Cover Page
Cover Page - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-36594 | ||
Entity Registrant Name | Xenia Hotels & Resorts, Inc. | ||
Entity Central Index Key | 0001616000 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 20-0141677 | ||
Entity Address, Address Line One | 200 S. Orange Avenue | ||
Entity Address, Address Line Two | Suite 2700 | ||
Entity Address, City or Town | Orlando | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32801 | ||
City Area Code | 407 | ||
Local Phone Number | 246-8100 | ||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | XHR | ||
Security Exchange Name | NYSE | ||
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 | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2.3 | ||
Entity Common Stock, Shares Outstanding (shares) | 112,723,273 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment properties: | ||
Land | $ 483,052 | $ 477,350 |
Buildings and other improvements | 3,270,056 | 3,113,745 |
Total | 3,753,108 | 3,591,095 |
Less: accumulated depreciation | (826,738) | (715,949) |
Net investment properties | 2,926,370 | 2,875,146 |
Cash and cash equivalents | 110,841 | 91,413 |
Restricted cash and escrows | 84,105 | 70,195 |
Accounts and rents receivable, net of allowance for doubtful accounts | 36,542 | 34,804 |
Intangible assets, net of accumulated amortization | 28,997 | 61,541 |
Other assets | 76,151 | 36,988 |
Total assets | 3,263,006 | 3,170,087 |
Liabilities | ||
Debt, net of loan discounts and unamortized deferred financing costs | 1,293,054 | 1,155,088 |
Accounts payable and accrued expenses | 88,197 | 84,967 |
Distributions payable | 31,802 | 31,574 |
Other liabilities | 74,795 | 45,753 |
Total liabilities | 1,487,848 | 1,317,382 |
Commitments and Contingencies | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 500,000,000 shares authorized, 112,670,757 and 112,583,990 shares issued and outstanding as of December 31, 2019 and 2018, respectively | 1,127 | 1,126 |
Additional paid in capital | 2,060,924 | 2,059,699 |
Accumulated other comprehensive (loss) income | (4,596) | 12,742 |
Accumulated distributions in excess of net earnings | (318,434) | (249,654) |
Total Company stockholders' equity | 1,739,021 | 1,823,913 |
Non-controlling interests | 36,137 | 28,792 |
Total equity | 1,775,158 | 1,852,705 |
Total liabilities and equity | $ 3,263,006 | $ 3,170,087 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 500,000,000 | 500,000,000 |
Common stock, shares issued (in shares) | 112,670,757 | 112,583,990 |
Common stock, shares outstanding (in shares) | 112,670,757 | 112,583,990 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Revenues | $ 1,149,087 | $ 1,058,207 | $ 945,277 |
Expenses: | |||
Total hotel operating expenses | 772,857 | 689,762 | 603,700 |
Depreciation and amortization | 155,128 | 157,838 | 152,977 |
Real estate taxes, personal property taxes and insurance | 50,184 | 47,721 | 44,310 |
Ground lease expense | 4,403 | ||
Ground lease expense | 4,882 | 5,848 | |
General and administrative expenses | 30,732 | 30,460 | 31,552 |
Gain on business interruption insurance | (823) | (5,043) | (559) |
Acquisition, terminated transaction and pre-opening expenses | 954 | 763 | 1,578 |
Impairment and other losses | 24,171 | 0 | 2,254 |
Total expenses | 1,037,606 | 926,383 | 841,660 |
Operating income | 111,481 | 131,824 | 103,617 |
(Loss) gain on sale of investment properties | (947) | 123,540 | 50,747 |
Other income | 895 | 1,162 | 853 |
Interest expense | (48,605) | (51,402) | (46,294) |
Loss on extinguishment of debt | (214) | (599) | (274) |
Net income before income taxes | 62,610 | 204,525 | 108,649 |
Income tax expense | (5,367) | (5,993) | (7,833) |
Net income | 57,243 | 198,532 | 100,816 |
Net income attributable to non-controlling interests | (1,843) | (4,844) | (1,954) |
Net income attributable to common stockholders | $ 55,400 | $ 193,688 | $ 98,862 |
Basic and diluted earnings per share | |||
Net income per share available to common stockholders (in dollars per share) | $ 0.49 | $ 1.75 | $ 0.92 |
Weighted average number of common shares, basic (in shares) | 112,636,123 | 110,124,142 | 106,767,108 |
Weighted average number of common shares, diluted (in shares) | 112,918,598 | 110,377,734 | 107,019,152 |
Comprehensive Income: | |||
Net income | $ 57,243 | $ 198,532 | $ 100,816 |
Other comprehensive income (loss): | |||
Unrealized (loss) gain on interest rate derivative instruments | (14,401) | 4,944 | 3,388 |
Reclassification adjustment for amounts recognized in net income (interest expense) | (3,510) | (2,826) | 2,396 |
Comprehensive income, net of tax, including portion attributable to noncontrolling interest | 39,332 | 200,650 | 106,600 |
Comprehensive (income) loss attributable to non-controlling interests: | |||
Comprehensive income attributable to non-controlling interests | (1,270) | (4,897) | (2,070) |
Comprehensive income attributable to the Company | 38,062 | 195,753 | 104,530 |
Rooms | |||
Revenues: | |||
Revenues | 686,485 | 659,697 | 623,331 |
Expenses: | |||
Expenses | 162,853 | 154,716 | 142,561 |
Food and beverage | |||
Revenues: | |||
Revenues | 382,031 | 335,723 | 266,977 |
Expenses: | |||
Expenses | 247,487 | 214,935 | 173,285 |
Other | |||
Revenues: | |||
Revenues | 80,571 | 62,787 | 54,969 |
Other direct | |||
Expenses: | |||
Other expenses | 30,076 | 19,677 | 14,438 |
Other indirect | |||
Expenses: | |||
Other expenses | 285,920 | 254,881 | 229,957 |
Management and franchise fees | |||
Expenses: | |||
Expenses | $ 46,521 | $ 45,553 | $ 43,459 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | Common Stock | Additional paid in capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Distributions in Excess of Net Earnings | Non-controlling Interests | Operating Partnership | Consolidated Real Estate Entities |
Beginning balance (in shares) at Dec. 31, 2016 | 106,794,788 | |||||||
Beginning balance at Dec. 31, 2016 | $ 1,651,567 | $ 1,068 | $ 1,925,554 | $ 5,009 | $ (302,034) | $ 21,970 | $ 8,877 | $ 13,093 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ 100,816 | 98,862 | 1,954 | 2,053 | (99) | |||
Repurchase of common share, net (in shares) | (240,352) | (240,352) | ||||||
Repurchase of common shares, net | $ (4,103) | $ (2) | (4,101) | |||||
Dividends, common share / units | (118,369) | (117,792) | (577) | (577) | ||||
Share-based compensation (in shares) | 288,730 | |||||||
Share-based compensation | 11,963 | $ 3 | 4,648 | 7,312 | 7,312 | |||
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares) | (107,830) | |||||||
Shares redeemed to satisfy tax withholding on vested share-based compensation | (1,978) | $ (1) | (1,977) | |||||
Distributions to non-controlling interests | (594) | (594) | (594) | |||||
Unrealized (loss) gain on interest rate derivative instruments | 3,388 | 3,320 | 68 | 68 | ||||
Reclassification adjustment for amounts recognized in net income (interest expense) | 2,396 | 2,348 | 48 | 48 | ||||
Ending balance (in shares) at Dec. 31, 2017 | 106,735,336 | |||||||
Ending balance at Dec. 31, 2017 | 1,645,086 | $ 1,068 | 1,924,124 | 10,677 | (320,964) | 30,181 | 17,781 | 12,400 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ 198,532 | 193,688 | 4,844 | 5,132 | (288) | |||
Proceeds from sale of common stock, net (in shares) | 5,719,959 | 5,719,959 | ||||||
Proceeds from sale of common stock, net | $ 134,868 | $ 57 | 134,811 | |||||
Repurchase of common share, net (in shares) | 0 | |||||||
Dividends, common share / units | $ (123,408) | (122,378) | (1,030) | (1,030) | ||||
Share-based compensation (in shares) | 187,250 | |||||||
Share-based compensation | 9,720 | $ 2 | 2,025 | 7,693 | 7,693 | |||
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares) | (58,555) | |||||||
Shares redeemed to satisfy tax withholding on vested share-based compensation | (1,180) | $ (1) | (1,179) | |||||
Contributions from non-controlling interests | 79 | 79 | 79 | |||||
Acquisition of non-controlling interests | (12,273) | (82) | (12,191) | (12,191) | ||||
Redemption of Operating Partnership Units | (837) | (837) | (837) | |||||
Unrealized (loss) gain on interest rate derivative instruments | 4,944 | 4,820 | 124 | 124 | ||||
Reclassification adjustment for amounts recognized in net income (interest expense) | (2,826) | (2,755) | (71) | (71) | ||||
Ending balance (in shares) at Dec. 31, 2018 | 112,583,990 | |||||||
Ending balance at Dec. 31, 2018 | 1,852,705 | $ 1,126 | 2,059,699 | 12,742 | (249,654) | 28,792 | 28,792 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income (loss) | $ 57,243 | 55,400 | 1,843 | 1,843 | ||||
Repurchase of common share, net (in shares) | 0 | |||||||
Dividends, common share / units | $ (126,129) | (124,180) | (1,949) | (1,949) | ||||
Share-based compensation (in shares) | 120,885 | |||||||
Share-based compensation | 9,923 | $ 1 | 1,898 | 8,024 | 8,024 | |||
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares) | (34,118) | |||||||
Shares redeemed to satisfy tax withholding on vested share-based compensation | (673) | (673) | ||||||
Unrealized (loss) gain on interest rate derivative instruments | (14,401) | (13,940) | (461) | (461) | ||||
Reclassification adjustment for amounts recognized in net income (interest expense) | (3,510) | (3,398) | (112) | (112) | ||||
Ending balance (in shares) at Dec. 31, 2019 | 112,670,757 | |||||||
Ending balance at Dec. 31, 2019 | $ 1,775,158 | $ 1,127 | $ 2,060,924 | $ (4,596) | $ (318,434) | $ 36,137 | $ 36,137 | $ 0 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends, common share / units (in dollars per share/unit) | $ 1.10 | $ 1.10 | $ 1.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income | $ 57,243 | $ 198,532 | $ 100,816 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation | 152,270 | 154,262 | 148,939 |
Non-cash ground rent and amortization of other intangibles | 3,060 | 3,854 | 4,500 |
Amortization of debt premiums, discounts, and financing costs | 2,452 | 2,595 | 2,848 |
Loss on extinguishment of debt | 214 | 599 | 274 |
Loss (gain) on sale of investment properties | 947 | (123,540) | (50,747) |
Impairment and other losses | 24,171 | 0 | 950 |
Share-based compensation expense | 9,380 | 9,172 | 9,930 |
Changes in assets and liabilities: | |||
Accounts and rents receivable | (1,764) | 4,104 | (1,909) |
Other assets | (4,318) | 3,513 | 229 |
Accounts payable and accrued expenses | 2,417 | 1,307 | (11,035) |
Other liabilities | 498 | (204) | 8,019 |
Net cash provided by operating activities | 246,570 | 254,194 | 212,814 |
Cash flows from investing activities: | |||
Purchase of investment properties | (190,024) | (354,149) | (605,510) |
Capital expenditures and tenant improvements | (93,036) | (108,210) | (86,401) |
Proceeds from sale of investment properties | 60,172 | 412,557 | 204,353 |
Net cash used in investing activities | (222,888) | (49,802) | (487,558) |
Cash flows from financing activities: | |||
Proceeds from mortgage debt and notes payable | 0 | 83,000 | 215,000 |
Payoffs of mortgage debt | (104,857) | (271,709) | (127,876) |
Principal payments of mortgage debt | (3,606) | (3,901) | (5,796) |
Payment of loan fees | (418) | (4,824) | (3,207) |
Proceeds from draws on the senior unsecured revolving credit facility | 160,000 | 170,000 | 120,000 |
Payments on senior unsecured revolving line of credit | 0 | (210,000) | (80,000) |
Proceeds from unsecured term loan | 85,000 | 65,000 | 125,000 |
Contributions from non-controlling interests | 0 | 79 | 0 |
Proceeds from issuance of common stock, net of offering costs | 0 | 135,031 | 0 |
Acquisition of non-controlling interest in consolidated real estate investments | 0 | (12,273) | 0 |
Redemption of Operating Partnership Units | 0 | (837) | 0 |
Repurchase of common shares | 0 | 0 | (4,103) |
Dividends | (125,865) | (121,733) | (118,442) |
Shares redeemed to satisfy tax withholding on vested share based compensation | (598) | (1,021) | (1,861) |
Distributions paid to non-controlling interests | 0 | 0 | (594) |
Net cash provided by (used) in financing activities | 9,656 | (173,188) | 118,121 |
Net increase (decrease) in cash and cash equivalents and restricted cash | 33,338 | 31,204 | (156,623) |
Cash and cash equivalents and restricted cash, at beginning of year | 161,608 | 130,404 | 287,027 |
Cash and cash equivalents and restricted cash, at end of year | 194,946 | 161,608 | 130,404 |
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the consolidated balance sheets to the amount shown in the consolidated statements of cash flows: | |||
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 194,946 | 130,404 | 130,404 |
The following represents cash paid during the periods presented for the following: | |||
Cash paid for interest, net of capitalized interest | 46,526 | 49,152 | 42,888 |
Cash paid for income taxes | 4,339 | 7,709 | 4,663 |
Cash acquired as part of asset acquisition | 600 | 0 | 0 |
Supplemental schedule of non-cash investing and financing activities: | |||
Accrued capital expenditures | 2,079 | $ 2,054 | $ 764 |
Adjustment to record right of use asset and lease liability, net | $ 28,072 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Xenia Hotels & Resorts, Inc. (the "Company" or "Xenia") is a Maryland corporation that invests primarily in uniquely positioned luxury and upper upscale hotels and resorts in the Top 25 United States ("U.S.") lodging markets as well as key leisure destinations in the U.S. Substantially all of the Company's assets are held by, and all the operations are conducted through XHR LP (the "Operating Partnership"). XHR GP, Inc. is the sole general partner of XHR LP and is wholly owned by the Company. As of December 31, 2019 , the Company collectively owned 96.8% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 3.2% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our current executive officers and members of our Board of Directors and includes unvested long-term incentive plan ("LTIP") partnership units. LTIP partnership units may or may not vest based on the passage of time and meeting certain market-based performance objectives. Xenia operates as a real estate investment trust ("REIT") for U.S. federal income tax purposes. To qualify as a lodging REIT, the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding Inc. (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent operators to manage the hotels. As of December 31, 2019 , the Company owned 39 lodging properties with a total of 11,245 rooms (unaudited). As of December 31, 2018 , the Company owned 40 lodging properties with a total of 11,165 rooms (unaudited). As of December 31, 2017 , the Company owned 39 lodging properties, 37 of which were wholly owned, with 11,533 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the Operating Partnership, XHR Holding, as well as all wholly owned subsidiaries and consolidated real estate investments. The Company's subsidiaries and real estate investments generally consist of limited liability companies ("LLCs"), limited partnerships ("LPs") and the TRS. The effects of all inter-company transactions have been eliminated. Each property maintains its own books and financial records and each entity's assets are not available to satisfy the liabilities of other affiliated entities. Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected economic conditions. Actual results could differ from these estimates. Risks and Uncertainties The Company had a geographical concentration of revenues generated in Orlando, Florida for the year ended December 31, 2019 and 2018 , where approximately 10% and 11% of the total revenue of the Company were generated, respectively. For the year ended December 31, 2017, the Company had a geographical concentration of revenues generated in Houston, Texas where 10% of the revenues of the Company were generated. In addition, over 30% of the Company's total revenues for the years ended December 31, 2019 and 2018 , respectively, was concentrated in its five largest hotels. To the extent that there are adverse changes in these hotels or in these markets, or the industry sectors that operate in these markets, our business and operating results could be negatively impacted. The state of the overall economy can significantly impact hotel operational performance and thus, impact the Company's financial position. Should any of our hotels experience a significant decline in operational performance, it may affect the Company's ability to make distributions to our stockholders and service debt or meet other financial obligations. Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the presentation for the year ended December 31, 2019 . Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE") or voting interest entities. If the entity is determined to be a VIE, the determination of whether the Company is the primary beneficiary must then be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary or the entity is not a VIE and the Company does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. The Operating Partnership is a VIE. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership. Non-controlling Interests The Company’s consolidated financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a consolidating parent. Such non-controlling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from less-than-wholly-owned consolidated subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The consolidated statement of changes in equity includes beginning balances, activity for the period and ending balances for stockholders’ equity, non-controlling interests and total equity. However, if the Company’s non-controlling interests are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, they must be classified outside of permanent equity. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to non-controlling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company evaluates whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. As of December 31, 2019 , all share-based payments awards are included in permanent equity. As of December 31, 2019 , the consolidated results of the Company included the ownership interests of its Operating Partnership Units in the Operating Partnership, which are held by the Company's current executive officers and Board of Directors. Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant as the Company does not anticipate the financial institutions’ non-performance. Restricted Cash and Escrows The restricted cash as of December 31, 2019 primarily consists of $70.8 million related to lodging furniture, fixtures and equipment reserves as required per the terms of our management and franchise agreements, $6.6 million in deposits made for capital projects, $4.7 million held in restricted escrows primarily for real estate taxes and insurance, and $2.0 million disposition escrows heldback at closing . The restricted cash as of December 31, 2018 primarily consists of $60.6 million related to lodging furniture, fixtures and equipment reserves as required per the terms of our management and franchise agreements, $1.7 million in deposits made for capital projects, $3.9 million held in restricted escrows primarily for real estate taxes and insurance, and $4.0 million disposition escrows heldback at closing . Capitalization and Depreciation Real estate is reflected at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. Direct and indirect costs that are related to the construction and improvements of investment properties are capitalized. Interest and costs incurred for property taxes and insurance are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress, which included $0.8 million for the year ended December 31, 2019. The Company also capitalizes project management compensation-related costs and travel expenses as these are costs directly related to the renovations and capital improvements of our hotel portfolio, which included $2.8 million for each of the years ended December 31, 2019 and 2018 , respectively and $2.7 million for the year ended December 31, 2017. Depreciation expense is computed using the straight-line method. Investment properties are depreciated based upon estimated useful lives of 30 years for building and improvements and 5 to 15 years for furniture, fixtures and equipment and site improvements. Acquisition of Real Estate In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). The guidance is intended to assist entities with evaluating whether a set of transferred assets and activities is a business. Under the new guidance, an entity first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If the threshold is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The Company adopted ASU 2017-01 on January 1, 2018 on a prospective basis. Following the adoption of ASU 2017-01, investments in hotel properties, including land and land improvements, building and building improvements, furniture, fixtures and equipment, and identifiable intangibles assets, will generally be accounted for as asset acquisitions. Acquired assets are recorded at their relative fair value based on total accumulated costs of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. This includes all costs related to finding, analyzing and negotiating a transaction. Prior to the adoption of ASU 2017-01, the Company accounted for hotel acquisitions as business combinations and allocated the purchase price of each acquired business between tangible and intangible assets at full fair value on the acquisition date. Any additional amounts in excess of fair value were allocated to goodwill. The Company expensed acquisition costs of all acquired businesses as incurred. The allocation of the purchase price is an area that requires judgment and significant estimates. Tangible and intangible assets include land, building and improvements, furniture and fixtures, inventory, acquired above market and below market leases, in-place lease value (if applicable), advanced bookings, and any assumed financing that is determined to be above or below market terms. