Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 20, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
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 | 7373 Wisconsin Avenue, Suite 1500 | ||
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 | $ 1,566,125,324 | ||
Entity Common Stock, Shares Outstanding | 155,784,172 | ||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement for our 2024 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, 2023. | ||
Entity Central Index Key | 0001511337 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Financial Statement Error Correction [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 $0.01 per share | ||
Trading Symbol | RLJ-A | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Washington, D.C. |
Auditor Firm ID | 238 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Investment in hotel properties, net | $ 4,136,216 | $ 4,180,328 |
Investment in unconsolidated joint ventures | 7,398 | 6,979 |
Cash and cash equivalents | 516,675 | 481,316 |
Restricted cash reserves | 38,652 | 55,070 |
Hotel and other receivables, net of allowance of $265 and $319, respectively | 26,163 | 38,528 |
Lease right-of-use assets | 136,140 | 136,915 |
Prepaid expense and other assets | 58,051 | 79,089 |
Total assets | 4,919,295 | 4,978,225 |
Liabilities and Equity | ||
Debt, net | 2,220,778 | 2,217,555 |
Accounts payable and other liabilities | 147,819 | 155,916 |
Advance deposits and deferred revenue | 32,281 | 23,769 |
Lease liabilities | 122,588 | 117,010 |
Accrued interest | 22,539 | 20,707 |
Distributions payable | 22,500 | 14,622 |
Total liabilities | 2,568,505 | 2,549,579 |
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, 2023 and 2022 | 366,936 | 366,936 |
Common shares of beneficial interest, $0.01 par value, 450,000,000 shares authorized; 155,297,829 and 162,003,533 shares issued and outstanding at December 31, 2023 and 2022, respectively | 1,553 | 1,620 |
Additional paid-in capital | 3,000,894 | 3,054,958 |
Accumulated other comprehensive income | 22,662 | 40,591 |
Distributions in excess of net earnings | (1,055,183) | (1,049,441) |
Total shareholders’ equity | 2,336,862 | 2,414,664 |
Noncontrolling interest: | ||
Noncontrolling interest in consolidated joint ventures | 7,634 | 7,669 |
Noncontrolling interest in the Operating Partnership | 6,294 | 6,313 |
Total noncontrolling interest | 13,928 | 13,982 |
Total equity | 2,350,790 | 2,428,646 |
Total liabilities and equity | $ 4,919,295 | $ 4,978,225 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Hotel and other receivables, allowance (in dollars) | $ 265 | $ 319 |
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) | 155,297,829 | 162,003,533 |
Common shares of beneficial interest, outstanding (in shares) | 155,297,829 | 162,003,533 |
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, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | |||
Total revenues | $ 1,325,577 | $ 1,193,662 | $ 785,664 |
Expenses | |||
Total property operating expenses | 834,667 | 744,408 | 511,523 |
Depreciation and amortization | 179,103 | 184,875 | 187,778 |
Impairment losses | 0 | 0 | 144,845 |
Property tax, insurance and other | 100,229 | 86,996 | 88,852 |
General and administrative | 58,998 | 56,330 | 47,526 |
Transaction costs | 223 | (345) | 94 |
Total operating expenses | 1,173,220 | 1,072,264 | 980,618 |
Other income (expense), net | 4,364 | 9,496 | (7,614) |
Interest income | 19,743 | 4,559 | 996 |
Interest expense | (98,807) | (93,155) | (106,366) |
(Loss) gain on sale of hotel properties, net | (34) | 1,017 | (2,378) |
(Loss) gain on extinguishment of indebtedness, net | (169) | (39) | 893 |
Income (loss) before equity in income (loss) from unconsolidated joint ventures | 77,454 | 43,276 | (309,423) |
Equity in income (loss) from unconsolidated joint ventures | 419 | 457 | (477) |
Income (loss) before income tax expense | 77,873 | 43,733 | (309,900) |
Income tax expense | (1,256) | (1,518) | (1,188) |
Net income (loss) | 76,617 | 42,215 | (311,088) |
Net loss (income) attributable to noncontrolling interests: | |||
Noncontrolling interest in consolidated joint ventures | 35 | (210) | 4,384 |
Noncontrolling interest in the Operating Partnership | (247) | (80) | 1,536 |
Net income (loss) attributable to RLJ | 76,405 | 41,925 | (305,168) |
Preferred dividends | (25,115) | (25,115) | (25,115) |
Net income (loss) attributable to common shareholders | $ 51,290 | $ 16,810 | $ (330,283) |
Basic per common share data: | |||
Net income per share attributable to common shareholders - basic (in dollars per share) | $ 0.32 | $ 0.10 | $ (2.01) |
Weighted-average number of common shares (in shares) | 155,928,663 | 161,947,807 | 163,998,390 |
Diluted per common share data: | |||
Net income per share attributable to common shareholders - diluted (in dollars per share) | $ 0.32 | $ 0.10 | $ (2.01) |
Weighted-average number of common shares (in shares) | 156,556,414 | 162,292,865 | 163,998,390 |
Comprehensive income (loss): | |||
Net income | $ 76,617 | $ 42,215 | $ (311,088) |
Unrealized (loss) gain on interest rate derivatives | (17,929) | 63,570 | 41,279 |
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | 0 | (5,866) | 10,658 |
Comprehensive income (loss) | 58,688 | 99,919 | (259,151) |
Noncontrolling interest in consolidated joint ventures | 35 | (210) | 4,384 |
Noncontrolling interest in the Operating Partnership | (247) | (80) | 1,536 |
Comprehensive income (loss) attributable to RLJ | 58,476 | 99,629 | (253,231) |
Room revenue | |||
Revenues | |||
Revenue | 1,095,028 | 1,002,454 | 667,853 |
Expenses | |||
Total property operating expenses | 277,058 | 253,441 | 177,365 |
Food and beverage revenue | |||
Revenues | |||
Revenue | 141,625 | 117,027 | 58,994 |
Expenses | |||
Total property operating expenses | 109,707 | 87,402 | 41,790 |
Management and franchise fee expense | |||
Expenses | |||
Total property operating expenses | 107,417 | 95,565 | 53,276 |
Other revenue | |||
Revenues | |||
Revenue | 88,924 | 74,181 | 58,817 |
Expenses | |||
Total property operating expenses | $ 340,485 | $ 308,000 | $ 239,092 |
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, 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) | (305,168) | (1,536) | (4,384) | |||||
Net income (loss) attributable to RLJ | (305,168) | ||||||||
Unrealized (loss) gain 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 | (7) | (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 (loss) gain 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) | (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 | |
Increase (Decrease) in Equity | |||||||||
Net income | 76,617 | 247 | (35) | ||||||
Net income (loss) attributable to RLJ | 76,405 | 76,405 | |||||||
Unrealized (loss) gain on interest rate derivatives | (17,929) | (17,929) | |||||||
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | 29,800 | ||||||||
Issuance of restricted stock (in shares) | 1,190,961 | ||||||||
Issuance of restricted stock | 0 | $ 12 | (12) | ||||||
Amortization of share-based compensation | 26,243 | 26,243 | |||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock (in shares) | (407,205) | ||||||||
Shares acquired to satisfy minimum required federal and state tax withholding on vesting restricted stock | (4,398) | $ (4) | (4,394) | ||||||
Number of shares acquired as part of a share repurchase program (in shares) | (7,463,632) | ||||||||
Shares acquired as part of a share repurchase program | (75,976) | $ (75) | (75,901) | ||||||
Forfeiture of restricted stock (in shares) | (25,828) | ||||||||
Forfeiture of restricted stock | 0 | $ 0 | 0 | ||||||
Distributions on preferred shares | (25,115) | (25,115) | |||||||
Distributions on common shares and units | (57,298) | (57,032) | (266) | ||||||
Balance (in shares) at Dec. 31, 2023 | 12,879,475 | 155,297,829 | |||||||
Balance at Dec. 31, 2023 | $ 2,350,790 | $ 366,936 | $ 1,553 | $ 3,000,894 | $ (1,055,183) | $ 22,662 | $ 6,294 | $ 7,634 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities | |||
Net income (loss) | $ 76,617 | $ 42,215 | $ (311,088) |
Adjustments to reconcile net income (loss) to cash flow provided by operating activities: | |||
Loss (gain) on sale of hotel properties, net | 34 | (1,017) | 2,378 |
Loss (gain) on extinguishment of indebtedness, net | 169 | 39 | (893) |
Depreciation and amortization | 179,103 | 184,875 | 187,778 |
Amortization of deferred financing costs | 6,100 | 5,967 | 5,884 |
Other amortization | 4,960 | 3,265 | (2,090) |
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | 0 | (5,866) | 10,658 |
Equity in (income) loss from unconsolidated joint ventures | (419) | (457) | 477 |
Impairment losses | 0 | 0 | 144,845 |
Amortization of share-based compensation | 24,285 | 21,664 | 17,054 |
Changes in assets and liabilities: | |||
Hotel and other receivables, net | 12,365 | (7,563) | (17,969) |
Prepaid expense and other assets | 12,648 | (4,665) | (1,090) |
Accounts payable and other liabilities | (11,064) | 13,146 | 7,203 |
Advance deposits and deferred revenue | 8,512 | 3,319 | (13,090) |
Accrued interest | 1,832 | 1,597 | 12,904 |
Net cash flow provided by operating activities | 315,142 | 256,519 | 42,961 |
Cash flows from investing activities | |||
Acquisition of hotel properties, net | 0 | (59,308) | (174,675) |
Proceeds from sales of hotel properties, net | 0 | 48,075 | 198,642 |
Purchase deposit | (2,400) | 0 | 0 |
Improvements and additions to hotel properties and other assets | (132,349) | (124,282) | (48,263) |
Contributions to unconsolidated joint ventures | 0 | 0 | (331) |
Net cash flow used in investing activities | (134,749) | (135,515) | (24,627) |
Cash flows from financing activities | |||
Repayments of Revolver | 0 | (200,000) | (200,000) |
Borrowings on Term Loans | 320,000 | 5,000 | 0 |
Repayments of Term Loans | (318,662) | 0 | (356,338) |
Proceeds from issuance of senior notes | 0 | 0 | 1,000,000 |
Redemption of $475.0 million senior notes due 2025 (including a $9.5 million redemption premium) | 0 | 0 | (484,402) |
Scheduled mortgage loan principal payments | 0 | 0 | (1,486) |
Repayments of mortgage loans (including $7.0 million in prepayment premiums) | 0 | 0 | (149,183) |
Repurchase of common shares under share repurchase programs | (75,976) | (57,639) | 0 |
Repurchase of common shares to satisfy employee tax withholding requirements | (4,398) | (3,598) | (2,543) |
Distributions on preferred shares | (25,115) | (25,115) | (25,115) |
Distributions on common shares | (49,194) | (13,288) | (6,701) |
Distributions on and redemption of Operating Partnership units | (225) | (54) | (18) |
Payments of deferred financing costs | (7,882) | (1,333) | (14,770) |
Contributions from consolidated joint venture partners | 0 | 154 | 1,301 |
Distributions to consolidated joint venture partners | 0 | 2,614 | 0 |
Net cash flow used in financing activities | (161,452) | (298,487) | (239,255) |
Net change in cash, cash equivalents, and restricted cash reserves | 18,941 | (177,483) | (220,921) |
Cash, cash equivalents, and restricted cash reserves, beginning of year | 536,386 | 713,869 | 934,790 |
Cash, cash equivalents, and restricted cash reserves, end of year | $ (555,327) | $ (536,386) | $ (713,869) |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Redemption of senior notes | $ 484,402 |
Prepayment premiums of mortgage loans | 149,183 |
Mortgage Loan Prepayment Premium | |
Prepayment premiums of mortgage loans | 7,000 |
Senior Notes Due 2025 | |
Redemption of senior notes | 475,000 |
Senior Notes Due 2025 Redemption Premium | |
Redemption of senior notes | $ 9,500 |
General
General | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | General Organization 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 owns primarily premium-branded, rooms-oriented, high-margin, focused-service and compact full-service hotels located within heart of demand locations. 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, 2023, there were 156,069,660 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, 2023 | |
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 future capital expenditures (including the periodic replacement or refurbishment 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, 2023, 2022 and 2021, approximately $6.1 million, $6.0 million and $5.9 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 (loss) gain 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, 2023 and 2022, 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, 2023 and 2022, 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 (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 and unvested performance units 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 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 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 absolute and 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. The Company elected to apply certain of the optional expedients for contract modifications to its financial instruments impacted by the discontinuance of LIBOR. The Company has completed its modifications to these financial instruments affected by reference rate reform. The application of this guidance did not have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items, as well as interim disclosures of a reportable segment’s profit or loss and assets. The ASU also applies to entities with a single reportable segment. The guidance is effective for the Company beginning October 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendment |
Investment in Hotel Properties
Investment in Hotel Properties | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Land and improvements $ 998,417 $ 992,609 Buildings and improvements 4,117,210 4,040,505 Furniture, fixtures and equipment 798,410 745,978 5,914,037 5,779,092 Accumulated depreciation (1,777,821) (1,598,764) Investment in hotel properties, net $ 4,136,216 $ 4,180,328 For the years ended December 31, 2023, 2022 and 2021, the Company recognized depreciation expense related to its investment in hotel properties of approximately $179.1 million, $184.4 million and $187.2 million, respectively. Impairments During 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 (a Level 2 measurement in the fair value hierarchy) for the sale which closed in 2021. During 2021, the Company evaluated the recoverability of the carrying amounts 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 (a Level 2 measurement in the fair value hierarchy) for the sales which closed in 2021. There were no impairment losses recorded during either of the years ended December 31, 2023 or 2022. |
Acquisition of Hotel Properties
Acquisition of Hotel Properties | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition of Hotel Properties | Acquisition of Hotel Properties During the year ended December 31, 2022, the Company acquired a 100% interest in the following property: Property (1) Location Acquisition Date Management Company (1) Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000 (1) During the year ended December 31, 2023, the Company converted this hotel to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton. 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, 2023 | |
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 and 2021, the Company recorded a net gain of $1.0 million and a net loss of $2.4 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, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The Company recognized revenue from the following geographic markets (in thousands): For the year ended December 31, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 140,866 $ 14,013 $ 8,014 $ 162,893 Southern California 128,273 16,216 14,009 158,498 South Florida 113,579 19,641 10,046 143,266 New York City 67,886 9,235 3,562 80,683 Chicago 57,863 9,629 3,189 70,681 Washington, DC 57,731 1,409 2,402 61,542 Louisville 37,329 16,190 3,643 57,162 Boston 49,010 4,202 1,482 54,694 Houston 43,134 3,148 4,496 50,778 Charleston 36,851 8,581 4,077 49,509 Other 362,506 39,361 34,004 435,871 Total $ 1,095,028 $ 141,625 $ 88,924 $ 1,325,577 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 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 and 2022, 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 10, 2027 and either a one-year extension option or up to two six-month extension options if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"); • $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"); and • $225.0 million term loan with a scheduled maturity date of May 10, 2026 and two one-year extension options if certain conditions are satisfied (the "$225 Million Term Loan Maturing 2026"). The $400 Million Term Loan Maturing 2025, the $200 Million Term Loan Maturing 2026, and the $225 Million Term Loan Maturing 2026 are collectively referred to as 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 ratio, maximum unencumbered leverage ratio and minimum unencumbered debt service 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 (i) the Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of ten basis points ("Adjusted SOFR") and a margin ranging from 1.35% to 2.20% or (ii) a base rate plus a margin ranging from 0.35% to 1.20%. In all cases, the actual margin used is determined based 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. In May 2023, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to May 10, 2027, which may be extended by the exercise of either a one-year extension option or up to two six-month extension options, subject to the satisfaction of certain conditions. The borrowings under the Revolver bear interest at a variable rate equal to (i) Adjusted SOFR plus a margin ranging from 1.40% to 1.95% or (ii) a base rate plus a margin ranging from 0.40% to 0.95%. In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026, the proceeds of which were used to fully repay the outstanding principal balance of a $151.7 million term loan with a scheduled maturity date of January 25, 2024 (the "$400 Million Term Loan Maturing 2024") and a $73.0 million term loan with a scheduled maturity date of January 25, 2024 (the "$225 Million Term Loan Maturing 2024"). The $225 Million Term Loan Maturing 2026 matures on May 10, 2026, with two one-year extension options to May 2027 and May 2028, respectively. Borrowings under the $225 Million Term Loan Maturing 2026 bear interest at a variable rate equal to (i) Adjusted SOFR plus a margin ranging from 1.45% to 2.20% or (ii) a base rate plus a margin ranging from 0.45% to 1.20%. In May 2023, the Company also amended the $400 Million Term Loan Maturing 2025 to replace LIBOR with Adjusted SOFR as the benchmark rate used to determine the applicable interest rate. In addition, during the May 2023 amendments, all of the Company's unsecured credit agreements were amended to, among other things, (i) modify the calculation of certain financial covenants, including increasing the leverage ratio limit to 7.25x, (ii) modify the calculation of the unencumbered leverage ratio, (iii) remove the requirement to provide equity pledges if a certain leverage ratio is exceeded and (iv) reduce the interest floor to zero. The Company paid approximately $7.5 million in lender fees and legal costs related to the refinancing. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2023 (1) Maturity Date December 31, 2023 December 31, 2022 Revolver (2) —% May 2027 $ — $ — $400 Million Term Loan Maturing 2023 (3) —% — — 52,261 $400 Million Term Loan Maturing 2024 (4) —% — — 151,683 $225 Million Term Loan Maturing 2023 (3) —% — — 41,745 $225 Million Term Loan Maturing 2024 (4) —% — — 72,973 $400 Million Term Loan Maturing 2025 3.44% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (5) 4.88% January 2026 (6) 200,000 105,000 $225 Million Term Loan Maturing 2026 3.03% May 2026 (6) 225,000 — 825,000 823,662 Deferred financing costs, net (7) (3,557) (3,126) Total Revolver and Term Loans, net $ 821,443 $ 820,536 (1) Interest rate at December 31, 2023 gives effect to interest rate hedges. (2) There was $600.0 million of capacity on the Revolver at both December 31, 2023 and 2022. 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 or up to two six-month periods ending May 2028 if certain conditions are satisfied. (3) In January 2023, the Company received the remaining $95.0 million in proceeds on the $200 Million Term Loan Maturing 2026 and utilized these proceeds to pay off these Term Loans. (4) In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026 and utilized the proceeds to pay off these Term Loans. (5) In January 2023, the Company received the remaining $95.0 million in proceeds on this Term Loan. (6) 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. (7) Excludes $5.6 million and $1.7 million as of December 31, 2023 and 2022, 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) <= 7.25x 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. 