Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Feb. 21, 2023 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Transition Report | false | ||
Entity File Number | 001-35169 | ||
Entity Registrant Name | RLJ LODGING TRUST | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 27-4706509 | ||
Entity Address, Address Line One | 3 Bethesda Metro Center, Suite 1000 | ||
Entity Address, City or Town | Bethesda, | ||
Entity Address, State or Province | MD | ||
Entity Address, Postal Zip Code | 20814 | ||
City Area Code | 301 | ||
Local Phone Number | 280-7777 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1,747,350,507 | ||
Entity Common Stock, Shares Outstanding | 162,563,117 | ||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement for our 2023 Annual Meeting of Shareholders are incorporated by reference into Part III of this report. We expect to file our proxy statement within 120 days after December 31, 2022. | ||
Entity Central Index Key | 0001511337 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common Shares of beneficial interest, par value $0.01 per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Shares of beneficial interest, par value $0.01 per share | ||
Trading Symbol | RLJ | ||
Security Exchange Name | NYSE | ||
$1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | $1.95 Series A Cumulative Convertible Preferred Shares, par value $0.01 per share | ||
Trading Symbol | RLJ-A | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Washington, D.C. |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Investment in hotel properties, net | $ 4,180,328 | $ 4,219,116 |
Investment in unconsolidated joint ventures | 6,979 | 6,522 |
Cash and cash equivalents | 481,316 | 665,341 |
Restricted cash reserves | 55,070 | 48,528 |
Hotel and other receivables, net of allowance of $319 and $274, respectively | 38,528 | 31,091 |
Lease right-of-use assets | 136,915 | 144,988 |
Prepaid expense and other assets | 79,089 | 33,390 |
Total assets | 4,978,225 | 5,148,976 |
Liabilities and Equity | ||
Debt, net | 2,217,555 | 2,409,438 |
Accounts payable and other liabilities | 155,916 | 155,136 |
Advance deposits and deferred revenue | 23,769 | 20,047 |
Lease liabilities | 117,010 | 123,031 |
Accrued interest | 20,707 | 19,110 |
Distributions payable | 14,622 | 8,347 |
Total liabilities | 2,549,579 | 2,735,109 |
Commitments and Contingencies (Note 10) | ||
Shareholders’ equity: | ||
Series A Cumulative Convertible Preferred Shares, $0.01 par value, 12,950,000 shares authorized; 12,879,475 shares issued and outstanding, liquidation value of $328,266, at December 31, 2022 and 2021 | 366,936 | 366,936 |
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 162,003,533 and 166,503,062 shares issued and outstanding at December 31, 2022 and 2021, respectively | 1,620 | 1,665 |
Additional paid-in capital | 3,054,958 | 3,092,883 |
Accumulated other comprehensive income (loss) | 40,591 | (17,113) |
Distributions in excess of net earnings | (1,049,441) | (1,046,739) |
Total shareholders’ equity | 2,414,664 | 2,397,632 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 7,669 | 9,919 |
Noncontrolling interest in the Operating Partnership | 6,313 | 6,316 |
Total noncontrolling interest | 13,982 | 16,235 |
Total equity | 2,428,646 | 2,413,867 |
Total liabilities and equity | $ 4,978,225 | $ 5,148,976 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Hotel and other receivables, allowance (in dollars) | $ 319 | $ 274 |
Preferred shares of beneficial interest, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Total authorized for issuance number of preferred shares of beneficial interest (in shares) | 50,000,000 | 50,000,000 |
Preferred shares of beneficial interest, issued (in shares) | 0 | 0 |
Preferred shares of beneficial interest, outstanding (in shares) | 0 | 0 |
Common shares of beneficial interest, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Total authorized for issuance number of common shares of beneficial interest (in shares) | 450,000,000 | 450,000,000 |
Common shares of beneficial interest, issued (in shares) | 162,003,533 | 166,503,062 |
Common shares of beneficial interest, outstanding (in shares) | 162,003,533 | 166,503,062 |
Preferred Stock, Liquidation Preference, Value | $ 328,266 | $ 328,266 |
Limited Liability Company (LLC) Preferred Unit, Liquidation Value | $ 0 | $ 0 |
Series A Cumulative Preferred Stock | ||
Preferred shares of beneficial interest, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Total authorized for issuance number of preferred shares of beneficial interest (in shares) | 12,950,000 | 12,950,000 |
Preferred shares of beneficial interest, issued (in shares) | 12,879,475 | 12,879,475 |
Preferred shares of beneficial interest, outstanding (in shares) | 12,879,475 | 12,879,475 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Revenues | |||
Total revenues | $ 1,193,662 | $ 785,664 | $ 473,087 |
Expenses | |||
Total property operating expenses | 744,408 | 511,523 | 391,556 |
Depreciation and amortization | 184,875 | 187,778 | 194,168 |
Impairment losses | 0 | 144,845 | 0 |
Property tax, insurance and other | 86,996 | 88,852 | 103,470 |
General and administrative | 56,330 | 47,526 | 41,141 |
Transaction costs | (345) | 94 | (158) |
Total operating expenses | 1,072,264 | 980,618 | 730,177 |
Other income (expense), net | 9,496 | (7,614) | 1,941 |
Interest income | 4,559 | 996 | 4,237 |
Interest expense | (93,155) | (106,366) | (100,169) |
Gain (loss) on sale of hotel properties, net | 1,017 | (2,378) | 2,703 |
(Loss) gain on extinguishment of indebtedness, net | (39) | 893 | 0 |
Income (loss) before equity in income (loss) from unconsolidated joint ventures | 43,276 | (309,423) | (348,378) |
Equity in income (loss) from unconsolidated joint ventures | 457 | (477) | (8,454) |
Income (loss) before income tax expense | 43,733 | (309,900) | (356,832) |
Income tax expense | (1,518) | (1,188) | (51,970) |
Net income (loss) | 42,215 | (311,088) | (408,802) |
Net (income) loss attributable to noncontrolling interests: | |||
Noncontrolling interest in consolidated joint ventures | (210) | 4,384 | 2,327 |
Noncontrolling interest in the Operating Partnership | (80) | 1,536 | 2,034 |
Net income (loss) attributable to RLJ | 41,925 | (305,168) | (404,441) |
Preferred dividends | (25,115) | (25,115) | (25,115) |
Net income (loss) attributable to common shareholders | $ 16,810 | $ (330,283) | $ (429,556) |
Basic per common share data: | |||
Net income per share attributable to common shareholders - basic (in dollars per share) | $ 0.10 | $ (2.01) | $ (2.61) |
Weighted-average number of common shares (in shares) | 161,947,807 | 163,998,390 | 164,503,661 |
Diluted per common share data: | |||
Net income per share attributable to common shareholders - diluted (in dollars per share) | $ 0.10 | $ (2.01) | $ (2.61) |
Weighted-average number of common shares (in shares) | 162,292,865 | 163,998,390 | 164,503,661 |
Comprehensive income (loss): | |||
Net income | $ 42,215 | $ (311,088) | $ (408,802) |
Unrealized gain (loss) on interest rate derivatives | 63,570 | 41,279 | (49,536) |
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | (5,866) | 10,658 | 0 |
Comprehensive income (loss) | 99,919 | (259,151) | (458,338) |
Comprehensive income (loss) attributable to RLJ | 99,629 | (253,231) | (453,977) |
Room revenue | |||
Revenues | |||
Revenue | 1,002,454 | 667,853 | 397,754 |
Expenses | |||
Total property operating expenses | 253,441 | 177,365 | 124,063 |
Food and beverage revenue | |||
Revenues | |||
Revenue | 117,027 | 58,994 | 40,384 |
Expenses | |||
Total property operating expenses | 87,402 | 41,790 | 35,220 |
Management and franchise fee expense | |||
Expenses | |||
Total property operating expenses | 95,565 | 53,276 | 21,057 |
Other revenue | |||
Revenues | |||
Revenue | 74,181 | 58,817 | 34,949 |
Expenses | |||
Total property operating expenses | $ 308,000 | $ 239,092 | $ 211,216 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Series A Cumulative Preferred Stock | Common Shares of beneficial interest, par value $0.01 per share | Additional Paid-in-Capital | Retained Earnings (Distributions in excess of net earnings) | Accumulated Other Comprehensive Loss | Operating Partnership | Consolidated Joint Venture | Noncontrolling Interest, Consolidated Joint Venture |
Balance (in shares) at Dec. 31, 2019 | 12,879,475 | 169,852,246 | |||||||
Balance at Dec. 31, 2019 | $ 3,226,483 | $ 366,936 | $ 1,699 | $ 3,127,982 | $ (274,769) | $ (19,514) | $ 10,084 | $ 14,065 | |
Increase (Decrease) in Equity | |||||||||
Net income | (408,802) | (404,441) | (2,034) | (2,327) | |||||
Net income (loss) attributable to RLJ | (404,441) | ||||||||
Unrealized gain (loss) on interest rate derivatives | (49,536) | (49,536) | |||||||
Redemption of Operating Partnership units, value | (8) | (8) | |||||||
Issuance of restricted stock (in shares) | 801,463 | ||||||||
Issuance of restricted stock | 0 | $ 8 | (8) | ||||||
Amortization of share-based compensation | 13,356 | 13,356 | |||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | (152,629) | ||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | $ (1,641) | $ (2) | (1,639) | ||||||
Number of shares acquired as part of a share repurchase program (in shares) | (5,489,335) | (5,489,335) | |||||||
Shares acquired as part of a share repurchase program | $ (62,604) | $ (55) | (62,549) | ||||||
Forfeiture of restricted stock (in shares) | (8,993) | ||||||||
Forfeiture of restricted stock | 0 | $ 0 | 0 | ||||||
Contributions from consolidated joint venture partners | 1,264 | 1,264 | |||||||
Distributions on preferred shares | (25,115) | (25,115) | |||||||
Distributions on common shares and units | (6,009) | (5,836) | (173) | ||||||
Balance (in shares) at Dec. 31, 2020 | 12,879,475 | 165,002,752 | |||||||
Balance at Dec. 31, 2020 | 2,687,388 | $ 366,936 | $ 1,650 | 3,077,142 | (710,161) | (69,050) | 7,869 | 13,002 | |
Increase (Decrease) in Equity | |||||||||
Net income | (311,088) | (1,536) | (4,384) | ||||||
Net income (loss) attributable to RLJ | (305,168) | (305,168) | |||||||
Unrealized gain (loss) on interest rate derivatives | 41,279 | 41,279 | |||||||
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | 10,658 | 10,658 | |||||||
Redemption of Operating Partnership units, shares | 0 | ||||||||
Redemption of Operating Partnership units, value | (7) | $ 0 | 0 | (7) | |||||
Issuance of restricted stock (in shares) | 1,765,162 | ||||||||
Issuance of restricted stock | 0 | $ 18 | (18) | ||||||
Amortization of share-based compensation | 18,299 | 18,299 | |||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | (166,922) | ||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | (2,543) | $ (2) | (2,541) | ||||||
Forfeiture of restricted stock (in shares) | (97,930) | ||||||||
Forfeiture of restricted stock | 0 | $ (1) | 1 | ||||||
Contributions from consolidated joint venture partners | 1,301 | 1,301 | |||||||
Distributions on preferred shares | (25,115) | (25,115) | |||||||
Distributions on common shares and units | (6,305) | (6,295) | (10) | ||||||
Balance (in shares) at Dec. 31, 2021 | 12,879,475 | 166,503,062 | |||||||
Balance at Dec. 31, 2021 | 2,413,867 | $ 366,936 | $ 1,665 | 3,092,883 | (1,046,739) | (17,113) | 6,316 | 9,919 | |
Increase (Decrease) in Equity | |||||||||
Net income | 42,215 | 80 | 210 | ||||||
Net income (loss) attributable to RLJ | 41,925 | 41,925 | |||||||
Unrealized gain (loss) on interest rate derivatives | 63,570 | 63,570 | |||||||
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | (5,866) | (5,866) | |||||||
Issuance of restricted stock (in shares) | 702,993 | ||||||||
Issuance of restricted stock | 0 | $ 7 | (7) | ||||||
Amortization of share-based compensation | 23,267 | 23,267 | |||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | (260,841) | ||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | (3,598) | $ (3) | (3,595) | ||||||
Number of shares acquired as part of a share repurchase program (in shares) | (4,907,094) | ||||||||
Shares acquired as part of a share repurchase program | (57,639) | $ (49) | (57,590) | ||||||
Forfeiture of restricted stock (in shares) | (34,587) | ||||||||
Forfeiture of restricted stock | 0 | $ 0 | 0 | ||||||
Contributions from consolidated joint venture partners | 154 | 154 | |||||||
Distribution to joint venture partner | 2,614 | $ (2,614) | |||||||
Distributions on preferred shares | (25,115) | (25,115) | |||||||
Distributions on common shares and units | (19,595) | (19,512) | (83) | ||||||
Balance (in shares) at Dec. 31, 2022 | 12,879,475 | 162,003,533 | |||||||
Balance at Dec. 31, 2022 | $ 2,428,646 | $ 366,936 | $ 1,620 | $ 3,054,958 | $ (1,049,441) | $ 40,591 | $ 6,313 | $ 7,669 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Net income (loss) | $ 42,215 | $ (311,088) | $ (408,802) |
Adjustments to reconcile net income (loss) to cash flow provided by (used in) operating activities: | |||
(Gain) loss on sale of hotel properties, net | (1,017) | 2,378 | (2,703) |
Loss (gain) on extinguishment of indebtedness, net | 39 | (893) | 0 |
Depreciation and amortization | 184,875 | 187,778 | 194,168 |
Amortization of deferred financing costs | 5,967 | 5,884 | 4,416 |
Other amortization | 3,265 | (2,090) | (2,404) |
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | (5,866) | 10,658 | 0 |
Unrealized gain on discontinued cash flow hedges | 0 | 0 | (376) |
Equity in (income) loss from unconsolidated joint ventures | (457) | 477 | 8,454 |
Impairment losses | 0 | 144,845 | 0 |
Amortization of share-based compensation | 21,664 | 17,054 | 12,396 |
Deferred income taxes | 0 | 0 | 51,447 |
Changes in assets and liabilities: | |||
Hotel and other receivables, net | (7,563) | (17,969) | 26,409 |
Prepaid expense and other assets | (4,665) | (1,090) | 19,178 |
Accounts payable and other liabilities | 13,146 | 7,203 | (48,791) |
Advance deposits and deferred revenue | 3,319 | (13,090) | (25,282) |
Accrued interest | 1,597 | 12,904 | 3,182 |
Net cash flow provided by (used in) operating activities | 256,519 | 42,961 | (168,708) |
Cash flows from investing activities | |||
Acquisition of hotel properties, net | (59,308) | (174,675) | 0 |
Proceeds from the sale of hotel properties, net | 48,075 | 198,642 | 5,169 |
Improvements and additions to hotel properties | (124,282) | (48,263) | (73,337) |
Contributions to unconsolidated joint ventures | 0 | (331) | (100) |
Distributions from unconsolidated joint ventures in excess of earnings | 0 | 0 | (1,576) |
Net cash flow used in investing activities | (135,515) | (24,627) | (66,692) |
Cash flows from financing activities | |||
Borrowings under Revolver | 0 | 0 | 400,000 |
Repayments of Revolver | (200,000) | (200,000) | 0 |
Borrowing on Term Loan | 5,000 | 0 | 0 |
Repayments of Unsecured Debt | 0 | (356,338) | 0 |
Proceeds from Issuance of Senior Long-term Debt | 0 | 1,000,000 | 0 |
Repayments of Senior Notes | 0 | (484,402) | 0 |
Scheduled mortgage loan principal payments | 0 | (1,486) | (3,376) |
Repayments of mortgage loans (including $7.0 million in prepayment premiums) | 0 | (149,183) | 0 |
Repurchase of common shares under a share repurchase program | (57,639) | 0 | (62,604) |
Repurchase of common shares to satisfy employee tax withholding requirements | (3,598) | (2,543) | (1,641) |
Distributions on preferred shares | (25,115) | (25,115) | (25,116) |
Distributions on common shares | (13,288) | (6,701) | (61,000) |
Distributions on and redemption of Operating Partnership units | (54) | (18) | (428) |
Payments of deferred financing costs | (1,333) | (14,770) | (4,069) |
Contributions from consolidated joint venture partners | 154 | 1,301 | 1,264 |
Cash paid to a noncontrolling interest | 2,614 | 0 | 0 |
Net cash flow (used in) provided by financing activities | (298,487) | (239,255) | 243,030 |
Net change in cash, cash equivalents, and restricted cash reserves | (177,483) | (220,921) | 7,630 |
Cash, cash equivalents, and restricted cash reserves, beginning of year | 713,869 | 934,790 | 927,160 |
Cash, cash equivalents, and restricted cash reserves, end of year | $ (536,386) | $ (713,869) | $ (934,790) |
General
General | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | RLJ Lodging Trust (the "Company") was formed as a Maryland real estate investment trust ("REIT") on January 31, 2011. The Company is a self-advised and self-administered REIT that acquires primarily premium-branded, high-margin, focused-service and compact full-service hotels. The Company elected to be taxed as a REIT, for U.S. federal income tax purposes, commencing with its taxable year ended December 31, 2011. Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through, RLJ Lodging Trust, L.P. (the "Operating Partnership"). The Company is the sole general partner of the Operating Partnership. As of December 31, 2022, there were 162,775,364 units of limited partnership interest in the Operating Partnership (“OP units”) outstanding and the Company owned, through a combination of direct and indirect interests, 99.5% of the outstanding OP units. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income (loss) and comprehensive income (loss), shareholders’ equity or cash flows. Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive income (loss) when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant. The Company records an allowance for doubtful accounts based on its best estimate of the amount of probable credit losses in the existing accounts receivable portfolio. The Company recognizes increases to the allowance for doubtful accounts as bad debt expense. The allowance for doubtful accounts is calculated as a percentage of the aged accounts receivable based on the Company's historical collection activity and its understanding of the circumstances related to a specific receivable. Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), inventory, and assumed debt. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. 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 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income (loss). A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income (loss). In accordance with the guidance on impairment or disposal of long-lived assets, the Company does not consider the "held for sale" classification on the consolidated balance sheet until it is expected to qualify for recognition as a completed sale within one year and the other requisite criteria for such classification have been met. The Company does not depreciate assets so long as they are classified as held for sale. Upon designation as held for sale and quarterly thereafter, the Company reviews the realizability of the carrying value, less costs to sell, in accordance with the guidance. Any such adjustment to the carrying value is recorded as an impairment loss. The Company assesses the carrying value of its investments in hotel properties whenever events or changes in circumstances indicate that the carrying amounts may not be recoverable. The recoverability is measured by comparing the carrying amount to the projected undiscounted future cash flows expected to be generated from the operation and the eventual disposition of the hotel properties over the estimated hold period, which take into account current market conditions and the Company’s intent with respect to holding or disposing of the hotel properties. If the Company’s analysis indicates that the carrying value is not recoverable on a projected undiscounted cash flow basis, the Company will recognize an impairment loss for the amount by which the carrying value exceeds the fair value. The fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. The use of projected future cash flows is based on assumptions that are consistent with a market participant’s future expectations for the travel industry and the economy in general, including discount rates, sales proceeds in the reversion year, average daily rates, occupancy rates, operating expenses and capital expenditures, and the Company's intent with respect to holding or disposing of the underlying hotel properties. Fair value may also be based on assumptions including, but not limited to, room revenue multiples and comparable sales adjusted for capital expenditures, if necessary. Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the 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 include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for the replacement of FF&E and the funding of real estate taxes and insurance. Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes and Term Loans (as defined in Note 7) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its Revolver (as defined in Note 7) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. For the years ended December 31, 2022, 2021 and 2020, approximately $6.0 million, $5.9 million and $4.4 million, respectively, of amortization expense was recorded as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). Transaction Costs The Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive income (loss). Transaction costs related to successful dispositions are included in gain (loss) on sale of hotel properties, net, in the consolidated statements of operations and comprehensive income (loss). All transaction costs incurred in connection with unsuccessful transactions are expensed. Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures. Leases As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) changes in an index such as the consumer price index; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income (loss). The Company will use the implicit rate in a lease contract in order to determine the present value of the future lease payments over the lease term. If the implicit rate in the lease contract is not available, then the Company will use its incremental borrowing rate at the lease commencement date. The Company determined its incremental borrowing rate for each lease contract by using the U.S. Treasury interest rates yield curve, and then making adjustments for the lease term, the Company’s credit spread, the Company’s ability to borrow on a secured basis, the quality and condition of the leased asset and the current economic environment. As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2022 and 2021, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party ownership interest are included in the noncontrolling interest in the Operating Partnership in the consolidated statements of operations and comprehensive income (loss). As of December 31, 2022 and 2021, the Company consolidated the joint venture that owns The Knickerbocker hotel property; this joint venture has a 5% third-party ownership interest in the joint venture. The Company also consolidated the joint venture that owned the DoubleTree Metropolitan Hotel New York City hotel property; this joint venture had a 1.7% third-party ownership interest in the joint venture. This hotel property was sold in December 2021. In addition, the Company consolidated the operating lessee of the Embassy Suites Secaucus - Meadowlands hotel property through its 51% controlling financial interest in the operating lessee of the joint venture; this joint venture had a 49% third-party ownership interest in the joint venture. On October 31, 2021, the ground lease associated with this hotel property was terminated and the hotel property reverted to the ground lessor. The third-party ownership interests are included in the noncontrolling interest in consolidated joint ventures in the equity section of the consolidated balance sheets. The income and losses associated with the third-party ownership interest are included in the noncontrolling interest in consolidated joint ventures in the consolidated statements of operations and comprehensive income (loss). Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. 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. Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation. Share-based Compensation The Company may issue share-based awards as compensation to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation based upon the fair market value of the shares on the date of issuance. Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate that was expected to be discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expired on December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the expiration date of Topic 848 to December 31, 2024. We have elected to apply certain of the optional expedients for contract modifications to our financial instruments impacted by the LIBOR discontinuance. We expect to continue to elect various optional expedients for contract modifications to our financial instruments affected by the reference rate reform through the expiration date of December 31, 2024, as extended by ASU 2022-06. The application of this guidance did not have a material impact on our consolidated financial statements. |
Investment in Hotel Properties
Investment in Hotel Properties | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Investment in Hotel Properties | Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): December 31, 2022 December 31, 2021 Land and improvements $ 992,609 $ 975,688 Buildings and improvements 4,040,505 4,001,875 Furniture, fixtures and equipment 745,978 691,057 5,779,092 5,668,620 Accumulated depreciation (1,598,764) (1,449,504) Investment in hotel properties, net $ 4,180,328 $ 4,219,116 For the years ended December 31, 2022, 2021 and 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $184.4 million, $187.2 million and $193.3 million, respectively. Impairments During the third quarter of 2021, the Company evaluated the recoverability of the carrying amount of the DoubleTree Metropolitan Hotel New York City and recorded an impairment loss of $138.9 million to adjust the hotel's carrying amount to its estimated fair value. The fair value was determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). The sale of this hotel property closed in December 2021. Refer to Note 5 , Sale of Hotel Properties , for more information regarding the sale of this hotel property. During the first quarter of 2021, the Company evaluated the recoverability of two hotel properties and recorded an impairment loss of $5.9 million to adjust the hotels’ carrying amounts to their estimated fair values. The fair values were determined based on the contractual sales price pursuant to an executed purchase and sale agreement (a Level 2 measurement in the fair value hierarchy). The sales of these hotel properties closed in May 2021. Refer to Note 5 , Sale of Hotel Properties , for more information regarding the sales of these hotel properties. There were no impairment losses recorded during either of the years ended December 31, 2022 or 2020. |
Acquisition of Hotel Properties
Acquisition of Hotel Properties | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Hotel Properties | Acquisition of Hotel Properties During the year ended December 31, 2022, the Company acquired a 100% interest in the following property: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000 The acquisition of the 21c Hotel Nashville was accounted for as an asset acquisition, whereby approximately $1.1 million of transaction costs were capitalized as part of the cost of the acquisition. The allocation of the costs for the property acquired was as follows (in thousands): December 31, 2022 Land and improvements $ 19,807 Buildings and improvements 36,223 Furniture, fixtures and equipment 4,081 Total purchase price $ 60,111 During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hampton Inn and Suites Atlanta Midtown Atlanta, GA August 5, 2021 Aimbridge Hospitality 186 $ 58,000 AC Hotel Boston Downtown Boston, MA October 18, 2021 Colwen Management 205 89,000 Moxy Denver Cherry Creek (1) Denver, CO December 23, 2021 Sage Hospitality 170 51,250 561 $ 198,250 (1) In connection with this acquisition, the Company assumed a $25.0 million mortgage loan with a fair value at assumption of $27.6 million. The hotel properties acquired were accounted for as asset acquisitions, whereby approximately $2.0 million of transaction costs were capitalized as part of the cost of the asset acquisitions. The allocation of the costs for the properties acquired was as follows (in thousands): December 31, 2021 Land and improvements $ 32,550 Buildings and improvements 150,400 Furniture, fixtures and equipment 16,472 Favorable lease asset 4,294 Fair value adjustment on mortgage debt assumed (2,554) Other liability (898) Total purchase price $ 200,264 |
Sale of Hotel Properties