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar investment properties in the market at the time that the loan is assumed. The Company allocates a portion of the purchase price to the estimated acquired in-place lease costs, based on estimated lease execution costs for similar leases in the market at the time of acquisition as well as lost rent payments during assumed lease up period when calculating as if vacant fair values for properties acquired with space leases to third party tenants, which is typically retail or restaurant space. The Company also evaluates each acquired lease, including ground leases, based upon current market rates at the acquisition date and considers various factors including geographical location, size and location of leased land or retail space in determining whether the acquired lease is above or below market. After an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market lease intangible based upon the present value of the difference between the contractual lease rate and the estimated market rate. For leases with fixed rate renewals, renewal periods are included in the calculation of below market in-place lease values. The determination of the discount rate used in the present value calculation is based upon the "risk free rate" and current interest rates. This discount rate is a significant factor in determining the market valuation which requires judgment of subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. The portion of the purchase price allocated to acquired above market lease costs and acquired below market lease costs are amortized on a straight-line basis over the life of the related lease, including the respective renewal periods, and is recorded as non-cash rent expense. The portion of the purchase price allocated to acquired in-place lease intangibles are amortized on a straight-line basis over the life of the related lease and is recorded as amortization expense. The portion of the purchase price allocated to advance bookings is amortized on a straight-line basis over the estimated life and is recorded as amortization expense. Impairment Goodwill The excess of the cost of an acquired entity (i.e. those that met the definition of an acquired business), over the net of the fair values assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill has been recognized and allocated to specific properties. The Company tests goodwill for impairment annually or more frequently if events or changes in circumstances indicate impairment. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). The guidance is intended to simplify the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test under the historical guidance, which required a hypothetical purchase price allocation. A goodwill impairment under ASU 2017-04 will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance remains largely unchanged. The Company early adopted ASU 2017-04 during the year ended December 31, 2019. In accordance with ASU 2017-04, the Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The optional q ualitative assessment determines whether it is more likely than not that the specific goodwill's fair value is less than its carrying amount. If it is determined that it is more likely than not that the goodwill is impaired, the Company performs a single-step to identify and measure impairment. The fair value of goodwill is based on either the direct capitalization or the discounted cash flow valuation method. The direct capitalization method is based on a capitalization rate, which is generally observable (a Level 2 input, but at times could be unobservable, which is a Level 3 input), applied to the underlying hotel's most recent stabilized trailing twelve month net operating income at the time of the fair value analysis. The discounted cash flow method is based on estimated future cash flow projections that utilize discount rates, terminal capitalization rates, and planned capital expenditures, which are generally unobservable in the market place (Level 3 inputs), but these estimates approximate the inputs the Company believes would be utilized by market participants in assessing fair value. The estimates of future cash flows are based on a number of factors, including the historical operating results, estimated growth rates, known trends, and market/economic conditions. If the carrying amount of the property’s assets, including goodwill, exceeds its estimated fair value an impairment charge is recorded in an amount equal to that excess. As of December 31, 2019 and 2018 , the Company had goodwill of $25.0 million and $34.4 million , respectively, which is included in intangible assets, net of accumulated amortization on the consolidated balance sheets for the period then ended. During the year ended December 31, 2019, the Company determined the carrying value of goodwill related to Bohemian Hotel Savannah Riverfront, Autograph Collection, was in excess of its fair value and therefore recorded an impairment charge of $9.4 million . Refer to Note 9 for further information. During the year ended December 31, 2018, the Company derecognized $5.4 million of goodwill upon the disposition of Hilton Garden Inn Washington D.C. Downtown. During the year ended December 31, 2017, no impairment of goodwill was recorded. Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property (1) experiences a significant decrease in the market price of the long-lived asset, (2) experiences a current or projected loss from operations combined with a history of operating or cash flow losses, (3) when it becomes more likely than not that a hotel property will be sold before the end of its useful life, (4) an accumulation of costs significantly in excess of the amount originally expected for the acquisition, construction or renovation of a long-lived asset, (5) adverse changes in the demand for lodging at a specific property due to declining national or local economic conditions and/or new hotel construction in markets where the hotel is located, (6) a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset and/or (7) a significant adverse change in the extent or manner in which a long-lived asset is being used in its physical condition. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed carrying value, the Company records an impairment charge to the extent that the carrying value exceeds fair value. During the year ended December 31, 2019, the Company recorded an impairment charge of $14.8 million for Marriott Chicago at Medical District/UIC to reduce the carrying value of the long-lived asset to fair value. The impairment was primarily the result of a projected future decline in operating profits attributable to demand trends, anticipated adverse changes in the hotel’s expense profile and the estimated hold period. Refer to Note 4 and 9 for further information. Impairment estimates The valuation and possible subsequent impairment of long-lived investment properties and/or goodwill is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. The use of projected future cash flows, both undiscounted and discounted, and estimated hold periods are based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. These assumptions and estimates about future cash flows along with the capitalization and discount rates used to determine fair values are complex and subjective. The determination of fair value and possible subsequent impairment of investment properties is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties. Leases In February 2016, the FASB issued ASU 2016-02 ("Topic 842"), Leases, which replaced Topic 840, Leases, and requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements ("ASU 2016-02"). Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ("ASU 2018-01"); ASU 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10"); and ASU 2018-11, Targeted Improvements ("ASU 2018-11"). The new standard establishes a right-of-use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted Topic 842, and subsequent amendments, on January 1, 2019 by applying a modified retrospective transition approach on and as of the effective date. Consequently, comparative financial information will not be provided for dates and periods prior to January 1, 2019. The Company elected a policy to exclude l eases with terms of less than 12 months. The Company also adopted the package of practical expedients and therefore (1) did not reassess whether expired or existing leases contained a lease under the new definition of a lease in Topic 842, (2) did not reassess the lease classifications of expired or existing leases and therefore continued to treat such leases based on its historical accounting treatment as either operating or finance and (3) did not reassess whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. In addition, the Company adopted the practical expedient in ASU 2018-01 and therefore did not evaluate land easements that existed prior to January 1, 2019 to determine if they contained a lease. Following the adoption of Topic 842, land easements will be evaluated at commencement to determine if it contains an embedded lease. The Company did not adopt the practical expedient to use hindsight in determining the lease term . For leases greater than 12 months, the Company evaluates the lease at commencement to determine if the lease is an operating or finance lease. If a lease includes variable lease payments that are based on an index or rate, such as the Customer Price Index, these increases are included in the lease liability. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term's lease payments in the calculation of the respective lease liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Management uses a portfolio approach to develop a base incremental borrowing rate for our various lease types. This approach includes consideration of the Company's incremental borrowing rate at both the corporate and property level and analysis of current market conditions for obtaining new financings. Management then adjusts the base incremental borrowing rate to take into consideration an individual leases' credit risk, total lease payments, and remaining lease term. Certain of our hotels have retail space that is leased to third parties. Rental income from retail leases is recognized on a straight-line basis over the term of the underlying lease and is included in other income on the consolidated statement of operations and comprehensive income. Percentage rent is recognized at the point in time in which the underlying thresholds are achieved and percentage rent is earned. Involuntary Conversion Any insurance recoveries for property damage expected to be received in excess of the recorded loss are treated as a gain and will not be recorded until contingencies are resolved. During the second half of 2017, several of the Company's lodging properties were impacted by natural disasters, including two major hurricanes and a series of wildfires in California. As a result of the two major hurricanes, the Company recorded a loss of $950 thousand during the year ended December 31, 2017, net of insurance recoveries, which represented the historical cost net of accumulated depreciation of the properties and equipment written off for damage sustained during the hurricanes. Additionally, the Company expensed $1.3 million of hurricane-related repairs and cleanup costs across all impacted properties for the year ended December 31, 2017, which is included in impairment and other losses on the consolidated statements of operations and comprehensive income for the year then ended. Insurance Recoveries At times, the Company may be entitled to business interruption proceeds for certain properties, however, it will not record an insurance recovery receivable for these types of losses until a final settlement has been reached with the insurance company. Any insurance proceeds received in excess of insurance deductibles will be accounted for as a gain. Hurricane Irma made landfall in September 2017, the aftermath of which continued to impact demand in the Key West market into 2018 and 2019, including at the Hyatt Centric Key West Resort & Spa. During the year ended December 31, 2019 the Company recognized $0.8 million of business interruption insurance proceeds for Hyatt Centric Key West Resort & Spa, of which $0.7 million of the proceeds related to lost income in 2018, with the remaining $0.1 million attributable to lost income from the first quarter of 2019. During the year ended December 31, 2018 , the Company recognized $5.0 million of business interruption insurance proceeds. Of the $5.0 million recognized, $3.1 million of the proceeds related to Hyatt Centric Key West Resort & Spa and $0.2 million of the proceeds related to Marriott Woodlands Waterway Hotel & Convention Center from lost income attributed to Hurricanes Irma and Harvey, respectively. The remaining $1.7 million recognized during the year ended December 31, 2018, related insurance proceeds received for the Company's two Napa hotels for lost income as a result of the Northern California wildfires that impacted the hotels in the fourth quarter of 2017. During the year ended December 31, 2017, the Company recognized $0.6 million of business insurance recovery proceeds, which was attributed to Hurricane Irma. These amounts are included in gain on business interruption insurance on the consolidated statements of operations and comprehensive income for the periods then ended. Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; (iv) the Company has initiated a program to locate a buyer; (v) the Company believes that the sale of the investment property is probable; (vi) the Company has received a significant non-refundable deposit for the purchase of the property; (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the investment property as held for sale. On the day that these criteria are met, the Company suspends depreciation and amortization on the investment properties held for sale. The investment properties, other assets and liabilities associated with those investment properties that are held for sale are classified separately on the consolidated balance sheet for the most recent reporting period, and are presented at the lesser of the carrying value or fair value, less costs to sell. Additionally, if the sale constitutes a strategic shift with a major effect on operations, as defined in ASU 2014-08 Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity ("ASU 2014-08"), the operations for the investment properties held for sale are classified on the consolidated statements of operations and comprehensive income as discontinued operations for all periods presented. Disposition of Real Estate The Company accounts for dispositions of real estate in accordance with ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("Subtopic 610-20") for the transactions between the Company and unrelated third parties that are not considered a customer in the ordinary course of business. Typically, the real estate assets disposed of do not represent the transfer of a business or contain a material amount of financial assets, if any. The real estate assets promised in a sales contract are typically nonfinancial assets (i.e. land or a leasehold interest in land, building, furniture, fixtures and equipment) or in substance nonfinancial assets. The Company recognizes a gain in full when the real estate is sold, provided (a) there is a valid contract and (b) transfer of control has occurred. Prior to the adoption of Subtopic 610-20, the Company accounted for dispositions in accordance with FASB Accounting Standards Codification 360-20, Real Estate Sales. The Company recognized the gain in full when real estate was sold, provided (a) the profit was determinable, that is, the collectability of the sales price was reasonably assured or the amount that would not be collectible could be estimated, and (b) the earnings process was virtually complete, that is, the seller was not obliged to perform significant activities after the sale to earn the profit and the buyer had paid a significant non-refundable deposit. Deferred Financing Costs Financing costs related to senior unsecured credit facility and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument, unless there is a significant modification to the debt instrument. The balance of unamortized deferred financing costs related to the senior unsecured revolving credit facility is included in other assets and unamortized deferred financing costs related to long-term debt are presented as a reduction in debt , net of loan discounts and unamortized deferred financing costs on the consolidated balance sheet. Deferred financing costs related to the credit facility were $3.4 million and $5.6 million at December 31, 2019 and 2018 , respectively. This was offset by accumulated amortization of $1.6 million and $3.1 million , respectively. As of December 31, 2019, deferred financing costs related to long-term debt were $10.9 million , which was offset by accumulated amortization of $5.0 million . As of December 31, 2018, deferred financing costs related to long-term debt were $12.2 million , which was offset by accumulated amortization of $5.0 million , respectively. Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transacti |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The following represents total revenue disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the year ended December 31, 2019 , 2018 and 2017 (in thousands): Year Ended Primary Markets December 31, 2019 Orlando, FL $ 117,545 Houston, TX 100,285 Phoenix, AZ 98,312 San Diego, CA 79,995 Dallas, TX 74,356 San Francisco/San Mateo, CA 74,161 Atlanta, GA 62,040 San Jose-Santa Cruz, CA 58,975 Denver, CO 55,515 Washington, DC-MD-VA 51,347 Other 376,556 Total $ 1,149,087 Year Ended Primary Markets December 31, 2018 Orlando, FL $ 116,439 Phoenix, AZ 96,122 Houston, TX 94,127 Washington, DC-MD-VA 73,070 San Francisco/San Mateo, CA 72,782 Dallas, TX 69,648 San Jose-Santa Cruz, CA 58,569 Denver, CO 46,369 Boston, MA 46,147 California North 45,006 Other 339,928 Total $ 1,058,207 Year Ended Primary Markets December 31, 2017 Houston, TX $ 95,100 Orlando, FL 78,348 San Francisco/San Mateo, CA 69,299 Dallas, TX 69,088 San Jose-Santa Cruz, CA 55,545 Washington, DC-MD-VA 47,493 Boston, MA 45,166 California North 44,270 Atlanta, GA 40,800 Oahu Island, HI 40,794 Other 359,374 Total $ 945,277 |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2019 | |
Asset Acquisition And Disposition [Abstract] | |
Investment Properties | Investment Properties From time to time, we evaluate acquisition opportunities based on our investment criteria and/or the opportunistic disposition of our hotels in order to take advantage of market conditions or in situations where the hotels no longer fit within our strategic objectives. Acquisitions During the years ended December 31, 2019 and 2018 , the Company acquired the following properties: Property Location Date No. of Rooms (unaudited) Net Purchase Price (in thousands) Hyatt Regency Portland at the Oregon Convention Center (1) Portland, OR 12/2019 600 $ 190,000 Total acquired in the year ended December 31, 2019 600 $ 190,000 The Ritz-Carlton, Denver (2) Denver, CO 08/2018 202 $ 99,450 Fairmont Pittsburgh (2) Pittsburgh, PA 09/2018 185 30,000 Park Hyatt Aviara Resort, Golf Club & Spa (3) Carlsbad, CA 11/2018 327 170,000 Waldorf Astoria Atlanta Buckhead (4) Atlanta, GA 12/2018 127 60,500 Total acquired in the year ended December 31, 2018 (5) 841 $ 359,950 (1) Funded with $30 million from cash on hand and $160 million of proceeds drawn on the Company's senior unsecured credit facility. The Company accounted for the transaction as an asset acquisition and therefore capitalized the $0.5 million of acquisition costs as part of the purchase price. Per the terms of the respective purchase agreement the Company may be obligated to pay additional consideration to the seller of up to $35 million , which is based on adjusted profit for calendar years 2022 and 2023. (2) Funded with cash on hand. (3) Funded with cash on hand and proceeds drawn on the Company's senior unsecured revolving credit facility. (4) The Company acquired the Mandarin Oriental, Atlanta a 127 -room (unaudited) hotel in Atlanta, Georgia for $60.5 million . The hotel was rebranded as Waldorf Astoria Atlanta Buckhead immediately upon completion of this acquisition. In conjunction with the rebranding, the Company entered into a new management agreement with Hilton. The acquisition included a free-standing restaurant (the "Buckhead Atlanta Restaurant"), which is part of the same mixed-use development. The restaurant is currently leased and operated as Del Frisco's Grille. The acquisition was funded with cash on hand. (5) The Company accounted for these transactions as asset acquisitions and capitalized the related acquisition costs as part of the respective purchase price. As such, approximately $1.8 million was capitalized during the year ended December 31, 2018. The Company recorded the identifiable assets and liabilities, including intangibles, acquired in the asset acquisitions at the acquisition date relative fair value, which is based on total accumulated costs of the acquisition. The following represents the purchase price allocation of the hotel properties acquired during the year ended December 31, 2019 and 2018 (in thousands) : December 31, 2019 December 31, 2018 Land $ 24,670 $ 60,511 Building and improvements 147,755 277,083 Furniture, fixtures, and equipment 14,176 20,943 Intangibles and other assets (1)(2)(3)(4) 3,336 3,172 Working capital 600 — Total purchase price (5) $ 190,537 $ 361,709 (1) As part of the purchase price allocation for Hyatt Regency Portland at the Oregon Convention Center, the Company allocated $3.2 million to advanced bookings that will be amortized over 6.0 years . (2) As part of the purchase price allocation for The Ritz-Carlton Denver, the Company allocated $0.5 million to advanced bookings that will be amortized over approximately 1.4 years . (3) As part of the purchase price allocation for Park Hyatt Aviara Resort, Golf Club & Spa, the Company allocated $1.9 million to advanced bookings that will be amortized over approximately 2.4 years . (4) As part of the purchase price allocation for Waldorf Astoria Atlanta Buckhead, the Company allocated $1.0 million to advanced bookings and lease intangibles that will be amortized over a weighted average useful life of 3.2 years . (5) During the years ended December 31, 2019 and 2018, the total cost capitalized included acquisition costs as each transaction was accounted for as an asset acquisition. Dispositions The following represents the disposition details for the properties sold during the years ended December 31, 2019 , 2018 , and 2017 (in thousands, except rooms): Property Date Rooms Gross Sale Price Net Proceeds Gain / (Loss) on Sale Marriott Chicago at Medical District/UIC 12/2019 113 $ 10,000 $ 8,995 $ (544 ) Marriott Griffin Gate Resort & Spa 12/2019 409 51,500 51,227 (478 ) Total for the year ended December 31, 2019 522 $ 61,500 $ 60,222 $ (1,022 ) (1) Aston Waikiki Beach Hotel 03/2018 645 $ 200,000 $ 196,920 $ 42,323 Hilton Garden Inn Washington D.C. Downtown (2) 11/2018 300 128,000 125,333 58,407 Residence Inn Denver City Center 12/2018 228 92,000 90,304 22,947 Total for the year ended December 31, 2018 1,173 $ 420,000 $ 412,557 $ 123,677 (3) Courtyard Birmingham Downtown at UAB (4) 04/2017 122 $ 30,000 $ 29,176 $ 12,972 Courtyard Fort Worth Downtown/Blackstone, Courtyard Kansas City Country Club Plaza, Courtyard Pittsburgh Downtown, Hampton Inn & Suites Baltimore Inner Harbor, and Residence Inn Baltimore Inner Harbor (5) 06/2017 812 163,000 157,675 36,121 Marriott West Des Moines 07/2017 219 19,000 18,014 1,654 Total for the year ended December 31, 2017 1,153 $ 212,000 $ 204,865 $ 50,747 (1) During the year ended December 31, 2019, the Company recognized adjustments amounting to a gain of $0.1 million related to the 2018 dispositions. (2) As part of the disposition in November 2018, the Company derecognized $5.4 million of goodwill related to Hilton Garden Inn Washington D.C Downtown that was included in intangible assets, net of accumulated amortization on the consolidated balance sheet as of December 31, 2017. (3) During the year ended December 31, 2018, the Company recognized adjustments amounting to a loss of $0.1 million related to the 2017 dispositions. (4) As part of the disposition in April 2017, the Company derecognized $2.3 million of goodwill related to Courtyard Birmingham at UAB that was included in intangible assets, net of accumulated amortization on the consolidated balance sheet as of December 31, 2016. (5) The hotels were sold as part of a portfolio sales agreement. The operating results for the hotels sold during the years ended December 31, 2019, 2018 and 2017 are included in the Company's consolidated financial statements as part of continuing operations as these dispositions did not represent a strategic shift or have a major effect on the Company's results of operations. |