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, 2023 Maturity Date December 31, 2023 December 31, 2022 Mortgage loan (1) 7 5.94% (3) April 2024 $ 200,000 $ 200,000 Mortgage loan (1) 3 5.10% (3) April 2024 (4) 96,000 96,000 Mortgage loan (1) 4 5.67% (3) April 2024 (4) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 26,833 27,193 15 407,833 408,193 Deferred financing costs, net (170) (481) Total mortgage loans, net $ 407,663 $ 407,712 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $1.8 million and $2.2 million at December 31, 2023 and 2022, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity. (3) Interest rate at December 31, 2023 gives effect to interest rate hedges. (4) This mortgage loan provides two one-year extension options, subject to certain conditions. In December 2023, the Company sent a one-year extension notice on this mortgage loan. The extension notice is subject to leverage and debt service coverage ratio ("DSCR") tests and is currently under review by the lender. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or DSCR. Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At December 31, 2023, all mortgage loans exceeded the minimum debt yield or DSCR thresholds. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2023 2022 2021 Senior Notes $ 38,764 $ 38,820 $ 34,079 Revolver and Term Loans 31,000 34,126 54,733 Mortgage loans 21,014 13,563 13,306 Amortization of deferred financing costs 6,100 5,967 5,884 Non-cash interest expense related to interest rate 1,929 679 (1,636) Total interest expense $ 98,807 $ 93,155 $ 106,366 Future Minimum Principal Payments As of December 31, 2023, excluding extension options, the future minimum principal payments were as follows (in thousands): 2024 $ 381,000 2025 400,000 2026 925,000 2027 — 2028 — Thereafter 525,000 Total (1) $ 2,231,000 (1)" id="sjs-B4">Debt The Company's debt consisted of the following (in thousands): December 31, 2023 December 31, 2022 Senior Notes, net $ 991,672 $ 989,307 Revolver — — Term Loans, net 821,443 820,536 Mortgage loans, net 407,663 407,712 Debt, net $ 2,220,778 $ 2,217,555 Senior Notes The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands): Carrying Value at Interest Rate at December 31, 2023 Maturity Date December 31, 2023 December 31, 2022 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 (8,328) (10,693) Total senior notes, net $ 991,672 $ 989,307 (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 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. 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. The indentures governing the Senior Notes 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, 2023 and 2022, 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 10, 2027 and either a one-year extension option or up to two six-month extension options if certain conditions are satisfied (the "Revolver"); • $400.0 million term loan with a scheduled maturity date of May 18, 2025 (the "$400 Million Term Loan Maturing 2025"); • $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"); and • $225.0 million term loan with a scheduled maturity date of May 10, 2026 and two one-year extension options if certain conditions are satisfied (the "$225 Million Term Loan Maturing 2026"). The $400 Million Term Loan Maturing 2025, the $200 Million Term Loan Maturing 2026, and the $225 Million Term Loan Maturing 2026 are collectively referred to as 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 ratio, maximum unencumbered leverage ratio and minimum unencumbered debt service 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 (i) the Secured Overnight Financing Rate ("SOFR") plus a credit spread adjustment of ten basis points ("Adjusted SOFR") and a margin ranging from 1.35% to 2.20% or (ii) a base rate plus a margin ranging from 0.35% to 1.20%. In all cases, the actual margin used is determined based 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. In May 2023, the Company amended its Revolver. The amendment extends the maturity date of the Revolver to May 10, 2027, which may be extended by the exercise of either a one-year extension option or up to two six-month extension options, subject to the satisfaction of certain conditions. The borrowings under the Revolver bear interest at a variable rate equal to (i) Adjusted SOFR plus a margin ranging from 1.40% to 1.95% or (ii) a base rate plus a margin ranging from 0.40% to 0.95%. In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026, the proceeds of which were used to fully repay the outstanding principal balance of a $151.7 million term loan with a scheduled maturity date of January 25, 2024 (the "$400 Million Term Loan Maturing 2024") and a $73.0 million term loan with a scheduled maturity date of January 25, 2024 (the "$225 Million Term Loan Maturing 2024"). The $225 Million Term Loan Maturing 2026 matures on May 10, 2026, with two one-year extension options to May 2027 and May 2028, respectively. Borrowings under the $225 Million Term Loan Maturing 2026 bear interest at a variable rate equal to (i) Adjusted SOFR plus a margin ranging from 1.45% to 2.20% or (ii) a base rate plus a margin ranging from 0.45% to 1.20%. In May 2023, the Company also amended the $400 Million Term Loan Maturing 2025 to replace LIBOR with Adjusted SOFR as the benchmark rate used to determine the applicable interest rate. In addition, during the May 2023 amendments, all of the Company's unsecured credit agreements were amended to, among other things, (i) modify the calculation of certain financial covenants, including increasing the leverage ratio limit to 7.25x, (ii) modify the calculation of the unencumbered leverage ratio, (iii) remove the requirement to provide equity pledges if a certain leverage ratio is exceeded and (iv) reduce the interest floor to zero. The Company paid approximately $7.5 million in lender fees and legal costs related to the refinancing. The Company's unsecured credit agreements consisted of the following (in thousands): Carrying Value at Interest Rate at December 31, 2023 (1) Maturity Date December 31, 2023 December 31, 2022 Revolver (2) —% May 2027 $ — $ — $400 Million Term Loan Maturing 2023 (3) —% — — 52,261 $400 Million Term Loan Maturing 2024 (4) —% — — 151,683 $225 Million Term Loan Maturing 2023 (3) —% — — 41,745 $225 Million Term Loan Maturing 2024 (4) —% — — 72,973 $400 Million Term Loan Maturing 2025 3.44% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (5) 4.88% January 2026 (6) 200,000 105,000 $225 Million Term Loan Maturing 2026 3.03% May 2026 (6) 225,000 — 825,000 823,662 Deferred financing costs, net (7) (3,557) (3,126) Total Revolver and Term Loans, net $ 821,443 $ 820,536 (1) Interest rate at December 31, 2023 gives effect to interest rate hedges. (2) There was $600.0 million of capacity on the Revolver at both December 31, 2023 and 2022. 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 or up to two six-month periods ending May 2028 if certain conditions are satisfied. (3) In January 2023, the Company received the remaining $95.0 million in proceeds on the $200 Million Term Loan Maturing 2026 and utilized these proceeds to pay off these Term Loans. (4) In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026 and utilized the proceeds to pay off these Term Loans. (5) In January 2023, the Company received the remaining $95.0 million in proceeds on this Term Loan. (6) 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. (7) Excludes $5.6 million and $1.7 million as of December 31, 2023 and 2022, 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) <= 7.25x 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. 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, 2023 Maturity Date December 31, 2023 December 31, 2022 Mortgage loan (1) 7 5.94% (3) April 2024 $ 200,000 $ 200,000 Mortgage loan (1) 3 5.10% (3) April 2024 (4) 96,000 96,000 Mortgage loan (1) 4 5.67% (3) April 2024 (4) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 26,833 27,193 15 407,833 408,193 Deferred financing costs, net (170) (481) Total mortgage loans, net $ 407,663 $ 407,712 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $1.8 million and $2.2 million at December 31, 2023 and 2022, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity. (3) Interest rate at December 31, 2023 gives effect to interest rate hedges. (4) This mortgage loan provides two one-year extension options, subject to certain conditions. In December 2023, the Company sent a one-year extension notice on this mortgage loan. The extension notice is subject to leverage and debt service coverage ratio ("DSCR") tests and is currently under review by the lender. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or DSCR. Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. At December 31, 2023, all mortgage loans exceeded the minimum debt yield or DSCR thresholds. Interest Expense The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2023 2022 2021 Senior Notes $ 38,764 $ 38,820 $ 34,079 Revolver and Term Loans 31,000 34,126 54,733 Mortgage loans 21,014 13,563 13,306 Amortization of deferred financing costs 6,100 5,967 5,884 Non-cash interest expense related to interest rate 1,929 679 (1,636) Total interest expense $ 98,807 $ 93,155 $ 106,366 Future Minimum Principal Payments As of December 31, 2023, excluding extension options, the future minimum principal payments were as follows (in thousands): 2024 $ 381,000 2025 400,000 2026 925,000 2027 — 2028 — Thereafter 525,000 Total (1) $ 2,231,000 (1) |
Derivatives and Hedging
Derivatives and Hedging | 12 Months Ended |
Dec. 31, 2023 | |
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 Swap rate Effective Date Maturity Date December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Swap-cash flow-LIBOR 2.29% March 2019 December 2022 — 200,000 — — Swap-cash flow-LIBOR 2.29% March 2019 December 2022 — 125,000 — — Swap-cash flow-Term SOFR 2.64% November 2020 November 2023 — 100,000 — 1,935 Swap-cash flow-Daily SOFR (1) 2.44% January 2021 December 2023 75,000 75,000 — 1,852 Swap-cash flow-Daily SOFR (1) 2.31% January 2021 December 2023 75,000 75,000 — 1,948 Swap-cash flow-Daily SOFR (1) 1.08% April 2021 April 2024 50,000 50,000 827 2,464 Swap-cash flow-Daily SOFR (1) 1.13% April 2021 April 2024 50,000 50,000 819 2,436 Swap-cash flow-Daily SOFR (1) 1.08% April 2021 April 2024 50,000 50,000 829 2,470 Swap-cash flow-Daily SOFR (1) 0.97% April 2021 April 2024 50,000 50,000 849 2,504 Swap-cash flow-Daily SOFR (1) 0.85% April 2021 April 2024 25,000 25,000 436 1,293 Swap-cash flow-Daily SOFR (1) 0.88% April 2021 April 2024 25,000 25,000 434 1,304 Swap-cash flow-Daily SOFR (1)(2) 0.86% April 2021 April 2024 25,000 25,000 436 1,310 Swap-cash flow-Daily SOFR (1)(2) 0.83% April 2021 April 2024 25,000 25,000 439 1,321 Swap-cash flow-Term SOFR 4.37% April 2023 April 2024 200,000 — 673 — Swap-cash flow-Daily SOFR (1)(2) 0.77% June 2020 December 2024 50,000 50,000 2,011 3,538 Swap-cash flow-Daily SOFR (1)(2) 0.63% June 2020 December 2024 50,000 50,000 2,081 3,636 Swap-cash flow-Daily SOFR (1) 1.16% September 2021 September 2025 150,000 150,000 7,969 11,636 Swap-cash flow-Daily SOFR (1)(2) 0.56% July 2021 January 2026 50,000 50,000 3,556 5,041 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 — 1,769 — Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 — 1,103 — Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 — 1,188 — Swap-cash flow-Daily SOFR 3.70% July 2024 July 2027 25,000 — (254) — Swap-cash flow-Daily SOFR 3.45% July 2024 July 2027 25,000 — (77) — Swap-cash flow-Daily SOFR 3.71% July 2024 July 2027 25,000 — (259) — $ 1,275,000 $ 1,175,000 $ 24,829 $ 44,688 (1) The Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR during the year ended December 31, 2023. (2) 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 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. As of December 31, 2023 and 2022, the aggregate fair value of the interest rate swap assets of $25.4 million and $44.7 million, respectively, was included in prepaid expense and other assets in the accompanying consolidated balance sheets. As of December 31, 2023, the aggregate fair value of the interest rate swap liabilities of $0.6 million was included in accounts payable and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2023 and 2022, there was approximately $22.7 million and $40.6 million, respectively, of unrealized gains included in accumulated other comprehensive income related to interest rate swaps. There was no ineffectiveness recorded during the years ended December 31, 2023 and 2022. For the year ended December 31, 2023, approximately $29.8 million of gains included in accumulated other comprehensive income were reclassified into interest expense interest expense |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2023 | |
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, which are Level 1 inputs 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 by 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, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 991,672 $ 928,750 $ 989,307 $ 853,895 Revolver and Term Loans, net 821,443 817,960 820,536 812,604 Mortgage loans, net 407,663 394,458 407,712 388,839 Debt, net $ 2,220,778 $ 2,141,168 $ 2,217,555 $ 2,055,338 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, 2023 (in thousands): Fair Value at December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 25,419 $ — $ 25,419 Interest rate swap liability $ — $ (590) $ — $ (590) Total $ — $ 24,829 $ — $ 24,829 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 Total $ — $ 44,688 $ — $ 44,688 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, 2023, 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, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating Leases As of December 31, 2023, 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 $16.7 million for the year ended December 31, 2023, which consisted of $11.9 million of fixed lease expense and $4.8 million of variable lease expense. 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 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 Term Expiration (1) 2023 2022 2021 Wyndham Boston Beacon Hill (2) 2028 $ 929 $ 803 $ 556 Wyndham San Diego Bayside 2029 5,315 5,009 4,042 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2057 815 1,005 666 Residence Inn Palo Alto Los Altos (3) 2033 86 86 86 Wyndham Pittsburgh University Center 2083 726 726 726 Marriott Louisville Downtown 2153 (4) — — — Embassy Suites San Francisco Airport Waterfront 2059 1,850 1,646 1,239 Wyndham New Orleans French Quarter 2065 487 487 487 Courtyard Charleston Historic District 2096 1,052 1,044 1,019 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 1,025 922 555 Courtyard Waikiki Beach 2112 4,121 3,922 3,742 Moxy Denver Cherry Creek 2115 272 258 5 $ 16,678 $ 15,908 $ 13,123 (1) Assumes the exercise of any remaining extension options. (2) In January 2024, the Company acquired a fee simple interest in this hotel property for approximately $125.0 million. (3) The ground lease underlying a portion of this hotel property is part of a municipal utility district’s water pipeline right-of-way. (4) The lease may be extended for 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, 2023 2024 $ 10,427 2025 10,443 2026 11,091 2027 11,598 2028 11,094 Thereafter 538,093 Total future lease payments 592,746 Imputed interest (470,158) Lease liabilities $ 122,588 The following table presents certain information related to the Company's operating leases as of December 31, 2023: Weighted average remaining lease term 62 years Weighted average discount rate 7.29 % Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures, real estate taxes, insurance, and debt obligations where lenders hold restricted cash due to cash trap events. 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 for future capital expenditures (including the periodic replacement or refurbishment of FF&E). 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, 2023 and 2022, approximately $38.7 million and $28.2 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes, and insurance. As of December 31, 2022, there was also approximately $26.9 million of restricted cash held by a lender due to a cash trap event, and during the first quarter of 2023, all of the restrictions on this cash were removed. 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, 2023, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three Management Company Number of 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 21 HEI Hotels and Resorts 2 Hersha Hospitality Management 7 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (1) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 5 White Lodging Services 4 96 (1) InnVentures is a subsidiary of Highgate Hotels. Each management company receives a base management fee between 1.5% and 3.5% of hotel revenues. Management agreements that include the benefits of a franchise agreement incur a base management fee between 1.75% 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, 2023, 2022 and 2021, the Company incurred management fee expense of approximately $41.7 million, $34.7 million and $10.1 million, respectively. Franchise Agreements As of December 31, 2023, 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, 2023, 2022 and 2021, the Company incurred franchise fee expense of approximately $65.7 million, $60.9 million and $43.2 million, respectively. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
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 28, 2023, 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, 2023 to May 8, 2024 (the "2023 Share Repurchase Program"). During the year ended December 31, 2023, the Company repurchased and retired 7,463,632 common shares for approximately $76.0 million, of which $39.9 million was repurchased under a share repurchase program authorized by the Company’s board of trustees in 2022, which expired May 8, 2023, and $36.1 million was repurchased under the 2023 Share Repurchase Program. Subsequent to December 31, 2023, the Company repurchased and retired 105,511 common shares for approximately $1.3 million. As of February 27, 2024, the 2023 Share Repurchase Program had a remaining capacity of $212.7 million. During the year ended December 31, 2022, the Company repurchased and retired 4,907,094 common shares for approximately $57.6 million. The Company did not repurchase any common shares under a share repurchase program during the year ended December 31, 2021. During the years ended December 31, 2023, 2022, and 2021, the Company declared a cash dividend of $0.36, $0.12, and $0.04, respectively, on each 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, 2023, 2022 and 2021, 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, 2023, the Operating Partnership had 156,069,660 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, 2023, 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, 2023 | |
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: 2023 2022 2021 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,267,870 $ 15.32 2,380,283 $ 15.43 1,252,228 $ 15.17 Granted 991,453 10.84 569,600 15.10 1,739,327 15.92 Vested (928,192) 15.07 (647,426) 15.65 (513,342) 16.51 Forfeited (25,828) 13.13 (34,587) 13.15 (97,930) 15.22 Unvested at December 31, 2,305,303 $ 13.52 2,267,870 $ 15.32 2,380,283 $ 15.43 For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $15.4 million, $14.4 million and $11.9 million, respectively, of share-based compensation expense related to restricted share awards. As of December 31, 2023, there was $13.4 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 1.4 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, 2023, 2022 and 2021 was approximately $9.9 million, $9.0 million and $7.8 million, respectively. Performance Units The Company aligns its executive officers with its long-term investors by awarding a significant percentage of their equity compensation in the form of multi-year performance unit awards that use both absolute and relative Total Shareholder Return as the primary metrics. The performance units granted prior to 2021 vest over a four year period, including three years of performance-based vesting (the “performance units measurement period”) plus an additional one year of time-based vesting. 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, 2022 and 2023 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, 2022 and 2023, 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 2020 (1) 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% February 2023 574,846 $16.90 0% to 200% 4.33% 66.70% (1) In February 2023, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 200,000 restricted shares. Half of the restricted shares vested immediately with the remaining half vesting in February 2024. As of December 31, 2023, there were approximately 100,000 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, 2023 was approximately $1.1 million. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $8.9 million, $7.3 million and $5.2 million, respectively, of share-based compensation expense related to the performance unit awards. As of December 31, 2023, there was $10.7 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, 2023 | |
