Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 27, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-34693 | ||
Entity Registrant Name | CHATHAM LODGING TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 27-1200777 | ||
Entity Address, Address Line One | 222 Lakeview Avenue, Suite 200 | ||
Entity Address, City or Town | West Palm Beach | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 33401 | ||
City Area Code | 561 | ||
Local Phone Number | 802-4477 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 448,633,673 | ||
Entity Common Stock, Shares Outstanding (in shares) | 48,904,295 | ||
Documents Incorporated by Reference | Portions of the registrant's Definitive Proxy Statement for its 2024 Annual Meeting of Shareholders (to be filed with the Securities and Exchange Commission on or before A pril 30, 2024) are incorporated by reference into this Annual Report on Form 10-K in response to Part III hereof. | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001476045 | ||
Common Shares | |||
Document Information [Line Items] | |||
Title of 12(b) Security | Common Shares of Beneficial Interest, $0.01 par value per share | ||
Trading Symbol | CLDT | ||
Security Exchange Name | NYSE | ||
Series A Preferred Shares | |||
Document Information [Line Items] | |||
Title of 12(b) Security | 6.625% Series A Cumulative Redeemable Preferred Shares | ||
Trading Symbol | CLDT-PA | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Miami, Florida |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Investment in hotel properties, net | $ 1,227,633 | $ 1,264,252 |
Cash and cash equivalents | 68,130 | 26,274 |
Restricted cash | 17,619 | 18,879 |
Right of use asset, net | 18,141 | 19,297 |
Hotel receivables (net of allowance for doubtful accounts of $280 and $344, respectively) | 4,375 | 5,178 |
Deferred costs, net | 4,246 | 6,428 |
Prepaid expenses and other assets | 3,786 | 3,430 |
Total assets | 1,343,930 | 1,343,738 |
Liabilities and Equity: | ||
Mortgage debt, net | 394,544 | 430,553 |
Revolving credit facility | 0 | 0 |
Construction loan | 0 | 39,331 |
Unsecured term loan, net | 89,533 | 0 |
Accounts payable and accrued expenses (including $399 and $361 due to related parties, respectively) | 29,255 | 28,528 |
Lease liability, net | 20,808 | 22,108 |
Distributions payable | 5,414 | 5,221 |
Total liabilities | 539,554 | 525,741 |
Commitments and contingencies (see note 14) | ||
Shareholders’ Equity: | ||
Preferred shares, $0.01 par value, 100,000,000 shares authorized; 4,800,000 and 4,800,000 shares issued and outstanding at December 31, 2023 and 2022, respectively | 48 | 48 |
Common shares, $0.01 par value, 500,000,000 shares authorized; 48,859,836 and 48,808,105 shares issued and outstanding at December 31, 2023 and 2022, respectively | 488 | 488 |
Additional paid-in capital | 1,047,176 | 1,047,023 |
Accumulated deficit | (271,651) | (252,665) |
Total shareholders’ equity | 776,061 | 794,894 |
Noncontrolling Interests: | ||
Noncontrolling interest in operating partnership | 28,315 | 23,103 |
Total equity | 804,376 | 817,997 |
Total liabilities and equity | $ 1,343,930 | $ 1,343,738 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Hotel receivables, allowance for doubtful accounts | $ 280 | $ 344 |
Preferred shares, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred shares, shares issued (in shares) | 4,800,000 | 4,800,000 |
Preferred shares, shares outstanding (in shares) | 4,800,000 | 4,800,000 |
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) | 48,859,836 | 48,808,105 |
Common shares, shares outstanding (in shares) | 48,859,836 | 48,808,105 |
Related Party | ||
Due to related party | $ 399 | $ 361 |
Other liabilities | $ 399 | $ 361 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue: | |||
Total revenue | $ 311,109 | $ 294,851 | $ 203,975 |
Expenses: | |||
Total hotel operating expenses | 175,386 | 160,758 | 119,293 |
Depreciation and amortization | 58,254 | 59,350 | 54,215 |
Impairment loss | 4,266 | 0 | 5,640 |
Property taxes, ground rent and insurance | 23,507 | 21,210 | 23,826 |
General and administrative | 17,517 | 17,339 | 15,752 |
Other charges | 2,300 | 683 | 711 |
Reimbursable costs from related parties | 1,283 | 1,326 | 1,731 |
Total operating expenses | 282,513 | 260,666 | 221,168 |
Operating income (loss) before gain (loss) on sale of hotel property | 28,596 | 34,185 | (17,193) |
Gain (loss) on sale of hotel property | 18 | 2,268 | (21) |
Operating income (loss) | 28,614 | 36,453 | (17,214) |
Interest and other income | 1,534 | 10 | 243 |
Interest expense net of amounts capitalized, including amortization of deferred fees | (27,128) | (26,454) | (24,460) |
Loss on early extinguishment of debt | (696) | (138) | 0 |
Loss from unconsolidated real estate entities | 0 | 0 | (1,231) |
Gain on sale of investment in unconsolidated real estate entities | 0 | 0 | 23,817 |
Gain from partial lease termination | 164 | 0 | 0 |
Income (loss) before income tax expense | 2,488 | 9,871 | (18,845) |
Income tax expense | 0 | 0 | 0 |
Net income (loss) | 2,488 | 9,871 | (18,845) |
Net loss (income) attributable to non-controlling interest | 156 | (66) | 435 |
Net income (loss) attributable to Chatham Lodging Trust | 2,644 | 9,805 | (18,410) |
Preferred dividends | (7,950) | (7,950) | (3,975) |
Net (loss) income attributable to common shareholders | $ (5,306) | $ 1,855 | $ (22,385) |
(Loss) income per common share - basic: | |||
Net (loss) income attributable to common shareholders (in dollars per share) | $ (0.11) | $ 0.04 | $ (0.46) |
(Loss) income per common share - diluted: | |||
Net (loss) income attributable to common shareholders (in dollars per share) | $ (0.11) | $ 0.04 | $ (0.46) |
Weighted average number of common shares outstanding: | |||
Basic (in shares) | 48,847,386 | 48,795,642 | 48,349,027 |
Diluted (in shares) | 48,847,386 | 49,058,722 | 48,349,027 |
Distributions per common share (in dollars per share) | $ 0.28 | $ 0.07 | $ 0 |
Room | |||
Revenue: | |||
Total revenue | $ 284,999 | $ 272,265 | $ 187,369 |
Expenses: | |||
Total hotel operating expenses | 61,794 | 56,073 | 40,396 |
Food and beverage | |||
Revenue: | |||
Total revenue | 8,124 | 7,303 | 3,525 |
Expenses: | |||
Total hotel operating expenses | 6,352 | 5,520 | 2,404 |
Other | |||
Revenue: | |||
Total revenue | 16,703 | 13,958 | 11,350 |
Reimbursable costs from related parties | |||
Revenue: | |||
Total revenue | 1,283 | 1,325 | 1,731 |
Telephone | |||
Expenses: | |||
Total hotel operating expenses | 1,439 | 1,449 | 1,502 |
Other hotel operating | |||
Expenses: | |||
Total hotel operating expenses | 3,712 | 3,488 | 2,299 |
General and administrative | |||
Expenses: | |||
Total hotel operating expenses | 28,884 | 26,085 | 20,424 |
Franchise and marketing fees | |||
Expenses: | |||
Total hotel operating expenses | 24,897 | 23,674 | 16,560 |
Advertising and promotions | |||
Expenses: | |||
Total hotel operating expenses | 6,085 | 5,397 | 3,721 |
Utilities | |||
Expenses: | |||
Total hotel operating expenses | 13,007 | 12,048 | 10,255 |
Repairs and maintenance | |||
Expenses: | |||
Total hotel operating expenses | 15,837 | 14,145 | 11,784 |
Management fees paid to related parties | Related Party | |||
Expenses: | |||
Total hotel operating expenses | 10,557 | 10,133 | 7,156 |
Insurance | |||
Expenses: | |||
Total hotel operating expenses | $ 2,822 | $ 2,746 | $ 2,792 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) $ in Thousands | Total | Preferred Shares | Common Shares | Total Shareholders’ Equity | Total Shareholders’ Equity Preferred Shares | Total Shareholders’ Equity Common Shares | Preferred Shares | Preferred Shares Preferred Shares | Common Shares | Common Shares Common Shares | Additional Paid - In Capital | Additional Paid - In Capital Preferred Shares | Additional Paid - In Capital Common Shares | Accumulated Deficit | Noncontrolling Interest in Operating Partnership |
Beginning Balance (in shares) at Dec. 31, 2020 | 0 | 46,973,473 | |||||||||||||
Beginning Balance at Dec. 31, 2020 | $ 692,460 | $ 677,752 | $ 0 | $ 470 | $ 906,000 | $ (228,718) | $ 14,708 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common shares pursuant to Equity Incentive Plan (in shares) | 40,203 | ||||||||||||||
Issuance of common shares pursuant to Equity Incentive Plan | 450 | 450 | 450 | ||||||||||||
Issuance of shares, net of offering costs (in shares) | 4,800,000 | 1,745,214 | |||||||||||||
Issuance of shares, net of offering costs | $ 115,937 | $ 23,790 | $ 115,937 | $ 23,790 | $ 48 | $ 17 | $ 115,889 | $ 23,773 | |||||||
Issuance of restricted time-based shares (in shares) | 10,000 | ||||||||||||||
Issuance of restricted time-based shares | 0 | ||||||||||||||
Amortization of share based compensation | 4,336 | 43 | 43 | 4,293 | |||||||||||
Forfeited distributions on LTIP units | 40 | 40 | |||||||||||||
Dividends accrued on preferred shares | (3,975) | (3,975) | (3,975) | ||||||||||||
Reallocation of noncontrolling interest | 0 | 1,915 | 1,915 | (1,915) | |||||||||||
Net (loss) income | (18,845) | (18,410) | (18,410) | (435) | |||||||||||
Ending Balance (in shares) at Dec. 31, 2021 | 4,800,000 | 48,768,890 | |||||||||||||
Ending Balance at Dec. 31, 2021 | 814,193 | 797,502 | $ 48 | $ 487 | 1,048,070 | (251,103) | 16,691 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common shares pursuant to Equity Incentive Plan (in shares) | 34,672 | ||||||||||||||
Issuance of common shares pursuant to Equity Incentive Plan | 487 | 487 | $ 1 | 486 | |||||||||||
Issuance of shares, net of offering costs (in shares) | 4,543 | ||||||||||||||
Issuance of shares, net of offering costs | (50) | (50) | (50) | ||||||||||||
Amortization of share based compensation | 5,011 | 38 | 38 | 4,973 | |||||||||||
Dividends declared on common shares | (3,417) | (3,417) | (3,417) | ||||||||||||
Distributions declared on LTIP units | (148) | (148) | |||||||||||||
Dividends accrued on preferred shares | (7,950) | (7,950) | (7,950) | ||||||||||||
Reallocation of noncontrolling interest | 0 | (1,521) | (1,521) | 1,521 | |||||||||||
Net (loss) income | 9,871 | 9,805 | 9,805 | 66 | |||||||||||
Ending Balance (in shares) at Dec. 31, 2022 | 4,800,000 | 48,808,105 | |||||||||||||
Ending Balance at Dec. 31, 2022 | 817,997 | 794,894 | $ 48 | $ 488 | 1,047,023 | (252,665) | 23,103 | ||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Issuance of common shares pursuant to Equity Incentive Plan (in shares) | 43,378 | ||||||||||||||
Issuance of common shares pursuant to Equity Incentive Plan | 540 | 540 | 540 | ||||||||||||
Issuance of shares, net of offering costs (in shares) | 5,896 | ||||||||||||||
Issuance of shares, net of offering costs | 59 | 59 | 59 | ||||||||||||
Issuance of restricted time-based shares (in shares) | 2,457 | ||||||||||||||
Issuance of restricted time-based shares | 0 | ||||||||||||||
Amortization of share based compensation | 5,647 | 47 | 47 | 5,600 | |||||||||||
Dividends declared on common shares | (13,680) | (13,680) | (13,680) | ||||||||||||
Distributions declared on LTIP units | (725) | (725) | |||||||||||||
Dividends accrued on preferred shares | (7,950) | (7,950) | (7,950) | ||||||||||||
Reallocation of noncontrolling interest | 0 | (493) | (493) | 493 | |||||||||||
Net (loss) income | 2,488 | 2,644 | 2,644 | (156) | |||||||||||
Ending Balance (in shares) at Dec. 31, 2023 | 4,800,000 | 48,859,836 | |||||||||||||
Ending Balance at Dec. 31, 2023 | $ 804,376 | $ 776,061 | $ 48 | $ 488 | $ 1,047,176 | $ (271,651) | $ 28,315 |
Consolidated Statements of Eq_2
Consolidated Statements of Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Dividends declared on common share (in dollars per share) | $ 0.28 | $ 0.07 | $ 0 |
Distributions declared on LTIP units (in dollars per share) | $ 0.28 | $ 0.07 | |
Preferred Shares | |||
Issuance of shares, offering costs | $ 4,063 | ||
Common Shares | |||
Issuance of shares, offering costs | $ 2 | $ 107 | $ 822 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 2,488 | $ 9,871 | $ (18,845) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation | 58,040 | 59,123 | 53,967 |
Amortization of deferred franchise fees | 214 | 246 | 248 |
Amortization of deferred financing fees included in interest expense | 1,201 | 1,444 | 1,825 |
(Gain) loss on sale of hotel property | (18) | (2,268) | 21 |
Gain on sale of unconsolidated real estate entities | 0 | 0 | (23,817) |
Impairment loss | 4,266 | 0 | 5,640 |
Write-off of hotel development costs included in other charges | 2,238 | 0 | 0 |
Loss on early extinguishment of debt | 672 | 138 | 0 |
Share based compensation | 6,117 | 5,551 | 4,823 |
Gain from partial lease termination | (164) | 0 | 0 |
Loss from unconsolidated real estate entities | 0 | 0 | 1,231 |
Changes in assets and liabilities: | |||
Right of use asset | 625 | 688 | 656 |
Hotel receivables | 803 | (2,191) | (1,314) |
Deferred costs | (102) | (175) | (327) |
Prepaid expenses and other assets | (382) | (764) | (526) |
Accounts payable and accrued expenses | 1,048 | 460 | 5,732 |
Lease liability | (604) | (588) | (537) |
Net cash provided by operating activities | 76,442 | 71,535 | 28,777 |
Cash flows from investing activities: | |||
Improvements and additions to hotel properties | (28,113) | (15,663) | (9,505) |
Investment in hotel properties under development | 0 | (3,299) | (23,903) |
Acquisition of hotel properties, net of cash acquired | 0 | (31,048) | (71,335) |
Proceeds from sale of hotel properties, net | 0 | 79,570 | 0 |
Proceeds from sale of unconsolidated real estate entities | 0 | 0 | 2,800 |
Receipt of deferred key money | 0 | 400 | 0 |
Net cash (used in) provided by investing activities | (28,113) | 29,960 | (101,943) |
Cash flows from financing activities: | |||
Borrowings on revolving credit facility | 0 | 40,000 | 90,000 |
Repayments on revolving credit facility | 0 | (110,000) | (155,300) |
Borrowings on construction loan | 0 | 4,324 | 21,682 |
Repayments on construction loan | (39,331) | 0 | 0 |
Borrowings on unsecured term loan | 90,000 | 0 | 0 |
Payments on mortgage debt | (117,742) | (9,000) | (21,190) |
Proceeds from the issuance of mortgage debt | 82,925 | 0 | 0 |
Payments of financing costs | (1,482) | (3,388) | (736) |
Proceeds from issuance of common shares | 61 | 57 | 24,612 |
Proceeds from issuance of preferred shares | 0 | 0 | 120,000 |
Distributions - common shares/units | (14,212) | (147) | (282) |
Distributions - preferred shares | (7,950) | (7,950) | (2,319) |
Net cash (used in) provided by financing activities | (7,733) | (86,211) | 71,582 |
Net change in cash, cash equivalents and restricted cash | 40,596 | 15,284 | (1,584) |
Cash, cash equivalents and restricted cash, beginning of period | 45,153 | 29,869 | 31,453 |
Cash, cash equivalents and restricted cash, end of period | 85,749 | 45,153 | 29,869 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest, net of amounts capitalized | 24,900 | 25,298 | 25,931 |
Capitalized interest | 0 | 330 | 3,551 |
Cash paid for taxes | 930 | 768 | 387 |
Remeasurement of right of use asset from partial lease termination | 531 | 0 | 0 |
Remeasurement of lease liability from partial lease termination | 695 | 0 | 0 |
Common Shares | |||
Cash flows from financing activities: | |||
Payment of offering costs on common shares | (2) | (107) | (822) |
Preferred Shares | |||
Cash flows from financing activities: | |||
Payment of offering costs on common shares | $ 0 | $ 0 | $ (4,063) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | Jan. 16, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued distributions payable | $ 5,414 | $ 5,221 | $ 1,800 | |
Accrued share based compensation | 500 | 500 | 500 | |
Accounts payable and accrued expenses | $ 1,300 | $ 1,500 | $ 1,000 | |
Subsequent Event | ||||
Shares issued pursuant to equity incentive plan (in shares) | 43,670 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Chatham Lodging Trust (“we,” “us” or the “Company”) was formed as a Maryland real estate investment trust on October 26, 2009. The Company is internally-managed and invests primarily in upscale extended-stay and premium-branded select-service hotels. The Company has elected to be treated as a real estate investment trust for federal income tax purposes ("REIT"). The Company had no operations prior to the consummation of its initial public offering ("IPO") in April 2010. The net proceeds from our share offerings are contributed to Chatham Lodging, L.P., our operating partnership (the “Operating Partnership”), in exchange for partnership interests. Substantially all of the Company’s assets are held by, and all operations are conducted through, the Operating Partnership. The Company is the sole general partner of the Operating Partnership and owns 100% of the common units of limited partnership interest in the Operating Partnership ("common units"). Certain of the Company’s executive officers hold vested and unvested long-term incentive plan units in the Operating Partnership ("LTIP units"), which are presented as non-controlling interests on our consolidated balance sheets. As of December 31, 2023, the Company owned 39 hotels with an aggregate of 5,915 (unaudited) rooms located in 16 states and the District of Columbia (unaudited). Prior to September 23, 2021, the Company held a 10.0% noncontrolling interest in a joint venture (the "Inland JV") with affiliates of Colony Capital, Inc. ("CLNY"), which owned 48 hotels acquired from Inland American Real Estate Trust, Inc. ("Inland"), comprising an aggregate of 6,402 (unaudited) rooms. Chatham sold its interest in the Inland JV in September 2021. 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 acquired from a joint venture (the "Innkeepers JV") between the Company and Cerberus Capital Management (“Cerberus”), comprising an aggregate of 5,948 (unaudited) rooms. Chatham sold its interest in the NewINK JV in March 2021. To qualify as a REIT, the Company cannot operate its hotels. Therefore, the Operating Partnership and its subsidiaries lease the Company's hotels to taxable REIT subsidiary lessees (“TRS Lessees”), which are wholly owned by the Company’s taxable REIT subsidiary (“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. Lease revenue from each TRS Lessee is eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. The consolidated financial statements include all of the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable, mortgage debt, revolving credit facility and construction loan. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for mortgage debt, the revolving credit facility, the construction loan, and the unsecured term loan, the fair value of which is separately disclosed in Note 7. Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired as asset acquisitions based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 5 to 20 years for building improvements and one Management periodically reviews its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable over management's estimated holding period. This estimated holding period incorporates management’s intent and ability to hold the hotel properties over the estimated holding period. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist and management has identified uncertainty surrounding the recoverability of the hotel property carrying value, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the estimated proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair value is recorded and an impairment loss recognized. For the year ended December 31, 2023, the Company incurred an impairment loss on one hotel property (See Note 5). For the year ended December 31, 2022, there were no impairment losses. For the year ended December 31, 2021, the Company incurred an impairment loss on one hotel property (See Note 5). For properties the Company considers held for sale, depreciation and amortization are no longer recorded, and the value of the properties is recorded at the lower of depreciated cost or fair value, less the costs to sell. If circumstances arise that were previously considered unlikely, and, as a result, the Company decides not to sell a property previously classified as held for sale, the Company will reclassify such property as held and used. Such property is measured at the lower of its carrying amount (adjusted for any depreciation and amortization expense that would have been recognized had the property been continuously classified as held and used) or fair value at the date of the subsequent decision not to sell. The Company classifies properties as held for sale when all criteria within the Financial Accounting Standards Board's ("FASB") guidance on disposal of long-lived assets are met. As of December 31, 2023 and 2022 the Company had no hotel properties that met the criteria to be presented as held for sale. Investment in Unconsolidated Real Estate Entities If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable interest entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee. Investments in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits. Restricted Cash Restricted cash represents purchase price deposits held in escrow for potential hotel acquisitions under contract, escrows and reserves for capital expenditures, property taxes or insurance that are required pursuant to the Company’s loans, and trapped cash held in cash management accounts for the benefit of the Company's lenders (see Note 7 for additional information relating to "cash trap" provisions). Restricted cash on the accompanying consolidated balance sheets at December 31, 2023 and 2022 is $17.6 million and $18.9 million, respectively. Hotel Receivables Hotel receivables consist of amounts owed by guests staying in the hotels and amounts due from business and group customers. An allowance for doubtful accounts is provided and maintained at a level believed to be adequate to absorb estimated probable losses. At December 31, 2023 and 2022, the allowance for doubtful accounts was $0.3 million and $0.3 million, respectively. Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory. Deferred Costs Deferred costs consist of franchise agreement application fees for the Company’s hotels, costs associated with potential future acquisitions and loan costs related to the Company’s senior unsecured revolving credit facility. Deferred costs consisted of the following at December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Loan costs $ 6,256 $ 8,559 Franchise fees 4,311 4,608 Other 102 — 10,669 13,167 Less accumulated amortization (6,423) (6,739) Deferred costs, net $ 4,246 $ 6,428 Franchise fees are recorded at cost and amortized over a straight-line basis over the term of the franchise agreements. For the years ended December 31, 2023, 2022 and 2021, amortization expense related to franchise fees of $0.2 million, $0.2 million and $0.2 million, respectively, is included in depreciation and amortization in the consolidated statements of operations. Amortization expense related to loan costs of $0.7 million, $1.2 million and $1.5 million for the years ended December 31, 2023, 2022 and 2021, respectively, is included in interest expense in the consolidated statements of operations. Mortgage Debt, net Mortgage debt, net consists of mortgage loans on certain hotel properties less the costs associated with acquiring those loans. Mortgage debt consisted of the following at December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Mortgage debt $ 396,109 $ 430,926 Deferred financing costs (1,565) (373) Mortgage debt, net $ 394,544 $ 430,553 Deferred financing loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. For the years ended December 31, 2023, 2022 and 2021, amortization expense related to mortgage loan costs of $0.3 million, $0.3 million, and $0.3 million, respectively, is included in interest expense in the consolidated statement of operations. Unsecured Term Loan, net Unsecured term loan, net consists of the Company's outstanding borrowings under its unsecured term loan less the costs associated with acquiring the loan. The balances as of December 31, 2023 and 2022 were as follows (in thousands): December 31, 2023 December 31, 2022 Unsecured term loan $ 90,000 $ — Deferred financing costs (467) — Unsecured term loan, net $ 89,533 $ — Deferred financing loan costs are recorded at cost and amortized over the term of the loan applying the effective interest rate method. For the years ended December 31, 2023, 2022 and 2021, amortization expense related to unsecured term loan costs of $0.2 million, $0, and $0, respectively, is included in interest expense in the consolidated statement of operations. Revenue Recognition Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. Cash received prior to customer arrival is recorded as an advanced deposit from the customer and is recognized as revenue at the time of occupancy. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy hotel rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night. Food and beverage revenues are generated when customers purchase food and beverage at a hotel's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. Share-Based Compensation The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership. Earnings Per Share A two class method is used to determine earnings per share. Basic earnings per share ("EPS") is computed by dividing net income (loss) available for common shareholders, adjusted for dividends on unvested share grants, by the weighted average number of common shares outstanding for the period. Diluted EPS is computed by dividing net income (loss) available for common shareholders, adjusted for dividends or distributions, on unvested share grants and LTIP units, by the weighted average number of common shares outstanding plus potentially dilutive securities such as share grants or shares issuable in the event of conversion of common units. No adjustment is made for shares that are anti-dilutive during the period. The Company’s restricted share awards and LTIP units that are subject solely to time-based vesting conditions are entitled to receive dividends or distributions on the Company's common shares or the Operating Partnership's common units, respectively, if declared. In addition, dividends on the Class A Performance LTIP units are paid the equivalent of 10% of the declared dividends on the Company's common shares. The rights to these dividends or distributions declared are non-forfeitable. As a result, the unvested restricted shares and LTIP units that are subject solely to time-based vesting conditions, as well as 10% of the unvested Class A Performance LTIP units, qualify as participating securities requiring the allocation of earnings under the two-class method to calculate EPS. The percentage of earnings allocated to these participating securities is based on the proportion of the weighted average of these outstanding participating securities to the sum of the basic weighted average common shares outstanding and the weighted average of these outstanding participating securities. Basic EPS is then computed by dividing income less earnings allocable to these participating securities by the basic weighted average number of shares outstanding. Diluted EPS is computed similar to basic EPS, except the weighted average number of shares outstanding is increased to include the effect of potentially dilutive securities. Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2023, the Company is no longer subject to U.S federal income tax examinations for years before 2020 and with few exceptions to state examinations before 2020. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2023. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. Segment Information Management evaluates the Company's hotels as a single industry segment because all of the hotels have similar economic characteristics and provide similar services to similar types of customers. Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848). ASU 2022-06 amended and deferred the sunset provision in ASU 2020-04 from December 31, 2022 to December 31, 2024. As of December 31, 2023, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements and related disclosures. |
Acquisition of Hotel Properties
Acquisition of Hotel Properties | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Hotel Properties | Acquisition of Hotel Properties On March 8, 2022, the Company acquired the Hilton Garden Inn Destin Miramar Beach ("HGI Destin") hotel property in Miramar Beach, FL for $31.0 million. On August 3, 2021, the Company acquired both the Residence Inn Austin Northwest/The Domain Area ("RI Austin") hotel property in Austin, TX for $37.0 million and the TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin") hotel property in Austin, TX for $34.3 million. The Company allocated the purchase price of each hotel property acquired based on the estimated fair values of the assets on the date of acquisition. The value of the assets acquired was primarily based on a sales comparison approach (for land) and a depreciated replacement cost approach (for building and improvements and furniture, fixtures and equipment). The sales comparison approach uses inputs of recent land sales in the respective hotel markets. The depreciated replacement cost approach uses inputs of both direct and indirect replacement costs using a nationally recognized authority on replacement cost information as well as the age, square footage and number of rooms of the respective assets. Property acquisition costs of $48 thousand and $0.1 million were capitalized in 2022 and 2021, respectively. |
Disposition of Hotel Properties
Disposition of Hotel Properties | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposition of Hotel Properties | Disposition of Hotel Properties On May 13, 2022, the Company sold a portfolio of three hotels, the Homewood Suites Dallas-Market Center ("HWS Dallas") hotel property in Dallas, TX, the Courtyard Houston West University ("CY Houston West U") hotel property in Houston, TX, and the Residence Inn Houston West University ("RI Houston West U") hotel property in Houston, TX, for $57.0 million, and recognized a gain on sale of the hotel properties of $1.8 million. Proceeds from the sale were used to repay amounts outstanding on the Company's revolving credit facility. On May 6, 2022, the Company sold the Hilton Garden Inn Boston-Burlington ("HGI Burlington") hotel property in Burlington, MA for $23.2 million and recognized a gain on sale of the hotel property of $0.5 million. Proceeds from the sale were used to repay amounts outstanding on the Company's revolving credit facility. The sales 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. |
Investment in Hotel Properties
Investment in Hotel Properties | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties, net Investment in hotel properties, net as of December 31, 2023 and 2022 consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land and improvements $ 289,671 $ 289,589 Building and improvements 1,274,970 1,267,035 Furniture, fixtures and equipment 108,222 98,373 Renovations in progress 15,138 11,710 1,688,001 1,666,707 Less: accumulated depreciation (460,368) (402,455) Investment in hotel properties, net $ 1,227,633 $ 1,264,252 During the year ended December 31, 2023, the Company recorded an impairment loss of $4.3 million on the HGI Denver Tech hotel property to write down the hotel property to estimated fair value which approximated its estimated selling price. There were no impairments recorded during the year ended December 31, 2022. During the year ended December 31, 2021, the Company recorded an impairment loss of $5.6 million on the HGI Burlington hotel property to write down the hotel property to estimated fair value which approximated its estimated selling price. The HGI Burlington hotel property was sold on May 6, 2022. Investment in hotel properties under development On January 24, 2022, the Company opened the newly developed Home2 Suites by Hilton Woodland Hills Los Angeles ("Home2 Woodland Hills"). We incurred $70.9 million of costs to develop the hotel, which includes $6.6 million of land acquisition costs and $64.3 million of other development costs. During the year ended December 31, 2023, the Company wrote-off $2.2 million of previous expenditures related to the development of a hotel in California that the Company decided to no longer pursue. The write-off expense is included in other charges in the consolidated statement of operations. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities On June 9, 2014, the Company acquired a 10.3% interest in the NewINK JV, a joint venture between affiliates of NorthStar Realty Finance Corp. ("NorthStar") and the operating partnership. NorthStar merged with Colony Capital, Inc. ("Colony") on January 10, 2017 to form a new company, CLNY, which owned a 89.7% interest and the Company owned a 10.3% 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 year ended December 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 owned a 90.0% interest in the Inland JV. Chatham sold its interest in the Inland JV in September 2021. The sale did not generate a gain or loss. The Company accounted for this investment under the equity method. The following table sets forth the components of net loss, including the Company's share, related to the NewINK JV and the Inland JV for the years ended December 31, 2023, 2022 and 2021 (in thousands): For the year ended December 31, 2023 2022 2021 Revenue $ — $ — $ 24,690 Total hotel operating expenses — — 24,106 Hotel operating income $ — $ — $ 584 Net loss $ — $ — $ (13,109) Loss allocable to the Company $ — $ — $ (1,347) Basis difference adjustment $ — $ — $ 116 Total loss from unconsolidated real estate entities attributable to the Company $ — $ — $ (1,231) |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Debt The Company's mortgage loans are collateralized by first-mortgage liens on certain of the Company's properties. The mortgages are non-recourse except for instances of fraud or misapplication of funds. Debt consisted of the following (in thousands): Loan/Collateral Interest Rate Maturity Date December 31, 2023 Balance Outstanding as of December 31, 2023 December 31, Revolving Credit Facility (1) — October 28, 2026 $ — $ — $ — Unsecured Term Loan (2) 6.65 % October 28, 2025 — 90,000 — Construction Loan (3) 11.0 % August 4, 2024 — — 39,331 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 — — 14,402 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 — — 19,680 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 — — 16,200 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 — — 19,975 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 — — 41,133 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 36,305 29,496 30,184 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 63,960 60,134 61,280 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 71,507 65,609 66,860 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 54,195 45,100 45,960 Residence Inn by Marriott Mountain View, CA 4.64 % July 1, 2024 39,319 35,171 35,842 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 30,441 27,832 28,365 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 38,109 19,023 19,535 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 10,793 14,481 14,804 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 13,925 16,338 16,706 Courtyard by Marriott Dallas, TX (4) 7.61 % September 11, 2028 40,431 24,500 — Residence Inn by Marriott Austin, TX (5) 7.42 % September 6, 2033 34,641 20,850 — TownePlace Suites by Marriott Austin, TX (5) 7.42 % September 6, 2033 31,303 19,075 — Courtyard by Marriott Summerville, SC (6) 7.33 % September 11, 2033 18,846 9,000 — Residence Inn by Marriott Summerville, SC (6) 7.33 % September 11, 2033 17,291 9,500 — Total debt before unamortized debt issue costs $ 501,066 $ 486,109 $ 470,257 Unamortized term loan and mortgage debt issue costs (2,032) (373) Total debt outstanding $ 484,077 $ 469,884 1. The interest rate for the revolving credit facility is variable and based on one-month term secured overnight financing rate ("SOFR") plus a spread of 1.50% to 2.25% based on the Company's leverage and a credit spread adjustment of 0.10%. 2. The interest rate for the unsecured term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%. 3. On August 4, 2020, a subsidiary of the Company 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 Home2 Woodland Hills hotel development. The loan had an initial term of four years and there were two six-month extension options. The interest rate on the loan was LIBOR, subject to a 0.25% floor, plus a spread of 7.5%. The loan was repaid on February 1, 2023. 4. On August 30, 2023, a subsidiary of Chatham entered into an agreement with Wells Fargo Bank to obtain a $24.5 million loan secured by the Courtyard by Marriott Dallas Downtown. The loan has a term of five years, carries a fixed interest rate of 7.61%, and is interest-only for the duration of the loan. 5. On August 16, 2023, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate to obtain a $20.9 million loan and a $19.1 million loan secured by the Residence Inn by Marriott Austin and the TownePlace Suites by Marriott Austin, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.42%, and is interest-only for the first five years before amortizing based upon a 30-year amortization schedule. 6. On August 31, 2023, two subsidiaries of Chatham entered into two agreements with Wells Fargo Bank to obtain a $9.0 million loan and a $9.5 million loan secured by the Courtyard by Marriott Summerville and the Residence Inn by Marriott Summerville, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.33%, and is interest-only for the duration of the loan. On October 28, 2022, the Company entered into a $215.0 million unsecured revolving credit facility and a $90.0 million unsecured delayed-draw term loan facility that replaced the Company’s previous $250 million revolving credit facility that was scheduled to mature on March 8, 2023. The revolving credit facility has an initial maturity of October 28, 2026 and provides two six-month extension options. The unsecured delayed-draw term loan facility has an initial maturity of October 28, 2025 and provides two one-year extension options. On December 19, 2022, the Company executed an amendment to its unsecured revolving credit facility, increasing commitments by $45.0 million for a total borrowing capacity of $260.0 million. Combined with its $90.0 million unsecured delayed-draw term loan, the Company has $350.0 million of total commitments under the two facilities. At December 31, 2023 and 2022, the Company had $90.0 million and $0, respectively, of outstanding borrowings under its revolving credit facility and unsecured term loan. At December 31, 2023, the maximum borrowing availability under the combined facilities was $260.0 million. During the year ended December 31, 2023, the Company repaid the $39.3 million construction loan on the Home2 Woodland Hills hotel property and the maturing mortgage loans of $14.4 million on the Homewood Suites San Antonio hotel property, $19.7 million on the Residence Inn Tysons hotel property, $16.0 million on the Courtyard Houston hotel property, $19.7 million on the Hyatt Place Pittsburgh hotel property, and $40.5 million on the Residence Inn Bellevue hotel property. The Company utilized cash, borrowings under its unsecured delayed-draw term loan, and proceeds from its five new mortgage loans to repay these loans. The Company estimates the fair value of its fixed rate debt by discounting the future cash flows of each instrument at estimated market rates. All of the Company's mortgage loans are fixed-rate. Rates take into consideration general market conditions, quality and estimated value of collateral and maturity of debt with similar credit terms and are classified within level 3 of the fair value hierarchy. The estimated fair value of the Company’s fixed rate debt as of December 31, 2023 and 2022 was $396.0 million and $412.7 million, respectively. The Company estimates the fair value of its variable rate debt by taking into account general market conditions and the estimated credit terms it could obtain for debt with a similar maturity and that is classified within level 3 of the fair value hierarchy. As of December 31, 2023, the Company’s variable rate debt consisted of borrowings under its revolving credit facility and its unsecured term loan. The estimated fair value of the Company’s variable rate debt as of December 31, 2023 and 2022 was $90.0 million and $39.3 million, respectively. The Company's 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 the lenders until a specified debt service coverage ratio or debt yield is reached. Such provisions do not allow the lender the right to accelerate repayment of the underlying debt. As of December 31, 2023, four of our mortgage debt lenders have enforced cash trap provisions resulting in $5.6 million of restricted cash. The Company does not expect that such cash traps will affect its ability to satisfy its short-term liquidity requirements. Future scheduled principal payments of debt obligations as of December 31, 2023, for each of the next five calendar years and thereafter are as follows (in thousands): Amount 2024 $ 297,210 2025 105,974 2026 — 2027 — 2028 24,590 Thereafter 58,335 Total debt before unamortized debt issue costs $ 486,109 Unamortized mortgage debt issue costs (2,032) Total debt outstanding $ 484,077 Accounting for Derivative Instruments The Company had interest rate cap agreements to hedge against interest rate fluctuations related to the construction loan for the Home2 Woodland Hills hotel property. The Company recorded its derivative instruments on the balance sheet at their estimated fair values and categorized the fair value measurement of these assets as Level 2. 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 were 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 were recorded on the balance sheet under prepaid expenses and other assets at the estimated fair value and realized and unrealized changes in the fair value are reported in the consolidated statements of operations. During the year ended December 31, 2023, the Company terminated its interest rate caps related to the construction loan when the loan was repaid. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company recorded no income tax expense during the years ended December 31, 2023, 2022, and 2021. The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRS before taxes were as follows (dollars in thousands): For the year ended December 31, 2023 2022 2021 Book loss before income taxes of the TRS $ (7,309) $ (12,935) $ (24,391) Statutory rate of 21% $ (1,535) $ (2,716) $ (5,122) Effect of state and local income taxes, net of federal tax benefit (245) (450) (1,049) Permanent adjustments 13 10 8 Change in valuation allowance 1,579 2,971 5,977 Valuation allowance release — — — Other 188 185 186 Total income tax (benefit) expense $ — $ — $ — Effective tax rate — % — % — % At December 31, 2023 and 2022, the Company had valuation allowances against certain deferred tax assets totaling $19.7 million and $17.7 million, respectively. The increase in valuation allowance was primarily from the net operating losses incurred during the year. The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2023 and 2022 are as follows (in thousands): For the year ended December 31, 2023 2022 Gross deferred tax assets: Allowance for doubtful accounts $ 71 $ 88 Accrued compensation 179 429 Net operating loss 19,495 17,218 Gross deferred tax assets $ 19,745 $ 17,735 Less: Valuation Allowance $ (19,745) $ (17,735) Total deferred tax assets net of valuation allowance $ — $ — Gross deferred tax liabilities: Total book/tax difference in partnership $ — $ — Gross deferred tax liabilities: $ — $ — Net, deferred tax assets: $ — $ — As of each reporting date, the Company's management considers new evidence, both positive and negative, that could impact management's view with regard to future realization of net deferred tax assets. The Company's TRS is expecting continued taxable losses in 2023. As of December 31, 2023, the TRS continues to recognize a full valuation allowance equal to 100% of the net deferred tax assets. Management will continue to monitor the need for a valuation allowance. The TRS has income tax NOL carryforwards for Federal and various states of approximately $77.3 million and $60.5 million, respectively. The loss carryforwards begin to expire starting in 2038 for Federal tax purposes and in 2031 and thereafter for state tax purposes. |
Dividends Declared and Paid