Sale of Hotel Properties | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Sale of Hotel Properties | Sale of Hotel Properties In connection with the sale of hotel properties for the years ended December 31, 2022, 2021, and 2020, the Company recorded a net gain of $1.0 million, a net loss of $2.4 million, and a net gain of $2.7 million, respectively. During the year ended December 31, 2022, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $49.9 million: Hotel Property Name Location Sale Date Rooms Marriott Denver Airport Gateway Park Aurora, CO March 8, 2022 238 SpringHill Suites Denver North Westminster Westminster, CO April 19, 2022 164 Total 402 During the year ended December 31, 2021, the Company sold the following hotel properties in seven separate transactions for a combined sales price of approximately $208.5 million. Hotel Property Name Location Sale Date Rooms Courtyard Houston Sugarland Stafford, TX January 21, 2021 112 Residence Inn Indianapolis Fishers Indianapolis, IN May 10, 2021 78 Residence Inn Chicago Naperville Warrenville, IL May 12, 2021 130 Fairfield Inn & Suites Chicago Southeast Hammond Hammond, IN July 15, 2021 94 Residence Inn Chicago Southeast Hammond Hammond, IN August 3, 2021 78 Courtyard Chicago Southeast Hammond Hammond, IN August 5, 2021 85 DoubleTree Metropolitan Hotel New York City New York, NY December 15, 2021 764 1,341 |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customer | Revenue The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 128,652 $ 10,968 $ 6,684 $ 146,304 South Florida 113,194 18,392 8,510 140,096 Southern California 113,726 10,214 10,260 134,200 New York City 60,634 8,737 2,899 72,270 Chicago 55,611 8,965 2,972 67,548 Washington, DC 48,875 1,259 2,488 52,622 Louisville 31,074 13,279 3,449 47,802 Boston 41,785 3,458 1,433 46,676 Austin 38,325 3,269 3,190 44,784 Houston 37,775 2,942 4,034 44,751 Other 332,803 35,544 28,262 396,609 Total $ 1,002,454 $ 117,027 $ 74,181 $ 1,193,662 For the year ended December 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 95,612 $ 12,430 $ 7,987 $ 116,029 Southern California 88,653 5,959 9,271 103,883 Northern California 66,068 3,219 4,455 73,742 Chicago 43,277 5,931 2,282 51,490 New York City 30,547 3,505 1,544 35,596 Charleston 27,220 3,657 1,993 32,870 Houston 28,078 1,196 3,475 32,749 Washington, DC 26,706 415 1,858 28,979 Austin 24,059 1,417 2,970 28,446 Pittsburgh 23,605 3,670 1,138 28,413 Other 214,028 17,595 21,844 253,467 Total $ 667,853 $ 58,994 $ 58,817 $ 785,664 For the year ended December 31, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 52,213 $ 7,058 $ 4,359 $ 63,630 Southern California 53,814 4,013 5,590 63,417 Northern California 51,107 4,160 3,204 58,471 Chicago 24,267 4,187 1,193 29,647 New York City 25,292 2,189 1,231 28,712 Houston 19,401 827 1,931 22,159 Washington, DC 17,843 416 1,220 19,479 Denver 12,285 2,948 864 16,097 Charleston 12,661 2,145 1,188 15,994 Pittsburgh 13,815 1,481 631 15,927 Other 115,056 10,960 13,538 139,554 Total $ 397,754 $ 40,384 $ 34,949 $ 473,087 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes As of December 31, 2022 and 2021, the Company was in compliance with all covenants associated with the Senior Notes. Revolver and Term Loans The Company has the following unsecured credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of January 25, 2023 for approximately $52.3 million of the outstanding principal balance (the "$400 Million Term Loan Maturing 2023") and a scheduled maturity date of January 25, 2024, including a one year extension option exercised in January 2023, for approximately $151.7 million of the remaining outstanding principal balance (the "$400 Million Term Loan Maturing 2024"). • $225.0 million term loan with a scheduled maturity date of January 25, 2023 for approximately $41.7 million of the outstanding principal balance (the "$225 Million Term Loan Maturing 2023") and a scheduled maturity date of January 25, 2024, including a one year extension option exercised in January 2023, for approximately $73.0 million of the remaining outstanding principal balance (the "$225 Million Term Loan Maturing 2024"). • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"); and • $200.0 million term loan with a scheduled maturity date of January 31, 2026 and two one year extension options if certain conditions are satisfied (the "$200 Million Term Loan Maturing 2026"). The $400 Million Term Loan Maturing 2023, the $400 Million Term Loan Maturing 2024, the $225 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2024, the $400 Million Term Loan Maturing 2025, and the $200 Million Term Loan Maturing 2026 are collectively the "Term Loans". The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness, maximum unencumbered leverage ratio and minimum unsecured interest coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to LIBOR or the Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin. The margin ranges from 1.35% to 2.55%, depending on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Revolver (2) —% May 2024 $ — $ 200,000 $400 Million Term Loan Maturing 2023 (3) 3.84% January 2023 52,261 52,261 $400 Million Term Loan Maturing 2024 3.84% January 2024 (5) 151,683 151,683 $225 Million Term Loan Maturing 2023 (3) 3.84% January 2023 41,745 41,745 $225 Million Term Loan Maturing 2024 3.18% January 2024 (6) 72,973 72,973 $400 Million Term Loan Maturing 2025 3.24% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (4) 2.85% January 2026 (7) 105,000 100,000 823,662 1,018,662 Deferred financing costs, net (8) (3,126) (3,658) Total Revolver and Term Loans, net $ 820,536 $ 1,015,004 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) At December 31, 2022 and 2021, there was $600.0 million and $400.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off this term loan. (4) In November 2022, the Company amended this term loan to increase the amount of the term loan up to $200.0 million and extend the initial maturity to January 2026, with two one year extension options. (5) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (6) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (7) This term loan includes two one year extension options. The exercise of the extension options will be at the Company's discretion, subject to certain conditions. (8) Excludes $1.7 million and $2.9 million as of December 31, 2022 and 2021, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. During the year ended December 31, 2021, the Company amended its Revolver and Term Loans. The amendments suspended the testing of all existing financial maintenance covenants for all periods through and including the fiscal quarter ending March 31, 2022 (the “Covenant Relief Period”). In addition, for periods following the Covenant Relief Period, the amendments modified certain covenant thresholds, including the leverage ratio, through the fifth quarter following the Covenant Relief Period. During the year ended December 31, 2022, the Company satisfied the requirements to exit all restrictions under the Revolver and Term Loan agreements. In November 2022, the Company amended the $200 Million Term Loan Maturing 2026 to increase the amount of the term loan up to $200.0 million and extend the maturity to January 2026, with two one year extension options. The borrowings under this loan bear interest at a variable rate equal to Term SOFR plus an applicable margin. The margin ranges from 1.35% to 1.90%, depending on the Company’s leverage ratio, as calculated under the terms of the facility, plus a credit spread adjustment of ten basis points. In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off approximately $52.3 million of the principal balance of its $400 Million Term Loan Maturing 2023 and approximately $41.7 million of the principal balance of its $225 Million Term Loan Maturing 2023. Mortgage Loans The Company's mortgage loans consisted of the following (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Mortgage loan (2) 7 3.25% April 2023 (4) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53% April 2024 (5) 96,000 96,000 Mortgage loan (2) 4 3.43% April 2024 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 27,193 27,554 15 408,193 408,554 Deferred financing costs, net (481) (1,062) Total mortgage loans, net $ 407,712 $ 407,492 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $2.2 million and $2.6 million at December 31, 2022 and 2021, respectively, related to a fair value adjustment on this mortgage loan. (4) The mortgage loan provides for an additional one year extension option. (5) The mortgage loan provides two one year extension options. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant and accordingly, such cash is restricted. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At December 31, 2021, two mortgage loans failed the debt yield or DSCR threshold and approximately $22.4 million of restricted cash was held by lenders due to cash trap events. In addition, the DSCR covenant for one mortgage loan had been waived through December 31, 2022. As of December 31, 2022, although all mortgage loans met their debt yield or DSCR thresholds, one mortgage loan was in a cash trap event pending notification to the lender to remove the restrictions. As of December 31, 2022, there was approximately $26.9 million of restricted cash held by this lender due to the cash trap event, and in February 2023, the restrictions were removed. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2022 2021 2020 Senior Notes $ 38,820 $ 34,079 $ 23,767 Revolver and Term Loans 34,126 54,733 55,413 Mortgage loans 13,563 13,306 16,949 Amortization of deferred financing costs 5,967 5,884 4,416 Non-cash interest expense related to interest rate 679 (1,636) — Undesignated interest rate swaps — — (376) Total interest expense $ 93,155 $ 106,366 $ 100,169 Future Minimum Principal Payments As of December 31, 2022, the future minimum principal payments were as follows (in thousands): 2023 (1) $ 294,005 2024 405,657 2025 400,000 2026 605,000 2027 — Thereafter 525,000 Total (2) $ 2,229,662 (1) Excludes the term loans for which the Company exercised its one year extension option in January 2023." id="sjs-B4">Debt The Company's debt consisted of the following (in thousands): December 31, 2022 December 31, 2021 Senior Notes, net $ 989,307 $ 986,942 Revolver — 200,000 Term Loans, net 820,536 815,004 Mortgage loans, net 407,712 407,492 Debt, net $ 2,217,555 $ 2,409,438 Senior Notes The Company's senior notes (collectively, the "Senior Notes") consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 Maturity Date December 31, 2022 December 31, 2021 2029 Senior Notes (1)(2) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1)(3) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (10,693) (13,058) Total senior notes, net $ 989,307 $ 986,942 (1) Requires payments of interest only through maturity. (2) The Company has the option to redeem its 4.00% senior notes due 2029 (the "2029 Senior Notes") at any time prior to September 15, 2024 at a price equal to 100.0% of the principal amount plus a make-whole premium. At any time on or after September 15, 2024, the Company may redeem the 2029 Senior Notes at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 15, 2025, (ii) 101.0% of the principal amount should such redemption occur before September 15, 2026 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. At any time prior to September 15, 2024, the Company may redeem the 2029 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 104.0% of the principal amount plus accrued and unpaid interest, if any, subject to certain conditions. (3) The Company has the option to redeem its 3.75% senior notes due 2026 (the "2026 Senior Notes") at any time prior to July 1, 2023 at a price equal to 100.0% of the principal amount plus a make-whole premium. At any time on or after July 1, 2023, the Company may redeem the 2026 Senior Notes at a redemption price of (i) 101.875% of the principal amount should such redemption occur before July 1, 2024, (ii) 100.938% of the principal amount should such redemption occur before July 1, 2025 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. At any time prior to July 1, 2023, the Company may redeem the 2026 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 103.75% of the principal amount plus accrued and unpaid interest, if any, subject to certain conditions. The Senior Notes are each fully and unconditionally guaranteed, jointly and severally, by the Company and certain of the Operating Partnership’s subsidiaries that incur and guarantee indebtedness under the Company’s credit facilities and certain other indebtedness. On October 25, 2022, the collateral securing the Senior Notes was released in accordance with the terms of the indentures governing the Senior Notes. The indentures contain customary covenants that limit the Operating Partnership’s ability and, in certain instances, the ability of its subsidiaries, to incur additional debt, create liens on assets, make distributions and pay dividends, make certain types of investments, issue guarantees of indebtedness, and make certain restricted payments. These limitations are subject to a number of exceptions and qualifications set forth in the indentures. A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes As of December 31, 2022 and 2021, the Company was in compliance with all covenants associated with the Senior Notes. Revolver and Term Loans The Company has the following unsecured credit agreements in place: • $600.0 million revolving credit facility with a scheduled maturity date of May 18, 2024 and a one year extension option if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of January 25, 2023 for approximately $52.3 million of the outstanding principal balance (the "$400 Million Term Loan Maturing 2023") and a scheduled maturity date of January 25, 2024, including a one year extension option exercised in January 2023, for approximately $151.7 million of the remaining outstanding principal balance (the "$400 Million Term Loan Maturing 2024"). • $225.0 million term loan with a scheduled maturity date of January 25, 2023 for approximately $41.7 million of the outstanding principal balance (the "$225 Million Term Loan Maturing 2023") and a scheduled maturity date of January 25, 2024, including a one year extension option exercised in January 2023, for approximately $73.0 million of the remaining outstanding principal balance (the "$225 Million Term Loan Maturing 2024"). • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"); and • $200.0 million term loan with a scheduled maturity date of January 31, 2026 and two one year extension options if certain conditions are satisfied (the "$200 Million Term Loan Maturing 2026"). The $400 Million Term Loan Maturing 2023, the $400 Million Term Loan Maturing 2024, the $225 Million Term Loan Maturing 2023, the $225 Million Term Loan Maturing 2024, the $400 Million Term Loan Maturing 2025, and the $200 Million Term Loan Maturing 2026 are collectively the "Term Loans". The credit agreements contain certain financial covenants relating to the Company’s maximum leverage ratio, minimum fixed charge coverage ratio, maximum secured indebtedness, maximum unencumbered leverage ratio and minimum unsecured interest coverage ratio. If an event of default exists, the Company is not permitted to make distributions to shareholders, other than those required to qualify for and maintain REIT status. The borrowings under the Revolver and Term Loans bear interest at variable rates equal to LIBOR or the Term Secured Overnight Financing Rate (“Term SOFR”) plus an applicable margin. The margin ranges from 1.35% to 2.55%, depending on the Company’s leverage ratio, as calculated under the terms of each facility. The Company incurs an unused facility fee on the Revolver of between 0.20% and 0.25%, based on the amount by which the maximum borrowing amount exceeds the total principal balance of the outstanding borrowings. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Revolver (2) —% May 2024 $ — $ 200,000 $400 Million Term Loan Maturing 2023 (3) 3.84% January 2023 52,261 52,261 $400 Million Term Loan Maturing 2024 3.84% January 2024 (5) 151,683 151,683 $225 Million Term Loan Maturing 2023 (3) 3.84% January 2023 41,745 41,745 $225 Million Term Loan Maturing 2024 3.18% January 2024 (6) 72,973 72,973 $400 Million Term Loan Maturing 2025 3.24% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (4) 2.85% January 2026 (7) 105,000 100,000 823,662 1,018,662 Deferred financing costs, net (8) (3,126) (3,658) Total Revolver and Term Loans, net $ 820,536 $ 1,015,004 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) At December 31, 2022 and 2021, there was $600.0 million and $400.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off this term loan. (4) In November 2022, the Company amended this term loan to increase the amount of the term loan up to $200.0 million and extend the initial maturity to January 2026, with two one year extension options. (5) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (6) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (7) This term loan includes two one year extension options. The exercise of the extension options will be at the Company's discretion, subject to certain conditions. (8) Excludes $1.7 million and $2.9 million as of December 31, 2022 and 2021, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. During the year ended December 31, 2021, the Company amended its Revolver and Term Loans. The amendments suspended the testing of all existing financial maintenance covenants for all periods through and including the fiscal quarter ending March 31, 2022 (the “Covenant Relief Period”). In addition, for periods following the Covenant Relief Period, the amendments modified certain covenant thresholds, including the leverage ratio, through the fifth quarter following the Covenant Relief Period. During the year ended December 31, 2022, the Company satisfied the requirements to exit all restrictions under the Revolver and Term Loan agreements. In November 2022, the Company amended the $200 Million Term Loan Maturing 2026 to increase the amount of the term loan up to $200.0 million and extend the maturity to January 2026, with two one year extension options. The borrowings under this loan bear interest at a variable rate equal to Term SOFR plus an applicable margin. The margin ranges from 1.35% to 1.90%, depending on the Company’s leverage ratio, as calculated under the terms of the facility, plus a credit spread adjustment of ten basis points. In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off approximately $52.3 million of the principal balance of its $400 Million Term Loan Maturing 2023 and approximately $41.7 million of the principal balance of its $225 Million Term Loan Maturing 2023. Mortgage Loans The Company's mortgage loans consisted of the following (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Mortgage loan (2) 7 3.25% April 2023 (4) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53% April 2024 (5) 96,000 96,000 Mortgage loan (2) 4 3.43% April 2024 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 27,193 27,554 15 408,193 408,554 Deferred financing costs, net (481) (1,062) Total mortgage loans, net $ 407,712 $ 407,492 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $2.2 million and $2.6 million at December 31, 2022 and 2021, respectively, related to a fair value adjustment on this mortgage loan. (4) The mortgage loan provides for an additional one year extension option. (5) The mortgage loan provides two one year extension options. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant and accordingly, such cash is restricted. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. At December 31, 2021, two mortgage loans failed the debt yield or DSCR threshold and approximately $22.4 million of restricted cash was held by lenders due to cash trap events. In addition, the DSCR covenant for one mortgage loan had been waived through December 31, 2022. As of December 31, 2022, although all mortgage loans met their debt yield or DSCR thresholds, one mortgage loan was in a cash trap event pending notification to the lender to remove the restrictions. As of December 31, 2022, there was approximately $26.9 million of restricted cash held by this lender due to the cash trap event, and in February 2023, the restrictions were removed. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2022 2021 2020 Senior Notes $ 38,820 $ 34,079 $ 23,767 Revolver and Term Loans 34,126 54,733 55,413 Mortgage loans 13,563 13,306 16,949 Amortization of deferred financing costs 5,967 5,884 4,416 Non-cash interest expense related to interest rate 679 (1,636) — Undesignated interest rate swaps — — (376) Total interest expense $ 93,155 $ 106,366 $ 100,169 Future Minimum Principal Payments As of December 31, 2022, the future minimum principal payments were as follows (in thousands): 2023 (1) $ 294,005 2024 405,657 2025 400,000 2026 605,000 2027 — Thereafter 525,000 Total (2) $ 2,229,662 (1) Excludes the term loans for which the Company exercised its one year extension option in January 2023. |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Hedging | Derivatives and Hedging The Company's interest rate swaps consisted of the following (in thousands): Notional value at Fair value at Hedge type Interest rate Effective Date Maturity Date December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Swap-cash flow (3) 1.28% September 2019 September 2022 $ — $ 100,000 $ — $ (759) Swap-cash flow (1) 2.29% March 2019 December 2022 200,000 200,000 — (4,077) Swap-cash flow (1) 2.29% March 2019 December 2022 125,000 125,000 — (2,545) Swap-cash flow (2) 2.38% June 2021 December 2022 — 87,780 — (1,879) Swap-cash flow (2) 2.38% June 2021 December 2022 — 36,875 — (789) Swap-cash flow (5) 2.64% November 2022 November 2023 100,000 100,000 1,935 (3,893) Swap-cash flow 2.51% January 2021 December 2023 75,000 75,000 1,852 (2,692) Swap-cash flow 2.39% January 2021 December 2023 75,000 75,000 1,948 (2,504) Swap-cash flow 1.16% April 2021 April 2024 50,000 50,000 2,464 (338) Swap-cash flow 1.20% April 2021 April 2024 50,000 50,000 2,436 (387) Swap-cash flow 1.15% April 2021 April 2024 50,000 50,000 2,470 (327) Swap-cash flow 1.10% April 2021 April 2024 50,000 50,000 2,504 (267) Swap-cash flow 0.98% April 2021 April 2024 25,000 25,000 1,293 (61) Swap-cash flow 0.95% April 2021 April 2024 25,000 25,000 1,304 (43) Swap-cash flow (4) 0.93% April 2021 April 2024 25,000 25,000 1,310 (31) Swap-cash flow (4) 0.90% April 2021 April 2024 25,000 25,000 1,321 (13) Swap-cash flow (4) 0.85% June 2020 December 2024 50,000 50,000 3,538 221 Swap-cash flow (4) 0.75% June 2020 December 2024 50,000 50,000 3,636 372 Swap-cash flow 1.24% September 2021 September 2025 150,000 150,000 11,636 (860) Swap-cash flow (4) 0.65% July 2021 January 2026 50,000 50,000 5,041 955 $ 1,175,000 $ 1,399,655 $ 44,688 $ (19,917) (1) In June 2021, the Company dedesignated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of $4.4 million of unrealized losses included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). The portion of the swaps that were dedesignated were subsequently redesignated and the amounts related to the initial fair values of $4.4 million that were recorded in other comprehensive income (loss) during the new hedging relationship were reclassified to earnings on a straight line basis over the remaining life of these swaps. (2) In June 2021, the Company terminated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring and paid approximately $6.2 million to terminate a portion of these swaps. In addition, the Company redesignated the remaining portions of these swaps resulting in the reclassification of approximately $6.2 million of the unrealized losses included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). In February 2022, the Company paid a total of approximately $1.5 million to terminate these swaps and reclassified the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of these swaps. (3) In February 2022, the Company terminated approximately $75.3 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring. As part of the swap termination, the Company paid approximately $0.2 million to terminate a portion of this swap. The Company reclassified the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of the swap. (4) In February 2022, the Company dedesignated these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of approximately $5.9 million of unrealized gains included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps. (5) In November 2022, the Company modified the benchmark rate on this interest rate swap from LIBOR to Term SOFR. The fixed interest rates paid by the Company were 2.64% and 2.75% at December 2022 and December 2021, respectively. As of December 31, 2022 and 2021, the aggregate fair value of the interest rate swap assets of $44.7 million and $1.5 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2021, the aggregate fair value of the interest rate swap liabilities of $21.5 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheet. As of December 31, 2022, there was approximately $40.6 million of unrealized gains included in accumulated other comprehensive income (loss) related to interest rate swaps. As of December 31, 2021, there was approximately $17.1 million of unrealized losses included in accumulated other comprehensive income (loss) related to interest rate swaps. There was no ineffectiveness recorded during the years ended December 31, 2022 and 2021. For the year ended December 31, 2022, approximately $1.1 million of losses included in accumulated other comprehensive income (loss) were reclassified into interest expense for the interest rate swaps. For the year ended December 31, 2021, approximately $24.1 million of losses included in accumulated other comprehensive income (loss) were reclassified into interest expense for the interest rate swaps. Approximately $26.2 million of the unrealized gains included in accumulated other comprehensive income (loss) at December 31, 2022 is expected to be reclassified into earnings within the next 12 months. |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: • Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. • Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. • Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The Company used the following market assumptions and/or estimation methods: • Cash and cash equivalents, restricted cash reserves, hotel and other receivables, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities. • Debt — The Company estimated the fair value of the senior notes by using publicly available trading prices for the Senior Notes, which are Level 1 in the fair value hierarchy. The Company estimated the fair value of the Revolver and Term Loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms, which are Level 2 and Level 3 inputs in the fair value hierarchy. The Company estimated the fair value of the mortgage loans using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The fair value of the Company's debt was as follows (in thousands): December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 989,307 $ 853,895 $ 986,942 $ 999,060 Revolver and Term Loans, net 820,536 812,604 1,015,004 1,006,647 Mortgage loans, net 407,712 388,839 407,492 401,387 Debt, net $ 2,217,555 $ 2,055,338 $ 2,409,438 $ 2,407,094 Recurring Fair Value Measurements The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 44,688 $ — $ 44,688 Interest rate swap liability $ — $ — $ — $ — Total $ — $ 44,688 $ — $ 44,688 The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 (in thousands): Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 1,548 $ — $ 1,548 Interest rate swap liability $ — $ (21,465) $ — $ (21,465) Total $ — $ (19,917) $ — $ (19,917) The fair values of the derivative financial instruments are determined using widely accepted valuation techniques including a discounted cash flow analysis on the expected cash flows for each derivative. The Company determined that the significant inputs, such as interest yield curves and discount rates, used to value its derivatives fall within Level 2 of the fair value hierarchy and that the credit valuation adjustments associated with the Company’s counterparties and its own credit risk utilize Level 3 inputs, such as estimates of current credit spreads to evaluate the likelihood of default by itself and its counterparties. As of December 31, 2022, the Company assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative positions and determined that the credit valuation adjustments were not significant to the overall valuation of its derivatives. As a result, the Company determined that its derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases As of December 31, 2022, 13 of Company's hotel properties were subject to ground lease agreements that cover the land underlying the respective hotels. The ground leases are classified as operating leases. The total ground lease expense was $15.9 million for the year ended December 31, 2022, which consisted of $11.9 million of fixed lease expense and $4.0 million of variable lease expense. The total ground lease expense was $13.1 million for the year ended December 31, 2021, which consisted of $11.6 million of fixed lease expense and $1.5 million of variable lease expense. The total ground lease expense was $12.4 million for the year ended December 31, 2020, which consisted of $11.6 million of fixed lease expense and $0.8 million of variable lease expense. The total ground lease expense is included in property tax, insurance and other in the accompanying consolidated statements of operations and comprehensive income (loss). The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Initial Term Expiration Extension Term(s) Expiration 2022 2021 2020 Wyndham Boston Beacon Hill 2028 — $ 803 $ 556 $ 400 Wyndham San Diego Bayside 2029 — 5,009 4,042 4,100 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2032 2057 1,005 666 300 Residence Inn Palo Alto Los Altos 2033 — 86 86 100 Wyndham Pittsburgh University Center 2038 2083 726 726 700 Marriott Louisville Downtown 2053 2153 (1) — — — Embassy Suites San Francisco Airport Waterfront 2059 — 1,646 1,239 1,200 Wyndham New Orleans French Quarter 2065 — 487 487 500 Courtyard Charleston Historic District 2096 — 1,044 1,019 950 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 — 922 555 449 Courtyard Waikiki Beach 2112 — 3,922 3,742 3,700 Moxy Denver Cherry Creek 2115 — 258 5 — $ 15,908 $ 13,123 $ 12,399 (1) The lease may be extended up to four twenty-five year terms at the Company's option. The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2022 2023 $ 11,617 2024 11,375 2025 10,443 2026 10,352 2027 10,097 Thereafter 532,440 Total future lease payments 586,324 Imputed interest (469,314) Lease liabilities $ 117,010 The following table presents certain information related to the Company's operating leases as of December 31, 2022: Weighted average remaining lease term 65 years Weighted average discount rate 7.11 % Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of FF&E) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 3.0% to 5.0% of the individual hotel’s revenues. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of December 31, 2022 and 2021, approximately $55.1 million and $48.5 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance, and debt obligations where certain lenders held restricted cash due to a cash trap event. Litigation Neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Management Agreements As of December 31, 2022, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one Management Company Number of Accor Hotels 1 Aimbridge Hospitality 31 Colwen Management, Inc. 1 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 20 HEI Hotels and Resorts 2 Hersha Hospitality Management & Urgo Hotels (1) 7 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (2) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 5 White Lodging Services 4 96 (1) Urgo Hotels is a wholly owned subsidiary of Hersha Hospitality Management. (2) InnVentures is a subsidiary of Highgate Hotels. Each management company receives a base management fee between 1.75% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 2.0% and 7.0% of hotel revenues. The management companies are also eligible to receive an incentive management fee if hotel operating income, as defined in the management agreements, exceeds certain thresholds. The incentive management fee is generally calculated as a percentage of hotel operating income after the Company has received a priority return on its investment in the hotel. Management fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2022, 2021 and 2020, the Company incurred management fee expense of approximately $38.8 million, $24.2 million and $13.2 million, respectively. Franchise Agreements As of December 31, 2022, 59 of the Company's consolidated hotel properties were operated under franchise agreements with initial terms ranging from one Franchise fees are included in management and franchise fee expense in the accompanying consolidated statements of operations and comprehensive income (loss). For the years ended December 31, 2022, 2021 and 2020, the Company incurred franchise fee expense of approximately $60.9 million, $43.2 million and $25.6 million, respectively. Wyndham Agreements In 2019, the Company entered into an agreement with Wyndham to terminate the net operating income guarantee effective December 31, 2019 and received termination payments totaling $36.0 million from Wyndham. In addition, during the year ended December 31, 2021, the Company extended certain Wyndham management agreements to December 31, 2022. During the year ended December 31, 2022, the Company terminated the remaining Wyndham management agreements. For the years ended December 31, 2022, 2021 and 2020, the Company recognized approximately $4.1 million, $14.1 million, and $17.8 million, respectively, as a reduction to management and franchise fee expense related to the amortization of the termination payments over the remaining terms of the management agreements. The termination payments were fully recognized as of December 31, 2022. Other |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Equity Common Shares of Beneficial Interest Under the declaration of trust for the Company, there are 450,000,000 common shares authorized for issuance. On April 29, 2022, the Company's board of trustees approved a new share repurchase program to acquire up to an aggregate of $250.0 million of common and preferred shares from May 9, 2022 to May 8, 2023 (the "2022 Share Repurchase Program"). During the year ended December 31, 2022, the Company repurchased and retired 4,907,094 common shares for approximately $57.6 million. As of December 31, 2022, the 2022 Share Repurchase Program had a remaining capacity of $192.4 million. The Company did not repurchase any common shares under a share repurchase program during the year ended December 31, 2021. During the year ended December 31, 2020, the Company repurchased and retired 5,489,335 common shares for approximately $62.6 million. During the year ended December 31, 2022, the Company declared a cash dividend of $0.12 per common share. During each of the years ended December 31, 2021 and 2020, the Company declared a cash dividend of $0.04 per common share. Series A Preferred Shares Under the declaration of trust for the Company, there are 50,000,000 preferred shares authorized for issuance. The Series A Preferred Shares are convertible, in whole or in part, at any time, at the option of the holders into common shares at a conversion rate of 0.2806 common shares for each Series A Preferred Share. During each of the years ended December 31, 2022, 2021 and 2020, the Company declared a cash dividend of $1.95 per Series A Preferred Share. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker hotel property, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets. Noncontrolling Interest in the Operating Partnership The Company consolidates the Operating Partnership, which is a majority-owned limited partnership that has a noncontrolling interest. As of December 31, 2022, the Operating Partnership had 162,775,364 OP units outstanding, of which 99.5% of the outstanding OP units were owned by the Company and its subsidiaries, and the noncontrolling 0.5% ownership interest was owned by other limited partners. As of December 31, 2022, the limited partners owned 771,831 OP units. The outstanding OP units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares. The noncontrolling interest is included in the noncontrolling interest in the Operating Partnership on the consolidated balance sheets. |
Equity Incentive Plan
Equity Incentive Plan | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plan | Equity Incentive Plan Pursuant to the terms of the 2021 Plan, the Company may issue share-based awards to officers, employees, non-employee trustees and other eligible persons under the 2021 Plan. The 2021 Plan provides for a maximum of 6,828,527 common shares to be issued in the form of share options, share appreciation rights, restricted share awards, unrestricted share awards, share units, dividend equivalent rights, long-term incentive units, other equity-based awards and cash bonus awards. Share Awards From time to time, the Company may award unvested restricted shares under the 2021 Plan as compensation to officers, employees and non-employee trustees. The issued shares vest over a period of time as determined by the board of trustees at the date of grant. The Company recognizes compensation expense for time-based unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of issuance, adjusted for forfeitures. Non-employee trustees may also elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation on the date of issuance based upon the fair market value of the shares on that date. A summary of the unvested restricted shares is as follows: 2022 2021 2020 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,380,283 $ 15.43 1,252,228 $ 15.17 940,202 $ 20.21 Granted 569,600 15.10 1,739,327 15.92 801,463 11.95 Vested (647,426) 15.65 (513,342) 16.51 (480,444) 19.59 Forfeited (34,587) 13.15 (97,930) 15.22 (8,993) 18.80 Unvested at December 31, 2,267,870 $ 15.32 2,380,283 $ 15.43 1,252,228 $ 15.17 For the years ended December 31, 2022, 2021 and 2020, the Company recognized approximately $14.4 million, $11.9 million and $8.7 million, respectively, of share-based compensation expense related to restricted share awards. As of December 31, 2022, there was $19.6 million of total unrecognized compensation costs related to unvested restricted share awards and these costs are expected to be recognized over a weighted-average period of 1.5 years. The total fair value of the shares vested (calculated as the number of shares multiplied by the vesting date share price) during the years ended December 31, 2022, 2021 and 2020 was approximately $9.0 million, $7.8 million and $5.2 million, respectively. Performance Units From time to time, the Company may award performance units under the 2021 Plan as compensation to officers and employees. The performance units granted prior to 2021 vest over a four years period, including three years of performance-based vesting (the “performance units measurement period”) plus an additional one year of time-based vesting. These performance units may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return (40% of award) and a relative total shareholder return (60% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. If at the end of the performance units measurement period the target criterion is met, then 50% of the performance units that are earned will vest at the end of the measurement period. The remaining 50% convert to restricted shares that will vest on the one year anniversary of the end of the measurement period. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the performance units measurement period. The fair value of the performance units was determined using a Monte Carlo simulation, and an expected term equal to the requisite service period for the awards of four years. The Company estimates the compensation expense for the performance units on a straight-line basis using a calculation that recognizes 50% of the grant date fair value over three years and 50% of the grant date fair value over four years. The performance units granted in 2021 and 2022 vest at the end of a three year period. These performance units may convert into restricted shares at a range of 0% to 200% of the number of performance units granted contingent upon the Company achieving an absolute total shareholder return (25% of award) and a relative shareholder return (75% of award) over the measurement period at specified percentiles of the peer group, as defined by the awards. At the end of the performance units measurement period, if the target criterion is met, 100% of the performance units that are earned will vest immediately. The award recipients will not be entitled to receive any dividends prior to the date of conversion. For any restricted shares issued upon conversion, the award recipient will be entitled to receive payment of an amount equal to all dividends that would have been paid if such restricted shares had been issued at the beginning of the performance units measurement period. The fair value of the performance units was determined using a Monte Carlo simulation. For performance units granted in 2021 and 2022, the Company estimates the compensation expense for the performance units on a straight-line basis using a calculation that recognizes 100% of the grant date fair value over three years. A summary of the performance unit awards is as follows: Date of Award Number of Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 2019 (1) 260,000 $19.16 0% to 200% 2.52% 27.19% February 2020 489,000 $11.59 0% to 200% 1.08% 23.46% February 2021 431,151 $20.90 0% to 200% 0.23% 69.47% February 2022 407,024 $21.96 0% to 200% 1.70% 70.15% (1) In February 2022, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 133,000 restricted shares. Half of the restricted shares vested immediately with the remaining half vesting in February 2023. As of December 31, 2022, there were approximately 67,000 unvested restricted shares related to the conversion of the performance units. The total fair value of the vested shares related to the conversion of the performance units (calculated as the number of vested shares multiplied by the vesting date share price) during the year ended December 31, 2022 was approximately $0.8 million. For the years ended December 31, 2022, 2021 and 2020, the Company recognized approximately $7.3 million, $5.2 million and $3.5 million, respectively, of share-based compensation expense related to the performance unit awards. As of December 31, 2022, there was $10.5 million of total unrecognized compensation costs related to the performance unit awards and these costs are expected to be recognized over a weighted-average period of 1.7 years. |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Earnings per Common Share Basic earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares outstanding during the period. Diluted earnings per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of the unvested restricted share grants and unvested performance units, calculated using the treasury stock method, and convertible Series A Preferred Shares, calculated using the if-converted method. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based payment awards that contain non-forfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating shares and are considered in the computation of earnings per share pursuant to the two-class method. If there were any undistributed earnings allocable to the participating shares, they would be deducted from net income (loss) attributable to common shareholders used in the basic and diluted earnings per share calculations. The limited partners’ outstanding OP Units (which may be redeemed for common shares under certain circumstances) have been excluded from the diluted earnings per share calculation as there was no effect on the amounts for the years ended December 31, 2022, 2021 and 2020, since the limited partners’ share of income would also be added back to net income attributable to common shareholders. The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the year ended December 31, 2022 2021 2020 Numerator: Net income (loss) attributable to RLJ $ 41,925 $ (305,168) $ (404,441) Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (284) (85) (55) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 16,526 $ (330,368) $ (429,611) Denominator: Weighted-average number of common shares - basic 161,947,807 163,998,390 164,503,661 Unvested restricted shares 345,058 — — Weighted-average number of common shares - diluted 162,292,865 163,998,390 164,503,661 Net income (loss) per share attributable to common shareholders - basic $ 0.10 $ (2.01) $ (2.61) Net income (loss) per share attributable to common shareholders - diluted $ 0.10 $ (2.01) $ (2.61) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Current income tax expense represents the amounts expected to be reported on the Company’s income tax returns, and deferred tax expense or benefit represents the change in the net deferred tax assets and liabilities. The deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities as measured by the enacted tax rates that will be in effect when these differences reverse. 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 net 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. The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2022 2021 2020 Current: Federal $ (162) $ — $ — State (1,374) (1,228) (484) Deferred: Federal 15 30 (45,438) State 3 10 (6,048) Income tax expense $ (1,518) $ (1,188) $ (51,970) The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2022 2021 2020 Expected U.S. federal tax (expense) benefit at statutory rate $ (9,184) $ 65,079 $ 90,143 Tax impact of REIT election (1,659) (60,856) (85,140) Expected tax (expense) benefit at TRS (10,843) 4,223 5,003 Change in valuation allowance 11,945 (6,489) (59,321) State income tax (expense) benefit, net of federal benefit (2,861) (650) 1,174 Other items 241 1,728 1,174 Income tax expense $ (1,518) $ (1,188) $ (51,970) Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2022 December 31, 2021 Deferred tax liabilities: Partnership basis $ (3,463) $ (2,739) Prepaid expenses (675) (781) Deferred tax liabilities $ (4,138) $ (3,520) Deferred tax assets: Property and equipment $ 5,936 $ 4,378 Incentive and vacation accrual 3,866 3,021 Deferred revenue - key money 1,387 910 Allowance for doubtful accounts 78 69 Other 2,034 179 Net operating loss carryforwards 65,246 81,299 Federal historic tax credit 824 824 Valuation allowance (75,215) (87,159) Deferred tax assets $ 4,156 $ 3,521 Deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on the 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 would record a valuation allowance to reduce its deferred tax assets to the amount that is most likely to be utilized in future periods to offset taxable income. Based upon the available objective evidence at December 31, 2022, the Company determined it was more likely than not that the deferred tax assets related to the net operating loss ("NOL") carryforwards of its primary TRS would not be utilized in future periods. The Company considered all available evidence, both positive and negative, including cumulative losses in recent years and its current forecast of future income in its analysis. As of December 31, 2022 and 2021, the Company had a valuation allowance of approximately $75.2 million and $87.2 million, respectively, related to NOL carryforwards, historic tax credits, and other deferred tax assets of its TRSs. The Company’s NOLs will begin to expire in 2024 for federal tax purposes and 2022 to 2040 for state tax purposes. The Company's historic tax credits begin to expire in 2035. The annual utilization of these NOLs and tax credits is limited pursuant to federal and state tax laws. The Company is subject to examination by U.S. federal and various state and local jurisdictions. The tax years subject to examination vary by jurisdiction. With few exceptions, as of December 31, 2022, the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for the tax years of 2018 and before. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Segment InformationThe Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, the hotel properties have been aggregated into a single operating segment. |
Supplemental Information to Sta
Supplemental Information to Statements of Cash Flows | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Information to Statements of Cash Flows | Supplemental Information to Statements of Cash Flows (in thousands) For the year ended December 31, 2022 2021 2020 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 481,316 $ 665,341 $ 899,813 Restricted cash reserves 55,070 48,528 34,977 Cash, cash equivalents, and restricted cash reserves $ 536,386 $ 713,869 $ 934,790 Interest paid $ 87,180 $ 92,729 $ 98,511 Income taxes paid $ 1,255 $ 477 $ 1,501 Operating cash flow lease payments for operating leases $ 15,742 $ 12,371 $ 11,813 Right-of-use asset and liability adjustment due to remeasurement $ (2,473) $ — $ 4,100 Supplemental investing and financing transactions In conjunction with the acquisitions of hotel properties, the Company recorded the following: Purchase of hotel properties $ 59,000 $ 198,250 $ — Transaction costs 1,110 2,014 — Operating prorations (802) (589) — Mortgage debt assumed (non-cash financing activity) — (25,000) — Acquisition of hotel properties, net $ 59,308 $ 174,675 $ — In conjunction with the sale of hotel properties, the Company recorded the following: Sales price $ 49,900 $ 208,507 $ 4,883 Transaction costs (834) (8,118) (133) Operating prorations (991) (1,747) (98) Receipt of forfeited deposit — — 517 Proceeds from the sale of hotel properties, net $ 48,075 $ 198,642 $ 5,169 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ 63,570 $ 41,279 $ (49,536) Accrued capital expenditures $ 17,645 $ 10,049 $ 7,313 Distributions payable $ 14,622 $ 8,347 $ 8,752 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Subsequent to the year ended December 31, 2022, the Company repurchased and retired approximately 49,000 common shares for approximately $0.5 million. In January 2023, the Company exercised its option to extend the maturities to January 2024 for approximately $151.7 million of the principal balance of its $400 Million Term Loan Maturing 2024 and approximately $73.0 million of the principal balance of its $225 Million Term Loan Maturing 2024. The Company paid $0.3 million in extension fees in January 2023. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2022 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Marriott Denver South Park Meadows $ — $ 5,385 $ 39,488 $ 4,056 $ 5,353 $ 43,576 $ 48,929 $ 18,267 2006 15 - 40 years Marriott Louisville Downtown — — 89,541 25,148 92 114,597 114,689 43,697 2006 15 - 40 years Marriott Chicago Midway — 4,464 32,736 3,209 4,496 35,913 40,409 14,812 2006 15 - 40 years Renaissance Boulder Flatiron Hotel — 4,440 32,557 6,664 4,725 38,936 43,661 14,745 2006 15 - 40 years Renaissance Fort Lauderdale West Hotel — 4,842 35,517 8,183 4,876 43,666 48,542 16,438 2006 15 - 40 years Courtyard Chicago Downtown Magnificent Mile 31,000 8,140 59,696 9,632 8,148 69,320 77,468 28,083 2006 15 - 40 years Courtyard Indianapolis The Capitol — 2,482 18,207 4,191 2,635 22,245 24,880 8,530 2006 15 - 40 years Courtyard Midway Airport — 2,172 15,927 2,802 2,202 18,699 20,901 8,447 2006 15 - 40 years Courtyard Austin Downtown Convention Center — 6,049 44,361 5,390 6,049 49,751 55,800 18,225 2007 15 - 40 years Residence Inn Houston By The Galleria — 2,665 19,549 3,164 2,676 22,702 25,378 9,715 2006 15 - 40 years Residence Inn Indianapolis Downtown On The Canal — 2,670 19,588 4,889 2,670 24,477 27,147 9,290 2006 15 - 40 years Residence Inn Merrillville — 595 4,372 1,352 595 5,724 6,319 2,423 2006 15 - 40 years Residence Inn Louisville Downtown — 1,815 13,308 3,260 1,815 16,568 18,383 5,942 2007 15 - 40 years Residence Inn Austin Downtown Convention Center — 3,767 27,626 4,407 3,804 31,996 35,800 11,372 2007 15 - 40 years Fairfield Inn & Suites Denver Cherry Creek — 1,203 8,823 1,883 1,203 10,706 11,909 4,432 2006 15 - 40 years Fairfield Inn & Suites Key West — 1,803 19,325 3,872 1,860 23,140 25,000 9,713 2006 15 - 40 years Fairfield Inn & Suites Chicago Midway Airport — 1,425 10,449 2,038 1,447 12,465 13,912 5,259 2006 15 - 40 years Hampton Inn Chicago Midway Airport — 2,747 20,143 3,083 2,793 23,180 25,973 9,767 2006 15 - 40 years Hilton Garden Inn Chicago Midway Airport — 2,978 21,842 1,715 3,000 23,535 26,535 9,807 2006 15 - 40 years Sleep Inn Midway Airport — 1,189 8,718 1,878 1,211 10,574 11,785 4,741 2006 15 - 40 years Holiday Inn Express & Suites Midway Airport — 1,874 13,742 3,237 1,922 16,931 18,853 6,754 2006 15 - 40 years TGI Friday's Chicago Midway — 829 6,139 1,018 860 7,126 7,986 2,858 2006 15 - 40 years Hampton Inn Garden City — 5,691 22,764 3,652 5,742 26,365 32,107 9,753 2007 15 - 40 years Courtyard Houston By The Galleria 19,000 3,069 22,508 2,454 3,069 24,962 28,031 9,425 2007 15 - 40 years Embassy Suites Los Angeles Downey 31,000 4,857 29,943 11,833 4,973 41,660 46,633 15,036 2008 15 - 40 years Embassy Suites Tampa Downtown Convention Center — 2,161 71,017 15,009 2,430 85,757 88,187 26,796 2010 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2022 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Fairfield Inn & Suites Washington DC Downtown 34,000 16,214 22,265 7,802 16,447 29,834 46,281 11,053 2010 15 - 40 years Embassy Suites Fort Myers Estero — 2,816 7,862 2,294 2,934 10,038 12,972 3,824 2010 15 - 40 years Homewood Suites Washington DC Downtown — 23,139 34,188 5,238 23,150 39,415 62,565 12,825 2010 15 - 40 years Hotel Indigo New Orleans Garden District — 1,901 2,793 13,845 2,082 16,457 18,539 8,945 2010 15 - 40 years Residence Inn National Harbor Washington DC — 7,457 37,046 2,126 7,480 39,149 46,629 12,311 2010 15 - 40 years Hilton Garden Inn New Orleans Convention Center — 3,405 20,750 9,436 3,506 30,085 33,591 10,374 2010 15 - 40 years Hilton Garden Inn Los Angeles Hollywood — 5,303 19,136 10,909 5,696 29,652 35,348 10,912 2010 15 - 40 years Renaissance Pittsburgh Hotel 34,000 3,274 39,934 11,233 3,397 51,044 54,441 16,011 2011 15 - 40 years Courtyard Atlanta Buckhead — 2,860 21,668 3,966 2,875 25,619 28,494 8,449 2011 15 - 40 years Embassy Suites West Palm Beach Central — 3,656 9,614 8,790 3,914 18,146 22,060 7,574 2011 15 - 40 years Hilton Garden Inn Pittsburgh University Place — 1,975 18,490 9,363 2,382 27,446 29,828 11,002 2011 15 - 40 years Courtyard Charleston Historic District — 2,714 35,828 4,610 3,535 39,617 43,152 11,598 2011 15 - 40 years Residence Inn Bethesda Downtown — 8,154 52,749 7,108 8,314 59,697 68,011 17,138 2012 15 - 40 years Courtyard New York Manhattan Upper East Side — 20,655 60,222 8,704 21,281 68,300 89,581 19,589 2012 15 - 40 years Hilton Garden Inn San Francisco Oakland Bay Bridge — 11,903 22,757 17,633 12,231 40,062 52,293 9,585 2012 15 - 40 years Embassy Suites Boston Waltham — 6,268 56,024 5,109 6,386 61,015 67,401 17,014 2012 15 - 40 years Courtyard Houston Downtown Convention Center — 5,799 28,953 5,923 6,099 34,576 40,675 9,148 2013 15 - 40 years Residence Inn Houston Downtown Convention Center — 4,674 24,913 5,009 4,875 29,721 34,596 7,933 2013 15 - 40 years SpringHill Suites Houston Downtown Convention Center — 2,382 12,756 12,400 2,570 24,968 27,538 9,257 2013 15 - 40 years Courtyard Waikiki Beach — 557 79,033 13,961 803 92,748 93,551 24,190 2013 15 - 40 years Courtyard San Francisco — 11,277 18,198 28,954 11,291 47,138 58,429 15,276 2013 15 - 40 years Residence Inn Atlanta Midtown Historic — 2,812 6,044 7,754 2,982 13,628 16,610 4,134 2013 15 - 40 years SpringHill Suites Portland Hillsboro — 3,488 18,283 1,582 3,540 19,813 23,353 4,969 2013 15 - 40 years Hilton Cabana Miami Beach — 25,083 40,707 7,783 25,356 48,217 73,573 10,774 2014 15 - 40 years Hyatt House Charlotte Center City 18,000 3,029 26,193 2,204 3,054 28,372 31,426 6,427 2014 15 - 40 years Hyatt House Cypress Anaheim 16,000 3,995 9,164 3,976 4,354 12,781 17,135 4,159 2014 15 - 40 years Hyatt House Emeryville San Francisco Bay Area 36,000 7,425 29,137 7,902 7,517 36,947 44,464 9,681 2014 15 - 40 years Hyatt House San Diego Sorrento Mesa — 10,420 21,288 1,805 10,651 22,862 33,513 5,695 2014 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2022 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Hyatt House San Jose Silicon Valley — 6,820 31,682 3,143 6,972 34,673 41,645 7,581 2014 15 - 40 years Hyatt House San Ramon — 5,712 11,852 2,884 5,723 14,725 20,448 4,101 2014 15 - 40 years Hyatt House Santa Clara 34,000 8,044 27,703 3,180 8,045 30,882 38,927 7,507 2014 15 - 40 years Hyatt Centric The Woodlands — 5,950 16,882 2,773 5,977 19,628 25,605 4,251 2014 15 - 40 years Hyatt Place Fremont Silicon Valley — 6,209 13,730 1,749 6,292 15,396 21,688 3,958 2014 15 - 40 years Hyatt Place Madison Downtown 13,000 6,701 25,478 1,588 6,709 27,058 33,767 5,909 2014 15 - 40 years Embassy Suites Irvine Orange County — 15,062 33,048 9,094 15,190 42,014 57,204 10,909 2014 15 - 40 years Courtyard Portland City Center — 8,019 53,024 1,647 8,021 54,669 62,690 12,093 2014 15 - 40 years Hyatt Atlanta Midtown — 3,737 41,731 1,293 3,740 43,021 46,761 9,361 2014 15 - 40 years DoubleTree Grand Key Resort — 48,192 27,770 8,825 48,330 36,457 84,787 9,315 2014 15 - 40 years Hyatt Place Washington DC Downtown K Street — 10,763 55,225 2,071 10,763 57,296 68,059 10,968 2015 15 - 40 years Homewood Suites Seattle Lynnwood 19,000 3,933 30,949 370 4,001 31,251 35,252 6,081 2015 15 - 40 years Residence Inn Palo Alto Los Altos — 16,996 45,786 868 17,100 46,550 63,650 9,236 2015 15 - 40 years DoubleTree Suites by Hilton Austin — 7,072 50,827 1,690 7,284 52,305 59,589 7,112 2017 15 - 40 years DoubleTree Suites by Hilton Orlando - Lake Buena Vista — 896 44,508 1,579 1,010 45,973 46,983 6,496 2017 15 - 40 years Embassy Suites Atlanta - Buckhead — 31,279 46,015 18,027 31,544 63,777 95,321 8,694 2017 15 - 40 years Embassy Suites Birmingham — 10,495 33,568 904 10,512 34,455 44,967 4,886 2017 15 - 40 years Embassy Suites Dallas - Love Field 25,000 6,408 34,694 2,151 6,413 36,840 43,253 5,041 2017 15 - 40 years Embassy Suites Deerfield Beach - Resort & Spa — 7,527 56,128 10,627 7,840 66,442 74,282 8,527 2017 15 - 40 years Embassy Suites Fort Lauderdale 17th Street — 30,933 54,592 4,529 31,311 58,743 90,054 8,516 2017 15 - 40 years Embassy Suites Los Angeles - International Airport South 50,000 13,110 94,733 2,901 13,168 97,576 110,744 13,212 2017 15 - 40 years Embassy Suites Miami - International Airport — 14,765 18,099 5,641 15,057 23,448 38,505 3,609 2017 15 - 40 years Embassy Suites Milpitas Silicon Valley — 43,157 26,399 13,400 43,370 39,586 82,956 6,728 2017 15 - 40 years Embassy Suites Minneapolis - Airport — 7,248 41,202 17,243 9,676 56,017 65,693 10,197 2017 15 - 40 years Embassy Suites Orlando - International Drive South/Convention Center — 4,743 37,687 1,782 5,011 39,201 44,212 5,577 2017 15 - 40 years Embassy Suites Phoenix - Biltmore 21,000 24,680 24,487 6,905 24,784 31,288 56,072 4,202 2017 15 - 40 years Embassy Suites San Francisco Airport - South San Francisco — 39,616 55,163 16,044 39,700 71,123 110,823 10,573 2017 15 - 40 years Embassy Suites San Francisco Airport - Waterfront — 3,698 85,270 4,435 4,169 89,234 93,403 13,480 2017 15 - 40 years Zachari Dunes on Mandalay Beach, Curio Collection by Hilton — 35,769 53,280 29,834 36,753 82,130 118,883 9,577 2017 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2022 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation DoubleTree by Hilton Houston Medical Center Hotel & Suites — 7,776 43,475 1,682 7,992 44,941 52,933 6,012 2017 15 - 40 years Mills House Charleston, Curio Collection by Hilton — 9,599 68,932 9,979 10,378 78,132 88,510 9,737 2017 15 - 40 years San Francisco Marriott Union Square — 46,773 107,841 13,269 46,883 121,000 167,883 17,735 2017 15 - 40 years The Knickerbocker New York — 113,613 119,453 2,634 113,758 121,942 235,700 16,267 2017 15 - 40 years The Pierside Santa Monica — 27,054 45,866 9,746 27,149 55,517 82,666 6,552 2017 15 - 40 years Wyndham Boston Beacon Hill — 174 51,934 1,754 178 53,684 53,862 25,587 2017 7 years Wyndham New Orleans - French Quarter — 300 72,686 1,510 300 74,196 74,496 10,018 2017 15 - 40 years Wyndham Philadelphia Historic District — 8,367 51,914 931 8,408 52,804 61,212 7,173 2017 15 - 40 years Wyndham Pittsburgh University Center — 154 31,625 477 185 32,071 32,256 4,339 2017 15 - 40 years Wyndham San Diego Bayside — 989 29,440 6,625 1,205 35,849 37,054 14,416 2017 8 years AC Hotel Boston Downtown — 26,560 53,354 40 26,560 53,394 79,954 1,823 2021 15 - 40 years Hampton Inn and Suites Atlanta Midtown — 5,990 48,321 9 5,993 48,327 54,320 1,724 2021 15 - 40 years Moxy Denver Cherry Creek 27,193 — 48,725 24 — 48,749 48,749 1,323 2021 15 - 40 years 21c Hotel Nashville — 19,807 36,223 — 19,807 36,223 56,030 452 2022 15 - 40 years $ 408,193 $ 976,637 $ 3,465,182 $ 591,295 $ 992,609 $ 4,040,505 $ 5,033,114 $ 975,029 (1) The aggregate cost of real estate for federal income tax purposes was approximately $4.9 billion at December 31, 2022. The change in the total cost of the hotel properties is as follows: 2022 2021 2020 Reconciliation of Land and Buildings and Improvements Balance at beginning of period $ 4,977,563 $ 5,174,309 $ 5,127,448 Add: Acquisitions 56,030 182,950 — Add: Improvements 68,012 34,511 52,936 Less: Sale of hotel properties (68,491) (269,362) (6,075) Less: Impairment losses — (144,845) — Balance at end of period $ 5,033,114 $ 4,977,563 $ 5,174,309 The change in the accumulated depreciation of the real estate assets is as follows: 2022 2021 2020 Reconciliation of Accumulated Depreciation Balance at beginning of period $ (870,741) $ (827,808) $ (706,040) Add: Depreciation for the period (125,203) (126,759) (125,494) Less: Sale of hotel properties 20,915 83,826 3,726 Balance at end of period $ (975,029) $ (870,741) $ (827,808) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP"). The consolidated financial statements include the accounts of the Company, the Operating Partnership and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in one joint venture in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Reclassifications | Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the current year presentation with no impact to net income (loss) and comprehensive income (loss), shareholders’ equity or cash flows. |