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 and unvested performance units 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, 2023, 2022 and 2021, since the limited partners’ share of income or loss would also be added back to net income (loss) 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, 2023 2022 2021 Numerator: Net income (loss) attributable to RLJ $ 76,405 $ 41,925 $ (305,168) Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (882) (284) (85) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 50,408 $ 16,526 $ (330,368) Denominator: Weighted-average number of common shares - basic 155,928,663 161,947,807 163,998,390 Unvested restricted shares 538,023 345,058 — Unvested performance units 89,728 — — Weighted-average number of common shares - diluted 156,556,414 162,292,865 163,998,390 Net income (loss) per share attributable to common shareholders - basic $ 0.32 $ 0.10 $ (2.01) Net income (loss) per share attributable to common shareholders - diluted $ 0.32 $ 0.10 $ (2.01) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Current: Federal $ (200) $ (162) $ — State (1,061) (1,374) (1,228) Deferred: Federal 4 15 30 State 1 3 10 Income tax expense $ (1,256) $ (1,518) $ (1,188) 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, 2023 2022 2021 Expected U.S. federal tax (expense) benefit at statutory rate $ (16,353) $ (9,184) $ 65,079 Tax impact of REIT election 15,443 (1,659) (60,856) Expected tax (expense) benefit at TRS (910) (10,843) 4,223 Change in valuation allowance (120) 11,945 (6,489) State income tax expense, net of federal benefit (1,006) (2,861) (650) Other items 780 241 1,728 Income tax expense $ (1,256) $ (1,518) $ (1,188) 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, 2023 December 31, 2022 Deferred tax liabilities: Partnership basis $ (2,315) $ (3,463) Prepaid expenses (813) (675) Deferred tax liabilities $ (3,128) $ (4,138) Deferred tax assets: Property and equipment $ 6,940 $ 5,936 Incentive and vacation accrual 3,719 3,866 Deferred revenue - key money 1,767 1,387 Allowance for doubtful accounts 70 78 Other 892 2,034 Net operating loss carryforwards 64,275 65,246 Federal historic tax credit 824 824 Valuation allowance (75,336) (75,215) Deferred tax assets $ 3,151 $ 4,156 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, 2023, the Company determined it was more likely than not that the deferred tax assets related to the net operating loss ("NOL") carryforwards of RLJ Lodging Trust Master TRS, Inc., the Company's 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, 2023 and 2022, the Company had a valuation allowance of approximately $75.3 million and $75.2 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 2023 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, 2023, the Company is no longer subject to U.S. federal or state and local tax examinations by tax authorities for the tax years of 2019 and before. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The 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, 2023 | |
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, 2023 2022 2021 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 516,675 $ 481,316 $ 665,341 Restricted cash reserves 38,652 55,070 48,528 Cash, cash equivalents, and restricted cash reserves $ 555,327 $ 536,386 $ 713,869 Interest paid $ 89,827 $ 87,180 $ 92,729 Income taxes paid $ 2,538 $ 1,255 $ 477 Operating cash flow lease payments for operating leases $ 16,899 $ 15,742 $ 12,371 Right-of-use asset obtained in exchange for lease obligation $ 5,016 $ — $ — Right-of-use asset and liability adjustment due to remeasurement $ — $ (2,473) $ — Supplemental investing and financing transactions In connection 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 connection with the sales of hotel properties, the Company recorded the following: Sales price $ — $ 49,900 $ 208,507 Transaction costs — (834) (8,118) Operating prorations — (991) (1,747) Proceeds from sales of hotel properties, net $ — $ 48,075 $ 198,642 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ (17,929) $ 63,570 $ 41,279 Accrued capital expenditures $ 22,144 $ 17,645 $ 10,049 Distributions payable $ 22,500 $ 14,622 $ 8,347 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In January 2024, the Company acquired a fee simple interest in its Wyndham Boston Beacon Hill hotel property for approximately $125.0 million. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Schedule III - Real Estate and Accumulated Depreciation December 31, 2023 (amounts in thousands) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2023 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Marriott Denver South Park Meadows $ — $ 5,385 $ 39,488 $ 4,414 $ 5,383 $ 43,904 $ 49,287 $ 19,493 2006 15 - 40 years Marriott Louisville Downtown — — 89,541 25,286 92 114,735 114,827 47,296 2006 15 - 40 years Marriott Chicago Midway — 4,464 32,736 3,458 4,496 36,162 40,658 15,801 2006 15 - 40 years Renaissance Boulder Flatiron Hotel — 4,440 32,557 9,915 4,790 42,122 46,912 16,051 2006 15 - 40 years Renaissance Fort Lauderdale West Hotel — 4,842 35,517 9,049 4,886 44,522 49,408 17,729 2006 15 - 40 years Courtyard Chicago Downtown Magnificent Mile 31,000 8,140 59,696 10,053 8,148 69,741 77,889 30,116 2006 15 - 40 years Courtyard Indianapolis The Capitol — 2,482 18,207 4,259 2,641 22,307 24,948 9,183 2006 15 - 40 years Courtyard Midway Airport — 2,172 15,927 2,897 2,211 18,785 20,996 8,980 2006 15 - 40 years Courtyard Austin Downtown Convention Center — 6,049 44,361 5,852 6,049 50,213 56,262 19,609 2007 15 - 40 years Residence Inn Houston By The Galleria — 2,665 19,549 3,344 2,686 22,872 25,558 10,406 2006 15 - 40 years Residence Inn Indianapolis Downtown On The Canal — 2,670 19,588 5,224 2,670 24,812 27,482 10,021 2006 15 - 40 years Residence Inn Merrillville — 595 4,372 1,431 622 5,776 6,398 2,566 2006 15 - 40 years Residence Inn Louisville Downtown — 1,815 13,308 3,367 1,822 16,668 18,490 6,442 2007 15 - 40 years Residence Inn Austin Downtown Convention Center — 3,767 27,626 4,706 3,804 32,295 36,099 12,285 2007 15 - 40 years Fairfield Inn & Suites Denver Cherry Creek — 1,203 8,823 2,020 1,207 10,839 12,046 4,758 2006 15 - 40 years Fairfield Inn & Suites Key West — 1,803 19,325 3,960 1,876 23,212 25,088 10,453 2006 15 - 40 years Fairfield Inn & Suites Chicago Midway Airport — 1,425 10,449 2,069 1,447 12,496 13,943 5,646 2006 15 - 40 years Hampton Inn Chicago Midway Airport — 2,747 20,143 3,104 2,793 23,201 25,994 10,432 2006 15 - 40 years Hilton Garden Inn Chicago Midway Airport — 2,978 21,842 1,744 3,006 23,558 26,564 10,461 2006 15 - 40 years Sleep Inn Midway Airport — 1,189 8,718 1,896 1,225 10,578 11,803 5,064 2006 15 - 40 years Holiday Inn Express & Suites Midway Airport — 1,874 13,742 3,219 1,925 16,910 18,835 7,289 2006 15 - 40 years TGI Friday's Chicago Midway — 829 6,139 1,081 860 7,189 8,049 3,071 2006 15 - 40 years Hampton Inn Garden City — 5,691 22,764 3,948 5,742 26,661 32,403 10,530 2007 15 - 40 years Courtyard Houston By The Galleria 19,000 3,069 22,508 2,561 3,069 25,069 28,138 10,128 2007 15 - 40 years Embassy Suites Los Angeles Downey 31,000 4,857 29,943 12,141 5,036 41,905 46,941 16,402 2008 15 - 40 years Embassy Suites Tampa Downtown Convention Center — 2,161 71,017 15,656 2,444 86,390 88,834 29,475 2010 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2023 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 7,824 16,447 29,856 46,303 12,091 2010 15 - 40 years Embassy Suites Fort Myers Estero — 2,816 7,862 2,654 2,968 10,364 13,332 4,213 2010 15 - 40 years Homewood Suites Washington DC Downtown — 23,139 34,188 6,506 23,758 40,075 63,833 14,024 2010 15 - 40 years Hotel Tonnelle New Orleans, a Tribute Portfolio Hotel — 1,901 2,793 16,165 2,155 18,704 20,859 9,940 2010 15 - 40 years Residence Inn National Harbor Washington DC — 7,457 37,046 2,148 7,480 39,171 46,651 13,384 2010 15 - 40 years Hilton Garden Inn New Orleans Convention Center — 3,405 20,750 9,612 3,509 30,258 33,767 11,452 2010 15 - 40 years Hilton Garden Inn Los Angeles Hollywood — 5,303 19,136 10,933 5,699 29,673 35,372 12,059 2010 15 - 40 years Renaissance Pittsburgh Hotel 34,000 3,274 39,934 11,484 3,397 51,295 54,692 17,675 2011 15 - 40 years Courtyard Atlanta Buckhead — 2,860 21,668 4,217 2,875 25,870 28,745 9,248 2011 15 - 40 years Embassy Suites West Palm Beach Central — 3,656 9,614 10,036 3,914 19,392 23,306 8,441 2011 15 - 40 years Hilton Garden Inn Pittsburgh University Place — 1,975 18,490 9,440 2,382 27,523 29,905 12,045 2011 15 - 40 years Courtyard Charleston Historic District — 2,714 35,828 4,747 3,564 39,725 43,289 12,787 2011 15 - 40 years Residence Inn Bethesda Downtown — 8,154 52,749 8,529 8,761 60,671 69,432 18,954 2012 15 - 40 years Courtyard New York Manhattan Upper East Side — 20,655 60,222 9,020 21,282 68,615 89,897 21,668 2012 15 - 40 years Hilton Garden Inn San Francisco Oakland Bay Bridge — 11,903 22,757 17,725 12,242 40,143 52,385 11,210 2012 15 - 40 years Embassy Suites Boston Waltham — 6,268 56,024 5,358 6,402 61,248 67,650 18,782 2012 15 - 40 years Courtyard Houston Downtown Convention Center — 5,799 28,953 6,009 6,099 34,662 40,761 10,232 2013 15 - 40 years Residence Inn Houston Downtown Convention Center — 4,674 24,913 5,074 4,875 29,786 34,661 8,820 2013 15 - 40 years SpringHill Suites Houston Downtown Convention Center — 2,382 12,756 12,410 2,570 24,978 27,548 10,285 2013 15 - 40 years Courtyard Waikiki Beach — 557 79,033 14,395 803 93,182 93,985 27,026 2013 15 - 40 years Courtyard San Francisco — 11,277 18,198 29,082 11,291 47,266 58,557 17,434 2013 15 - 40 years Residence Inn Atlanta Midtown Historic — 2,812 6,044 7,858 2,982 13,732 16,714 4,670 2013 15 - 40 years SpringHill Suites Portland Hillsboro — 3,488 18,283 1,829 3,543 20,057 23,600 5,571 2013 15 - 40 years Hilton Cabana Miami Beach — 25,083 40,707 11,836 25,386 52,240 77,626 12,323 2014 15 - 40 years Hyatt House Charlotte Center City 18,000 3,029 26,193 2,314 3,054 28,482 31,536 7,235 2014 15 - 40 years Hyatt House Cypress Anaheim 16,000 3,995 9,164 3,984 4,354 12,789 17,143 4,660 2014 15 - 40 years Hyatt House Emeryville San Francisco Bay Area 36,000 7,425 29,137 8,020 7,517 37,065 44,582 10,889 2014 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2023 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Hyatt House San Diego Sorrento Mesa — 10,420 21,288 4,254 10,756 25,206 35,962 6,436 2014 15 - 40 years Hyatt House San Jose Silicon Valley — 6,820 31,682 3,256 6,975 34,783 41,758 8,579 2014 15 - 40 years Hyatt House San Ramon — 5,712 11,852 2,980 5,761 14,783 20,544 4,624 2014 15 - 40 years Hyatt House Santa Clara 34,000 8,044 27,703 3,305 8,052 31,000 39,052 8,418 2014 15 - 40 years Hyatt Centric The Woodlands — 5,950 16,882 2,828 5,977 19,683 25,660 4,812 2014 15 - 40 years Hyatt Place Fremont Silicon Valley — 6,209 13,730 1,823 6,297 15,465 21,762 4,437 2014 15 - 40 years Hyatt Place Madison Downtown 13,000 6,701 25,478 1,596 6,709 27,066 33,775 6,651 2014 15 - 40 years Embassy Suites Irvine Orange County — 15,062 33,048 9,264 15,243 42,131 57,374 12,307 2014 15 - 40 years Courtyard Portland City Center — 8,019 53,024 1,670 8,021 54,692 62,713 13,524 2014 15 - 40 years Hyatt Atlanta Midtown — 3,737 41,731 1,757 3,740 43,485 47,225 10,510 2014 15 - 40 years DoubleTree Grand Key Resort — 48,192 27,770 9,468 48,396 37,034 85,430 10,629 2014 15 - 40 years Hyatt Place Washington DC Downtown K Street — 10,763 55,225 2,133 10,763 57,358 68,121 12,475 2015 15 - 40 years Homewood Suites Seattle Lynnwood 19,000 3,933 30,949 416 4,013 31,285 35,298 6,908 2015 15 - 40 years Residence Inn Palo Alto Los Altos — 16,996 45,786 1,215 17,137 46,860 63,997 10,522 2015 15 - 40 years DoubleTree Suites by Hilton Austin — 7,072 50,827 5,086 7,402 55,583 62,985 8,568 2017 15 - 40 years DoubleTree Suites by Hilton Orlando - Lake Buena Vista — 896 44,508 7,605 1,010 51,999 53,009 7,980 2017 15 - 40 years Embassy Suites Atlanta - Buckhead — 31,279 46,015 18,464 31,544 64,214 95,758 10,963 2017 15 - 40 years Embassy Suites Birmingham — 10,495 33,568 1,013 10,512 34,564 45,076 5,832 2017 15 - 40 years Embassy Suites Dallas - Love Field 25,000 6,408 34,694 2,670 6,418 37,354 43,772 6,043 2017 15 - 40 years Embassy Suites Deerfield Beach - Resort & Spa — 7,527 56,128 16,351 7,958 72,048 80,006 10,795 2017 15 - 40 years Embassy Suites Fort Lauderdale 17th Street — 30,933 54,592 5,547 31,320 59,752 91,072 10,262 2017 15 - 40 years Embassy Suites Los Angeles - International Airport South 50,000 13,110 94,733 13,394 14,130 107,107 121,237 16,058 2017 15 - 40 years Embassy Suites Miami - International Airport — 14,765 18,099 8,746 15,107 26,503 41,610 4,530 2017 15 - 40 years Embassy Suites Milpitas Silicon Valley — 43,157 26,399 13,553 43,370 39,739 83,109 8,248 2017 15 - 40 years Embassy Suites Minneapolis - Airport — 7,248 41,202 17,814 9,676 56,588 66,264 12,361 2017 15 - 40 years Embassy Suites Orlando - International Drive South/Convention Center — 4,743 37,687 1,857 5,031 39,256 44,287 6,667 2017 15 - 40 years Embassy Suites Phoenix - Biltmore 21,000 24,680 24,487 9,441 24,784 33,824 58,608 5,377 2017 15 - 40 years Embassy Suites San Francisco Airport - South San Francisco — 39,616 55,163 16,427 39,728 71,478 111,206 12,977 2017 15 - 40 years Embassy Suites San Francisco Airport - Waterfront — 3,698 85,270 4,644 4,331 89,281 93,612 16,092 2017 15 - 40 years Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amount at December 31, 2023 Description Debt Land & Building & Land, Building & Land & Buildings & Total (1) Accumulated Date Depreciation Zachari Dunes on Mandalay Beach, Curio Collection by Hilton — 35,769 53,280 31,339 37,031 83,357 120,388 12,839 2017 15 - 40 years DoubleTree by Hilton Houston Medical Center Hotel & Suites — 7,776 43,475 7,060 7,995 50,316 58,311 7,308 2017 15 - 40 years Mills House Charleston, Curio Collection by Hilton — 9,599 68,932 12,221 10,744 80,008 90,752 12,168 2017 15 - 40 years San Francisco Marriott Union Square — 46,773 107,841 13,395 46,882 121,127 168,009 21,183 2017 15 - 40 years The Knickerbocker New York — 113,613 119,453 4,546 114,987 122,625 237,612 19,438 2017 15 - 40 years The Pierside Santa Monica — 27,054 45,866 15,838 27,354 61,404 88,758 8,469 2017 15 - 40 years Wyndham Boston Beacon Hill — 174 51,934 2,000 178 53,930 54,108 30,418 2017 6 years Wyndham New Orleans - French Quarter — 300 72,686 2,066 300 74,752 75,052 11,966 2017 15 - 40 years Wyndham Philadelphia Historic District — 8,367 51,914 1,263 8,609 52,935 61,544 8,543 2017 15 - 40 years Wyndham Pittsburgh University Center — 154 31,625 1,756 185 33,350 33,535 5,173 2017 15 - 40 years Wyndham San Diego Bayside — 989 29,440 7,234 1,370 36,293 37,663 17,274 2017 7 years AC Hotel Boston Downtown — 26,560 53,354 166 26,560 53,520 80,080 3,174 2021 15 - 40 years Hampton Inn and Suites Atlanta Midtown — 5,990 48,321 33 5,993 48,351 54,344 2,933 2021 15 - 40 years Moxy Denver Cherry Creek 26,833 — 48,725 85 — 48,810 48,810 2,542 2021 15 - 40 years The Bankers Alley Hotel, a Tapestry Collection by Hilton — 19,807 36,223 366 19,829 36,567 56,396 1,366 2022 15 - 40 years $ 407,833 $ 976,637 $ 3,465,182 $ 673,808 $ 998,417 $ 4,117,210 $ 5,115,627 $ 1,105,184 (1) The aggregate cost of real estate for federal income tax purposes was approximately $5.0 billion at December 31, 2023. The change in the total cost of the hotel properties is as follows: 2023 2022 2021 Reconciliation of Land and Buildings and Improvements Balance at beginning of period $ 5,033,114 $ 4,977,563 $ 5,174,309 Add: Acquisitions — 56,030 182,950 Add: Improvements 82,513 68,012 34,511 Less: Sale of hotel properties — (68,491) (269,362) Less: Impairment losses — — (144,845) Balance at end of period $ 5,115,627 $ 5,033,114 $ 4,977,563 The change in the accumulated depreciation of the real estate assets is as follows: 2023 2022 2021 Reconciliation of Accumulated Depreciation Balance at beginning of period $ (975,029) $ (870,741) $ (827,808) Add: Depreciation for the period (130,155) (125,203) (126,759) Less: Sale of hotel properties — 20,915 83,826 Balance at end of period $ (1,105,184) $ (975,029) $ (870,741) |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net income (loss) attributable to RLJ | $ 76,405 | $ 41,925 | $ (305,168) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
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). 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. |
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 future capital expenditures (including the periodic replacement or refurbishment 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 Costs |
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 | 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, 2023 and 2022, 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). |
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 (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 and unvested performance units 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 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 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 absolute and 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. The Company elected to apply certain of the optional expedients for contract modifications to its financial instruments impacted by the discontinuance of LIBOR. The Company has completed its modifications to these financial instruments affected by reference rate reform. The application of this guidance did not have a material impact on the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07, Segment Reporting - Improvements to Reportable Segment Disclosures , which is intended to improve reportable segment disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. It also requires disclosure of the amount and description of the composition of other segment items, as well as interim disclosures of a reportable segment’s profit or loss and assets. The ASU also applies to entities with a single reportable segment. The guidance is effective for the Company beginning October 1, 2024, with early adoption permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements and related disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures , which includes amendments that further enhance income tax disclosures, primarily through standardization and disaggregation of rate reconciliation categories and income taxes paid by jurisdiction. The amendments are effective for the Company beginning January 1, 2025, with early adoption permitted, and should be applied either prospectively or retrospectively. The Company is currently evaluating the ASU to determine its impact on the Company’s consolidated financial statements and related disclosures. |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of investment in hotel properties | Investment in hotel properties consisted of the following (in thousands): December 31, 2023 December 31, 2022 Land and improvements $ 998,417 $ 992,609 Buildings and improvements 4,117,210 4,040,505 Furniture, fixtures and equipment 798,410 745,978 5,914,037 5,779,092 Accumulated depreciation (1,777,821) (1,598,764) Investment in hotel properties, net $ 4,136,216 $ 4,180,328 |
Acquisition of Hotel Properti_2
Acquisition of Hotel Properties (Tables) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 (1) Location Acquisition Date Management Company (1) Rooms Purchase Price (in thousands) 21c Hotel Nashville Nashville, TN July 29, 2022 Accor Hotels 124 $ 59,000 (1) During the year ended December 31, 2023, the Company converted this hotel to The Bankers Alley Hotel, a Tapestry Collection by Hilton, and transitioned management to an affiliate of Hilton. | 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 | 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 (Table
Sale of Hotel Properties (Tables) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 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 (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 Room Revenue Food and Beverage Revenue Other Revenue Total Revenue Northern California $ 140,866 $ 14,013 $ 8,014 $ 162,893 Southern California 128,273 16,216 14,009 158,498 South Florida 113,579 19,641 10,046 143,266 New York City 67,886 9,235 3,562 80,683 Chicago 57,863 9,629 3,189 70,681 Washington, DC 57,731 1,409 2,402 61,542 Louisville 37,329 16,190 3,643 57,162 Boston 49,010 4,202 1,482 54,694 Houston 43,134 3,148 4,496 50,778 Charleston 36,851 8,581 4,077 49,509 Other 362,506 39,361 34,004 435,871 Total $ 1,095,028 $ 141,625 $ 88,924 $ 1,325,577 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 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | The Company's debt consisted of the following (in thousands): December 31, 2023 December 31, 2022 Senior Notes, net $ 991,672 $ 989,307 Revolver — — Term Loans, net 821,443 820,536 Mortgage loans, net 407,663 407,712 Debt, net $ 2,220,778 $ 2,217,555 |
Schedule of Senior Notes | The Company's senior notes (collectively, the "Senior Notes") consisted of the following (dollars in thousands): Carrying Value at Interest Rate at December 31, 2023 Maturity Date December 31, 2023 December 31, 2022 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 (8,328) (10,693) Total senior notes, net $ 991,672 $ 989,307 (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) |
