End of Year, Land | 2,012 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 19,353 | ||||||
Gross Amount at End of Year, Total | 21,365 | ||||||
Accumulated Depreciation | 2,978 | ||||||
Residence Inn West University - Houston, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 1,551 | ||||||
Gross Amount at End of Year, Land | 3,640 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 27,182 | ||||||
Gross Amount at End of Year, Total | 30,822 | ||||||
Accumulated Depreciation | 4,503 | ||||||
Hilton Garden Inn Burlington - Burlington, MA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
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 | 1,524 | ||||||
Gross Amount at End of Year, Land | 4,918 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 28,717 | ||||||
Gross Amount at End of Year, Total | 33,635 | ||||||
Accumulated Depreciation | 4,860 | ||||||
Residence Inn Gaslamp - San Diego, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 0 | ||||||
Initial Cost, Buildings & Improvements | 89,040 | ||||||
Cost Cap. Sub. To Acq. Land | 10 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,079 | ||||||
Gross Amount at End of Year, Land | 10 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 91,119 | ||||||
Gross Amount at End of Year, Total | 91,129 | ||||||
Accumulated Depreciation | 13,580 | ||||||
Hilton Garden Inn Marina del Rey, CA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 20,931 | ||||||
Initial Cost, Land | 0 | ||||||
Initial Cost, Buildings & Improvements | 43,210 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 656 | ||||||
Gross Amount at End of Year, Land | 0 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 43,866 | ||||||
Gross Amount at End of Year, Total | 43,866 | ||||||
Accumulated Depreciation | 5,934 | ||||||
Residence Inn Dedham, MA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 4,230 | ||||||
Initial Cost, Buildings & Improvements | 17,304 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,935 | ||||||
Gross Amount at End of Year, Land | 4,230 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 19,239 | ||||||
Gross Amount at End of Year, Total | 23,469 | ||||||
Accumulated Depreciation | 2,614 | ||||||
Residence Inn Ft. Lauderdale, FL | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 9,200 | ||||||
Initial Cost, Buildings & Improvements | 24,048 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,887 | ||||||
Gross Amount at End of Year, Land | 9,200 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 25,935 | ||||||
Gross Amount at End of Year, Total | 35,135 | ||||||
Accumulated Depreciation | 3,501 | ||||||
Warner Center | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 6,500 | ||||||
Initial Cost, Buildings & Improvements | 0 | ||||||
Cost Cap. Sub. To Acq. Land | 99 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 0 | ||||||
Gross Amount at End of Year, Land | 6,599 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 0 | ||||||
Gross Amount at End of Year, Total | 6,599 | ||||||
Accumulated Depreciation | 0 | ||||||
Hilton Garden Inn Portsmouth, NH | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 3,600 | ||||||
Initial Cost, Buildings & Improvements | 37,630 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 520 | ||||||
Gross Amount at End of Year, Land | 3,600 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 38,150 | ||||||
Gross Amount at End of Year, Total | 41,750 | ||||||
Accumulated Depreciation | 3,133 | ||||||
Courtyard Summerville, SC | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,500 | ||||||
Initial Cost, Buildings & Improvements | 16,923 | ||||||
Cost Cap. Sub. To Acq. Land | 6 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 136 | ||||||
Gross Amount at End of Year, Land | 2,506 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 17,059 | ||||||
Gross Amount at End of Year, Total | 19,565 | ||||||
Accumulated Depreciation | 1,337 | ||||||
Embassy Suites Springfield, VA | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 7,700 | ||||||
Initial Cost, Buildings & Improvements | 58,807 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 350 | ||||||
Gross Amount at End of Year, Land | 7,700 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 59,157 | ||||||
Gross Amount at End of Year, Total | 66,857 | ||||||
Accumulated Depreciation | 4,544 | ||||||
Residence Inn - Summerville, SC | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,300 | ||||||
Initial Cost, Buildings & Improvements | 17,060 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 246 | ||||||
Gross Amount at End of Year, Land | 2,300 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 17,306 | ||||||
Gross Amount at End of Year, Total | 19,606 | ||||||
Accumulated Depreciation | 1,033 | ||||||
Courtyard Dallas Downtown - Dallas, TX | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 2,900 | ||||||
Initial Cost, Buildings & Improvements | 42,760 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 120 | ||||||
Gross Amount at End of Year, Land | 2,900 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 42,880 | ||||||
Gross Amount at End of Year, Total | 45,780 | ||||||
Accumulated Depreciation | 2,226 | ||||||
Sili III | |||||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||||
Encumbrances | 0 | ||||||
Initial Cost, Land | 8,171 | ||||||
Initial Cost, Buildings & Improvements | 0 | ||||||
Cost Cap. Sub. To Acq. Land | 0 | ||||||
Cost Cap. Sub. To Acq. Bldg & Improvements | 0 | ||||||
Gross Amount at End of Year, Land | 0 | ||||||
Gross Amount at End of Year, Buildings & Improvements | 8,171 | ||||||
Gross Amount at End of Year, Total | 0 | ||||||
Accumulated Depreciation | $ 0 |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Depreciable Lives (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Building | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 40 years |
Land Improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 20 years |
Minimum | Building Improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 5 years |
Maximum | Building Improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 20 years |
SCHEDULE III - REAL ESTATE AN_4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Total Cost of Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | ||||||
Balance at the beginning of the year | $ 1,520,189 | $ 1,510,864 | $ 1,431,374 | $ 1,320,273 | $ 1,306,192 | $ 1,105,504 |
Acquisitions | 0 | 8,171 | 65,020 | 133,660 | 0 | 187,032 |
Dispositions during the year | (52,770) | (17,889) | 0 | (33,053) | 0 | 0 |
Capital expenditures and transfers from construction-in-progress | 21,411 | 19,043 | 14,470 | 10,494 | 14,081 | 13,656 |
Investment in Real Estate | $ 1,488,830 | $ 1,520,189 | $ 1,510,864 | $ 1,431,374 | $ 1,320,273 | $ 1,306,192 |
SCHEDULE III - REAL ESTATE AN_5
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Accumulated Depreciation and Amortization of Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | ||||||
Balance at the beginning of the year | $ 224,339 | $ 187,780 | $ 148,071 | $ 116,866 | $ 83,245 | $ 50,910 |
Depreciation and amortization | 42,145 | 41,908 | 39,709 | 36,401 | 33,621 | 32,335 |
Dispositions during the year | (9,140) | (5,349) | 0 | (5,196) | 0 | 0 |
Balance at the end of the year | $ 257,344 | $ 224,339 | $ 187,780 | $ 148,071 | $ 116,866 | $ 83,245 |
SCHEDULE III - REAL ESTATE AN_6
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Details) | Dec. 31, 2020USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost of properties for federal income tax purposes | $ 1,488,736 |