Revenue Recognition | Revenue Substantially all of the Company's revenues are derived from the operation of hotel properties. The Company generates room revenue by renting hotel rooms to customers at its hotel properties. The Company generates food and beverage revenue from the sale of food and beverage to customers at its hotel properties. The Company generates other revenue from parking fees, resort fees, gift shop sales and other guest service fees at its hotel properties. A performance obligation is a promise in a contract to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and recognized as revenue when the performance obligation is satisfied. The Company's contracts generally have a single performance obligation, such as renting a hotel room to a customer, or providing food and beverage to a customer, or providing a hotel property-related good or service to a customer. The Company's performance obligations are generally satisfied at a point in time. The Company allocates revenue to the performance obligation based on its relative standalone selling price. The Company determines the standalone selling price based on the price it charges each customer for the use or consumption of the promised good or service. The Company's revenue is recognized when control of the promised good or service is transferred to the customer, in an amount that reflects the consideration the Company expects to receive in exchange for the promised good or service. The revenue is recorded net of any sales and occupancy taxes collected from the customer. All rebates or discounts are recorded as a reduction to revenue, and there are no material contingent obligations with respect to rebates and discounts offered by the hotel properties. The timing of revenue recognition, billings, and cash collections results in the Company recognizing hotel and other receivables and advance deposits and deferred revenue on the consolidated balance sheet. Hotel and other receivables are recognized on the consolidated balance sheets when the Company has provided a good or service to the customer and is waiting for the customer to submit consideration to the Company. Advance deposits and deferred revenue are recognized on the consolidated balance sheets when cash payments are received in advance of the Company satisfying its performance obligation. Advance deposits and deferred revenue consist of amounts that are refundable and non-refundable to the customer. The advance deposits and deferred revenue are recognized as revenue in the consolidated statements of operations and comprehensive income (loss) when the Company satisfies its performance obligation to the customer. For the majority of its goods or services and customers, the Company requires payment at the time the respective good or service is provided to the customer. The Company's payment terms vary by the type of customer and the goods or services offered to the customer. The Company applied a practical expedient to not disclose the value of unsatisfied performance obligations for contracts that have an original expected length of one year or less. Any contracts that have an original expected length of greater than one year are insignificant. |
Investment in Hotel Properties | Investment in Hotel Properties The Company’s acquisitions generally consist of land, land improvements, buildings, building improvements, furniture, fixtures and equipment ("FF&E"), inventory, and assumed debt. The Company may also acquire intangible assets or liabilities related to in-place leases, management agreements, franchise agreements, and advanced bookings. The Company allocates the purchase price among the assets acquired and the liabilities assumed based on their respective fair values at the date of acquisition. The Company estimates the fair values of the assets acquired and the liabilities assumed by using a combination of the market, cost and income approaches. The Company determines the fair value by using market data and independent appraisals available to the Company and making numerous estimates and assumptions, such as estimates of future income growth, replacement cost per unit, value per acre or buildable square foot, capitalization rates, discount rates, borrowing rates, market rental rates, capital expenditures and cash flow projections at the respective hotel properties. 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 15 years for land improvements, 15 years for building improvements, 40 years for buildings, and three years for FF&E. Maintenance and repairs are expensed and major renewals or improvements to the hotel properties are capitalized. Indirect project costs, including interest, salaries and benefits, travel and other related costs that are directly attributable to the development, are also capitalized. Upon the sale or disposition of a hotel property, the asset and related accumulated depreciation accounts are removed and the related gain or loss is included in the gain or loss on sale of hotel properties in the consolidated statements of operations and comprehensive income (loss). A sale or disposition of a hotel property that represents a strategic shift that has or will have a major effect on the Company's operations and financial results is presented as discontinued operations in the consolidated statements of operations and comprehensive income (loss). |
Investment in Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures If the Company determines that it does not have a controlling financial interest in a joint venture, either through a controlling financial interest in a variable interest entity or through the Company's voting interest in a voting interest entity, but the Company exercises significant influence over the operating and financial policies of the joint venture, the Company accounts for the joint venture using the equity method of accounting. Under the equity method of accounting, the Company's investment is adjusted each reporting period to recognize the Company's share of the net earnings or losses of the joint venture, plus any contributions to the joint venture, less any distributions received from the joint venture and any adjustment for impairment. In addition, the Company's share of the net earnings or losses of the joint venture is adjusted for the straight-line depreciation of the difference between the Company's basis in the investment in the unconsolidated joint venture as compared to the historical basis of the underlying net assets in the joint venture at the date of acquisition. The Company assesses the carrying value of its investment in unconsolidated joint ventures whenever events or changes in circumstances may indicate that the carrying value of the investment exceeds its fair value on an other-than-temporary basis. When an impairment indicator is present, the Company will estimate the fair value of the investment, which will be determined by using internally developed discounted cash flow models, comparable market transactions, third-party appraisals, the net sales proceeds from pending offers, or the net sales proceeds from transactions that closed subsequent to the end of the reporting period. If the estimated fair value is less than the carrying value, and management determines that the decline in value is considered to be other-than-temporary, the Company will recognize an impairment loss on its investment in the joint venture. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include all cash and highly liquid investments that mature three months or less when they are purchased. The Company maintains its cash at domestic banks, which, at times, may exceed the limits of the amounts insured by the Federal Deposit Insurance Corporation. |
Restricted Cash Reserves | Restricted Cash Reserves Restricted cash reserves consist of all cash that is required to be maintained in a reserve escrow account by a management agreement, franchise agreement, and/or a mortgage loan agreement for the replacement of FF&E and the funding of real estate taxes and insurance. |
Hotel Receivables | Hotel Receivables Hotel receivables consist mainly of receivables due from hotel guests and meeting and banquet room rentals. The Company typically does not require collateral as ongoing credit evaluations are performed. An allowance for doubtful accounts is established against any receivable that is estimated to be uncollectible. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs are the costs incurred to obtain long-term financing. The deferred financing costs are recorded at cost and are amortized using the straight-line method, which approximates the effective interest method, over the respective term of the financing agreement and are included as a component of interest expense in the consolidated statements of operations and comprehensive income (loss). The Company expenses unamortized deferred financing costs when the associated financing agreement is refinanced or repaid before the maturity date, unless certain criteria are met that would allow for the carryover of such costs to the refinanced agreement. The Company presents the deferred financing costs for its Senior Notes and Term Loans (as defined in Note 7) and mortgage loans on the balance sheet as a direct deduction from the carrying amount of the respective debt liability, which is included in debt, net, in the accompanying consolidated balance sheets. The Company presents the deferred financing costs for its Revolver (as defined in Note 7) on the balance sheet as an asset, which is included in prepaid expense and other assets in the accompanying consolidated balance sheets. |
Transaction Costs | Transaction CostsThe Company incurs costs during the review of potential hotel property acquisitions and dispositions, including legal fees and other professional service fees. In addition, if the Company completes a hotel property acquisition, the Company may incur transfer taxes and integration costs, including professional fees and employee-related costs. If the Company completes a hotel property acquisition that is considered to be an asset acquisition, the transaction costs are capitalized on the consolidated balance sheets. If the Company completes a hotel property acquisition that is considered to be a business combination, the transaction costs are expensed as incurred in the consolidated statements of operations and comprehensive income (loss). Transaction costs related to successful dispositions are included in gain (loss) on sale of hotel properties, net, in the consolidated statements of operations and comprehensive income (loss). All transaction costs incurred in connection with unsuccessful transactions are expensed. |
Derivative Financial Instruments | Derivative Financial Instruments In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company utilizes a variety of borrowing vehicles, including the Revolver and medium and long-term financings. The Company reduces its risk to interest rate changes by following its established risk management policies and procedures, including the use of derivative financial instruments to manage, or hedge, interest rate risk. To mitigate the Company's exposure to interest rate changes, the Company uses interest rate derivative instruments, typically interest rate swaps, to convert a portion of its variable rate debt to fixed rate debt. The Company attempts to require the hedging derivative instruments to be effective in reducing the interest rate risk exposure that they are designated to hedge. This effectiveness is essential in order to qualify for hedge accounting. Derivative instruments that meet the hedging criteria are formally designated as cash flow hedges at the inception of the derivative contract. The Company does not use derivative instruments for trading or speculative purposes. Interest rate swap agreements contain a credit risk that the counterparties may be unable to fulfill the terms of the agreement. The Company has minimized the credit risk by evaluating the creditworthiness of its counterparties, who are limited to major banks and financial institutions, and it does not anticipate nonperformance by these counterparties. The estimated fair values of the derivatives are determined by using available market information and appropriate valuation methods. Considerable judgment is required in interpreting market data to develop the estimates of fair value. Accordingly, the estimates presented herein are not necessarily indicative of the amounts that the Company could realize in a current market exchange. The Company recognizes all derivatives as assets or liabilities on its consolidated balance sheets at fair value. The gains and losses on the derivatives that have been determined to be effective cash flow hedges are reported in other comprehensive income (loss) and are reclassified to interest expense in the period in which the interest expense is recognized on the underlying hedged item. The ineffective portion of the change in fair value of the derivatives is recognized in earnings immediately. When the terms of an underlying transaction are modified, or when the underlying hedged item ceases to exist, and the interest rate derivative no longer qualifies for hedge accounting, all changes in the fair value of the derivative instrument are marked-to-market with the changes in fair value recognized in earnings each period until the derivative instrument matures. |
Leases | As a lessee in a lease contract, the Company recognizes a lease right-of-use asset and a lease liability on the consolidated balance sheets. The Company is a lessee in a variety of lease contracts, such as ground leases, parking leases, office leases and equipment leases. The Company classifies its leases as either an operating lease or a finance lease based on the principle of whether or not the lease is effectively a financed purchase of the leased asset. For operating leases, the Company recognizes lease expense on a straight-line basis over the term of the lease. For finance leases, the Company recognizes lease expense on the effective interest method, which results in the interest component of each lease payment being recognized as interest expense and the lease right-of-use asset being amortized into amortization expense using the straight-line method over the term of the lease. For leases with an initial term of 12 months or less, the Company will not recognize a lease right-of-use asset and a lease liability on the consolidated balance sheets and lease expense will be recognized on a straight-line basis over the lease term. At the lease commencement date, the Company determines the lease term by incorporating the fixed, non-cancelable lease term plus any lease extension option terms that are reasonably certain of being exercised. The ability to extend the lease term is at the Company's sole discretion. The Company calculates the present value of the future lease payments over the lease term in order to determine the lease liability and the related lease right-of-use asset that is recognized on the consolidated balance sheets. Certain lease contracts may include an option to purchase the leased property, which is at the Company's sole discretion. The Company's lease contracts do not contain any material residual value guarantees or material restrictive covenants. The Company's leases include a base lease payment, which is recognized as lease expense on a straight-line basis over the lease term. In addition, certain of the Company's leases may include an additional lease payment that is based on either (i) a percentage of the respective hotel property's financial results, or (ii) changes in an index such as the consumer price index; all of which are recognized as variable lease expense, when incurred, in the consolidated statements of operations and comprehensive income (loss). |
Leases | As a lessor in a lease contract, the Company classifies its leases as either an operating lease, direct financing lease, or a sales-type lease. The Company leases space at its hotel properties to third parties, who use the space for their restaurants or retail locations. The Company classifies these lease contracts as operating leases, so the Company will continue to recognize the underlying leased asset as an investment in hotel properties on the consolidated balance sheets. Lease revenue is recognized on a straight-line basis over the lease term. Variable lease revenue is recognized over the lease term when it is earned and becomes receivable from the lessee, according to the provisions of the respective lease contract. The Company only capitalizes the incremental direct costs of leasing, so any indirect costs of leasing will be expensed as incurred. |
Noncontrolling Interests | Noncontrolling Interests The consolidated financial statements include all subsidiaries controlled by the Company. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. As of December 31, 2022 and 2021, the Company consolidated the Operating Partnership, which has a 0.5% third-party ownership interest. The third-party ownership interest is included in the noncontrolling interest in the Operating Partnership in the equity section of the consolidated balance sheets. The portion of the income and losses associated with the third-party |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. The Company's intention is to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, the Company will be subject to U.S. federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and it may not be able to qualify as a REIT for four subsequent taxable years. As a REIT, the Company may be subject to certain state and local taxes on its income and property, and to U.S. federal income and excise taxes on undistributed taxable income. Taxable income from non-REIT activities managed through the Company's TRSs is subject to U.S. federal, state, and local income taxes at the applicable rates. 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. |
Earnings Per Common Share | Earnings Per Common Share Basic earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period excluding the weighted-average number of unvested restricted shares and performance units outstanding during the period. Diluted earnings per common share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. The potential shares consist of unvested restricted share grants and unvested performance units, calculated using the treasury stock method. Any anti-dilutive shares have been excluded from the diluted earnings per common share calculation. |
Share-based Compensation | Share-based Compensation The Company may issue share-based awards as compensation to officers, employees, non-employee trustees and other eligible persons under the RLJ Lodging Trust 2021 Equity Incentive Plan (the "2021 Plan"). The vesting of the awards issued to the officers and employees is based on either the continued employment (time-based) or the relative total shareholder returns of the Company and continued employment (performance-based), as determined by the board of trustees at the date of grant. For time-based awards, the Company recognizes compensation expense for the unvested restricted shares on a straight-line basis over the vesting period based upon the fair market value of the shares on the date of grant, adjusted for forfeitures. For performance-based awards, the Company recognizes compensation expense over the requisite service period for each award, based on the fair market value of the shares on the date of grant, as determined using a Monte Carlo simulation, adjusted for forfeitures. Non-employee trustees may elect to receive unrestricted shares under the 2021 Plan as compensation that would otherwise be paid in cash for their services. The shares issued to the non-employee trustees in lieu of cash compensation are unrestricted and include no vesting conditions. The Company recognizes compensation expense for the unrestricted shares issued in lieu of cash compensation based upon the fair market value of the shares on the date of issuance. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate that was expected to be discontinued at the end of 2021 because of reference rate reform. The guidance was effective upon issuance and expired on December 31, 2022. In December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848, which deferred the expiration date of Topic 848 to December 31, 2024. We have elected to apply certain of the optional expedients for contract modifications to our financial instruments impacted by the LIBOR discontinuance. We expect to continue to elect various optional expedients for contract modifications to our financial instruments affected by the reference rate reform through the expiration date of December 31, 2024, as extended by ASU 2022-06. The application of this guidance did not have a material impact on our consolidated financial statements. |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of investment in hotel properties | Investment in hotel properties consisted of the following (in thousands): December 31, 2022 December 31, 2021 Land and improvements $ 992,609 $ 975,688 Buildings and improvements 4,040,505 4,001,875 Furniture, fixtures and equipment 745,978 691,057 5,779,092 5,668,620 Accumulated depreciation (1,598,764) (1,449,504) Investment in hotel properties, net $ 4,180,328 $ 4,219,116 |
Acquisition of Hotel Properti_2
Acquisition of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combination and Asset Acquisition [Abstract] | |
Hotel Acquisition | During the year ended December 31, 2022, the Company acquired a 100% interest in the following property: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000 During the year ended December 31, 2021, the Company acquired a 100% interest in the following properties: Property Location Acquisition Date Management Company Rooms Purchase Price (in thousands) Hampton Inn and Suites Atlanta Midtown Atlanta, GA August 5, 2021 Aimbridge Hospitality 186 $ 58,000 AC Hotel Boston Downtown Boston, MA October 18, 2021 Colwen Management 205 89,000 Moxy Denver Cherry Creek (1) Denver, CO December 23, 2021 Sage Hospitality 170 51,250 561 $ 198,250 |
Asset Acquisition, Transaction Costs | The allocation of the costs for the property acquired was as follows (in thousands): December 31, 2022 Land and improvements $ 19,807 Buildings and improvements 36,223 Furniture, fixtures and equipment 4,081 Total purchase price $ 60,111 December 31, 2021 Land and improvements $ 32,550 Buildings and improvements 150,400 Furniture, fixtures and equipment 16,472 Favorable lease asset 4,294 Fair value adjustment on mortgage debt assumed (2,554) Other liability (898) Total purchase price $ 200,264 |
Sale of Hotel Properties (Table
Sale of Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Properties disposed | During the year ended December 31, 2022, the Company sold the following hotel properties in two separate transactions for a combined sales price of approximately $49.9 million: Hotel Property Name Location Sale Date Rooms Marriott Denver Airport Gateway Park Aurora, CO March 8, 2022 238 SpringHill Suites Denver North Westminster Westminster, CO April 19, 2022 164 Total 402 Hotel Property Name Location Sale Date Rooms Courtyard Houston Sugarland Stafford, TX January 21, 2021 112 Residence Inn Indianapolis Fishers Indianapolis, IN May 10, 2021 78 Residence Inn Chicago Naperville Warrenville, IL May 12, 2021 130 Fairfield Inn & Suites Chicago Southeast Hammond Hammond, IN July 15, 2021 94 Residence Inn Chicago Southeast Hammond Hammond, IN August 3, 2021 78 Courtyard Chicago Southeast Hammond Hammond, IN August 5, 2021 85 DoubleTree Metropolitan Hotel New York City New York, NY December 15, 2021 764 1,341 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2022 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 128,652 $ 10,968 $ 6,684 $ 146,304 South Florida 113,194 18,392 8,510 140,096 Southern California 113,726 10,214 10,260 134,200 New York City 60,634 8,737 2,899 72,270 Chicago 55,611 8,965 2,972 67,548 Washington, DC 48,875 1,259 2,488 52,622 Louisville 31,074 13,279 3,449 47,802 Boston 41,785 3,458 1,433 46,676 Austin 38,325 3,269 3,190 44,784 Houston 37,775 2,942 4,034 44,751 Other 332,803 35,544 28,262 396,609 Total $ 1,002,454 $ 117,027 $ 74,181 $ 1,193,662 For the year ended December 31, 2021 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 95,612 $ 12,430 $ 7,987 $ 116,029 Southern California 88,653 5,959 9,271 103,883 Northern California 66,068 3,219 4,455 73,742 Chicago 43,277 5,931 2,282 51,490 New York City 30,547 3,505 1,544 35,596 Charleston 27,220 3,657 1,993 32,870 Houston 28,078 1,196 3,475 32,749 Washington, DC 26,706 415 1,858 28,979 Austin 24,059 1,417 2,970 28,446 Pittsburgh 23,605 3,670 1,138 28,413 Other 214,028 17,595 21,844 253,467 Total $ 667,853 $ 58,994 $ 58,817 $ 785,664 For the year ended December 31, 2020 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue South Florida $ 52,213 $ 7,058 $ 4,359 $ 63,630 Southern California 53,814 4,013 5,590 63,417 Northern California 51,107 4,160 3,204 58,471 Chicago 24,267 4,187 1,193 29,647 New York City 25,292 2,189 1,231 28,712 Houston 19,401 827 1,931 22,159 Washington, DC 17,843 416 1,220 19,479 Denver 12,285 2,948 864 16,097 Charleston 12,661 2,145 1,188 15,994 Pittsburgh 13,815 1,481 631 15,927 Other 115,056 10,960 13,538 139,554 Total $ 397,754 $ 40,384 $ 34,949 $ 473,087 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company's debt consisted of the following (in thousands): December 31, 2022 December 31, 2021 Senior Notes, net $ 989,307 $ 986,942 Revolver — 200,000 Term Loans, net 820,536 815,004 Mortgage loans, net 407,712 407,492 Debt, net $ 2,217,555 $ 2,409,438 |
Schedule of Senior Notes | The Company's senior notes (collectively, the "Senior Notes") consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 Maturity Date December 31, 2022 December 31, 2021 2029 Senior Notes (1)(2) 4.00% September 2029 $ 500,000 $ 500,000 2026 Senior Notes (1)(3) 3.75% July 2026 500,000 500,000 1,000,000 1,000,000 Deferred financing costs, net (10,693) (13,058) Total senior notes, net $ 989,307 $ 986,942 (1) Requires payments of interest only through maturity. (2) The Company has the option to redeem its 4.00% senior notes due 2029 (the "2029 Senior Notes") at any time prior to September 15, 2024 at a price equal to 100.0% of the principal amount plus a make-whole premium. At any time on or after September 15, 2024, the Company may redeem the 2029 Senior Notes at a redemption price of (i) 102.0% of the principal amount should such redemption occur before September 15, 2025, (ii) 101.0% of the principal amount should such redemption occur before September 15, 2026 and (iii) 100.0% of the principal amount thereafter, in each case plus accrued and unpaid interest, if any. At any time prior to September 15, 2024, the Company may redeem the 2029 Senior Notes with the net cash proceeds from any equity offering at a redemption price equal to 104.0% of the principal amount plus accrued and unpaid interest, if any, subject to certain conditions. |
Schedule of Debt Covenants | A summary of the various restrictive covenants for the Senior Notes are as follows: Covenant Compliance Maintenance Covenant Unencumbered Asset to Unencumbered Debt Ratio > 150.0% Yes Incurrence Covenants Consolidated Indebtedness less than Adjusted Total Assets < .65x Yes Consolidated Secured Indebtedness less than Adjusted Total Assets < .45x Yes Interest Coverage Ratio > 1.5x Yes The Revolver and Term Loans are subject to various financial covenants. A summary of the most restrictive covenants is as follows: Covenant Compliance Leverage ratio (1) <= 7.00x Yes Fixed charge coverage ratio (2) >= 1.50x Yes Secured indebtedness ratio <= 45.0% Yes Unencumbered indebtedness ratio <= 60.0% Yes Unencumbered debt service coverage ratio >= 2.00x Yes (1) Leverage ratio is net indebtedness, as defined in the Revolver and Term Loan agreements, to corporate earnings before interest, taxes, depreciation, and amortization ("EBITDA"), as defined in the Revolver and Term Loan agreements. (2) Fixed charge coverage ratio is Adjusted EBITDA, generally defined in the Revolver and Term Loan agreements as EBITDA less FF&E reserves, to fixed charges, which is generally defined in the Revolver and Term Loan agreements as interest expense, all regularly scheduled principal payments, preferred dividends paid, and cash taxes paid. |
Schedule of unsecured credit agreements | The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Revolver (2) —% May 2024 $ — $ 200,000 $400 Million Term Loan Maturing 2023 (3) 3.84% January 2023 52,261 52,261 $400 Million Term Loan Maturing 2024 3.84% January 2024 (5) 151,683 151,683 $225 Million Term Loan Maturing 2023 (3) 3.84% January 2023 41,745 41,745 $225 Million Term Loan Maturing 2024 3.18% January 2024 (6) 72,973 72,973 $400 Million Term Loan Maturing 2025 3.24% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (4) 2.85% January 2026 (7) 105,000 100,000 823,662 1,018,662 Deferred financing costs, net (8) (3,126) (3,658) Total Revolver and Term Loans, net $ 820,536 $ 1,015,004 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) At December 31, 2022 and 2021, there was $600.0 million and $400.0 million of remaining capacity on the Revolver, respectively. The Company has the ability to further increase the total capacity on the Revolver to $750.0 million, subject to certain lender requirements. The Company also has the ability to extend the maturity date for an additional one year period ending May 2025 if certain conditions are satisfied. (3) In January 2023, the Company received $95.0 million in borrowings on the amended $200 Million Term Loan Maturing 2026 and utilized the proceeds to pay off this term loan. (4) In November 2022, the Company amended this term loan to increase the amount of the term loan up to $200.0 million and extend the initial maturity to January 2026, with two one year extension options. (5) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (6) In January 2023, the Company exercised its option to extend the maturity of this term loan balance to January 2024. (7) This term loan includes two one year extension options. The exercise of the extension options will be at the Company's discretion, subject to certain conditions. (8) Excludes $1.7 million and $2.9 million as of December 31, 2022 and 2021, respectively, related to deferred financing costs on the Revolver, which are included in prepaid expense and other assets in the accompanying consolidated balance sheets. |