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) <= 7.25x 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, 2023 (1) Maturity Date December 31, 2023 December 31, 2022 Revolver (2) —% May 2027 $ — $ — $400 Million Term Loan Maturing 2023 (3) —% — — 52,261 $400 Million Term Loan Maturing 2024 (4) —% — — 151,683 $225 Million Term Loan Maturing 2023 (3) —% — — 41,745 $225 Million Term Loan Maturing 2024 (4) —% — — 72,973 $400 Million Term Loan Maturing 2025 3.44% May 2025 400,000 400,000 $200 Million Term Loan Maturing 2026 (5) 4.88% January 2026 (6) 200,000 105,000 $225 Million Term Loan Maturing 2026 3.03% May 2026 (6) 225,000 — 825,000 823,662 Deferred financing costs, net (7) (3,557) (3,126) Total Revolver and Term Loans, net $ 821,443 $ 820,536 (1) Interest rate at December 31, 2023 gives effect to interest rate hedges. (2) There was $600.0 million of capacity on the Revolver at both December 31, 2023 and 2022. 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 or up to two six-month periods ending May 2028 if certain conditions are satisfied. (3) In January 2023, the Company received the remaining $95.0 million in proceeds on the $200 Million Term Loan Maturing 2026 and utilized these proceeds to pay off these Term Loans. (4) In May 2023, the Company entered into the $225 Million Term Loan Maturing 2026 and utilized the proceeds to pay off these Term Loans. (5) In January 2023, the Company received the remaining $95.0 million in proceeds on this Term Loan. (6) 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. (7) Excludes $5.6 million and $1.7 million as of December 31, 2023 and 2022, 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, 2023 Maturity Date December 31, 2023 December 31, 2022 Mortgage loan (1) 7 5.94% (3) April 2024 $ 200,000 $ 200,000 Mortgage loan (1) 3 5.10% (3) April 2024 (4) 96,000 96,000 Mortgage loan (1) 4 5.67% (3) April 2024 (4) 85,000 85,000 Mortgage loan (2) 1 5.06% January 2029 26,833 27,193 15 407,833 408,193 Deferred financing costs, net (170) (481) Total mortgage loans, net $ 407,663 $ 407,712 (1) The hotels encumbered by the mortgage loan are cross-collateralized. Requires payments of interest only through maturity. (2) Includes $1.8 million and $2.2 million at December 31, 2023 and 2022, respectively, related to a fair value adjustment on this mortgage loan from purchase price allocation at hotel property acquisition. This mortgage loan requires payments of interest only through maturity. (3) Interest rate at December 31, 2023 gives effect to interest rate hedges. (4) This mortgage loan provides two one-year extension options, subject to certain conditions. In December 2023, the Company sent a one-year extension notice on this mortgage loan. The extension notice is subject to leverage and debt service coverage ratio ("DSCR") tests and is currently under review by the lender. |
Components of interest expense | The components of the Company's interest expense consisted of the following (in thousands): For the year ended December 31, 2023 2022 2021 Senior Notes $ 38,764 $ 38,820 $ 34,079 Revolver and Term Loans 31,000 34,126 54,733 Mortgage loans 21,014 13,563 13,306 Amortization of deferred financing costs 6,100 5,967 5,884 Non-cash interest expense related to interest rate 1,929 679 (1,636) Total interest expense $ 98,807 $ 93,155 $ 106,366 |
Future minimum principal payments | As of December 31, 2023, excluding extension options, the future minimum principal payments were as follows (in thousands): 2024 $ 381,000 2025 400,000 2026 925,000 2027 — 2028 — Thereafter 525,000 Total (1) $ 2,231,000 (1) |
Derivatives and Hedging (Tables
Derivatives and Hedging (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Swap rate Effective Date Maturity Date December 31, 2023 December 31, 2022 December 31, 2023 December 31, 2022 Swap-cash flow-LIBOR 2.29% March 2019 December 2022 — 200,000 — — Swap-cash flow-LIBOR 2.29% March 2019 December 2022 — 125,000 — — Swap-cash flow-Term SOFR 2.64% November 2020 November 2023 — 100,000 — 1,935 Swap-cash flow-Daily SOFR (1) 2.44% January 2021 December 2023 75,000 75,000 — 1,852 Swap-cash flow-Daily SOFR (1) 2.31% January 2021 December 2023 75,000 75,000 — 1,948 Swap-cash flow-Daily SOFR (1) 1.08% April 2021 April 2024 50,000 50,000 827 2,464 Swap-cash flow-Daily SOFR (1) 1.13% April 2021 April 2024 50,000 50,000 819 2,436 Swap-cash flow-Daily SOFR (1) 1.08% April 2021 April 2024 50,000 50,000 829 2,470 Swap-cash flow-Daily SOFR (1) 0.97% April 2021 April 2024 50,000 50,000 849 2,504 Swap-cash flow-Daily SOFR (1) 0.85% April 2021 April 2024 25,000 25,000 436 1,293 Swap-cash flow-Daily SOFR (1) 0.88% April 2021 April 2024 25,000 25,000 434 1,304 Swap-cash flow-Daily SOFR (1)(2) 0.86% April 2021 April 2024 25,000 25,000 436 1,310 Swap-cash flow-Daily SOFR (1)(2) 0.83% April 2021 April 2024 25,000 25,000 439 1,321 Swap-cash flow-Term SOFR 4.37% April 2023 April 2024 200,000 — 673 — Swap-cash flow-Daily SOFR (1)(2) 0.77% June 2020 December 2024 50,000 50,000 2,011 3,538 Swap-cash flow-Daily SOFR (1)(2) 0.63% June 2020 December 2024 50,000 50,000 2,081 3,636 Swap-cash flow-Daily SOFR (1) 1.16% September 2021 September 2025 150,000 150,000 7,969 11,636 Swap-cash flow-Daily SOFR (1)(2) 0.56% July 2021 January 2026 50,000 50,000 3,556 5,041 Swap-cash flow-Daily SOFR 2.95% April 2024 April 2027 125,000 — 1,769 — Swap-cash flow-Daily SOFR 2.85% April 2024 April 2027 65,000 — 1,103 — Swap-cash flow-Daily SOFR 2.75% April 2024 April 2027 60,000 — 1,188 — Swap-cash flow-Daily SOFR 3.70% July 2024 July 2027 25,000 — (254) — Swap-cash flow-Daily SOFR 3.45% July 2024 July 2027 25,000 — (77) — Swap-cash flow-Daily SOFR 3.71% July 2024 July 2027 25,000 — (259) — $ 1,275,000 $ 1,175,000 $ 24,829 $ 44,688 (1) The Company modified the benchmark rate on this interest rate swap from LIBOR to Daily SOFR during the year ended December 31, 2023. (2) 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 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. |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 December 31, 2022 Carrying Value Fair Value Carrying Value Fair Value Senior Notes, net $ 991,672 $ 928,750 $ 989,307 $ 853,895 Revolver and Term Loans, net 821,443 817,960 820,536 812,604 Mortgage loans, net 407,663 394,458 407,712 388,839 Debt, net $ 2,220,778 $ 2,141,168 $ 2,217,555 $ 2,055,338 |
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, 2023 (in thousands): Fair Value at December 31, 2023 Level 1 Level 2 Level 3 Total Interest rate swap asset $ — $ 25,419 $ — $ 25,419 Interest rate swap liability $ — $ (590) $ — $ (590) Total $ — $ 24,829 $ — $ 24,829 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 Total $ — $ 44,688 $ — $ 44,688 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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 Term Expiration (1) 2023 2022 2021 Wyndham Boston Beacon Hill (2) 2028 $ 929 $ 803 $ 556 Wyndham San Diego Bayside 2029 5,315 5,009 4,042 DoubleTree Suites by Hilton Orlando Lake Buena Vista 2057 815 1,005 666 Residence Inn Palo Alto Los Altos (3) 2033 86 86 86 Wyndham Pittsburgh University Center 2083 726 726 726 Marriott Louisville Downtown 2153 (4) — — — Embassy Suites San Francisco Airport Waterfront 2059 1,850 1,646 1,239 Wyndham New Orleans French Quarter 2065 487 487 487 Courtyard Charleston Historic District 2096 1,052 1,044 1,019 Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center 2100 1,025 922 555 Courtyard Waikiki Beach 2112 4,121 3,922 3,742 Moxy Denver Cherry Creek 2115 272 258 5 $ 16,678 $ 15,908 $ 13,123 (1) Assumes the exercise of any remaining extension options. (2) In January 2024, the Company acquired a fee simple interest in this hotel property for approximately $125.0 million. (3) The ground lease underlying a portion of this hotel property is part of a municipal utility district’s water pipeline right-of-way. |
Schedule of future minimum ground lease payments | The future lease payments for the Company's operating leases are as follows (in thousands): December 31, 2023 2024 $ 10,427 2025 10,443 2026 11,091 2027 11,598 2028 11,094 Thereafter 538,093 Total future lease payments 592,746 Imputed interest (470,158) Lease liabilities $ 122,588 |
Assets And Liabilities, Lessee | The following table presents certain information related to the Company's operating leases as of December 31, 2023: Weighted average remaining lease term 62 years Weighted average discount rate 7.29 % |
Schedule of hotel properties operated pursuant to long-term agreements with hotel management companies | As of December 31, 2023, 96 of the Company's consolidated hotel properties were operated pursuant to management agreements with initial terms ranging from three Management Company Number of 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 21 HEI Hotels and Resorts 2 Hersha Hospitality Management 7 Highgate Hotels 3 Hyatt Corporation and affiliates 11 InnVentures (1) 3 Marriott International, Inc. 3 Pyramid 1 Sage Hospitality 5 White Lodging Services 4 96 (1) InnVentures is a subsidiary of Highgate Hotels. |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of the unvested restricted shares | A summary of the unvested restricted shares is as follows: 2023 2022 2021 Number of Weighted-Average Number of Weighted-Average Number of Weighted-Average Unvested at January 1, 2,267,870 $ 15.32 2,380,283 $ 15.43 1,252,228 $ 15.17 Granted 991,453 10.84 569,600 15.10 1,739,327 15.92 Vested (928,192) 15.07 (647,426) 15.65 (513,342) 16.51 Forfeited (25,828) 13.13 (34,587) 13.15 (97,930) 15.22 Unvested at December 31, 2,305,303 $ 13.52 2,267,870 $ 15.32 2,380,283 $ 15.43 |
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 2020 (1) 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% February 2023 574,846 $16.90 0% to 200% 4.33% 66.70% (1) In February 2023, following the end of the measurement period, the Company met certain threshold criterion and the performance units converted into approximately 200,000 restricted shares. Half of the restricted shares vested immediately with the remaining half vesting in February 2024. As of December 31, 2023, there were approximately 100,000 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, 2023 was approximately $1.1 million. |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Numerator: Net income (loss) attributable to RLJ $ 76,405 $ 41,925 $ (305,168) Less: Preferred dividends (25,115) (25,115) (25,115) Less: Dividends paid on unvested restricted shares (882) (284) (85) Less: Undistributed earnings attributable to unvested restricted shares — — — Net income (loss) attributable to common shareholders excluding amounts attributable to unvested restricted shares $ 50,408 $ 16,526 $ (330,368) Denominator: Weighted-average number of common shares - basic 155,928,663 161,947,807 163,998,390 Unvested restricted shares 538,023 345,058 — Unvested performance units 89,728 — — Weighted-average number of common shares - diluted 156,556,414 162,292,865 163,998,390 Net income (loss) per share attributable to common shareholders - basic $ 0.32 $ 0.10 $ (2.01) Net income (loss) per share attributable to common shareholders - diluted $ 0.32 $ 0.10 $ (2.01) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
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, 2023 2022 2021 Current: Federal $ (200) $ (162) $ — State (1,061) (1,374) (1,228) Deferred: Federal 4 15 30 State 1 3 10 Income tax expense $ (1,256) $ (1,518) $ (1,188) |
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, 2023 2022 2021 Expected U.S. federal tax (expense) benefit at statutory rate $ (16,353) $ (9,184) $ 65,079 Tax impact of REIT election 15,443 (1,659) (60,856) Expected tax (expense) benefit at TRS (910) (10,843) 4,223 Change in valuation allowance (120) 11,945 (6,489) State income tax expense, net of federal benefit (1,006) (2,861) (650) Other items 780 241 1,728 Income tax expense $ (1,256) $ (1,518) $ (1,188) |
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, 2023 December 31, 2022 Deferred tax liabilities: Partnership basis $ (2,315) $ (3,463) Prepaid expenses (813) (675) Deferred tax liabilities $ (3,128) $ (4,138) Deferred tax assets: Property and equipment $ 6,940 $ 5,936 Incentive and vacation accrual 3,719 3,866 Deferred revenue - key money 1,767 1,387 Allowance for doubtful accounts 70 78 Other 892 2,034 Net operating loss carryforwards 64,275 65,246 Federal historic tax credit 824 824 Valuation allowance (75,336) (75,215) Deferred tax assets $ 3,151 $ 4,156 |
Supplemental Information to S_2
Supplemental Information to Statements of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of supplemental information to statements of cash flows | For the year ended December 31, 2023 2022 2021 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 516,675 $ 481,316 $ 665,341 Restricted cash reserves 38,652 55,070 48,528 Cash, cash equivalents, and restricted cash reserves $ 555,327 $ 536,386 $ 713,869 Interest paid $ 89,827 $ 87,180 $ 92,729 Income taxes paid $ 2,538 $ 1,255 $ 477 Operating cash flow lease payments for operating leases $ 16,899 $ 15,742 $ 12,371 Right-of-use asset obtained in exchange for lease obligation $ 5,016 $ — $ — Right-of-use asset and liability adjustment due to remeasurement $ — $ (2,473) $ — Supplemental investing and financing transactions In connection 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 connection with the sales of hotel properties, the Company recorded the following: Sales price $ — $ 49,900 $ 208,507 Transaction costs — (834) (8,118) Operating prorations — (991) (1,747) Proceeds from sales of hotel properties, net $ — $ 48,075 $ 198,642 Supplemental non-cash transactions Change in fair market value of designated interest rate swaps $ (17,929) $ 63,570 $ 41,279 Accrued capital expenditures $ 22,144 $ 17,645 $ 10,049 Distributions payable $ 22,500 $ 14,622 $ 8,347 |
General (Details)
General (Details) - 12 months ended Dec. 31, 2023 | shares | property | room | state | Total | Hotels |
Sale of Stock | ||||||
Number of OP units outstanding (in shares) | shares | 156,069,660 | |||||
Limited Partner's ownership interest in the Operating Partnership | 99.50% | |||||
Number of real estate properties | 97 | 35 | ||||
Number of hotel rooms owned | room | 21,400 | |||||
Number of states in which hotels owned by the entity are located | state | 23 | |||||
Wholly Owned Properties | ||||||
Sale of Stock | ||||||
Number of real estate properties | property | 95 | |||||
Real estate properties, ownership interest, percentage | 100% | |||||
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% | |||||
Partially Owned Properties | 50 Percent Owned | ||||||
Sale of Stock | ||||||
Number of real estate properties | Hotels | 1 | |||||
Real estate properties, ownership interest, percentage | 50% | |||||
Consolidated Properties | ||||||
Sale of Stock | ||||||
Number of real estate properties | property | 96 | |||||
Unconsolidated Properties | ||||||
Sale of Stock | ||||||
Number of real estate properties | Hotels | 1 | |||||
Real estate properties, ownership interest, percentage | 50% | |||||
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, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Summary of Significant Accounting Policies | |||
Number of joint ventures | 1 | ||
Amortization of deferred financing costs | $ 6,100 | $ 5,967 | $ 5,884 |
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 | ||
The Knickerbocker New York | |||
Summary of Significant Accounting Policies | |||
Noncontrolling ownership interest of third party | 5% | ||
DBT Met Hotel Venture, LP | |||
Summary of Significant Accounting Policies | |||
Noncontrolling ownership interest of third party | 1.70% | ||
Embassy Suites Secaucus | |||
Summary of Significant Accounting Policies | |||
Noncontrolling ownership interest of third party | 49% | ||
Limited Partners | |||
Summary of Significant Accounting Policies | |||
Limited Partner's ownership interest in the Operating Partnership | 0.50% | ||
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 | ||
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% |
Investment in Hotel Propertie_2
Investment in Hotel Properties - Investment in Hotel Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Land and improvements | $ 998,417 | $ 992,609 |
Buildings and improvements | 4,117,210 | 4,040,505 |
Furniture, fixtures and equipment | 798,410 | 745,978 |
Total | 5,914,037 | 5,779,092 |
Accumulated depreciation | (1,777,821) | (1,598,764) |
Investment in hotel properties, net | $ 4,136,216 | $ 4,180,328 |
Investment in Hotel Propertie_3
Investment in Hotel Properties - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) Hotels | |
Sale of Hotel Properties | |||
Depreciation and amortization expense related to investment in hotel properties | $ 179,100 | $ 184,400 | $ 187,200 |
Impairment losses | $ 0 | $ 0 | $ 144,845 |
Number of Hotel Properties Evaluated for Impairment | Hotels | 2 | ||
DoubleTree Metropolitan Hotel New York City | |||
Sale of Hotel Properties | |||
Impairment losses | $ 138,900 | ||
Residence Inn Indianapolis Fishers | |||
Sale of Hotel Properties | |||
Impairment losses | $ 5,900 |
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. 23, 2021 USD ($) | |
Property, Plant and Equipment [Line Items] | |||
Asset Acquisition, Percentage of Shares Acquired | 100% | 100% | |
Rooms | Hotels | 561 | ||
Purchase price | $ 198,250 | ||
21c Hotel Nashville | |||
Property, Plant and Equipment [Line Items] | |||
Rooms | Hotels | 124 | ||
Purchase price | $ 59,000 | ||
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 |
Acquisition of Hotel Properti_4
Acquisition of Hotel Properties - Cost Allocation of Hotel Acquisitions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Business Combination and Asset Acquisition [Abstract] | |||
Transaction costs | $ 0 | $ 1,110 | $ 2,014 |
Land and improvements | 19,807 | 32,550 | |
Buildings and improvements | 36,223 | 150,400 | |
Furniture, fixtures and equipment | 4,081 | 16,472 | |
Favorable lease asset | 4,294 | ||
Fair value adjustment on mortgage debt assumed | 2,554 | ||
Other liability | 898 | ||
Total purchase price | $ 60,111 | $ 200,264 |
Sale of Hotel Properties - Prop
Sale of Hotel Properties - Properties Disposed (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) room | Dec. 31, 2021 USD ($) room | |
Sale of Hotel Properties | |||
(Loss) gain on sale of hotel properties, net | $ | $ (34) | $ 1,017 | $ (2,378) |
Proceeds from sales of hotel properties, net | $ | $ 0 | 48,075 | 198,642 |
Disposals 2022 | |||
Sale of Hotel Properties | |||
Proceeds from sales of hotel properties, net | $ | $ 49,900 | ||
Rooms | 402 | ||
Marriott Denver Airport @ Gateway Park | |||
Sale of Hotel Properties | |||
Rooms | 238 | ||
SpringHill Suites Denver North Westminster | |||
Sale of Hotel Properties | |||
Rooms | 164 | ||
Disposals 2021 | |||
Sale of Hotel Properties | |||
Proceeds from sales of hotel properties, net | $ | $ 208,500 | ||
Rooms | 1,341 | ||
Courtyard Houston Sugarland | |||
Sale of Hotel Properties | |||
Rooms | 112 | ||
Residence Inn Indianapolis Fishers | |||
Sale of Hotel Properties | |||
Rooms | 78 | ||
Residence Inn Chicago Naperville | |||
Sale of Hotel Properties | |||
Rooms | 130 | ||
Fairfield Inn & Suites Chicago Southeast Hammond | |||
Sale of Hotel Properties | |||
Rooms | 94 | ||
Residence Inn Chicago Southeast Hammond | |||
Sale of Hotel Properties | |||
Rooms | 78 | ||
Courtyard Chicago Southeast Hammond | |||
Sale of Hotel Properties | |||
Rooms | 85 | ||
DoubleTree Metropolitan Hotel New York City | |||
Sale of Hotel Properties | |||
Rooms | 764 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | |||
Total revenues | $ 1,325,577 | $ 1,193,662 | $ 785,664 |
South Florida | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 143,266 | 140,096 | 116,029 |
Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 158,498 | 134,200 | 103,883 |
Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 162,893 | 146,304 | 73,742 |
New York City | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 80,683 | 72,270 | 35,596 |
Austin | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 44,784 | 28,446 | |
Chicago | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 70,681 | 67,548 | 51,490 |
Houston | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 50,778 | 44,751 | 32,749 |
Washington, DC | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 61,542 | 52,622 | 28,979 |
Pittsburgh | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 28,413 | ||
Louisville | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 57,162 | 47,802 | |
Other | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 435,871 | 396,609 | 253,467 |
Charleston | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 49,509 | 32,870 | |
Boston | |||
Disaggregation of Revenue [Line Items] | |||
Total revenues | 54,694 | 46,676 | |
Room revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,095,028 | 1,002,454 | 667,853 |
Room revenue | South Florida | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 113,579 | 113,194 | 95,612 |
Room revenue | Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 128,273 | 113,726 | 88,653 |
Room revenue | Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 140,866 | 128,652 | 66,068 |
Room revenue | New York City | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 67,886 | 60,634 | 30,547 |
Room revenue | Austin | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 38,325 | 24,059 | |