Dividends Declared and Paid | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Dividends Declared and Paid | Dividends Declared and Paid Common Dividends The Company declared total common share dividends of $0.28 per share and distributions on LTIP units of $0.28 per unit during the year ended December 31, 2023. The Company declared total common share dividends of $0.07 per share and distributions on LTIP units of $0.07 per unit during the year ended December 31, 2022. The dividends and distributions and their tax characterization for the years ended December 31, 2023 and 2022 were as follows: Record Payment Common LTIP Taxable Ordinary Income Return of Capital Section 199A Dividends March 3/31/2023 4/17/2023 0.07 0.07 0.07 — 0.07 June 6/30/2023 7/17/2023 0.07 0.07 0.07 — 0.07 September 9/29/2023 10/16/2023 0.07 0.07 0.07 — 0.07 December 12/29/2023 1/16/2024 0.07 0.07 0.07 — 0.07 Total 2023 $ 0.28 $ 0.28 $ 0.28 $ — $ 0.28 Record Payment Common LTIP Taxable Ordinary Income Return of Capital Section 199A Dividends December 12/30/2022 1/17/2023 0.07 0.07 0.07 — 0.07 Total 2022 $ 0.07 $ 0.07 $ 0.07 $ — $ 0.07 For the year ended December 31, 2023, 100.0% of the distributions paid to common shareholders were considered ordinary income. For the year ended December 31, 2022, 100.0% of the distributions paid to common shareholders were considered ordinary income. Preferred Dividends During the year ended December 31, 2023, the Company declared total dividends of $1.65624 per share of 6.625% Series A Cumulative Redeemable Preferred Shares. The preferred dividends and their tax characterization for the years ended December 31, 2023 and 2022 were as follows: Record Payment Dividend Per Preferred Share Taxable Ordinary Income Return of Capital Section 199A Dividends March 3/31/2023 4/17/2023 $ 0.41406 $ 0.41406 $ — $ 0.41406 June 6/30/2023 7/17/2023 0.41406 0.41406 — 0.41406 September 9/29/2023 10/16/2023 0.41406 0.41406 — 0.41406 December 12/29/2023 1/16/2024 0.41406 0.41406 — 0.41406 Total 2023 $ 1.65624 $ 1.65624 $ — $ 1.65624 Record Payment Dividend Per Preferred Share Taxable Ordinary Income Return of Capital Section 199A Dividends March 3/31/2022 4/18/2022 $ 0.41406 $ 0.41406 $ — $ 0.41406 June 6/30/2022 7/15/2022 0.41406 0.41406 — 0.41406 September 9/30/2022 10/17/2022 0.41406 0.41406 — 0.41406 December 12/30/2022 1/17/2023 0.41406 0.41406 — 0.41406 Total 2022 $ 1.65624 $ 1.65624 $ — $ 1.65624 For the year ended December 31, 2023, 100.0% of the distributions paid to preferred shareholders were considered ordinary income. For the year ended December 31, 2022, 100.0% of the distributions paid to preferred shareholders were considered ordinary income. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Shareholders' Equity | Shareholders' Equity Common Shares The Company is authorized to issue up to 500,000,000 common shares of beneficial interest, $0.01 par value per share ("common shares"). Each outstanding common share entitles the holder to one vote on all matters submitted to a vote of shareholders. Holders of the Company’s common shares are entitled to receive dividends when authorized by the Company's Board of Trustees. As of December 31, 2023, 48,859,836 common shares were outstanding. In December 2017, the Company established a $50 million dividend reinvestment and stock purchase plan which it renewed in December 2020 and renewed again in January 2024. Under the DRSPP, shareholders may purchase additional common shares by reinvesting some or all of the cash dividends received on common shares. Shareholders may also make optional cash purchases of common shares subject to certain limitations detailed in the prospectus for the DRSPP. During the year ended December 31, 2023, the Company issued 5,896 common shares under the DRSPP at a weighted average price of $10.27, which generated $61 thousand of proceeds. As of December 31, 2023, there was approximately $47.8 million in common shares available for issuance under the DRSPP. In January 2021, the Company established an "at-the-market" equity offering program (the "ATM Program") whereby, from time to time, the Company may publicly offer and sell its common shares having an aggregate 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 deemed to be "at-the-market" offerings as defined in Rule 415 under the Securities Act of 1933, as amended. 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 act as sales agents under the ATM Program. The Company did not issue any shares under the ATM Program during the year ended December 31, 2023. As of December 31, 2023, there was approximately $77.5 million in common shares available for issuance under the ATM Program. Preferred Shares The Company is authorized to issue up to 100,000,000 preferred shares, $0.01 par value per share, in one or more series. On June 30, 2021, the Company issued 4,800,000 6.625% Series A Cumulative Redeemable Preferred Shares of Beneficial Interest, $0.01 par value per share (the “Series A Preferred Shares”), and received net proceeds of approximately $115.9 million. The Series A Preferred Shares rank senior to the Company’s common shares with respect to the payment of dividends and distributions of assets in the event of a liquidation, dissolution, or winding up. The Series A Preferred Shares do not have any maturity date and are not subject to mandatory redemptions or sinking fund requirements. The distribution rate is 6.625% per annum of the $25.00 liquidation preference, which is equivalent to $1.65624 per annum per Series A Preferred Share. Distributions on the Series A Preferred Shares are payable quarterly in arrears with the first distribution on the Series A Preferred Shares paid on October 15, 2021. The Company may not redeem the Series A Preferred Shares before June 30, 2026 except in limited circumstances to preserve the Company's status as a REIT for federal income tax purposes and upon the occurrence of a change of control. On and after June 30, 2026, the Company may, at its option, redeem the Series A Preferred Shares, in whole or from time to time in part, by paying $25.00 per share, plus any accrued and unpaid distributions to, but not including, the date of redemption. Upon the occurrence of a change of control, as defined in the Company's declaration of trust, the result of which the Company’s common shares and the common securities of the acquiring or surviving entity are not listed on the New York Stock Exchange, the NYSE MKT or NASDAQ, or any successor exchanges, the Company may, at its option, redeem the Series A Preferred Shares in whole or in part within 120 days following the change of control by paying $25.00 per share, plus any accrued and unpaid distributions through the date of redemption. If the Company does not exercise its right to redeem the Series A Preferred Shares upon a change of control, the holders of the Series A Preferred Shares have the right to convert some or all of their shares into a number of the Company’s common shares based on defined formulas subject to share caps. The share cap on each Series A Preferred Share is 3.701 common shares. As of December 31, 2023, 4,800,000 Series A Preferred Shares were issued and outstanding. During the year ended December 31, 2023, the Company accrued preferred share dividends of $8.0 million. Operating Partnership Units Holders of common units in the Operating Partnership, if and when issued, will have certain redemption rights, which will enable the unit holders to cause the Operating Partnership to redeem their units in exchange for, at the Company’s option, cash per unit equal to the market price of the Company’s common shares at the time of redemption or for the Company’s common shares on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of share splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of limited partners or shareholders. As of December 31, 2023, there were 1,587,317 vested Operating Partnership LTIP units held by current and former employees. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share The two class method is used to determine earnings per share because unvested restricted shares and unvested LTIP units are considered to be participating shares. The LTIP units held by the non-controlling interest holders, which may be converted to common shares of beneficial interest, have been excluded from the denominator of the diluted earnings per share calculation as there would be no effect on the amounts since limited partners' share of income or loss would also be added back to net income or loss. Unvested restricted shares, unvested long-term incentive plan units and unvested Class A Performance LTIP units that could potentially dilute basic earnings per share in the future would not be included in the computation of diluted loss per share for the periods where a loss has been recorded, because they would have been anti-dilutive for the periods presented. For the years ended December 31, 2023, 2022 and 2021, the Company excluded 157,641, zero and 209,175, respectively, of unvested shares and units as their effect would have been anti-dilutive. The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data): For the year ended December 31, 2023 2022 2021 Numerator: Net (loss) income attributable to common shareholders $ (5,306) $ 1,855 $ (22,385) Dividends paid on unvested shares and units (110) (25) — Net (loss) income attributable to common shareholders $ (5,416) $ 1,830 $ (22,385) Denominator: Weighted average number of common shares - basic 48,847,386 48,795,642 48,349,027 Effect of dilutive securities: Unvested shares and units — 263,080 — Weighted average number of common shares - diluted 48,847,386 49,058,722 48,349,027 Basic (loss) income per common share: Net (loss) income attributable to common shareholders per weighted average basic common share $ (0.11) $ 0.04 $ (0.46) Diluted (loss) income per common share: Net (loss) income attributable to common shareholders per weighted average diluted common share $ (0.11) $ 0.04 $ (0.46) |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan The Company maintains its Equity Incentive Plan to attract and retain independent trustees, executive officers and other key employees. 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 on May 24, 2022 to increase the maximum number of shares available under the plan by 1,600,000 shares and extend the term of the plan to March 22, 2032. Share awards under this plan generally vest over three Restricted Share Awards From time to time, the Company may award restricted shares under the Equity Incentive Plan as compensation to officers, employees and non-employee trustees. The Company recognizes compensation expense for the restricted shares on a straight-line basis over the vesting period based on the fair market value of the shares on the date of issuance. A summary of the Company’s restricted share awards for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 December 31, 2022 December 31, 2021 Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Non-vested at beginning of the period 6,666 $ 11.47 10,000 $ 11.47 1,667 $ 17.40 Granted 2,457 12.21 — — 10,000 11.47 Vested (3,334) 11.47 (3,334) 11.47 (1,667) 17.40 Unvested at end of the period 5,789 $ 11.78 6,666 $ 11.47 10,000 $ 11.47 As of December 31, 2023 and 2022, there were $45 thousand and $61 thousand, respectively, of unrecognized compensation costs related to restricted share awards. As of December 31, 2023, these costs were expected to be recognized over a weighted–average period of approximately 1.4 years. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $47 thousand, $38 thousand and $44 thousand, respectively, of expense related to the restricted share awards. This expense is included in general and administrative expenses in the accompanying consolidated statements of operations. Long-Term Incentive Plan Awards LTIP units are a special class of partnership interests in the Operating Partnership which may be issued to eligible participants for the performance of services to or for the benefit of the Company. Under the Equity Incentive Plan, each LTIP unit issued is deemed equivalent to an award of one common share thereby reducing the number of shares available for other equity awards on a one-for-one basis. A summary of the Company's LTIP unit awards for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 December 31, 2022 December 31, 2021 Number of Weighted - Number of Weighted - Number of Weighted - Non-vested at beginning of the period 905,525 $ 15.03 764,178 $ 15.00 669,609 $ 15.73 Granted 466,988 14.36 380,004 16.08 330,945 14.55 Vested (372,558) 13.27 (238,657) 16.61 (219,451) 16.39 Forfeited — — — — (16,925) 17.02 Non-vested at end of period 999,955 $ 15.37 905,525 $ 15.03 764,178 $ 15.00 Time-Based LTIP Awards On March 1, 2023, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, granted 171,171 time-based awards (the “2023 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 2023 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, 2023, the Company’s Operating Partnership, upon the recommendation of the Compensation Committee, also granted 256,757 performance-based awards (the "2023 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 $16.64 per 2023 Performance-Based LTIP Unit Award, which takes into account that the number of units that ultimately may vest will depend on the achievement of long-term market-based TSR criteria. The 2023 Performance-Based LTIP Unit Awards have an absolute negative TSR modifier which may reduce payout percentages if the absolute TSR over the measurement period is negative. The 2023 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, 2023 and ending on February 28, 2026. The 2023 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 55th 100% Maximum 80th 200% Payouts at performance levels in between the hurdles will be calculated by straight-line interpolation. The Company estimated the aggregate compensation cost to be recognized over the service period determined as of the grant date under ASC 718, excluding the effect of estimated forfeitures, using the Monte Carlo Approach. In determining the discounted value of the LTIP units, the Company considered the inherent uncertainty that the LTIP units would never reach parity with the other common units of the Operating Partnership and thus have an economic value of zero to the grantee. Additional factors considered in estimating the value of the LTIP units included discounts for illiquidity; expectations for future dividends; risk free interest rates; stock volatility; and economic environment and market conditions. The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows: Grant Date Number of Units Granted Estimated Value per Unit Volatility Dividend Yield Risk-Free Interest Rate 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 (1) 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% 2022 Time-Based LTIP Unit Awards 3/1/2022 152,004 $12.33 80% —% 1.01% 2022 Performance-Based LTIP Unit Awards 3/1/2022 228,000 $18.58 66% 3.5% 1.44% 2023 Time-Based LTIP Unit Awards 3/1/2023 171,171 $11.11 37% —% 5.11% 2023 Performance-Based LTIP Unit Awards 3/1/2023 256,757 $16.64 69% 3.5% 4.61% (1) In February 2023, following the end of the measurement period, the Company’s TSR met certain criteria and based on the Company’s TSR over the measurement period, 234,361 LTIP units vested. The Company recorded $5.6 million, $5.0 million and $4.3 million in compensation expense related to the LTIP units for years ended December 31, 2023, 2022 and 2021, respectively. As of December 31, 2023 and 2022, there was $7.1 million and $6.5 million, respectively, of total unrecognized compensation cost related to LTIP units. This cost is expected to be recognized over approximately 1.8 years, which represents the weighted average remaining vesting period of the LTIP units. Board of Trustee Share Compensation For 2023, 2022 and 2021, each independent trustee was compensated $120 thousand for their services. Each trustee may elect to receive up to 100% of their compensation in the form of shares, but must receive at least 58% in the form of shares. In January 2023, 2022 and 2021, the Company issued 43,378, 34,672 and 40,203 common shares, respectively, to its independent trustees as compensation for services performed in 2022, 2021 and 2020, respectively. The quantity of shares was calculated based on the average of the closing price for the Company’s common shares on the NYSE for the last ten |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Leases The Residence Inn San Diego Gaslamp hotel property is subject to a ground lease with an expiration of January 31, 2065 with an extension option by the Company of up to three additional terms of ten years each. Monthly payments are currently $44 thousand per month and increase 10% every 5 years. The hotel is subject to supplemental rent payments annually 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 hotel is subject to an air rights lease and garage lease that each expires on December 1, 2104. The lease agreements with the City of New Rochelle cover the space above the parking garage that is occupied by the hotel as well as 128 parking spaces in a parking garage that is attached to the hotel. The annual base rent for the garage lease is the hotel’s proportionate share of the city’s adopted budget for the operations, management and maintenance of the garage and established reserves to fund the cost of capital repairs. Aggregate rent for 2023 under these leases amounted to $30 thousand per quarter. The Hilton Garden Inn Marina del Rey hotel is subject to a ground lease with an expiration of December 31, 2067. Minimum monthly payments are currently $47 thousand per month and a percentage rent payment less the minimum rent is due in arrears equal to 5% to 25% of gross income based on the type of income. The Company entered into a corporate office lease in September 2015. The lease is for a term of 11 years and includes a 12-month rent abatement period and certain tenant improvement allowances. The Company has a renewal option of up to two successive terms of five years each. On June 1, 2023, the Company executed an amendment to the corporate office lease to vacate and surrender possession of 7,374 rentable square feet in exchange for an early termination payment of $0.1 million. The partial termination of this lease required the Company to apply ASC 842 and remeasure the right of use asset and lease liability and recognize those adjustments in the consolidated statement of operations. During the year ended December 31, 2023, the Company recognized a gain from partial lease termination of approximately $0.2 million as a result of this partial termination. 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 December 31, 2023. The leases typically provide multi-year renewal options to extend term as lessee at the Company's option. Option periods are included in the calculation of the lease obligation liability only when options are reasonably certain to be exercised. In calculating the Company's lease obligations under the various leases, the Company uses discount rates estimated to be equal to what the Company would have to pay to borrow on a collateralized basis over a similar term, for an amount equal to the lease payments, in a similar economic environment. Lease obligations are based on contractually-required cash payments while lease expense is recognized on a straight-line basis. The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2023, for each of the next five calendar years and thereafter (in thousands): Total Future Lease Payments Amount 2024 $ 1,875 2025 1,940 2026 1,728 2027 1,272 2028 1,272 Thereafter 62,282 Total lease payments $ 70,369 Less: Imputed interest (49,561) Present value of lease liabilities $ 20,808 For the year ended December 31, 2023, the Company made $1.2 million of fixed lease payments and $0.8 million of variable lease payments related to hotel ground leases, which are included in property taxes, ground rent and insurance in our consolidated statement of operations. For the year ended December 31, 2023, the Company made $0.7 million of fixed lease payments related to its corporate office lease, which are included in general and administrative expense in our consolidated statement of operations. The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2023: Right of Use Asset Lease Liability Balance as of January 1, 2023 $ 19,297 $ 22,108 Amortization (625) (605) Partial lease termination (531) (695) Balance as of December 31, 2023 $ 18,141 $ 20,808 Lease Term and Discount Rate December 31, 2023 Weighted-average remaining lease term (years) 42.08 Weighted-average discount rate 6.89% |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Litigation The Company is subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of its hotels, its managers and other Company matters. While it is not possible to ascertain the ultimate outcome of such matters, the Company believes that the aggregate identifiable amount of such liabilities, if any, will not have a material adverse impact on its financial condition or results of operations. 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 their 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 $10.6 million, $10.1 million and $7.2 million for the years ended December 31, 2023, 2022 and 2021, respectively. Incentive management fees paid to IHM for the years ended years ended December 31, 2023, 2022 and 2021 were $182 thousand, $224 thousand and $35 thousand, respectively. As of December 31, 2023, certain key terms of the Company's management agreements are (dollars are not in thousands): Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Cap Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington IHM 3.0 % $1,200 $1,000 1.0 % Homewood Suites by Hilton Minneapolis-Mall of America IHM 3.0 % $1,200 $1,000 1.0 % Homewood Suites by Hilton Nashville-Brentwood IHM 3.0 % $1,200 $1,000 1.0 % Homewood Suites by Hilton Hartford-Farmington IHM 3.0 % $1,200 $1,000 1.0 % Homewood Suites by Hilton Orlando-Maitland IHM 3.0 % $1,200 $1,000 1.0 % Hampton Inn & Suites Houston-Medical Center IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Long Island Holtsville IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn White Plains IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn New Rochelle IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Garden Grove IHM 3.0 % $1,500 $1,000 1.0 % Homewood Suites by Hilton San Antonio River Walk IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Washington DC IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Tysons Corner IHM 3.0 % $1,200 $1,000 1.0 % Hampton Inn Portland Downtown IHM 3.0 % $1,200 $1,000 1.0 % Courtyard Houston IHM 3.0 % $1,500 $1,000 1.0 % Hyatt Place Pittsburgh North Shore IHM 3.0 % $1,500 $1,000 1.0 % Hampton Inn Exeter IHM 3.0 % $1,200 $1,000 1.0 % Hilton Garden Inn Denver Tech IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Bellevue IHM 3.0 % $1,500 $1,000 1.0 % SpringHill Suites Savannah IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Silicon Valley I IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Silicon Valley II IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn San Mateo IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Mountain View IHM 3.0 % $1,200 $1,000 1.0 % Hyatt Place Cherry Creek IHM 3.0 % $1,500 $1,000 1.0 % Courtyard Addison IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn San Diego Gaslamp IHM 3.0 % $1,500 $1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Dedham IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Il Lugano IHM 3.0 % $1,500 $1,000 1.0 % Hilton Garden Inn Portsmouth IHM 3.0 % $1,500 $1,000 1.0 % Courtyard Summerville IHM 3.0 % $1,500 $1,000 1.0 % Embassy Suites Springfield IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Summerville IHM 3.0 % $1,500 $1,000 1.0 % Courtyard Dallas IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Austin Northwest/The Domain Area IHM 3.0 % $1,500 $1,000 1.0 % TownePlace Suites Austin Northwest/The Domain Area IHM 3.0 % $1,500 $1,000 1.0 % Home2 Suites Woodland Hills IHM 3.0 % $1,500 $1,000 1.0 % Hilton Garden Inn Destin Miramar Beach IHM 3.0 % $1,500 $1,000 1.0 % 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/program fees totaled approximately $24.9 million, $23.7 million and $16.