Schedule of mortgage loans | The Company's mortgage loans consisted of the following (in thousands): Carrying Value at Number of Assets Encumbered Interest Rate at December 31, 2022 (1) Maturity Date December 31, 2022 December 31, 2021 Mortgage loan (2) 7 3.25% April 2023 (4) $ 200,000 $ 200,000 Mortgage loan (2) 3 2.53% April 2024 (5) 96,000 96,000 Mortgage loan (2) 4 3.43% April 2024 (5) 85,000 85,000 Mortgage loan (3) 1 5.06% January 2029 27,193 27,554 15 408,193 408,554 Deferred financing costs, net (481) (1,062) Total mortgage loans, net $ 407,712 $ 407,492 (1) Interest rate at December 31, 2022 gives effect to interest rate hedges. (2) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (3) Includes $2.2 million and $2.6 million at December 31, 2022 and 2021, respectively, related to a fair value adjustment on this mortgage loan. (4) The mortgage loan provides for an additional one year extension option. (5) The mortgage loan provides two one year extension options. |
Components of interest expense | The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2022 2021 2020 Senior Notes $ 38,820 $ 34,079 $ 23,767 Revolver and Term Loans 34,126 54,733 55,413 Mortgage loans 13,563 13,306 16,949 Amortization of deferred financing costs 5,967 5,884 4,416 Non-cash interest expense related to interest rate 679 (1,636) — Undesignated interest rate swaps — — (376) Total interest expense $ 93,155 $ 106,366 $ 100,169 |
Future minimum principal payments | As of December 31, 2022, the future minimum principal payments were as follows (in thousands): 2023 (1) $ 294,005 2024 405,657 2025 400,000 2026 605,000 2027 — Thereafter 525,000 Total (2) $ 2,229,662 (1) Excludes the term loans for which the Company exercised its one year extension option in January 2023. |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of interest rate swaps and caps | The Company's interest rate swaps consisted of the following (in thousands): Notional value at Fair value at Hedge type Interest rate Effective Date Maturity Date December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Swap-cash flow (3) 1.28% September 2019 September 2022 $ — $ 100,000 $ — $ (759) Swap-cash flow (1) 2.29% March 2019 December 2022 200,000 200,000 — (4,077) Swap-cash flow (1) 2.29% March 2019 December 2022 125,000 125,000 — (2,545) Swap-cash flow (2) 2.38% June 2021 December 2022 — 87,780 — (1,879) Swap-cash flow (2) 2.38% June 2021 December 2022 — 36,875 — (789) Swap-cash flow (5) 2.64% November 2022 November 2023 100,000 100,000 1,935 (3,893) Swap-cash flow 2.51% January 2021 December 2023 75,000 75,000 1,852 (2,692) Swap-cash flow 2.39% January 2021 December 2023 75,000 75,000 1,948 (2,504) Swap-cash flow 1.16% April 2021 April 2024 50,000 50,000 2,464 (338) Swap-cash flow 1.20% April 2021 April 2024 50,000 50,000 2,436 (387) Swap-cash flow 1.15% April 2021 April 2024 50,000 50,000 2,470 (327) Swap-cash flow 1.10% April 2021 April 2024 50,000 50,000 2,504 (267) Swap-cash flow 0.98% April 2021 April 2024 25,000 25,000 1,293 (61) Swap-cash flow 0.95% April 2021 April 2024 25,000 25,000 1,304 (43) Swap-cash flow (4) 0.93% April 2021 April 2024 25,000 25,000 1,310 (31) Swap-cash flow (4) 0.90% April 2021 April 2024 25,000 25,000 1,321 (13) Swap-cash flow (4) 0.85% June 2020 December 2024 50,000 50,000 3,538 221 Swap-cash flow (4) 0.75% June 2020 December 2024 50,000 50,000 3,636 372 Swap-cash flow 1.24% September 2021 September 2025 150,000 150,000 11,636 (860) Swap-cash flow (4) 0.65% July 2021 January 2026 50,000 50,000 5,041 955 $ 1,175,000 $ 1,399,655 $ 44,688 $ (19,917) (1) In June 2021, the Company dedesignated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of $4.4 million of unrealized losses included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). The portion of the swaps that were dedesignated were subsequently redesignated and the amounts related to the initial fair values of $4.4 million that were recorded in other comprehensive income (loss) during the new hedging relationship were reclassified to earnings on a straight line basis over the remaining life of these swaps. (2) In June 2021, the Company terminated a portion of the original notional value of these swaps as the hedged forecasted transactions were no longer probable of occurring and paid approximately $6.2 million to terminate a portion of these swaps. In addition, the Company redesignated the remaining portions of these swaps resulting in the reclassification of approximately $6.2 million of the unrealized losses included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). In February 2022, the Company paid a total of approximately $1.5 million to terminate these swaps and reclassified the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of these swaps. (3) In February 2022, the Company terminated approximately $75.3 million of the original $100.0 million notional value of this swap as the hedged forecasted transactions were no longer probable of occurring. As part of the swap termination, the Company paid approximately $0.2 million to terminate a portion of this swap. The Company reclassified the unrealized losses included in other comprehensive income (loss) to earnings on a straight line basis over the remaining life of the swap. (4) In February 2022, the Company dedesignated these swaps as the hedged forecasted transactions were no longer probable of occurring. Therefore, the Company reclassified a total of approximately $5.9 million of unrealized gains included in accumulated other comprehensive income (loss) to other income (expense), net, in the consolidated statements of operations and comprehensive income (loss). These swaps were subsequently redesignated and the amounts related to the initial fair value of $5.9 million that are recorded in other comprehensive income (loss) during the new hedging relationship will be reclassified to earnings on a straight line basis over the remaining life of these swaps. (5) In November 2022, the Company modified the benchmark rate on this interest rate swap from LIBOR to Term SOFR. The fixed interest rates paid by the Company were 2.64% and 2.75% at December 2022 and December 2021, respectively. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The fair value of the Company's debt was as follows (in thousands): December 31, 2022 December 31, 2021 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 989,307 $ 853,895 $ 986,942 $ 999,060 Revolver and Term Loans, net 820,536 812,604 1,015,004 1,006,647 Mortgage loans, net 407,712 388,839 407,492 401,387 Debt, net $ 2,217,555 $ 2,055,338 $ 2,409,438 $ 2,407,094 |
Schedule of fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis | The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 (in thousands): Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 44,688 $ — $ 44,688 Interest rate swap liability $ — $ — $ — $ — Total $ — $ 44,688 $ — $ 44,688 The following table presents the Company’s fair value hierarchy for those financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2021 (in thousands): Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 1,548 $ — $ 1,548 Interest rate swap liability $ — $ (21,465) $ — $ (21,465) Total $ — $ (19,917) $ — $ (19,917) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Lease, Lease Income | The Company's ground leases consisted of the following (in thousands): Ground Lease Expense For the year ended December 31, Hotel Property Name Initial Term Expiration Extension Term(s) Expiration 2022 2021 2020 Wyndham Boston Beacon Hill 2028 — $ 803 $ 556 $ 400 Wyndham San Diego Bayside 2029 — 5,009 4,042 4,100 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2032 2057 1,005 666 300 Residence Inn Palo Alto Los Altos 2033 — 86 86 100 Wyndham Pittsburgh University Center 2038 2083 726 726 700 Marriott Louisville Downtown 2053 2153 (1) — — — Embassy Suites San Francisco Airport Waterfront 2059 — 1,646 1,239 1,200 Wyndham New Orleans French Quarter 2065 — 487 487 500 Courtyard Charleston Historic District 2096 — 1,044 1,019 950 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 — 922 555 449 Courtyard Waikiki Beach 2112 — 3,922 3,742 3,700 Moxy Denver Cherry Creek 2115 — 258 5 — $ 15,908 $ 13,123 $ 12,399 |
Schedule of future minimum ground lease payments | The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2022 2023 $ 11,617 2024 11,375 2025 10,443 2026 10,352 2027 10,097 Thereafter 532,440 Total future lease payments 586,324 Imputed interest (469,314) Lease liabilities $ 117,010 |
Assets And Liabilities, Lessee | The following table presents certain information related to the Company's operating leases as of December 31, 2022: Weighted average remaining lease term 65 years Weighted average discount rate 7.11 % |
Schedule of hotel properties operated pursuant to long-term agreements with hotel management companies | As of December 31, 2022, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from one Management Company Number of Accor Hotels 1 Aimbridge Hospitality 31 Colwen Management, Inc. 1 Concord Hospitality Enterprises Company 1 Crestline Hotels and Resorts 1 Davidson Hotels and Resorts 2 Hilton Management and affiliates 20 HEI Hotels and Resorts 2 Hersha Hospitality Management & Urgo Hotels (1) 7 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (2) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 5 White Lodging Services 4 96 (1) Urgo Hotels is a wholly owned subsidiary of Hersha Hospitality Management. (2) InnVentures is a subsidiary of Highgate Hotels. |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Summary of the unvested restricted shares | A summary of the unvested restricted shares is as follows: 2022 2021 2020 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,380,283 $ 15.43 1,252,228 $ 15.17 940,202 $ 20.21 Granted 569,600 15.10 1,739,327 15.92 801,463 11.95 Vested (647,426) 15.65 (513,342) 16.51 (480,444) 19.59 Forfeited (34,587) 13.15 (97,930) 15.22 (8,993) 18.80 Unvested at December 31, 2,267,870 $ 15.32 2,380,283 $ 15.43 1,252,228 $ 15.17 |
Share-based Compensation Arrangements by Share-based Payment Award, Performance-Based Units, Vested and Expected to Vest | A summary of the performance unit awards is as follows: Date of Award Number of Grant Date Fair Conversion Range Risk Free Interest Rate Volatility February 2019 (1) 260,000 $19.16 0% to 200% 2.52% 27.19% February 2020 489,000 $11.59 0% to 200% 1.08% 23.46% February 2021 431,151 $20.90 0% to 200% 0.23% 69.47% February 2022 407,024 $21.96 0% to 200% 1.70% 70.15% (1) In February 2022, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 133,000 restricted shares. Half of the restricted shares vested immediately with the remaining half vesting in February 2023. As of December 31, 2022, there were approximately 67,000 unvested restricted shares related to the conversion of the performance units. The total fair value of the vested shares related to the conversion of the performance units (calculated as the number of vested shares multiplied by the vesting date share price) during the year ended December 31, 2022 was approximately $0.8 million. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of computation of basic and diluted earnings per common share | The computation of basic and diluted earnings per common share is as follows (in thousands, except share and per share data): For the year ended December 31, 2022 2021 2020 Numerator: Net income (loss) attributable to RLJ $ 41,925 $ (305,168) $ (404,441) Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (284) (85) (55) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 16,526 $ (330,368) $ (429,611) Denominator: Weighted-average number of common shares - basic 161,947,807 163,998,390 164,503,661 Unvested restricted shares 345,058 — — Weighted-average number of common shares - diluted 162,292,865 163,998,390 164,503,661 Net income (loss) per share attributable to common shareholders - basic $ 0.10 $ (2.01) $ (2.61) Net income (loss) per share attributable to common shareholders - diluted $ 0.10 $ (2.01) $ (2.61) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of the income tax provision from continuing operations | The components of the income tax provision are as follows (in thousands): For the Years Ended December 31, 2022 2021 2020 Current: Federal $ (162) $ — $ — State (1,374) (1,228) (484) Deferred: Federal 15 30 (45,438) State 3 10 (6,048) Income tax expense $ (1,518) $ (1,188) $ (51,970) |
Summary of Positions for which Significant Change in Unrecognized Tax Benefits is Reasonably Possible | The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands): For the Years Ended December 31, 2022 2021 2020 Expected U.S. federal tax (expense) benefit at statutory rate $ (9,184) $ 65,079 $ 90,143 Tax impact of REIT election (1,659) (60,856) (85,140) Expected tax (expense) benefit at TRS (10,843) 4,223 5,003 Change in valuation allowance 11,945 (6,489) (59,321) State income tax (expense) benefit, net of federal benefit (2,861) (650) 1,174 Other items 241 1,728 1,174 Income tax expense $ (1,518) $ (1,188) $ (51,970) |
Schedule of deferred tax assets (liabilities) | Deferred income taxes represent the tax effect from continuing operations of the differences between the book and tax basis of the assets and liabilities. The deferred tax assets (liabilities) include the following (in thousands): December 31, 2022 December 31, 2021 Deferred tax liabilities: Partnership basis $ (3,463) $ (2,739) Prepaid expenses (675) (781) Deferred tax liabilities $ (4,138) $ (3,520) Deferred tax assets: Property and equipment $ 5,936 $ 4,378 Incentive and vacation accrual 3,866 3,021 Deferred revenue - key money 1,387 910 Allowance for doubtful accounts 78 69 Other 2,034 179 Net operating loss carryforwards 65,246 81,299 Federal historic tax credit 824 824 Valuation allowance (75,215) (87,159) Deferred tax assets $ 4,156 $ 3,521 |
Supplemental Information to S_2
Supplemental Information to Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental information to statements of cash flows | For the year ended December 31, 2022 2021 2020 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 481,316 $ 665,341 $ 899,813 Restricted cash reserves 55,070 48,528 34,977 Cash, cash equivalents, and restricted cash reserves $ 536,386 $ 713,869 $ 934,790 Interest paid $ 87,180 $ 92,729 $ 98,511 Income taxes paid $ 1,255 $ 477 $ 1,501 Operating cash flow lease payments for operating leases $ 15,742 $ 12,371 $ 11,813 Right-of-use asset and liability adjustment due to remeasurement $ (2,473) $ — $ 4,100 Supplemental investing and financing transactions In conjunction with the acquisitions of hotel properties, the Company recorded the following: Purchase of hotel properties $ 59,000 $ 198,250 $ — Transaction costs 1,110 2,014 — Operating prorations (802) (589) — Mortgage debt assumed (non-cash financing activity) — (25,000) — Acquisition of hotel properties, net $ 59,308 $ 174,675 $ — In conjunction with the sale of hotel properties, the Company recorded the following: Sales price $ 49,900 $ 208,507 $ 4,883 Transaction costs (834) (8,118) (133) Operating prorations (991) (1,747) (98) Receipt of forfeited deposit — — 517 Proceeds from the sale of hotel properties, net $ 48,075 $ 198,642 $ 5,169 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ 63,570 $ 41,279 $ (49,536) Accrued capital expenditures $ 17,645 $ 10,049 $ 7,313 Distributions payable $ 14,622 $ 8,347 $ 8,752 |
General (Details)
General (Details) | 12 Months Ended | |||||||||
Dec. 31, 2022 USD ($) $ / shares | Dec. 31, 2021 USD ($) $ / shares | Dec. 31, 2020 USD ($) $ / shares | Dec. 31, 2022 shares | Dec. 31, 2022 property | Dec. 31, 2022 room | Dec. 31, 2022 state | Dec. 31, 2022 | Dec. 31, 2022 Hotels | Dec. 31, 2019 USD ($) | |
Sale of Stock | ||||||||||
Number of OP units outstanding (in shares) | shares | 162,775,364 | |||||||||
Company's ownership interest in the Operating Partnership | 99.50% | |||||||||
Number of real estate properties | 97 | 35 | ||||||||
Common stock, dividends, per share | $ / shares | $ 0.12 | $ 0.04 | $ 0.04 | |||||||
Cash, cash equivalents, and restricted cash reserves | $ | $ 536,386,000 | $ 713,869,000 | $ 934,790,000 | $ 927,160,000 | ||||||
Number of hotel rooms owned | room | 21,400 | |||||||||
Number of states in which hotels owned by the entity are located | state | 23 | |||||||||
The Revolver | The Revolver | ||||||||||
Sale of Stock | ||||||||||
Maximum borrowing capacity | $ | $ 600,000,000 | |||||||||
Partially Owned Properties | 50 Percent Owned | ||||||||||
Sale of Stock | ||||||||||
Number of real estate properties | Hotels | 1 | |||||||||
Real estate properties, ownership interest, percentage | 50% | |||||||||
Partially Owned Properties | 95 Percent Owned | The Knickerbocker New York | ||||||||||
Sale of Stock | ||||||||||
Number of real estate properties | Hotels | 1 | |||||||||
Real estate properties, ownership interest, percentage | 95% | |||||||||
Unconsolidated Properties | ||||||||||
Sale of Stock | ||||||||||
Number of real estate properties | Hotels | 1 | |||||||||
Real estate properties, ownership interest, percentage | 50% | |||||||||
Wholly Owned Properties | ||||||||||
Sale of Stock | ||||||||||
Number of real estate properties | property | 95 | |||||||||
Real estate properties, ownership interest, percentage | 100% | |||||||||
Consolidated Properties | ||||||||||
Sale of Stock | ||||||||||
Number of real estate properties | property | 96 | |||||||||
Leased Hotel Properties | ||||||||||
Sale of Stock | ||||||||||
Number of real estate properties | property | 96 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Summary of Significant Accounting Policies | |||
Number of joint ventures | 1 | ||
Amortization of deferred financing costs | $ 5,967 | $ 5,884 | $ 4,416 |
Limited Partner's ownership interest in the Operating Partnership | 99.50% | ||
Number of subsequent taxable years for which entity will not qualify as REIT upon failure to qualify in any taxable year | 4 years | ||
Consolidated Joint Venture | |||
Summary of Significant Accounting Policies | |||
Equity method investment, ownership percentage | 50% | ||
Joint Venture Operating Lease | |||
Summary of Significant Accounting Policies | |||
Equity method investment, ownership percentage | 51% | ||
DBT Met Hotel Venture, LP | |||
Summary of Significant Accounting Policies | |||
Noncontrolling ownership interest of third party | 1.70% | ||
The Knickerbocker New York | |||
Summary of Significant Accounting Policies | |||
Noncontrolling ownership interest of third party | 5% | ||
Embassy Suites Secaucus | |||
Summary of Significant Accounting Policies | |||
Noncontrolling ownership interest of third party | 49% | ||
Land improvements | |||
Summary of Significant Accounting Policies | |||
Estimated useful lives | 15 years | ||
Building improvements | |||
Summary of Significant Accounting Policies | |||
Estimated useful lives | 15 years | ||
Buildings | |||
Summary of Significant Accounting Policies | |||
Estimated useful lives | 40 years | ||
Furniture, fixtures and equipment | Minimum | |||
Summary of Significant Accounting Policies | |||
Estimated useful lives | 3 years | ||
Furniture, fixtures and equipment | Maximum | |||
Summary of Significant Accounting Policies | |||
Estimated useful lives | 5 years |
Investment in Hotel Propertie_2
Investment in Hotel Properties - Investment in Hotel Properties (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Hotels | Dec. 31, 2020 USD ($) | |
Property, Plant and Equipment [Abstract] | |||
Land and improvements | $ 992,609 | $ 975,688 | |
Buildings and improvements | 4,040,505 | 4,001,875 | |
Furniture, fixtures and equipment | 745,978 | 691,057 | |
Total | 5,779,092 | 5,668,620 | |
Accumulated depreciation | (1,598,764) | (1,449,504) | |
Investment in hotel properties, net | 4,180,328 | 4,219,116 | |
Sale of Hotel Properties | |||
Proceeds from the sale of hotel properties, net | 48,075 | 198,642 | $ 5,169 |
Impairment losses | $ 0 | $ 144,845 | $ 0 |
Rooms | Hotels | 561 | ||
Doubletree Metropolitan Hotel New York City | |||
Sale of Hotel Properties | |||
Impairment losses | $ 138,900 | ||
Residence Inn Indianapolis Fishers [Member] | |||
Sale of Hotel Properties | |||
Impairment losses | $ 5,900 |
Investment in Hotel Propertie_3
Investment in Hotel Properties - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense related to investment in hotel properties | $ 184,400 | $ 187,200 | $ 193,300 |
Impairment losses | $ 0 | $ 144,845 | $ 0 |
Acquisition of Hotel Properti_3
Acquisition of Hotel Properties -Hotel Acquisitions (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 USD ($) Hotels | Dec. 31, 2021 USD ($) Hotels | Dec. 31, 2020 USD ($) | Dec. 23, 2021 USD ($) | |
Property, Plant and Equipment [Line Items] | ||||
Rooms | Hotels | 561 | |||
Purchase price | $ 198,250 | |||
Asset Acquisition, Percentage of Shares Acquired | 100% | 100% | ||
Transaction costs | $ 1,110 | $ 2,014 | $ 0 | |
Hampton Inn and Suites Atlanta Midtown | ||||
Property, Plant and Equipment [Line Items] | ||||
Rooms | Hotels | 186 | |||
Purchase price | $ 58,000 | |||
AC Hotel Boston Downtown | ||||
Property, Plant and Equipment [Line Items] | ||||
Rooms | Hotels | 205 | |||
Purchase price | $ 89,000 | |||
Moxy Denver Cherry Creek | ||||
Property, Plant and Equipment [Line Items] | ||||
Rooms | Hotels | 170 | |||
Purchase price | $ 51,250 | |||
Assumed mortgage loan | $ 25,000 | |||
Fair value of assumed mortgage loan | $ 27,600 | |||
21c Hotel Nashville | ||||
Property, Plant and Equipment [Line Items] | ||||
Rooms | Hotels | 124 | |||
Purchase price | $ 59,000 |
Acquisition of Hotel Properti_4
Acquisition of Hotel Properties - Cost Allocation of Hotel Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Business Combination and Asset Acquisition [Abstract] | |||
Fair value adjustment on mortgage debt assumed | $ 2,554 | ||
Favorable lease asset | 4,294 | ||
Asset Acquisition, Other liability Assumed | 898 | ||
Total purchase price | $ 60,111 | 200,264 | |
Transaction costs | 1,110 | 2,014 | $ 0 |
Asset Acquisition, Land and improvements | 19,807 | 32,550 | |
Asset Acquisition, building and improvements | 36,223 | 150,400 | |
Assets acquired | $ 4,081 | $ 16,472 |
Sale of Hotel Properties - Prop
Sale of Hotel Properties - Properties Disposed (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) room | Dec. 31, 2021 USD ($) room | Dec. 31, 2020 USD ($) | |
Sale of Hotel Properties | |||
Gain (loss) on sale of hotel properties, net | $ | $ 1,017 | $ (2,378) | $ 2,703 |
Proceeds from the sale of hotel properties, net | $ | 48,075 | 198,642 | 5,169 |
Sales price | $ | $ 49,900 | $ 208,507 | 4,883 |
Asset Acquisition, Percentage of Shares Acquired | 100% | 100% | |
Disposals 2020 [Domain] | |||
Sale of Hotel Properties | |||
Proceeds from the sale of hotel properties, net | $ | $ 4,900 | ||
Disposals 2021 | |||
Sale of Hotel Properties | |||
Rooms | 1,341 | ||
Proceeds from the sale of hotel properties, net | $ | $ 208,500 | ||
Courtyard Houston Sugarland [Member] | |||
Sale of Hotel Properties | |||
Rooms | 112 | ||
Residence Inn Indianapolis Fishers | |||
Sale of Hotel Properties | |||
Rooms | 78 | ||
Residence Inn Chicago Naperville [Member] | |||
Sale of Hotel Properties | |||
Rooms | 130 | ||
Fairfield Inn Hammond [Member] | |||
Sale of Hotel Properties | |||
Rooms | 94 | ||
Residence Inn Chicago Southeast Hammond [Member] | |||
Sale of Hotel Properties | |||
Rooms | 78 | ||
Courtyard Chicago Southeast Hammond [Member] | |||
Sale of Hotel Properties | |||
Rooms | 85 | ||
Doubletree Metropolitan Hotel New York City | |||
Sale of Hotel Properties | |||
Rooms | 764 | ||
Marriott Denver Airport | |||
Sale of Hotel Properties | |||
Rooms | 238 | ||
SpringHill Suites Denver North Westminster [Member] | |||
Sale of Hotel Properties | |||
Rooms | 164 | ||
Disposals 2022 | |||
Sale of Hotel Properties | |||
Rooms | 402 | ||
Proceeds from the sale of hotel properties, net | $ | $ 49,900 |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 | Dec. 31, 2022 Hotels | |
Schedule of Equity Method Investments [Line Items] | |||||
Number of real estate properties | 97 | 35 | |||
Gain (loss) on sale of hotel properties, net | $ | $ 1,017 | $ (2,378) | $ 2,703 | ||
Equity in (income) loss from unconsolidated joint ventures | $ | $ (457) | $ 477 | $ 8,454 | ||
Unconsolidated Properties | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of real estate properties | Hotels | 1 | ||||
Real estate properties, ownership interest, percentage | 50% | ||||
50 Percent Owned | Partially Owned Properties | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Number of real estate properties | Hotels | 1 | ||||
Real estate properties, ownership interest, percentage | 50% |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,193,662 | $ 785,664 | $ 473,087 |
South Florida | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 140,096 | 116,029 | 63,630 |
Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 134,200 | 103,883 | 63,417 |
Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 146,304 | 73,742 | 58,471 |
New York City | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 72,270 | 35,596 | 28,712 |
Charleston | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 44,784 | 28,446 | |
Chicago | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 67,548 | 51,490 | 29,647 |
Austin | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 16,097 | ||
Houston | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 44,751 | 32,749 | 22,159 |
Washington, DC | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 52,622 | 28,979 | 19,479 |
Louisville | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 28,413 | 15,927 | |
Pittsburgh | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 47,802 | ||
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 396,609 | 253,467 | 139,554 |
Charleston, SC | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 32,870 | 15,994 | |
Boston | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 46,676 | ||
Room revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,002,454 | 667,853 | 397,754 |
Room revenue | South Florida | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 113,194 | 95,612 | 52,213 |
Room revenue | Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 113,726 | 88,653 | 53,814 |
Room revenue | Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 128,652 | 66,068 | 51,107 |
Room revenue | New York City | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 60,634 | 30,547 | 25,292 |
Room revenue | Charleston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 38,325 | 24,059 | |
Room revenue | Chicago | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 55,611 | 43,277 | 24,267 |
Room revenue | Austin | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 12,285 | ||
Room revenue | Houston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 37,775 | 28,078 | 19,401 |
Room revenue | Washington, DC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 48,875 | 26,706 | 17,843 |
Room revenue | Louisville | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 23,605 | 13,815 | |
Room revenue | Pittsburgh | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 31,074 | ||
Room revenue | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 332,803 | 214,028 | 115,056 |
Room revenue | Charleston, SC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 27,220 | 12,661 | |
Room revenue | Boston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 41,785 | ||
Food and beverage revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 117,027 | 58,994 | 40,384 |
Food and beverage revenue | South Florida | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 18,392 | 12,430 | 7,058 |
Food and beverage revenue | Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,214 | 5,959 | 4,013 |
Food and beverage revenue | Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,968 | 3,219 | 4,160 |
Food and beverage revenue | New York City | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,737 | 3,505 | 2,189 |
Food and beverage revenue | Charleston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,269 | 1,417 | |
Food and beverage revenue | Chicago | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,965 | 5,931 | 4,187 |
Food and beverage revenue | Austin | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,948 | ||
Food and beverage revenue | Houston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,942 | 1,196 | 827 |
Food and beverage revenue | Washington, DC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,259 | 415 | 416 |
Food and beverage revenue | Louisville | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,670 | 1,481 | |
Food and beverage revenue | Pittsburgh | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 13,279 | ||
Food and beverage revenue | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 35,544 | 17,595 | 10,960 |
Food and beverage revenue | Charleston, SC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,657 | 2,145 | |
Food and beverage revenue | Boston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,458 | ||
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 74,181 | 58,817 | 34,949 |
Other revenue | South Florida | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,510 | 7,987 | 4,359 |
Other revenue | Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,260 | 9,271 | 5,590 |
Other revenue | Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 6,684 | 4,455 | 3,204 |
Other revenue | New York City | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,899 | 1,544 | 1,231 |
Other revenue | Charleston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,190 | 2,970 | |
