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CLDT Chatham Lodging Trust

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2021May 04, 2021
Cover [Abstract]
Document Type10-Q
Document Quarterly Reporttrue
Document Period End DateMar. 31,
2021
Document Transition Reportfalse
Entity File Number001-34693
Entity Registrant NameCHATHAM LODGING TRUST
Entity Incorporation, State or Country CodeMD
Entity Tax Identification Number27-1200777
Entity Address, Address Line One222 Lakeview Avenue, Suite 200
Entity Address, City or TownWest Palm Beach
Entity Address, State or ProvinceFL
Entity Address, Postal Zip Code33401
City Area Code561
Local Phone Number802-4477
Title of 12(b) SecurityCommon Shares of Beneficial Interest, $0.01 par value
Trading SymbolCLDT
Security Exchange NameNYSE
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity Filer CategoryAccelerated Filer
Entity Smaller Reporting Companyfalse
Entity Emerging Growth Companyfalse
Entity Shell Companyfalse
Entity Common Stock, Shares Outstanding (in shares)48,617,918
Document Fiscal Year Focus2021
Document Fiscal Period FocusQ1
Amendment Flagfalse
Entity Central Index Key0001476045
Current Fiscal Year End Date--12-31

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Assets:
Investment in hotel properties, net $ 1,251,986 $ 1,265,174
Investment in hotel properties under development52,540 43,651
Cash and cash equivalents14,638 21,124
Restricted cash8,724 10,329
Right of use asset, net20,480 20,641
Hotel receivables (net of allowance for doubtful accounts of $263 and $248, respectively)2,507 1,688
Deferred costs, net4,990 5,384
Prepaid expenses and other assets6,882 2,266
Total assets1,362,747 1,370,257
Liabilities and Equity:
Mortgage debt, net457,924 460,145
Revolving credit facility120,000 135,300
Construction loan21,757 13,325
Accounts payable and accrued expenses22,350 25,374
Distributions and losses in excess of investments in unconsolidated real estate entities0 19,951
Lease liability, net23,103 23,233
Distributions payable147 469
Total liabilities645,281 677,797
Commitments and contingencies (Note 13)
Shareholders’ Equity:
Preferred shares, $0.01 par value, 100,000,000 shares authorized and unissued at March 31, 2021 and December 31, 20200 0
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,518,201 and 46,973,473 shares issued and outstanding at March 31, 2021 and December 31, 2020, respectively485 470
Additional paid-in capital929,725 906,000
Accumulated deficit(226,062)(228,718)
Total shareholders’ equity704,148 677,752
Noncontrolling Interests:
Noncontrolling interest in Operating Partnership13,318 14,708
Total equity717,466 692,460
Total liabilities and equity $ 1,362,747 $ 1,370,257

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Statement of Financial Position [Abstract]
Allowance for doubtful accounts related to receivables $ 263 $ 248
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)48,518,201 46,973,473
Common shares, shares outstanding (in shares)48,518,201 46,973,473

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Total revenue $ 32,114,000 $ 60,209,000
Total hotel operating expenses21,974,000 36,341,000
Depreciation and amortization13,334,000 13,061,000
Impairment loss on investment in unconsolidated real estate entities0 15,282,000
Property taxes, ground rent and insurance5,879,000 6,099,000
General and administrative3,530,000 2,765,000
Other charges55,000 2,768,000
Reimbursable costs from unconsolidated real estate entities787,000 1,580,000
Total operating expenses45,559,000 77,896,000
Operating loss before (loss) gain on sale of hotel property(13,445,000)(17,687,000)
(Loss) gain on sale of hotel property(43,000)1,000
Operating loss(13,488,000)(17,686,000)
Interest and other income74,000 81,000
Interest expense, including amortization of deferred fees(6,470,000)(6,833,000)
Loss from unconsolidated real estate entities(1,231,000)(3,673,000)
Gain on sale of investment in unconsolidated real estate entities23,817,000 0
Income (loss) before income tax expense2,702,000 (28,111,000)
Income tax expense0 0
Net income (loss)2,702,000 (28,111,000)
Net income (loss) attributable to noncontrolling interests(46,000)328,000
Net income (loss) attributable to common shareholders $ 2,656,000 $ (27,783,000)
Income (loss) per Common Share - Basic:
Net income (loss) attributable to common shareholders (Note 10) (in dollars per share) $ 0.06 $ (0.59)
Income (loss) per Common Share - Diluted:
Net income (loss) attributable to common shareholders (Note 10) (in dollars per share) $ 0.06 $ (0.59)
Weighted average number of common shares outstanding:
Basic (in shares)47,224,972 46,948,533
Diluted (in shares)47,368,518 46,948,533
Distributions declared per common share (in dollars per share) $ 0 $ 0.22
Room
Total revenue $ 29,390,000 $ 53,048,000
Total hotel operating expenses7,166,000 13,394,000
Food and beverage
Total revenue363,000 2,063,000
Total hotel operating expenses284,000 1,889,000
Other
Total revenue1,574,000 3,518,000
Reimbursable costs from unconsolidated real estate entities
Total revenue787,000 1,580,000
Telephone
Total hotel operating expenses400,000 378,000
Other hotel operating
Total hotel operating expenses365,000 810,000
General and administrative
Total hotel operating expenses3,812,000 5,278,000
Franchise and marketing fees
Total hotel operating expenses2,598,000 4,720,000
Advertising and promotions
Total hotel operating expenses757,000 1,510,000
Utilities
Total hotel operating expenses2,287,000 2,516,000
Repairs and maintenance
Total hotel operating expenses2,461,000 3,462,000
Management fees
Total hotel operating expenses1,196,000 2,024,000
Insurance
Total hotel operating expenses $ 648,000 $ 360,000

Consolidated Statements of Equi

Consolidated Statements of Equity - USD ($) $ in ThousandsTotalCommon SharesAdditional Paid - In CapitalRetained earnings (distributions in excess of retained earnings)Total Shareholders’ EquityNoncontrolling Interest in Operating Partnership
Beginning Balance (in shares) at Dec. 31, 201946,928,445
Beginning Balance at Dec. 31, 2019 $ 775,024 $ 469 $ 904,273 $ (142,365) $ 762,377 $ 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 Plan450 450 450
Issuance of shares, net of offering costs (in shares)7,428
Issuance of shares, net of offering costs91 91 91
Amortization of share based compensation1,380 8 8 1,372
Dividends declared on common shares(10,331)(10,331)(10,331)
Distributions declared on LTIP units(233)(233)
Reallocation of noncontrolling interest0 1,114 1,114 1,114
Net income (loss)(28,111)(27,783)(27,783)(328)
Ending Balance (in shares) at Mar. 31, 202046,960,389
Ending Balance at Mar. 31, 2020738,270 $ 469 905,936 (180,479)725,926 12,344
Beginning Balance (in shares) at Dec. 31, 202046,973,473
Beginning Balance at Dec. 31, 2020692,460 $ 470 906,000 (228,718)677,752 14,708
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of shares pursuant to Equity Incentive Plan (in shares)40,224
Issuance of shares pursuant to Equity Incentive Plan450 450 450
Issuance of shares, net of offering costs (in shares)1,504,504
Issuance of shares, net of offering costs20,776 $ 15 20,761 20,776
Amortization of share based compensation1,038 7 7 1,031
Forfeited distributions declared on LTIP units40 40
Reallocation of noncontrolling interest0 2,507 2,507 (2,507)
Net income (loss)2,702 2,656 2,656 46
Ending Balance (in shares) at Mar. 31, 202148,518,201
Ending Balance at Mar. 31, 2021 $ 717,466 $ 485 $ 929,725 $ (226,062) $ 704,148 $ 13,318