Investment in Real Estate Entit
Investment in Real Estate Entities | 12 Months Ended |
Dec. 31, 2019 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investments in Real Estate Entities | Investment in Real Estate Entities In October 2018, the Company acquired the remaining 25% membership interest in both the Grand Bohemian Hotel Charleston and the Grand Bohemian Hotel Mountain Brook for a combined purchase price $12.2 million . The acquisition of the remaining membership interests was an equity transaction and therefore had no impact to the consolidated statement of operations and comprehensive income upon closing of the transaction. Simultaneously with the purchase of the membership interests, the Company repaid the outstanding principal balance of two mortgage loans collateralized by these hotels totaling $43.4 million . Prior to October 2018, the Company had a 75% |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets and Liabilities | Intangible Assets and Liabilities The following table summarizes the Company’s identified intangible assets, intangible liabilities and goodwill as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Intangible assets: Acquired in-place lease intangibles $ 601 $ 888 Acquired below market ground lease (1) — 25,625 Advance bookings 4,188 4,254 Accumulated amortization (1) (744 ) (3,578 ) Net intangible assets $ 4,045 $ 27,189 Goodwill (2) 24,952 34,352 Total intangible assets, net $ 28,997 $ 61,541 Intangible liabilities: Acquired below market lease costs (1) $ — $ (4,257 ) Accumulated amortization (1) — 1,016 Intangible liabilities, net $ — $ (3,241 ) (1) Upon the adoption date of Topic 842, a total of $20.3 million of net intangibles for existing above and below market ground leases was derecognized and subsequently recorded as an adjustment to the beginning right of use asset. See Notes 2 and 14 for additional information. (2) During the year ended December 31, 2019, the Company recognized a goodwill impairment loss of $9.4 million . See Note 9 for further details. The following table summarizes the amortization related to intangibles for the years ended December 31, 2019 and 2018 (in thousands): Years Ended December 31, 2019 2018 Acquired in-place lease intangibles $ 203 $ 85 Acquired above and below market lease costs, net (1) $ — $ 248 Advance bookings $ 2,580 $ 3,405 (1) Upon the adoption date of Topic 842, a total of $20.3 million of net intangibles for existing above and below market ground leases was derecognized and subsequently recorded as an adjustment to the beginning right of use asset. See Notes 2 and 14 for additional information. The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities at December 31, 2019 (in thousands): 2020 2021 2022 2023 2024 Thereafter Total Acquired in-place lease intangibles $ 154 $ 154 $ 105 $ 8 $ 3 $ 5 $ 429 Advance bookings 917 567 533 533 533 533 3,616 Total amortization $ 1,071 $ 721 $ 638 $ 541 $ 536 $ 538 $ 4,045 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt as of December 31, 2019 and 2018 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date December 31, 2019 December 31, 2018 Mortgage Loans Marriott Charleston Town Center (2) Fixed — 7/1/2020 $ — $ 15,392 Marriott Dallas Downtown Fixed (3) 4.05 % 1/3/2022 51,000 51,000 Hyatt Regency Santa Clara (4) Fixed (3) — 1/3/2022 — 90,000 Kimpton Hotel Palomar Philadelphia Fixed (3) 4.14 % 1/13/2023 58,000 59,000 Renaissance Atlanta Waverly Hotel & Convention Center (4) Fixed (3) 3.90 % 8/14/2024 100,000 100,000 Andaz Napa (5) Variable 3.66 % 9/13/2024 56,000 56,000 The Ritz-Carlton, Pentagon City Fixed (6) 4.95 % 1/31/2025 65,000 65,000 Residence Inn Boston Cambridge Fixed 4.48 % 11/1/2025 60,731 61,806 Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 58,286 59,281 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 115,000 115,000 Total Mortgage Loans 4.31 % (7) $ 564,017 $ 672,479 Unsecured Term Loan $175M Fixed (8) 2.89 % 2/15/2021 175,000 175,000 Unsecured Term Loan $125M Fixed (8) 3.38 % 10/22/2022 125,000 125,000 Unsecured Term Loan $150M (9) Variable 3.32 % 8/21/2023 150,000 65,000 Unsecured Term Loan $125M (10) Fixed (8) 3.37 % 9/13/2024 125,000 125,000 Senior Unsecured Revolving Credit Facility Variable 3.41 % 2/28/2022 (11) 160,000 — Loan discounts and unamortized deferred financing costs, net (12) (5,963 ) (7,391 ) Debt, net of loan discounts and unamortized deferred financing costs 3.72 % (7) $ 1,293,054 $ 1,155,088 (1) Variable index is one-month LIBOR. Interest rates as of December 31, 2019 . (2) During the year ended December 31, 2019, the Company elected its prepayment option per the terms of the mortgage loan agreement and repaid the outstanding balance. (3) The Company entered into interest rate swap agreements to fix the interest rate of the variable rate mortgage loans for a portion of or the entire term of loan. (4) During the year ended December 31, 2019 , the Company elected its prepayment option per the terms of the respective mortgage loan agreement and repaid the outstanding balance of $90 million , plus accrued interest. The interest rate swap was transferred to the interest payments for $90 million of the $100.0 million variable rate mortgage loan collateralized by Renaissance Atlanta Waverly Hotel & Convention Center, which matures in 2024. See Note 8 for further details related to our derivative instruments. (5) In September 2018, the Company amended its mortgage loan agreement to extend the maturity date from March 2019 through September 2024 and received additional loan proceeds of $18 million . The interest rate was fixed for the original principal of $38 million through March 2019, after which the rate reverted back to variable for the entire mortgage loan balance of $56 million through maturity in 2024. (6) The Company entered into interest rate swap agreements to fix the interest rate of the variable rate mortgage loan from June 2018 through January 2023. The effective interest rate on the loan was 3.69% through January 2019 after which the rate increased to 4.95% through January 2023. (7) Represents the weighted average interest rate as of December 31, 2019 . (8) LIBOR has been fixed for certain interest periods throughout the term of the loan. The spread may vary, as it is determined by the Company's leverage ratio. (9) In August 2018, the Company entered into an unsecured term loan for $150 million that matures in August 2023. The term loan includes an accordion option that allows the Company to request additional lender commitments of up to $100 million . In October 2018, the Company funded $65 million of the term loan and in February 2019, the remaining $85 million was funded. (10) In September 2019, the Company repriced its $125 million unsecured term loan maturing in September 2024 to reduce the borrowing cost. The term loan now bears an interest rate based on a pricing grid with a range of 135 to 200 basis points over LIBOR as determined by the Company's leverage ratio, a reduction of 35 to 55 basis points from the previous leverage-based grid. The Company previously fixed LIBOR on the loan through September 2022 at 1.92% which results in a current annual interest rate of 3.32% . (11) The maturity of the senior unsecured credit facility can be extended through February 2023 at the Company's discretion and requires the payment of an extension fee. (12) Includes loan discounts recognized upon modification and deferred financing costs, net of the accumulated amortization. In connection with repaying mortgage loans during the years ended December 31, 2019 and 2018 , the Company incurred prepayment and extinguishment fees of approximately $0.2 million and $0.6 million , respectively, which is included in the loss on extinguishment of debt in the accompanying consolidated statements of operations and comprehensive income for the periods then ended. The loss from extinguishment of debt also represents the write-off of any unamortized deferred financing costs incurred when the original agreements were executed, if applicable. Debt outstanding as of December 31, 2019 and December 31, 2018 was $1,299 million and $1,162 million and had a weighted average interest rate of 3.72% and 3.82% per annum, respectively. The following table shows scheduled debt maturities for the next five years and thereafter (in thousands): As of Weighted average 2020 $ 4,365 4.45% 2021 180,405 2.94% 2022 182,920 3.60% 2023 211,868 3.56% 2024 281,539 3.63% Thereafter 277,920 4.66% Total Debt $ 1,139,017 3.72% Loan discounts and unamortized deferred financing costs, net (5,963 ) — Senior unsecured revolving credit facility (matures in 2022) 160,000 3.41% Debt, net of loan discounts and unamortized deferred financing costs $ 1,293,054 3.72% Certain loans have options to extend the maturity dates if exercised by the Company, subject to being compliant with certain covenants and the prepayment of an extension fee. We expect to repay, refinance, or extend our maturing debt as they become due. Senior Unsecured Revolving Credit Facility In January 2018, the Company entered into an amended and restated senior unsecured revolving credit facility with a syndicate of banks. The amendment upsized the credit facility from $400 million to $500 million and extended the maturity date an additional three years to February 2022, with two additional six -month extension options. The revolving credit facility’s interest rate is now based on a pricing grid with a range of 1.50% to 2.25% over LIBOR as determined by the Company’s leverage ratio, or at t he Company's election upon achievement of an investment grade rating from Moody’s Investor Services, Inc. or Standard & Poor’s Rating Services, interest based on LIBOR plus a margin ranging from 0.5% to 1.25% ). In addition, until such election, the Company is required to pay a quarterly unused commitment fee of up to 0.30% of the unused portion of the credit facility based on the average daily unused portion of the credit facility; thereafter, the Company is required to pay a facility fee ranging between 0.125% and 0.3% based on the Company's debt rating. As of December 31, 2019 , there was an outstanding balance of $160 million on the senior unsecured revolving facility with a remaining availability of $340 million . During the year ended December 31, 2019 , 2018 and 2017, the Company incurred unused commitment fees of approximately $1.5 million , $1.5 million and $1.2 million , respectively, and interest expense of $0.2 million , $0.6 million , and $0.5 million attributed to the senior unsecured credit facility. Financial Covenants Our senior unsecured credit facility and unsecured term loan agreements contain a number of covenants that restrict our ability to incur debt in excess of calculated amounts, restrict our ability to make distributions under certain circumstances and generally require us to maintain certain financial ratios , such as debt service coverage ratios and loan-to-value tests. Failure of the Company to comply with the financial covenants contained in its credit facilities, unsecured term loans and non-recourse secured mortgages could result from, among other things, changes in its results of operations, the incurrence of additional debt or changes in general economic conditions. If the Company violates the financial covenants contained in any of its credit facility, unsecured term loans or mortgages described above, the Company may attempt to negotiate waivers of the violations or amend the terms of the applicable credit facilities, unsecured term loans or mortgages with the lenders thereunder; however, the Company can make no assurance that it would be successful in any such negotiations or that, if successful in obtaining waivers or amendments, such amendments or waivers would be on terms attractive to the Company. If a default under the credit facilities or unsecured term loans were to occur, the Company would possibly have to refinance the debt through additional debt financing, private or public offerings of debt securities, or equity financings. If the Company is unable to refinance its debt on acceptable terms, including at maturity of the credit facility, unsecured term loans, or mortgages it may be forced to dispose of hotel properties on disadvantageous terms, potentially resulting in losses that reduce cash flow from operating activities. If, at the time of any refinancing, prevailing interest rates or other factors result in higher interest rates upon refinancing, increases in interest expense would lower the Company’s cash flow, and, consequently, cash available for distribution to its stockholders. A cash trap associated with a mortgage loan may limit the overall liquidity for the Company as cash from the hotel securing such mortgage would not be available for the Company to use. If the Company is unable to meet mortgage payment obligations, including the payment obligation upon maturity of the mortgage borrowing, the mortgage securing the specific property could be foreclosed upon by, or the property could be otherwise transferred to, the mortgagee with a consequent loss of income and asset value to the Company. As of December 31, 2019 , the Company was in compliance with all debt covenants, current on all loan payments and not otherwise in default under the senior unsecured |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | Derivatives The Company primarily uses interest rate swaps as part of its interest rate risk management strategy for variable-rate debt. As of December 31, 2019 , all interest rate swaps were designated as cash flow hedges and involve the receipt of variable-rate payments from a counterparty in exchange for making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. Unrealized gains and losses of hedging instruments are reported in other comprehensive income. Amounts reported in accumulated other comprehensive income (loss) related to currently outstanding derivatives are recognized as an adjustment to income (loss) through interest expense as interest payments are made on the Company’s variable rate debt. As of December 31, 2019 and December 31, 2018 , all derivative instruments held by the Company with the right of offset that were in a net asset position were included in other assets and those that were in a net liability position were included in other liabilities on the consolidated balance sheets. The following table summarizes the terms of the derivative financial instruments held by the Company as of December 31, 2019 and December 31, 2018 , respectively (in thousands): December 31, 2019 December 31, 2018 Hedged Debt Type Fixed Rate Index + Spread Effective Date Maturity Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value $175M Term Loan Swap 1.30% 1-Month LIBOR + 1.60% 10/22/2015 2/15/2021 $ 50,000 $ 167 $ 50,000 $ 1,218 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.60% 10/22/2015 2/15/2021 65,000 223 65,000 1,597 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.60% 10/22/2015 2/15/2021 60,000 206 60,000 1,472 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.55% 1/15/2016 10/22/2022 50,000 (403 ) 50,000 1,093 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.55% 1/15/2016 10/22/2022 25,000 (202 ) 25,000 544 $125M Term Loan Swap 1.84% 1-Month LIBOR + 1.55% 1/15/2016 10/22/2022 25,000 (207 ) 25,000 537 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.55% 1/15/2016 10/22/2022 25,000 (204 ) 25,000 537 Mortgage Debt Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 58,000 13 59,000 1,956 Mortgage Debt Swap 0.88% 1-Month LIBOR + 2.10% 9/1/2016 1/17/2019 — — 41,000 30 Mortgage Debt Swap 0.89% 1-Month LIBOR + 1.90% 9/1/2016 3/21/2019 — — 38,000 135 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.25% 3/1/2017 1/3/2022 51,000 (266 ) 51,000 938 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.10% 3/1/2017 1/3/2022 45,000 (248 ) 45,000 806 Mortgage Debt Swap 1.81% 1-Month LIBOR + 2.10% 3/1/2017 1/3/2022 45,000 (235 ) 45,000 829 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.45% 10/13/2017 9/13/2022 40,000 (403 ) 40,000 725 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.45% 10/13/2017 9/13/2022 40,000 (405 ) 40,000 718 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.45% 10/13/2017 9/13/2022 25,000 (256 ) 25,000 447 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.45% 10/13/2017 9/13/2022 20,000 (202 ) 20,000 362 Mortgage Debt Swap 2.80% 1-Month LIBOR + 2.10% 6/1/2018 2/1/2023 24,000 (894 ) 24,000 (314 ) Mortgage Debt Swap 2.89% 1-Month LIBOR + 2.10% 1/17/2019 2/1/2023 41,000 (1,638 ) — (673 ) $ 689,000 $ (4,954 ) $ 728,000 $ 12,957 The table below details the location in the consolidated financial statements of the gain (loss) recognized on derivative financial instruments designated as cash flow hedges for the year ended December 31, 2019 and 2018 (in thousands): Year Ended December 31, 2019 2018 Effect of derivative instruments: Location in Statement of Operations and Comprehensive Income: (Loss) gain recognized in other comprehensive income Unrealized (loss) gain on interest rate derivative instruments $ (14,401 ) $ 4,944 Loss reclassified from accumulated other comprehensive (loss) income to net income Reclassification adjustment for amounts recognized in net income $ (3,510 ) $ (2,826 ) Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 48,605 $ 51,402 The Company expects approximately $1.1 million will be reclassified from accumulated other comprehensive loss as an increase to interest expense in the next 12 months. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company defines fair value based on the price that would be received upon sale of an asset or the exit price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company uses a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value. The fair value hierarchy consists of three broad levels, which are described below: • Level 1 - Quoted prices for identical assets or liabilities in active markets that the entity has the ability to access. • Level 2 - Observable inputs, other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. The Company has estimated the fair value of its financial and non-financial instruments using available market information and valuation methodologies it believes to be appropriate for these purposes. Considerable judgment and a high degree of subjectivity are involved in developing these estimates and, accordingly, they are not necessarily indicative of amounts that would be realized upon disposition. For assets and liabilities measured at fair value on a recurring and non-recurring basis, quantitative disclosure of their fair value are included in the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands): Fair Value Measurement Date December 31, 2019 December 31, 2018 Location on Consolidated Balance Sheets/ Description of Instrument Significant Unobservable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Significant Unobservable Inputs (Level 2) Recurring Measurements Assets Interest rate swaps (1) $ 13 — $ 12,957 Liabilities Interest rate swaps (1) $ (4,967 ) — — Nonrecurring measurements Intangible assets, net of accumulated amortization Goodwill — $ 14,035 — (1) Interest rate swap fair values are netted as applicable per the terms of the respective master netting agreements. Recurring Measurements The fair value of each derivative instrument is based on a discounted cash flow analysis of the expected cash flows under each arrangement. This analysis reflects the contractual terms of the derivative instrument, including the period to maturity, and utilizes observable market-based inputs, including interest rate curves and implied volatilities, which are classified within Level 2 of the fair value hierarchy. The Company also incorporates credit value adjustments to appropriately reflect each parties’ nonperformance risk in the fair value measurement, which utilizes Level 3 inputs such as estimates of current credit spreads. However, the Company has assessed that the credit valuation adjustments are not significant to the overall valuation of the derivatives. As a result, the Company has determined that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. Non-Recurring Measurements Investment Properties During the second quarter of 2019, the Company identified indicators of impairment for Marriott Chicago at Medical District/UIC. The impairment was primarily the result of a projected future decline in operating profits attributable to demand trends, anticipated adverse changes in the hotel’s expense profile and the estimated hold period. In accordance with the Company's impairment policy, management estimated the future undiscounted cash flows over the estimated hold period, which included assumptions for projected revenues and operating expenses. Based on the results of the undiscounted cash flow analysis, management determined the hotel was impaired as the projected future cash flows were less than the carrying value of the hotel. Management determined the impairment as the difference between the carrying value and the estimated fair value. The fair value was estimated using Level 2 assumptions, including values from market participants. Based on the fair value determined by management, the Company recorded an impairment loss of $14.8 million , which is included in impairment and other losses on the Company’s consolidated statements of operations and comprehensive income for the year ended December 31, 2019 . In December 2019, the Company completed the disposition of Marriott Chicago at Medical District/UIC for a sale price of $10.0 million and recognized a loss on sale of approximately $0.5 million , which was attributed to closing costs. Goodwill During our annual goodwill impairment testing, we completed a single-step analysis to identify and measure goodwill impairment related to Bohemian Hotel Savannah Riverfront, Autograph Collection. Management determined the fair value of the hotel and related goodwill using Level 3 assumptions, which included discounted cash flows based on projected operating income, timing and amount of planned capital expenditures, terminal capitalization rate, and the applied discount rate. The goodwill impairment was attributed to changes in the supply and demand dynamics in the Savannah, Georgia market since the acquisition of the hotel in 2012. Based on the fair value determined by management, the Company recorded a goodwill impairment charge of $9.4 million , which was included in impairment and other losses on the Company’s consolidated statements of operations and comprehensive income for the year ended December 31, 2019 . Financial Instruments Not Measured at Fair Value The table below represents the fair values of financial instruments presented at carrying values in the consolidated financial statements as of December 31, 2019 and December 31, 2018 (in thousands): December 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 1,139,017 $ 1,160,588 $ 1,162,288 $ 1,171,552 Senior unsecured revolving credit facility 160,000 160,886 — — Total $ 1,299,017 $ 1,321,474 $ 1,162,288 $ 1,171,552 The Company estimates the fair value of its mortgages payable using a weighted average effective interest rate of 3.15% and 4.22% per annum as of December 31, 2019 and December 31, 2018 , respectively. The assumptions reflect the terms currently available on similar borrowing terms to borrowers with credit profiles similar to the Company's. The Company has determined that its debt instrument valuations are classified in Level 2 of the fair value hierarchy. At December 31, 2019 and 2018 , the carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash, accounts receivable and accounts payable and accrued expenses were representative of their fair values due to the short-term nature of these instruments and the recent acquisition of these items. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company elected to be taxed as, and has operated in a manner that management believes will allow the Company to continue to qualify as, a REIT under the Code for federal income tax purposes. So long as the Company qualifies as a REIT, it generally will not be subject to U.S. federal corporate income tax on the net taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distributes at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal, state and local income tax on its taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for the four years following the failure. Even if the Company continues to qualify for taxation as a REIT, the Company also may be subject to certain federal, state, and local taxes on its income and assets, including, (1) taxes on any undistributed income, (2) taxes related to its TRS, (3) certain state or local income taxes, (4) franchise taxes, (5) property taxes, (6) transfer taxes and (7) corporate alternative minimum tax (for tax years ending prior to January 1, 2018). The Company has elected to treat certain of its consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as TRSs pursuant to the Code. TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. The Company’s hotels are leased, through its Operating Partnership, to certain subsidiaries of the Company’s TRS. Lease revenue at the Operating Partnership and lease expense from the TRS subsidiaries are eliminated in consolidation for financial statement purposes. In December 2017, the Tax Cuts and Jobs Act ("TCJA") was signed into law and introduced significant changes to the U.S. federal income tax code. The TCJA reduced the corporate tax rate from 35% to 21%, which lowers our future corporate tax rate and related income tax expense for tax years beginning after December 31, 2017. Accordingly, the Company reflected this rate decrease in the calculation of deferred tax assets, liabilities and the valuation allowance for the year ended December 31, 2017. As a result, the Company recorded a one-time adjustment to our net deferred tax asset resulting in the recognition of $0.6 million in deferred income tax expense for the year ended December 31, 2017. For the year ended December 31, 2019 the Company recognized income tax expense of $5.4 million using an estimated federal and state statutory combined rate of 23.65% . During the year ended December 31, 2018 , the Company recognized income tax expense of $6.0 million using an estimated federal and state statutory combined rate of 23.85% . During the year ended December 31, 2017 , the Company recognized income tax expense of $7.8 million , including the one-time deferred income tax expense of $0.6 million , using an estimated federal and state statutory combined rate of 37.28% . The provision for income taxes related to continuing operations consisted of the following (in thousands): Years Ended December 31, 2019 2018 2017 Current: Federal $ (3,082 ) $ (4,000 ) $ (5,685 ) State (2,255 ) (2,199 ) (1,748 ) Total current $ (5,337 ) $ (6,199 ) $ (7,433 ) Deferred: Federal $ (1 ) $ 59 $ (411 ) State (29 ) 147 11 Total deferred $ (30 ) $ 206 $ (400 ) Total tax provision $ (5,367 ) $ (5,993 ) $ (7,833 ) Below is a reconciliation between the provision for income taxes and the amount computed by applying the federal statutory income tax rate to the income or loss for continuing operations before income taxes (in thousands): Years Ended December 31, 2019 2018 2017 Provision for income taxes at statutory rate $ (13,148 ) $ (42,950 ) $ (38,027 ) Tax benefit related to REIT operations 9,691 38,601 31,551 Income for which no federal tax benefit was recognized (2 ) (2 ) (2 ) Valuation allowances — 10 — Impact of rate change on deferred tax balances (9 ) 131 (529 ) State tax provision, net of federal (1,563 ) (1,821 ) (1,109 ) Other (336 ) 38 283 Total tax provision $ (5,367 ) $ (5,993 ) $ (7,833 ) Deferred tax assets and liabilities are included within deferred costs and other assets and other liabilities in the consolidated balance sheets, respectively, and are attributed to the activity of the Company's TRS. The components of the deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows (in thousands): December 31, 2019 December 31, 2018 Net operating loss $ 3,613 $ 3,657 Deferred income 1,141 1,197 Miscellaneous 131 96 Total deferred tax assets $ 4,885 $ 4,950 Less: Valuation allowance (3,546 ) (3,581 ) Net deferred tax assets $ 1,339 $ 1,369 The Company's remaining U.S. federal net operating loss carryforwards were $11.2 million as of December 31, 2019 and 2018 , and are all subject to limitation. As such, the Company has established a valuation allowance against such amounts. The Company had state net operating loss carryfowards of $24.9 million and $25.1 million as of December 31, 2019 and 2018 , respectively, certain of which are subject to limitation. As such, the Company established a $23.6 million valuation allowance as of December 31, 2019 and 2018 , against these amounts. 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 available evidence, including future reversal of existing taxable temporary differences, future projected taxable income, and tax-planning strategies. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company has considered various factors, including future reversals of existing taxable temporary differences, projected future taxable income, and tax-planning strategies in making this assessment. Based upon tax-planning strategies and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will realize the benefits of these deductible differences, net of the existing valuation allowance of $3.5 million , at December 31, 2019 . The amount of the deferred tax assets considered realizable, however, could be reduced in the near term if estimates of future taxable income during the carryforward period are reduced. During the year ended December 31, 2019, the Company did not materially change the valuation allowance. During the year ended December 31, 2018, the Company increased the valuation allowance associated with certain deferred tax assets by $0.6 million . Uncertain Tax Positions The Company had no unrecognized tax benefits as of or during the three-year period ended December 31, 2019 . The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2019 . The Company has no material interest or penalties relating to income taxes recognized in the consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017 or in the consolidated balance sheets as of December 31, 2019 and 2018 . As of December 31, 2019 , the Company’s 2019 , 2018 , and 2017 tax years remain subject to examination by U.S. and various state tax jurisdictions. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders' Equity Common Stock In March 2018, the Company entered into an "At-the-Market" ("ATM") program pursuant to an Equity Distribution Agreement ("ATM Agreement") with Wells Fargo Securities, LLC, Robert W. Baird & Co. Incorporated, Jefferies LLC, KeyBanc Capital Markets Inc., and Raymond James & Associates, Inc. In accordance with the terms of the ATM Agreement, the Company may from time to time offer, and sell shares of its common stock having an aggregate offering price of up to $200 million . During the year ended December 31, 2018 , the Company received gross proceeds of $137.4 million , and paid $1.7 million in transaction fees, from the issuance of 5,719,959 shares of its common stock in accordance with the ATM Agreement at a weighted average share price of $24.02 . In addition, the Company amortized additional transaction costs of $0.8 million during the year ended December 31, 2018 . As of December 31, 2019 , the Company had $62.6 million available for sale under the ATM Agreement. In December 2015, the Company’s Board of Directors authorized a stock repurchase program pursuant to which the Company is authorized to purchase up to $100 million of the Company’s outstanding Common Stock in the open market, in privately negotiated transactions or otherwise, including pursuant to Rule 10b5-1 plans. In November 2016, the Company's Board of Directors authorized the repurchase of up to an additional $75 million of the Company's outstanding Common Stock (such repurchase authorizations collectively referred to as the "Repurchase Program"). The Repurchase Program does not have an expiration date. This Repurchase Program may be suspended or discontinued at any time and does not obligate the Company to acquire any particular amount of shares. No shares were purchased as part of the Repurchase Program during the years ended December 31, 2019 and 2018. For the year ended December 31, 2017, 240,352 shares were repurchased under the Repurchase Program, at a weighted average price of $17.07 per share for an aggregate purchase price of $4.1 million . As of December 31, 2019 , the Company had approximately $96.9 million remaining under its share repurchase authorization. Dividends The Company declared dividends of $1.10 per common stock totaling $124.2 million during the year ended December 31, 2019 and $1.10 per common stock totaling $122.4 million during the year ended December 31, 2018 . For income tax purposes, dividends paid per share on our common stock during the years ended December 31, 2019 and 2018 were 100% taxable as ordinary income. Non-controlling Interest of Common Units in Operating Partnership As of December 31, 2019 , the Operating Partnership had 3,694,439 long-term incentive partnership units ("LTIP Units") outstanding, representing a 3.2% partnership interest held by the limited partners . Of the 3,694,439 LTIP Units outstanding at December 31, 2019 , 2,010,474 units had vested and were eligible for conversion. Only vested LTIP Units may be converted to common units of the Operating Partnership, which in turn can be tendered for redemption as described in the Note 13 . As of December 31, 2018 , the Operating Partnership had 2,919,986 LTIP Units outstanding, representing a 2.5% partnership interest held by the limited partners . No LTIP Units were redeemed during the year ended December 31, 2019. During the year ended December 31, 2018, 37,224 LTIP Units were redeemed for cash totaling $0.8 million . The Company declared dividends of $1.10 per LTIP Unit totaling $1.9 million during the year ended December 31, 2019 and $1.10 per LTIP Unit totaling $1.0 million during the year ended December 31, 2018 . As of December 31, 2019 and 2018 , the Company accrued $489 thousand and $252 thousand , respectively, in dividends related to the LTIP Units. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per common share is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per common share is calculated by dividing income available to common stockholders by the weighted-average number of common shares outstanding during the period, plus any shares that could potentially be outstanding during the period. Any anti-dilutive shares have been excluded from the diluted earnings per share calculation. Unvested share-based awards that contain nonforfeitable rights to dividends or dividend equivalents (whether paid or unpaid) are participating securities and are included in the computation of earnings per share pursuant to the two-class method. Accordingly, distributed and undistributed earnings attributable to unvested share-based compensation (participating securities) have been excluded, as applicable, from net income or loss available to common stockholders used in the basic and diluted earnings per share calculations. Income allocated to non-controlling interest in the Operating Partnership has been excluded from the numerator and Operating Partnership Units and LTIP Units in the Operating Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. The following table reconciles net income to basic and diluted EPS (in thousands, except share and per share data): Year Ended December 31, 2019 2018 2017 Numerator: Net income attributable to common stockholders $ 55,400 $ 193,688 $ 98,862 Dividends paid on unvested share-based compensation (548 ) (585 ) (593 ) Undistributed earnings attributable to unvested share based compensation — (98 ) — Net income available to common stockholders $ 54,852 $ 193,005 $ 98,269 Denominator: Weighted average shares outstanding - Basic 112,636,123 110,124,142 106,767,108 Effect of dilutive share-based compensation 282,475 253,592 252,044 Weighted average shares outstanding - Diluted 112,918,598 110,377,734 107,019,152 Basic and diluted earnings per share: Net income per share available to common stockholders - basic and diluted $ 0.49 $ 1.75 $ 0.92 |
Share Based Compensation
Share Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Share Based Compensation | Share Based Compensation 2015 Incentive Award Plan On January 9, 2015, the Company adopted, and InvenTrust Properties Corp. ("InvenTrust" was our former parent company prior to our spin-off in February 2015) as its sole common stockholder approved, the Company's 2015 Incentive Award Plan (the "2015 Incentive Award Plan") effective as of February 2, 2015 (the date prior to the date of the Company's separation from InvenTrust), under which the Company may grant cash and equity incentive awards to eligible service providers in order to attract, motivate and retain the talent for which the Company competes. The plan allows for the grant of both share-based awards relating to the Company's common stock and partnership units (i.e. LTIP Units) in the Operating Partnership. Restricted Stock Units Grants The Compensation Committee of the Board of Directors of the Company approved the following grants of restricted stock units to certain Company employees: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted Average Grant Date Fair Value March 2016 2016 Restricted Stock Units 104,079 51,782 $13.09 April 2016 2016 Restricted Stock Units 26,738 — $15.34 February 2017 2017 Restricted Stock Units 82,829 44,858 $15.18 February 2018 2018 Restricted Stock Units 79,812 45,464 $15.92 February 2019 2019 Restricted Stock Units 84,944 50,846 $15.75 Of the time-based Restricted Stock Units granted in April 2016, 50% of the units vested on February 4, 2017 and the remaining 50% vested on February 4, 2018. All other time-based Restricted Stock Units will vest as follows, subject to the employee’s continued service with the Company or any of its affiliates through each applicable vesting date: 33% on the first anniversary of the vesting commencement date of the award, 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. Of the performance-based Restricted Stock Units, twenty-five percent ( 25% ) are designated as absolute total stockholder return ("TSR") units (the "Absolute TSR Share Units"), and vest based on achievement of varying levels of the Company’s TSR over the three -year performance period. The other seventy-five percent ( 75% ) of the performance-based Restricted Stock Units are designated as relative TSR share units (the "Relative TSR Share Units") and vest based on the ranking of the Company’s TSR as compared to a defined peer group over the three -year performance period. Vesting of performance-based Restricted Stock Units is subject to the employee's continued service through the applicable vesting date. LTIP Unit Grants LTIP Units are a class of limited partnership units in the Operating Partnership. Initially the LTIP units do not have full parity with common units of the Operating Partnership with respect to liquidating distributions. However, upon the occurrence of certain events described in the Operating Partnership's partnership agreement, the LTIP units can over time achieve full parity with the common units for all purposes. If such parity is reached, vested LTIP units may be converted into an equal number of common units on a one for one basis at any time at the request of the LTIP unit holder or the general partner of the Operating Partnership. Common units are redeemable for cash based on the fair market value of an equivalent number of shares of the Company’s Common Stock, or, at the election of the Company, an equal number of shares of the Company’s Common Stock, each subject to adjustment in the event of stock splits, specified extraordinary distributions or similar events. The Compensation Committee approved the issuance of the following LTIP awards under the 2015 Incentive Award Plan during to certain Company executives: Grant Date Grant Description Time-Based LTIP Units Performance-Based Class A LTIP Units Weighted Average Grant Date Fair Value March 2016 2016 LTIP Units 78,076 664,515 $7.86 April 2016 2016 LTIP Units 12,945 110,179 $7.85 February 2017 2017 LTIP Units 86,210 715,001 $8.97 February 2018 2018 LTIP Units 84,505 725,860 $8.79 February 2019 2019 LTIP Units 90,273 781,898 $9.24 Each award of time-based LTIP units will vest as follows, subject to the executive’s continued service through each applicable vesting date: 33% on the first anniversary of the vesting commencement date of the award, 33% on the second anniversary of the vesting commencement date, and 34% on the third anniversary of the vesting commencement date. A portion of each award of Class A LTIP Units is designated as a number of “base units.” Twenty-five percent ( 25% ) of the base units are designated as absolute TSR base units, and vest based on achievement of varying levels of the Company’s TSR over the three-year performance period. The other seventy-five percent ( 75% ) of the base units are designated as relative TSR base