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. The initial terms of the agreements range from 10 to 30 years with the weighted-average expiration being April 2035. As of December 31, 2023, certain key terms of the Company's franchise agreements are: Property Franchise/Royalty Fee Marketing/Program Fee Expiration Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Minneapolis-Mall of America 4.0 % 4.0 % 2025 Homewood Suites by Hilton Nashville-Brentwood 4.0 % 4.0 % 2025 Homewood Suites by Hilton Hartford-Farmington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Orlando-Maitland 4.0 % 4.0 % 2025 Hampton Inn & Suites Houston-Medical Center 6.0 % 4.0 % 2035 Residence Inn Long Island Holtsville 5.5 % 2.5 % 2025 Residence Inn White Plains 5.5 % 2.5 % 2030 Residence Inn New Rochelle 5.5 % 2.5 % 2030 Residence Inn Garden Grove 5.0 % 2.5 % 2031 Homewood Suites by Hilton San Antonio River Walk 4.0 % 4.0 % 2026 Residence Inn Washington DC 5.5 % 2.5 % 2033 Residence Inn Tysons Corner 5.0 % 2.5 % 2031 Hampton Inn Portland Downtown 6.0 % 4.0 % 2032 Courtyard Houston 5.5 % 2.0 % 2030 Hyatt Place Pittsburgh North Shore 5.0 % 3.5 % 2030 Hampton Inn Exeter 6.0 % 4.0 % 2031 Hilton Garden Inn Denver Tech 5.5 % 4.3 % 2028 Residence Inn Bellevue 5.5 % 2.5 % 2033 SpringHill Suites Savannah 5.0 % 2.5 % 2033 Residence Inn Silicon Valley I 5.5 % 2.5 % 2029 Residence Inn Silicon Valley II 5.5 % 2.5 % 2029 Residence Inn San Mateo 5.5 % 2.5 % 2029 Residence Inn Mountain View 5.5 % 2.5 % 2029 Hyatt Place Cherry Creek 5.0 % 3.5 % 2034 Courtyard Addison 5.5 % 2.0 % 2029 Residence Inn San Diego Gaslamp 6.0 % 2.5 % 2035 Hilton Garden Inn Marina del Rey 5.5 % 4.3 % 2030 Residence Inn Dedham 6.0 % 2.5 % 2030 Residence Inn Il Lugano 6.0 % 2.5 % 2045 Hilton Garden Inn Portsmouth 5.5 % 4.0 % 2037 Courtyard Summerville 6.0 % 2.5 % 2037 Embassy Suites Springfield 5.5 % 4.0 % 2037 Residence Inn Summerville 6.0 % 2.5 % 2038 Courtyard Dallas 6.0 % 2.0 % 2038 Residence Inn Austin Northwest/The Domain Area 5.5% to 6.0% 2.5 % 2036 TownePlace Suites Austin Northwest/The Domain Area 3.0% to 5.5% 2.0 % 2041 Home2 Suites Woodland Hills 3.0% to 5.0% 3.0 % 2040 Hilton Garden Inn Destin Miramar Beach 5.5 % 4.0 % 2042 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Prior to March 18, 2021, Mr. Fisher owned 52.5% of IHM. During the year ended December 31, 2021, Mr. Fisher acquired the remaining 47.5% ownership interest and as of December 31, 2023, Mr. Fisher owns 100% of IHM. As of December 31, 2023, the Company had hotel management agreements with IHM to manage all 39 of its hotels. Hotel management, revenue management and accounting fees accrued or paid to IHM for the hotels owned by the Company for the years ended December 31, 2023, 2022 and 2021 were $10.6 million, $10.1 million and $7.2 million, respectively. At December 31, 2023 and 2022, the amounts due to IHM were $0.4 million and $0.4 million, respectively. Incentive management fees paid to IHM by the Company for the years ended December 31, 2023, 2022 and 2021 were $182 thousand, $224 thousand and $35 thousand, respectively. Cost reimbursements from related parties revenue represent reimbursements of costs incurred on behalf of the NewINK JV, the Inland JV and IHM. These costs relate primarily to corporate payroll costs at the NewINK JV and the Inland JV where the Company was the employer and office expenses shared with these entities and IHM. Various shared office expenses and rent are paid by the Company and allocated to IHM based on the amount of square footage occupied by each entity. 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 Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On January 9, 2024, the Company sold the Hilton Garden Inn Denver Tech hotel property in Denver, CO for approximately $18.0 million. |
SCHEDULE III - REAL ESTATE AND
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2023 (in thousands) Initial Cost Gross Amount at End of Year Description Year of Acquisition Encumbrances Land Buildings & Improvements Cost Cap. Sub. To Acq. Land Cost Cap. Sub. To Acq. Bldg & Improvements Land Buildings & Improvements Total Bldg & Improvements Accumulated Depreciation Year of Original Construction Depreciation Life Homewood Suites Orlando - Maitland, FL 2010 — $ 1,800 $ 7,200 $ 52 $ 5,288 $ 1,852 $ 12,488 $ 14,340 $ 12,488 $ 5,907 2000 (1) Homewood Suites Boston - Billerica, MA 2010 14,481 1,470 10,555 48 4,231 1,518 14,786 16,304 14,786 5,664 1999 (1) Homewood Suites Minneapolis - Mall of America, Bloomington, MN 2010 — 3,500 13,960 19 4,501 3,519 18,461 21,980 18,461 7,438 1998 (1) Homewood Suites Nashville - Brentwood, TN 2010 — 1,525 9,300 12 4,209 1,537 13,509 15,046 13,509 5,485 1998 (1) Homewood Suites Hartford - Farmington, CT 2010 — 1,325 9,375 92 4,149 1,417 13,524 14,941 13,524 5,095 1999 (1) Hampton Inn & Suites Houston - Houston, TX 2010 16,338 3,200 12,709 66 3,286 3,266 15,995 19,261 15,995 5,564 1997 (1) Residence Inn Holtsville - Holtsville, NY 2010 — 2,200 18,765 — 3,106 2,200 21,871 24,071 21,871 7,351 2004 (1) Residence Inn White Plains - White Plains, NY 2010 — 2,200 17,677 — 12,723 2,200 30,400 32,600 30,400 11,249 1982 (1) Residence Inn New Rochelle - New Rochelle, NY 2010 — — 20,281 9 7,071 9 27,352 27,361 27,352 9,772 2000 (1) Residence Inn Garden Grove - Garden Grove, CA 2011 29,496 7,109 35,484 57 5,733 7,166 41,217 48,383 41,217 13,484 2003 (1) Homewood Suites San Antonio - San Antonio, TX 2011 — 5,999 24,764 7 7,207 6,006 31,971 37,977 31,971 11,118 1996 (1) Residence Inn Washington DC - Washington, DC 2011 — 6,083 22,063 44 9,879 6,127 31,942 38,069 31,942 11,050 1974 (1) Residence Inn Tyson's Corner - Vienna, VA 2011 — 5,752 28,917 6 3,055 5,758 31,972 37,730 31,972 10,162 2001 (1) Hampton Inn Portland Downtown - Portland, ME 2012 — 4,315 22,664 (1) 1,423 4,314 24,087 28,401 24,087 6,563 2011 (1) Courtyard Houston - Houston, TX 2013 — 5,600 27,350 — 3,759 5,600 31,109 36,709 31,109 8,715 2010 (1) Hyatt Place Pittsburgh - Pittsburgh, PA 2013 — 3,000 35,576 15 1,813 3,015 37,389 40,404 37,389 10,070 2011 (1) Hampton Inn & Suites Exeter - Exeter, NH 2013 — 1,900 12,350 4 1,161 1,904 13,511 15,415 13,511 3,473 2010 (1) Hilton Garden Inn Denver Tech - Denver, CO 2013 — 4,100 23,100 5 (3,309) 4,105 19,791 23,896 19,791 6,422 1999 (1) Residence Inn Bellevue - Bellevue, WA 2013 — 13,800 56,957 — 2,608 13,800 59,565 73,365 59,565 15,773 2008 (1) SpringHill Suites Savannah - Savannah, GA 2013 27,832 2,400 36,050 1 1,854 2,401 37,904 40,305 37,904 10,116 2009 (1) Residence Inn Silicon Valley I - Sunnyvale, CA 2014 60,134 42,652 45,846 — 6,292 42,652 52,138 94,790 52,138 31,540 1983 (1) Residence Inn Silicon Valley II - Sunnyvale, CA 2014 65,609 46,474 50,380 — 7,761 46,474 58,141 104,615 58,141 34,629 1985 (1) Residence Inn San Mateo - San Mateo, CA 2014 45,100 38,420 31,352 50 5606 38,470 36,958 75,428 36,958 21,808 1985 (1) Residence Inn Mt. View - Mountain View, CA 2014 35,171 22,019 31,813 29 10,365 22,048 42,178 64,226 42,178 25,093 1985 (1) Hyatt Place Cherry Creek - Cherry Creek, CO 2014 — 3,700 26,300 — 2,787 3,700 29,087 32,787 29,087 7,055 1987 (1) Courtyard Addison - Dallas, TX 2014 — 2,413 21,554 — 2,816 2,413 24,370 26,783 24,370 6,253 2000 (1) Residence Inn Gaslamp - San Diego, CA 2015 — — 89,040 10 2,163 10 91,203 91,213 91,203 20,743 2009 (1) Hilton Garden Inn - Marina del Rey, CA 2015 19,023 — 43,210 — 1,164 — 44,374 44,374 44,374 9,420 2013 (1) Residence Inn - Dedham, MA 2015 — 4,230 17,304 — 2,263 4,230 19,567 23,797 19,567 4,407 1998 (1) Residence Inn - Ft. Lauderdale, FL 2015 — 9,200 24,048 14 2,750 9,214 26,798 36,012 26,798 5,809 2008 (1) - continued - Initial Cost Gross Amount at End of Year Description Year of Acquisition Encumbrances Land Buildings & Improvements Cost Cap. Sub. To Acq. Land Cost Cap. Sub. To Acq. Bldg & Improvements Land Buildings & Improvements Total Bldg & Improvements Accumulated Depreciation Year of Original Construction Depreciation Life Home2 Suites - Woodland Hills, CA 2017 — 6,500 — 128 56,653 6,628 56,653 63,281 56,653 8,493 2022 (1) Hilton Garden Inn - Portsmouth, NH 2017 — 3,600 37,630 — 838 3,600 38,468 42,068 38,468 6,084 2006 (1) Courtyard - Summerville, SC 2017 9,000 2,500 16,923 7 1,040 2,507 17,963 20,470 17,963 2703 2014 (1) Embassy Suites - Springfield, VA 2017 — 7,700 58,807 — 541 7,700 59,348 67,048 59,348 9,019 2013 (1) Residence Inn - Summerville, SC 2018 9,500 2,300 17,060 — 292 2,300 17,352 19,652 17,352 2,373 2018 (1) Courtyard Dallas Downtown - Dallas, TX 2018 24,500 2,900 42,760 — 159 2,900 42,919 45,819 42,919 5,451 2018 (1) Silicon Valley III - Sunnyvale, CA 2018 — 8,171 — — — 8,171 — 8,171 — — Residence Inn Austin Northwest/The Domain Area - Austin, TX 2021 20,850 2,400 33,346 — 223 2,400 33,569 35,969 33,569 2,032 2016 (1) TownePlace Suites Austin Northwest/The Domain Area - Austin, TX 2021 19,075 2,300 29,347 — 78 2,300 29,425 31,725 29,425 1,776 2021 (1) Hilton Garden Inn Destin - Miramar Beach, FL 2022 — 4,222 25,246 18 161 4,240 25,407 29,647 25,407 1,164 2020 (1) Grand Total(s) $ 288,979 $ 1,087,063 $ 692 $ 187,699 $ 289,671 $ 1,274,762 $ 1,564,433 $ 1,274,762 $ 376,323 (1) Depreciation is computed based upon the following estimated useful lives: Years Building 40 Land improvements 20 Building improvements 5-20 - continued - Notes: (a) The change in total cost of real estate assets for the year ended is as follows: 2023 2022 2021 Balance at the beginning of the year $ 1,556,453 $ 1,557,060 $ 1,488,830 Acquisitions — 29,468 67,393 Dispositions during the year — (95,385) — Capital expenditures and transfers from construction-in-progress 7,980 65,310 837 Investment in Real Estate $ 1,564,433 $ 1,556,453 $ 1,557,060 (b) The change in accumulated depreciation and amortization of real estate assets for the year ended is as follows: 2023 2022 2021 Balance at the beginning of the year $ 328,832 $ 300,731 $ 257,344 Depreciation and amortization 47,491 46,558 43,387 Dispositions during the year — (18,457) — Balance at the end of the year $ 376,323 $ 328,832 $ 300,731 (c) The aggregate cost of properties for federal income tax purposes (in thousands) is approximately $1,564,641 as of December 31, 2023. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and in conformity with the rules and regulations of the Securities and Exchange Commission (“SEC”). These consolidated financial statements, in the opinion of management, include all adjustments consisting of normal, recurring adjustments which are considered necessary for a fair statement of the consolidated balance sheets, consolidated statements of operations, consolidated statements of equity, and consolidated statements of cash flows for the periods presented. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments include cash and cash equivalents, restricted cash, hotel receivables, accounts payable and accrued expenses, distributions payable, mortgage debt, revolving credit facility and construction loan. Due to their relatively short maturities, the carrying values reported in the consolidated balance sheets for these financial instruments approximate fair value except for mortgage debt, the revolving credit facility, the construction loan, and the unsecured term loan, the fair value of which is separately disclosed in Note 7. |
Investment in Hotel Properties | Investment in Hotel Properties The Company allocates the purchase prices of hotel properties acquired as asset acquisitions based on the fair value of the acquired real estate, furniture, fixtures and equipment, identifiable intangible assets and assumed liabilities. In making estimates of fair value for purposes of allocating the purchase price, the Company utilizes a number of sources of information that are obtained in connection with the acquisition of a hotel property, including valuations performed by independent third parties and information obtained about each hotel property resulting from pre-acquisition due diligence. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, generally 40 years for buildings, 20 years for land improvements, 5 to 20 years for building improvements and one Management periodically reviews its hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable over management's estimated holding period. This estimated holding period incorporates management’s intent and ability to hold the hotel properties over the estimated holding period. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist and management has identified uncertainty surrounding the recoverability of the hotel property carrying value, management will perform an analysis to determine if the estimated undiscounted future cash flows, without interest charges, from operations and the estimated proceeds from the ultimate disposition of a hotel property exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount, an adjustment to reduce the carrying amount to the related hotel property's estimated fair value is recorded and an impairment loss recognized. For the year ended December 31, 2023, the Company incurred an impairment loss on one hotel property (See Note 5). For the year ended December 31, 2022, there were no impairment losses. For the year ended December 31, 2021, the Company incurred an impairment loss on one hotel property (See Note 5). |
Investment in Unconsolidated Real Estate Entities | Investment in Unconsolidated Real Estate Entities If it is determined that the Company does not have a controlling interest in a joint venture, either through its financial interest in a variable interest entity ("VIE") or in a voting interest entity, but does have the ability to exercise significant influence, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize the Company’s share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, advances to and commitments for the investee. Investments in unconsolidated real estate entities are accounted for under the equity method of accounting and the Company records its equity in earnings or losses under the hypothetical liquidation of book value (“HLBV”) method of accounting due to the structures and the preferences we receive on the distributions from our joint ventures pursuant to the respective joint venture agreements for those joint ventures. Under this method, the Company recognizes income and loss in each period based on the change in liquidation proceeds it would receive from a hypothetical liquidation of its investment based on depreciated book value. Therefore, income or loss may be allocated disproportionately as compared to the ownership percentages due to specified preferred return rate thresholds and may be more or less than actual cash distributions received and more or less than what the Company may receive in the event of an actual liquidation. In the event a basis difference is created between the carrying amount of the Company's share of partner's capital, the resulting amount is allocated based on the assets of the investee and, if assigned to depreciable or amortizable assets, then amortized as a component of income (loss) from unconsolidated real estate entities. The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, the Company will estimate the fair value of the investment. The Company’s estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and is other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of the Company’s investment in the unconsolidated joint venture. The Company evaluates the nature of the distributions from each of its unconsolidated joint ventures in order to classify the distributions as either operating activities or investing activities in the consolidated statements of cash flows. Any cash distribution that is considered to be a distribution of the earnings of the unconsolidated joint venture is presented as an operating activity in the consolidated statements of cash flows. Any cash distribution that is considered to be a return of capital from the unconsolidated joint venture is presented as an investing activity in the consolidated statements of cash flows. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand, demand deposits with financial institutions and short term liquid investments with an original maturity of three months or less. Cash balances in individual banks may exceed federally insurable limits. |
Restricted Cash | Restricted Cash |
Hotel Receivables | Hotel Receivables |
Prepaid Expenses and Other Assets | Prepaid Expenses and Other Assets The Company’s prepaid expenses and other assets consist of prepaid insurance, prepaid property taxes, deposits and hotel supplies inventory. |
Deferred Costs | Deferred Costs |
Mortgage Debt, net | Mortgage Debt, net |
Revenue Recognition | Revenue Recognition Revenue from hotel operations is recognized when rooms are occupied and when services are provided. Revenue consists of amounts derived from hotel operations, including sales from room, meeting room, gift shop, in-room movie and other ancillary amenities. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenue) in the accompanying consolidated statements of operations. Cash received prior to customer arrival is recorded as an advanced deposit from the customer and is recognized as revenue at the time of occupancy. Room revenue is generated through short-term contracts with customers whereby customers agree to pay a daily rate for the right to occupy hotel rooms for one or more nights. Our performance obligations are fulfilled at the end of each night that the customers have the right to occupy the rooms. Room revenues are recognized daily at the contracted room rate in effect for each room night. Food and beverage revenues are generated when customers purchase food and beverage at a hotel's restaurant, bar or other facilities. Our performance obligations are fulfilled at the time that food and beverage is purchased and provided to our customers. Other revenues such as for parking, cancellation fees, meeting space or telephone services are recognized at the point in time or over the time period that the associated good or service is provided. |
Share-Based Compensation | Share-Based Compensation The Company measures compensation expense for the restricted share awards based upon the fair market value of its common shares at the date of grant. The Company measures compensation expense for the LTIP and Class A Performance units based upon the Monte Carlo approach using volatility, dividend yield and a risk free interest rate in the valuation. Compensation expense is recognized on a straight-line basis over the vesting period and is included in general and administrative expense in the accompanying consolidated statements of operations. The Company pays dividends on vested and non-vested restricted shares, except for performance-based shares, for which dividends on unvested shares are not paid until those shares are vested. The Company has also issued Class A Performance LTIP units from time to time as part of its compensation practices. Prior to vesting, holders of Class A Performance LTIP Units will not be entitled to vote their Class A Performance LTIP units. In addition, under the terms of the Class A Performance LTIP units, a holder of a Class A Performance LTIP unit will generally (i) be entitled to receive 10% of the distributions made on a common unit of the Operating Partnership during the period prior to vesting of such Class A Performance LTIP unit (the “Pre-Vesting Distributions”), (ii) be entitled, upon the vesting of such Class A Performance LTIP unit, to receive a special one-time “catch-up” distribution equal to the aggregate amount of distributions that were paid on a common unit during the period prior to vesting of such Class A Performance LTIP unit minus the aggregate amount of Pre-Vesting Distributions paid on such Class A Performance LTIP unit, and (iii) be entitled, following the vesting of such Class A Performance LTIP unit, to receive the same amount of distributions paid on a common unit of the Operating Partnership. |
Earnings Per Share | Earnings Per Share |
Income Taxes | Income Taxes The Company elected to be taxed as a REIT for federal income tax purposes. In order to qualify as a REIT under the Internal Revenue Code of 1986, as amended, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to its shareholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent the Company distributes its REIT taxable income to its shareholders. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its REIT taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four The Company leases its wholly owned hotels to TRS Lessees, which are wholly owned by the Company’s taxable REIT subsidiary (a “TRS”) which, in turn is wholly owned by the Operating Partnership. The TRS is subject to federal and state income taxes and the Company accounts for taxes, where applicable, in accordance with the provisions of FASB Accounting Standards Codification 740 using the asset and liability method which recognizes deferred tax assets and liabilities for future tax consequences arising from differences between financial statement carrying amounts and income tax bases. The Company accounts for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period when the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based upon the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2023, the Company is no longer subject to U.S federal income tax examinations for years before 2020 and with few exceptions to state examinations before 2020. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes is required in the Company's consolidated financial statements as of December 31, 2023. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. |