Other revenue | Chicago | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,972 | 2,282 | 1,193 |
Other revenue | Austin | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 864 | ||
Other revenue | Houston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,034 | 3,475 | 1,931 |
Other revenue | Washington, DC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,488 | 1,858 | 1,220 |
Other revenue | Louisville | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,138 | 631 | |
Other revenue | Pittsburgh | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,449 | ||
Other revenue | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 28,262 | 21,844 | 13,538 |
Other revenue | Charleston, SC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,993 | $ 1,188 | |
Other revenue | Boston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,433 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2023 | Nov. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Additional maturity term | $ 750,000,000 | $ 750,000,000 | ||
Unsecured Debt, Gross | 823,662,000 | 1,018,662,000 | ||
Unamortized debt issuance costs on term loans | (3,126,000) | (3,658,000) | ||
Debt, net | $ 2,217,555,000 | 2,409,438,000 | ||
Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Debt Covenant, Maximum Leverage Ratio | 700% | |||
Debt Covenant, Fixed Charge Coverage Ratio | 1.50 | |||
Debt Covenant, Secured Indebtedness Ratio | 0.450 | |||
Debt covenant, unencumbered indebtedness ratio | 60% | |||
Debt Covenant, Debt Service Coverage Ratio | 200% | |||
Revolver and Term Loans, net | Minimum | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||
Revolver and Term Loans, net | Maximum | London Interbank Offered Rate (LIBOR) | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.55% | |||
Senior Notes, net | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 989,307,000 | 986,942,000 | ||
$150 Million Term Loan Maturing 2022 | ||||
Debt Instrument [Line Items] | ||||
Term loan extension amount | 200,000,000 | |||
$150 Million Term Loan Maturing 2022 | Minimum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||
$150 Million Term Loan Maturing 2022 | Maximum | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.90% | |||
Senior Notes, net | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 1,000,000,000 | 1,000,000,000 | ||
Unamortized debt issuance costs on bonds | $ (10,693,000) | (13,058,000) | ||
Senior Notes, net | $500 Million Term Loan Maturing 2029 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |||
Long-term Debt, Gross | $ 500,000,000 | 500,000,000 | ||
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period One | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100% | |||
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period Two | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 102% | |||
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period Three | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 101% | |||
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period Five | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 104% | |||
Senior Notes, net | $500 Million Term Loan Maturing 2029 | Debt Instrument, Redemption, Period Four | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100% | |||
Senior Notes, net | Senior Notes, net | ||||
Debt Instrument [Line Items] | ||||
Debt, net | $ 989,307,000 | 986,942,000 | ||
Senior Notes, net | $500 Million Senior Notes Due 2026 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
Long-term Debt, Gross | $ 500,000,000 | 500,000,000 | ||
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period One | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100% | |||
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Two | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 101.875% | |||
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Three | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100.938% | |||
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Five | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 103.75% | |||
Senior Notes, net | $500 Million Senior Notes Due 2026 | Debt Instrument, Redemption, Period Four | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100% | |||
Senior Notes, net | $500 Million Term Loan Maturing 2026 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Covenant, Minimum, Unencumbered Asset To Unencumbered Debt Ratio | 150% | |||
Debt Instrument, Covenant, Maximum, Consolidated Indebtedness Ratio | 0.65 | |||
Debt Instrument, Covenant, Maximum, Secured Indebtedness Ratio | 45% | |||
Debt Instrument, Covenant, Minimum, Unsecured Interest Coverage Ratio | 1.5 | |||
Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 820,536,000 | 1,015,004,000 | ||
Mortgage loans, net | Level 3 | ||||
Debt Instrument [Line Items] | ||||
Debt, net | $ 407,712,000 | 407,492,000 | ||
Revolver and Term Loans, net | The Revolver | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 0% | |||
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2019 | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 400,000,000 | |||
Debt Instrument, Additional Maturity Term | 1 year | |||
Line of credit | $ 52,300,000 | |||
Term loan extension amount | $ 151,700,000 | |||
Interest Rate | 3.84% | |||
Unsecured Debt | $ 52,261,000 | 52,261,000 | ||
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2019 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Line of credit | $ 52,300,000 | |||
Revolver and Term Loans, net | $225 Million Term Loan Maturing 2019 | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 225,000,000 | |||
Debt Instrument, Additional Maturity Term | 1 year | |||
Line of credit | $ 41,700,000 | |||
Term loan extension amount | $ 73,000,000 | |||
Interest Rate | 3.84% | |||
Unsecured Debt | $ 41,745,000 | 41,745,000 | ||
Revolver and Term Loans, net | $225 Million Term Loan Maturing 2019 | Subsequent Event | ||||
Debt Instrument [Line Items] | ||||
Line of credit | 41,700,000 | |||
Proceeds from line of credit | $ 95,000,000 | |||
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2025 | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 400,000,000 | |||
Interest Rate | 3.24% | |||
Unsecured Debt | $ 400,000,000 | 400,000,000 | ||
Revolver and Term Loans, net | $200 Million Term Loan Maturing 2026 | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 200,000,000 | |||
Debt Instrument, Additional Maturity Term | 1 year | |||
Revolver and Term Loans, net | $400 Million Term Loan Maturing 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.84% | |||
Unsecured Debt | $ 151,683,000 | 151,683,000 | ||
Revolver and Term Loans, net | $225 Million Term Loan Maturing 2024 | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 3.18% | |||
Unsecured Debt | $ 72,973,000 | 72,973,000 | ||
Revolver and Term Loans, net | $150 Million Term Loan Maturing 2022 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Additional Maturity Term | 1 year | |||
Interest Rate | 2.85% | |||
Unsecured Debt | $ 105,000,000 | $ 100,000,000 | ||
Line Of Credit Facility, Additional Borrowing Capacity | $ 200,000,000 | |||
The Revolver | The Revolver | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 600,000,000 | |||
Debt Instrument, Additional Maturity Term | 1 year | 1 year | ||
Unsecured Debt | $ 0 | $ 200,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | $ 600,000,000 | 400,000,000 | ||
The Revolver | The Revolver | Minimum | ||||
Debt Instrument [Line Items] | ||||
Unused facility fee percentage | 0.20% | |||
The Revolver | The Revolver | Maximum | ||||
Debt Instrument [Line Items] | ||||
Unused facility fee percentage | 0.25% | |||
The Revolver | Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 820,536,000 | 815,004,000 | ||
Prepaid Expenses and Other Current Assets | ||||
Debt Instrument [Line Items] | ||||
Unamortized deferred financing costs on the Revolver | $ 1,700,000 | $ 2,900,000 |
Debt - Mortgage Loans (Details)
Debt - Mortgage Loans (Details) | 1 Months Ended | ||
Apr. 30, 2019 | Dec. 31, 2022 USD ($) asset loan | Dec. 31, 2021 USD ($) loan | |
Debt Instrument [Line Items] | |||
Secured Debt, Gross | $ 408,193,000 | $ 408,554,000 | |
Unamortized debt issuance costs on mortgage loans | (481,000) | $ (1,062,000) | |
Fair value adjustment | $ 2,200,000 | ||
Mortgage Laon in Cash Trap Event | loan | 1 | 2 | |
Lender | |||
Debt Instrument [Line Items] | |||
Restricted Cash | $ 26,900,000 | $ 22,400,000 | |
Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of Assets Encumbered | asset | 15 | ||
Mortgage loans | Moxy Mortgage Loan | |||
Debt Instrument [Line Items] | |||
Fair value adjustment | $ 2,200,000 | 2,600,000 | |
Mortgage loans, net | Level 3 | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 407,712,000 | 407,492,000 | |
Three Point Three Three Percent Due April 2022 [Member] | Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of Assets Encumbered | asset | 7 | ||
Interest Rate | 3.25% | ||
Secured Debt | $ 200,000,000 | 200,000,000 | |
Two Point Eight Eight Percent Due April 2024 [Member] | Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of Assets Encumbered | asset | 3 | ||
Interest Rate | 2.53% | ||
Secured Debt | $ 96,000,000 | 96,000,000 | |
Three Point Three Eight Percent Due April 2024 [Member] | Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of Assets Encumbered | asset | 4 | ||
Interest Rate | 3.43% | ||
Secured Debt | $ 85,000,000 | 85,000,000 | |
Five point zero six due 2029 | Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of Assets Encumbered | asset | 1 | ||
Interest Rate | 5.06% | ||
Secured Debt | $ 27,193,000 | $ 27,554,000 | |
LIBOR Plus One Point Five Two Percent [Member] | Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of additional maturity terms | 2 | ||
Debt Instrument, Additional Maturity Term | 1 year |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument [Line Items] | |||
Amortization of deferred financing costs | $ 5,967 | $ 5,884 | $ 4,416 |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 679 | (1,636) | 0 |
Interest Rate Cash Flow Hedge Gain (Loss) Reclassified to Earnings, Net | 0 | 0 | (376) |
Total interest expense | 93,155 | 106,366 | 100,169 |
Senior Notes, net | |||
Debt Instrument [Line Items] | |||
Interest expense | 38,820 | 34,079 | 23,767 |
Revolver and Term Loans | |||
Debt Instrument [Line Items] | |||
Interest expense | 34,126 | 54,733 | 55,413 |
Mortgage loans | |||
Debt Instrument [Line Items] | |||
Interest expense | $ 13,563 | $ 13,306 | $ 16,949 |
Debt - Future Minimum Rental Pa
Debt - Future Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2022 USD ($) |
Debt Disclosure [Abstract] | |
2023 | $ 294,005 |
2024 | 405,657 |
2025 | 400,000 |
2026 | 605,000 |
2027 | 0 |
Thereafter | 525,000 |
Long term debt, total future minimum principal payments | 2,229,662 |
Fair value adjustment | $ 2,200 |
Derivatives and Hedging (Detail
Derivatives and Hedging (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | Jun. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments: Derivatives and Hedging | ||||
Notional value | $ 1,175,000,000 | $ 1,399,655,000 | ||
Interest rate swaps, net | 44,688,000 | 19,917,000 | ||
Amount of hedge ineffectiveness | 0 | 0 | ||
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | (5,866,000) | 10,658,000 | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | 26,200,000 | |||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | $ (40,600,000) | (17,100,000) | ||
Designated as Hedging Instrument | Swap-cash flow 20 | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.29% | |||
Notional value | $ 200,000,000 | 200,000,000 | ||
Interest rate swaps, fair value, liabilities | $ 0 | 4,077,000 | ||
Designated as Hedging Instrument | Swap-cash flow 24 | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.29% | |||
Notional value | $ 125,000,000 | 125,000,000 | ||
Interest rate swaps, fair value, liabilities | $ 0 | 2,545,000 | ||
Designated as Hedging Instrument | Swap-cash flow 25 | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.38% | |||
Notional value | $ 0 | 87,780,000 | ||
Interest rate swaps, fair value, liabilities | $ 0 | 1,879,000 | ||
Designated as Hedging Instrument | Swap-cash flow 26 | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.38% | |||
Notional value | $ 0 | 36,875,000 | ||
Interest rate swaps, fair value, liabilities | $ 0 | $ 789,000 | ||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Twenty Seven [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.64% | 2.75% | ||
Notional value | $ 100,000,000 | $ 100,000,000 | ||
Interest rate swaps, fair value, liabilities | $ 1,935,000 | |||
Interest rate swaps, fair value, assets | 3,893,000 | |||
Designated as Hedging Instrument | Swap-cash flow 21 | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.51% | |||
Notional value | $ 75,000,000 | 75,000,000 | ||
Interest rate swaps, fair value, liabilities | $ 1,852,000 | |||
Interest rate swaps, fair value, assets | 2,692,000 | |||
Designated as Hedging Instrument | Swap-cash flow 22 | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.39% | |||
Notional value | $ 75,000,000 | 75,000,000 | ||
Interest rate swaps, fair value, liabilities | $ 1,948,000 | |||
Interest rate swaps, fair value, assets | 2,504,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Twenty Eight [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.28% | |||
Notional value | $ 0 | 100,000,000 | ||
Interest rate swaps, fair value, liabilities | 759,000 | |||
Interest rate swaps, fair value, assets | $ 0 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Twenty Nine [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.24% | |||
Notional value | $ 150,000,000 | 150,000,000 | ||
Interest rate swaps, fair value, liabilities | 860,000 | |||
Interest rate swaps, fair value, assets | $ 11,636,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.16% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swaps, fair value, liabilities | 338,000 | |||
Interest rate swaps, fair value, assets | $ 2,464,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty One [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.20% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swaps, fair value, liabilities | 387,000 | |||
Interest rate swaps, fair value, assets | $ 2,436,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Two [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.15% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swaps, fair value, liabilities | 327,000 | |||
Interest rate swaps, fair value, assets | $ 2,470,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Three [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.10% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swaps, fair value, liabilities | 267,000 | |||
Interest rate swaps, fair value, assets | $ 2,504,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Four [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.98% | |||
Notional value | $ 25,000,000 | 25,000,000 | ||
Interest rate swaps, fair value, liabilities | 61,000 | |||
Interest rate swaps, fair value, assets | $ 1,293,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Five [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.95% | |||
Notional value | $ 25,000,000 | 25,000,000 | ||
Interest rate swaps, fair value, liabilities | 43,000 | |||
Interest rate swaps, fair value, assets | $ 1,304,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Six [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.93% | |||
Notional value | $ 25,000,000 | 25,000,000 | ||
Interest rate swaps, fair value, liabilities | 31,000 | |||
Interest rate swaps, fair value, assets | $ 1,310,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Seven [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.90% | |||
Notional value | $ 25,000,000 | 25,000,000 | ||
Interest rate swaps, fair value, liabilities | 13,000 | |||
Interest rate swaps, fair value, assets | $ 1,321,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Eight [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.85% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swaps, fair value, liabilities | 221,000 | |||
Interest rate swaps, fair value, assets | $ 3,538,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Thirty Nine [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.75% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swaps, fair value, liabilities | 372,000 | |||
Interest rate swaps, fair value, assets | $ 3,636,000 | |||
Designated as Hedging Instrument | Interest Rate, Swap Hedge, Type Forty [Member] | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.65% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swaps, fair value, liabilities | 955,000 | |||
Interest rate swaps, fair value, assets | 5,041,000 | |||
Designated as Hedging Instrument | Interest Rate Swap, 2.29% | ||||
Financial Instruments: Derivatives and Hedging | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ 4,400,000 | |||
Designated as Hedging Instrument | Interest Rate Swap, 2.38% | ||||
Financial Instruments: Derivatives and Hedging | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ 6,200,000 | 1,500,000 | ||
Designated as Hedging Instrument | Interest Rate Swap, 2.380% | ||||
Financial Instruments: Derivatives and Hedging | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | 200,000 | |||
Derivative Liability, Notional Amount, Terminated Amount | 75,300,000 | |||
Designated as Hedging Instrument | interest rate swap | ||||
Financial Instruments: Derivatives and Hedging | ||||
Notional value | 100,000,000 | |||
Designated as Hedging Instrument | interest rate swap designated/redesignated in 2022 | ||||
Financial Instruments: Derivatives and Hedging | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ 5,900,000 | |||
Accounts Payable and Accrued Liabilities | Interest rate swap | ||||
Financial Instruments: Derivatives and Hedging | ||||
Interest rate swaps, fair value, liabilities | 21,500,000 | |||
Prepaid Expenses and Other Current Assets | Interest rate swap | ||||
Financial Instruments: Derivatives and Hedging | ||||
Interest rate swaps, fair value, assets | 44,700,000 | 1,500,000 | ||
Interest Expense | ||||
Financial Instruments: Derivatives and Hedging | ||||
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | $ (1,100,000) | $ (24,100,000) |
Fair Value (Details)
Fair Value (Details) - USD ($) | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, net | $ 2,217,555,000 | $ 2,409,438,000 |
Total | (44,688,000) | (19,917,000) |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 2,055,338,000 | 2,407,094,000 |
Recurring | Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | 44,688,000 | 1,548,000 |
Interest rate swap liability | 0 | (21,465,000) |
Total | 44,688,000 | (19,917,000) |
Recurring | Level 1 | Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | 0 | 0 |
Interest rate swap liability | 0 | 0 |
Total | 0 | 0 |
Recurring | Level 2 | Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | 44,688,000 | 1,548,000 |
Interest rate swap liability | 0 | (21,465,000) |
Total | 44,688,000 | (19,917,000) |
Recurring | Level 3 | Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | 0 | 0 |
Interest rate swap liability | 0 | 0 |
Total | 0 | 0 |
Senior Notes, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Gross | 1,000,000,000 | 1,000,000,000 |
Senior Notes, net | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Gross | 986,942,000 | |
Senior Notes, net | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 853,895,000 | 999,060,000 |
Revolver and Term Loans, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 820,536,000 | 1,015,004,000 |
Revolver and Term Loans, net | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 812,604,000 | 1,006,647,000 |
Mortgage loans, net | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, net | 407,712,000 | 407,492,000 |
Long-term Debt, Fair Value | $ 388,839,000 | $ 401,387,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 USD ($) extension hotel | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Ground Leases | |||
Number of properties subject to ground lease | hotel | 13 | ||
Operating Lease, Expense | $ 15,908 | $ 13,123 | $ 12,399 |
Cash required for reserve, as a percentage of hotel revenue, minimum | 3% | ||
Cash required for reserve, as a percentage of hotel revenue, maximum | 5% | ||
Restricted cash reserves | $ 55,070 | 48,528 | 34,977 |
Weighted average remaining lease term | 65 years | ||
Weighted average discount rate | 7.11% | ||
Wyndham Boston Beacon Hill | |||
Ground Leases | |||
Operating Lease, Expense | $ 803 | 556 | 400 |
Wyndham San Diego Bayside | |||
Ground Leases | |||
Operating Lease, Expense | 5,009 | 4,042 | 4,100 |
DoubleTree Suites by Hilton Orlando Lake Buena Vista | |||
Ground Leases | |||
Operating Lease, Expense | 1,005 | 666 | 300 |
Residence Inn Palo Alto Los Altos | |||
Ground Leases | |||
Operating Lease, Expense | 86 | 86 | 100 |
Wyndham Pittsburgh University Center | |||
Ground Leases | |||
Operating Lease, Expense | 726 | 726 | 700 |
Marriott Louisville Downtown | |||
Ground Leases | |||
Operating Lease, Expense | $ 0 | 0 | 0 |
Lessee, Operating Lease, Number Of Extensions | extension | 4 | ||
Lessee, Operating Lease, Renewal Term | 25 years | ||
Embassy Suites San Francisco Airport Waterfront | |||
Ground Leases | |||
Operating Lease, Expense | $ 1,646 | 1,239 | 1,200 |
Wyndham New Orleans French Quarter | |||
Ground Leases | |||
Operating Lease, Expense | 487 | 487 | 500 |
Courtyard Charleston Historic District | |||
Ground Leases | |||
Operating Lease, Expense | 1,044 | 1,019 | 950 |
Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center | |||
Ground Leases | |||
Operating Lease, Expense | 922 | 555 | 449 |
Courtyard Waikiki Beach | |||
Ground Leases | |||
Operating Lease, Expense | 3,922 | 3,742 | 3,700 |
Moxy Denver Cherry Creek | |||
Ground Leases | |||
Operating Lease, Expense | 258 | 5 | 0 |
Fixed Operating Lease Expense | |||
Ground Leases | |||
Operating Lease, Expense | 11,900 | 11,600 | 11,600 |
Variable Operating Lease Expense | |||
Ground Leases | |||
Operating Lease, Expense | $ 4,000 | $ 1,500 | $ 800 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Ground Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Minimum ground rent | ||
2023 | $ 11,617 | |
2024 | 11,375 | |
2025 | 10,443 | |
2026 | 10,352 | |
2027 | 10,097 | |
Thereafter | 532,440 | |
Total future lease payments | 586,324 | |
Imputed interest | (469,314) | |
Lease liabilities | $ 117,010 | $ 123,031 |
Commitments and Contingencies_3
Commitments and Contingencies - Management and Franchise Agreements (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 USD ($) property agreement | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | Dec. 31, 2022 | Dec. 31, 2022 hotel | |
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 96 | ||||
Number of hotel management companies | agreement | 17 | ||||
Number of real estate properties | 97 | 35 | |||
COVID-19 | |||||
Operating Leased Assets [Line Items] | |||||
Severance Costs | $ | $ 8.7 | ||||
COVID-19 | NEW YORK | |||||
Operating Leased Assets [Line Items] | |||||
Severance Costs | $ | 6.7 | ||||
Minimum | |||||
Operating Leased Assets [Line Items] | |||||
Management agreement term | 1 year | ||||
Base management fee percentage | 1.75% | ||||
Management agreement with franchise agreement, base management fee percentage | 2% | ||||
Term of franchise agreements | 1 year | ||||
Royalty fee as a percentage of room revenue | 2% | ||||
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue | 1% | ||||
Royalty fee as a percentage of food and beverage revenues | 1.50% | ||||
Maximum | |||||
Operating Leased Assets [Line Items] | |||||
Management agreement term | 25 years | ||||
Base management fee percentage | 3.50% | ||||
Management agreement with franchise agreement, base management fee percentage | 7% | ||||
Term of franchise agreements | 30 years | ||||
Royalty fee as a percentage of room revenue | 6% | ||||
Additional fees for marketing, central reservation systems and other franchisor costs as a percentage of room revenue | 4.30% | ||||
Royalty fee as a percentage of food and beverage revenues | 3% | ||||
Aimbridge Hospitality | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 31 | ||||
Crestline Hotels and Resorts | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 1 | ||||
Davidson Hotels and Resorts | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 2 | ||||
Hilton Management and affiliates | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 20 | ||||
HEI Hotels and Resorts | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 2 | ||||
Highgate Hotels | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 3 | ||||
Hyatt Corporation and affiliates | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 11 | ||||
InnVentures (2) | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 3 | ||||
Marriott International, Inc. | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 3 | ||||
Sage Hospitality | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 5 | ||||
White Lodging Services | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 4 | ||||
Wyndham | |||||
Operating Leased Assets [Line Items] | |||||
Termination Payments | $ | $ 36 | ||||
Increase (Decrease) in Management and Franchise Fee Expense | $ | $ 4.1 | 14.1 | 17.8 | ||
Colwen Management | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 1 | ||||
Accor Hotels | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 1 | ||||
Concord Hospitality | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 1 | ||||
Hersha Hospitality and Urgo Hotels | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 7 | ||||
Pyramid | |||||
Operating Leased Assets [Line Items] | |||||
Number of hotel properties operated pursuant to long-term management agreements | 1 | ||||
Management Service | |||||
Operating Leased Assets [Line Items] | |||||
Cost of Goods and Services Sold | $ | 38.8 | 24.2 | 13.2 | ||
Franchise | |||||
Operating Leased Assets [Line Items] | |||||
Number of real estate properties | 59 | ||||
Cost of Goods and Services Sold | $ | $ 60.9 | $ 43.2 | $ 25.6 |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Apr. 29, 2022 | May 05, 2011 | |
Equity | |||||
Total authorized for issuance number of common shares of beneficial interest (in shares) | 450,000,000 | 450,000,000 | 450,000,000 | ||
Number of shares acquired as part of a share repurchase program (in shares) | 5,489,335 | ||||
Shares acquired as part of a share repurchase program | $ 57,639 | $ 62,604 | |||
Common stock, dividends, per share | $ 0.12 | $ 0.04 | $ 0.04 | ||
Total authorized for issuance number of preferred shares of beneficial interest (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | ||
Preferred Stock, Convertible, Conversion Ratio | 28.06% | ||||
Number of OP units outstanding (in shares) | 162,775,364 | ||||
Limited Partner's ownership interest in the Operating Partnership | 99.50% | ||||
The Knickerbocker New York | |||||
Equity | |||||
Noncontrolling ownership interest in joint venture | 5% | ||||
Limited Partners | |||||
Equity | |||||
Limited Partner's ownership interest in the Operating Partnership | 0.50% | ||||
Number of OP units outstanding (in shares) | 771,831 | ||||
Series A Cumulative Preferred Stock | |||||
Equity | |||||
Total authorized for issuance number of preferred shares of beneficial interest (in shares) | 12,950,000 | 12,950,000 | |||
Preferred stock, dividends per share, declared | $ 1.95 | $ 1.95 | $ 1.95 | ||
2022 Share Repurchase Program | |||||
Equity | |||||
Share repurchase program, authorized amount | $ 250,000 | ||||
Number of shares acquired as part of a share repurchase program (in shares) | 4,907,094 | ||||
Shares acquired as part of a share repurchase program | $ 57,600 | ||||
Remaining authorized repurchase amount | $ 192,400 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2022 | Feb. 28, 2019 | Feb. 28, 2018 | May 31, 2016 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Number of shares authorized (in shares) | 6,828,527 | |||||||
Common shares available for future grant (in shares) | 3,560,347 | |||||||
Restricted share awards | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested restricted shares | 2,267,870 | 2,380,283 | 1,252,228 | 940,202 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 15.32 | $ 15.43 | $ 15.17 | $ 20.21 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 569,600 | 1,739,327 | 801,463 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 15.10 | $ 15.92 | $ 11.95 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | (647,426) | (513,342) | (480,444) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 15.65 | $ 16.51 | $ 19.59 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (34,587) | (97,930) | (8,993) | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 13.15 | $ 15.22 | $ 18.80 | |||||
Share-based compensation expense | $ 14.4 | $ 11.9 | $ 8.7 | |||||
Total unrecognized compensation costs | $ 19.6 | |||||||
Weighted-average period of recognition of unrecognized share-based compensation expense | 1 year 6 months | |||||||
Total fair value of shares vested | $ 9 | $ 7.8 | $ 5.2 | |||||
2019 Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Unvested restricted shares | 67,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 133,000 | 260,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 19.16 | |||||||
Total fair value of shares vested | $ 0.8 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 2.52% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 27.19% | |||||||
2020 Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 489,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 11.59 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.08% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 23.46% | |||||||
2021 Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 431,151 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 20.90 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.23% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 69.47% | |||||||
2022 Performance Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 407,024 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 21.96 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 1.70% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 70.15% | |||||||