units and vest based on the ranking of the Company’s TSR as compared to a defined peer group over the three-year performance period. Vesting of Class A LTIP Units is subject to the employee's continued service through the applicable vesting date. Pursuant to the respective Director Compensation Program, the Company approved the issuance of following fully vested LTIP Units of the Operating Partnership under the 2015 Incentive Award Plan to the Company's seven non-employee directors for the years ended December 31, 2019 , 2018 , 2017 : Grant Date Grant Description Time-Based Grants Grant Date Fair Value May 2017 2017 LTIP Units 33,355 $17.84 May 2018 2018 LTIP Units 24,661 $24.13 May 2019 2019 LTIP Units 26,768 $22.23 LTIP Units (other than Class A LTIP Units that have not vested), whether vested or not, receive the same quarterly per-unit distributions as common units in the Operating Partnership, which equal the per-share distributions on the common stock of the Company. Class A LTIP Units that have not vested receive a quarterly per-unit distribution equal to 10% of the distribution paid on common units in the Operating Partnership. The following is a summary of the unvested incentive awards as of December 31, 2019 and 2018 : 2014 Share Unit Plan Share Units 2015 Incentive Award Plan Restricted Stock Units (1) 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2017 48,682 264,302 1,662,073 1,975,057 Granted — 125,276 835,026 960,302 Vested (2) (48,682 ) (138,411 ) (852,786 ) (1,039,879 ) Expired — (2,581 ) (30,232 ) (32,813 ) Forfeited — (2,893 ) — (2,893 ) Unvested as of December 31, 2018 — 245,693 1,614,081 1,859,774 Granted — 135,790 898,939 1,034,729 Vested (2) — (120,882 ) (704,569 ) (825,451 ) Expired — (5,082 ) (124,486 ) (129,568 ) Forfeited — (8,411 ) — (8,411 ) Unvested as of December 31, 2019 — 247,108 1,683,965 1,931,073 Weighted average fair value of unvested shares/units $ — $ 15.51 $ 9.01 $ 9.84 (1) Includes Time-Based LTIP Units and Class A LTIP Units. (2) During the year ended December 31, 2019 and 2018 , the Company redeemed 34,118 and 58,555 , respectively, shares of common stock to satisfy federal and state tax withholding requirements on the vesting of Share Units and Restricted Stock Units under the 2014 Share Unit Plan and the 2015 Incentive Award Plan. The fair value of the time-based awards is determined based on the closing price of the Company’s common stock on the grant date and compensation expense is recognized on a straight-line basis over the vesting period. The grant date fair value of performance awards was determined based on a Monte Carlo simulation method with the following assumptions and compensation expense is recognized on a straight-line basis over the performance period: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield March 17, 2016 or April 25, 2016 Absolute TSR Restricted Stock Units 25% $6.88 31.42% 0.50% - 1.14% 7.12% Relative TSR Restricted Stock Units 75% $8.85 31.42% 0.50% - 1.14% 7.12% Absolute TSR Class A LTIPs 25% $7.06 31.42% 0.50% - 1.14% 7.12% Relative TSR Class A LTIPs 75% $8.95 31.42% 0.50% - 1.14% 7.12% February 23, 2017 Absolute TSR Restricted Stock Units 25% $6.57 26.83% 0.68% - 1.55% 6.021% Relative TSR Restricted Stock Units 75% $10.44 26.83% 0.68% - 1.55% 6.021% Absolute TSR Class A LTIPs 25% $6.64 26.83% 0.68% - 1.55% 6.021% Relative TSR Class A LTIPs 75% $10.18 26.83% 0.68% - 1.55% 6.021% February 20, 2018 Absolute TSR Restricted Stock Units 25% $6.54 24.52% 1.82% - 2.47% 5.553% Relative TSR Restricted Stock Units 75% $10.44 24.52% 1.82% - 2.47% 5.553% Absolute TSR Class A LTIPs 25% $6.60 24.52% 1.82% - 2.47% 5.553% Relative TSR Class A LTIPs 75% $10.13 24.52% 1.82% - 2.47% 5.553% February 19, 2019 Absolute TSR Restricted Stock Units 25% $9.98 23.24% 2.44% - 2.55% 5.78% Relative TSR Restricted Stock Units 75% $10.36 23.24% 2.44% - 2.55% 5.78% Absolute TSR Class A LTIPs 25% $9.95 23.24% 2.44% - 2.55% 5.78% Relative TSR Class A LTIPs 75% $10.07 23.24% 2.44% - 2.55% 5.78% The absolute and relative stockholder returns are market conditions as defined by ASC 718, Compensation Stock Compensation. Market conditions include provisions wherein the vesting condition is met through the achievement of a specific value of the Company’s common stock, which is total stockholder return, in this case. Market conditions differ from other performance awards under ASC 718 in that the probability of attaining the condition (and thus vesting in the shares) is reflected in the initial grant date fair value of the award. Accordingly, it is not appropriate to reconsider the probability of vesting in the award subsequent to the initial measurement of the award, nor is it appropriate to reverse any of the expense if the condition is not met. Therefore, once the expense for these awards is measured, the expense must be recognized over the service period regardless of whether the target is met, or at what level the target is met. Expense may only be reversed if the holder of the instrument forfeits the award by leaving the employment of the Company prior to vesting. For the year ended December 31, 2019 the Company recognized approximately $8.8 million of share-based compensation expense (net of forfeitures) related to share units, restricted stock units, and LTIP Units provided to certain of its executive officers, and other members of management. In addition, during the year ended December 31, 2019 we recognized $0.6 million from LTIP units that were provided to the Company's Board of Directors and capitalized approximately $0.5 million related to restricted stock units provided to certain members of management that oversee development and capital projects on behalf of the Company. As of December 31, 2019 , there was $10.3 million of total unrecognized compensation costs related to unvested restricted stock units, Class A LTIP Units and Time-Based LTIP Units issued under the 2015 Incentive Award Plan, as applicable, which are expected to be recognized over a remaining weighted-average period of 1.7 additional years. For the year ended December 31, 2018 , the Company recognized approximately $8.6 million of share-based compensation expense (net of forfeitures) related to share units, restricted stock units, and LTIP Units provided to certain of its executive officers, and other members of management. In addition, during the year ended December 31, 2018 we recognized $0.6 million from LTIP units that were provided to the Company's Board of Directors and capitalized approximately $0.5 million related to restricted stock units provided to certain members of management that oversee development and capital projects on behalf of the Company. For the year ended December 31, 2017 , the Company recognized approximately $9.3 million of share-based compensation expense (net of forfeitures) related to share units, restricted stock units, and LTIP Units provided to certain of its executive officers, and other members of management. In addition, during the year ended December 31, 2017 we recognized $0.6 million from LTIP units that were provided to the Company's Board of Directors and capitalized approximately $0.6 million related to restricted stock units provided to certain members of management that oversee development and capital projects on behalf of the Company. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Management and Franchise Agreements In order to maintain its qualification as a REIT, the Company cannot directly or indirectly operate any of its hotels. The Company leases each hotel to TRS lessees, which in turn engage property managers to manage the hotels. Each hotel is operated pursuant to a hotel management agreement with an independent third-party hotel management company. Pursuant to the hotel management agreements, the management company controls the day-to-day operation of each hotel, and the Company is granted limited approval rights with respect to certain of the management company’s actions. The hotel management agreements typically contain a two-tiered fee structure, wherein the management company receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. Many hotel management agreements also require the maintenance of a capital reserve fund based on a percentage of hotel revenues to be used for capital expenditures to maintain the quality of the hotels. Management agreements for brand-managed hotels have terms generally ranging from 20 to 30 years and allow for one or more renewal periods at the option of the hotel managers. Assuming all renewal periods are exercised, the average remaining term is 27 years . Management agreements for franchised hotels generally contain initial terms between 10 and 15 years with an average remaining initial term of approximately five years . The Company is generally are limited in its ability to sell, lease or otherwise transfer the hotels unless the transferee assumes the related hotel management agreement. However, most agreements include owner rights to terminate the agreements on the basis of the manager’s failure to meet certain performance-based metrics. Typically, these criteria are subject to the manager’s ability to ‘cure’ and avoid termination by payment to the Company of specified deficiency amounts (or, in some instances, waiver of the right to receive specified future management fees). Franchise agreements contain initial terms of 17 to 20 years , with an average remaining initial term of approximately 11 years . The franchise agreements require royalty fees based on a percentage of gross room revenue and, for certain hotels, an additional fee based on a percentage of gross food and beverage revenue. In addition, franchise agreements require fees for marketing, reservation or other program fees based on a percentage of the hotel's gross room revenue. Many franchise agreements also require the maintenance of a capital reserve fund based on a percentage of hotel revenues to be used for capital expenditures to maintain the quality of the hotels. For the years ended December 31, 2019 , 2018 , and 2017 , the Company incurred management and franchise fees of $46.5 million , $45.6 million and $43.5 million , which is included on the consolidated statements of operations and comprehensive income. Reserve Requirements The terms of the Company's management and franchise agreements require the Company to reserve funds relating to replacements and renewals of the hotels' furniture, fixtures and equipment. As of December 31, 2019 and 2018 the Company had a balance of $70.8 million and $60.6 million , respectively, in reserves for such future improvements which is included in restricted cash and escrows on the consolidated balance sheets. Renovation and Construction Commitments As of December 31, 2019 , the Company had various contracts outstanding with third parties in connection with the renovation of certain of its hotel properties. The remaining commitments under these contracts at December 31, 2019 totaled $22.3 million . Legal The Company is subject, from time to time, to various legal proceedings and claims that arise in the ordinary course of business. While the resolution of these matters cannot be predicted with certainty, management believes, based on currently available information, that the final outcome of such matters will not have a material adverse affect on the financial statements of the Company. In addition, in connection with the Company's separation from InvenTrust, on August 8, 2014, the Company entered into an Indemnity Agreement, as amended, with InvenTrust pursuant to which InvenTrust has agreed to the fullest extent allowed by law or government regulation, to absolutely, irrevocably and unconditionally indemnify, defend and hold harmless the Company and its subsidiaries, directors, officers, agents, representatives and employees (in each case, in such person’s respective capacity as such) and their respective heirs, executors, administrators, successors and assignees from and against all losses, including but not limited to "actions" (as defined in the Indemnity Agreement), arising from: (1) the non-public, formal, fact-finding investigation by the SEC as described in InvenTrust's public filings with the SEC (the "SEC Investigation"); (2) the three related demands (including the Derivative Lawsuit described below) received by InvenTrust ("Derivative Demands") from stockholders to conduct investigations regarding claims similar to the matters that are subject to the SEC Investigation and as described in InvenTrust' public filings with the SEC; (3) the derivative lawsuit filed on March 21, 2013 on behalf of InvenTrust by counsel for stockholders who made the first Derivative Demand (the "Derivative Lawsuit"); and (4) the investigation by the Special Litigation Committee of the board of directors of InvenTrust. In each case InvenTrust indemnified the Company, regardless of when or where the loss took place, or whether any such loss, claim, accident, occurrence, event or happening is known or unknown, and regardless of whether such loss, claim, accident, occurrence, event or happening giving rise to the loss existed prior to, on or after February 3, 2015, the separation date or relates to, arises out of or results from actions, inactions, events, omissions, conditions, facts or circumstances occurring or existing prior to, on or after February 3, 2015, the separation date. Leases The Company is a lessee to long-term ground, parking, and its corporate office leases, which are accounted for as operating leases. As of December 31, 2018 , future minimum lease payments for the remaining term, prior to the adoption of Topic 842, were as follows (in thousands): Ground Leases Parking Corporate Office 2019 $ 1,576 $ 320 $ 412 2020 1,576 281 423 2021 1,576 226 435 2022 1,576 228 447 2023 1,576 230 459 Thereafter 31,618 14,150 2,358 Total $ 39,498 $ 15,435 $ 4,534 During the years ended December 31, 2018 and 2017, the Company recognized ground lease expense of $4.9 million and $5.8 million , respectively, which included amortization of ground lease intangibles and variable rent payments, and was included in ground lease expense on the consolidated statements of operations and comprehensive income for the periods then ended. Upon adoption of Topic 842, a total of $20.3 million of net intangibles for existing above and below market ground leases was derecognized and subsequently recorded as an adjustment to the beginning ROU asset. In addition, the balance of straight-line rent accruals were reclassified to the beginning ROU asset. The ROU asset is included in other assets and the lease liability is included in other liabilities on the accompanying consolidated balance sheet as of December 31, 2019 . Some ground lease payments increase during the lease term based on a variable index or rate, such as the Customer Price Index, and are included in the lease liability when it is initially measured. Future adjustments in the consumer price index are recognized when they occur. Some ground leases require percentage rent based on the respective revenues of the underlying hotel, which is not included in the determination of the lease liability. Percentage rent is recognized when it is incurred. In addition to percentage rent, per the terms of our ground lease we incur variable lease payments for real estate taxes and insurance, which is not included in the determination of the lease liability. Variable lease payments for real estate taxes and insurance are expensed when incurred and are included in real estate taxes, personal property taxes and insurance on the consolidated statement of operations and comprehensive income. The following is a summary of the Company's leases as of and for the year ended December 31, 2019 (dollar amounts in thousands): Operating Leases As of December 31, 2019 Weighted average remaining lease term, including reasonably certain extension options (1) 30 years Weighted average discount rate 5.94% ROU asset (2) $ 46,243 Lease liability (3) $ 27,264 Operating lease rent expense $ 2,551 Variable lease costs (4) $ 8,795 Total rent expense and variable lease costs $ 11,346 (1) The weighted average remaining lease term including all available extension options is approximately 62 years . (2) The ROU asset is included in other assets on the accompanying consolidated balance sheet as of December 31, 2019 . (3) The lease liability is included in other liabilities on the accompanying consolidated balance sheet as of December 31, 2019 . (4) Variable lease costs represent percentage rent of $2.3 million and real estate taxes and insurance costs of $6.5 million incurred for ground leases during the year ended December 31, 2019. The following table shows the remaining lease payments, which includes reasonably certain extension options, for the next five years and thereafter reconciled to the lease liability as of December 31, 2019 (in thousands): As of December 31, 2019 2020 $ 2,403 2021 2,417 2022 2,431 2023 2,445 2024 2,460 Thereafter 49,861 Total undiscounted lease payments $ 62,017 Less imputed interest (34,753 ) Lease liability (1) $ 27,264 (1) The lease liability is included in other liabilities on the accompanying consolidated balance sheet as of December 31, 2019 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In February 2020, the Company entered into an agreement to sell the 492 -room Renaissance Austin Hotel in Austin, Texas for $100.5 million , excluding closing costs. The sale is expected to close in the first quarter of 2020 for an estimated gain of approximately $19 million , subject to the satisfaction of certain customary closing conditions. |
Quarterly Operating Results (un
Quarterly Operating Results (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Operating Results (unaudited) | Quarterly Operating Results (unaudited) The following represents the results of operations, for each quarterly period, during the years ended December 31, 2019 and 2018 (in thousands, except per share data): Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 293,687 $ 304,285 $ 268,931 $ 282,184 $ 1,149,087 Net income 17,276 13,214 10,670 16,083 57,243 Net income attributable to non-controlling interests (573 ) (437 ) (355 ) (478 ) (1,843 ) Net income attributable to common stockholders 16,703 12,777 10,315 15,605 55,400 Net income per share available to common stockholders, basic and diluted $ 0.15 $ 0.11 $ 0.09 $ 0.14 $ 0.49 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 264,498 $ 277,057 $ 240,989 $ 275,663 $ 1,058,207 Net income from continuing operations 57,043 29,531 9,334 102,624 198,532 Net income attributable to non-controlling interests (1,387 ) (737 ) (90 ) (2,630 ) (4,844 ) Net income attributable to common stockholders 55,656 28,794 9,244 99,994 193,688 Net income per share available to common stockholders, basic $ 0.52 $ 0.26 $ 0.08 $ 0.89 $ 1.75 Net income per share available to common stockholders, diluted $ 0.52 $ 0.26 $ 0.08 $ 0.88 $ 1.75 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Initial Cost Gross amount at which carried at end of period (B) Property Encumbrance Land Buildings and Improvements Adjustments to Land Basis (C) Adjustments to Basis (C) Land and Improvements Buildings and Improvements(D) Total (D,E) Accumulated Depreciation(D,F) Year of Original Construction Date of Acquisition Life on Which Depreciation in Latest Income Statement is Computed Andaz Napa Valley $ 56,000 $ 10,150 $ 57,012 $ — $ 1,840 $ 10,150 $ 58,852 $ 69,002 $ 24,537 2009 9/20/2013 5 - 30 years Andaz San Diego — 6,949 43,430 — 7,292 6,949 50,722 57,671 17,184 1914 3/4/2013 5 - 30 years Andaz Savannah — 2,680 36,212 — 3,774 2,680 39,986 42,666 10,905 2009 9/10/2013 5 - 30 years Bohemian Hotel Celebration, Autograph Collection Hotel — 1,232 19,000 — 3,180 1,232 22,180 23,412 7,324 1999 2/6/2013 5 - 30 years Bohemian Hotel Savannah, Autograph Collection Hotel — 2,300 24,240 — 2,259 2,300 26,499 28,799 10,631 2009 8/9/2012 5 - 30 years Buckhead Atlanta - Lease Restaurant — 364 2,349 — — 364 2,349 2,713 173 2008 12/7/2018 5 - 30 years Fairmont Dallas — 8,700 60,634 — 23,451 8,700 84,085 92,785 40,114 1968 8/1/2011 5 - 30 years Fairmont Pittsburgh — 3,378 27,101 — 426 3,378 27,527 30,905 1,615 2010 9/26/2018 5 - 30 years Grand Bohemian Hotel Charleston, Autograph Collection — 4,550 26,582 — 281 4,550 26,863 31,413 5,810 2015 8/27/2015 5 - 30 years Grand Bohemian Hotel Mountain Brook, Autograph Collection — 2,000 42,246 — 611 2,000 42,857 44,857 9,509 2015 10/22/2015 5 - 30 years Grand Bohemian Hotel Orlando, an Autograph Collection Hotel 58,286 7,739 75,510 — 4,845 7,739 80,355 88,094 27,086 2001 12/27/2012 5 - 30 years Hotel Commonwealth — — 114,085 — 1,616 — 115,701 115,701 21,095 2003 1/15/2016 5 - 30 years Hyatt Centric Key West Resort & Spa — 40,986 34,529 — 7,353 40,986 41,882 82,868 13,669 1988 11/15/2013 5 - 30 years Hyatt Regency Grand Cypress — 17,867 183,463 — 49,545 17,867 233,008 250,875 25,289 1984 5/26/2017 5 - 30 years Hyatt Regency Portland at the Oregon Convention Center — 24,669 161,931 — — 24,669 161,931 186,600 — 2019 12/17/2019 5 - 30 years Initial Cost Gross amount at which carried at end of period (B) Property Encumbrance Land Buildings and Improvements Adjustments to Land Basis (C) Adjustments to Basis (C) Land and Improvements Buildings and Improvements(D) Total (D,E) Accumulated Depreciation(D,F) Year of Original Construction Date of Acquisition Life on Which Depreciation in Latest Income Statement is Computed Hyatt Regency Santa Clara $ — $ — $ 100,227 $ — $ 21,399 $ — $ 121,626 $ 121,626 $ 39,814 1986 9/20/2013 5 - 30 years Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch — 71,211 145,600 — 7,825 71,211 153,425 224,636 18,130 1987 10/3/2017 5 - 30 years Key West Bottling Court Retail Center — 4,144 2,682 — 528 4,144 3,210 7,354 477 1953 11/25/2014 5 - 30 years Kimpton Canary Santa Barbara Hotel — 22,361 57,822 — 1,651 22,361 59,473 81,834 12,299 2005 7/16/2015 5 - 30 years Kimpton Hotel Monaco Chicago — 15,056 40,841 — 14,453 15,056 55,294 70,350 16,444 1912 11/1/2013 5 - 30 years Kimpton Hotel Monaco Denver — 5,742 69,158 — 11,226 5,742 