Consolidated Statements of Eq_2

Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Statement of Stockholders' Equity [Abstract]
Issuance of shares, net of offering costs $ 518 $ 2
Distributions declared per common share (in dollars per share) $ 0 $ 0.22
LTIP units, distributions per unit (in dollars per share) $ 0.22

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Cash flows from operating activities:
Net income (loss) $ 2,702 $ (28,111)
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities:
Depreciation13,274 13,000
Amortization of deferred franchise fees60 61
Amortization of deferred financing fees included in interest expense480 227
Loss on sale of hotel property43 0
Gain on sale of investment in unconsolidated real estate entities(23,817)0
Impairment loss on investment in unconsolidated real estate entities0 15,282
Share based compensation1,156 1,206
Accelerated share based compensation for employee severance0 287
Loss from unconsolidated real estate entities1,231 3,673
Changes in assets and liabilities:
Right of use asset161 155
Hotel receivables(818)1,829
Deferred costs0 (16)
Prepaid expenses and other assets(4,617)(3,407)
Accounts payable and accrued expenses(1,797)(6,932)
Lease liability(130)(114)
Net cash used in operating activities(12,072)(2,860)
Cash flows from investing activities:
Improvements and additions to hotel properties(1,115)(6,110)
Investment in hotel properties under development(8,889)(6,197)
Proceeds from sale of unconsolidated real estate entity2,800 0
Net cash used in investing activities(7,204)(12,307)
Cash flows from financing activities:
Borrowings on revolving credit facility8,000 86,000
Repayments on revolving credit facility(23,300)(3,000)
Borrowings on construction loan8,432 0
Payments on mortgage debt(2,300)(2,297)
Payment of financing costs(142)0
Payment of offering costs(518)(2)
Proceeds from issuance of common shares21,294 92
Distributions-common shares/units(281)(16,237)
Net cash provided by financing activities11,185 64,556
Net change in cash, cash equivalents and restricted cash(8,091)49,389
Cash, cash equivalents and restricted cash, beginning of period31,453 20,182
Cash, cash equivalents and restricted cash, end of period23,362 69,571
Supplemental disclosure of cash flow information:
Cash paid for interest6,698 6,835
Capitalized interest690 277
Cash paid for income taxes $ 2 $ 4

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2021Mar. 31, 2020
Statement of Cash Flows [Abstract]
Accrued distributions payable $ 147 $ 469
Accrued share based compensation118 113
Accounts payable and accrued expenses $ 3,507 $ 3,338

Organization

Organization3 Months Ended
Mar. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
OrganizationOrganization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust (“REIT”) on October 26, 2009. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be treated as a REIT for federal income tax purposes. In December 2017, the Company established an At the Market Equity Offering ("Prior ATM Plan") whereby, from time to time, we may publicly offer and sell our common shares having an aggregate maximum offering price of 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. The Company filed a $100 million registration statement for a new ATM program (the "ATM Plan" and together with the Prior ATM Plan, the "ATM Plans") on March 5, 2021 to replace the prior program. At the same time, the Company entered into sales agreements 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. During the three months ended March 31, 2021 , the Company issued 1.4 million shares under the ATM Plan at an average price of $14.18, which generated $19.3 million of proceeds. As of March 31, 2021, ther e was approximately $80.7 million available for issuance under the ATM Plan. In December 2017, the Company 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 "New 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 prospectus for the DRSPPs. During the three months ended March 31, 2021, the Company issued 0.1 million shares under the New DRSPP at a weighted average price of $13.80, which generated $2.0 million of proceeds. As of March 31, 2021, there was approximately $48.0 million available for issuance under the New DRSPP. The net proceeds from any share offerings or issuances are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. Chatham Lodging Trust is the sole general partner of the Operating Partnership and owns 100.0% of the common units of limited partnership interest in the Operating Partnership. Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of March 31, 2021, the Company wholly owned 39 hotels with an aggregate of 5,900 rooms located in 15 states and the District of Columbia. As of March 31, 2021, the Company held a 10% noncontrolling interest in a joint venture (the "Inland JV") with affiliates of Colony Capital, Inc. ("CLNY"), which owns 48 hotels acquired from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 rooms. As of March 31, 2021, the Inland JV hotels are in receivership. Prior to March 18, 2021, the Company also held a 10.3% noncontrolling interest in a joint venture (the “NewINK JV”) with affiliates of CLNY, which owned 46 hotels with an aggregate of 5,948 rooms. Chatham sold its interest in the NewINK JV in March 2021 for $2.8 million. 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 the 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 owns its 10% interest in the 48 Inland JV hotels through the Operating Partnership. All of the 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 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 Policies3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Summary of Significant Accounting PoliciesSummary of Significant Accounting Policies Basis of Presentation The accompanying unaudited interim 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”) applicable to interim financial information. These unaudited 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. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition or sale of hotels. 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. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2020, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020. 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.

Disposition of Hotel Properties

Disposition of Hotel Properties3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposition of Hotel PropertiesDisposition 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 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. The sale did not represent a strategic shift that had or will have a major effect on the Company's operations and financial results and did not qualify to be reported as discontinued operations. During the three months ended March 31, 2021 and 2020, the Company's consolidated statements of operations included operating income related to the disposed hotel as follows (in thousands): For the three months ended March 31, 2021 2020 Residence Inn Mission Valley, CA $ — $ 752 Total $ — $ 752

Allowance for Doubtful Accounts

Allowance for Doubtful Accounts3 Months Ended
Mar. 31, 2021
Receivables [Abstract]
Allowance for Doubtful AccountsAllowance for Doubtful AccountsThe Company maintains an allowance for doubtful accounts at a level believed to be adequate to absorb estimated probable losses. That estimate is based on past loss experience, current economic and market conditions and other relevant factors. The allowance for doubtful accounts was $0.3 million and $0.2 million as of March 31, 2021 and December 31, 2020, respectively.

Investment in Hotel Properties

Investment in Hotel Properties3 Months Ended
Mar. 31, 2021
Investments, All Other Investments [Abstract]
Investment in Hotel PropertiesInvestment in Hotel Properties Investment in hotel properties,net Investment in hotel properties, net as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 December 31, 2020 Land and improvements $ 287,049 $ 287,049 Building and improvements 1,197,805 1,195,276 Furniture, fixtures and equipment 86,506 84,381 Renovations in progress 6,656 11,225 1,578,016 1,577,931 Less: accumulated depreciation (326,030) (312,757) Investment in hotel properties, net $ 1,251,986 $ 1,265,174 Investment in hotel properties under development