Segment Information | Segment Information |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In March 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2020-04 Reference Rate Reform (Topic 848). ASU 2020-04 contains practical expedients for reference rate reform-related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. In December 2022, the FASB issued ASU No. 2022-06 Reference Rate Reform (Topic 848). ASU 2022-06 amended and deferred the sunset provision in ASU 2020-04 from December 31, 2022 to December 31, 2024. As of December 31, 2023, the Company does not anticipate that this guidance will have a material impact on its consolidated financial statements and related disclosures. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Components of Deferred Costs | Deferred costs consisted of the following at December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Loan costs $ 6,256 $ 8,559 Franchise fees 4,311 4,608 Other 102 — 10,669 13,167 Less accumulated amortization (6,423) (6,739) Deferred costs, net $ 4,246 $ 6,428 |
Schedule of Mortgage Loans and Unsecured Term Loans | Mortgage debt consisted of the following at December 31, 2023 and 2022 (in thousands): December 31, 2023 December 31, 2022 Mortgage debt $ 396,109 $ 430,926 Deferred financing costs (1,565) (373) Mortgage debt, net $ 394,544 $ 430,553 December 31, 2023 December 31, 2022 Unsecured term loan $ 90,000 $ — Deferred financing costs (467) — Unsecured term loan, net $ 89,533 $ — |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Investment in Hotel Properties | Investment in hotel properties, net as of December 31, 2023 and 2022 consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land and improvements $ 289,671 $ 289,589 Building and improvements 1,274,970 1,267,035 Furniture, fixtures and equipment 108,222 98,373 Renovations in progress 15,138 11,710 1,688,001 1,666,707 Less: accumulated depreciation (460,368) (402,455) Investment in hotel properties, net $ 1,227,633 $ 1,264,252 |
Investment in Unconsolidated _2
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Income from Joint Venture | The following table sets forth the components of net loss, including the Company's share, related to the NewINK JV and the Inland JV for the years ended December 31, 2023, 2022 and 2021 (in thousands): For the year ended December 31, 2023 2022 2021 Revenue $ — $ — $ 24,690 Total hotel operating expenses — — 24,106 Hotel operating income $ — $ — $ 584 Net loss $ — $ — $ (13,109) Loss allocable to the Company $ — $ — $ (1,347) Basis difference adjustment $ — $ — $ 116 Total loss from unconsolidated real estate entities attributable to the Company $ — $ — $ (1,231) |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Components of Mortgage Debt | Debt consisted of the following (in thousands): Loan/Collateral Interest Rate Maturity Date December 31, 2023 Balance Outstanding as of December 31, 2023 December 31, Revolving Credit Facility (1) — October 28, 2026 $ — $ — $ — Unsecured Term Loan (2) 6.65 % October 28, 2025 — 90,000 — Construction Loan (3) 11.0 % August 4, 2024 — — 39,331 Homewood Suites by Hilton San Antonio, TX 4.59 % February 6, 2023 — — 14,402 Residence Inn by Marriott Vienna, VA 4.49 % February 6, 2023 — — 19,680 Courtyard by Marriott Houston, TX 4.19 % May 6, 2023 — — 16,200 Hyatt Place Pittsburgh, PA 4.65 % July 6, 2023 — — 19,975 Residence Inn by Marriott Bellevue, WA 4.97 % December 6, 2023 — — 41,133 Residence Inn by Marriott Garden Grove, CA 4.79 % April 6, 2024 36,305 29,496 30,184 Residence Inn by Marriott Silicon Valley I, CA 4.64 % July 1, 2024 63,960 60,134 61,280 Residence Inn by Marriott Silicon Valley II, CA 4.64 % July 1, 2024 71,507 65,609 66,860 Residence Inn by Marriott San Mateo, CA 4.64 % July 1, 2024 54,195 45,100 45,960 Residence Inn by Marriott Mountain View, CA 4.64 % July 1, 2024 39,319 35,171 35,842 SpringHill Suites by Marriott Savannah, GA 4.62 % July 6, 2024 30,441 27,832 28,365 Hilton Garden Inn Marina del Rey, CA 4.68 % July 6, 2024 38,109 19,023 19,535 Homewood Suites by Hilton Billerica, MA 4.32 % December 6, 2024 10,793 14,481 14,804 Hampton Inn & Suites Houston Medical Center, TX 4.25 % January 6, 2025 13,925 16,338 16,706 Courtyard by Marriott Dallas, TX (4) 7.61 % September 11, 2028 40,431 24,500 — Residence Inn by Marriott Austin, TX (5) 7.42 % September 6, 2033 34,641 20,850 — TownePlace Suites by Marriott Austin, TX (5) 7.42 % September 6, 2033 31,303 19,075 — Courtyard by Marriott Summerville, SC (6) 7.33 % September 11, 2033 18,846 9,000 — Residence Inn by Marriott Summerville, SC (6) 7.33 % September 11, 2033 17,291 9,500 — Total debt before unamortized debt issue costs $ 501,066 $ 486,109 $ 470,257 Unamortized term loan and mortgage debt issue costs (2,032) (373) Total debt outstanding $ 484,077 $ 469,884 1. The interest rate for the revolving credit facility is variable and based on one-month term secured overnight financing rate ("SOFR") plus a spread of 1.50% to 2.25% based on the Company's leverage and a credit spread adjustment of 0.10%. 2. The interest rate for the unsecured term loan is variable and based on one-month term SOFR plus a spread of 1.45% to 2.20% based on the Company's leverage and a credit spread adjustment of 0.10%. 3. On August 4, 2020, a subsidiary of the Company 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 Home2 Woodland Hills hotel development. The loan had an initial term of four years and there were two six-month extension options. The interest rate on the loan was LIBOR, subject to a 0.25% floor, plus a spread of 7.5%. The loan was repaid on February 1, 2023. 4. On August 30, 2023, a subsidiary of Chatham entered into an agreement with Wells Fargo Bank to obtain a $24.5 million loan secured by the Courtyard by Marriott Dallas Downtown. The loan has a term of five years, carries a fixed interest rate of 7.61%, and is interest-only for the duration of the loan. 5. On August 16, 2023, two subsidiaries of Chatham entered into two agreements with Barclays Capital Real Estate to obtain a $20.9 million loan and a $19.1 million loan secured by the Residence Inn by Marriott Austin and the TownePlace Suites by Marriott Austin, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.42%, and is interest-only for the first five years before amortizing based upon a 30-year amortization schedule. 6. On August 31, 2023, two subsidiaries of Chatham entered into two agreements with Wells Fargo Bank to obtain a $9.0 million loan and a $9.5 million loan secured by the Courtyard by Marriott Summerville and the Residence Inn by Marriott Summerville, respectively. Each loan has a term of ten years, carries a fixed interest rate of 7.33%, and is interest-only for the duration of the loan. |
Future Scheduled Principal Payments of Debt Obligations | Future scheduled principal payments of debt obligations as of December 31, 2023, for each of the next five calendar years and thereafter are as follows (in thousands): Amount 2024 $ 297,210 2025 105,974 2026 — 2027 — 2028 24,590 Thereafter 58,335 Total debt before unamortized debt issue costs $ 486,109 Unamortized mortgage debt issue costs (2,032) Total debt outstanding $ 484,077 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The difference between income tax expense and the amount computed by applying the statutory federal income tax rate to the combined income of the Company's TRS before taxes were as follows (dollars in thousands): For the year ended December 31, 2023 2022 2021 Book loss before income taxes of the TRS $ (7,309) $ (12,935) $ (24,391) Statutory rate of 21% $ (1,535) $ (2,716) $ (5,122) Effect of state and local income taxes, net of federal tax benefit (245) (450) (1,049) Permanent adjustments 13 10 8 Change in valuation allowance 1,579 2,971 5,977 Valuation allowance release — — — Other 188 185 186 Total income tax (benefit) expense $ — $ — $ — Effective tax rate — % — % — % |
Schedule of Deferred Tax Assets and Liabilities | The tax effect of each type of temporary difference and carry forward that gives rise to the deferred tax asset as of December 31, 2023 and 2022 are as follows (in thousands): For the year ended December 31, 2023 2022 Gross deferred tax assets: Allowance for doubtful accounts $ 71 $ 88 Accrued compensation 179 429 Net operating loss 19,495 17,218 Gross deferred tax assets $ 19,745 $ 17,735 Less: Valuation Allowance $ (19,745) $ (17,735) Total deferred tax assets net of valuation allowance $ — $ — Gross deferred tax liabilities: Total book/tax difference in partnership $ — $ — Gross deferred tax liabilities: $ — $ — Net, deferred tax assets: $ — $ — |
Dividends Declared and Paid (Ta
Dividends Declared and Paid (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Dividends Declared and Paid | The dividends and distributions and their tax characterization for the years ended December 31, 2023 and 2022 were as follows: Record Payment Common LTIP Taxable Ordinary Income Return of Capital Section 199A Dividends March 3/31/2023 4/17/2023 0.07 0.07 0.07 — 0.07 June 6/30/2023 7/17/2023 0.07 0.07 0.07 — 0.07 September 9/29/2023 10/16/2023 0.07 0.07 0.07 — 0.07 December 12/29/2023 1/16/2024 0.07 0.07 0.07 — 0.07 Total 2023 $ 0.28 $ 0.28 $ 0.28 $ — $ 0.28 Record Payment Dividend Per Preferred Share Taxable Ordinary Income Return of Capital Section 199A Dividends March 3/31/2023 4/17/2023 $ 0.41406 $ 0.41406 $ — $ 0.41406 June 6/30/2023 7/17/2023 0.41406 0.41406 — 0.41406 September 9/29/2023 10/16/2023 0.41406 0.41406 — 0.41406 December 12/29/2023 1/16/2024 0.41406 0.41406 — 0.41406 Total 2023 $ 1.65624 $ 1.65624 $ — $ 1.65624 Record Payment Dividend Per Preferred Share Taxable Ordinary Income Return of Capital Section 199A Dividends March 3/31/2022 4/18/2022 $ 0.41406 $ 0.41406 $ — $ 0.41406 June 6/30/2022 7/15/2022 0.41406 0.41406 — 0.41406 September 9/30/2022 10/17/2022 0.41406 0.41406 — 0.41406 December 12/30/2022 1/17/2023 0.41406 0.41406 — 0.41406 Total 2022 $ 1.65624 $ 1.65624 $ — $ 1.65624 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Amounts Used in Calculating Basic and Diluted Net Income (Loss) Per Share | The following is a reconciliation of the amounts used in calculating basic and diluted net income per share (in thousands, except share and per share data): For the year ended December 31, 2023 2022 2021 Numerator: Net (loss) income attributable to common shareholders $ (5,306) $ 1,855 $ (22,385) Dividends paid on unvested shares and units (110) (25) — Net (loss) income attributable to common shareholders $ (5,416) $ 1,830 $ (22,385) Denominator: Weighted average number of common shares - basic 48,847,386 48,795,642 48,349,027 Effect of dilutive securities: Unvested shares and units — 263,080 — Weighted average number of common shares - diluted 48,847,386 49,058,722 48,349,027 Basic (loss) income per common share: Net (loss) income attributable to common shareholders per weighted average basic common share $ (0.11) $ 0.04 $ (0.46) Diluted (loss) income per common share: Net (loss) income attributable to common shareholders per weighted average diluted common share $ (0.11) $ 0.04 $ (0.46) |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Share Awards | A summary of the Company’s restricted share awards for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 December 31, 2022 December 31, 2021 Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Number of Shares Weighted - Average Grant Date Fair Value Non-vested at beginning of the period 6,666 $ 11.47 10,000 $ 11.47 1,667 $ 17.40 Granted 2,457 12.21 — — 10,000 11.47 Vested (3,334) 11.47 (3,334) 11.47 (1,667) 17.40 Unvested at end of the period 5,789 $ 11.78 6,666 $ 11.47 10,000 $ 11.47 |
Schedule of Share-based Compensation Arrangements by Share-based Payment Award | A summary of the Company's LTIP unit awards for the years ended December 31, 2023, 2022 and 2021 is as follows: December 31, 2023 December 31, 2022 December 31, 2021 Number of Weighted - Number of Weighted - Number of Weighted - Non-vested at beginning of the period 905,525 $ 15.03 764,178 $ 15.00 669,609 $ 15.73 Granted 466,988 14.36 380,004 16.08 330,945 14.55 Vested (372,558) 13.27 (238,657) 16.61 (219,451) 16.39 Forfeited — — — — (16,925) 17.02 Non-vested at end of period 999,955 $ 15.37 905,525 $ 15.03 764,178 $ 15.00 |
Schedule of Share-based Payment Award, Performance-Based Long-Term Incentive Plan Payout Unit Awards | The 2023 Performance-Based LTIP Unit Awards, if earned, will be paid out between 50% and 200% of target value as follows: Relative TSR Hurdles (Percentile) Payout Percentage Threshold 25th 50% Target 55th 100% Maximum 80th 200% |
Schedule of Share-based Payment Award, Valuation Assumptions | The grant date fair value of the LTIPs and the assumptions used to estimate the values are as follows: Grant Date Number of Units Granted Estimated Value per Unit Volatility Dividend Yield Risk-Free Interest Rate 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 (1) 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% 2022 Time-Based LTIP Unit Awards 3/1/2022 152,004 $12.33 80% —% 1.01% 2022 Performance-Based LTIP Unit Awards 3/1/2022 228,000 $18.58 66% 3.5% 1.44% 2023 Time-Based LTIP Unit Awards 3/1/2023 171,171 $11.11 37% —% 5.11% 2023 Performance-Based LTIP Unit Awards 3/1/2023 256,757 $16.64 69% 3.5% 4.61% |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Operating Lease Maturity | The following table includes information regarding the Company's total minimum lease payments for which it is the lessee, as of December 31, 2023, for each of the next five calendar years and thereafter (in thousands): Total Future Lease Payments Amount 2024 $ 1,875 2025 1,940 2026 1,728 2027 1,272 2028 1,272 Thereafter 62,282 Total lease payments $ 70,369 Less: Imputed interest (49,561) Present value of lease liabilities $ 20,808 |
Schedule of Right of Use Asset and Liability | The following tables include information regarding the right of use assets and lease liabilities of the Company as of December 31, 2023: Right of Use Asset Lease Liability Balance as of January 1, 2023 $ 19,297 $ 22,108 Amortization (625) (605) Partial lease termination (531) (695) Balance as of December 31, 2023 $ 18,141 $ 20,808 |
Schedule of Lease Cost | Lease Term and Discount Rate December 31, 2023 Weighted-average remaining lease term (years) 42.08 Weighted-average discount rate 6.89% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Management Agreement Terms | As of December 31, 2023, certain key terms of the Company's management agreements are (dollars are not in thousands): Property Management Company Base Management Fee Monthly Accounting Fee Monthly Revenue Management Fee Incentive Management Fee Cap Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington IHM 3.0 % $1,200 $1,000 1.0 % Homewood Suites by Hilton Minneapolis-Mall of America IHM 3.0 % $1,200 $1,000 1.0 % Homewood Suites by Hilton Nashville-Brentwood IHM 3.0 % $1,200 $1,000 1.0 % Homewood Suites by Hilton Hartford-Farmington IHM 3.0 % $1,200 $1,000 1.0 % Homewood Suites by Hilton Orlando-Maitland IHM 3.0 % $1,200 $1,000 1.0 % Hampton Inn & Suites Houston-Medical Center IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Long Island Holtsville IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn White Plains IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn New Rochelle IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Garden Grove IHM 3.0 % $1,500 $1,000 1.0 % Homewood Suites by Hilton San Antonio River Walk IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Washington DC IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Tysons Corner IHM 3.0 % $1,200 $1,000 1.0 % Hampton Inn Portland Downtown IHM 3.0 % $1,200 $1,000 1.0 % Courtyard Houston IHM 3.0 % $1,500 $1,000 1.0 % Hyatt Place Pittsburgh North Shore IHM 3.0 % $1,500 $1,000 1.0 % Hampton Inn Exeter IHM 3.0 % $1,200 $1,000 1.0 % Hilton Garden Inn Denver Tech IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Bellevue IHM 3.0 % $1,500 $1,000 1.0 % SpringHill Suites Savannah IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Silicon Valley I IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Silicon Valley II IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn San Mateo IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Mountain View IHM 3.0 % $1,200 $1,000 1.0 % Hyatt Place Cherry Creek IHM 3.0 % $1,500 $1,000 1.0 % Courtyard Addison IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn San Diego Gaslamp IHM 3.0 % $1,500 $1,000 1.0 % Hilton Garden Inn Marina del Rey IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Dedham IHM 3.0 % $1,200 $1,000 1.0 % Residence Inn Il Lugano IHM 3.0 % $1,500 $1,000 1.0 % Hilton Garden Inn Portsmouth IHM 3.0 % $1,500 $1,000 1.0 % Courtyard Summerville IHM 3.0 % $1,500 $1,000 1.0 % Embassy Suites Springfield IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Summerville IHM 3.0 % $1,500 $1,000 1.0 % Courtyard Dallas IHM 3.0 % $1,500 $1,000 1.0 % Residence Inn Austin Northwest/The Domain Area IHM 3.0 % $1,500 $1,000 1.0 % TownePlace Suites Austin Northwest/The Domain Area IHM 3.0 % $1,500 $1,000 1.0 % Home2 Suites Woodland Hills IHM 3.0 % $1,500 $1,000 1.0 % Hilton Garden Inn Destin Miramar Beach IHM 3.0 % $1,500 $1,000 1.0 % |
Schedule of Franchise Agreement Terms | erms of the Company's franchise agreements are: Property Franchise/Royalty Fee Marketing/Program Fee Expiration Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Minneapolis-Mall of America 4.0 % 4.0 % 2025 Homewood Suites by Hilton Nashville-Brentwood 4.0 % 4.0 % 2025 Homewood Suites by Hilton Hartford-Farmington 4.0 % 4.0 % 2025 Homewood Suites by Hilton Orlando-Maitland 4.0 % 4.0 % 2025 Hampton Inn & Suites Houston-Medical Center 6.0 % 4.0 % 2035 Residence Inn Long Island Holtsville 5.5 % 2.5 % 2025 Residence Inn White Plains 5.5 % 2.5 % 2030 Residence Inn New Rochelle 5.5 % 2.5 % 2030 Residence Inn Garden Grove 5.0 % 2.5 % 2031 Homewood Suites by Hilton San Antonio River Walk 4.0 % 4.0 % 2026 Residence Inn Washington DC 5.5 % 2.5 % 2033 Residence Inn Tysons Corner 5.0 % 2.5 % 2031 Hampton Inn Portland Downtown 6.0 % 4.0 % 2032 Courtyard Houston 5.5 % 2.0 % 2030 Hyatt Place Pittsburgh North Shore 5.0 % 3.5 % 2030 Hampton Inn Exeter 6.0 % 4.0 % 2031 Hilton Garden Inn Denver Tech 5.5 % 4.3 % 2028 Residence Inn Bellevue 5.5 % 2.5 % 2033 SpringHill Suites Savannah 5.0 % 2.5 % 2033 Residence Inn Silicon Valley I 5.5 % 2.5 % 2029 Residence Inn Silicon Valley II 5.5 % 2.5 % 2029 Residence Inn San Mateo 5.5 % 2.5 % 2029 Residence Inn Mountain View 5.5 % 2.5 % 2029 Hyatt Place Cherry Creek 5.0 % 3.5 % 2034 Courtyard Addison 5.5 % 2.0 % 2029 Residence Inn San Diego Gaslamp 6.0 % 2.5 % 2035 Hilton Garden Inn Marina del Rey 5.5 % 4.3 % 2030 Residence Inn Dedham 6.0 % 2.5 % 2030 Residence Inn Il Lugano 6.0 % 2.5 % 2045 Hilton Garden Inn Portsmouth 5.5 % 4.0 % 2037 Courtyard Summerville 6.0 % 2.5 % 2037 Embassy Suites Springfield 5.5 % 4.0 % 2037 Residence Inn Summerville 6.0 % 2.5 % 2038 Courtyard Dallas 6.0 % 2.0 % 2038 Residence Inn Austin Northwest/The Domain Area 5.5% to 6.0% 2.5 % 2036 TownePlace Suites Austin Northwest/The Domain Area 3.0% to 5.5% 2.0 % 2041 Home2 Suites Woodland Hills 3.0% to 5.0% 3.0 % 2040 Hilton Garden Inn Destin Miramar Beach 5.5 % 4.0 % 2042 |
Organization - Additional Infor
Organization - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2023 hotel state room | Sep. 22, 2021 room hotel | Mar. 17, 2021 room hotel | Nov. 17, 2014 | Jun. 09, 2014 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Aggregate number of rooms in hotels | room | 5,915 | ||||
Number of states in which hotels are owned | state | 16 | ||||
Related Party | Island Hospitality Management Inc. | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels managed by related party | hotel | 39 | ||||
Ownership percentage in related party owned by the company's chairman | 100% | 52.50% | |||
Related Party | Inland Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Number of hotels managed by related party | hotel | 48 | 46 | |||
Aggregate number of rooms in hotels | room | 6,402 | 5,948 | |||
Indirect ownership in the leased, hotels | 10% | ||||
Related Party | NewINK Joint Venture | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Indirect ownership in the leased, hotels | 10.30% | ||||
Operating Partnership | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Percentage of common units of limited partnership owned (as a percentage) | 100% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Investment in Hotel Properties (Details) - hotel | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Number of hotel properties held for sale | 0 | 0 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 40 years | |
Land Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 20 years | |
Building Improvements | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 5 years | |
Building Improvements | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 20 years | |
Furniture, fixtures, and equipment | Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 1 year | |
Furniture, fixtures, and equipment | Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Useful life | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Restricted Cash and Hotel Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 17,619 | $ 18,879 |
Hotel receivables, allowance for doubtful accounts | 280 | 344 |
Renovation, Property Tax And Insurance Escrows | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Restricted cash | $ 17,600 | $ 18,900 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Deferred Costs and Mortgage Debt (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Deferred Costs [Line Items] | |||
Loan costs | $ 6,256 | $ 8,559 | |
Franchise fees | 4,311 | 4,608 | |
Other | 102 | 0 | |
Deferred costs, gross | 10,669 | 13,167 | |
Less accumulated amortization | (6,423) | (6,739) | |
Deferred costs, net | 4,246 | 6,428 | |
Amortization of deferred franchise fees | 214 | 246 | $ 248 |
Amortization of deferred financing fees included in interest expense | 1,201 | 1,444 | 1,825 |
Franchise | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred franchise fees | 200 | 200 | 200 |
Loans | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred financing fees included in interest expense | 700 | 1,200 | 1,500 |
Mortgages | |||
Schedule of Deferred Costs [Line Items] | |||
Amortization of deferred financing fees included in interest expense | $ 300 | $ 300 | $ 300 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Schedule of Mortgage Loans (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Mortgage debt | $ 396,109 | $ 430,926 |