80,384 86,126 24,248 1917/1937 11/1/2013 5 - 30 years Kimpton Hotel Monaco Salt Lake City — 1,777 56,156 — 4,715 1,777 60,871 62,648 18,767 1924 11/1/2013 5 - 30 years Kimpton Hotel Palomar Philadelphia 58,000 9,060 90,909 — 3,064 9,060 93,973 103,033 20,087 1929 7/28/2015 5 - 30 years Kimpton Lorien Hotel & Spa — 4,365 40,888 — 4,189 4,365 45,077 49,442 16,329 2009 10/24/2013 5 - 30 years Kimpton RiverPlace Hotel — 18,322 46,664 — 4,395 18,322 51,059 69,381 11,431 1985 7/16/2015 5 - 30 years Loews New Orleans Hotel — 3,529 70,652 — 8,382 3,529 79,034 82,563 23,271 1972 10/11/2013 5 - 30 years Marriott Charleston Town Center — — 26,647 — 9,621 — 36,268 36,268 17,657 1982 2/25/2011 5 - 30 years Marriott Dallas Downtown 51,000 6,300 45,158 — 38,501 6,300 83,659 89,959 37,244 1980 9/30/2010 5 - 30 years Marriott Napa Valley Hotel & Spa — 14,800 57,223 — 17,875 14,800 75,098 89,898 27,124 1979 8/26/2011 5 - 30 years Marriott San Francisco Airport Waterfront 115,000 36,700 72,370 — 32,918 36,700 105,288 141,988 44,035 1985 3/23/2012 5 - 30 years Initial Cost Gross amount at which carried at end of period (B) Property Encumbrance Land Buildings and Improvements Adjustments to Land Basis (C) Adjustments to Basis (C) Land and Improvements Buildings and Improvements(D) Total (D,E) Accumulated Depreciation(D,F) Year of Original Construction Date of Acquisition Life on Which Depreciation in Latest Income Statement is Computed Marriott Woodlands Waterway Hotel & Convention Center $ — $ 5,500 $ 98,886 $ — $ 28,896 $ 5,500 $ 127,782 $ 133,282 $ 57,257 2002 11/21/2007 5 - 30 years Park Hyatt Aviara Resort, Golf Club & Spa — 33,252 135,320 — 13,874 33,252 149,194 182,446 6,197 1997 11/20/2018 5 - 30 years Renaissance Atlanta Waverly Hotel & Convention Center 100,000 6,834 90,792 — 18,348 6,834 109,140 115,974 40,966 1983 3/23/2012 5 - 30 years Renaissance Austin Hotel — 10,656 97,960 — 17,163 10,656 115,123 125,779 44,509 1986 3/23/2012 5 - 30 years Residence Inn Boston Cambridge 60,731 10,346 72,735 — (1,405 ) 10,346 71,330 81,676 29,906 1999 2/8/2008 5 - 30 years Royal Palms Resort & Spa, The Unbound Collection by Hyatt — 33,912 50,205 — 2,874 33,912 53,079 86,991 6,882 1929 10/3/2017 5 - 30 years The Ritz-Carlton, Denver — 15,132 84,145 — 2,153 15,132 86,298 101,430 5,269 1982 8/24/2018 5 - 30 years The Ritz-Carlton, Pentagon City 65,000 — 103,568 — 4,448 — 108,016 108,016 11,861 1990 10/4/2017 5 - 30 years Waldorf Astoria Atlanta Buckhead — 8,385 49,115 — 1,706 8,385 50,821 59,206 2,330 2008 12/7/2018 5 - 30 years Westin Galleria Houston — 7,842 112,850 — 41,888 7,842 154,738 162,580 43,644 1977 8/22/2013 5 - 30 years Westin Oaks Houston at the Galleria — 4,262 96,090 — 29,909 4,262 125,999 130,261 35,619 1971 8/22/2013 5 - 30 years Totals $ 564,017 $ 483,052 $ 2,822,987 $ — $ 447,069 $ 483,052 $ 3,270,056 $ 3,753,108 $ 826,738 Notes: (A) The initial cost to the Company represents the original purchase price of the property, including amounts incurred subsequent to acquisition which were contemplated at the time the property was acquired. (B) The aggregate cost of real estate owned at December 31, 2019 for federal income tax purposes was approximately $3,864 million (unaudited). (C) Cost capitalized subsequent to acquisition includes payments under master lease agreements as well as additional tangible costs associated with investment properties, including any earn-out of tenant space. Impairment charges and write-offs of fully depreciated assets are recorded as a reduction in the basis. (D) Reconciliation of real estate owned (includes continuing operations and operations of assets classified as held for sale): 2019 2018 2017 Balance at January 1 $ 3,591,097 $ 3,319,305 $ 3,063,564 Acquisitions 186,600 358,541 605,826 Capital improvements 90,490 102,904 84,290 Disposals and write-offs (115,079 ) (189,653 ) (258,150 ) Properties classified as held for sale — — (176,225 ) Balance at December 31 $ 3,753,108 $ 3,591,097 $ 3,319,305 (E) Reconciliation of accumulated depreciation (includes continuing operations and operations of assets classified as held for sale): 2019 2018 2017 Balance at January 1 $ 715,949 $ 628,450 $ 619,975 Depreciation expense, continuing operations 151,936 154,126 139,726 Depreciation expense, properties classified as held for sale — — 8,808 Accumulated depreciation, properties classified as held for sale — — (32,975 ) Disposals and write-offs (41,147 ) (66,627 ) (107,084 ) Balance at December 31 $ 826,738 $ 715,949 $ 628,450 (F) Depreciation is computed based upon the following estimated lives: Buildings and improvements 30 years Tenant improvements Life of the lease Furniture, fixtures and equipment 5 - 15 years |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements include the accounts of the Company, the Operating Partnership, XHR Holding, as well as all wholly owned subsidiaries and consolidated real estate investments. The Company's subsidiaries and real estate investments generally consist of limited liability companies ("LLCs"), limited partnerships ("LPs") and the TRS. The effects of all inter-company transactions have been eliminated. Each property maintains its own books and financial records and each entity's assets are not available to satisfy the liabilities of other affiliated entities. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with U.S. Generally Accepted Accounting Principles ("GAAP") requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and revenues and expenses. These estimates are prepared using management's best judgment, after considering past, current and expected economic conditions. Actual results could differ from these estimates. |
Risks and Uncertainties | Risks and Uncertainties The Company had a geographical concentration of revenues generated in Orlando, Florida for the year ended December 31, 2019 and 2018 , where approximately 10% and 11% of the total revenue of the Company were generated, respectively. For the year ended December 31, 2017, the Company had a geographical concentration of revenues generated in Houston, Texas where 10% of the revenues of the Company were generated. In addition, over 30% of the Company's total revenues for the years ended December 31, 2019 and 2018 , respectively, was concentrated in its five largest hotels. To the extent that there are adverse changes in these hotels or in these markets, or the industry sectors that operate in these markets, our business and operating results could be negatively impacted. |
Reclassifications | Reclassifications Certain prior year amounts in these financial statements have been reclassified to conform to the presentation for the year ended December 31, 2019 |
Consolidation | Consolidation The Company evaluates its investments in partially owned entities to determine whether such entities may be a variable interest entity ("VIE") or voting interest entities. If the entity is determined to be a VIE, the determination of whether the Company is the primary beneficiary must then be made. The primary beneficiary determination is based on a qualitative assessment as to whether the entity has (i) power to direct significant activities of the VIE and (ii) an obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIE. The Company will consolidate a VIE if it is deemed to be the primary beneficiary. The equity method of accounting is applied to entities in which the Company is not the primary beneficiary or the entity is not a VIE and the Company does not have effective control, but can exercise influence over the entity with respect to its operations and major decisions. The Operating Partnership is a VIE. The Company's significant asset is its investment in the Operating Partnership, as described in Note 1, and consequently, substantially all of the Company's assets and liabilities represent those assets and liabilities of the Operating Partnership. |
Non-controlling Interests | Non-controlling Interests The Company’s consolidated financial statements include entities in which the Company has a controlling financial interest. Non-controlling interest is the portion of equity in a subsidiary not attributable, directly or indirectly, to a consolidating parent. Such non-controlling interests are reported on the consolidated balance sheets within equity, separately from the Company’s equity. On the consolidated statements of operations and comprehensive income, revenues, expenses and net income or loss from less-than-wholly-owned consolidated subsidiaries are reported at the consolidated amounts, including both the amounts attributable to the Company and non-controlling interests. Income or loss is allocated to non-controlling interests based on their weighted average ownership percentage for the applicable period. The consolidated statement of changes in equity includes beginning balances, activity for the period and ending balances for stockholders’ equity, non-controlling interests and total equity. However, if the Company’s non-controlling interests are redeemable for cash or other assets at the option of the holder, not solely within the control of the issuer, they must be classified outside of permanent equity. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to non-controlling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company evaluates whether the Company controls the actions or events necessary to issue the maximum number of shares that could be required to be delivered under share settlement of the contract. As of December 31, 2019 , all share-based payments awards are included in permanent equity. As of December 31, 2019 , the consolidated results of the Company included the ownership interests of its Operating Partnership Units in the Operating Partnership, which are held by the Company's current executive officers and Board of Directors. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all demand deposits, money market accounts and investments in certificates of deposit and repurchase agreements purchased with a maturity of three months or less, at the date of purchase, to be cash equivalents. The Company maintains its cash and cash equivalents at financial institutions. The combined account balances at one or more institutions periodically exceed the Federal Depository Insurance Corporation ("FDIC") insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage. The Company believes that the risk is not significant as the Company does not anticipate the financial institutions’ non-performance. |
Restricted Cash and Escrows | Restricted Cash and Escrows The restricted cash as of December 31, 2019 primarily consists of $70.8 million related to lodging furniture, fixtures and equipment reserves as required per the terms of our management and franchise agreements, $6.6 million in deposits made for capital projects, $4.7 million held in restricted escrows primarily for real estate taxes and insurance, and $2.0 million disposition escrows heldback at closing . The restricted cash as of December 31, 2018 primarily consists of $60.6 million related to lodging furniture, fixtures and equipment reserves as required per the terms of our management and franchise agreements, $1.7 million in deposits made for capital projects, $3.9 million held in restricted escrows primarily for real estate taxes and insurance, and $4.0 million disposition escrows heldback at closing . |
Capitalization and Depreciation - Real Estate | Depreciation expense is computed using the straight-line method. Investment properties are depreciated based upon estimated useful lives of 30 years for building and improvements and 5 to 15 years for furniture, fixtures and equipment and site improvements. Real estate is reflected at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. |
Capitalization and Depreciation - Construction and Improvements | Direct and indirect costs that are related to the construction and improvements of investment properties are capitalized. Interest and costs incurred for property taxes and insurance are capitalized during periods in which activities necessary to get the property ready for its intended use are in progress, which included $0.8 million for the year ended December 31, 2019. The Company also capitalizes project management compensation-related costs and travel expenses as these are costs directly related to the renovations and capital improvements of our hotel portfolio, which included $2.8 million for each of the years ended December 31, 2019 and 2018 , respectively and $2.7 million for the year ended December 31, 2017. |
Acquisition of Real Estate | Acquisition of Real Estate In January 2017, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business ("ASU 2017-01"). The guidance is intended to assist entities with evaluating whether a set of transferred assets and activities is a business. Under the new guidance, an entity first determines whether substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or a group of similar identifiable assets. If this threshold is met, the set is not a business. If the threshold is not met, the entity then evaluates whether the set meets the requirement that a business include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. The Company adopted ASU 2017-01 on January 1, 2018 on a prospective basis. Following the adoption of ASU 2017-01, investments in hotel properties, including land and land improvements, building and building improvements, furniture, fixtures and equipment, and identifiable intangibles assets, will generally be accounted for as asset acquisitions. Acquired assets are recorded at their relative fair value based on total accumulated costs of the acquisition. Direct acquisition-related costs are capitalized as a component of the acquired assets. This includes all costs related to finding, analyzing and negotiating a transaction. Prior to the adoption of ASU 2017-01, the Company accounted for hotel acquisitions as business combinations and allocated the purchase price of each acquired business between tangible and intangible assets at full fair value on the acquisition date. Any additional amounts in excess of fair value were allocated to goodwill. The Company expensed acquisition costs of all acquired businesses as incurred. The allocation of the purchase price is an area that requires judgment and significant estimates. Tangible and intangible assets include land, building and improvements, furniture and fixtures, inventory, acquired above market and below market leases, in-place lease value (if applicable), advanced bookings, and any assumed financing that is determined to be above or below market terms. Acquisition-date fair values of assets and assumed liabilities are determined based on replacement costs, appraised values, and estimated fair values using methods similar to those used by independent appraisers and that use appropriate discount and/or capitalization rates and available market information. The Company determines whether any financing assumed is above or below market based upon comparison to similar financing terms for similar investment properties in the market at the time that the loan is assumed. The Company allocates a portion of the purchase price to the estimated acquired in-place lease costs, based on estimated lease execution costs for similar leases in the market at the time of acquisition as well as lost rent payments during assumed lease up period when calculating as if vacant fair values for properties acquired with space leases to third party tenants, which is typically retail or restaurant space. The Company also evaluates each acquired lease, including ground leases, based upon current market rates at the acquisition date and considers various factors including geographical location, size and location of leased land or retail space in determining whether the acquired lease is above or below market. After an acquired lease is determined to be above or below market, the Company allocates a portion of the purchase price to such above or below market lease intangible based upon the present value of the difference between the contractual lease rate and the estimated market rate. For leases with fixed rate renewals, renewal periods are included in the calculation of below market in-place lease values. The determination of the discount rate used in the present value calculation is based upon the "risk free rate" and current interest rates. This discount rate is a significant factor in determining the market valuation which requires judgment of subjective factors such as market knowledge, economics, demographics, location, visibility, age and physical condition of the property. The portion of the purchase price allocated to acquired above market lease costs and acquired below market lease costs are amortized on a straight-line basis over the life of the related lease, including the respective renewal periods, and is recorded as non-cash rent expense. The portion of the purchase price allocated to acquired in-place lease intangibles are amortized on a straight-line basis over the life of the related lease and is recorded as amortization expense. The portion of the purchase price allocated to advance bookings is amortized on a straight-line basis over the estimated life and is recorded as amortization expense. |
Goodwill | Goodwill The excess of the cost of an acquired entity (i.e. those that met the definition of an acquired business), over the net of the fair values assigned to assets acquired (including identified intangible assets) and liabilities assumed is recorded as goodwill. Goodwill has been recognized and allocated to specific properties. The Company tests goodwill for impairment annually or more frequently if events or changes in circumstances indicate impairment. In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment ("ASU 2017-04"). The guidance is intended to simplify the accounting for goodwill impairment and removes Step 2 of the goodwill impairment test under the historical guidance, which required a hypothetical purchase price allocation. A goodwill impairment under ASU 2017-04 will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. All other goodwill impairment guidance remains largely unchanged. The Company early adopted ASU 2017-04 during the year ended December 31, 2019. In accordance with ASU 2017-04, the Company has the option to perform a qualitative assessment to determine if a quantitative impairment test is necessary. The optional q |
Long-lived Assets and Intangibles - Impairment | Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets, whenever events or changes in circumstances indicate that the carrying amounts of these assets may not be fully recoverable. Events or circumstances that may cause a review include, but are not limited to, when a hotel property (1) experiences a significant decrease in the market price of the long-lived asset, (2) experiences a current or projected loss from operations combined with a history of operating or cash flow losses, (3) when it becomes more likely than not that a hotel property will be sold before the end of its useful life, (4) an accumulation of costs significantly in excess of the amount originally expected for the acquisition, construction or renovation of a long-lived asset, (5) adverse changes in the demand for lodging at a specific property due to declining national or local economic conditions and/or new hotel construction in markets where the hotel is located, (6) a significant adverse change in legal factors or in the business climate that could affect the value of the long-lived asset and/or (7) a significant adverse change in the extent or manner in which a long-lived asset is being used in its physical condition. If it is determined that the carrying value is not recoverable because the undiscounted cash flows do not exceed carrying value, the Company records an impairment charge to the extent that the carrying value exceeds fair value. During the year ended December 31, 2019, the Company recorded an impairment charge of $14.8 million for Marriott Chicago at Medical District/UIC to reduce the carrying value of the long-lived asset to fair value. The impairment was primarily the result of a projected future decline in operating profits attributable to demand trends, anticipated adverse changes in the hotel’s expense profile and the estimated hold period. Refer to Note 4 and 9 for further information. Impairment estimates The valuation and possible subsequent impairment of long-lived investment properties and/or goodwill is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. The use of projected future cash flows, both undiscounted and discounted, and estimated hold periods are based on assumptions that are consistent with the estimates of future expectations and the strategic plan the Company uses to manage its underlying business. These assumptions and estimates about future cash flows along with the capitalization and discount rates used to determine fair values are complex and subjective. The determination of fair value and possible subsequent impairment of investment properties is a significant estimate that can and does change based on the Company's continuous process of analyzing each property and reviewing assumptions about uncertain inherent factors, as well as the economic condition of the property at a particular point in time. Changes in economic and operating conditions and the Company’s ultimate investment intent that occur subsequent to the impairment analyses could impact these assumptions and result in future impairment charges of the real estate properties. |