Investment in Unconsolidated En

Investment in Unconsolidated Entities3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Investment in Unconsolidated EntitiesInvestment 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. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owned a 89.7% interest in the NewINK JV. Chatham sold its interest in the NewINK JV in March 2021 for $2.8 million which resulted in Chatham recording a gain on sale of investment in unconsolidated real estate entities of $23.8 million during the three months ended March 31, 2021. The Company accounted for this investment under the equity method. On November 17, 2014, the Company acquired a 10.0% interest in the Inland JV, a joint venture between affiliates of NorthStar and the Operating Partnership. NorthStar merged with Colony on January 10, 2017 to form a new company, CLNY, which owns a 90% interest in the Inland JV. The value of Inland JV assets and liabilities were adjusted to reflect estimated fair market value at the time Colony merged with NorthStar. The Company serves as managing member of the Inland JV. The Company accounts for this investment under the equity method. During the three months ended March 31, 2021 and 2020, the Company received no cash distributions from the Inland JV. The Company’s ownership interest in the Inland JV is subject to change in the event that either the Company or CLNY calls for additional capital contributions to the JV necessary for the conduct of business, including contributions to fund costs and expenses related to capital expenditures. In connection with the non-recourse mortgage loan secured by the Inland JV properties, the Operating Partnership provided the lender with customary environmental indemnities, as well as a guarantee of certain customary non-recourse carve-out provisions such as fraud, material and intentional misrepresentations and misapplication of funds. In some circumstances, such as the bankruptcy, the guarantee is for the full amount of the outstanding debt, but in most circumstances, the guarantee is capped at 20% of the debt outstanding at the time in question. In connection with the Inland JV loan, 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 guarantee and environmental indemnities. CLNY may also approve certain actions by the JV 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. 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 level of operating losses caused by the COVID-19 pandemic for a sustained period of time. Based on these factors, we 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. 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 loan agreement. The Inland JV has not been successful in negotiating a forbearance agreement with its lenders. 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 been appointed for Inland JV hotels, and has replaced IHM with new hotel management companies. The Inland JV debt is non-recourse to Chatham 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 Chatham’s debt agreements. The Company's recorded investments in the NewINK JV and the Inland JV were $0.0 million and $0.0 million, respectively, at March 31, 2021. The following table sets forth the combined components of net income (loss), including the Company’s share, related to all JVs for the three months ended March 31, 2021 and 2020 (in thousands): For the three months ended March 31, 2021 2020 Revenue $ 24,690 $ 90,870 Total hotel operating expenses 24,106 71,965 Hotel operating income $ 584 $ 18,905 Impairment loss $ — $ 13,881 Loss from continuing operations $ (13,109) $ (40,285) Loss on sale of hotels — (82) Net loss $ (13,109) $ (40,367) Loss allocable to the Company $ (1,347) $ (4,072) Basis difference adjustment 116 399 Total loss from unconsolidated real estate entities attributable to the Company $ (1,231) $ (3,673)

Debt

Debt3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
DebtDebt The Company’s mortgage loans are collateralized by first-mortgage liens on certain of the Company’s properties. The mortgage loans are non-recourse except for instances of fraud or misapplication of funds. Mortgage and revolving credit facility debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 3/31/21 Property Carrying Value Balance Outstanding on Loan as of March 31, 2021 December 31, Revolving Credit Facility (1) 3.11 % March 8, 2022 $ 624,787 $ 120,000 $ 135,300 Construction loan (2) 7.75 % August 3, 2024 52,540 21,757 13,325 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 21,829 12,483 12,602 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 28,384 15,097 15,195 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,748 20,645 20,780 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 29,891 17,012 17,126 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 33,464 20,901 21,031 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 62,033 42,768 42,998 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 41,126 31,305 31,463 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 74,670 63,152 63,418 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 82,846 68,902 69,192 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 61,935 47,364 47,564 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 47,754 36,936 37,092 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 33,106 29,234 29,358 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 37,775 20,372 20,490 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 12,796 15,336 15,411 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 15,619 17,310 17,396 Total debt before unamortized debt issue costs $ 1,291,303 $ 600,574 $ 609,741 Unamortized mortgage debt issue costs (893) (971) Total debt outstanding $ 599,681 $ 608,770 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 2.5% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At March 31, 2021 and December 31, 2020, the Company had $120.0 million and $135.3 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. 2. On August 4, 2020, a subsidiary of Chatham entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a $40 million loan 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%. 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 March 31, 2021 and December 31, 2020 was $464.2 million and $462.6 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 similar maturity and is classified within level 3 of the fair value hierarchy. As of March 31, 2021, the Company’s variable rate debt consisted of its revolving credit facility and construction loan. The estimated fair value of the Company’s variable rate debt as of March 31, 2021 and December 31, 2020 was $141.8 million and $148.6 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 $250.0 million facility size during this period. During this covenant waiver period, the Company will be required to maintain a minimum liquidity of $25.0 million which will include both unrestricted cash and credit facility availability. In connection with the amendment, the Company added 6 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 $200.0 million and a spread of 3.0% if borrowings exceed $200.0 million. As of March 31, 2021, 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 March 31, 2021, 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 March 31, 2021, 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 March 31, 2021, for the current year and each of the next five calendar years and thereafter are as follows (in thousands): Amount 2021 (remaining nine months) $ 19,141 2022 129,249 2023 117,876 2024 318,373 2025 15,935 Thereafter — Total debt before unamortized debt issue costs $ 600,574 Unamortized mortgage debt issue costs (893) Total debt outstanding $ 599,681 Accounting for Derivative Instruments The Company has entered into interest rate cap agreements to hedge against interest rate fluctuations related to the construction loans 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 combined statement of operations. As of March 31, 2021, the fair value of the interest rate caps were $49 thousand.

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2021
Income Tax Disclosure [Abstract]
Income TaxesIncome Taxes The Company’s TRS is subject to federal and state income taxes. Income tax expense was zero for the three months ended March 31, 2021 and 2020. 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 deferred tax assets. The Company's TRS is expecting continued taxable losses in 2021. As of March 31, 2021, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets due to the uncertainty of the TRS's ability to utilize these net deferred tax assets. Management will continue to monitor the need for a valuation allowance.

Dividends Declared and Paid

Dividends Declared and Paid3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Dividends Declared and PaidDividends Declared and Paid The Company suspended dividends beginning after the payment of the March 27, 2020 dividend due to a decline in operating performance caused by the COVID-19 pandemic. During the three months ended March 31, 2020, the Company declared total common share dividends of $0.22 per share and distributions on LTIP units of $0.22 per unit. There were no dividends declared during the three months ended March 31, 2021. The dividends and distributions paid during the three months ended March 31, 2020 were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/31/2020 2/28/2020 $ 0.11 $ 0.11 February 2/28/2020 3/27/2020 0.11 0.11 1st Quarter 2020 $ 0.22 $ 0.22 Total 2020 $ 0.22 $ 0.22

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Earnings Per ShareEarnings 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 three months ended March 31, 2021 2020 Numerator: Net income (loss) attributable to common shareholders $ 2,656 $ (27,783) Dividends paid on unvested shares and units — (50) Net income (loss) attributable to common shareholders $ 2,656 $ (27,833) Denominator: Weighted average number of common shares - basic 47,224,972 46,948,533 Unvested shares 143,546 — Weighted average number of common shares - diluted 47,368,518 46,948,533 Basic income (loss) per Common Share: Net income (loss) attributable to common shareholders per weighted average basic common share $ 0.06 $ (0.59) Diluted income (loss) per Common Share: Net income (loss) attributable to common shareholders per weighted average diluted common share $ 0.06 $ (0.59)

Equity Incentive Plan

Equity Incentive Plan3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Equity Incentive PlanEquity 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 three months ended March 31, 2021 and the year ended December 31, 2020 is as follows: Three Months Ended Year Ended March 31, 2021 December 31, 2020 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 1,667 $ 17.40 5,001 $ 18.33 Granted — — — — Vested — — (3,334) 18.80 Forfeited — — — — Non-vested at end of the period 1,667 $ 17.40 1,667 $ 17.40 As of March 31, 2021 and December 31, 2020, there were $21.3 thousand and $28.5 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of March 31, 2021, these costs were expected to be recognized over a weighted–average period of approximately 0.7 years. For the three months ended March 31, 2021 and 2020, the Company recognized approximately $7.2 thousand and $8.3 thousand, respectively, of expense related to the restricted share awards. 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 three months ended March 31, 2021 and the year ended December 31, 2020 is as follows: Three Months Ended Year Ended March 31, 2021 December 31, 2020 Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Non-vested at beginning of the period 669,609 $ 15.73 598,320 $ 18.30 Granted 330,945 14.55 325,507 13.42 Vested (219,451) 16.39 (254,218) 18.82 Forfeited (16,925) $ 17.02 — $ — Non-vested at end of the period 764,178 $ 15.00 669,609 $ 15.73 Time-Based LTIP Awards On March 1, 2021, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 132,381 time-based awards (the “2021 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 2021 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, 2021, the Company's Operating Partnership, upon the recommendation of the Compensation Committee, also granted 198,564 performance-based awards (the "2021 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 $15.91 per 2021 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 2021 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, 2021 and ending on February 28, 2024. The 2021 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 a 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 LTIP units included discounts for illiquidity; expectations for future dividends; risk free interest rates; stock price volatility; and economic environment and market conditions. The grant date fair values 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 LTIP Unit Awards 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% 2021 Time-Based LTIP Unit Awards 3/1/2021 132,381 $12.52 78% —% 0.08% 2021 Performance-Based LTIP Unit Awards 3/1/2021 198,564 $15.91 64% 3.4% 0.30%