Performance units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation expense | $ 7.3 | $ 5.2 | $ 3.5 | |||||
Total unrecognized compensation costs | $ 10.5 | |||||||
Weighted-average period of recognition of unrecognized share-based compensation expense | 1 year 8 months 12 days | |||||||
2015 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Based Vesting Period | 3 years | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Time Based Vesting Period | 1 year | 1 year | ||||||
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately | 50% | |||||||
Share-based compensation arrangement, by share-based payment award vesting rights, percentage after one year | 50% | |||||||
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Percentage Of Grant Date Fair Value Recognized Over Three Years | 50% | |||||||
Employee Service Share Based Compensation Nonvested Awards For First Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition | 3 years | |||||||
Employee Service Share Based Compensation Nonvested Awards For Remaining Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition | 50% | |||||||
Employee Service Share Based Compensation Nonvested Awards For Remaining Fifty Percent Cost Not Yet Recognized, Period For Recognition | 4 years | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return | 40% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return | 60% | |||||||
2021 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately | 100% | |||||||
Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Share Based Awards Other Than Options Percentage Of Grant Date Fair Value Recognized Over Three Years | 100% | |||||||
Employee Service Share Based Compensation Nonvested Awards For First Fifty Percent Compensation Cost Not Yet Recognized Period For Recognition | 3 years | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Absolute Total Shareholder Return | 25% | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Contingent on Relative Total Shareholder Return | 75% | |||||||
Minimum | 2019 Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 0 | |||||||
Minimum | 2020 Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 0 | |||||||
Minimum | 2021 Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 0 | |||||||
Minimum | 2022 Performance Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 0 | |||||||
Minimum | 2015 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 0% | |||||||
Minimum | 2021 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 0% | |||||||
Maximum | 2019 Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 200 | |||||||
Maximum | 2020 Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 200 | |||||||
Maximum | 2021 Performance Shares | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 200 | |||||||
Maximum | 2022 Performance Units | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 200 | |||||||
Maximum | 2015 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 200% | |||||||
Maximum | 2021 Equity Incentive Plan | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shared-based compensation arrangement by share based payment award, conversion percentage of units granted in period | 200% |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |||
Net income (loss) attributable to RLJ | $ 41,925 | $ (305,168) | $ (404,441) |
Numerator: | |||
Preferred dividends | (25,115) | (25,115) | (25,115) |
Less: Dividends paid on unvested restricted shares | (284) | (85) | (55) |
Less: Undistributed earnings attributable to unvested restricted shares | 0 | 0 | 0 |
Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares | $ 16,526 | $ (330,368) | $ (429,611) |
Denominator: | |||
Weighted-average number of common shares - basic (in shares) | 161,947,807 | 163,998,390 | 164,503,661 |
Unvested restricted shares | 345,058 | 0 | 0 |
Weighted-average number of common shares - diluted (in shares) | 162,292,865 | 163,998,390 | 164,503,661 |
Net income per share attributable to common shareholders - basic (in dollars per share) | $ 0.10 | $ (2.01) | $ (2.61) |
Net income per share attributable to common shareholders - diluted (in dollars per share) | $ 0.10 | $ (2.01) | $ (2.61) |
Income Taxes - Cash Distributio
Income Taxes - Cash Distributions and Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current: | |||
Federal | $ (162) | $ 0 | $ 0 |
State | (1,374) | (1,228) | (484) |
Deferred: | |||
Federal | 15 | 30 | (45,438) |
State | 3 | 10 | (6,048) |
Income tax expense | (1,518) | (1,188) | (51,970) |
Differences between provision for income taxes from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations | |||
Expected U.S. federal tax (expense) benefit at statutory rate | (9,184) | 65,079 | 90,143 |
Tax impact of REIT election | (1,659) | (60,856) | (85,140) |
Expected tax (expense) benefit at TRS | (10,843) | 4,223 | 5,003 |
Change in valuation allowance | 11,945 | (6,489) | (59,321) |
State income tax (expense) benefit, net of federal benefit | (2,861) | (650) | 1,174 |
Other items | 241 | 1,728 | 1,174 |
Income tax expense | $ (1,518) | $ (1,188) | $ (51,970) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax liabilities: | ||
Partnership basis | $ (3,463) | $ (2,739) |
Prepaid expenses | (675) | (781) |
Deferred tax liabilities | (4,138) | (3,520) |
Deferred tax assets: | ||
Property and equipment | 5,936 | 4,378 |
Incentive and vacation accrual | 3,866 | 3,021 |
Deferred revenue - key money | 1,387 | 910 |
Allowance for doubtful accounts | 78 | 69 |
Other | 2,034 | 179 |
Net operating loss carryforwards | 65,246 | 81,299 |
Deferred Tax Assets, Historic Tax Credits | 824 | 824 |
Valuation allowance | (75,215) | (87,159) |
Deferred tax assets | $ 4,156 | $ 3,521 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Change in valuation allowance | $ (11,945) | $ 6,489 | $ 59,321 |
Income tax expense | (1,518) | (1,188) | $ (51,970) |
Valuation allowance | $ 75,215 | $ 87,159 |
Supplemental Information to S_3
Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Cash Flows [Line Items] | ||||
Cash and cash equivalents | $ 481,316 | $ 665,341 | $ 899,813 | |
Restricted cash reserves | 55,070 | 48,528 | 34,977 | |
Cash, cash equivalents, and restricted cash reserves | 536,386 | 713,869 | 934,790 | $ 927,160 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 87,180 | 92,729 | 98,511 | |
Income taxes paid | 1,255 | 477 | 1,501 | |
Operating cash flow lease payments for operating leases | 15,742 | 12,371 | 11,813 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | (2,473) | 0 | (4,100) | |
In conjunction with the acquisitions of hotel properties, the Company recorded the following: | ||||
Purchase of hotel properties | 59,000 | 198,250 | 0 | |
Transaction costs | 1,110 | 2,014 | 0 | |
Operating prorations | (802) | (589) | ||
Mortgage debt assumed (non-cash financing activity) | 0 | (25,000) | 0 | |
Acquisition of hotel properties, net | 59,308 | 174,675 | 0 | |
In conjunction with the sale of hotel properties, the Company recorded the following: | ||||
Sales price | 49,900 | 208,507 | 4,883 | |
Transaction costs | (834) | (8,118) | (133) | |
Operating prorations | (991) | (1,747) | (98) | |
Receipt of forfeited deposit | 0 | 0 | 517 | |
Proceeds from the sale of hotel properties, net | 48,075 | 198,642 | 5,169 | |
Supplemental non-cash transactions | ||||
Change in fair market value of designated interest rate swaps | 63,570 | 41,279 | (49,536) | |
Accrued capital expenditures | 17,645 | 10,049 | 7,313 | |
Distributions payable | 14,622 | 8,347 | 8,752 | |
Accumulated Other Comprehensive Loss | ||||
Supplemental non-cash transactions | ||||
Change in fair market value of designated interest rate swaps | $ 63,570 | $ 41,279 | $ (49,536) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) shares in Thousands, $ in Millions | 1 Months Ended | 2 Months Ended | |
Jan. 31, 2023 | Feb. 28, 2023 | Dec. 31, 2022 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Shares repurchased and retired (in shares) | 49 | ||
Shares repurchased and retired | $ 0.5 | ||
Extension fee | $ 0.3 | ||
$225 Million Term Loan Maturing 2019 | Revolver and Term Loans, net | |||
Subsequent Event [Line Items] | |||
Term loan extension amount | $ 73 | ||
Line of credit | 41.7 | ||
$225 Million Term Loan Maturing 2019 | Revolver and Term Loans, net | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Proceeds from line of credit | 95 | ||
Line of credit | 41.7 | ||
$400 Million Term Loan Maturing 2019 | Revolver and Term Loans, net | |||
Subsequent Event [Line Items] | |||
Term loan extension amount | 151.7 | ||
Line of credit | $ 52.3 | ||
$400 Million Term Loan Maturing 2019 | Revolver and Term Loans, net | Subsequent Event | |||
Subsequent Event [Line Items] | |||
Line of credit | $ 52.3 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate and Accumulated Depreciation | ||||
Debt | $ 408,193 | |||
Initial Costs | ||||
Land & Improvements | 976,637 | |||
Building & Improvements | 3,465,182 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 591,295 | |||
Gross Amount | ||||
Land & Improvements | 992,609 | |||
Buildings & Improvements | 4,040,505 | |||
Total | 5,033,114 | $ 4,977,563 | $ 5,174,309 | $ 5,127,448 |
Accumulated Depreciation | 975,029 | $ 870,741 | $ 827,808 | $ 706,040 |
Aggregate cost of real estate for federal income tax purposes | 4,900,000 | |||
Marriott Denver South @ Park Meadow [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | 0 | |||
Initial Costs | ||||
Land & Improvements | 5,385 | |||
Building & Improvements | 39,488 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 4,056 | |||
Gross Amount | ||||
Land & Improvements | 5,353 | |||
Buildings & Improvements | 43,576 | |||
Total | 48,929 | |||
Accumulated Depreciation | $ 18,267 | |||
Marriott Denver South @ Park Meadow [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Marriott Denver South @ Park Meadow [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Marriott Louisville Downtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 0 | |||
Building & Improvements | 89,541 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 25,148 | |||
Gross Amount | ||||
Land & Improvements | 92 | |||
Buildings & Improvements | 114,597 | |||
Total | 114,689 | |||
Accumulated Depreciation | $ 43,697 | |||
Marriott Louisville Downtown | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Marriott Louisville Downtown | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Marriott Chicago Midway [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 4,464 | |||
Building & Improvements | 32,736 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,209 | |||
Gross Amount | ||||
Land & Improvements | 4,496 | |||
Buildings & Improvements | 35,913 | |||
Total | 40,409 | |||
Accumulated Depreciation | $ 14,812 | |||
Marriott Chicago Midway [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Marriott Chicago Midway [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Renaissance Boulder Flatiron Hotel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 4,440 | |||
Building & Improvements | 32,557 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 6,664 | |||
Gross Amount | ||||
Land & Improvements | 4,725 | |||
Buildings & Improvements | 38,936 | |||
Total | 43,661 | |||
Accumulated Depreciation | $ 14,745 | |||
Renaissance Boulder Flatiron Hotel [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Renaissance Boulder Flatiron Hotel [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Renaissance Fort Lauderdale Plantation Hotel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 4,842 | |||
Building & Improvements | 35,517 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 8,183 | |||
Gross Amount | ||||
Land & Improvements | 4,876 | |||
Buildings & Improvements | 43,666 | |||
Total | 48,542 | |||
Accumulated Depreciation | $ 16,438 | |||
Renaissance Fort Lauderdale Plantation Hotel [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Renaissance Fort Lauderdale Plantation Hotel [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Chicago Downtown Magnificent Mile [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 31,000 | |||
Initial Costs | ||||
Land & Improvements | 8,140 | |||
Building & Improvements | 59,696 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 9,632 | |||
Gross Amount | ||||
Land & Improvements | 8,148 | |||
Buildings & Improvements | 69,320 | |||
Total | 77,468 | |||
Accumulated Depreciation | $ 28,083 | |||
Courtyard Chicago Downtown Magnificent Mile [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Chicago Downtown Magnificent Mile [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Indianapolis @ The Capitol [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,482 | |||
Building & Improvements | 18,207 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 4,191 | |||
Gross Amount | ||||
Land & Improvements | 2,635 | |||
Buildings & Improvements | 22,245 | |||
Total | 24,880 | |||
Accumulated Depreciation | $ 8,530 | |||
Courtyard Indianapolis @ The Capitol [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Indianapolis @ The Capitol [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,172 | |||
Building & Improvements | 15,927 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,802 | |||
Gross Amount | ||||
Land & Improvements | 2,202 | |||
Buildings & Improvements | 18,699 | |||
Total | 20,901 | |||
Accumulated Depreciation | $ 8,447 | |||
Courtyard Midway Airport [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Midway Airport [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Austin Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 6,049 | |||
Building & Improvements | 44,361 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 5,390 | |||
Gross Amount | ||||
Land & Improvements | 6,049 | |||
Buildings & Improvements | 49,751 | |||
Total | 55,800 | |||
Accumulated Depreciation | $ 18,225 | |||
Courtyard Austin Downtown Convention Center [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Austin Downtown Convention Center [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn Houston By The Galleria [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,665 | |||
Building & Improvements | 19,549 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,164 | |||
Gross Amount | ||||
Land & Improvements | 2,676 | |||
Buildings & Improvements | 22,702 | |||
Total | 25,378 | |||
Accumulated Depreciation | $ 9,715 | |||
Residence Inn Houston By The Galleria [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn Houston By The Galleria [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn Indianapolis Downtown On The Canal [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,670 | |||
Building & Improvements | 19,588 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 4,889 | |||
Gross Amount | ||||
Land & Improvements | 2,670 | |||
Buildings & Improvements | 24,477 | |||
Total | 27,147 | |||
Accumulated Depreciation | $ 9,290 | |||
Residence Inn Indianapolis Downtown On The Canal [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn Indianapolis Downtown On The Canal [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn Merrillville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 595 | |||
Building & Improvements | 4,372 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,352 | |||
Gross Amount | ||||
Land & Improvements | 595 | |||
Buildings & Improvements | 5,724 | |||
Total | 6,319 | |||
Accumulated Depreciation | $ 2,423 | |||
Residence Inn Merrillville [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn Merrillville [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn Louisville Downtown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 1,815 | |||
Building & Improvements | 13,308 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,260 | |||
Gross Amount | ||||
Land & Improvements | 1,815 | |||
Buildings & Improvements | 16,568 | |||
Total | 18,383 | |||
Accumulated Depreciation | $ 5,942 | |||
Residence Inn Louisville Downtown [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn Louisville Downtown [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn Austin Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 3,767 | |||
Building & Improvements | 27,626 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 4,407 | |||
Gross Amount | ||||
Land & Improvements | 3,804 | |||
Buildings & Improvements | 31,996 | |||
Total | 35,800 | |||
Accumulated Depreciation | $ 11,372 | |||
Residence Inn Austin Downtown Convention Center [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn Austin Downtown Convention Center [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Fairfield Inn and Suites Cherry Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 1,203 | |||
Building & Improvements | 8,823 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,883 | |||
Gross Amount | ||||
Land & Improvements | 1,203 | |||
Buildings & Improvements | 10,706 | |||
Total | 11,909 | |||
Accumulated Depreciation | $ 4,432 | |||
Fairfield Inn and Suites Cherry Creek [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Fairfield Inn and Suites Cherry Creek [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Fairfield Inn and Suites Key West [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 1,803 | |||
Building & Improvements | 19,325 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,872 | |||
Gross Amount | ||||
Land & Improvements | 1,860 | |||
Buildings & Improvements | 23,140 | |||
Total | 25,000 | |||
Accumulated Depreciation | $ 9,713 | |||
Fairfield Inn and Suites Key West [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Fairfield Inn and Suites Key West [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Fairfield Inn & Suites Chicago Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 1,425 | |||
Building & Improvements | 10,449 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,038 | |||
Gross Amount | ||||
Land & Improvements | 1,447 | |||
Buildings & Improvements | 12,465 | |||
Total | 13,912 | |||
Accumulated Depreciation | $ 5,259 | |||
Fairfield Inn & Suites Chicago Midway Airport [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Fairfield Inn & Suites Chicago Midway Airport [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hampton Inn Chicago Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,747 | |||
Building & Improvements | 20,143 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,083 | |||
Gross Amount | ||||
Land & Improvements | 2,793 | |||
Buildings & Improvements | 23,180 | |||
Total | 25,973 | |||
Accumulated Depreciation | $ 9,767 | |||
Hampton Inn Chicago Midway Airport [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hampton Inn Chicago Midway Airport [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn Chicago Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,978 | |||
Building & Improvements | 21,842 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,715 | |||
Gross Amount | ||||
Land & Improvements | 3,000 | |||
Buildings & Improvements | 23,535 | |||
Total | 26,535 | |||
Accumulated Depreciation | $ 9,807 | |||
Hilton Garden Inn Chicago Midway Airport [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn Chicago Midway Airport [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Sleep Inn Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 1,189 | |||
Building & Improvements | 8,718 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,878 | |||
Gross Amount | ||||
Land & Improvements | 1,211 | |||
Buildings & Improvements | 10,574 | |||
Total | 11,785 | |||
Accumulated Depreciation | $ 4,741 | |||
Sleep Inn Midway Airport [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Sleep Inn Midway Airport [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Holiday Inn Express Hotel & Suites Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 1,874 | |||
Building & Improvements | 13,742 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,237 | |||
Gross Amount | ||||
Land & Improvements | 1,922 | |||
Buildings & Improvements | 16,931 | |||
Total | 18,853 | |||
Accumulated Depreciation | $ 6,754 | |||
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
TGI Friday's Chicago Midway [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 829 | |||
Building & Improvements | 6,139 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,018 | |||
Gross Amount | ||||
Land & Improvements | 860 | |||
Buildings & Improvements | 7,126 | |||
Total | 7,986 | |||
Accumulated Depreciation | $ 2,858 | |||
TGI Friday's Chicago Midway [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
TGI Friday's Chicago Midway [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hampton Inn Garden City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 5,691 | |||
Building & Improvements | 22,764 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,652 | |||
Gross Amount | ||||
Land & Improvements | 5,742 | |||
Buildings & Improvements | 26,365 | |||
Total | 32,107 | |||
Accumulated Depreciation | $ 9,753 | |||
Hampton Inn Garden City [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hampton Inn Garden City [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Houston By The Galleria [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 19,000 | |||
Initial Costs | ||||
Land & Improvements | 3,069 | |||
Building & Improvements | 22,508 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,454 | |||
Gross Amount | ||||
Land & Improvements | 3,069 | |||
Buildings & Improvements | 24,962 | |||
Total | 28,031 | |||
Accumulated Depreciation | $ 9,425 | |||
Courtyard Houston By The Galleria [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Houston By The Galleria [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Los Angeles Downey [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 31,000 | |||
Initial Costs | ||||
Land & Improvements | 4,857 | |||
Building & Improvements | 29,943 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 11,833 | |||
Gross Amount | ||||
Land & Improvements | 4,973 | |||
Buildings & Improvements | 41,660 | |||
Total | 46,633 | |||
Accumulated Depreciation | $ 15,036 | |||
Embassy Suites Los Angeles Downey [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Los Angeles Downey [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Tampa Downtown Convention Ctr [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,161 | |||
Building & Improvements | 71,017 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 15,009 | |||
Gross Amount | ||||
Land & Improvements | 2,430 | |||
Buildings & Improvements | 85,757 | |||
Total | 88,187 | |||
Accumulated Depreciation | $ 26,796 | |||
Embassy Suites Tampa Downtown Convention Ctr [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Tampa Downtown Convention Ctr [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Fairfield Inn & Suites Washington DC Downtown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 34,000 | |||
Initial Costs | ||||
Land & Improvements | 16,214 | |||
Building & Improvements | 22,265 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 7,802 | |||
Gross Amount | ||||
Land & Improvements | 16,447 | |||
Buildings & Improvements | 29,834 | |||
Total | 46,281 | |||
Accumulated Depreciation | $ 11,053 | |||
Fairfield Inn & Suites Washington DC Downtown [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Fairfield Inn & Suites Washington DC Downtown [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Fort Myers Estero [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,816 | |||
Building & Improvements | 7,862 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,294 | |||
Gross Amount | ||||
Land & Improvements | 2,934 | |||
Buildings & Improvements | 10,038 | |||
Total | 12,972 | |||
Accumulated Depreciation | $ 3,824 | |||
Embassy Suites Fort Myers Estero [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Fort Myers Estero [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Homewood Suites Washington DC Downtown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 23,139 | |||
Building & Improvements | 34,188 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 5,238 | |||
Gross Amount | ||||
Land & Improvements | 23,150 | |||
Buildings & Improvements | 39,415 | |||
Total | 62,565 | |||
Accumulated Depreciation | $ 12,825 | |||
Homewood Suites Washington DC Downtown [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Homewood Suites Washington DC Downtown [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hotel Indigo New Orleans Garden District [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 1,901 | |||
Building & Improvements | 2,793 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 13,845 | |||
Gross Amount | ||||
Land & Improvements | 2,082 | |||
Buildings & Improvements | 16,457 | |||
Total | 18,539 | |||
Accumulated Depreciation | $ 8,945 | |||
Hotel Indigo New Orleans Garden District [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hotel Indigo New Orleans Garden District [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn National Harbor Washington DC [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 7,457 | |||
Building & Improvements | 37,046 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,126 | |||
Gross Amount | ||||
Land & Improvements | 7,480 | |||
Buildings & Improvements | 39,149 | |||
Total | 46,629 | |||
Accumulated Depreciation | $ 12,311 | |||
Residence Inn National Harbor Washington DC [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn National Harbor Washington DC [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn New Orleans Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 3,405 | |||
Building & Improvements | 20,750 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 9,436 | |||
Gross Amount | ||||
Land & Improvements | 3,506 | |||
Buildings & Improvements | 30,085 | |||
Total | 33,591 | |||
Accumulated Depreciation | $ 10,374 | |||
Hilton Garden Inn New Orleans Convention Center [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn New Orleans Convention Center [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn Los Angeles Hollywood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 5,303 | |||
Building & Improvements | 19,136 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 10,909 | |||
Gross Amount | ||||
Land & Improvements | 5,696 | |||
Buildings & Improvements | 29,652 | |||
Total | 35,348 | |||
Accumulated Depreciation | $ 10,912 | |||
Hilton Garden Inn Los Angeles Hollywood [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn Los Angeles Hollywood [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Renaissance Pittsburgh Hotel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 34,000 | |||
Initial Costs | ||||
Land & Improvements | 3,274 | |||
Building & Improvements | 39,934 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 11,233 | |||
Gross Amount | ||||
Land & Improvements | 3,397 | |||
Buildings & Improvements | 51,044 | |||
Total | 54,441 | |||
Accumulated Depreciation | $ 16,011 | |||
Renaissance Pittsburgh Hotel [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Renaissance Pittsburgh Hotel [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Atlanta Buckhead [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,860 | |||
Building & Improvements | 21,668 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,966 | |||
Gross Amount | ||||
Land & Improvements | 2,875 | |||
Buildings & Improvements | 25,619 | |||
Total | 28,494 | |||
Accumulated Depreciation | $ 8,449 | |||
Courtyard Atlanta Buckhead [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Atlanta Buckhead [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites West Palm Beach Central [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 3,656 | |||
Building & Improvements | 9,614 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 8,790 | |||
Gross Amount | ||||
Land & Improvements | 3,914 | |||
Buildings & Improvements | 18,146 | |||
Total | 22,060 | |||
Accumulated Depreciation | $ 7,574 | |||
Embassy Suites West Palm Beach Central [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites West Palm Beach Central [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn Pittsburgh University Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 1,975 | |||
Building & Improvements | 18,490 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 9,363 | |||
Gross Amount | ||||
Land & Improvements | 2,382 | |||
Buildings & Improvements | 27,446 | |||
Total | 29,828 | |||
Accumulated Depreciation | $ 11,002 | |||
Hilton Garden Inn Pittsburgh University Place [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn Pittsburgh University Place [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Charleston Historic District | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,714 | |||
Building & Improvements | 35,828 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 4,610 | |||
Gross Amount | ||||
Land & Improvements | 3,535 | |||
Buildings & Improvements | 39,617 | |||
Total | 43,152 | |||
Accumulated Depreciation | $ 11,598 | |||
Courtyard Charleston Historic District | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Charleston Historic District | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn Bethesda Downtown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 8,154 | |||
Building & Improvements | 52,749 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 7,108 | |||
Gross Amount | ||||
Land & Improvements | 8,314 | |||
Buildings & Improvements | 59,697 | |||
Total | 68,011 | |||
Accumulated Depreciation | $ 17,138 | |||
Residence Inn Bethesda Downtown [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn Bethesda Downtown [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard New York Manhattan Upper East Side [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 20,655 | |||
Building & Improvements | 60,222 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 8,704 | |||
Gross Amount | ||||
Land & Improvements | 21,281 | |||
Buildings & Improvements | 68,300 | |||
Total | 89,581 | |||
Accumulated Depreciation | $ 19,589 | |||
Courtyard New York Manhattan Upper East Side [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard New York Manhattan Upper East Side [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 11,903 | |||
Building & Improvements | 22,757 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 17,633 | |||