Leases | Leases In February 2016, the FASB issued ASU 2016-02 ("Topic 842"), Leases, which replaced Topic 840, Leases, and requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements ("ASU 2016-02"). Topic 842 was subsequently amended by ASU 2018-01, Land Easement Practical Expedient for Transition to Topic 842 ("ASU 2018-01"); ASU 2018-10, Codification Improvements to Topic 842, Leases ("ASU 2018-10"); and ASU 2018-11, Targeted Improvements ("ASU 2018-11"). The new standard establishes a right-of-use ("ROU") model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. Leases will be classified as either a finance or operating lease, with such classification affecting the pattern and classification of expense recognition in the income statement. The Company adopted Topic 842, and subsequent amendments, on January 1, 2019 by applying a modified retrospective transition approach on and as of the effective date. Consequently, comparative financial information will not be provided for dates and periods prior to January 1, 2019. The Company elected a policy to exclude l eases with terms of less than 12 months. The Company also adopted the package of practical expedients and therefore (1) did not reassess whether expired or existing leases contained a lease under the new definition of a lease in Topic 842, (2) did not reassess the lease classifications of expired or existing leases and therefore continued to treat such leases based on its historical accounting treatment as either operating or finance and (3) did not reassess whether previously capitalized initial direct costs would qualify for capitalization under Topic 842. In addition, the Company adopted the practical expedient in ASU 2018-01 and therefore did not evaluate land easements that existed prior to January 1, 2019 to determine if they contained a lease. Following the adoption of Topic 842, land easements will be evaluated at commencement to determine if it contains an embedded lease. The Company did not adopt the practical expedient to use hindsight in determining the lease term . For leases greater than 12 months, the Company evaluates the lease at commencement to determine if the lease is an operating or finance lease. If a lease includes variable lease payments that are based on an index or rate, such as the Customer Price Index, these increases are included in the lease liability. For leases that have extension options, which can be exercised at the Company's discretion, management uses judgment to determine if it is reasonably certain that such extension options will be elected. If the extension options are reasonably certain to occur, the Company includes the extended term's lease payments in the calculation of the respective lease liability. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The incremental borrowing rate used to discount the lease liability is determined at commencement of the lease, or upon modification of the lease, as the interest rate a lessee would have to pay to borrow on a fully collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. Management uses a portfolio approach to develop a base incremental borrowing rate for our various lease types. This approach includes consideration of the Company's incremental borrowing rate at both the corporate and property level and analysis of current market conditions for obtaining new financings. Management then adjusts the base incremental borrowing rate to take into consideration an individual leases' credit risk, total lease payments, and remaining lease term. Certain of our hotels have retail space that is leased to third parties. Rental income from retail leases is recognized on a straight-line basis over the term of the underlying lease and is included in other income on the consolidated statement of operations and comprehensive income. Percentage rent is recognized at the point in time in which the underlying thresholds are achieved and percentage rent is earned. |
Involuntary Conversion | Involuntary Conversion |
Insurance Recoveries | Insurance Recoveries |
Investment Properties Held for Sale | Investment Properties Held for Sale In determining whether to classify an investment property as held for sale, the Company considers whether: (i) management has committed to a plan to sell the investment property; (ii) the investment property is available for immediate sale, in its present condition; (iii) the Company is actively marketing the investment property for sale at a price that is reasonable in relation to its fair value; (iv) the Company has initiated a program to locate a buyer; (v) the Company believes that the sale of the investment property is probable; (vi) the Company has received a significant non-refundable deposit for the purchase of the property; (vii) actions required for the Company to complete the plan indicate that it is unlikely that any significant changes will be made to the plan. If all of the above criteria are met, the Company classifies the investment property as held for sale. On the day that these criteria are met, the Company suspends depreciation and amortization on the investment properties held for sale. The investment properties, other assets and liabilities associated with those investment properties that are held for sale are classified separately on the consolidated balance sheet for the most recent reporting period, and are presented at the lesser of the carrying value or fair value, less costs to sell. |
Disposition of Real Estate | Disposition of Real Estate The Company accounts for dispositions of real estate in accordance with ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets ("Subtopic 610-20") for the transactions between the Company and unrelated third parties that are not considered a customer in the ordinary course of business. Typically, the real estate assets disposed of do not represent the transfer of a business or contain a material amount of financial assets, if any. The real estate assets promised in a sales contract are typically nonfinancial assets (i.e. land or a leasehold interest in land, building, furniture, fixtures and equipment) or in substance nonfinancial assets. The Company recognizes a gain in full when the real estate is sold, provided (a) there is a valid contract and (b) transfer of control has occurred. |
Deferred Financing Costs | Deferred Financing Costs Financing costs related to senior unsecured credit facility and long-term debt are recorded at cost and are amortized as interest expense on a straight-line basis, which approximates the effective interest method, over the life of the related debt instrument, unless there is a significant modification to the debt instrument. The balance of unamortized deferred financing costs related to the senior unsecured revolving credit facility is included in other assets and unamortized deferred financing costs related to long-term debt are presented as a reduction in debt , net of loan discounts and unamortized deferred financing costs |
Derivatives and Hedging Activities | Derivatives and Hedging Activities In the normal course of business, the Company is exposed to the effects of interest rate changes. The Company limits the risks associated with interest rate changes by following established risk management policies and procedures which may include the use of derivative instruments. The Company formally documents all relationships between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various hedge transactions. The Company assesses, both at the inception of the hedge and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in the cash flows of the hedged items. Instruments that meet these hedging criteria are formally designated as hedges at the inception of the derivative contract and are recorded on the balance sheet at fair value, with offsetting changes recorded to other comprehensive income (loss). The Company nets assets and liabilities when the right of offset exists. Ineffective portions of changes in the fair value of a cash flow hedge are recognized as interest expense. The Company incorporates credit valuation adjustments to reflect both its own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. |
Revenues | Revenues Revenue consists of amounts derived from hotel operations, including the sale of rooms for lodging accommodations, food and beverage, and other ancillary revenue generated by hotel amenities including parking, spa, golf, resort fees and other services. Revenues are generated from various distribution channels including but not limited to direct bookings, global distribution systems and Internet travel sites. Room transaction prices are based on an individual hotel's location, room type and the bundle of services included in the reservation and are set by the hotel daily. Any discounts, including advanced purchase, loyalty point redemptions or promotions are recognized at the discounted rate whereas rebates and incentives are recorded as a reduction in rooms revenue when earned. Revenues from online channels are generally recognized net of commission fees, unless the end price paid by the guest is known. Rooms revenue is recognized over the length of stay that the hotel room is occupied by the guest. Cash received from a guest prior to check-in is recorded as an advanced deposit and is generally recognized as rooms revenue at the time the room reservation has become non-cancellable, upon occupancy or upon expiration of the re-booking date. Advance deposits are included in other liabilities on the consolidated balance sheets. Payment of any remaining balance is typically due from the guest upon check-out. Sales, use, occupancy, and similar taxes are collected and presented on a net basis (excluded from revenues). Food and beverage transaction prices are based on the stated price for the specific food or beverage and varies depending on type, venue and hotel location. Service charges are typically a percentage of food and beverage charges and meeting space rental. Food and beverage revenue is recognized at the point in time in which the goods and/or services are rendered to the guest. Cash received in advance of an event is recorded as either a security or advance deposit. Security and advance deposits are recognized as revenue when it becomes non-cancellable or at the time the food and beverage goods and services are rendered to the guest. Payment for the remaining balance of food and beverage goods and services is due upon delivery and completion of such goods and services. Parking and audio visual fees are recognized at the time services are provided to the guest. In parking and audio visual contracts in which we have control over the services provided, we are considered the principal in the agreement and recognize the related revenues gross of associated costs. If we do not have control over the services in the contract, we are considered the agent and record the related revenues net of associated costs. Resort and amenity fees, spa, golf and other ancillary amenity revenues are recognized at the point in time the goods or services have been rendered to the guest at the stated price for the service or amenity. |
Comprehensive Income | Comprehensive Income |
Income Taxes | Income Taxes The Company has elected to be taxed as, and has operated in a manner that management believes will allow it to continue to qualify as, a REIT under the Internal Revenue Code of 1986, as amended, (the "Code") for federal income tax purposes. As long as the Company qualifies for taxation as a REIT, it generally will not be subject to federal income tax on taxable income that is currently distributed to its stockholders. A REIT is subject to a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income (subject to certain adjustments) to its stockholders. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, the Company will be subject to federal, state and local income tax on its taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for the four years following the failure. Even if the Company qualifies for taxation as a REIT, the Company also may be subject to certain federal, state, and local taxes on its income and assets, including (1) taxes on any undistributed income, (2) taxes related to its TRS, (3) certain state or local income taxes, (4) franchise taxes, (5) property taxes, (6) transfer taxes and (7) corporate alternative minimum tax (for tax years ending prior to January 1, 2018). To continue to qualify as a REIT, the Company cannot operate or manage its hotels. Accordingly, the Company, through its Operating Partnership, leases all of its hotels to subsidiaries of its TRS. The TRS is subject to federal, state and local income tax at regular corporate rates. The Company has elected to treat certain of its consolidated subsidiaries, and may in the future elect to treat newly formed subsidiaries, as TRSs pursuant to the Code. TRSs may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal and state income tax at regular corporate tax rates. Lease revenue at the Operating Partnership and lease expense from the TRS subsidiaries are eliminated in consolidation for financial statement purposes. The Company accounts for income taxes using the asset and liability method under which deferred tax assets and liabilities are recognized for the estimated future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. |
Share-Based Compensation | Share-Based Compensation The Company has adopted a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, Operating Partnership Units and other equity-based awards. Share-based compensation is measured at the estimated fair value of the award on the date of grant, adjusted for forfeitures, and recognized as an expense on a straight-line basis over the longest vesting period for each grant for the entire award. The determination of fair value of these awards is subjective and involves significant estimates and assumptions including expected volatility of the Company's shares, expected dividend yield, expected term and assumptions of whether certain of these awards will achieve performance thresholds. Share-based compensation is included in general and administrative expenses in the accompanying consolidated statements of operations and comprehensive income and capitalized in the basis of buildings and other improvements in the consolidated balance sheets for certain employees that manage property developments, renovations and capital improvements. |
Earnings Per Share | Earnings Per Share Basic earnings per share ("EPS") is computed by dividing the net income available to common stockholders by the weighted-average number of common shares outstanding for the period, excluding the weighted average number of unvested shared-based compensation awards outstanding during the period. Diluted EPS is calculated by dividing net income available to common stockholders, by the weighted average number of common shares outstanding during the period plus the effect of any dilutive securities. Any anti-dilutive securities are excluded from the diluted earnings per-share calculation. |
Segment Information | Segment Information We allocate resources and assess operating performance based on individual hotels and consider each one of our hotels to be an operating segment. All of our individual operating segments meet the aggregation criteria. All of our other real estate investment activities are immaterial and meet the aggregation criteria, and thus, we report one segment: investment in hotel properties. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following represents total revenue disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the year ended December 31, 2019 , 2018 and 2017 (in thousands): Year Ended Primary Markets December 31, 2019 Orlando, FL $ 117,545 Houston, TX 100,285 Phoenix, AZ 98,312 San Diego, CA 79,995 Dallas, TX 74,356 San Francisco/San Mateo, CA 74,161 Atlanta, GA 62,040 San Jose-Santa Cruz, CA 58,975 Denver, CO 55,515 Washington, DC-MD-VA 51,347 Other 376,556 Total $ 1,149,087 Year Ended Primary Markets December 31, 2018 Orlando, FL $ 116,439 Phoenix, AZ 96,122 Houston, TX 94,127 Washington, DC-MD-VA 73,070 San Francisco/San Mateo, CA 72,782 Dallas, TX 69,648 San Jose-Santa Cruz, CA 58,569 Denver, CO 46,369 Boston, MA 46,147 California North 45,006 Other 339,928 Total $ 1,058,207 Year Ended Primary Markets December 31, 2017 Houston, TX $ 95,100 Orlando, FL 78,348 San Francisco/San Mateo, CA 69,299 Dallas, TX 69,088 San Jose-Santa Cruz, CA 55,545 Washington, DC-MD-VA 47,493 Boston, MA 45,166 California North 44,270 Atlanta, GA 40,800 Oahu Island, HI 40,794 Other 359,374 Total $ 945,277 |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Acquisition And Disposition [Abstract] | |
Schedule of Acquired Properties | During the years ended December 31, 2019 and 2018 , the Company acquired the following properties: Property Location Date No. of Rooms (unaudited) Net Purchase Price (in thousands) Hyatt Regency Portland at the Oregon Convention Center (1) Portland, OR 12/2019 600 $ 190,000 Total acquired in the year ended December 31, 2019 600 $ 190,000 The Ritz-Carlton, Denver (2) Denver, CO 08/2018 202 $ 99,450 Fairmont Pittsburgh (2) Pittsburgh, PA 09/2018 185 30,000 Park Hyatt Aviara Resort, Golf Club & Spa (3) Carlsbad, CA 11/2018 327 170,000 Waldorf Astoria Atlanta Buckhead (4) Atlanta, GA 12/2018 127 60,500 Total acquired in the year ended December 31, 2018 (5) 841 $ 359,950 (1) Funded with $30 million from cash on hand and $160 million of proceeds drawn on the Company's senior unsecured credit facility. The Company accounted for the transaction as an asset acquisition and therefore capitalized the $0.5 million of acquisition costs as part of the purchase price. Per the terms of the respective purchase agreement the Company may be obligated to pay additional consideration to the seller of up to $35 million , which is based on adjusted profit for calendar years 2022 and 2023. (2) Funded with cash on hand. (3) Funded with cash on hand and proceeds drawn on the Company's senior unsecured revolving credit facility. (4) The Company acquired the Mandarin Oriental, Atlanta a 127 -room (unaudited) hotel in Atlanta, Georgia for $60.5 million . The hotel was rebranded as Waldorf Astoria Atlanta Buckhead immediately upon completion of this acquisition. In conjunction with the rebranding, the Company entered into a new management agreement with Hilton. The acquisition included a free-standing restaurant (the "Buckhead Atlanta Restaurant"), which is part of the same mixed-use development. The restaurant is currently leased and operated as Del Frisco's Grille. The acquisition was funded with cash on hand. (5) The Company accounted for these transactions as asset acquisitions and capitalized the related acquisition costs as part of the respective purchase price. As such, approximately $1.8 million was capitalized during the year ended December 31, 2018. |
Schedule of Purchase Price Allocation for Asset Acquisitions | The following represents the purchase price allocation of the hotel properties acquired during the year ended December 31, 2019 and 2018 (in thousands) : December 31, 2019 December 31, 2018 Land $ 24,670 $ 60,511 Building and improvements 147,755 277,083 Furniture, fixtures, and equipment 14,176 20,943 Intangibles and other assets (1)(2)(3)(4) 3,336 3,172 Working capital 600 — Total purchase price (5) $ 190,537 $ 361,709 (1) As part of the purchase price allocation for Hyatt Regency Portland at the Oregon Convention Center, the Company allocated $3.2 million to advanced bookings that will be amortized over 6.0 years . (2) As part of the purchase price allocation for The Ritz-Carlton Denver, the Company allocated $0.5 million to advanced bookings that will be amortized over approximately 1.4 years . (3) As part of the purchase price allocation for Park Hyatt Aviara Resort, Golf Club & Spa, the Company allocated $1.9 million to advanced bookings that will be amortized over approximately 2.4 years . (4) As part of the purchase price allocation for Waldorf Astoria Atlanta Buckhead, the Company allocated $1.0 million to advanced bookings and lease intangibles that will be amortized over a weighted average useful life of 3.2 years . (5) During the years ended December 31, 2019 and 2018, the total cost capitalized included acquisition costs as each transaction was accounted for as an asset acquisition. |
Schedule of Disposition Details for Properties Sold | The following represents the disposition details for the properties sold during the years ended December 31, 2019 , 2018 , and 2017 (in thousands, except rooms): Property Date Rooms Gross Sale Price Net Proceeds Gain / (Loss) on Sale Marriott Chicago at Medical District/UIC 12/2019 113 $ 10,000 $ 8,995 $ (544 ) Marriott Griffin Gate Resort & Spa 12/2019 409 51,500 51,227 (478 ) Total for the year ended December 31, 2019 522 $ 61,500 $ 60,222 $ (1,022 ) (1) Aston Waikiki Beach Hotel 03/2018 645 $ 200,000 $ 196,920 $ 42,323 Hilton Garden Inn Washington D.C. Downtown (2) 11/2018 300 128,000 125,333 58,407 Residence Inn Denver City Center 12/2018 228 92,000 90,304 22,947 Total for the year ended December 31, 2018 1,173 $ 420,000 $ 412,557 $ 123,677 (3) Courtyard Birmingham Downtown at UAB (4) 04/2017 122 $ 30,000 $ 29,176 $ 12,972 Courtyard Fort Worth Downtown/Blackstone, Courtyard Kansas City Country Club Plaza, Courtyard Pittsburgh Downtown, Hampton Inn & Suites Baltimore Inner Harbor, and Residence Inn Baltimore Inner Harbor (5) 06/2017 812 163,000 157,675 36,121 Marriott West Des Moines 07/2017 219 19,000 18,014 1,654 Total for the year ended December 31, 2017 1,153 $ 212,000 $ 204,865 $ 50,747 (1) During the year ended December 31, 2019, the Company recognized adjustments amounting to a gain of $0.1 million related to the 2018 dispositions. (2) As part of the disposition in November 2018, the Company derecognized $5.4 million of goodwill related to Hilton Garden Inn Washington D.C Downtown that was included in intangible assets, net of accumulated amortization on the consolidated balance sheet as of December 31, 2017. (3) During the year ended December 31, 2018, the Company recognized adjustments amounting to a loss of $0.1 million related to the 2017 dispositions. (4) As part of the disposition in April 2017, the Company derecognized $2.3 million of goodwill related to Courtyard Birmingham at UAB that was included in intangible assets, net of accumulated amortization on the consolidated balance sheet as of December 31, 2016. (5) The hotels were sold as part of a portfolio sales agreement. |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Identified Intangible Assets, Intangible Liabilities and Goodwill | The following table summarizes the Company’s identified intangible assets, intangible liabilities and goodwill as of December 31, 2019 and 2018 (in thousands): December 31, 2019 December 31, 2018 Intangible assets: Acquired in-place lease intangibles $ 601 $ 888 Acquired below market ground lease (1) — 25,625 Advance bookings 4,188 4,254 Accumulated amortization (1) (744 ) (3,578 ) Net intangible assets $ 4,045 $ 27,189 Goodwill (2) 24,952 34,352 Total intangible assets, net $ 28,997 $ 61,541 Intangible liabilities: Acquired below market lease costs (1) $ — $ (4,257 ) Accumulated amortization (1) — 1,016 Intangible liabilities, net $ — $ (3,241 ) (1) Upon the adoption date of Topic 842, a total of $20.3 million of net intangibles for existing above and below market ground leases was derecognized and subsequently recorded as an adjustment to the beginning right of use asset. See Notes 2 and 14 for additional information. (2) During the year ended December 31, 2019, the Company recognized a goodwill impairment loss of $9.4 million . See Note 9 for further details. |