Leases

Leases3 Months Ended
Mar. 31, 2021
Leases [Abstract]
LeasesLeases The Residence Inn Gaslamp hotel is subject to a ground lease with an expiration date of January 31, 2065 with an extension option by the Company of up to three additional terms of ten years each. Monthly payments are currently approximately $44,400 per month and increase 10% every five years. The hotel is subject to annual supplemental rent payments calculated as 5% of gross revenues during the applicable lease year, minus 12 times the monthly base rent scheduled for the lease year. The Residence Inn New Rochelle is subject to an air rights lease and garage lease that each expire 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 for the cost of capital repairs. Aggregate rent for 2021 is approximately $30,000 per quarter. The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration date 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 5 years each. The Company shares the space with related parties and is reimbursed for the pro-rata share of rentable space occupied by the related parties. 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 March 31, 2021. These 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 is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of March 31, 2021, for each of the next five calendar years and thereafter: Total Future Lease Payments Amount 2021 (remaining nine months) $ 1,540 2022 2,071 2023 2,093 2024 2,115 2025 2,186 Thereafter 66,720 Total lease payments $ 76,725 Less: Imputed interest (53,622) Present value of lease liabilities $ 23,103 The following is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of December 31, 2020, for each of the next five calendar years and thereafter: 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 For the three months ended March 31, 2021, the Company incurred $0.3 million of fixed lease payments and $30.0 thousand of variable lease payments, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. The following table includes information regarding the right of use assets and lease liabilities of the Company as of March 31, 2021: Right of Use Asset Lease Liability Balance as of January 1, 2021 $ 20,641 $ 23,233 Amortization (161) (130) Balance as of March 31, 2021 $ 20,480 $ 23,103 Lease Term and Discount Rate March 31, 2021 Weighted-average remaining lease term (years) 40.59 Weighted-average discount rate 6.58%

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2021
Commitments and Contingencies Disclosure [Abstract]
Commitments and ContingenciesCommitments 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 was a defendant in several class action lawsuits 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 complaints 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-year periods unless IHM provides written notice to us no later than 90 days prior to the then current term’s expiration date of its intent not to renew. The IHM management agreements provide for early termination at the Company’s option upon sale of any IHM-managed hotel for no termination fee, with six months advance notice. The IHM management agreements may be terminated for cause, including the failure of the managed hotel to meet specified performance levels. Base management fees are calculated as a percentage of the hotel's gross room revenue. If certain financial thresholds are met or exceeded, an incentive management fee is calculated as 10% of the hotel's net operating income less fixed costs, base management fees and a specified return threshold. The incentive management fee is capped at 1% of gross hotel revenues for the applicable calculation. Management fees totaled approximately $1.2 million and $2.0 million for the three months ended March 31, 2021 and 2020, respectively. Franchise Agreements The fees associated with the franchise agreements are calculated as a specified percentage of the hotel's gross room revenue. Franchise and marketing fees totaled approximately $2.6 million and $4.7 million for the three months ended March 31, 2021 and 2020, respectively. The initial term of the agreements range from 10 to 30 years with the weighted average expiration being August 2030.

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2021
Related Party Transactions [Abstract]
Related Party TransactionsRelated Party Transactions Prior to March 18, 2021, Mr. Fisher owned 52.5% of IHM. On March 18, 2021, Mr. Fisher acquired the 45.0% ownership interest of an affiliate of CLNY. As of March 31, 2021, Mr. Fisher owns 97.5% of IHM. As of March 31, 2021, the Company had hotel management agreements with IHM to manage all 39 of its wholly owned hotels. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the three months ended March 31, 2021 and 2020 were $1.2 million and $2.0 million, respectively. At March 31, 2021 and December 31, 2020, the amounts due to IHM were $0.5 million and $0.3 million, respectively. The Company also provided services to an entity Castleblack Owner Holding, LLC ("Castleblack"), which sold on March 24, 2021 as part of the larger CLNY transaction, was 97.5% owned by affiliates of CLNY and 2.5% owned by Mr. Fisher. During the three months ended March 31, 2021 and 2020 the company received $23 thousand and $25 thousand, respectively, for these services. Cost reimbursements from unconsolidated real estate entities revenue represent 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 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.

Subsequent Events

Subsequent Events3 Months Ended
Mar. 31, 2021
Subsequent Events [Abstract]
Subsequent EventsSubsequent EventsOn April 30, 2021, the Company made a payment of $12.7 million to pay off its mortgage loan for the Residence Inn by Marriott New Rochelle, NY.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2021
Accounting Policies [Abstract]
Basis of PresentationBasis of Presentation The accompanying unaudited interim 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”) applicable to interim financial information. These unaudited 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. Interim results are not necessarily indicative of full year performance due to seasonal and other factors, including the timing of the acquisition or sale of hotels. 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. The accompanying unaudited consolidated financial statements should be read in conjunction with the audited financial statements prepared in accordance with GAAP, and the related notes thereto as of December 31, 2020, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020.
Use of EstimatesUse 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.

Disposition of Hotel Properti_2

Disposition of Hotel Properties (Tables)3 Months Ended
Mar. 31, 2021
Discontinued Operations and Disposal Groups [Abstract]
Disposal Groups, Including Discontinued OperationsDuring the three months ended March 31, 2021 and 2020, the Company's consolidated statements of operations included operating income related to the disposed hotel as follows (in thousands): For the three months ended March 31, 2021 2020 Residence Inn Mission Valley, CA $ — $ 752 Total $ — $ 752

Investment in Hotel Properties,

Investment in Hotel Properties, net (Tables)3 Months Ended
Mar. 31, 2021
Investments, All Other Investments [Abstract]
Investment in Hotel PropertiesInvestment in hotel properties, net as of March 31, 2021 and December 31, 2020 consisted of the following (in thousands): March 31, 2021 December 31, 2020 Land and improvements $ 287,049 $ 287,049 Building and improvements 1,197,805 1,195,276 Furniture, fixtures and equipment 86,506 84,381 Renovations in progress 6,656 11,225 1,578,016 1,577,931 Less: accumulated depreciation (326,030) (312,757) Investment in hotel properties, net $ 1,251,986 $ 1,265,174

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)3 Months Ended
Mar. 31, 2021
Equity Method Investments and Joint Ventures [Abstract]
Schedule Of Income From Joint VentureThe following table sets forth the combined components of net income (loss), including the Company’s share, related to all JVs for the three months ended March 31, 2021 and 2020 (in thousands): For the three months ended March 31, 2021 2020 Revenue $ 24,690 $ 90,870 Total hotel operating expenses 24,106 71,965 Hotel operating income $ 584 $ 18,905 Impairment loss $ — $ 13,881 Loss from continuing operations $ (13,109) $ (40,285) Loss on sale of hotels — (82) Net loss $ (13,109) $ (40,367) Loss allocable to the Company $ (1,347) $ (4,072) Basis difference adjustment 116 399 Total loss from unconsolidated real estate entities attributable to the Company $ (1,231) $ (3,673)

Debt (Tables)