Deferred financing costs | (1,565) | (373) |
Mortgage debt, net | $ 394,544 | $ 430,553 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Unsecured Term Loan (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounting Policies [Abstract] | ||
Unsecured term loan | $ 90,000 | $ 0 |
Deferred financing costs | (467) | 0 |
Unsecured term loan, net | $ 89,533 | $ 0 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Amortization of deferred financing fees included in interest expense | $ 1,201,000 | $ 1,444,000 | $ 1,825,000 |
Percentage of REIT taxable income distributed to its shareholders (at least) | 90% | ||
Tax holiday period for REIT taxable income | 4 years | ||
Class A Performance LTIP Units | |||
Debt Instrument [Line Items] | |||
Distribution entitlement (in percentage) | 10% | ||
Unsecured Term Loan | |||
Debt Instrument [Line Items] | |||
Amortization of deferred financing fees included in interest expense | $ 200,000 | $ 0 | $ 0 |
Acquisition of Hotel Properti_2
Acquisition of Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Mar. 08, 2022 | Aug. 03, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||||
Property acquisition costs capitalized | $ 48 | $ 100 | ||
Hilton Garden Inn Destin Miramar Beach | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 31,000 | |||
Residence Inn Austin Northwest/The Domain Area ("RI Austin") | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 37,000 | |||
TownePlace Suites Austin Northwest/The Domain Area ("TPS Austin") | ||||
Business Acquisition [Line Items] | ||||
Consideration transferred | $ 34,300 |
Disposition of Hotel Properti_2
Disposition of Hotel Properties - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||
May 13, 2022 USD ($) hotel | May 06, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Number of hotels sold | hotel | 3 | ||||
Gain on sale of property | $ 18 | $ 2,268 | $ (21) | ||
Homewood Suites Dallas-Market Center, Courtyard Houston West University, And Residence Inn Houston West University | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Amount sold in disposition of property | $ 57,000 | ||||
Gain on sale of property | $ 1,800 | ||||
Hilton Garden Inn Boston-Burlington | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Amount sold in disposition of property | $ 23,200 | ||||
Gain on sale of property | $ 500 |
Investment in Hotel Propertie_2
Investment in Hotel Properties - Schedule of Investments in Hotel Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, All Other Investments [Abstract] | ||
Land and improvements | $ 289,671 | $ 289,589 |
Building and improvements | 1,274,970 | 1,267,035 |
Furniture, fixtures and equipment | 108,222 | 98,373 |
Renovations in progress | 15,138 | 11,710 |
Investment in hotel properties, at cost | 1,688,001 | 1,666,707 |
Less: accumulated depreciation | (460,368) | (402,455) |
Investment in hotel properties, net | $ 1,227,633 | $ 1,264,252 |
Investment in Hotel Propertie_3
Investment in Hotel Properties - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jan. 24, 2022 | |
Schedule of Investments [Line Items] | ||||
Impairment loss | $ 0 | |||
Write-off of hotel development costs included in other charges | $ 2,238,000 | $ 0 | $ 0 | |
HGI Denver Tech | ||||
Schedule of Investments [Line Items] | ||||
Impairment loss | $ 4,300,000 | |||
Hilton Garden Inn Burlington | ||||
Schedule of Investments [Line Items] | ||||
Impairment loss | $ 5,600,000 | |||
Home2 Suites Woodland Hills | ||||
Schedule of Investments [Line Items] | ||||
Costs of development incurred to date | $ 70,900,000 | |||
Land | Home2 Suites Woodland Hills | ||||
Schedule of Investments [Line Items] | ||||
Costs of development incurred to date | 6,600,000 | |||
Other Development Costs | Home2 Suites Woodland Hills | ||||
Schedule of Investments [Line Items] | ||||
Costs of development incurred to date | $ 64,300,000 |
Investment in Unconsolidated _3
Investment in Unconsolidated Entities - Additional Information (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 17, 2014 | Jun. 09, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||||
Gain on sale of investment in unconsolidated real estate entities | $ 0 | $ 0 | $ 23,817 | |||
Joint Venture Two | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Percentage ownership by third party (in percentage) | 89.70% | |||||
Related Party | NewINK Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Indirect ownership in the leased, hotels | 10.30% | |||||
Gain on sale of investment in unconsolidated real estate entities | $ 23,800 | |||||
Related Party | Inland Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Indirect ownership in the leased, hotels | 10% | |||||
Percentage ownership by third party (in percentage) | 90% | |||||
Related Party | Colony Capital, Inc. | NewINK Joint Venture | ||||||
Schedule of Equity Method Investments [Line Items] | ||||||
Proceeds from sale of interest in affiliate | $ 2,800 |
Investment in Unconsolidated _4
Investment in Unconsolidated Entities - Schedule of Income from Joint Venture (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Revenue | $ 311,109 | $ 294,851 | $ 203,975 |
Hotel operating income | 28,614 | 36,453 | (17,214) |
Net income (loss) attributable to Chatham Lodging Trust | 2,644 | 9,805 | (18,410) |
Total Minority Interest Joint Ventures | |||
Schedule of Equity Method Investments [Line Items] | |||
Revenue | 0 | 0 | 24,690 |
Total hotel operating expenses | 0 | 0 | 24,106 |
Hotel operating income | 0 | 0 | 584 |
Net income (loss) attributable to Chatham Lodging Trust | 0 | 0 | (13,109) |
Loss allocable to the Company | 0 | 0 | (1,347) |
Basis difference adjustment | 0 | 0 | 116 |
Total loss from unconsolidated real estate entities attributable to the Company | $ 0 | $ 0 | $ (1,231) |
Debt - Components of Mortgage D
Debt - Components of Mortgage Debt (Details) | 12 Months Ended | |||||||
Aug. 31, 2023 USD ($) subsidiary agreement | Aug. 30, 2023 USD ($) | Aug. 16, 2023 USD ($) subsidiary agreement | Oct. 28, 2022 extension_option | Oct. 26, 2021 extension_option | Aug. 04, 2020 USD ($) extension_option | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Participating Mortgage Loans [Line Items] | ||||||||
Property Carrying Value | $ 501,066,000 | |||||||
Total debt before unamortized debt issue costs | 486,109,000 | $ 470,257,000 | ||||||
Unamortized term loan and mortgage debt issue costs | (2,032,000) | (373,000) | ||||||
Total debt outstanding | $ 484,077,000 | 469,884,000 | ||||||
Construction loan | Mack Real Estate Credit Strategies | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Debt instrument, face amount | $ 40,000,000 | |||||||
Debt instrument, term | 4 years | |||||||
Number of extension options | extension_option | 2 | |||||||
Period of extension options | 6 months | |||||||
Base Rate | Construction loan | Mack Real Estate Credit Strategies | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.25% | |||||||
LIBOR | Construction loan | Mack Real Estate Credit Strategies | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 7.50% | |||||||
Revolving Credit Facility | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 0% | |||||||
Property Carrying Value | $ 0 | |||||||
Total debt before unamortized debt issue costs | $ 0 | 0 | ||||||
Number of extension options | extension_option | 2 | |||||||
Revolving Credit Facility | Revolving Credit Facility | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Period of extension options | 6 months | |||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum | Revolving Credit Facility | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.50% | |||||||
Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum | Revolving Credit Facility | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 2.25% | |||||||
Unsecured Term Loan | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 6.65% | |||||||
Property Carrying Value | $ 0 | |||||||
Total debt before unamortized debt issue costs | $ 90,000,000 | 0 | ||||||
Construction loan | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 11% | |||||||
Property Carrying Value | $ 0 | |||||||
Total debt before unamortized debt issue costs | $ 0 | 39,331,000 | ||||||
Homewood Suites by Hilton San Antonio, TX | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.59% | |||||||
Property Carrying Value | $ 0 | |||||||
Total debt before unamortized debt issue costs | $ 0 | 14,402,000 | ||||||
Residence Inn by Marriott Vienna, VA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.49% | |||||||
Property Carrying Value | $ 0 | |||||||
Total debt before unamortized debt issue costs | $ 0 | 19,680,000 | ||||||
Courtyard by Marriott Houston, TX | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.19% | |||||||
Property Carrying Value | $ 0 | |||||||
Total debt before unamortized debt issue costs | $ 0 | 16,200,000 | ||||||
Hyatt Place Pittsburgh, PA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.65% | |||||||
Property Carrying Value | $ 0 | |||||||
Total debt before unamortized debt issue costs | $ 0 | 19,975,000 | ||||||
Residence Inn by Marriott Bellevue, WA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.97% | |||||||
Property Carrying Value | $ 0 | |||||||
Total debt before unamortized debt issue costs | $ 0 | 41,133,000 | ||||||
Residence Inn by Marriott Garden Grove, CA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.79% | |||||||
Property Carrying Value | $ 36,305,000 | |||||||
Total debt before unamortized debt issue costs | $ 29,496,000 | 30,184,000 | ||||||
Residence Inn by Marriott Silicon Valley I, CA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.64% | |||||||
Property Carrying Value | $ 63,960,000 | |||||||
Total debt before unamortized debt issue costs | $ 60,134,000 | 61,280,000 | ||||||
Residence Inn by Marriott Silicon Valley II, CA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.64% | |||||||
Property Carrying Value | $ 71,507,000 | |||||||
Total debt before unamortized debt issue costs | $ 65,609,000 | 66,860,000 | ||||||
Residence Inn by Marriott San Mateo, CA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.64% | |||||||
Property Carrying Value | $ 54,195,000 | |||||||
Total debt before unamortized debt issue costs | $ 45,100,000 | 45,960,000 | ||||||
Residence Inn by Marriott Mountain View, CA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.64% | |||||||
Property Carrying Value | $ 39,319,000 | |||||||
Total debt before unamortized debt issue costs | $ 35,171,000 | 35,842,000 | ||||||
SpringHill Suites by Marriott Savannah, GA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.62% | |||||||
Property Carrying Value | $ 30,441,000 | |||||||
Total debt before unamortized debt issue costs | $ 27,832,000 | 28,365,000 | ||||||
Hilton Garden Inn Marina del Rey, CA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.68% | |||||||
Property Carrying Value | $ 38,109,000 | |||||||
Total debt before unamortized debt issue costs | $ 19,023,000 | 19,535,000 | ||||||
Homewood Suites by Hilton Billerica, MA | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.32% | |||||||
Property Carrying Value | $ 10,793,000 | |||||||
Total debt before unamortized debt issue costs | $ 14,481,000 | 14,804,000 | ||||||
Hampton Inn & Suites Houston Medical Center, TX | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 4.25% | |||||||
Property Carrying Value | $ 13,925,000 | |||||||
Total debt before unamortized debt issue costs | $ 16,338,000 | 16,706,000 | ||||||
Courtyard by Marriott Dallas, TX | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.61% | |||||||
Property Carrying Value | $ 40,431,000 | |||||||
Total debt before unamortized debt issue costs | $ 24,500,000 | 0 | ||||||
Courtyard by Marriott Dallas, TX | Wells Fargo Bank | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.61% | |||||||
Total debt before unamortized debt issue costs | $ 24,500,000 | |||||||
Debt instrument, term | 5 years | |||||||
Residence Inn by Marriott Austin, TX | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.42% | |||||||
Property Carrying Value | $ 34,641,000 | |||||||
Total debt before unamortized debt issue costs | $ 20,850,000 | 0 | ||||||
Residence Inn by Marriott Austin, TX | Barclays Capital Real Estate | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.42% | |||||||
Total debt before unamortized debt issue costs | $ 20,900,000 | |||||||
Debt instrument, term | 10 years | |||||||
Debt instrument, period of interest | 5 years | |||||||
Amortization period | 30 years | |||||||
TownePlace Suites by Marriott Austin, TX | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.42% | |||||||
Property Carrying Value | $ 31,303,000 | |||||||
Total debt before unamortized debt issue costs | $ 19,075,000 | 0 | ||||||
TownePlace Suites by Marriott Austin, TX | Barclays Capital Real Estate | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.42% | |||||||
Total debt before unamortized debt issue costs | $ 19,100,000 | |||||||
Debt instrument, term | 10 years | |||||||
Debt instrument, period of interest | 5 years | |||||||
Amortization period | 30 years | |||||||
Courtyard by Marriott Summerville, SC | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.33% | |||||||
Property Carrying Value | $ 18,846,000 | |||||||
Total debt before unamortized debt issue costs | $ 9,000,000 | 0 | ||||||
Courtyard by Marriott Summerville, SC | Wells Fargo Bank | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.33% | |||||||
Total debt before unamortized debt issue costs | $ 9,000,000 | |||||||
Debt instrument, term | 10 years | |||||||
Residence Inn by Marriott Summerville, SC | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.33% | |||||||
Property Carrying Value | $ 17,291,000 | |||||||
Total debt before unamortized debt issue costs | $ 9,500,000 | $ 0 | ||||||
Residence Inn by Marriott Summerville, SC | Wells Fargo Bank | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Interest Rate | 7.33% | |||||||
Total debt before unamortized debt issue costs | $ 9,500,000 | |||||||
Debt instrument, term | 10 years | |||||||
Delayed Draw Term Loan | Revolving Credit Facility | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Number of extension options | extension_option | 2 | |||||||
Period of extension options | 1 year | |||||||
Delayed Draw Term Loan | Secured Overnight Financing Rate (SOFR) | Revolving Credit Facility | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 0.10% | |||||||
Delayed Draw Term Loan | Secured Overnight Financing Rate (SOFR) | Minimum | Revolving Credit Facility | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 1.45% | |||||||
Delayed Draw Term Loan | Secured Overnight Financing Rate (SOFR) | Maximum | Revolving Credit Facility | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Debt instrument, basis spread on variable rate | 2.20% | |||||||
Residence Inn by Marriott | Barclays Capital Real Estate | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Number of agreements | agreement | 2 | |||||||
Number of subsidiaries | subsidiary | 2 | |||||||
Courtyard by Marriott Summerville | Wells Fargo Bank | ||||||||
Participating Mortgage Loans [Line Items] | ||||||||
Number of agreements | agreement | 2 | |||||||
Number of subsidiaries | subsidiary | 2 |
Debt - Additional Information (
Debt - Additional Information (Details) | 12 Months Ended | |||||
Dec. 19, 2022 USD ($) | Oct. 28, 2022 USD ($) extension_option | Oct. 26, 2021 extension_option | Dec. 31, 2023 USD ($) mortgage_debt_lender mortgage_loan | Dec. 31, 2022 USD ($) | Oct. 26, 2018 USD ($) | |
Debt Instrument [Line Items] | ||||||
Outstanding borrowing under the revolving credit facility | $ 0 | $ 0 | ||||
Number of mortgage loan | mortgage_loan | 5 | |||||
Number of mortgage debt lenders enforcing cash trap provisions | mortgage_debt_lender | 4 | |||||
Restricted cash | $ 5,600,000 | |||||
Construction loan | LIBOR | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, basis spread on variable rate | 3.50% | |||||
Fixed Rate Debt | ||||||
Debt Instrument [Line Items] | ||||||
Estimated fair value of debt | $ 396,000,000 | 412,700,000 | ||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Number of extension options | extension_option | 2 | |||||
Outstanding borrowing under the revolving credit facility | 90,000,000 | 0 | ||||
Estimated fair value of debt | 90,000,000 | 39,300,000 | ||||
Construction loan | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | 39,300,000 | |||||
Homewood Suites by Hilton San Antonio, TX | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | 14,400,000 | |||||
Residence Inn Tysons | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | 19,700,000 | |||||
Courtyard by Marriott Houston, TX | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | 16,000,000 | |||||
Hyatt Place Pittsburgh, PA | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | 19,700,000 | |||||
Residence Inn by Marriott Bellevue, WA | ||||||
Debt Instrument [Line Items] | ||||||
Repayments of debt | 40,500,000 | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity (up to) | $ 260,000,000 | |||||
Revolving Credit Facility | Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity (up to) | $ 215,000,000 | $ 350,000,000 | $ 260,000,000 | $ 250,000,000 | ||
Period of extension options | 6 months | |||||
Increasing commitments amount | $ 45,000,000 | |||||
Revolving Credit Facility | Delayed Draw Term Loan | ||||||
Debt Instrument [Line Items] | ||||||
Borrowing capacity (up to) | $ 90,000,000 | |||||
Number of extension options | extension_option | 2 | |||||
Period of extension options | 1 year |
Debt - Future Scheduled Princip
Debt - Future Scheduled Principal Payments of Debt Obligations (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 297,210 | |
2025 | 105,974 | |
2026 | 0 | |
2027 | 0 | |
2028 | 24,590 | |
Thereafter | 58,335 | |
Total debt before unamortized debt issue costs | 486,109 | |
Unamortized mortgage debt issue costs | (2,032) | $ (373) |
Total debt outstanding | $ 484,077 |
Income Taxes - Difference Betwe
Income Taxes - Difference Between Total Income Taxes Expense and Amount Computed at Statutory Federal Income Tax Rate (Detail) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Book loss before income taxes of the TRS | $ (7,309) | $ (12,935) | $ (24,391) |
Statutory rate applied to pre-tax income | (1,535) | (2,716) | (5,122) |
Effect of state and local income taxes, net of federal tax benefit | (245) | (450) | (1,049) |
Permanent adjustments | 13 | 10 | 8 |
Change in valuation allowance | 1,579 | 2,971 | 5,977 |
Valuation allowance release | 0 | 0 | 0 |
Other | 188 | 185 | 186 |
Total income tax expense (benefit) | $ 0 | $ 0 | $ 0 |
Effective tax rate | 0% | 0% | 0% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Taxes [Line Items] | ||
Valuation allowance | $ 19,745 | $ 17,735 |
TRS | ||
Income Taxes [Line Items] | ||
Percentage of voting interests of gross deferred tax asset | 100% | |
NOL carryforwards, federal | $ 77,300 | |
NOL carryforwards, state and local | $ 60,500 |
Income Taxes - Tax Effect of Ea
Income Taxes - Tax Effect of Each Type of Temporary Difference and Carry Forward that Gives Rise to Deferred Tax Asset (Detail) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross deferred tax assets: | ||
Allowance for doubtful accounts | $ 71 | $ 88 |
Accrued compensation | 179 | 429 |
Net operating loss | 19,495 | 17,218 |
Gross deferred tax assets | 19,745 | 17,735 |
Less: Valuation Allowance | (19,745) | (17,735) |
Total deferred tax assets net of valuation allowance | 0 | 0 |
Gross deferred tax liabilities: | ||
Total book/tax difference in partnership | 0 | 0 |
Gross deferred tax liabilities: | 0 | 0 |
Net, deferred tax assets: | $ 0 | $ 0 |
Dividends Declared and Paid - A
Dividends Declared and Paid - Additional Information (Details) - $ / shares | 12 Months Ended | ||||||||||
Dec. 29, 2023 | Sep. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 30, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Class of Stock [Line Items] | |||||||||||
Total common share dividends declared (in dollars per shares) | $ 0.28 | $ 0.07 | |||||||||
Regular Long-term incentive plan (LTIP) units, distributions per unit (in dollars per share) | $ 0.28 | $ 0.07 | |||||||||
Percentage of distribution considered capital gain | 100% | 100% | |||||||||
Percentage of distribution considered taxable income | 100% | ||||||||||
Preferred Shares | |||||||||||
Class of Stock [Line Items] | |||||||||||
Ordinary Income (in dollars per share) | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 1.65624 | $ 1.65624 | |
Series A Preferred Shares | |||||||||||
Class of Stock [Line Items] | |||||||||||
Preferred shares, dividend rate, percentage | 6.625% | 6.625% |
Dividends Declared and Paid - D
Dividends Declared and Paid - Dividend Information (Details) - $ / shares | 12 Months Ended | ||||||||||
Dec. 29, 2023 | Sep. 29, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 30, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | |||||||||||
Distributions per common share (in dollars per share) | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.07 | $ 0.28 | $ 0.07 | $ 0 | |||
Preferred stock, dividends per share, declared (in dollars per share) | 0.41406 | 0.41406 | 0.41406 | 0.41406 | 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | 1.65624 | 1.65624 | |
Common Shares | |||||||||||
Class of Stock [Line Items] | |||||||||||
LTIP unit distribution amount (in dollars per share) | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.28 | 0.07 | ||||
Taxable Ordinary Income (in dollars per share) | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.28 | 0.07 | ||||
Return of Capital (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Section 199A Dividends (in dollars per share) | 0.07 | 0.07 | 0.07 | 0.07 | 0.07 | 0.28 | 0.07 | ||||
Preferred Shares | |||||||||||
Class of Stock [Line Items] | |||||||||||
Taxable Ordinary Income (in dollars per share) | 0.41406 | 0.41406 | 0.41406 | 0.41406 | 0.41406 | 0.41406 | 0.41406 | 0.41406 | 1.65624 | 1.65624 | |
Return of Capital (in dollars per share) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Section 199A Dividends (in dollars per share) | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 0.41406 | $ 1.65624 | $ 1.65624 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2021 USD ($) $ / shares shares | Jan. 31, 2021 USD ($) | Dec. 31, 2017 USD ($) | Dec. 31, 2023 USD ($) vote $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | |
Stockholders Equity Note Disclosure [Line Items] | ||||||
Common shares, shares authorized (up to) (in shares) | 500,000,000 | 500,000,000 | ||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Number of votes per common share | vote | 1 | |||||