Room revenue | Chicago | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 57,863 | 55,611 | 43,277 |
Room revenue | Houston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 43,134 | 37,775 | 28,078 |
Room revenue | Washington, DC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 57,731 | 48,875 | 26,706 |
Room revenue | Pittsburgh | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 23,605 | ||
Room revenue | Louisville | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 37,329 | 31,074 | |
Room revenue | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 362,506 | 332,803 | 214,028 |
Room revenue | Charleston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 36,851 | 27,220 | |
Room revenue | Boston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 49,010 | 41,785 | |
Food and beverage revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 141,625 | 117,027 | 58,994 |
Food and beverage revenue | South Florida | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 19,641 | 18,392 | 12,430 |
Food and beverage revenue | Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 16,216 | 10,214 | 5,959 |
Food and beverage revenue | Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 14,013 | 10,968 | 3,219 |
Food and beverage revenue | New York City | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 9,235 | 8,737 | 3,505 |
Food and beverage revenue | Austin | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,269 | 1,417 | |
Food and beverage revenue | Chicago | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 9,629 | 8,965 | 5,931 |
Food and beverage revenue | Houston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,148 | 2,942 | 1,196 |
Food and beverage revenue | Washington, DC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,409 | 1,259 | 415 |
Food and beverage revenue | Pittsburgh | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,670 | ||
Food and beverage revenue | Louisville | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 16,190 | 13,279 | |
Food and beverage revenue | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 39,361 | 35,544 | 17,595 |
Food and beverage revenue | Charleston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,581 | 3,657 | |
Food and beverage revenue | Boston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,202 | 3,458 | |
Other revenue | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 88,924 | 74,181 | 58,817 |
Other revenue | South Florida | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 10,046 | 8,510 | 7,987 |
Other revenue | Southern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 14,009 | 10,260 | 9,271 |
Other revenue | Northern California | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 8,014 | 6,684 | 4,455 |
Other revenue | New York City | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,562 | 2,899 | 1,544 |
Other revenue | Austin | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,190 | 2,970 | |
Other revenue | Chicago | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,189 | 2,972 | 2,282 |
Other revenue | Houston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,496 | 4,034 | 3,475 |
Other revenue | Washington, DC | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 2,402 | 2,488 | 1,858 |
Other revenue | Pittsburgh | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 1,138 | ||
Other revenue | Louisville | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 3,643 | 3,449 | |
Other revenue | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 34,004 | 28,262 | 21,844 |
Other revenue | Charleston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | 4,077 | $ 1,993 | |
Other revenue | Boston | |||
Disaggregation of Revenue [Line Items] | |||
Revenue | $ 1,482 | $ 1,433 |
Debt - Credit Facilities (Detai
Debt - Credit Facilities (Details) | 1 Months Ended | 12 Months Ended | ||
May 31, 2023 USD ($) option | Jan. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) option | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Debt, net | $ 2,220,778,000 | $ 2,217,555,000 | ||
Unsecured Debt, Gross | 825,000,000 | 823,662,000 | ||
Unamortized debt issuance costs on term loans | (3,557,000) | (3,126,000) | ||
Line of credit, future borrowing capacity | 750,000,000 | 750,000,000 | ||
Prepaid Expenses and Other Current Assets | ||||
Debt Instrument [Line Items] | ||||
Debt Issuance Costs, Net | $ (5,600,000) | (1,700,000) | ||
Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Debt Covenant, Maximum Leverage Ratio | 725% | |||
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 | Secured Overnight Financing Rate (SOFR) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||
Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.20% | |||
Mortgage loans, net | ||||
Debt Instrument [Line Items] | ||||
Debt, net | $ 407,663,000 | 407,712,000 | ||
Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Covenant, Maximum, Leverage Ratio | 7.25 | |||
Debt Instrument, Interest Rate, Floor | 0% | |||
Debt Instrument, Fee Amount | $ 7,500,000 | |||
Revolver and Term Loans, net | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||
Revolver and Term Loans, net | Revolver and Term Loans, net | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.35% | |||
Revolver and Term Loans, net | Revolver and Term Loans, net | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | |||
Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | 821,443,000 | 820,536,000 | ||
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 | (8,328,000) | (10,693,000) | ||
Senior Notes, net | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 991,672,000 | 989,307,000 | ||
Senior Notes, net | Senior Notes, net | ||||
Debt Instrument [Line Items] | ||||
Debt, net | 991,672,000 | 989,307,000 | ||
The Revolver | The Revolver | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | 0 | 0 | ||
Maximum borrowing capacity | 600,000,000 | |||
Line of Credit Facility, Remaining Borrowing Capacity | $ 600,000,000 | |||
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 | The Revolver | Extension Option 1 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Additional Maturity Term | 1 year | |||
The Revolver | The Revolver | Extension Option 2 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Additional Maturity Term | 6 months | |||
Debt Instrument, Number of Extension Options | option | 2 | |||
The Revolver | Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Interest Rate | 0% | |||
The Revolver | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.40% | |||
The Revolver | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.95% | |||
The Revolver | Revolver and Term Loans, net | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.40% | |||
The Revolver | Revolver and Term Loans, net | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.95% | |||
Term Loans, net | The Revolver | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 821,443,000 | 820,536,000 | ||
$500 Million Term Loan Maturing 2029 | Senior Notes, net | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | 500,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 4% | |||
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period One | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100% | |||
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Two | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 102% | |||
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Three | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 101% | |||
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Four | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100% | |||
$500 Million Term Loan Maturing 2029 | Senior Notes, net | Debt Instrument, Redemption, Period Five | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 104% | |||
$500 Million Senior Notes Due 2026 | Senior Notes, net | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 500,000,000 | 500,000,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Two | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 101.875% | |||
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Three | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100.938% | |||
$500 Million Senior Notes Due 2026 | Senior Notes, net | Debt Instrument, Redemption, Period Four | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Redemption Price, Percentage | 100% | |||
$500 Million Term Loan Maturing 2026 | Senior Notes, net | ||||
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 | |||
$400 Million Term Loan Maturing 2025 | Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 400,000,000 | 400,000,000 | ||
Maximum borrowing capacity | $ 400,000,000 | $ 400,000,000 | ||
Interest Rate | 3.44% | |||
$200 Million Term Loan Maturing 2026 | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Number of Extension Options | option | 2 | |||
$200 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 200,000,000 | 105,000,000 | ||
Maximum borrowing capacity | $ 200,000,000 | |||
Debt Instrument, Additional Maturity Term | 1 year | |||
Debt Instrument, Number of Extension Options | option | 2 | |||
Interest Rate | 4.88% | |||
Proceeds from line of credit | $ 95,000,000 | $ 95,000,000 | ||
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | 225,000,000 | 0 | ||
Maximum borrowing capacity | $ 225,000,000 | $ 225,000,000 | ||
Debt Instrument, Additional Maturity Term | 1 year | 1 year | ||
Debt Instrument, Number of Extension Options | option | 2 | 2 | ||
Interest Rate | 3.03% | |||
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |||
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | Secured Overnight Financing Rate (SOFR) | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.20% | |||
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | Base Rate | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 0.45% | |||
$225 Million Term Loan Maturing 2026 | Revolver and Term Loans, net | Base Rate | Maximum | ||||
Debt Instrument [Line Items] | ||||
Debt Instrument, Basis Spread on Variable Rate | 1.20% | |||
$400 Million Term Loan Maturing 2024 | Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 0 | 151,683,000 | ||
Maximum borrowing capacity | $ 400,000,000 | $ 400,000,000 | ||
Repayments of Debt | 151,700,000 | |||
Interest Rate | 0% | |||
$225 Million Term Loan Maturing 2024 | Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 0 | 72,973,000 | ||
Maximum borrowing capacity | 225,000,000 | $ 225,000,000 | ||
Repayments of Debt | $ 73,000,000 | |||
Interest Rate | 0% | |||
$400 Million Term Loan Maturing 2023 | Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 0 | 52,261,000 | ||
Maximum borrowing capacity | $ 400,000,000 | |||
Interest Rate | 0% | |||
$225 Million Term Loan Maturing 2023 | Revolver and Term Loans, net | ||||
Debt Instrument [Line Items] | ||||
Unsecured Debt | $ 0 | $ 41,745,000 | ||
Maximum borrowing capacity | $ 225,000,000 | |||
Interest Rate | 0% |
Debt - Mortgage Loans (Details)
Debt - Mortgage Loans (Details) | 1 Months Ended | ||
Apr. 30, 2019 | Dec. 31, 2023 USD ($) asset | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Secured Debt, Gross | $ 407,833,000 | $ 408,193,000 | |
Unamortized debt issuance costs on mortgage loans | (170,000) | (481,000) | |
Fair value adjustment | $ 1,800,000 | ||
Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of Assets Encumbered | asset | 15 | ||
Mortgage loans | Moxy Mortgage Loan | |||
Debt Instrument [Line Items] | |||
Fair value adjustment | $ 1,800,000 | 2,200,000 | |
Mortgage loans, net | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 407,663,000 | 407,712,000 | |
Five Point Nine Four Percent Due April 2024 | Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of Assets Encumbered | asset | 7 | ||
Interest Rate | 5.94% | ||
Secured Debt | $ 200,000,000 | 200,000,000 | |
Five Point Ten Percent Due April 2024 | Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of Assets Encumbered | asset | 3 | ||
Interest Rate | 5.10% | ||
Secured Debt | $ 96,000,000 | 96,000,000 | |
Number of additional maturity terms | 2 | ||
Debt Instrument, Additional Maturity Term | 1 year | ||
Five Point Six Seven Percent Due April 2024 | Mortgage loans | |||
Debt Instrument [Line Items] | |||
Number of Assets Encumbered | asset | 4 | ||
Interest Rate | 5.67% | ||
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 | $ 26,833,000 | $ 27,193,000 |
Debt - Interest Expense (Detail
Debt - Interest Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Amortization of deferred financing costs | $ 6,100 | $ 5,967 | $ 5,884 |
Gain (Loss) on Interest Rate Derivative Instruments Not Designated as Hedging Instruments | 1,929 | 679 | (1,636) |
Total interest expense | 98,807 | 93,155 | 106,366 |
Senior Notes, net | |||
Debt Instrument [Line Items] | |||
Interest expense | 38,764 | 38,820 | 34,079 |
Revolver and Term Loans | |||
Debt Instrument [Line Items] | |||
Interest expense | 31,000 | 34,126 | 54,733 |
Mortgage loans | |||
Debt Instrument [Line Items] | |||
Interest expense | $ 21,014 | $ 13,563 | $ 13,306 |
Debt - Future Minimum Rental Pa
Debt - Future Minimum Rental Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 381,000 |
2025 | 400,000 |
2026 | 925,000 |
2027 | 0 |
2028 | 0 |
Thereafter | 525,000 |
Long term debt, total future minimum principal payments | 2,231,000 |
Fair value adjustment | $ 1,800 |
Derivatives and Hedging (Detail
Derivatives and Hedging (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments: Derivatives and Hedging | ||||
Notional value | $ 1,275,000,000 | $ 1,175,000,000 | ||
Interest rate swaps, net | 24,829,000 | (44,688,000) | ||
Unrealized Gain (Loss) on Interest Rate Cash Flow Hedges, Pretax, Accumulated Other Comprehensive Income (Loss) | 22,700,000 | (40,600,000) | ||
Amount of hedge ineffectiveness | 0 | 0 | ||
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | $ 29,800,000 | $ (5,866,000) | $ 10,658,000 | |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest income | Interest income | ||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $ 16,600,000 | |||
Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Reclassification of unrealized (gains) losses on discontinued cash flow hedges to other income (expense), net | $ (1,100,000) | |||
Swap-cash flow 20 | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.29% | |||
Notional value | $ 0 | 200,000,000 | ||
Interest rate swap liability | $ 0 | 0 | ||
Swap-cash flow 24 | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.29% | |||
Notional value | $ 0 | 125,000,000 | ||
Interest rate swap liability | $ 0 | 0 | ||
Interest Rate, Swap Hedge, Type Twenty Seven [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.64% | |||
Notional value | $ 0 | 100,000,000 | ||
Interest rate swap liability | $ 0 | |||
Interest rate swap asset | 1,935,000 | |||
Swap-cash flow 21 | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.44% | |||
Notional value | $ 75,000,000 | 75,000,000 | ||
Interest rate swap liability | $ 0 | |||
Interest rate swap asset | 1,852,000 | |||
Swap-cash flow 22 | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.31% | |||
Notional value | $ 75,000,000 | 75,000,000 | ||
Interest rate swap liability | $ 0 | |||
Interest rate swap asset | 1,948,000 | |||
Interest Rate, Swap Hedge, Type Thirty [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.08% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swap asset | $ 827,000 | 2,464,000 | ||
Interest Rate, Swap Hedge, Type Thirty One [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.13% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swap asset | $ 819,000 | 2,436,000 | ||
Interest Rate, Swap Hedge, Type Thirty Two [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.08% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swap asset | $ 829,000 | 2,470,000 | ||
Interest Rate, Swap Hedge, Type Thirty Three [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.97% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swap asset | $ 849,000 | 2,504,000 | ||
Interest Rate, Swap Hedge, Type Thirty Four [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.85% | |||
Notional value | $ 25,000,000 | 25,000,000 | ||
Interest rate swap asset | $ 436,000 | 1,293,000 | ||
Interest Rate, Swap Hedge, Type Thirty Five [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.88% | |||
Notional value | $ 25,000,000 | 25,000,000 | ||
Interest rate swap asset | $ 434,000 | 1,304,000 | ||
Interest Rate, Swap Hedge, Type Thirty Six [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.86% | |||
Notional value | $ 25,000,000 | 25,000,000 | ||
Interest rate swap asset | $ 436,000 | 1,310,000 | ||
Interest Rate, Swap Hedge, Type Thirty Seven [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.83% | |||
Notional value | $ 25,000,000 | 25,000,000 | ||
Interest rate swap asset | $ 439,000 | 1,321,000 | ||
Interest Rate Swap, 4.37% | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 4.37% | |||
Notional value | $ 200,000,000 | 0 | ||
Interest rate swap liability | 0 | |||
Interest rate swap asset | $ 673,000 | |||
Interest Rate, Swap Hedge, Type Thirty Eight [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.77% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swap asset | $ 2,011,000 | 3,538,000 | ||
Interest Rate, Swap Hedge, Type Thirty Nine [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.63% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swap asset | $ 2,081,000 | 3,636,000 | ||
Interest Rate, Swap Hedge, Type Twenty Nine [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 1.16% | |||
Notional value | $ 150,000,000 | 150,000,000 | ||
Interest rate swap asset | $ 7,969,000 | 11,636,000 | ||
Interest Rate, Swap Hedge, Type Forty [Member] | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 0.56% | |||
Notional value | $ 50,000,000 | 50,000,000 | ||
Interest rate swap asset | $ 3,556,000 | 5,041,000 | ||
Interest Rate Swap, 2.95% | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.95% | |||
Notional value | $ 125,000,000 | 0 | ||
Interest rate swap asset | $ 1,769,000 | 0 | ||
Interest Rate Swap, 2.85% | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.85% | |||
Notional value | $ 65,000,000 | 0 | ||
Interest rate swap asset | $ 1,103,000 | 0 | ||
Interest Rate Swap new, 2.75% | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 2.75% | |||
Notional value | $ 60,000,000 | 0 | ||
Interest rate swap asset | $ 1,188,000 | 0 | ||
Interest Rate Swap new, 3.70% | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 3.70% | |||
Notional value | $ 25,000,000 | 0 | ||
Interest rate swap liability | $ (254,000) | |||
Interest rate swap asset | 0 | |||
Interest Rate Swap, 3.45% | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 3.45% | |||
Notional value | $ 25,000,000 | 0 | ||
Interest rate swap liability | $ (77,000) | |||
Interest rate swap asset | 0 | |||
Interest Rate Swap, 3.71% | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Hedge interest rate | 3.71% | |||
Notional value | $ 25,000,000 | 0 | ||
Interest rate swap liability | (259,000) | |||
Interest rate swap asset | 0 | |||
interest rate swap designated/redesignated in 2022 | Designated as Hedging Instrument | ||||
Financial Instruments: Derivatives and Hedging | ||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), after Reclassification and Tax | $ 5,900,000 | |||
Interest rate swap | Prepaid Expenses and Other Current Assets | ||||
Financial Instruments: Derivatives and Hedging | ||||
Interest rate swap asset | 25,400,000 | $ 44,700,000 | ||
Interest rate swap | Accounts Payable and Accrued Liabilities | ||||
Financial Instruments: Derivatives and Hedging | ||||
Interest rate swap liability | $ (600,000) |
Fair Value (Details)
Fair Value (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, net | $ 2,220,778,000 | $ 2,217,555,000 |
Total | (24,829,000) | 44,688,000 |
Senior Notes, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Gross | 991,672,000 | 989,307,000 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | 2,141,168,000 | 2,055,338,000 |
Recurring | Interest rate swap | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Interest rate swap asset | 25,419,000 | 44,688,000 |
Interest rate swap liability | (590,000) | |
Total | 24,829,000 | 44,688,000 |
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 | |
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 | 25,419,000 | 44,688,000 |
Interest rate swap liability | (590,000) | |
Total | 24,829,000 | 44,688,000 |
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 | |
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 | Senior Notes, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, net | 991,672,000 | 989,307,000 |
Senior Notes, net | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Gross | 989,307,000 | |
Long-term Debt, Fair Value | 928,750,000 | 853,895,000 |
Revolver and Term Loans, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unsecured Debt | 821,443,000 | 820,536,000 |
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 | 817,960,000 | 812,604,000 |
Mortgage loans, net | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Debt, net | 407,663,000 | 407,712,000 |