Debt (Tables)3 Months Ended
Mar. 31, 2021
Debt Disclosure [Abstract]
Components of Mortgage DebtMortgage and revolving credit facility debt consisted of the following (dollars in thousands): Collateral Interest Rate Maturity Date 3/31/21 Property Carrying Value Balance Outstanding on Loan as of March 31, 2021 December 31, Revolving Credit Facility (1) 3.11 % March 8, 2022 $ 624,787 $ 120,000 $ 135,300 Construction loan (2) 7.75 % August 3, 2024 52,540 21,757 13,325 Residence Inn by Marriott New Rochelle, NY 5.75 % September 1, 2021 21,829 12,483 12,602 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 28,384 15,097 15,195 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 30,748 20,645 20,780 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 29,891 17,012 17,126 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 33,464 20,901 21,031 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 62,033 42,768 42,998 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 41,126 31,305 31,463 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 74,670 63,152 63,418 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 82,846 68,902 69,192 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 61,935 47,364 47,564 Residence Inn by Marriott Mountain View, CA 4.64 % July 6, 2024 47,754 36,936 37,092 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 33,106 29,234 29,358 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 37,775 20,372 20,490 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 12,796 15,336 15,411 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 15,619 17,310 17,396 Total debt before unamortized debt issue costs $ 1,291,303 $ 600,574 $ 609,741 Unamortized mortgage debt issue costs (893) (971) Total debt outstanding $ 599,681 $ 608,770 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 2.5% if borrowings remain at or below $200 million and a spread of 3.0% if borrowings exceed $200 million. At March 31, 2021 and December 31, 2020, the Company had $120.0 million and $135.3 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. 2. On August 4, 2020, a subsidiary of Chatham entered into an agreement with affiliates of Mack Real Estate Credit Strategies to obtain a $40 million loan 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 ObligationsFuture scheduled principal payments of debt obligations as of March 31, 2021, for the current year and each of the next five calendar years and thereafter are as follows (in thousands): Amount 2021 (remaining nine months) $ 19,141 2022 129,249 2023 117,876 2024 318,373 2025 15,935 Thereafter — Total debt before unamortized debt issue costs $ 600,574 Unamortized mortgage debt issue costs (893) Total debt outstanding $ 599,681

Dividends Declared and Paid (Ta

Dividends Declared and Paid (Tables)3 Months Ended
Mar. 31, 2021
Equity [Abstract]
Dividends Declared and PaidThe dividends and distributions paid during the three months ended March 31, 2020 were as follows: Record Date Payment Date Common share distribution amount LTIP unit distribution amount January 1/31/2020 2/28/2020 $ 0.11 $ 0.11 February 2/28/2020 3/27/2020 0.11 0.11 1st Quarter 2020 $ 0.22 $ 0.22 Total 2020 $ 0.22 $ 0.22

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2021
Earnings Per Share [Abstract]
Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per ShareThe 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 three months ended March 31, 2021 2020 Numerator: Net income (loss) attributable to common shareholders $ 2,656 $ (27,783) Dividends paid on unvested shares and units — (50) Net income (loss) attributable to common shareholders $ 2,656 $ (27,833) Denominator: Weighted average number of common shares - basic 47,224,972 46,948,533 Unvested shares 143,546 — Weighted average number of common shares - diluted 47,368,518 46,948,533 Basic income (loss) per Common Share: Net income (loss) attributable to common shareholders per weighted average basic common share $ 0.06 $ (0.59) Diluted income (loss) per Common Share: Net income (loss) attributable to common shareholders per weighted average diluted common share $ 0.06 $ (0.59)

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)3 Months Ended
Mar. 31, 2021
Share-based Payment Arrangement [Abstract]
Summary of Restricted Share AwardsA summary of the Company’s restricted share awards for the three months ended March 31, 2021 and the year ended December 31, 2020 is as follows: Three Months Ended Year Ended March 31, 2021 December 31, 2020 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 1,667 $ 17.40 5,001 $ 18.33 Granted — — — — Vested — — (3,334) 18.80 Forfeited — — — — Non-vested at end of the period 1,667 $ 17.40 1,667 $ 17.40
Schedule of Long Term Incentive Unit AwardsA summary of the Company's LTIP Unit awards for the three months ended March 31, 2021 and the year ended December 31, 2020 is as follows: Three Months Ended Year Ended March 31, 2021 December 31, 2020 Number of Units Weighted-Average Grant Date Fair Value Number of Units Weighted-Average Grant Date Fair Value Non-vested at beginning of the period 669,609 $ 15.73 598,320 $ 18.30 Granted 330,945 14.55 325,507 13.42 Vested (219,451) 16.39 (254,218) 18.82 Forfeited (16,925) $ 17.02 — $ — Non-vested at end of the period 764,178 $ 15.00 669,609 $ 15.73
Schedule of Performance-Based Long-Term Incentive Plan Payout Unit AwardsThe 2021 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 AssumptionsThe grant date fair values 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 LTIP Unit Awards 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% 2021 Time-Based LTIP Unit Awards 3/1/2021 132,381 $12.52 78% —% 0.08% 2021 Performance-Based LTIP Unit Awards 3/1/2021 198,564 $15.91 64% 3.4% 0.30%

Leases (Tables)

Leases (Tables)3 Months Ended
Mar. 31, 2021
Leases [Abstract]
Lessee, Operating Lease, Liability, MaturityThe following is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of March 31, 2021, for each of the next five calendar years and thereafter: Total Future Lease Payments Amount 2021 (remaining nine months) $ 1,540 2022 2,071 2023 2,093 2024 2,115 2025 2,186 Thereafter 66,720 Total lease payments $ 76,725 Less: Imputed interest (53,622) Present value of lease liabilities $ 23,103
Lessee Operating Lease Liability Maturity, Ground, Air Rights, Garage And Office LeasesThe following is a schedule of the minimum future payments required under the ground, air rights, garage leases and office lease as of December 31, 2020, for each of the next five calendar years and thereafter: 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 Right Of Use Asset And LiabilityThe following table includes information regarding the right of use assets and lease liabilities of the Company as of March 31, 2021: Right of Use Asset Lease Liability Balance as of January 1, 2021 $ 20,641 $ 23,233 Amortization (161) (130) Balance as of March 31, 2021 $ 20,480 $ 23,103
Lease, CostLease Term and Discount Rate March 31, 2021 Weighted-average remaining lease term (years) 40.59 Weighted-average discount rate 6.58%

Organization (Details)

Organization (Details) $ / shares in Units, shares in Millions1 Months Ended3 Months Ended
Mar. 31, 2021USD ($)HotelRoomstate$ / sharesDec. 31, 2017USD ($)Mar. 31, 2021USD ($)HotelRoomstate$ / sharessharesMar. 31, 2020USD ($)Mar. 18, 2021Mar. 17, 2021RoomHotelMay 06, 2020Hotel
Subsidiary, Sale of Stock [Line Items]
Proceeds from issuance of common shares $ 21,294,000 $ 92,000
Aggregate number of rooms in hotels (in rooms) | Room5,900 5,900
Number of states in which hotels are owned (in states) | state15 15
Number of hotels acquired (in hotels) | Hotel6
Initial term of each TRS lease5 years
Island Hospitality Management Inc.
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel39 39
Ownership percentage in related party owned by the company's chairman97.50%97.50%45.00%52.50%
Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Aggregate number of rooms in hotels (in rooms) | Room6,402 6,402 5,948
Number of hotels acquired (in hotels) | Hotel48 48
Inland Joint Venture | Minority Interest In Joint Venture Rooms
Subsidiary, Sale of Stock [Line Items]
Number of hotels managed by related party (in hotels) | Hotel46
ATM Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount $ 100,000,000
Registration statement filed, amount100,000,000
Shares issued (in shares) | shares1.4
Average share price (in dollars per share) | $ / shares $ 14.18 $ 14.18
Proceeds from issuance of common shares $ 19,300,000
Stock purchase plan, remaining authorized repurchase amount $ 80,700,000 $ 80,700,000
DRSP Plan
Subsidiary, Sale of Stock [Line Items]
Stock purchase plan, authorized amount50,000,000
Registration statement filed, amount $ 50,000,000
Shares issued (in shares) | shares0.1
Proceeds from issuance of common shares $ 2,000,000
Stock purchase plan, remaining authorized repurchase amount $ 48,000,000 $ 48,000,000
Stock purchase plan, average price per share (in dollars per share) | $ / shares $ 13.80
Operating Partnership
Subsidiary, Sale of Stock [Line Items]
Percentage of common units of limited partnership owned100.00%
Colony Capital, Inc. | Inland Joint Venture
Subsidiary, Sale of Stock [Line Items]
Noncontrolling interest, ownership percentage by parent10.00%10.00%10.30%
Proceeds from sale of interest in affiliate $ 2,800,000