Gross Amount | ||||
Land & Improvements | 12,231 | |||
Buildings & Improvements | 40,062 | |||
Total | 52,293 | |||
Accumulated Depreciation | $ 9,585 | |||
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Boston Waltham [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 6,268 | |||
Building & Improvements | 56,024 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 5,109 | |||
Gross Amount | ||||
Land & Improvements | 6,386 | |||
Buildings & Improvements | 61,015 | |||
Total | 67,401 | |||
Accumulated Depreciation | $ 17,014 | |||
Embassy Suites Boston Waltham [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Boston Waltham [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Houston Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 5,799 | |||
Building & Improvements | 28,953 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 5,923 | |||
Gross Amount | ||||
Land & Improvements | 6,099 | |||
Buildings & Improvements | 34,576 | |||
Total | 40,675 | |||
Accumulated Depreciation | $ 9,148 | |||
Courtyard Houston Downtown Convention Center [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Houston Downtown Convention Center [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn Houston Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 4,674 | |||
Building & Improvements | 24,913 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 5,009 | |||
Gross Amount | ||||
Land & Improvements | 4,875 | |||
Buildings & Improvements | 29,721 | |||
Total | 34,596 | |||
Accumulated Depreciation | $ 7,933 | |||
Residence Inn Houston Downtown Convention Center [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn Houston Downtown Convention Center [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
SpringHill Suites Houston Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,382 | |||
Building & Improvements | 12,756 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 12,400 | |||
Gross Amount | ||||
Land & Improvements | 2,570 | |||
Buildings & Improvements | 24,968 | |||
Total | 27,538 | |||
Accumulated Depreciation | $ 9,257 | |||
SpringHill Suites Houston Downtown Convention Center [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
SpringHill Suites Houston Downtown Convention Center [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Waikiki Beach | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 557 | |||
Building & Improvements | 79,033 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 13,961 | |||
Gross Amount | ||||
Land & Improvements | 803 | |||
Buildings & Improvements | 92,748 | |||
Total | 93,551 | |||
Accumulated Depreciation | $ 24,190 | |||
Courtyard Waikiki Beach | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Waikiki Beach | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard San Francisco [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 11,277 | |||
Building & Improvements | 18,198 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 28,954 | |||
Gross Amount | ||||
Land & Improvements | 11,291 | |||
Buildings & Improvements | 47,138 | |||
Total | 58,429 | |||
Accumulated Depreciation | $ 15,276 | |||
Courtyard San Francisco [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard San Francisco [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn Atlanta Midtown Historic [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 2,812 | |||
Building & Improvements | 6,044 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 7,754 | |||
Gross Amount | ||||
Land & Improvements | 2,982 | |||
Buildings & Improvements | 13,628 | |||
Total | 16,610 | |||
Accumulated Depreciation | $ 4,134 | |||
Residence Inn Atlanta Midtown Historic [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn Atlanta Midtown Historic [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
SpringHill Suites Portland Hillsboro [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 3,488 | |||
Building & Improvements | 18,283 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,582 | |||
Gross Amount | ||||
Land & Improvements | 3,540 | |||
Buildings & Improvements | 19,813 | |||
Total | 23,353 | |||
Accumulated Depreciation | $ 4,969 | |||
SpringHill Suites Portland Hillsboro [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
SpringHill Suites Portland Hillsboro [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hilton Cabana Miami Beach | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 25,083 | |||
Building & Improvements | 40,707 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 7,783 | |||
Gross Amount | ||||
Land & Improvements | 25,356 | |||
Buildings & Improvements | 48,217 | |||
Total | 73,573 | |||
Accumulated Depreciation | $ 10,774 | |||
Hilton Cabana Miami Beach | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hilton Cabana Miami Beach | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt House Charlotte Center City | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 18,000 | |||
Initial Costs | ||||
Land & Improvements | 3,029 | |||
Building & Improvements | 26,193 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,204 | |||
Gross Amount | ||||
Land & Improvements | 3,054 | |||
Buildings & Improvements | 28,372 | |||
Total | 31,426 | |||
Accumulated Depreciation | $ 6,427 | |||
Hyatt House Charlotte Center City | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt House Charlotte Center City | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt House Cypress Anaheim | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 16,000 | |||
Initial Costs | ||||
Land & Improvements | 3,995 | |||
Building & Improvements | 9,164 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,976 | |||
Gross Amount | ||||
Land & Improvements | 4,354 | |||
Buildings & Improvements | 12,781 | |||
Total | 17,135 | |||
Accumulated Depreciation | $ 4,159 | |||
Hyatt House Cypress Anaheim | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt House Cypress Anaheim | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt House Emeryville San Francisco Bay Area | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 36,000 | |||
Initial Costs | ||||
Land & Improvements | 7,425 | |||
Building & Improvements | 29,137 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 7,902 | |||
Gross Amount | ||||
Land & Improvements | 7,517 | |||
Buildings & Improvements | 36,947 | |||
Total | 44,464 | |||
Accumulated Depreciation | $ 9,681 | |||
Hyatt House Emeryville San Francisco Bay Area | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt House Emeryville San Francisco Bay Area | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt House San Diego Sorrento Mesa | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 10,420 | |||
Building & Improvements | 21,288 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,805 | |||
Gross Amount | ||||
Land & Improvements | 10,651 | |||
Buildings & Improvements | 22,862 | |||
Total | 33,513 | |||
Accumulated Depreciation | $ 5,695 | |||
Hyatt House San Diego Sorrento Mesa | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt House San Diego Sorrento Mesa | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt House San Jose Silicon Valley | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 6,820 | |||
Building & Improvements | 31,682 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,143 | |||
Gross Amount | ||||
Land & Improvements | 6,972 | |||
Buildings & Improvements | 34,673 | |||
Total | 41,645 | |||
Accumulated Depreciation | $ 7,581 | |||
Hyatt House San Jose Silicon Valley | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt House San Jose Silicon Valley | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt House San Ramon | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 5,712 | |||
Building & Improvements | 11,852 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,884 | |||
Gross Amount | ||||
Land & Improvements | 5,723 | |||
Buildings & Improvements | 14,725 | |||
Total | 20,448 | |||
Accumulated Depreciation | $ 4,101 | |||
Hyatt House San Ramon | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt House San Ramon | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt House Santa Clara | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 34,000 | |||
Initial Costs | ||||
Land & Improvements | 8,044 | |||
Building & Improvements | 27,703 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 3,180 | |||
Gross Amount | ||||
Land & Improvements | 8,045 | |||
Buildings & Improvements | 30,882 | |||
Total | 38,927 | |||
Accumulated Depreciation | $ 7,507 | |||
Hyatt House Santa Clara | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt House Santa Clara | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt Centric The Woodlands | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 5,950 | |||
Building & Improvements | 16,882 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,773 | |||
Gross Amount | ||||
Land & Improvements | 5,977 | |||
Buildings & Improvements | 19,628 | |||
Total | 25,605 | |||
Accumulated Depreciation | $ 4,251 | |||
Hyatt Centric The Woodlands | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt Centric The Woodlands | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt Place Fremont Silicon Valley | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 6,209 | |||
Building & Improvements | 13,730 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,749 | |||
Gross Amount | ||||
Land & Improvements | 6,292 | |||
Buildings & Improvements | 15,396 | |||
Total | 21,688 | |||
Accumulated Depreciation | $ 3,958 | |||
Hyatt Place Fremont Silicon Valley | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt Place Fremont Silicon Valley | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt Place Madison Downtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 13,000 | |||
Initial Costs | ||||
Land & Improvements | 6,701 | |||
Building & Improvements | 25,478 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,588 | |||
Gross Amount | ||||
Land & Improvements | 6,709 | |||
Buildings & Improvements | 27,058 | |||
Total | 33,767 | |||
Accumulated Depreciation | $ 5,909 | |||
Hyatt Place Madison Downtown | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt Place Madison Downtown | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Irvine Orange County | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 15,062 | |||
Building & Improvements | 33,048 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 9,094 | |||
Gross Amount | ||||
Land & Improvements | 15,190 | |||
Buildings & Improvements | 42,014 | |||
Total | 57,204 | |||
Accumulated Depreciation | $ 10,909 | |||
Embassy Suites Irvine Orange County | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Irvine Orange County | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Courtyard Portland City Center | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 8,019 | |||
Building & Improvements | 53,024 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,647 | |||
Gross Amount | ||||
Land & Improvements | 8,021 | |||
Buildings & Improvements | 54,669 | |||
Total | 62,690 | |||
Accumulated Depreciation | $ 12,093 | |||
Courtyard Portland City Center | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Courtyard Portland City Center | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt Atlanta Midtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 3,737 | |||
Building & Improvements | 41,731 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,293 | |||
Gross Amount | ||||
Land & Improvements | 3,740 | |||
Buildings & Improvements | 43,021 | |||
Total | 46,761 | |||
Accumulated Depreciation | $ 9,361 | |||
Hyatt Atlanta Midtown | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt Atlanta Midtown | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
DoubleTree Grand Key Resort | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 48,192 | |||
Building & Improvements | 27,770 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 8,825 | |||
Gross Amount | ||||
Land & Improvements | 48,330 | |||
Buildings & Improvements | 36,457 | |||
Total | 84,787 | |||
Accumulated Depreciation | $ 9,315 | |||
DoubleTree Grand Key Resort | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
DoubleTree Grand Key Resort | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hyatt Place Washington DC Downtown K Street | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 10,763 | |||
Building & Improvements | 55,225 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,071 | |||
Gross Amount | ||||
Land & Improvements | 10,763 | |||
Buildings & Improvements | 57,296 | |||
Total | 68,059 | |||
Accumulated Depreciation | $ 10,968 | |||
Hyatt Place Washington DC Downtown K Street | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hyatt Place Washington DC Downtown K Street | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Homewood Suites Seattle Lynnwood | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 19,000 | |||
Initial Costs | ||||
Land & Improvements | 3,933 | |||
Building & Improvements | 30,949 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 370 | |||
Gross Amount | ||||
Land & Improvements | 4,001 | |||
Buildings & Improvements | 31,251 | |||
Total | 35,252 | |||
Accumulated Depreciation | $ 6,081 | |||
Homewood Suites Seattle Lynnwood | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Homewood Suites Seattle Lynnwood | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Residence Inn Palo Alto Los Altos | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 16,996 | |||
Building & Improvements | 45,786 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 868 | |||
Gross Amount | ||||
Land & Improvements | 17,100 | |||
Buildings & Improvements | 46,550 | |||
Total | 63,650 | |||
Accumulated Depreciation | $ 9,236 | |||
Residence Inn Palo Alto Los Altos | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Residence Inn Palo Alto Los Altos | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
DoubleTree Suites by Hilton Austin [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 7,072 | |||
Building & Improvements | 50,827 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,690 | |||
Gross Amount | ||||
Land & Improvements | 7,284 | |||
Buildings & Improvements | 52,305 | |||
Total | 59,589 | |||
Accumulated Depreciation | $ 7,112 | |||
DoubleTree Suites by Hilton Austin [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
DoubleTree Suites by Hilton Austin [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
DoubleTree Suites by Hilton Orlando Lake Buena Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 896 | |||
Building & Improvements | 44,508 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,579 | |||
Gross Amount | ||||
Land & Improvements | 1,010 | |||
Buildings & Improvements | 45,973 | |||
Total | 46,983 | |||
Accumulated Depreciation | $ 6,496 | |||
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Atlanta Buckhead [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 31,279 | |||
Building & Improvements | 46,015 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 18,027 | |||
Gross Amount | ||||
Land & Improvements | 31,544 | |||
Buildings & Improvements | 63,777 | |||
Total | 95,321 | |||
Accumulated Depreciation | $ 8,694 | |||
Embassy Suites Atlanta Buckhead [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Atlanta Buckhead [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Birmingham [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 10,495 | |||
Building & Improvements | 33,568 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 904 | |||
Gross Amount | ||||
Land & Improvements | 10,512 | |||
Buildings & Improvements | 34,455 | |||
Total | 44,967 | |||
Accumulated Depreciation | $ 4,886 | |||
Embassy Suites Birmingham [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Birmingham [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Dallas Love Field [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 25,000 | |||
Initial Costs | ||||
Land & Improvements | 6,408 | |||
Building & Improvements | 34,694 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,151 | |||
Gross Amount | ||||
Land & Improvements | 6,413 | |||
Buildings & Improvements | 36,840 | |||
Total | 43,253 | |||
Accumulated Depreciation | $ 5,041 | |||
Embassy Suites Dallas Love Field [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Dallas Love Field [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Deerfield Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 7,527 | |||
Building & Improvements | 56,128 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 10,627 | |||
Gross Amount | ||||
Land & Improvements | 7,840 | |||
Buildings & Improvements | 66,442 | |||
Total | 74,282 | |||
Accumulated Depreciation | $ 8,527 | |||
Embassy Suites Deerfield Beach [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Deerfield Beach [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Fort Lauderdale 17th Street [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 30,933 | |||
Building & Improvements | 54,592 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 4,529 | |||
Gross Amount | ||||
Land & Improvements | 31,311 | |||
Buildings & Improvements | 58,743 | |||
Total | 90,054 | |||
Accumulated Depreciation | $ 8,516 | |||
Embassy Suites Fort Lauderdale 17th Street [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Fort Lauderdale 17th Street [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Los Angeles International Airport South [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 50,000 | |||
Initial Costs | ||||
Land & Improvements | 13,110 | |||
Building & Improvements | 94,733 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,901 | |||
Gross Amount | ||||
Land & Improvements | 13,168 | |||
Buildings & Improvements | 97,576 | |||
Total | 110,744 | |||
Accumulated Depreciation | $ 13,212 | |||
Embassy Suites Los Angeles International Airport South [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Los Angeles International Airport South [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Mandalay Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 35,769 | |||
Building & Improvements | 53,280 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 29,834 | |||
Gross Amount | ||||
Land & Improvements | 36,753 | |||
Buildings & Improvements | 82,130 | |||
Total | 118,883 | |||
Accumulated Depreciation | $ 9,577 | |||
Embassy Suites Mandalay Beach [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Mandalay Beach [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Miami International Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 14,765 | |||
Building & Improvements | 18,099 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 5,641 | |||
Gross Amount | ||||
Land & Improvements | 15,057 | |||
Buildings & Improvements | 23,448 | |||
Total | 38,505 | |||
Accumulated Depreciation | $ 3,609 | |||
Embassy Suites Miami International Airport [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Miami International Airport [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Milpitas Silicon Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 43,157 | |||
Building & Improvements | 26,399 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 13,400 | |||
Gross Amount | ||||
Land & Improvements | 43,370 | |||
Buildings & Improvements | 39,586 | |||
Total | 82,956 | |||
Accumulated Depreciation | $ 6,728 | |||
Embassy Suites Milpitas Silicon Valley [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Milpitas Silicon Valley [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Minneapolis Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 7,248 | |||
Building & Improvements | 41,202 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 17,243 | |||
Gross Amount | ||||
Land & Improvements | 9,676 | |||
Buildings & Improvements | 56,017 | |||
Total | 65,693 | |||
Accumulated Depreciation | $ 10,197 | |||
Embassy Suites Minneapolis Airport [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Minneapolis Airport [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Orlando International Drive [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 4,743 | |||
Building & Improvements | 37,687 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,782 | |||
Gross Amount | ||||
Land & Improvements | 5,011 | |||
Buildings & Improvements | 39,201 | |||
Total | 44,212 | |||
Accumulated Depreciation | $ 5,577 | |||
Embassy Suites Orlando International Drive [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Orlando International Drive [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites Phoenix Biltmore [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 21,000 | |||
Initial Costs | ||||
Land & Improvements | 24,680 | |||
Building & Improvements | 24,487 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 6,905 | |||
Gross Amount | ||||
Land & Improvements | 24,784 | |||
Buildings & Improvements | 31,288 | |||
Total | 56,072 | |||
Accumulated Depreciation | $ 4,202 | |||
Embassy Suites Phoenix Biltmore [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites Phoenix Biltmore [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites San Francisco Airport South San Francisco [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 39,616 | |||
Building & Improvements | 55,163 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 16,044 | |||
Gross Amount | ||||
Land & Improvements | 39,700 | |||
Buildings & Improvements | 71,123 | |||
Total | 110,823 | |||
Accumulated Depreciation | $ 10,573 | |||
Embassy Suites San Francisco Airport South San Francisco [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites San Francisco Airport South San Francisco [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Embassy Suites San Francisco Airport Waterfront | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 3,698 | |||
Building & Improvements | 85,270 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 4,435 | |||
Gross Amount | ||||
Land & Improvements | 4,169 | |||
Buildings & Improvements | 89,234 | |||
Total | 93,403 | |||
Accumulated Depreciation | $ 13,480 | |||
Embassy Suites San Francisco Airport Waterfront | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Embassy Suites San Francisco Airport Waterfront | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
San Francisco Marriott Union Square [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 46,773 | |||
Building & Improvements | 107,841 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 13,269 | |||
Gross Amount | ||||
Land & Improvements | 46,883 | |||
Buildings & Improvements | 121,000 | |||
Total | 167,883 | |||
Accumulated Depreciation | $ 17,735 | |||
San Francisco Marriott Union Square [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
San Francisco Marriott Union Square [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
The Knickerbocker New York | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 113,613 | |||
Building & Improvements | 119,453 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 2,634 | |||
Gross Amount | ||||
Land & Improvements | 113,758 | |||
Buildings & Improvements | 121,942 | |||
Total | 235,700 | |||
Accumulated Depreciation | $ 16,267 | |||
The Knickerbocker New York | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
The Knickerbocker New York | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Mills House Wyndham Grand Hotel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 9,599 | |||
Building & Improvements | 68,932 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 9,979 | |||
Gross Amount | ||||
Land & Improvements | 10,378 | |||
Buildings & Improvements | 78,132 | |||
Total | 88,510 | |||
Accumulated Depreciation | $ 9,737 | |||
Mills House Wyndham Grand Hotel [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Mills House Wyndham Grand Hotel [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Wyndham Boston Beacon Hill | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 174 | |||
Building & Improvements | 51,934 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,754 | |||
Gross Amount | ||||
Land & Improvements | 178 | |||
Buildings & Improvements | 53,684 | |||
Total | 53,862 | |||
Accumulated Depreciation | $ 25,587 | |||
Wyndham Boston Beacon Hill | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 9 years | |||
Wyndham Boston Beacon Hill | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 9 years | |||
Wyndham Houston Medical Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 7,776 | |||
Building & Improvements | 43,475 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,682 | |||
Gross Amount | ||||
Land & Improvements | 7,992 | |||
Buildings & Improvements | 44,941 | |||
Total | 52,933 | |||
Accumulated Depreciation | $ 6,012 | |||
Wyndham Houston Medical Center [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Wyndham Houston Medical Center [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Wyndham New Orleans French Quarter | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 300 | |||
Building & Improvements | 72,686 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 1,510 | |||
Gross Amount | ||||
Land & Improvements | 300 | |||
Buildings & Improvements | 74,196 | |||
Total | 74,496 | |||
Accumulated Depreciation | $ 10,018 | |||
Wyndham New Orleans French Quarter | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Wyndham New Orleans French Quarter | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Wyndham Philadelphia Historic District [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 8,367 | |||
Building & Improvements | 51,914 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 931 | |||
Gross Amount | ||||
Land & Improvements | 8,408 | |||
Buildings & Improvements | 52,804 | |||
Total | 61,212 | |||
Accumulated Depreciation | $ 7,173 | |||
Wyndham Philadelphia Historic District [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Wyndham Philadelphia Historic District [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Wyndham Pittsburgh University Center | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 154 | |||
Building & Improvements | 31,625 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 477 | |||
Gross Amount | ||||
Land & Improvements | 185 | |||
Buildings & Improvements | 32,071 | |||
Total | 32,256 | |||
Accumulated Depreciation | $ 4,339 | |||
Wyndham Pittsburgh University Center | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Wyndham Pittsburgh University Center | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Wyndham San Diego Bayside | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 989 | |||
Building & Improvements | 29,440 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 6,625 | |||
Gross Amount | ||||
Land & Improvements | 1,205 | |||
Buildings & Improvements | 35,849 | |||
Total | 37,054 | |||
Accumulated Depreciation | $ 14,416 | |||
Wyndham San Diego Bayside | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 10 years | |||
Wyndham San Diego Bayside | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 10 years | |||
Wyndham Santa Monica At The Pier [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 27,054 | |||
Building & Improvements | 45,866 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 9,746 | |||
Gross Amount | ||||
Land & Improvements | 27,149 | |||
Buildings & Improvements | 55,517 | |||
Total | 82,666 | |||
Accumulated Depreciation | $ 6,552 | |||
Wyndham Santa Monica At The Pier [Member] | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Wyndham Santa Monica At The Pier [Member] | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Hampton Inn and Suites Atlanta Midtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 5,990 | |||
Building & Improvements | 48,321 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 9 | |||
Gross Amount | ||||
Land & Improvements | 5,993 | |||
Buildings & Improvements | 48,327 | |||
Total | 54,320 | |||
Accumulated Depreciation | $ 1,724 | |||
Hampton Inn and Suites Atlanta Midtown | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Hampton Inn and Suites Atlanta Midtown | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
AC Hotel Boston Downtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 26,560 | |||
Building & Improvements | 53,354 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 40 | |||
Gross Amount | ||||
Land & Improvements | 26,560 | |||
Buildings & Improvements | 53,394 | |||
Total | 79,954 | |||
Accumulated Depreciation | $ 1,823 | |||
AC Hotel Boston Downtown | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
AC Hotel Boston Downtown | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
Moxy Denver Cherry Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 27,193 | |||
Initial Costs | ||||
Land & Improvements | 0 | |||
Building & Improvements | 48,725 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 24 | |||
Gross Amount | ||||
Land & Improvements | 0 | |||
Buildings & Improvements | 48,749 | |||
Total | 48,749 | |||
Accumulated Depreciation | $ 1,323 | |||
Moxy Denver Cherry Creek | Minimum | ||||
Gross Amount | ||||
Depreciation Life | 15 years | |||
Moxy Denver Cherry Creek | Maximum | ||||
Gross Amount | ||||
Depreciation Life | 40 years | |||
21c Hotel Nashville | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Initial Costs | ||||
Land & Improvements | 19,807 | |||
Building & Improvements | 36,223 | |||
Costs Capitalized Subsequent to Acquisition | ||||
Land, Building & Improvements | 0 | |||
Gross Amount | ||||
Land & Improvements | 19,807 | |||
Buildings & Improvements | 36,223 | |||
Total | 56,030 | |||
Accumulated Depreciation | $ 452 |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Land and Buildings and Improvements | |||
Balance at beginning of period | $ 4,977,563 | $ 5,174,309 | $ 5,127,448 |
Add: Acquisitions | 56,030 | 182,950 | 0 |
Add: Improvements | 68,012 | 34,511 | 52,936 |
Less: Disposition of properties | (68,491) | (269,362) | (6,075) |
Less: Impairment losses | 0 | (144,845) | 0 |
Balance at end of period | 5,033,114 | 4,977,563 | 5,174,309 |
Reconciliation of Accumulated Depreciation | |||
Balance at beginning of period | (870,741) | (827,808) | (706,040) |
Add: Depreciation for the period | (125,203) | (126,759) | (125,494) |
Less: Disposition of properties | 20,915 | 83,826 | 3,726 |
Balance at end of period | $ (975,029) | $ (870,741) | $ (827,808) |