Mortgage loans, net | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long-term Debt, Fair Value | $ 394,458,000 | $ 388,839,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Jan. 29, 2024 USD ($) | Dec. 31, 2023 USD ($) extension hotel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Ground Leases | ||||
Number of properties subject to ground lease | hotel | 13 | |||
Operating Lease, Expense | $ 16,678 | $ 15,908 | $ 13,123 | |
Weighted average remaining lease term | 62 years | |||
Weighted average discount rate | 7.29% | |||
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 | $ 38,652 | 55,070 | 48,528 | |
Restricted Cash | 28,200 | |||
Lender | ||||
Ground Leases | ||||
Restricted Cash | 26,900 | |||
Subsequent Event | ||||
Ground Leases | ||||
Payments to Acquire Land | $ 125,000 | |||
Wyndham Boston Beacon Hill (2) | ||||
Ground Leases | ||||
Operating Lease, Expense | 929 | 803 | 556 | |
Wyndham San Diego Bayside | ||||
Ground Leases | ||||
Operating Lease, Expense | 5,315 | 5,009 | 4,042 | |
DoubleTree Suites by Hilton Orlando Lake Buena Vista | ||||
Ground Leases | ||||
Operating Lease, Expense | 815 | 1,005 | 666 | |
Residence Inn Palo Alto Los Altos (3) | ||||
Ground Leases | ||||
Operating Lease, Expense | 86 | 86 | 86 | |
Wyndham Pittsburgh University Center | ||||
Ground Leases | ||||
Operating Lease, Expense | 726 | 726 | 726 | |
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 | $ 1,850 | 1,646 | 1,239 | |
Wyndham New Orleans French Quarter | ||||
Ground Leases | ||||
Operating Lease, Expense | 487 | 487 | 487 | |
Courtyard Charleston Historic District | ||||
Ground Leases | ||||
Operating Lease, Expense | 1,052 | 1,044 | 1,019 | |
Courtyard Austin Downtown Convention Center and Residence Inn Downtown Convention Center | ||||
Ground Leases | ||||
Operating Lease, Expense | 1,025 | 922 | 555 | |
Courtyard Waikiki Beach | ||||
Ground Leases | ||||
Operating Lease, Expense | 4,121 | 3,922 | 3,742 | |
Moxy Denver Cherry Creek | ||||
Ground Leases | ||||
Operating Lease, Expense | 272 | 258 | 5 | |
Fixed Operating Lease Expense | ||||
Ground Leases | ||||
Operating Lease, Expense | 11,900 | 11,900 | 11,600 | |
Variable Operating Lease Expense | ||||
Ground Leases | ||||
Operating Lease, Expense | $ 4,800 | $ 4,000 | $ 1,500 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Ground Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Minimum ground rent | ||
2024 | $ 10,427 | |
2025 | 10,443 | |
2026 | 11,091 | |
2027 | 11,598 | |
2028 | 11,094 | |
Thereafter | 538,093 | |
Total future lease payments | 592,746 | |
Imputed interest | (470,158) | |
Lease liabilities | $ 122,588 | $ 117,010 |
Commitments and Contingencies_3
Commitments and Contingencies - Management and Franchise Agreements (Details) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) property agreement | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 | Dec. 31, 2023 hotel | |
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 96 | ||||
Number of hotel management companies | agreement | 15 | ||||
Number of real estate properties | 97 | 35 | |||
Number of Hotels Without Franchise Agreements | 2 | ||||
Management Service | |||||
Ground Leases | |||||
Cost of Goods and Services Sold | $ | $ 41.7 | $ 34.7 | $ 10.1 | ||
Franchise | |||||
Ground Leases | |||||
Number of real estate properties | 59 | ||||
Cost of Goods and Services Sold | $ | $ 65.7 | $ 60.9 | $ 43.2 | ||
Aimbridge Hospitality | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 31 | ||||
Colwen Management | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 1 | ||||
Concord Hospitality | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 1 | ||||
Crestline Hotels and Resorts | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 1 | ||||
Davidson Hotels and Resorts | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 2 | ||||
Hilton Management and affiliates | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 21 | ||||
HEI Hotels and Resorts | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 2 | ||||
Hersha Hospitality and Urgo Hotels | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 7 | ||||
Highgate Hotels | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 3 | ||||
Hyatt Corporation and affiliates | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 11 | ||||
InnVentures (1) | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 3 | ||||
Marriott International, Inc. | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 3 | ||||
Pyramid | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 1 | ||||
Sage Hospitality | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 5 | ||||
White Lodging Services | |||||
Ground Leases | |||||
Number of hotel properties operated pursuant to long-term management agreements | 4 | ||||
Minimum | |||||
Ground Leases | |||||
Management agreement term | 3 years | ||||
Base management fee percentage | 1.50% | ||||
Management agreement with franchise agreement, base management fee percentage | 1.75% | ||||
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 | |||||
Ground Leases | |||||
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% |
Equity (Details)
Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | 2 Months Ended | 12 Months Ended | ||||
Feb. 27, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 28, 2023 | 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) | 4,907,094 | |||||
Shares acquired as part of a share repurchase program | $ 75,976 | $ 57,639 | ||||
Common stock, dividends, per share | $ 0.36 | $ 0.12 | $ 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) | 156,069,660 | |||||
Limited Partner's ownership interest in the Operating Partnership | 99.50% | |||||
Limited Partners | ||||||
Equity | ||||||
Limited Partner's ownership interest in the Operating Partnership | 0.50% | |||||
Number of OP units outstanding (in shares) | 771,831 | |||||
The Knickerbocker New York | ||||||
Equity | ||||||
Noncontrolling ownership interest of third party | 5% | |||||
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 | |||
Subsequent Event | ||||||
Equity | ||||||
Shares acquired as part of a share repurchase program | $ 1,300 | |||||
2023 Share Repurchase Program | ||||||
Equity | ||||||
Share repurchase program, authorized amount | $ 250,000 | |||||
Number of shares acquired as part of a share repurchase program (in shares) | 7,463,632 | |||||
Shares acquired as part of a share repurchase program | $ 36,100 | |||||
2023 Share Repurchase Program | Subsequent Event | ||||||
Equity | ||||||
Number of shares acquired as part of a share repurchase program (in shares) | 105,511 | |||||
Remaining authorized repurchase amount | $ 212,700 | |||||
2022 Share Repurchase Program | ||||||
Equity | ||||||
Shares acquired as part of a share repurchase program | $ 39,900 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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) | 2,688,397 | ||||
Restricted share awards | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted shares | 2,305,303 | 2,267,870 | 2,380,283 | 1,252,228 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 13.52 | $ 15.32 | $ 15.43 | $ 15.17 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 991,453 | 569,600 | 1,739,327 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 10.84 | $ 15.10 | $ 15.92 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period | (928,192) | (647,426) | (513,342) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value | $ 15.07 | $ 15.65 | $ 16.51 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Forfeited in Period | (25,828) | (34,587) | (97,930) | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value | $ 13.13 | $ 13.15 | $ 15.22 | ||
Share grants to trustees | $ 15.4 | $ 14.4 | $ 11.9 | ||
Total unrecognized compensation costs | $ 13.4 | ||||
Weighted-average period of recognition of unrecognized share-based compensation expense | 1 year 4 months 24 days | ||||
Total fair value of shares vested | $ 9.9 | $ 9 | $ 7.8 | ||
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 | ||||
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 | ||||
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% | ||||
Share Based Compensation Arrangement by Share Based Payment Award, Performance Based Vesting Period | 3 years | ||||
2021 Performance Shares | Minimum | |||||
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 | ||||
2021 Performance Shares | Maximum | |||||
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 | ||||
2021 Equity Incentive Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
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% | ||||
Share-based compensation arrangement, by share based payment award, vesting rights percentage immediately | 100% | ||||
2021 Equity Incentive Plan | Minimum | |||||
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% | ||||
2021 Equity Incentive Plan | Maximum | |||||
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% | ||||
2020 Performance Shares | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unvested restricted shares | 100,000 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 200,000 | 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% | ||||
Total fair value of shares vested | $ 1.1 | ||||
2020 Performance Shares | Minimum | |||||
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 | ||||
2020 Performance Shares | Maximum | |||||
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 | ||||
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% | ||||
2022 Performance Units | Minimum | |||||
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 | ||||
2022 Performance Units | Maximum | |||||
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 | ||||
2023 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 | 574,846 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 16.90 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 4.33% | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 66.70% | ||||
2023 Performance Shares | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range | 0% | ||||
2023 Performance Shares | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shared-Based Compensation Arrangement by Share-Based Payment Award, Conversion Percentage Range | 200% | ||||
Performance units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share grants to trustees | $ 8.9 | $ 7.3 | $ 5.2 | ||
Total unrecognized compensation costs | $ 10.7 | ||||
Weighted-average period of recognition of unrecognized share-based compensation expense | 1 year 8 months 12 days |
Earnings per Common Share (Deta
Earnings per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Numerator: | |||
Net income (loss) attributable to RLJ | $ 76,405 | $ 41,925 | $ (305,168) |
Preferred dividends | (25,115) | (25,115) | (25,115) |
Less: Dividends paid on unvested restricted shares | (882) | (284) | (85) |
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 | $ 50,408 | $ 16,526 | $ (330,368) |
Denominator: | |||
Weighted-average number of common shares - basic (in shares) | 155,928,663 | 161,947,807 | 163,998,390 |
Unvested restricted shares | 538,023 | 345,058 | 0 |
Incremental Common Shares Attributable to Dilutive Effect of Share-Based Payment Arrangements | 89,728 | 0 | 0 |
Weighted-average number of common shares - diluted (in shares) | 156,556,414 | 162,292,865 | 163,998,390 |
Net income per share attributable to common shareholders - basic (in dollars per share) | $ 0.32 | $ 0.10 | $ (2.01) |
Net income per share attributable to common shareholders - diluted (in dollars per share) | $ 0.32 | $ 0.10 | $ (2.01) |
Income Taxes - Cash Distributio
Income Taxes - Cash Distributions and Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ (200) | $ (162) | $ 0 |
State | (1,061) | (1,374) | (1,228) |
Deferred: | |||
Federal | 4 | 15 | 30 |
State | 1 | 3 | 10 |
Income tax expense | (1,256) | (1,518) | (1,188) |
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 | (16,353) | (9,184) | 65,079 |
Tax impact of REIT election | 15,443 | (1,659) | (60,856) |
Expected tax (expense) benefit at TRS | (910) | (10,843) | 4,223 |
Change in valuation allowance | (120) | 11,945 | (6,489) |
State income tax expense, net of federal benefit | (1,006) | (2,861) | (650) |
Other items | 780 | 241 | 1,728 |
Income tax expense | $ (1,256) | $ (1,518) | $ (1,188) |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax liabilities: | ||
Partnership basis | $ (2,315) | $ (3,463) |
Prepaid expenses | (813) | (675) |
Deferred tax liabilities | (3,128) | (4,138) |
Deferred tax assets: | ||
Property and equipment | 6,940 | 5,936 |
Incentive and vacation accrual | 3,719 | 3,866 |
Deferred revenue - key money | 1,767 | 1,387 |
Allowance for doubtful accounts | 70 | 78 |
Other | 892 | 2,034 |
Net operating loss carryforwards | 64,275 | 65,246 |
Federal historic tax credit | 824 | 824 |
Valuation allowance | (75,336) | (75,215) |
Deferred tax assets | $ 3,151 | $ 4,156 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Valuation allowance | $ 75,336 | $ 75,215 |
Supplemental Information to S_3
Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flows [Line Items] | ||||
Cash and cash equivalents | $ 516,675 | $ 481,316 | $ 665,341 | |
Restricted cash reserves | 38,652 | 55,070 | 48,528 | |
Cash, cash equivalents, and restricted cash reserves | 555,327 | 536,386 | 713,869 | $ 934,790 |
Interest Paid, Excluding Capitalized Interest, Operating Activities | 89,827 | 87,180 | 92,729 | |
Income taxes paid | 2,538 | 1,255 | 477 | |
Operating cash flow lease payments for operating leases | 16,899 | 15,742 | 12,371 | |
Right-of-Use Asset Obtained in Exchange for Operating Lease Liability | (5,016) | 0 | 0 | |
Right-of-Use Asset and Operating Lease Liability. Remeasurement Adjustment | 0 | (2,473) | 0 | |
In connection with the acquisitions of hotel properties, the Company recorded the following: | ||||
Purchase of hotel properties | 0 | 59,000 | 198,250 | |
Transaction costs | 0 | 1,110 | 2,014 | |
Operating prorations | 0 | (802) | (589) | |
Mortgage debt assumed (non-cash financing activity) | 0 | 0 | (25,000) | |
Acquisition of hotel properties, net | 0 | 59,308 | 174,675 | |
In connection with the sales of hotel properties, the Company recorded the following: | ||||
Sales price | 0 | 49,900 | 208,507 | |
Transaction costs | 0 | (834) | (8,118) | |
Operating prorations | 0 | (991) | (1,747) | |
Proceeds from sales of hotel properties, net | 0 | 48,075 | 198,642 | |
Supplemental non-cash transactions | ||||
Change in fair market value of designated interest rate swaps | (17,929) | 63,570 | 41,279 | |
Accrued capital expenditures | 22,144 | 17,645 | 10,049 | |
Distributions payable | 22,500 | 14,622 | 8,347 | |
Accumulated Other Comprehensive Loss | ||||
Supplemental non-cash transactions | ||||
Change in fair market value of designated interest rate swaps | $ (17,929) | $ 63,570 | $ 41,279 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | Jan. 29, 2024 USD ($) |
Subsequent Event | |
Subsequent Event [Line Items] | |
Payments to Acquire Land | $ 125 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Real Estate and Accumulated Depreciation | ||||
Debt | $ 407,833 | |||
Land & Improvements | 976,637 | |||
Building & Improvements | 3,465,182 | |||
Land, Building & Improvements | 673,808 | |||
Land & Improvements | 998,417 | |||
Buildings & Improvements | 4,117,210 | |||
Total | 5,115,627 | $ 5,033,114 | $ 4,977,563 | $ 5,174,309 |
Accumulated Depreciation | 1,105,184 | $ 975,029 | $ 870,741 | $ 827,808 |
Aggregate cost of real estate for federal income tax purposes | 5,000,000 | |||
Marriott Denver South @ Park Meadow [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | 0 | |||
Land & Improvements | 5,385 | |||
Building & Improvements | 39,488 | |||
Land, Building & Improvements | 4,414 | |||
Land & Improvements | 5,383 | |||
Buildings & Improvements | 43,904 | |||
Total | 49,287 | |||
Accumulated Depreciation | $ 19,493 | |||
Marriott Denver South @ Park Meadow [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Marriott Denver South @ Park Meadow [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Marriott Louisville Downtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 0 | |||
Building & Improvements | 89,541 | |||
Land, Building & Improvements | 25,286 | |||
Land & Improvements | 92 | |||
Buildings & Improvements | 114,735 | |||
Total | 114,827 | |||
Accumulated Depreciation | $ 47,296 | |||
Marriott Louisville Downtown | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Marriott Louisville Downtown | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Marriott Chicago Midway [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 4,464 | |||
Building & Improvements | 32,736 | |||
Land, Building & Improvements | 3,458 | |||
Land & Improvements | 4,496 | |||
Buildings & Improvements | 36,162 | |||
Total | 40,658 | |||
Accumulated Depreciation | $ 15,801 | |||
Marriott Chicago Midway [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Marriott Chicago Midway [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Renaissance Boulder Flatiron Hotel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 4,440 | |||
Building & Improvements | 32,557 | |||
Land, Building & Improvements | 9,915 | |||
Land & Improvements | 4,790 | |||
Buildings & Improvements | 42,122 | |||
Total | 46,912 | |||
Accumulated Depreciation | $ 16,051 | |||
Renaissance Boulder Flatiron Hotel [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Renaissance Boulder Flatiron Hotel [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Renaissance Fort Lauderdale Plantation Hotel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 4,842 | |||
Building & Improvements | 35,517 | |||
Land, Building & Improvements | 9,049 | |||
Land & Improvements | 4,886 | |||
Buildings & Improvements | 44,522 | |||
Total | 49,408 | |||
Accumulated Depreciation | $ 17,729 | |||
Renaissance Fort Lauderdale Plantation Hotel [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Renaissance Fort Lauderdale Plantation Hotel [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Chicago Downtown Magnificent Mile [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 31,000 | |||
Land & Improvements | 8,140 | |||
Building & Improvements | 59,696 | |||
Land, Building & Improvements | 10,053 | |||
Land & Improvements | 8,148 | |||
Buildings & Improvements | 69,741 | |||
Total | 77,889 | |||
Accumulated Depreciation | $ 30,116 | |||
Courtyard Chicago Downtown Magnificent Mile [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Chicago Downtown Magnificent Mile [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Indianapolis @ The Capitol [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,482 | |||
Building & Improvements | 18,207 | |||
Land, Building & Improvements | 4,259 | |||
Land & Improvements | 2,641 | |||
Buildings & Improvements | 22,307 | |||
Total | 24,948 | |||
Accumulated Depreciation | $ 9,183 | |||
Courtyard Indianapolis @ The Capitol [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Indianapolis @ The Capitol [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,172 | |||
Building & Improvements | 15,927 | |||
Land, Building & Improvements | 2,897 | |||
Land & Improvements | 2,211 | |||
Buildings & Improvements | 18,785 | |||
Total | 20,996 | |||
Accumulated Depreciation | $ 8,980 | |||
Courtyard Midway Airport [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Midway Airport [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Austin Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 6,049 | |||
Building & Improvements | 44,361 | |||
Land, Building & Improvements | 5,852 | |||
Land & Improvements | 6,049 | |||
Buildings & Improvements | 50,213 | |||
Total | 56,262 | |||
Accumulated Depreciation | $ 19,609 | |||
Courtyard Austin Downtown Convention Center [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Austin Downtown Convention Center [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn Houston By The Galleria [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,665 | |||
Building & Improvements | 19,549 | |||
Land, Building & Improvements | 3,344 | |||
Land & Improvements | 2,686 | |||
Buildings & Improvements | 22,872 | |||
Total | 25,558 | |||
Accumulated Depreciation | $ 10,406 | |||
Residence Inn Houston By The Galleria [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn Houston By The Galleria [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn Indianapolis Downtown On The Canal [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,670 | |||
Building & Improvements | 19,588 | |||
Land, Building & Improvements | 5,224 | |||
Land & Improvements | 2,670 | |||
Buildings & Improvements | 24,812 | |||
Total | 27,482 | |||
Accumulated Depreciation | $ 10,021 | |||
Residence Inn Indianapolis Downtown On The Canal [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn Indianapolis Downtown On The Canal [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn Merrillville [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 595 | |||
Building & Improvements | 4,372 | |||
Land, Building & Improvements | 1,431 | |||
Land & Improvements | 622 | |||
Buildings & Improvements | 5,776 | |||
Total | 6,398 | |||
Accumulated Depreciation | $ 2,566 | |||
Residence Inn Merrillville [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn Merrillville [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn Louisville Downtown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 1,815 | |||