Disposition of Hotel Properti_3

Disposition of Hotel Properties (Details) - USD ($) $ in ThousandsNov. 24, 2020Mar. 31, 2021Mar. 31, 2020
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
(Loss) gain on sale of hotel property $ (43) $ 1
Disposal Group, Disposed of by Sale, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal group, operating income0 752
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Residence Inn Mission Valley San Diego, CA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Amount sold in disposition $ 67,000
(Loss) gain on sale of hotel property21,100
Mortgage loan amount $ 26,700
Disposal group, operating income $ 0 $ 752

Allowance for Doubtful Accoun_2

Allowance for Doubtful Accounts (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Receivables [Abstract]
Allowance for doubtful accounts related to receivables $ 263 $ 248

Investment in Hotel Propertie_2

Investment in Hotel Properties, net - Schedule of Investments in Hotel Properties, net (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Investments, All Other Investments [Abstract]
Land and improvements $ 287,049 $ 287,049
Building and improvements1,197,805 1,195,276
Furniture, fixtures and equipment86,506 84,381
Renovations in progress6,656 11,225
Investment in hotel properties, at cost1,578,016 1,577,931
Less: accumulated depreciation(326,030)(312,757)
Investment in hotel properties, net $ 1,251,986 $ 1,265,174

Investment in Hotel Propertie_3

Investment in Hotel Properties, net - Narrative (Details) - California $ in MillionsMar. 31, 2021USD ($)
Schedule of Investments [Line Items]
Cost incurred $ 52.5
Land
Schedule of Investments [Line Items]
Cost incurred6.6
Other Development Costs
Schedule of Investments [Line Items]
Cost incurred $ 45.9

Investment in Unconsolidated _3

Investment in Unconsolidated Entities - Additional Information (Details) - USD ($)1 Months Ended3 Months Ended
Mar. 31, 2021Mar. 31, 2021Mar. 31, 2020Dec. 31, 2020Apr. 09, 2020Nov. 17, 2014Jun. 09, 2014
Schedule of Equity Method Investments [Line Items]
Proceeds from sale of unconsolidated real estate entity $ 2,800,000 $ 0
Gain on sale of investment in unconsolidated real estate entities23,817,000 0
Amount refinanced $ 120,000,000 $ 120,000,000 $ 135,300,000
Percentage of outstanding debt balances20.00%
Impairment loss on investment in unconsolidated real estate entities $ 0 15,282,000
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Joint venture, percentage ownership by third party89.70%
NewINK Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels10.30%
Proceeds from sale of unconsolidated real estate entity2,800,000
Gain on sale of investment in unconsolidated real estate entities23,800,000
Investments in joint ventures $ 0 0
Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Indirect ownership in the leased hotels10.00%
Joint venture, percentage ownership by third party90.00%
Cash distributions $ 0 0
Investments in joint ventures $ 0
Senior Notes | Inland Joint Venture
Schedule of Equity Method Investments [Line Items]
Amount refinanced $ 780,000,000

Investment in Unconsolidated _4

Investment in Unconsolidated Entities - Components of Net Loss (Details) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Schedule of Equity Method Investments [Line Items]
Revenue $ 32,114 $ 60,209
Operating loss(13,488)(17,686)
Loss on sale of hotels(43)0
Net income (loss) attributable to common shareholders2,656 (27,783)
Total Minority Interest Joint Ventures
Schedule of Equity Method Investments [Line Items]
Revenue24,690 90,870
Total hotel operating expenses24,106 71,965
Operating loss584 18,905
Impairment loss0 13,881
Loss from continuing operations(13,109)(40,285)
Loss on sale of hotels0 (82)
Net income (loss) attributable to common shareholders(13,109)(40,367)
Loss allocable to the Company(1,347)(4,072)
Basis difference adjustment116 399
Total loss from unconsolidated real estate entities attributable to the Company $ (1,231) $ (3,673)

Debt - Components of Mortgage D

Debt - Components of Mortgage Debt (Details)Aug. 04, 2020USD ($)HotelMay 06, 2020USD ($)HotelMar. 31, 2021USD ($)Dec. 31, 2020USD ($)
Participating Mortgage Loans [Line Items]
Property Carrying Value $ 1,291,303,000
Total debt before unamortized debt issue costs600,574,000 $ 609,741,000
Unamortized mortgage debt issue costs(893,000)(971,000)
Total debt outstanding599,681,000 608,770,000
Amount refinanced $ 120,000,000 135,300,000
Construction loan | Warner Center
Participating Mortgage Loans [Line Items]
Number of extension options | Hotel2
Period of extension options6 months
Debt amount $ 40,000,000
Term of debt4 years
LIBOR | Construction loan
Participating Mortgage Loans [Line Items]
Basis spread on variable rate3.50%
LIBOR | Construction loan | Warner Center
Participating Mortgage Loans [Line Items]
Basis spread on variable rate7.50%
Floor Rate | Construction loan | Warner Center
Participating Mortgage Loans [Line Items]
Basis spread on variable rate0.25%
Senior Unsecured Revolving Credit Facility
Participating Mortgage Loans [Line Items]
Interest Rate3.11%
Property Carrying Value $ 624,787,000
Total debt before unamortized debt issue costs120,000,000 135,300,000
Floor interest rate0.50%
Maximum borrowing availability under revolving credit facility $ 200,000,000 250,000,000
Amount refinanced $ 120,000,000 135,300,000
Number of extension options | Hotel2
Period of extension options6 months
Senior Unsecured Revolving Credit Facility | LIBOR | Minimum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate2.50%
Senior Unsecured Revolving Credit Facility | LIBOR | Maximum
Participating Mortgage Loans [Line Items]
Basis spread on variable rate3.00%
Construction loan
Participating Mortgage Loans [Line Items]
Interest Rate7.75%
Property Carrying Value $ 52,540,000
Total debt before unamortized debt issue costs $ 21,757,000 13,325,000
Residence Inn by Marriott New Rochelle, NY
Participating Mortgage Loans [Line Items]
Interest Rate5.75%
Property Carrying Value $ 21,829,000
Total debt before unamortized debt issue costs $ 12,483,000 12,602,000
Homewood Suites by Hilton San Antonio, TX
Participating Mortgage Loans [Line Items]
Interest Rate4.59%
Property Carrying Value $ 28,384,000
Total debt before unamortized debt issue costs $ 15,097,000 15,195,000
Residence Inn by Marriott Vienna, VA
Participating Mortgage Loans [Line Items]
Interest Rate4.49%
Property Carrying Value $ 30,748,000
Total debt before unamortized debt issue costs $ 20,645,000 20,780,000
Courtyard by Marriott Houston, TX
Participating Mortgage Loans [Line Items]
Interest Rate4.19%
Property Carrying Value $ 29,891,000
Total debt before unamortized debt issue costs $ 17,012,000 17,126,000
Hyatt Place Pittsburgh, PA
Participating Mortgage Loans [Line Items]
Interest Rate4.65%
Property Carrying Value $ 33,464,000
Total debt before unamortized debt issue costs $ 20,901,000 21,031,000
Residence Inn by Marriott Bellevue, WA
Participating Mortgage Loans [Line Items]
Interest Rate4.97%
Property Carrying Value $ 62,033,000
Total debt before unamortized debt issue costs $ 42,768,000 42,998,000
Residence Inn by Marriott Garden Grove, CA
Participating Mortgage Loans [Line Items]
Interest Rate4.79%
Property Carrying Value $ 41,126,000
Total debt before unamortized debt issue costs $ 31,305,000 31,463,000
Residence Inn by Marriott Silicon Valley I, CA
Participating Mortgage Loans [Line Items]
Interest Rate4.64%
Property Carrying Value $ 74,670,000
Total debt before unamortized debt issue costs $ 63,152,000 63,418,000
Residence Inn by Marriott Silicon Valley II, CA
Participating Mortgage Loans [Line Items]
Interest Rate4.64%
Property Carrying Value $ 82,846,000
Total debt before unamortized debt issue costs $ 68,902,000 69,192,000
Residence Inn by Marriott San Mateo, CA
Participating Mortgage Loans [Line Items]
Interest Rate4.64%
Property Carrying Value $ 61,935,000
Total debt before unamortized debt issue costs $ 47,364,000 47,564,000
Residence Inn by Marriott Mountain View, CA
Participating Mortgage Loans [Line Items]
Interest Rate4.64%
Property Carrying Value $ 47,754,000
Total debt before unamortized debt issue costs $ 36,936,000 37,092,000
SpringHill Suites by Marriott Savannah, GA
Participating Mortgage Loans [Line Items]
Interest Rate4.62%
Property Carrying Value $ 33,106,000
Total debt before unamortized debt issue costs $ 29,234,000 29,358,000
Hilton Garden Inn Marina del Rey, CA
Participating Mortgage Loans [Line Items]
Interest Rate4.68%
Property Carrying Value $ 37,775,000
Total debt before unamortized debt issue costs $ 20,372,000 20,490,000
Homewood Suites by Hilton Billerica, MA
Participating Mortgage Loans [Line Items]
Interest Rate4.32%
Property Carrying Value $ 12,796,000
Total debt before unamortized debt issue costs $ 15,336,000 15,411,000
Hampton Inn & Suites Houston Medical Center, TX
Participating Mortgage Loans [Line Items]
Interest Rate4.25%
Property Carrying Value $ 15,619,000
Total debt before unamortized debt issue costs $ 17,310,000 $ 17,396,000