Common shares, shares outstanding (in shares) | 48,859,836 | 48,808,105 | ||||
Proceeds from issuance of common shares | $ | $ 61,000 | $ 57,000 | $ 24,612,000 | |||
Preferred shares, shares authorized (up to) (in shares) | 100,000,000 | 100,000,000 | ||||
Preferred shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Preferred shares, shares issued (in shares) | 4,800,000 | 4,800,000 | ||||
Preferred shares, shares outstanding (in shares) | 4,800,000 | 4,800,000 | ||||
Proceeds from issuance of preferred shares | $ | $ 0 | $ 0 | 120,000,000 | |||
Preferred dividends | $ | $ 7,950,000 | $ 7,950,000 | $ 3,975,000 | |||
Stock redemption, exchange ratio | 1 | |||||
Vested operating partnership units held by current and former employees (in shares) | 1,587,317 | |||||
DRSPP | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Stock purchase plan, authorized amount | $ | $ 50,000,000 | |||||
Additional common shares issued (in shares) | 5,896 | |||||
Weighted average price per share (in dollars per share) | $ / shares | $ 10.27 | |||||
Proceeds from issuance of common shares | $ | $ 61,000 | |||||
Remaining authorized repurchase amount | $ | 47,800,000 | |||||
ATM Plan | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Stock purchase plan, authorized amount | $ | $ 100,000,000 | |||||
Remaining authorized repurchase amount | $ | $ 77,500,000 | |||||
Series A Preferred Shares | ||||||
Stockholders Equity Note Disclosure [Line Items] | ||||||
Preferred shares, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | ||||
Preferred shares, shares issued (in shares) | 4,800,000 | 4,800,000 | ||||
Preferred shares, shares outstanding (in shares) | 4,800,000 | 4,800,000 | ||||
Preferred shares, dividend rate, percentage | 6.625% | 6.625% | ||||
Proceeds from issuance of preferred shares | $ | $ 115,900,000 | |||||
Liquidation preference per share (in dollars per share) | $ / shares | $ 25 | |||||
Liquidation preference per share, per annum (in dollars per share) | $ / shares | $ 1.65624 | |||||
Change of control, redemption option, period following change of control | 120 days | |||||
Share cap (in shares) | 3.701 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 157,641 | 0 | 209,175 |
Numerator: | |||
Net (loss) income attributable to common shareholders | $ (5,306) | $ 1,855 | $ (22,385) |
Dividends paid on unvested shares and units | (110) | (25) | 0 |
Net (loss) income attributable to common shareholders | $ (5,416) | $ 1,830 | $ (22,385) |
Denominator: | |||
Weighted average number of common shares - basic (in shares) | 48,847,386 | 48,795,642 | 48,349,027 |
Effect of dilutive securities: | |||
Unvested shares and units (in shares) | 263,080 | ||
Weighted average number of common shares - diluted (In shares) | 48,847,386 | 49,058,722 | 48,349,027 |
Basic (loss) income per common share: | |||
Net (loss) income attributable to common shareholders per weighted average basic common share (in dollars per share) | $ (0.11) | $ 0.04 | $ (0.46) |
Diluted (loss) income per common share: | |||
Net (loss) income attributable to common shareholders per weighted average diluted common share (in dollars per share) | $ (0.11) | $ 0.04 | $ (0.46) |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Jan. 16, 2024 shares | Mar. 01, 2023 $ / shares shares | Mar. 01, 2022 shares | Mar. 01, 2021 shares | Mar. 01, 2020 shares | Mar. 01, 2019 shares | Mar. 01, 2018 shares | Jan. 31, 2023 shares | Jan. 31, 2022 shares | Jan. 31, 2021 shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | May 24, 2022 shares | |
Independent Trustees | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Trustee fees | $ | $ 120 | $ 120 | $ 120 | |||||||||||
Common shares issued as compensation for services performed (in shares) | 43,378 | 34,672 | 40,203 | |||||||||||
Independent Trustees | Subsequent Event | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Common shares issued as compensation for services performed (in shares) | 43,670 | |||||||||||||
Minimum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage) | 58% | |||||||||||||
Maximum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Trustee fees paid in shares (up to 100%) (at least 50%) (in percentage) | 100% | |||||||||||||
Equity Incentive Plan | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of shares authorized (in shares) | 1,600,000 | |||||||||||||
Common shares available for issuance (in shares) | 1,252,326 | |||||||||||||
Equity Incentive Plan | Minimum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period for share awards under equity | 3 years | |||||||||||||
Equity Incentive Plan | Maximum | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Vesting period for share awards under equity | 5 years | |||||||||||||
Restricted Stock | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Unrecognized compensation costs | $ | $ 45 | 61 | ||||||||||||
Weighted - average period for recognition of unrecognized compensation costs | 1 year 4 months 24 days | |||||||||||||
Compensation expense recognized | $ | $ 47 | $ 38 | $ 44 | |||||||||||
Shares granted (in shares) | 2,457 | 0 | 10,000 | |||||||||||
Long Term Incentive Plan Units | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Weighted - average period for recognition of unrecognized compensation costs | 1 year 9 months 18 days | |||||||||||||
Compensation expense recognized | $ | $ 5,600 | $ 5,000 | $ 4,300 | |||||||||||
Exchange ratio | 1 | |||||||||||||
Shares granted (in shares) | 466,988 | 380,004 | 330,945 | |||||||||||
Total unrecognized compensation cost related to LTIP Units | $ | $ 7,100 | $ 6,500 | ||||||||||||
Time-Based LTIP Unit Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares granted (in shares) | 171,171 | 152,004 | 132,381 | 130,206 | 88,746 | 97,968 | ||||||||
Time-Based LTIP Unit Awards | Awarded March 1, 2021 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares granted (in shares) | 171,171 | |||||||||||||
Performance-Based LTIP Unit Awards | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares granted (in shares) | 256,757 | 228,000 | 198,564 | 195,301 | 133,107 | 146,949 | ||||||||
Performance-Based LTIP Unit Awards | Awarded March 1, 2021 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Shares granted (in shares) | 256,757 | |||||||||||||
Grants in period, intrinsic value, amount (in dollars per share) | $ / shares | $ 16.64 | |||||||||||||
Performance-Based LTIP Unit Awards | Minimum | Awarded March 1, 2021 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Percentage of target value to be paid out | 50% | |||||||||||||
Performance-Based LTIP Unit Awards | Maximum | Awarded March 1, 2021 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Percentage of target value to be paid out | 200% | |||||||||||||
2010 Equity Incentive Plan | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||
Number of trading days preceding the reporting date for which average of closing price of common shares is taken | 10 days |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Restricted Share Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Shares | |||
Number of Shares, Nonvested at beginning of the period (in shares) | 6,666 | 10,000 | 1,667 |
Number of Shares, Granted (in shares) | 2,457 | 0 | 10,000 |
Number of Shares, Vested (in shares) | (3,334) | (3,334) | (1,667) |
Number of Shares, Nonvested at end of the period (in shares) | 5,789 | 6,666 | 10,000 |
Weighted - Average Grant Date Fair Value | |||
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share) | $ 11.47 | $ 11.47 | $ 17.40 |
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) | 12.21 | 0 | 11.47 |
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | 11.47 | 11.47 | 17.40 |
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) | $ 11.78 | $ 11.47 | $ 11.47 |
Equity Incentive Plan - Schedul
Equity Incentive Plan - Schedule of LTIP Unit Awards (Details) - Long Term Incentive Plan Units - $ / shares | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Number of Units | ||||
Number of Shares, Nonvested at beginning of the period (in shares) | 905,525 | 764,178 | 669,609 | |
Number of Shares, Granted (in shares) | 466,988 | 380,004 | 330,945 | |
Number of Shares, Vested (in shares) | (234,361) | (372,558) | (238,657) | (219,451) |
Number of shares forfeited (in shares) | 0 | 0 | (16,925) | |
Number of Shares, Nonvested at end of the period (in shares) | 999,955 | 905,525 | 764,178 | |
Weighted - Average Grant Date Fair Value | ||||
Weighted - Average Grant Date Fair Value, Nonvested at beginning of the period (in dollars per share) | $ 15.03 | $ 15 | $ 15.73 | |
Weighted - Average Grant Date Fair Value, Granted (in dollars per share) | 14.36 | 16.08 | 14.55 | |
Weighted - Average Grant Date Fair Value, Vested (in dollars per share) | 13.27 | 16.61 | 16.39 | |
Weighted - Average Grant Date Fair Value, Forfeited (in dollars per share) | 0 | 0 | 17.02 | |
Weighted - Average Grant Date Fair Value, Nonvested at end of the period (in dollars per share) | $ 15.37 | $ 15.03 | $ 15 |
Equity Incentive Plan - Sched_2
Equity Incentive Plan - Schedule of Payout Awards (Details) | Mar. 01, 2023 |
Relative TSR Hurdles (Percentile) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Threshold | 25% |
Target | 55% |
Maximum | 80% |
Payout Percentage | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Threshold | 50% |
Target | 100% |
Maximum | 200% |
Equity Incentive Plan - Valuati
Equity Incentive Plan - Valuation Assumptions (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |||||||||
Mar. 01, 2023 | Mar. 01, 2022 | Mar. 01, 2021 | Mar. 01, 2020 | Mar. 01, 2019 | Mar. 01, 2018 | Feb. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Time-Based LTIP Unit Awards | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of Shares, Granted (in shares) | 171,171 | 152,004 | 132,381 | 130,206 | 88,746 | 97,968 | |||||
Estimate Value Per Unit (in dollars per share) | $ 11.11 | $ 12.33 | $ 12.52 | $ 13.05 | $ 18.45 | $ 16.83 | |||||
Volatility | 37% | 80% | 78% | 20% | 21% | 26% | |||||
Dividend Yield | 0% | 0% | 0% | 0% | 0% | 0% | |||||
Risk-Free Interest Rate | 5.11% | 1.01% | 0.08% | 1.06% | 2.57% | 2.07% | |||||
Performance-Based LTIP Unit Awards | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of Shares, Granted (in shares) | 256,757 | 228,000 | 198,564 | 195,301 | 133,107 | 146,949 | |||||
Estimate Value Per Unit (in dollars per share) | $ 16.64 | $ 18.58 | $ 15.91 | $ 13.66 | $ 18.91 | $ 17.02 | |||||
Volatility | 69% | 66% | 64% | 20% | 21% | 26% | |||||
Dividend Yield | 3.50% | 3.50% | 3.40% | 8.10% | 6.20% | 6.20% | |||||
Risk-Free Interest Rate | 4.61% | 1.44% | 0.30% | 0.90% | 2.55% | 2.37% | |||||
Long Term Incentive Plan Units | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of Shares, Granted (in shares) | 466,988 | 380,004 | 330,945 | ||||||||
Estimate Value Per Unit (in dollars per share) | $ 15.37 | $ 15.03 | $ 15 | $ 15.73 | |||||||
Vested (in shares) | 234,361 | 372,558 | 238,657 | 219,451 |
Leases - Narrative (Details)
Leases - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 01, 2023 USD ($) ft² | Sep. 30, 2015 | Dec. 31, 2023 USD ($) parking_space term | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Lessee, Lease, Description [Line Items] | |||||
Net rentable area | ft² | 7,374 | ||||
Early termination payment | $ 100 | ||||
Gain from partial lease termination | $ 164 | $ 0 | $ 0 | ||
Other Leases | Residence Inn San Diego Gaslamp | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of additional terms | term | 3 | ||||
Periods in each additional renewal term | 10 years | ||||
Operating leases, monthly payment | $ 44 | ||||
Operating lease, periodic increase, (in percentage) | 10% | ||||
Periodic increase in monthly payment | 5 years | ||||
Annual supplemental rent, percentage of gross revenues | 5% | ||||
Annual supplemental rent subtraction, base rent multiplier | 12 | ||||
Other Leases | Hilton Garden Inn Marina del Rey | |||||
Lessee, Lease, Description [Line Items] | |||||
Operating leases, monthly payment | $ 47 | ||||
Other Leases | Hilton Garden Inn Marina del Rey | Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Annual supplemental rent, percentage of gross revenues | 5% | ||||
Other Leases | Hilton Garden Inn Marina del Rey | Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Annual supplemental rent, percentage of gross revenues | 25% | ||||
Air Rights Lease And Garage Lease | Residence Inn By Marriott New Rochelle NY | |||||
Lessee, Lease, Description [Line Items] | |||||
Number of parking spaces occupied by hotel | parking_space | 128 | ||||
Aggregate rent under operating leases | $ 30 | ||||
Office Lease | |||||
Lessee, Lease, Description [Line Items] | |||||
Periods in each additional renewal term | 5 years | ||||
Term of contract | 11 years | ||||
Abatement term of contract | 12 months | ||||
Maximum additional terms up to which ground lease can be extended (up to) | term | 2 | ||||
Fixed lease payments | $ 700 | ||||
Hotel Ground Lease | |||||
Lessee, Lease, Description [Line Items] | |||||
Fixed lease payments | 1,200 | ||||
Variable lease payments | $ 800 |
Leases - Schedule of Operating
Leases - Schedule of Operating Lease Maturity (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 1,875 | |
2025 | 1,940 | |
2026 | 1,728 | |
2027 | 1,272 | |
2028 | 1,272 | |
Thereafter | 62,282 | |
Total lease payments | 70,369 | |
Less: Imputed interest | (49,561) | |
Present value of lease liabilities | $ 20,808 | $ 22,108 |
Leases - Schedule of Right of U
Leases - Schedule of Right of Use Asset and Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Right of Use Asset | |||
Beginning balance | $ 19,297 | ||
Amortization | (625) | $ (688) | $ (656) |
Partial lease termination | (531) | ||
Ending balance | 18,141 | 19,297 | |
Lease Liability | |||
Beginning balance | 22,108 | ||
Amortization | (605) | ||
Partial lease termination | (695) | ||
Ending balance | $ 20,808 | $ 22,108 |
Leases - Lease Cost (Details)
Leases - Lease Cost (Details) | Dec. 31, 2023 |
Leases [Abstract] | |
Weighted-average remaining lease term (years) | 42 years 29 days |
Weighted-average discount rate | 6.89% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) renewal_period | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Other Commitments [Line Items] | |||
Management fees recorded within hotel other operating expenses | $ 10,600 | $ 10,100 | $ 7,200 |
Franchise and marketing fees | $ 24,900 | 23,700 | 16,600 |
Minimum | |||
Other Commitments [Line Items] | |||
Franchise term | 10 years | ||
Maximum | |||
Other Commitments [Line Items] | |||
Franchise term | 30 years | ||
Related Party | Island Hospitality Management Inc. | |||
Other Commitments [Line Items] | |||
Management fees recorded within hotel other operating expenses | $ 182 | $ 224 | $ 35 |
Hotel Management Agreement | Related Party | Island Hospitality Management Inc. | |||
Other Commitments [Line Items] | |||
Initial terms of management agreements | 5 years | ||
Number of renewal periods | renewal_period | 2 | ||
Renewal periods of management agreements | 5 years | ||
Agreement renewal successive period termination notice (no later than) | 90 days | ||
Minimum notice period for termination of management agreement | 6 months | ||
Property management fee (in percentage) | 10% | ||
Incentive Management Fee Cap | 1% |
Commitments and Contingencies_2
Commitments and Contingencies - Terms of Management Agreements (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Homewood Suites by Hilton Minneapolis-Mall of America | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Homewood Suites by Hilton Nashville-Brentwood | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Homewood Suites by Hilton Hartford-Farmington | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Homewood Suites by Hilton Orlando-Maitland | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Hampton Inn & Suites Houston-Medical Center | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Long Island Holtsville | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn White Plains | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn New Rochelle | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Garden Grove | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Homewood Suites by Hilton San Antonio River Walk | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Washington DC | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Tysons Corner | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Hampton Inn Portland Downtown | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Courtyard Houston | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Hyatt Place Pittsburgh North Shore | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Hampton Inn Exeter | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Hilton Garden Inn Denver Tech | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Bellevue | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
SpringHill Suites Savannah | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Silicon Valley I | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Silicon Valley II | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn San Mateo | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Mountain View | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Hyatt Place Cherry Creek | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Courtyard Addison | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn San Diego Gaslamp | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Hilton Garden Inn Marina del Rey | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Dedham | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,200 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Il Lugano | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Hilton Garden Inn Portsmouth | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Courtyard Summerville | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Embassy Suites Springfield | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Summerville | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Courtyard Dallas | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Residence Inn Austin Northwest/The Domain Area | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
TownePlace Suites Austin Northwest/The Domain Area | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Home2 Suites Woodland Hills | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Hilton Garden Inn Destin Miramar Beach | |
Real Estate Properties [Line Items] | |
Base Management Fee | 3% |
Monthly Accounting Fee | $ 1,500 |
Monthly Revenue Management Fee | $ 1,000 |
Incentive Management Fee Cap | 1% |
Commitments and Contingencies_3
Commitments and Contingencies - Terms of Franchise Agreements (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Homewood Suites by Hilton Boston-Billerica/ Bedford/ Burlington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4% |
Marketing/Program Fee | 4% |
Homewood Suites by Hilton Minneapolis-Mall of America | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4% |
Marketing/Program Fee | 4% |
Homewood Suites by Hilton Nashville-Brentwood | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4% |
Marketing/Program Fee | 4% |
Homewood Suites by Hilton Hartford-Farmington | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4% |
Marketing/Program Fee | 4% |
Homewood Suites by Hilton Orlando-Maitland | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4% |
Marketing/Program Fee | 4% |
Hampton Inn & Suites Houston-Medical Center | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
Marketing/Program Fee | 4% |
Residence Inn Long Island Holtsville | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn White Plains | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn New Rochelle | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Garden Grove | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5% |
Marketing/Program Fee | 2.50% |
Homewood Suites by Hilton San Antonio River Walk | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 4% |
Marketing/Program Fee | 4% |
Residence Inn Washington DC | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Tysons Corner | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5% |
Marketing/Program Fee | 2.50% |
Hampton Inn Portland Downtown | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
Marketing/Program Fee | 4% |
Courtyard Houston | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2% |
Hyatt Place Pittsburgh North Shore | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5% |
Marketing/Program Fee | 3.50% |
Hampton Inn Exeter | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
Marketing/Program Fee | 4% |
Hilton Garden Inn Denver Tech | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.30% |
Residence Inn Bellevue | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
SpringHill Suites Savannah | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5% |
Marketing/Program Fee | 2.50% |
Residence Inn Silicon Valley I | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Silicon Valley II | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn San Mateo | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Residence Inn Mountain View | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2.50% |
Hyatt Place Cherry Creek | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5% |
Marketing/Program Fee | 3.50% |
Courtyard Addison | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 2% |
Residence Inn San Diego Gaslamp | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
Marketing/Program Fee | 2.50% |
Hilton Garden Inn Marina del Rey | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4.30% |
Residence Inn Dedham | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
Marketing/Program Fee | 2.50% |
Residence Inn Il Lugano | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
Marketing/Program Fee | 2.50% |
Hilton Garden Inn Portsmouth | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4% |
Courtyard Summerville | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
Marketing/Program Fee | 2.50% |
Embassy Suites Springfield | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4% |
Residence Inn Summerville | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
Marketing/Program Fee | 2.50% |
Courtyard Dallas | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
Marketing/Program Fee | 2% |
Residence Inn Austin Northwest/The Domain Area | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 2.50% |