Building & Improvements | 13,308 | |||
Land, Building & Improvements | 3,367 | |||
Land & Improvements | 1,822 | |||
Buildings & Improvements | 16,668 | |||
Total | 18,490 | |||
Accumulated Depreciation | $ 6,442 | |||
Residence Inn Louisville Downtown [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn Louisville Downtown [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn Austin Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 3,767 | |||
Building & Improvements | 27,626 | |||
Land, Building & Improvements | 4,706 | |||
Land & Improvements | 3,804 | |||
Buildings & Improvements | 32,295 | |||
Total | 36,099 | |||
Accumulated Depreciation | $ 12,285 | |||
Residence Inn Austin Downtown Convention Center [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn Austin Downtown Convention Center [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Fairfield Inn and Suites Cherry Creek [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 1,203 | |||
Building & Improvements | 8,823 | |||
Land, Building & Improvements | 2,020 | |||
Land & Improvements | 1,207 | |||
Buildings & Improvements | 10,839 | |||
Total | 12,046 | |||
Accumulated Depreciation | $ 4,758 | |||
Fairfield Inn and Suites Cherry Creek [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Fairfield Inn and Suites Cherry Creek [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Fairfield Inn and Suites Key West [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 1,803 | |||
Building & Improvements | 19,325 | |||
Land, Building & Improvements | 3,960 | |||
Land & Improvements | 1,876 | |||
Buildings & Improvements | 23,212 | |||
Total | 25,088 | |||
Accumulated Depreciation | $ 10,453 | |||
Fairfield Inn and Suites Key West [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Fairfield Inn and Suites Key West [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Fairfield Inn & Suites Chicago Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 1,425 | |||
Building & Improvements | 10,449 | |||
Land, Building & Improvements | 2,069 | |||
Land & Improvements | 1,447 | |||
Buildings & Improvements | 12,496 | |||
Total | 13,943 | |||
Accumulated Depreciation | $ 5,646 | |||
Fairfield Inn & Suites Chicago Midway Airport [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Fairfield Inn & Suites Chicago Midway Airport [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hampton Inn Chicago Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,747 | |||
Building & Improvements | 20,143 | |||
Land, Building & Improvements | 3,104 | |||
Land & Improvements | 2,793 | |||
Buildings & Improvements | 23,201 | |||
Total | 25,994 | |||
Accumulated Depreciation | $ 10,432 | |||
Hampton Inn Chicago Midway Airport [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hampton Inn Chicago Midway Airport [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn Chicago Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,978 | |||
Building & Improvements | 21,842 | |||
Land, Building & Improvements | 1,744 | |||
Land & Improvements | 3,006 | |||
Buildings & Improvements | 23,558 | |||
Total | 26,564 | |||
Accumulated Depreciation | $ 10,461 | |||
Hilton Garden Inn Chicago Midway Airport [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn Chicago Midway Airport [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Sleep Inn Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 1,189 | |||
Building & Improvements | 8,718 | |||
Land, Building & Improvements | 1,896 | |||
Land & Improvements | 1,225 | |||
Buildings & Improvements | 10,578 | |||
Total | 11,803 | |||
Accumulated Depreciation | $ 5,064 | |||
Sleep Inn Midway Airport [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Sleep Inn Midway Airport [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Holiday Inn Express Hotel & Suites Midway Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 1,874 | |||
Building & Improvements | 13,742 | |||
Land, Building & Improvements | 3,219 | |||
Land & Improvements | 1,925 | |||
Buildings & Improvements | 16,910 | |||
Total | 18,835 | |||
Accumulated Depreciation | $ 7,289 | |||
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Holiday Inn Express Hotel & Suites Midway Airport [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
TGI Friday's Chicago Midway [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 829 | |||
Building & Improvements | 6,139 | |||
Land, Building & Improvements | 1,081 | |||
Land & Improvements | 860 | |||
Buildings & Improvements | 7,189 | |||
Total | 8,049 | |||
Accumulated Depreciation | $ 3,071 | |||
TGI Friday's Chicago Midway [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
TGI Friday's Chicago Midway [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hampton Inn Garden City [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 5,691 | |||
Building & Improvements | 22,764 | |||
Land, Building & Improvements | 3,948 | |||
Land & Improvements | 5,742 | |||
Buildings & Improvements | 26,661 | |||
Total | 32,403 | |||
Accumulated Depreciation | $ 10,530 | |||
Hampton Inn Garden City [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hampton Inn Garden City [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Houston By The Galleria [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 19,000 | |||
Land & Improvements | 3,069 | |||
Building & Improvements | 22,508 | |||
Land, Building & Improvements | 2,561 | |||
Land & Improvements | 3,069 | |||
Buildings & Improvements | 25,069 | |||
Total | 28,138 | |||
Accumulated Depreciation | $ 10,128 | |||
Courtyard Houston By The Galleria [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Houston By The Galleria [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Los Angeles Downey [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 31,000 | |||
Land & Improvements | 4,857 | |||
Building & Improvements | 29,943 | |||
Land, Building & Improvements | 12,141 | |||
Land & Improvements | 5,036 | |||
Buildings & Improvements | 41,905 | |||
Total | 46,941 | |||
Accumulated Depreciation | $ 16,402 | |||
Embassy Suites Los Angeles Downey [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Los Angeles Downey [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Tampa Downtown Convention Ctr [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,161 | |||
Building & Improvements | 71,017 | |||
Land, Building & Improvements | 15,656 | |||
Land & Improvements | 2,444 | |||
Buildings & Improvements | 86,390 | |||
Total | 88,834 | |||
Accumulated Depreciation | $ 29,475 | |||
Embassy Suites Tampa Downtown Convention Ctr [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Tampa Downtown Convention Ctr [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Fairfield Inn & Suites Washington DC Downtown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 34,000 | |||
Land & Improvements | 16,214 | |||
Building & Improvements | 22,265 | |||
Land, Building & Improvements | 7,824 | |||
Land & Improvements | 16,447 | |||
Buildings & Improvements | 29,856 | |||
Total | 46,303 | |||
Accumulated Depreciation | $ 12,091 | |||
Fairfield Inn & Suites Washington DC Downtown [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Fairfield Inn & Suites Washington DC Downtown [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Fort Myers Estero [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,816 | |||
Building & Improvements | 7,862 | |||
Land, Building & Improvements | 2,654 | |||
Land & Improvements | 2,968 | |||
Buildings & Improvements | 10,364 | |||
Total | 13,332 | |||
Accumulated Depreciation | $ 4,213 | |||
Embassy Suites Fort Myers Estero [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Fort Myers Estero [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Homewood Suites Washington DC Downtown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 23,139 | |||
Building & Improvements | 34,188 | |||
Land, Building & Improvements | 6,506 | |||
Land & Improvements | 23,758 | |||
Buildings & Improvements | 40,075 | |||
Total | 63,833 | |||
Accumulated Depreciation | $ 14,024 | |||
Homewood Suites Washington DC Downtown [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Homewood Suites Washington DC Downtown [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hotel Indigo New Orleans Garden District [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 1,901 | |||
Building & Improvements | 2,793 | |||
Land, Building & Improvements | 16,165 | |||
Land & Improvements | 2,155 | |||
Buildings & Improvements | 18,704 | |||
Total | 20,859 | |||
Accumulated Depreciation | $ 9,940 | |||
Hotel Indigo New Orleans Garden District [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hotel Indigo New Orleans Garden District [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn National Harbor Washington DC [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 7,457 | |||
Building & Improvements | 37,046 | |||
Land, Building & Improvements | 2,148 | |||
Land & Improvements | 7,480 | |||
Buildings & Improvements | 39,171 | |||
Total | 46,651 | |||
Accumulated Depreciation | $ 13,384 | |||
Residence Inn National Harbor Washington DC [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn National Harbor Washington DC [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn New Orleans Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 3,405 | |||
Building & Improvements | 20,750 | |||
Land, Building & Improvements | 9,612 | |||
Land & Improvements | 3,509 | |||
Buildings & Improvements | 30,258 | |||
Total | 33,767 | |||
Accumulated Depreciation | $ 11,452 | |||
Hilton Garden Inn New Orleans Convention Center [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn New Orleans Convention Center [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn Los Angeles Hollywood [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 5,303 | |||
Building & Improvements | 19,136 | |||
Land, Building & Improvements | 10,933 | |||
Land & Improvements | 5,699 | |||
Buildings & Improvements | 29,673 | |||
Total | 35,372 | |||
Accumulated Depreciation | $ 12,059 | |||
Hilton Garden Inn Los Angeles Hollywood [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn Los Angeles Hollywood [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Renaissance Pittsburgh Hotel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 34,000 | |||
Land & Improvements | 3,274 | |||
Building & Improvements | 39,934 | |||
Land, Building & Improvements | 11,484 | |||
Land & Improvements | 3,397 | |||
Buildings & Improvements | 51,295 | |||
Total | 54,692 | |||
Accumulated Depreciation | $ 17,675 | |||
Renaissance Pittsburgh Hotel [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Renaissance Pittsburgh Hotel [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Atlanta Buckhead [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,860 | |||
Building & Improvements | 21,668 | |||
Land, Building & Improvements | 4,217 | |||
Land & Improvements | 2,875 | |||
Buildings & Improvements | 25,870 | |||
Total | 28,745 | |||
Accumulated Depreciation | $ 9,248 | |||
Courtyard Atlanta Buckhead [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Atlanta Buckhead [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites West Palm Beach Central [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 3,656 | |||
Building & Improvements | 9,614 | |||
Land, Building & Improvements | 10,036 | |||
Land & Improvements | 3,914 | |||
Buildings & Improvements | 19,392 | |||
Total | 23,306 | |||
Accumulated Depreciation | $ 8,441 | |||
Embassy Suites West Palm Beach Central [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites West Palm Beach Central [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn Pittsburgh University Place [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 1,975 | |||
Building & Improvements | 18,490 | |||
Land, Building & Improvements | 9,440 | |||
Land & Improvements | 2,382 | |||
Buildings & Improvements | 27,523 | |||
Total | 29,905 | |||
Accumulated Depreciation | $ 12,045 | |||
Hilton Garden Inn Pittsburgh University Place [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn Pittsburgh University Place [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Charleston Historic District | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,714 | |||
Building & Improvements | 35,828 | |||
Land, Building & Improvements | 4,747 | |||
Land & Improvements | 3,564 | |||
Buildings & Improvements | 39,725 | |||
Total | 43,289 | |||
Accumulated Depreciation | $ 12,787 | |||
Courtyard Charleston Historic District | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Charleston Historic District | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn Bethesda Downtown [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 8,154 | |||
Building & Improvements | 52,749 | |||
Land, Building & Improvements | 8,529 | |||
Land & Improvements | 8,761 | |||
Buildings & Improvements | 60,671 | |||
Total | 69,432 | |||
Accumulated Depreciation | $ 18,954 | |||
Residence Inn Bethesda Downtown [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn Bethesda Downtown [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard New York Manhattan Upper East Side [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 20,655 | |||
Building & Improvements | 60,222 | |||
Land, Building & Improvements | 9,020 | |||
Land & Improvements | 21,282 | |||
Buildings & Improvements | 68,615 | |||
Total | 89,897 | |||
Accumulated Depreciation | $ 21,668 | |||
Courtyard New York Manhattan Upper East Side [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard New York Manhattan Upper East Side [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 11,903 | |||
Building & Improvements | 22,757 | |||
Land, Building & Improvements | 17,725 | |||
Land & Improvements | 12,242 | |||
Buildings & Improvements | 40,143 | |||
Total | 52,385 | |||
Accumulated Depreciation | $ 11,210 | |||
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hilton Garden Inn San Francisco Oakland Bay Brg [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Boston Waltham [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 6,268 | |||
Building & Improvements | 56,024 | |||
Land, Building & Improvements | 5,358 | |||
Land & Improvements | 6,402 | |||
Buildings & Improvements | 61,248 | |||
Total | 67,650 | |||
Accumulated Depreciation | $ 18,782 | |||
Embassy Suites Boston Waltham [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Boston Waltham [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Houston Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 5,799 | |||
Building & Improvements | 28,953 | |||
Land, Building & Improvements | 6,009 | |||
Land & Improvements | 6,099 | |||
Buildings & Improvements | 34,662 | |||
Total | 40,761 | |||
Accumulated Depreciation | $ 10,232 | |||
Courtyard Houston Downtown Convention Center [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Houston Downtown Convention Center [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn Houston Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 4,674 | |||
Building & Improvements | 24,913 | |||
Land, Building & Improvements | 5,074 | |||
Land & Improvements | 4,875 | |||
Buildings & Improvements | 29,786 | |||
Total | 34,661 | |||
Accumulated Depreciation | $ 8,820 | |||
Residence Inn Houston Downtown Convention Center [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn Houston Downtown Convention Center [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
SpringHill Suites Houston Downtown Convention Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,382 | |||
Building & Improvements | 12,756 | |||
Land, Building & Improvements | 12,410 | |||
Land & Improvements | 2,570 | |||
Buildings & Improvements | 24,978 | |||
Total | 27,548 | |||
Accumulated Depreciation | $ 10,285 | |||
SpringHill Suites Houston Downtown Convention Center [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
SpringHill Suites Houston Downtown Convention Center [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Waikiki Beach | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 557 | |||
Building & Improvements | 79,033 | |||
Land, Building & Improvements | 14,395 | |||
Land & Improvements | 803 | |||
Buildings & Improvements | 93,182 | |||
Total | 93,985 | |||
Accumulated Depreciation | $ 27,026 | |||
Courtyard Waikiki Beach | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Waikiki Beach | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard San Francisco [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 11,277 | |||
Building & Improvements | 18,198 | |||
Land, Building & Improvements | 29,082 | |||
Land & Improvements | 11,291 | |||
Buildings & Improvements | 47,266 | |||
Total | 58,557 | |||
Accumulated Depreciation | $ 17,434 | |||
Courtyard San Francisco [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard San Francisco [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn Atlanta Midtown Historic [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 2,812 | |||
Building & Improvements | 6,044 | |||
Land, Building & Improvements | 7,858 | |||
Land & Improvements | 2,982 | |||
Buildings & Improvements | 13,732 | |||
Total | 16,714 | |||
Accumulated Depreciation | $ 4,670 | |||
Residence Inn Atlanta Midtown Historic [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn Atlanta Midtown Historic [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
SpringHill Suites Portland Hillsboro [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 3,488 | |||
Building & Improvements | 18,283 | |||
Land, Building & Improvements | 1,829 | |||
Land & Improvements | 3,543 | |||
Buildings & Improvements | 20,057 | |||
Total | 23,600 | |||
Accumulated Depreciation | $ 5,571 | |||
SpringHill Suites Portland Hillsboro [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
SpringHill Suites Portland Hillsboro [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hilton Cabana Miami Beach | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 25,083 | |||
Building & Improvements | 40,707 | |||
Land, Building & Improvements | 11,836 | |||
Land & Improvements | 25,386 | |||
Buildings & Improvements | 52,240 | |||
Total | 77,626 | |||
Accumulated Depreciation | $ 12,323 | |||
Hilton Cabana Miami Beach | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hilton Cabana Miami Beach | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt House Charlotte Center City | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 18,000 | |||
Land & Improvements | 3,029 | |||
Building & Improvements | 26,193 | |||
Land, Building & Improvements | 2,314 | |||
Land & Improvements | 3,054 | |||
Buildings & Improvements | 28,482 | |||
Total | 31,536 | |||
Accumulated Depreciation | $ 7,235 | |||
Hyatt House Charlotte Center City | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt House Charlotte Center City | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt House Cypress Anaheim | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 16,000 | |||
Land & Improvements | 3,995 | |||
Building & Improvements | 9,164 | |||
Land, Building & Improvements | 3,984 | |||
Land & Improvements | 4,354 | |||
Buildings & Improvements | 12,789 | |||
Total | 17,143 | |||
Accumulated Depreciation | $ 4,660 | |||
Hyatt House Cypress Anaheim | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt House Cypress Anaheim | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt House Emeryville San Francisco Bay Area | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 36,000 | |||
Land & Improvements | 7,425 | |||
Building & Improvements | 29,137 | |||
Land, Building & Improvements | 8,020 | |||
Land & Improvements | 7,517 | |||
Buildings & Improvements | 37,065 | |||
Total | 44,582 | |||
Accumulated Depreciation | $ 10,889 | |||
Hyatt House Emeryville San Francisco Bay Area | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt House Emeryville San Francisco Bay Area | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt House San Diego Sorrento Mesa | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 10,420 | |||
Building & Improvements | 21,288 | |||
Land, Building & Improvements | 4,254 | |||
Land & Improvements | 10,756 | |||
Buildings & Improvements | 25,206 | |||
Total | 35,962 | |||
Accumulated Depreciation | $ 6,436 | |||
Hyatt House San Diego Sorrento Mesa | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt House San Diego Sorrento Mesa | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt House San Jose Silicon Valley | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 6,820 | |||
Building & Improvements | 31,682 | |||
Land, Building & Improvements | 3,256 | |||
Land & Improvements | 6,975 | |||
Buildings & Improvements | 34,783 | |||
Total | 41,758 | |||
Accumulated Depreciation | $ 8,579 | |||
Hyatt House San Jose Silicon Valley | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt House San Jose Silicon Valley | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt House San Ramon | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 5,712 | |||
Building & Improvements | 11,852 | |||
Land, Building & Improvements | 2,980 | |||
Land & Improvements | 5,761 | |||
Buildings & Improvements | 14,783 | |||
Total | 20,544 | |||