Debt - Additional Information (

Debt - Additional Information (Details)May 06, 2020USD ($)HotelMar. 31, 2021USD ($)Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Number of hotels acquired (in hotels) | Hotel6
Number of hotels in ownership by Company (in hotels) | Hotel24
Fair value of interest rate caps $ 49,000
LIBOR | Construction loan
Debt Instrument [Line Items]
Basis spread on variable rate3.50%
Fixed Rate Debt
Debt Instrument [Line Items]
Estimated fair value of debt $ 464,200,000 $ 462,600,000
Variable rate debt
Debt Instrument [Line Items]
Estimated fair value of debt141,800,000 $ 148,600,000
Senior Unsecured Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing availability under revolving credit facility $ 200,000,000 $ 250,000,000
Minimum liquidity $ 25,000,000
Floor interest rate0.50%
Senior Unsecured Revolving Credit Facility | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate2.50%
Senior Unsecured Revolving Credit Facility | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate3.00%

Debt - Future Scheduled Princip

Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Debt Disclosure [Abstract]
2021 (remaining nine months) $ 19,141
2022129,249
2023117,876
2024318,373
202515,935
Thereafter0
Total debt before unamortized debt issue costs600,574 $ 609,741
Unamortized mortgage debt issue costs(893)(971)
Total debt outstanding $ 599,681 $ 608,770

Income Taxes (Details)

Income Taxes (Details) - USD ($)3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Income Tax Contingency [Line Items]
Tax expense $ 0 $ 0
TRS
Income Tax Contingency [Line Items]
Percentage of voting interests of gross deferred tax asset100.00%

Dividends Declared and Paid (De

Dividends Declared and Paid (Details) - $ / sharesFeb. 28, 2020Jan. 31, 2020Mar. 31, 2021Mar. 31, 2020
Equity [Abstract]
Distributions declared per common share (in dollars per share) $ 0.11 $ 0.11 $ 0 $ 0.22
LTIP units, distributions per unit (in dollars per share) $ 0.11 $ 0.11 $ 0.22

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2021Mar. 31, 2020
Numerator:
Net income (loss) attributable to common shareholders $ 2,656 $ (27,783)
Dividends paid on unvested shares and units0 (50)
Net income (loss) attributable to common shareholders $ 2,656 $ (27,833)
Denominator:
Weighted average number of common shares - basic47,224,972 46,948,533
Unvested shares143,546
Weighted average number of common shares - diluted47,368,518 46,948,533
Basic income (loss) per Common Share:
Net income (loss) attributable to common shareholders per weighted average basic common share (in dollars per share) $ 0.06 $ (0.59)
Diluted income (loss) per Common Share:
Net income (loss) attributable to common shareholders per weighted average diluted common share (in dollars per share) $ 0.06 $ (0.59)

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details)Mar. 01, 2021$ / sharessharesMar. 01, 2020sharesMar. 01, 2019sharesMar. 01, 2018sharesMar. 01, 2017sharesJan. 28, 2016sharesMay 17, 2013sharesJan. 31, 2021sharesJan. 31, 2020sharesMar. 31, 2021USD ($)sharesMar. 31, 2020USD ($)Dec. 31, 2020USD ($)shares
Independent Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common share issued as compensation for services performed (in shares)40,224 24,516
Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized (in shares)3,000,000
Common shares available for issuance (in shares)589,804
Equity Incentive Plan | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity3 years
Equity Incentive Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period for share awards under equity5 years
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation costs | $ $ 21,300 $ 28,500
Weighted-average period for recognition of unrecognized compensation costs8 months 12 days
Compensation expense, recognized | $ $ 7,200 $ 8,300
Number of shares, Granted (in shares)0 0
Long Term Incentive Plan Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average period for recognition of unrecognized compensation costs2 years 3 months 18 days
Compensation expense, recognized | $ $ 1,000,000 $ 1,400,000
Exchange ratio1
Number of shares, Granted (in shares)330,945 325,507
Total unrecognized compensation cost related to LTIP Units | $ $ 8,600,000 $ 4,900,000
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)132,381 130,206 88,746 97,968 89,574 72,966
Time-Based LTIP Unit Awards | Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)132,381
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)198,564 195,301 133,107 146,949 134,348 39,285
Performance-Based LTIP Unit Awards | Awarded March 1, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)198,564
Grants in period, intrinsic value, amount per share (in dollars per share) | $ / shares $ 15.91
Performance-Based LTIP Unit Awards | Awarded March 1, 2021 | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of units paid out50.00%
Performance-Based LTIP Unit Awards | Awarded March 1, 2021 | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of units paid out150.00%

Equity Incentive Plan - Summary

Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Number of Shares
Number of shares, Nonvested at beginning of the period (in shares)1,667 5,001
Number of shares, Granted (in shares)0 0
Number of shares, Vested (in shares)0 (3,334)
Number of shares, Forfeited (in shares)0 0
Number of shares, Nonvested at end of the period (in shares)1,667 1,667
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share) $ 17.40 $ 18.33
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)0 0
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)0 18.80
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)0 0
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) $ 17.40 $ 17.40