Residence Inn Austin Northwest/The Domain Area | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Residence Inn Austin Northwest/The Domain Area | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 6% |
TownePlace Suites Austin Northwest/The Domain Area | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 2% |
TownePlace Suites Austin Northwest/The Domain Area | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 3% |
TownePlace Suites Austin Northwest/The Domain Area | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Home2 Suites Woodland Hills | |
Real Estate Properties [Line Items] | |
Marketing/Program Fee | 3% |
Home2 Suites Woodland Hills | Minimum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 3% |
Home2 Suites Woodland Hills | Maximum | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5% |
Hilton Garden Inn Destin Miramar Beach | |
Real Estate Properties [Line Items] | |
Franchise/Royalty Fee | 5.50% |
Marketing/Program Fee | 4% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) hotel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Mar. 17, 2021 | |
Related Party Transaction [Line Items] | ||||
Management fees recorded within hotel other operating expenses | $ 10,600 | $ 10,100 | $ 7,200 | |
Related Party | ||||
Related Party Transaction [Line Items] | ||||
Other liabilities | $ 399 | 361 | ||
Island Hospitality Management Inc. | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Ownership percentage in related party owned by the company's chairman | 100% | 52.50% | ||
Additional ownership interest acquired | 47.50% | |||
Number of hotels managed by related party | hotel | 39 | |||
Other liabilities | $ 400 | 400 | ||
Management fees recorded within hotel other operating expenses | 182 | 224 | 35 | |
Island Hospitality Management Inc. | Management Fees | Related Party | ||||
Related Party Transaction [Line Items] | ||||
Management and accounting fees paid by the company | $ 10,600 | $ 10,100 | $ 7,200 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Jan. 09, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||
Gain (loss) on sale of hotel property | $ 18 | $ 2,268 | $ (21) | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | HGI Denver Tech | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Gain (loss) on sale of hotel property | $ 18,000 |
SCHEDULE III - REAL ESTATE AN_2
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Initial Cost, Land | $ 288,979 | |||
Initial Cost, Buildings & Improvements | 1,087,063 | |||
Cost Cap. Sub. To Acq. Land | 692 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 187,699 | |||
Gross Amount at End of Year, Land | 289,671 | |||
Gross Amount at End of Year, Buildings & Improvements | 1,274,762 | |||
Gross Amount at End of Year, Total | 1,564,433 | $ 1,556,453 | $ 1,557,060 | $ 1,488,830 |
Accumulated Depreciation | 376,323 | $ 328,832 | $ 300,731 | $ 257,344 |
Homewood Suites Orlando - Maitland, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,800 | |||
Initial Cost, Buildings & Improvements | 7,200 | |||
Cost Cap. Sub. To Acq. Land | 52 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 5,288 | |||
Gross Amount at End of Year, Land | 1,852 | |||
Gross Amount at End of Year, Buildings & Improvements | 12,488 | |||
Gross Amount at End of Year, Total | 14,340 | |||
Accumulated Depreciation | 5,907 | |||
Homewood Suites Boston - Billerica, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,481 | |||
Initial Cost, Land | 1,470 | |||
Initial Cost, Buildings & Improvements | 10,555 | |||
Cost Cap. Sub. To Acq. Land | 48 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 4,231 | |||
Gross Amount at End of Year, Land | 1,518 | |||
Gross Amount at End of Year, Buildings & Improvements | 14,786 | |||
Gross Amount at End of Year, Total | 16,304 | |||
Accumulated Depreciation | 5,664 | |||
Homewood Suites Minneapolis - Mall of America, Bloomington, MN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,500 | |||
Initial Cost, Buildings & Improvements | 13,960 | |||
Cost Cap. Sub. To Acq. Land | 19 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 4,501 | |||
Gross Amount at End of Year, Land | 3,519 | |||
Gross Amount at End of Year, Buildings & Improvements | 18,461 | |||
Gross Amount at End of Year, Total | 21,980 | |||
Accumulated Depreciation | 7,438 | |||
Homewood Suites Nashville - Brentwood, TN | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,525 | |||
Initial Cost, Buildings & Improvements | 9,300 | |||
Cost Cap. Sub. To Acq. Land | 12 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 4,209 | |||
Gross Amount at End of Year, Land | 1,537 | |||
Gross Amount at End of Year, Buildings & Improvements | 13,509 | |||
Gross Amount at End of Year, Total | 15,046 | |||
Accumulated Depreciation | 5,485 | |||
Homewood Suites Hartford - Farmington, CT | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,325 | |||
Initial Cost, Buildings & Improvements | 9,375 | |||
Cost Cap. Sub. To Acq. Land | 92 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 4,149 | |||
Gross Amount at End of Year, Land | 1,417 | |||
Gross Amount at End of Year, Buildings & Improvements | 13,524 | |||
Gross Amount at End of Year, Total | 14,941 | |||
Accumulated Depreciation | 5,095 | |||
Hampton Inn & Suites Houston - Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,338 | |||
Initial Cost, Land | 3,200 | |||
Initial Cost, Buildings & Improvements | 12,709 | |||
Cost Cap. Sub. To Acq. Land | 66 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,286 | |||
Gross Amount at End of Year, Land | 3,266 | |||
Gross Amount at End of Year, Buildings & Improvements | 15,995 | |||
Gross Amount at End of Year, Total | 19,261 | |||
Accumulated Depreciation | 5,564 | |||
Residence Inn Holtsville - Holtsville, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,200 | |||
Initial Cost, Buildings & Improvements | 18,765 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,106 | |||
Gross Amount at End of Year, Land | 2,200 | |||
Gross Amount at End of Year, Buildings & Improvements | 21,871 | |||
Gross Amount at End of Year, Total | 24,071 | |||
Accumulated Depreciation | 7,351 | |||
Residence Inn White Plains - White Plains, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,200 | |||
Initial Cost, Buildings & Improvements | 17,677 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 12,723 | |||
Gross Amount at End of Year, Land | 2,200 | |||
Gross Amount at End of Year, Buildings & Improvements | 30,400 | |||
Gross Amount at End of Year, Total | 32,600 | |||
Accumulated Depreciation | 11,249 | |||
Residence Inn New Rochelle - New Rochelle, NY | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 20,281 | |||
Cost Cap. Sub. To Acq. Land | 9 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 7,071 | |||
Gross Amount at End of Year, Land | 9 | |||
Gross Amount at End of Year, Buildings & Improvements | 27,352 | |||
Gross Amount at End of Year, Total | 27,361 | |||
Accumulated Depreciation | 9,772 | |||
Residence Inn Garden Grove - Garden Grove, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 29,496 | |||
Initial Cost, Land | 7,109 | |||
Initial Cost, Buildings & Improvements | 35,484 | |||
Cost Cap. Sub. To Acq. Land | 57 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 5,733 | |||
Gross Amount at End of Year, Land | 7,166 | |||
Gross Amount at End of Year, Buildings & Improvements | 41,217 | |||
Gross Amount at End of Year, Total | 48,383 | |||
Accumulated Depreciation | 13,484 | |||
Homewood Suites San Antonio - San Antonio, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,999 | |||
Initial Cost, Buildings & Improvements | 24,764 | |||
Cost Cap. Sub. To Acq. Land | 7 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 7,207 | |||
Gross Amount at End of Year, Land | 6,006 | |||
Gross Amount at End of Year, Buildings & Improvements | 31,971 | |||
Gross Amount at End of Year, Total | 37,977 | |||
Accumulated Depreciation | 11,118 | |||
Residence Inn Washington DC - Washington, DC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,083 | |||
Initial Cost, Buildings & Improvements | 22,063 | |||
Cost Cap. Sub. To Acq. Land | 44 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 9,879 | |||
Gross Amount at End of Year, Land | 6,127 | |||
Gross Amount at End of Year, Buildings & Improvements | 31,942 | |||
Gross Amount at End of Year, Total | 38,069 | |||
Accumulated Depreciation | 11,050 | |||
Residence Inn Tyson's Corner - Vienna, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,752 | |||
Initial Cost, Buildings & Improvements | 28,917 | |||
Cost Cap. Sub. To Acq. Land | 6 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,055 | |||
Gross Amount at End of Year, Land | 5,758 | |||
Gross Amount at End of Year, Buildings & Improvements | 31,972 | |||
Gross Amount at End of Year, Total | 37,730 | |||
Accumulated Depreciation | 10,162 | |||
Hampton Inn Portland Downtown - Portland, ME | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,315 | |||
Initial Cost, Buildings & Improvements | 22,664 | |||
Cost Cap. Sub. To Acq. Land | (1) | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,423 | |||
Gross Amount at End of Year, Land | 4,314 | |||
Gross Amount at End of Year, Buildings & Improvements | 24,087 | |||
Gross Amount at End of Year, Total | 28,401 | |||
Accumulated Depreciation | 6,563 | |||
Courtyard Houston - Houston, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 5,600 | |||
Initial Cost, Buildings & Improvements | 27,350 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 3,759 | |||
Gross Amount at End of Year, Land | 5,600 | |||
Gross Amount at End of Year, Buildings & Improvements | 31,109 | |||
Gross Amount at End of Year, Total | 36,709 | |||
Accumulated Depreciation | 8,715 | |||
Hyatt Place Pittsburgh - Pittsburgh, PA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,000 | |||
Initial Cost, Buildings & Improvements | 35,576 | |||
Cost Cap. Sub. To Acq. Land | 15 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,813 | |||
Gross Amount at End of Year, Land | 3,015 | |||
Gross Amount at End of Year, Buildings & Improvements | 37,389 | |||
Gross Amount at End of Year, Total | 40,404 | |||
Accumulated Depreciation | 10,070 | |||
Hampton Inn & Suites Exeter - Exeter, NH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 1,900 | |||
Initial Cost, Buildings & Improvements | 12,350 | |||
Cost Cap. Sub. To Acq. Land | 4 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,161 | |||
Gross Amount at End of Year, Land | 1,904 | |||
Gross Amount at End of Year, Buildings & Improvements | 13,511 | |||
Gross Amount at End of Year, Total | 15,415 | |||
Accumulated Depreciation | 3,473 | |||
Hilton Garden Inn Denver Tech - Denver, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,100 | |||
Initial Cost, Buildings & Improvements | 23,100 | |||
Cost Cap. Sub. To Acq. Land | 5 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | (3,309) | |||
Gross Amount at End of Year, Land | 4,105 | |||
Gross Amount at End of Year, Buildings & Improvements | 19,791 | |||
Gross Amount at End of Year, Total | 23,896 | |||
Accumulated Depreciation | 6,422 | |||
Residence Inn Bellevue - Bellevue, WA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 13,800 | |||
Initial Cost, Buildings & Improvements | 56,957 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,608 | |||
Gross Amount at End of Year, Land | 13,800 | |||
Gross Amount at End of Year, Buildings & Improvements | 59,565 | |||
Gross Amount at End of Year, Total | 73,365 | |||
Accumulated Depreciation | 15,773 | |||
SpringHill Suites Savannah - Savannah, GA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,832 | |||
Initial Cost, Land | 2,400 | |||
Initial Cost, Buildings & Improvements | 36,050 | |||
Cost Cap. Sub. To Acq. Land | 1 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,854 | |||
Gross Amount at End of Year, Land | 2,401 | |||
Gross Amount at End of Year, Buildings & Improvements | 37,904 | |||
Gross Amount at End of Year, Total | 40,305 | |||
Accumulated Depreciation | 10,116 | |||
Residence Inn Silicon Valley I - Sunnyvale, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 60,134 | |||
Initial Cost, Land | 42,652 | |||
Initial Cost, Buildings & Improvements | 45,846 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 6,292 | |||
Gross Amount at End of Year, Land | 42,652 | |||
Gross Amount at End of Year, Buildings & Improvements | 52,138 | |||
Gross Amount at End of Year, Total | 94,790 | |||
Accumulated Depreciation | 31,540 | |||
Residence Inn Silicon Valley II - Sunnyvale, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 65,609 | |||
Initial Cost, Land | 46,474 | |||
Initial Cost, Buildings & Improvements | 50,380 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 7,761 | |||
Gross Amount at End of Year, Land | 46,474 | |||
Gross Amount at End of Year, Buildings & Improvements | 58,141 | |||
Gross Amount at End of Year, Total | 104,615 | |||
Accumulated Depreciation | 34,629 | |||
Residence Inn San Mateo - San Mateo, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 45,100 | |||
Initial Cost, Land | 38,420 | |||
Initial Cost, Buildings & Improvements | 31,352 | |||
Cost Cap. Sub. To Acq. Land | 50 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 5,606 | |||
Gross Amount at End of Year, Land | 38,470 | |||
Gross Amount at End of Year, Buildings & Improvements | 36,958 | |||
Gross Amount at End of Year, Total | 75,428 | |||
Accumulated Depreciation | 21,808 | |||
Residence Inn Mt. View - Mountain View, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35,171 | |||
Initial Cost, Land | 22,019 | |||
Initial Cost, Buildings & Improvements | 31,813 | |||
Cost Cap. Sub. To Acq. Land | 29 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 10,365 | |||
Gross Amount at End of Year, Land | 22,048 | |||
Gross Amount at End of Year, Buildings & Improvements | 42,178 | |||
Gross Amount at End of Year, Total | 64,226 | |||
Accumulated Depreciation | 25,093 | |||
Hyatt Place Cherry Creek - Cherry Creek, CO | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,700 | |||
Initial Cost, Buildings & Improvements | 26,300 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,787 | |||
Gross Amount at End of Year, Land | 3,700 | |||
Gross Amount at End of Year, Buildings & Improvements | 29,087 | |||
Gross Amount at End of Year, Total | 32,787 | |||
Accumulated Depreciation | 7,055 | |||
Courtyard Addison - Dallas, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 2,413 | |||
Initial Cost, Buildings & Improvements | 21,554 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,816 | |||
Gross Amount at End of Year, Land | 2,413 | |||
Gross Amount at End of Year, Buildings & Improvements | 24,370 | |||
Gross Amount at End of Year, Total | 26,783 | |||
Accumulated Depreciation | 6,253 | |||
Residence Inn Gaslamp - San Diego, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 89,040 | |||
Cost Cap. Sub. To Acq. Land | 10 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,163 | |||
Gross Amount at End of Year, Land | 10 | |||
Gross Amount at End of Year, Buildings & Improvements | 91,203 | |||
Gross Amount at End of Year, Total | 91,213 | |||
Accumulated Depreciation | 20,743 | |||
Hilton Garden Inn - Marina del Rey, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,023 | |||
Initial Cost, Land | 0 | |||
Initial Cost, Buildings & Improvements | 43,210 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,164 | |||
Gross Amount at End of Year, Land | 0 | |||
Gross Amount at End of Year, Buildings & Improvements | 44,374 | |||
Gross Amount at End of Year, Total | 44,374 | |||
Accumulated Depreciation | 9,420 | |||
Residence Inn - Dedham, MA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,230 | |||
Initial Cost, Buildings & Improvements | 17,304 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,263 | |||
Gross Amount at End of Year, Land | 4,230 | |||
Gross Amount at End of Year, Buildings & Improvements | 19,567 | |||
Gross Amount at End of Year, Total | 23,797 | |||
Accumulated Depreciation | 4,407 | |||
Residence Inn - Ft. Lauderdale, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 9,200 | |||
Initial Cost, Buildings & Improvements | 24,048 | |||
Cost Cap. Sub. To Acq. Land | 14 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 2,750 | |||
Gross Amount at End of Year, Land | 9,214 | |||
Gross Amount at End of Year, Buildings & Improvements | 26,798 | |||
Gross Amount at End of Year, Total | 36,012 | |||
Accumulated Depreciation | 5,809 | |||
Home2 Suites - Woodland Hills, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 6,500 | |||
Initial Cost, Buildings & Improvements | 0 | |||
Cost Cap. Sub. To Acq. Land | 128 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 56,653 | |||
Gross Amount at End of Year, Land | 6,628 | |||
Gross Amount at End of Year, Buildings & Improvements | 56,653 | |||
Gross Amount at End of Year, Total | 63,281 | |||
Accumulated Depreciation | 8,493 | |||
Hilton Garden Inn - Portsmouth, NH | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 3,600 | |||
Initial Cost, Buildings & Improvements | 37,630 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 838 | |||
Gross Amount at End of Year, Land | 3,600 | |||
Gross Amount at End of Year, Buildings & Improvements | 38,468 | |||
Gross Amount at End of Year, Total | 42,068 | |||
Accumulated Depreciation | 6,084 | |||
Courtyard Summerville, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,000 | |||
Initial Cost, Land | 2,500 | |||
Initial Cost, Buildings & Improvements | 16,923 | |||
Cost Cap. Sub. To Acq. Land | 7 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 1,040 | |||
Gross Amount at End of Year, Land | 2,507 | |||
Gross Amount at End of Year, Buildings & Improvements | 17,963 | |||
Gross Amount at End of Year, Total | 20,470 | |||
Accumulated Depreciation | 2,703 | |||
Embassy Suites Springfield, VA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 7,700 | |||
Initial Cost, Buildings & Improvements | 58,807 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 541 | |||
Gross Amount at End of Year, Land | 7,700 | |||
Gross Amount at End of Year, Buildings & Improvements | 59,348 | |||
Gross Amount at End of Year, Total | 67,048 | |||
Accumulated Depreciation | 9,019 | |||
Residence Inn - Summerville, SC | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,500 | |||
Initial Cost, Land | 2,300 | |||
Initial Cost, Buildings & Improvements | 17,060 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 292 | |||
Gross Amount at End of Year, Land | 2,300 | |||
Gross Amount at End of Year, Buildings & Improvements | 17,352 | |||
Gross Amount at End of Year, Total | 19,652 | |||
Accumulated Depreciation | 2,373 | |||
Courtyard Dallas Downtown - Dallas, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,500 | |||
Initial Cost, Land | 2,900 | |||
Initial Cost, Buildings & Improvements | 42,760 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 159 | |||
Gross Amount at End of Year, Land | 2,900 | |||
Gross Amount at End of Year, Buildings & Improvements | 42,919 | |||
Gross Amount at End of Year, Total | 45,819 | |||
Accumulated Depreciation | 5,451 | |||
Silicon Valley III - Sunnyvale, CA | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 8,171 | |||
Initial Cost, Buildings & Improvements | 0 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 0 | |||
Gross Amount at End of Year, Land | 8,171 | |||
Gross Amount at End of Year, Buildings & Improvements | 0 | |||
Gross Amount at End of Year, Total | 8,171 | |||
Accumulated Depreciation | 0 | |||
Residence Inn Austin Northwest/The Domain Area - Austin, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,850 | |||
Initial Cost, Land | 2,400 | |||
Initial Cost, Buildings & Improvements | 33,346 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 223 | |||
Gross Amount at End of Year, Land | 2,400 | |||
Gross Amount at End of Year, Buildings & Improvements | 33,569 | |||
Gross Amount at End of Year, Total | 35,969 | |||
Accumulated Depreciation | 2,032 | |||
TownePlace Suites Austin Northwest/The Domain Area - Austin, TX | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,075 | |||
Initial Cost, Land | 2,300 | |||
Initial Cost, Buildings & Improvements | 29,347 | |||
Cost Cap. Sub. To Acq. Land | 0 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 78 | |||
Gross Amount at End of Year, Land | 2,300 | |||
Gross Amount at End of Year, Buildings & Improvements | 29,425 | |||
Gross Amount at End of Year, Total | 31,725 | |||
Accumulated Depreciation | 1,776 | |||
Hilton Garden Inn Destin - Miramar Beach, FL [Member] | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost, Land | 4,222 | |||
Initial Cost, Buildings & Improvements | 25,246 | |||
Cost Cap. Sub. To Acq. Land | 18 | |||
Cost Cap. Sub. To Acq. Bldg & Improvements | 161 | |||
Gross Amount at End of Year, Land | 4,240 | |||
Gross Amount at End of Year, Buildings & Improvements | 25,407 | |||
Gross Amount at End of Year, Total | 29,647 | |||
Accumulated Depreciation | $ 1,164 |
SCHEDULE III - REAL ESTATE AN_3
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Depreciable Lives (Details) | Dec. 31, 2023 |
Building | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 40 years |
Land Improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 20 years |
Minimum | Building Improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 5 years |
Maximum | Building Improvements | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |
Depreciation Life | 20 years |
SCHEDULE III - REAL ESTATE AN_4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Total Cost of Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Balance at the beginning of the year | $ 1,556,453 | $ 1,557,060 | $ 1,488,830 |
Acquisitions | 0 | 29,468 | 67,393 |
Dispositions during the year | 0 | (95,385) | 0 |
Capital expenditures and transfers from construction-in-progress | 7,980 | 65,310 | 837 |
Investment in Real Estate | $ 1,564,433 | $ 1,556,453 | $ 1,557,060 |
SCHEDULE III - REAL ESTATE AN_5
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Change in Accumulated Depreciation and Amortization of Real Estate Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Balance at the beginning of the year | $ 328,832 | $ 300,731 | $ 257,344 |
Depreciation and amortization | 47,491 | 46,558 | 43,387 |
Dispositions during the year | 0 | (18,457) | 0 |
Balance at the end of the year | $ 376,323 | $ 328,832 | $ 300,731 |
SCHEDULE III - REAL ESTATE AN_6
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Aggregate Cost of Properties for Federal Income Tax Purposes - Additional Information (Details) | Dec. 31, 2023 USD ($) |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Aggregate cost of properties for federal income tax purposes | $ 1,564,641,000 |