Accumulated Depreciation | $ 4,624 | |||
Hyatt House San Ramon | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt House San Ramon | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt House Santa Clara | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 34,000 | |||
Land & Improvements | 8,044 | |||
Building & Improvements | 27,703 | |||
Land, Building & Improvements | 3,305 | |||
Land & Improvements | 8,052 | |||
Buildings & Improvements | 31,000 | |||
Total | 39,052 | |||
Accumulated Depreciation | $ 8,418 | |||
Hyatt House Santa Clara | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt House Santa Clara | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt Market Street The Woodlands [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 5,950 | |||
Building & Improvements | 16,882 | |||
Land, Building & Improvements | 2,828 | |||
Land & Improvements | 5,977 | |||
Buildings & Improvements | 19,683 | |||
Total | 25,660 | |||
Accumulated Depreciation | $ 4,812 | |||
Hyatt Market Street The Woodlands [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt Market Street The Woodlands [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt Place Fremont Silicon Valley | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 6,209 | |||
Building & Improvements | 13,730 | |||
Land, Building & Improvements | 1,823 | |||
Land & Improvements | 6,297 | |||
Buildings & Improvements | 15,465 | |||
Total | 21,762 | |||
Accumulated Depreciation | $ 4,437 | |||
Hyatt Place Fremont Silicon Valley | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt Place Fremont Silicon Valley | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt Place Madison Downtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 13,000 | |||
Land & Improvements | 6,701 | |||
Building & Improvements | 25,478 | |||
Land, Building & Improvements | 1,596 | |||
Land & Improvements | 6,709 | |||
Buildings & Improvements | 27,066 | |||
Total | 33,775 | |||
Accumulated Depreciation | $ 6,651 | |||
Hyatt Place Madison Downtown | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt Place Madison Downtown | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Irvine Orange County | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 15,062 | |||
Building & Improvements | 33,048 | |||
Land, Building & Improvements | 9,264 | |||
Land & Improvements | 15,243 | |||
Buildings & Improvements | 42,131 | |||
Total | 57,374 | |||
Accumulated Depreciation | $ 12,307 | |||
Embassy Suites Irvine Orange County | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Irvine Orange County | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Courtyard Portland City Center | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 8,019 | |||
Building & Improvements | 53,024 | |||
Land, Building & Improvements | 1,670 | |||
Land & Improvements | 8,021 | |||
Buildings & Improvements | 54,692 | |||
Total | 62,713 | |||
Accumulated Depreciation | $ 13,524 | |||
Courtyard Portland City Center | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Courtyard Portland City Center | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt Atlanta Midtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 3,737 | |||
Building & Improvements | 41,731 | |||
Land, Building & Improvements | 1,757 | |||
Land & Improvements | 3,740 | |||
Buildings & Improvements | 43,485 | |||
Total | 47,225 | |||
Accumulated Depreciation | $ 10,510 | |||
Hyatt Atlanta Midtown | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt Atlanta Midtown | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
DoubleTree Grand Key Resort | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 48,192 | |||
Building & Improvements | 27,770 | |||
Land, Building & Improvements | 9,468 | |||
Land & Improvements | 48,396 | |||
Buildings & Improvements | 37,034 | |||
Total | 85,430 | |||
Accumulated Depreciation | $ 10,629 | |||
DoubleTree Grand Key Resort | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
DoubleTree Grand Key Resort | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hyatt Place Washington DC Downtown K Street | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 10,763 | |||
Building & Improvements | 55,225 | |||
Land, Building & Improvements | 2,133 | |||
Land & Improvements | 10,763 | |||
Buildings & Improvements | 57,358 | |||
Total | 68,121 | |||
Accumulated Depreciation | $ 12,475 | |||
Hyatt Place Washington DC Downtown K Street | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hyatt Place Washington DC Downtown K Street | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Homewood Suites Seattle Lynnwood | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 19,000 | |||
Land & Improvements | 3,933 | |||
Building & Improvements | 30,949 | |||
Land, Building & Improvements | 416 | |||
Land & Improvements | 4,013 | |||
Buildings & Improvements | 31,285 | |||
Total | 35,298 | |||
Accumulated Depreciation | $ 6,908 | |||
Homewood Suites Seattle Lynnwood | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Homewood Suites Seattle Lynnwood | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Residence Inn Palo Alto Los Altos (3) | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 16,996 | |||
Building & Improvements | 45,786 | |||
Land, Building & Improvements | 1,215 | |||
Land & Improvements | 17,137 | |||
Buildings & Improvements | 46,860 | |||
Total | 63,997 | |||
Accumulated Depreciation | $ 10,522 | |||
Residence Inn Palo Alto Los Altos (3) | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Residence Inn Palo Alto Los Altos (3) | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
DoubleTree Suites by Hilton Austin [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 7,072 | |||
Building & Improvements | 50,827 | |||
Land, Building & Improvements | 5,086 | |||
Land & Improvements | 7,402 | |||
Buildings & Improvements | 55,583 | |||
Total | 62,985 | |||
Accumulated Depreciation | $ 8,568 | |||
DoubleTree Suites by Hilton Austin [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
DoubleTree Suites by Hilton Austin [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
DoubleTree Suites by Hilton Orlando Lake Buena Vista | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 896 | |||
Building & Improvements | 44,508 | |||
Land, Building & Improvements | 7,605 | |||
Land & Improvements | 1,010 | |||
Buildings & Improvements | 51,999 | |||
Total | 53,009 | |||
Accumulated Depreciation | $ 7,980 | |||
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
DoubleTree Suites by Hilton Orlando Lake Buena Vista | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Atlanta Buckhead [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 31,279 | |||
Building & Improvements | 46,015 | |||
Land, Building & Improvements | 18,464 | |||
Land & Improvements | 31,544 | |||
Buildings & Improvements | 64,214 | |||
Total | 95,758 | |||
Accumulated Depreciation | $ 10,963 | |||
Embassy Suites Atlanta Buckhead [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Atlanta Buckhead [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Birmingham [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 10,495 | |||
Building & Improvements | 33,568 | |||
Land, Building & Improvements | 1,013 | |||
Land & Improvements | 10,512 | |||
Buildings & Improvements | 34,564 | |||
Total | 45,076 | |||
Accumulated Depreciation | $ 5,832 | |||
Embassy Suites Birmingham [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Birmingham [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Dallas Love Field [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 25,000 | |||
Land & Improvements | 6,408 | |||
Building & Improvements | 34,694 | |||
Land, Building & Improvements | 2,670 | |||
Land & Improvements | 6,418 | |||
Buildings & Improvements | 37,354 | |||
Total | 43,772 | |||
Accumulated Depreciation | $ 6,043 | |||
Embassy Suites Dallas Love Field [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Dallas Love Field [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Deerfield Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 7,527 | |||
Building & Improvements | 56,128 | |||
Land, Building & Improvements | 16,351 | |||
Land & Improvements | 7,958 | |||
Buildings & Improvements | 72,048 | |||
Total | 80,006 | |||
Accumulated Depreciation | $ 10,795 | |||
Embassy Suites Deerfield Beach [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Deerfield Beach [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Fort Lauderdale 17th Street [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 30,933 | |||
Building & Improvements | 54,592 | |||
Land, Building & Improvements | 5,547 | |||
Land & Improvements | 31,320 | |||
Buildings & Improvements | 59,752 | |||
Total | 91,072 | |||
Accumulated Depreciation | $ 10,262 | |||
Embassy Suites Fort Lauderdale 17th Street [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Fort Lauderdale 17th Street [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Los Angeles International Airport South [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 50,000 | |||
Land & Improvements | 13,110 | |||
Building & Improvements | 94,733 | |||
Land, Building & Improvements | 13,394 | |||
Land & Improvements | 14,130 | |||
Buildings & Improvements | 107,107 | |||
Total | 121,237 | |||
Accumulated Depreciation | $ 16,058 | |||
Embassy Suites Los Angeles International Airport South [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Los Angeles International Airport South [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Miami International Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 14,765 | |||
Building & Improvements | 18,099 | |||
Land, Building & Improvements | 8,746 | |||
Land & Improvements | 15,107 | |||
Buildings & Improvements | 26,503 | |||
Total | 41,610 | |||
Accumulated Depreciation | $ 4,530 | |||
Embassy Suites Miami International Airport [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Miami International Airport [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Milpitas Silicon Valley [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 43,157 | |||
Building & Improvements | 26,399 | |||
Land, Building & Improvements | 13,553 | |||
Land & Improvements | 43,370 | |||
Buildings & Improvements | 39,739 | |||
Total | 83,109 | |||
Accumulated Depreciation | $ 8,248 | |||
Embassy Suites Milpitas Silicon Valley [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Milpitas Silicon Valley [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Minneapolis Airport [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 7,248 | |||
Building & Improvements | 41,202 | |||
Land, Building & Improvements | 17,814 | |||
Land & Improvements | 9,676 | |||
Buildings & Improvements | 56,588 | |||
Total | 66,264 | |||
Accumulated Depreciation | $ 12,361 | |||
Embassy Suites Minneapolis Airport [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Minneapolis Airport [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Orlando International Drive [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 4,743 | |||
Building & Improvements | 37,687 | |||
Land, Building & Improvements | 1,857 | |||
Land & Improvements | 5,031 | |||
Buildings & Improvements | 39,256 | |||
Total | 44,287 | |||
Accumulated Depreciation | $ 6,667 | |||
Embassy Suites Orlando International Drive [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Orlando International Drive [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Phoenix Biltmore [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 21,000 | |||
Land & Improvements | 24,680 | |||
Building & Improvements | 24,487 | |||
Land, Building & Improvements | 9,441 | |||
Land & Improvements | 24,784 | |||
Buildings & Improvements | 33,824 | |||
Total | 58,608 | |||
Accumulated Depreciation | $ 5,377 | |||
Embassy Suites Phoenix Biltmore [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Phoenix Biltmore [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites San Francisco Airport South San Francisco [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 39,616 | |||
Building & Improvements | 55,163 | |||
Land, Building & Improvements | 16,427 | |||
Land & Improvements | 39,728 | |||
Buildings & Improvements | 71,478 | |||
Total | 111,206 | |||
Accumulated Depreciation | $ 12,977 | |||
Embassy Suites San Francisco Airport South San Francisco [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites San Francisco Airport South San Francisco [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites San Francisco Airport Waterfront | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 3,698 | |||
Building & Improvements | 85,270 | |||
Land, Building & Improvements | 4,644 | |||
Land & Improvements | 4,331 | |||
Buildings & Improvements | 89,281 | |||
Total | 93,612 | |||
Accumulated Depreciation | $ 16,092 | |||
Embassy Suites San Francisco Airport Waterfront | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites San Francisco Airport Waterfront | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Embassy Suites Mandalay Beach [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 35,769 | |||
Building & Improvements | 53,280 | |||
Land, Building & Improvements | 31,339 | |||
Land & Improvements | 37,031 | |||
Buildings & Improvements | 83,357 | |||
Total | 120,388 | |||
Accumulated Depreciation | $ 12,839 | |||
Embassy Suites Mandalay Beach [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Embassy Suites Mandalay Beach [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Wyndham Houston Medical Center [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 7,776 | |||
Building & Improvements | 43,475 | |||
Land, Building & Improvements | 7,060 | |||
Land & Improvements | 7,995 | |||
Buildings & Improvements | 50,316 | |||
Total | 58,311 | |||
Accumulated Depreciation | $ 7,308 | |||
Wyndham Houston Medical Center [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Wyndham Houston Medical Center [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Mills House Wyndham Grand Hotel [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 9,599 | |||
Building & Improvements | 68,932 | |||
Land, Building & Improvements | 12,221 | |||
Land & Improvements | 10,744 | |||
Buildings & Improvements | 80,008 | |||
Total | 90,752 | |||
Accumulated Depreciation | $ 12,168 | |||
Mills House Wyndham Grand Hotel [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Mills House Wyndham Grand Hotel [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
San Francisco Marriott Union Square [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 46,773 | |||
Building & Improvements | 107,841 | |||
Land, Building & Improvements | 13,395 | |||
Land & Improvements | 46,882 | |||
Buildings & Improvements | 121,127 | |||
Total | 168,009 | |||
Accumulated Depreciation | $ 21,183 | |||
San Francisco Marriott Union Square [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
San Francisco Marriott Union Square [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
The Knickerbocker New York | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 113,613 | |||
Building & Improvements | 119,453 | |||
Land, Building & Improvements | 4,546 | |||
Land & Improvements | 114,987 | |||
Buildings & Improvements | 122,625 | |||
Total | 237,612 | |||
Accumulated Depreciation | $ 19,438 | |||
The Knickerbocker New York | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
The Knickerbocker New York | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Wyndham Santa Monica At The Pier [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 27,054 | |||
Building & Improvements | 45,866 | |||
Land, Building & Improvements | 15,838 | |||
Land & Improvements | 27,354 | |||
Buildings & Improvements | 61,404 | |||
Total | 88,758 | |||
Accumulated Depreciation | $ 8,469 | |||
Wyndham Santa Monica At The Pier [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Wyndham Santa Monica At The Pier [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Wyndham Boston Beacon Hill (2) | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 174 | |||
Building & Improvements | 51,934 | |||
Land, Building & Improvements | 2,000 | |||
Land & Improvements | 178 | |||
Buildings & Improvements | 53,930 | |||
Total | 54,108 | |||
Accumulated Depreciation | $ 30,418 | |||
Wyndham Boston Beacon Hill (2) | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 6 years | |||
Wyndham Boston Beacon Hill (2) | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 6 years | |||
Wyndham New Orleans French Quarter | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 300 | |||
Building & Improvements | 72,686 | |||
Land, Building & Improvements | 2,066 | |||
Land & Improvements | 300 | |||
Buildings & Improvements | 74,752 | |||
Total | 75,052 | |||
Accumulated Depreciation | $ 11,966 | |||
Wyndham New Orleans French Quarter | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Wyndham New Orleans French Quarter | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Wyndham Philadelphia Historic District [Member] | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 8,367 | |||
Building & Improvements | 51,914 | |||
Land, Building & Improvements | 1,263 | |||
Land & Improvements | 8,609 | |||
Buildings & Improvements | 52,935 | |||
Total | 61,544 | |||
Accumulated Depreciation | $ 8,543 | |||
Wyndham Philadelphia Historic District [Member] | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Wyndham Philadelphia Historic District [Member] | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Wyndham Pittsburgh University Center | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 154 | |||
Building & Improvements | 31,625 | |||
Land, Building & Improvements | 1,756 | |||
Land & Improvements | 185 | |||
Buildings & Improvements | 33,350 | |||
Total | 33,535 | |||
Accumulated Depreciation | $ 5,173 | |||
Wyndham Pittsburgh University Center | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Wyndham Pittsburgh University Center | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Wyndham San Diego Bayside | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 989 | |||
Building & Improvements | 29,440 | |||
Land, Building & Improvements | 7,234 | |||
Land & Improvements | 1,370 | |||
Buildings & Improvements | 36,293 | |||
Total | 37,663 | |||
Accumulated Depreciation | $ 17,274 | |||
Wyndham San Diego Bayside | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 7 years | |||
Wyndham San Diego Bayside | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 7 years | |||
AC Hotel Boston Downtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 26,560 | |||
Building & Improvements | 53,354 | |||
Land, Building & Improvements | 166 | |||
Land & Improvements | 26,560 | |||
Buildings & Improvements | 53,520 | |||
Total | 80,080 | |||
Accumulated Depreciation | $ 3,174 | |||
AC Hotel Boston Downtown | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
AC Hotel Boston Downtown | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Hampton Inn and Suites Atlanta Midtown | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 5,990 | |||
Building & Improvements | 48,321 | |||
Land, Building & Improvements | 33 | |||
Land & Improvements | 5,993 | |||
Buildings & Improvements | 48,351 | |||
Total | 54,344 | |||
Accumulated Depreciation | $ 2,933 | |||
Hampton Inn and Suites Atlanta Midtown | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Hampton Inn and Suites Atlanta Midtown | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
Moxy Denver Cherry Creek | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 26,833 | |||
Land & Improvements | 0 | |||
Building & Improvements | 48,725 | |||
Land, Building & Improvements | 85 | |||
Land & Improvements | 0 | |||
Buildings & Improvements | 48,810 | |||
Total | 48,810 | |||
Accumulated Depreciation | $ 2,542 | |||
Moxy Denver Cherry Creek | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
Moxy Denver Cherry Creek | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years | |||
21c Hotel Nashville | ||||
Real Estate and Accumulated Depreciation | ||||
Debt | $ 0 | |||
Land & Improvements | 19,807 | |||
Building & Improvements | 36,223 | |||
Land, Building & Improvements | 366 | |||
Land & Improvements | 19,829 | |||
Buildings & Improvements | 36,567 | |||
Total | 56,396 | |||
Accumulated Depreciation | $ 1,366 | |||
21c Hotel Nashville | Minimum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 15 years | |||
21c Hotel Nashville | Maximum | ||||
Real Estate and Accumulated Depreciation | ||||
Depreciation Life | 40 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reconciliation of Land and Buildings and Improvements | |||
Balance at beginning of period | $ 5,033,114 | $ 4,977,563 | $ 5,174,309 |
Add: Acquisitions | 0 | 56,030 | 182,950 |
Add: Improvements | 82,513 | 68,012 | 34,511 |
Less: Disposition of properties | 0 | (68,491) | (269,362) |
Less: Impairment losses | 0 | 0 | (144,845) |
Balance at end of period | 5,115,627 | 5,033,114 | 4,977,563 |
Reconciliation of Accumulated Depreciation | |||
Balance at beginning of period | (975,029) | (870,741) | (827,808) |
Add: Depreciation for the period | (130,155) | (125,203) | (126,759) |
Less: Disposition of properties | 0 | 20,915 | 83,826 |
Balance at end of period | $ (1,105,184) | $ (975,029) | $ (870,741) |