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares3 Months Ended12 Months Ended
Mar. 31, 2021Dec. 31, 2020
Number of Shares
Number of shares, Nonvested at beginning of the period (in shares)669,609 598,320
Number of shares, Granted (in shares)330,945 325,507
Number of shares, Vested (in shares)(219,451)(254,218)
Number of shares, Forfeited (in shares)(16,925)0
Number of shares, Nonvested at end of the period (in shares)764,178 669,609
Weighted - Average Grant Date Fair Value
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share) $ 15.73 $ 18.30
Weighted - Average Grant Date Fair Value, Granted (in dollars per share)14.5513.42
Weighted - Average Grant Date Fair Value, Vested (in dollars per share)16.3918.82
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share)17.020
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) $ 15 $ 15.73

Equity Incentive Plan - Sched_2

Equity Incentive Plan - Schedule of Performance-Based Long-Term Incentive Plan Payout Awards (Details)Mar. 01, 2020
Relative TSR Hurdles (Percentile)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)25.00%
Target (in percentage)50.00%
Maximum (in percentage)75.00%
Payout Percentage
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Threshold (in percentage)50.00%
Target (in percentage)100.00%
Maximum (in percentage)150.00%

Equity Incentive Plan - Valuati

Equity Incentive Plan - Valuation Assumptions (Details) - $ / sharesMar. 01, 2021Mar. 01, 2020Mar. 01, 2019Mar. 01, 2018Mar. 01, 2017Jan. 28, 2016Jun. 01, 2015
Outperformance Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)183,300
Estimate Value Per Unit (in dollars per share) $ 14.13
Volatility, percentage26.00%
Dividend Yield, percentage4.50%
Risk Free Interest Rate, percentage0.95%
Time-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)132,381 130,206 88,746 97,968 89,574 72,966
Estimate Value Per Unit (in dollars per share) $ 12.52 $ 13.05 $ 18.45 $ 16.83 $ 18.53 $ 16.69
Volatility, percentage78.00%20.00%21.00%26.00%24.00%28.00%
Dividend Yield, percentage0.00%0.00%0.00%0.00%0.00%0.00%
Risk Free Interest Rate, percentage0.08%1.06%2.57%2.07%0.92%0.79%
Performance-Based LTIP Unit Awards
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares, Granted (in shares)198,564 195,301 133,107 146,949 134,348 39,285
Estimate Value Per Unit (in dollars per share) $ 15.91 $ 13.66 $ 18.91 $ 17.02 $ 19.65 $ 11.09
Volatility, percentage64.00%20.00%21.00%26.00%25.00%30.00%
Dividend Yield, percentage3.40%8.10%6.20%6.20%5.80%5.80%
Risk Free Interest Rate, percentage0.30%0.90%2.55%2.37%1.47%1.13%

Leases - Narrative (Details)

Leases - Narrative (Details)3 Months Ended
Mar. 31, 2021USD ($)ParkingSpaceHotelTerm
Operating Leased Assets [Line Items]
Fixed lease payments $ 300,000
Variable lease, payment30,000
Hilton Garden Inn Marina del Rey, CA
Operating Leased Assets [Line Items]
Operating leases, monthly payment $ 47,500
Ground Leases | Hilton Garden Inn Portsmouth
Operating Leased Assets [Line Items]
Number of additional terms | Term3
Periods in each additional renewal term10 years
Operating leases, monthly payment $ 44,400
Operating lease, periodic increase, percentage10.00%
Periodic increase in monthly payment5 years
Operating lease, annual supplemental rent, percentage of gross revenues (equal to)5.00%
Operating lease, annual supplemental rent subtraction, base rent multiplier12
Air Rights Lease And Garage Lease
Operating Leased Assets [Line Items]
Number of parking spaces occupied by hotel (in parking spaces) | ParkingSpace128
Quarterly rent $ 30,000
Office Lease
Operating Leased Assets [Line Items]
Periods in each additional renewal term5 years
Maximum additional terms up to which ground lease can be extended (up to) | Hotel2
Operating leases, term of contract11 years
Operating leases, abatement term of contract12 months
Minimum | Hilton Garden Inn Marina del Rey, CA
Operating Leased Assets [Line Items]
Operating lease, periodic increase, percentage5.00%
Maximum | Hilton Garden Inn Marina del Rey, CA
Operating Leased Assets [Line Items]
Operating lease, periodic increase, percentage25.00%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in ThousandsMar. 31, 2021Dec. 31, 2020
Leases [Abstract]
2021 (remaining nine months) $ 1,540
20222,071
20232,093
20242,115
20252,186
Thereafter66,720
Total lease payments76,725
Less: Imputed interest(53,622)
Present value of lease liabilities $ 23,103 $ 23,233

Leases - Schedule of Ground, Ai

Leases - Schedule of Ground, Air Rights, Garage and Office Leases (Details) $ in ThousandsDec. 31, 2020USD ($)
Leases [Abstract]
2021 $ 2,051
20222,071
20232,093
20242,115
20252,186
Thereafter66,720
Total lease payments77,236
Less: Imputed interest(54,003)
Present value of lease liabilities $ 23,233

Leases - Schedule Of Right of U

Leases - Schedule Of Right of Use Asset and Lease Liability (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)
Schedule Of Right Of Use Asset [Abstract]
Beginning balance $ 20,641
Amortization(161)
Ending balance20,480
Schedule Of Lease Liability [Abstract]
Beginning balance23,233
Amortization(130)
Ending balance $ 23,103

Leases - Lease Cost (Details)

Leases - Lease Cost (Details)Mar. 31, 2021
Leases [Abstract]
Weighted-average remaining lease term (years)40 years 7 months 2 days
Weighted-average discount rate6.58%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)HotelMar. 31, 2020USD ($)Dec. 31, 2020USD ($)Sep. 30, 2020USD ($)Aug. 31, 2020USD ($)
Capital Leased Assets [Line Items]
Accounts payable and accrued expenses $ 22,350 $ 25,374
Management fees recorded within hotel other operating expenses1,200 $ 2,000
Franchise and marketing fees $ 2,600 $ 4,700
Perez et al. v. Island Hospitality Management III LLC et al.
Capital Leased Assets [Line Items]
Accounts payable and accrued expenses $ 600
Minimum
Capital Leased Assets [Line Items]
Weighted average expiration period10 years
Maximum
Capital Leased Assets [Line Items]
Weighted average expiration period30 years
Hotel Management Agreement | Island Hospitality Management Inc.
Capital Leased Assets [Line Items]
Initial terms of management agreements5 years
Number of renewal periods of management agreements | Hotel2
Renewal periods of management agreements5 years
Notice period for successive renewal of agreement (no later than)90 days
Minimum notice period for termination of management agreement6 months
Management fee10.00%
Incentive management fee, percentage1.00%
Accounts Payable and Accrued Liabilities
Capital Leased Assets [Line Items]
Amount of exposure to litigation $ 100

Related Party Transactions (Det

Related Party Transactions (Details) $ in Thousands3 Months Ended
Mar. 31, 2021USD ($)HotelMar. 31, 2020USD ($)Mar. 18, 2021Mar. 17, 2021Dec. 31, 2020USD ($)May 06, 2020Hotel
Related Party Transaction [Line Items]
Number of hotels acquired (in hotels) | Hotel6
Management fees recorded within hotel other operating expenses | $ $ 1,200 $ 2,000
Amounts due to related party | $ $ 500 $ 300
NorthStar Realty Finance Corp
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman2.50%
Ownership percentage in related party owned by third party97.50%
Services provided | $ $ 23 $ 25
Island Hospitality Management Inc.
Related Party Transaction [Line Items]
Ownership percentage in related party owned by the company's chairman97.50%45.00%52.50%
Number of hotels managed by related party (in hotels) | Hotel39
Inland Joint Venture
Related Party Transaction [Line Items]
Number of hotels acquired (in hotels) | Hotel48

Subsequent Events (Details)

Subsequent Events (Details) $ in MillionsApr. 30, 2021USD ($)
Subsequent Event | Residence Inn by Marriott New Rochelle, NY
Subsequent Event [Line Items]
Repayments of debt $ 12.7