Summary of Amortization Related to Intangibles | The following table summarizes the amortization related to intangibles for the years ended December 31, 2019 and 2018 (in thousands): Years Ended December 31, 2019 2018 Acquired in-place lease intangibles $ 203 $ 85 Acquired above and below market lease costs, net (1) $ — $ 248 Advance bookings $ 2,580 $ 3,405 (1) Upon the adoption date of Topic 842, a total of $20.3 million of net intangibles for existing above and below market ground leases was derecognized and subsequently recorded as an adjustment to the beginning right of use asset. See Notes 2 and 14 for additional information. |
Schedule of Future Amortization | The following table presents the amortization during the next five years and thereafter related to intangible assets and liabilities at December 31, 2019 (in thousands): 2020 2021 2022 2023 2024 Thereafter Total Acquired in-place lease intangibles $ 154 $ 154 $ 105 $ 8 $ 3 $ 5 $ 429 Advance bookings 917 567 533 533 533 533 3,616 Total amortization $ 1,071 $ 721 $ 638 $ 541 $ 536 $ 538 $ 4,045 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt as of December 31, 2019 and 2018 consisted of the following (dollar amounts in thousands): Balance Outstanding as of Rate Type Rate (1) Maturity Date December 31, 2019 December 31, 2018 Mortgage Loans Marriott Charleston Town Center (2) Fixed — 7/1/2020 $ — $ 15,392 Marriott Dallas Downtown Fixed (3) 4.05 % 1/3/2022 51,000 51,000 Hyatt Regency Santa Clara (4) Fixed (3) — 1/3/2022 — 90,000 Kimpton Hotel Palomar Philadelphia Fixed (3) 4.14 % 1/13/2023 58,000 59,000 Renaissance Atlanta Waverly Hotel & Convention Center (4) Fixed (3) 3.90 % 8/14/2024 100,000 100,000 Andaz Napa (5) Variable 3.66 % 9/13/2024 56,000 56,000 The Ritz-Carlton, Pentagon City Fixed (6) 4.95 % 1/31/2025 65,000 65,000 Residence Inn Boston Cambridge Fixed 4.48 % 11/1/2025 60,731 61,806 Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 58,286 59,281 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 115,000 115,000 Total Mortgage Loans 4.31 % (7) $ 564,017 $ 672,479 Unsecured Term Loan $175M Fixed (8) 2.89 % 2/15/2021 175,000 175,000 Unsecured Term Loan $125M Fixed (8) 3.38 % 10/22/2022 125,000 125,000 Unsecured Term Loan $150M (9) Variable 3.32 % 8/21/2023 150,000 65,000 Unsecured Term Loan $125M (10) Fixed (8) 3.37 % 9/13/2024 125,000 125,000 Senior Unsecured Revolving Credit Facility Variable 3.41 % 2/28/2022 (11) 160,000 — Loan discounts and unamortized deferred financing costs, net (12) (5,963 ) (7,391 ) Debt, net of loan discounts and unamortized deferred financing costs 3.72 % (7) $ 1,293,054 $ 1,155,088 (1) Variable index is one-month LIBOR. Interest rates as of December 31, 2019 . (2) During the year ended December 31, 2019, the Company elected its prepayment option per the terms of the mortgage loan agreement and repaid the outstanding balance. (3) The Company entered into interest rate swap agreements to fix the interest rate of the variable rate mortgage loans for a portion of or the entire term of loan. (4) During the year ended December 31, 2019 , the Company elected its prepayment option per the terms of the respective mortgage loan agreement and repaid the outstanding balance of $90 million , plus accrued interest. The interest rate swap was transferred to the interest payments for $90 million of the $100.0 million variable rate mortgage loan collateralized by Renaissance Atlanta Waverly Hotel & Convention Center, which matures in 2024. See Note 8 for further details related to our derivative instruments. (5) In September 2018, the Company amended its mortgage loan agreement to extend the maturity date from March 2019 through September 2024 and received additional loan proceeds of $18 million . The interest rate was fixed for the original principal of $38 million through March 2019, after which the rate reverted back to variable for the entire mortgage loan balance of $56 million through maturity in 2024. (6) The Company entered into interest rate swap agreements to fix the interest rate of the variable rate mortgage loan from June 2018 through January 2023. The effective interest rate on the loan was 3.69% through January 2019 after which the rate increased to 4.95% through January 2023. (7) Represents the weighted average interest rate as of December 31, 2019 . (8) LIBOR has been fixed for certain interest periods throughout the term of the loan. The spread may vary, as it is determined by the Company's leverage ratio. (9) In August 2018, the Company entered into an unsecured term loan for $150 million that matures in August 2023. The term loan includes an accordion option that allows the Company to request additional lender commitments of up to $100 million . In October 2018, the Company funded $65 million of the term loan and in February 2019, the remaining $85 million was funded. (10) In September 2019, the Company repriced its $125 million unsecured term loan maturing in September 2024 to reduce the borrowing cost. The term loan now bears an interest rate based on a pricing grid with a range of 135 to 200 basis points over LIBOR as determined by the Company's leverage ratio, a reduction of 35 to 55 basis points from the previous leverage-based grid. The Company previously fixed LIBOR on the loan through September 2022 at 1.92% which results in a current annual interest rate of 3.32% . (11) The maturity of the senior unsecured credit facility can be extended through February 2023 at the Company's discretion and requires the payment of an extension fee. (12) |
Schedule of Maturities of Long-term Debt | The following table shows scheduled debt maturities for the next five years and thereafter (in thousands): As of Weighted average 2020 $ 4,365 4.45% 2021 180,405 2.94% 2022 182,920 3.60% 2023 211,868 3.56% 2024 281,539 3.63% Thereafter 277,920 4.66% Total Debt $ 1,139,017 3.72% Loan discounts and unamortized deferred financing costs, net (5,963 ) — Senior unsecured revolving credit facility (matures in 2022) 160,000 3.41% Debt, net of loan discounts and unamortized deferred financing costs $ 1,293,054 3.72% |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Summary of the Terms of Derivative Financial Instruments | The following table summarizes the terms of the derivative financial instruments held by the Company as of December 31, 2019 and December 31, 2018 , respectively (in thousands): December 31, 2019 December 31, 2018 Hedged Debt Type Fixed Rate Index + Spread Effective Date Maturity Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value $175M Term Loan Swap 1.30% 1-Month LIBOR + 1.60% 10/22/2015 2/15/2021 $ 50,000 $ 167 $ 50,000 $ 1,218 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.60% 10/22/2015 2/15/2021 65,000 223 65,000 1,597 $175M Term Loan Swap 1.29% 1-Month LIBOR + 1.60% 10/22/2015 2/15/2021 60,000 206 60,000 1,472 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.55% 1/15/2016 10/22/2022 50,000 (403 ) 50,000 1,093 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.55% 1/15/2016 10/22/2022 25,000 (202 ) 25,000 544 $125M Term Loan Swap 1.84% 1-Month LIBOR + 1.55% 1/15/2016 10/22/2022 25,000 (207 ) 25,000 537 $125M Term Loan Swap 1.83% 1-Month LIBOR + 1.55% 1/15/2016 10/22/2022 25,000 (204 ) 25,000 537 Mortgage Debt Swap 1.54% 1-Month LIBOR + 2.60% 1/13/2016 1/13/2023 58,000 13 59,000 1,956 Mortgage Debt Swap 0.88% 1-Month LIBOR + 2.10% 9/1/2016 1/17/2019 — — 41,000 30 Mortgage Debt Swap 0.89% 1-Month LIBOR + 1.90% 9/1/2016 3/21/2019 — — 38,000 135 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.25% 3/1/2017 1/3/2022 51,000 (266 ) 51,000 938 Mortgage Debt Swap 1.80% 1-Month LIBOR + 2.10% 3/1/2017 1/3/2022 45,000 (248 ) 45,000 806 Mortgage Debt Swap 1.81% 1-Month LIBOR + 2.10% 3/1/2017 1/3/2022 45,000 (235 ) 45,000 829 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.45% 10/13/2017 9/13/2022 40,000 (403 ) 40,000 725 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.45% 10/13/2017 9/13/2022 40,000 (405 ) 40,000 718 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.45% 10/13/2017 9/13/2022 25,000 (256 ) 25,000 447 $125M Term Loan Swap 1.92% 1-Month LIBOR + 1.45% 10/13/2017 9/13/2022 20,000 (202 ) 20,000 362 Mortgage Debt Swap 2.80% 1-Month LIBOR + 2.10% 6/1/2018 2/1/2023 24,000 (894 ) 24,000 (314 ) Mortgage Debt Swap 2.89% 1-Month LIBOR + 2.10% 1/17/2019 2/1/2023 41,000 (1,638 ) — (673 ) $ 689,000 $ (4,954 ) $ 728,000 $ 12,957 |
Schedule of Gain (Loss) Recognized on Derivative Instruments | The table below details the location in the consolidated financial statements of the gain (loss) recognized on derivative financial instruments designated as cash flow hedges for the year ended December 31, 2019 and 2018 (in thousands): Year Ended December 31, 2019 2018 Effect of derivative instruments: Location in Statement of Operations and Comprehensive Income: (Loss) gain recognized in other comprehensive income Unrealized (loss) gain on interest rate derivative instruments $ (14,401 ) $ 4,944 Loss reclassified from accumulated other comprehensive (loss) income to net income Reclassification adjustment for amounts recognized in net income $ (3,510 ) $ (2,826 ) Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 48,605 $ 51,402 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Assets and Liabilities Measured on Recurring and Nonrecurring Basis | For assets and liabilities measured at fair value on a recurring and non-recurring basis, quantitative disclosure of their fair value are included in the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands): Fair Value Measurement Date December 31, 2019 December 31, 2018 Location on Consolidated Balance Sheets/ Description of Instrument Significant Unobservable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Significant Unobservable Inputs (Level 2) Recurring Measurements Assets Interest rate swaps (1) $ 13 — $ 12,957 Liabilities Interest rate swaps (1) $ (4,967 ) — — Nonrecurring measurements Intangible assets, net of accumulated amortization Goodwill — $ 14,035 — (1) Interest rate swap fair values are netted as applicable per the terms of the respective master netting agreements. |
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments | The table below represents the fair values of financial instruments presented at carrying values in the consolidated financial statements as of December 31, 2019 and December 31, 2018 (in thousands): December 31, 2019 December 31, 2018 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Debt $ 1,139,017 $ 1,160,588 $ 1,162,288 $ 1,171,552 Senior unsecured revolving credit facility 160,000 160,886 — — Total $ 1,299,017 $ 1,321,474 $ 1,162,288 $ 1,171,552 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The provision for income taxes related to continuing operations consisted of the following (in thousands): Years Ended December 31, 2019 2018 2017 Current: Federal $ (3,082 ) $ (4,000 ) $ (5,685 ) State (2,255 ) (2,199 ) (1,748 ) Total current $ (5,337 ) $ (6,199 ) $ (7,433 ) Deferred: Federal $ (1 ) $ 59 $ (411 ) State (29 ) 147 11 Total deferred $ (30 ) $ 206 $ (400 ) Total tax provision $ (5,367 ) $ (5,993 ) $ (7,833 ) |
Schedule of Effective Income Tax Rate Reconciliation | Below is a reconciliation between the provision for income taxes and the amount computed by applying the federal statutory income tax rate to the income or loss for continuing operations before income taxes (in thousands): Years Ended December 31, 2019 2018 2017 Provision for income taxes at statutory rate $ (13,148 ) $ (42,950 ) $ (38,027 ) Tax benefit related to REIT operations 9,691 38,601 31,551 Income for which no federal tax benefit was recognized (2 ) (2 ) (2 ) Valuation allowances — 10 — Impact of rate change on deferred tax balances (9 ) 131 (529 ) State tax provision, net of federal (1,563 ) (1,821 ) (1,109 ) Other (336 ) 38 283 Total tax provision $ (5,367 ) $ (5,993 ) $ (7,833 ) |
Schedule of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities at December 31, 2019 and 2018 were as follows (in thousands): December 31, 2019 December 31, 2018 Net operating loss $ 3,613 $ 3,657 Deferred income 1,141 1,197 Miscellaneous 131 96 Total deferred tax assets $ 4,885 $ 4,950 Less: Valuation allowance (3,546 ) (3,581 ) Net deferred tax assets $ 1,339 $ 1,369 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles net income to basic and diluted EPS (in thousands, except share and per share data): Year Ended December 31, 2019 2018 2017 Numerator: Net income attributable to common stockholders $ 55,400 $ 193,688 $ 98,862 Dividends paid on unvested share-based compensation (548 ) (585 ) (593 ) Undistributed earnings attributable to unvested share based compensation — (98 ) — Net income available to common stockholders $ 54,852 $ 193,005 $ 98,269 Denominator: Weighted average shares outstanding - Basic 112,636,123 110,124,142 106,767,108 Effect of dilutive share-based compensation 282,475 253,592 252,044 Weighted average shares outstanding - Diluted 112,918,598 110,377,734 107,019,152 Basic and diluted earnings per share: Net income per share available to common stockholders - basic and diluted $ 0.49 $ 1.75 $ 0.92 |
Share Based Compensation (Table
Share Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Units | The Compensation Committee of the Board of Directors of the Company approved the following grants of restricted stock units to certain Company employees: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted Average Grant Date Fair Value March 2016 2016 Restricted Stock Units 104,079 51,782 $13.09 April 2016 2016 Restricted Stock Units 26,738 — $15.34 February 2017 2017 Restricted Stock Units 82,829 44,858 $15.18 February 2018 2018 Restricted Stock Units 79,812 45,464 $15.92 February 2019 2019 Restricted Stock Units 84,944 50,846 $15.75 |
Schedule of Incentive Plan Awards | The Compensation Committee approved the issuance of the following LTIP awards under the 2015 Incentive Award Plan during to certain Company executives: Grant Date Grant Description Time-Based LTIP Units Performance-Based Class A LTIP Units Weighted Average Grant Date Fair Value March 2016 2016 LTIP Units 78,076 664,515 $7.86 April 2016 2016 LTIP Units 12,945 110,179 $7.85 February 2017 2017 LTIP Units 86,210 715,001 $8.97 February 2018 2018 LTIP Units 84,505 725,860 $8.79 February 2019 2019 LTIP Units 90,273 781,898 $9.24 |
Schedule of Incentive Plan Awards fo Non-employee Directors | Pursuant to the respective Director Compensation Program, the Company approved the issuance of following fully vested LTIP Units of the Operating Partnership under the 2015 Incentive Award Plan to the Company's seven non-employee directors for the years ended December 31, 2019 , 2018 , 2017 : Grant Date Grant Description Time-Based Grants Grant Date Fair Value May 2017 2017 LTIP Units 33,355 $17.84 May 2018 2018 LTIP Units 24,661 $24.13 May 2019 2019 LTIP Units 26,768 $22.23 |
Schedule of Nonvested Incentive Awards Activity | The following is a summary of the unvested incentive awards as of December 31, 2019 and 2018 : 2014 Share Unit Plan Share Units 2015 Incentive Award Plan Restricted Stock Units (1) 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2017 48,682 264,302 1,662,073 1,975,057 Granted — 125,276 835,026 960,302 Vested (2) (48,682 ) (138,411 ) (852,786 ) (1,039,879 ) Expired — (2,581 ) (30,232 ) (32,813 ) Forfeited — (2,893 ) — (2,893 ) Unvested as of December 31, 2018 — 245,693 1,614,081 1,859,774 Granted — 135,790 898,939 1,034,729 Vested (2) — (120,882 ) (704,569 ) (825,451 ) Expired — (5,082 ) (124,486 ) (129,568 ) Forfeited — (8,411 ) — (8,411 ) Unvested as of December 31, 2019 — 247,108 1,683,965 1,931,073 Weighted average fair value of unvested shares/units $ — $ 15.51 $ 9.01 $ 9.84 (1) Includes Time-Based LTIP Units and Class A LTIP Units. (2) During the year ended December 31, 2019 and 2018 , the Company redeemed 34,118 and 58,555 , respectively, shares of common stock to satisfy federal and state tax withholding requirements on the vesting of Share Units and Restricted Stock Units under the 2014 Share Unit Plan and the 2015 Incentive Award Plan. |
Schedule of Assumptions for Performance Awards | The grant date fair value of performance awards was determined based on a Monte Carlo simulation method with the following assumptions and compensation expense is recognized on a straight-line basis over the performance period: Performance Award Grant Date Percentage of Total Award Grant Date Fair Value by Component Volatility Interest Rate Dividend Yield March 17, 2016 or April 25, 2016 Absolute TSR Restricted Stock Units 25% $6.88 31.42% 0.50% - 1.14% 7.12% Relative TSR Restricted Stock Units 75% $8.85 31.42% 0.50% - 1.14% 7.12% Absolute TSR Class A LTIPs 25% $7.06 31.42% 0.50% - 1.14% 7.12% Relative TSR Class A LTIPs 75% $8.95 31.42% 0.50% - 1.14% 7.12% February 23, 2017 Absolute TSR Restricted Stock Units 25% $6.57 26.83% 0.68% - 1.55% 6.021% Relative TSR Restricted Stock Units 75% $10.44 26.83% 0.68% - 1.55% 6.021% Absolute TSR Class A LTIPs 25% $6.64 26.83% 0.68% - 1.55% 6.021% Relative TSR Class A LTIPs 75% $10.18 26.83% 0.68% - 1.55% 6.021% February 20, 2018 Absolute TSR Restricted Stock Units 25% $6.54 24.52% 1.82% - 2.47% 5.553% Relative TSR Restricted Stock Units 75% $10.44 24.52% 1.82% - 2.47% 5.553% Absolute TSR Class A LTIPs 25% $6.60 24.52% 1.82% - 2.47% 5.553% Relative TSR Class A LTIPs 75% $10.13 24.52% 1.82% - 2.47% 5.553% February 19, 2019 Absolute TSR Restricted Stock Units 25% $9.98 23.24% 2.44% - 2.55% 5.78% Relative TSR Restricted Stock Units 75% $10.36 23.24% 2.44% - 2.55% 5.78% Absolute TSR Class A LTIPs 25% $9.95 23.24% 2.44% - 2.55% 5.78% Relative TSR Class A LTIPs 75% $10.07 23.24% 2.44% - 2.55% 5.78% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments Prior to Adoption of Topic 842 | The Company is a lessee to long-term ground, parking, and its corporate office leases, which are accounted for as operating leases. As of December 31, 2018 , future minimum lease payments for the remaining term, prior to the adoption of Topic 842, were as follows (in thousands): Ground Leases Parking Corporate Office 2019 $ 1,576 $ 320 $ 412 2020 1,576 281 423 2021 1,576 226 435 2022 1,576 228 447 2023 1,576 230 459 Thereafter 31,618 14,150 2,358 Total $ 39,498 $ 15,435 $ 4,534 |
Summary of Leases | The following is a summary of the Company's leases as of and for the year ended December 31, 2019 (dollar amounts in thousands): Operating Leases As of December 31, 2019 Weighted average remaining lease term, including reasonably certain extension options (1) 30 years Weighted average discount rate 5.94% ROU asset (2) $ 46,243 Lease liability (3) $ 27,264 Operating lease rent expense $ 2,551 Variable lease costs (4) $ 8,795 Total rent expense and variable lease costs $ 11,346 (1) The weighted average remaining lease term including all available extension options is approximately 62 years . (2) The ROU asset is included in other assets on the accompanying consolidated balance sheet as of December 31, 2019 . (3) The lease liability is included in other liabilities on the accompanying consolidated balance sheet as of December 31, 2019 . (4) Variable lease costs represent percentage rent of $2.3 million and real estate taxes and insurance costs of $6.5 million incurred for ground leases during the year ended December 31, 2019. |
Schedule of Remaining Lease Payments | The following table shows the remaining lease payments, which includes reasonably certain extension options, for the next five years and thereafter reconciled to the lease liability as of December 31, 2019 (in thousands): As of December 31, 2019 2020 $ 2,403 2021 2,417 2022 2,431 2023 2,445 2024 2,460 Thereafter 49,861 Total undiscounted lease payments $ 62,017 Less imputed interest (34,753 ) Lease liability (1) $ 27,264 (1) The lease liability is included in other liabilities on the accompanying consolidated balance sheet as of December 31, 2019 . |
Quarterly Operating Results (_2
Quarterly Operating Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following represents the results of operations, for each quarterly period, during the years ended December 31, 2019 and 2018 (in thousands, except per share data): Year Ended December 31, 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 293,687 $ 304,285 $ 268,931 $ 282,184 $ 1,149,087 Net income 17,276 13,214 10,670 16,083 57,243 Net income attributable to non-controlling interests (573 ) (437 ) (355 ) (478 ) (1,843 ) Net income attributable to common stockholders 16,703 12,777 10,315 15,605 55,400 Net income per share available to common stockholders, basic and diluted $ 0.15 $ 0.11 $ 0.09 $ 0.14 $ 0.49 Year Ended December 31, 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total Total revenues $ 264,498 $ 277,057 $ 240,989 $ 275,663 $ 1,058,207 Net income from continuing operations 57,043 29,531 9,334 102,624 198,532 Net income attributable to non-controlling interests (1,387 ) (737 ) (90 ) (2,630 ) (4,844 ) Net income attributable to common stockholders 55,656 28,794 9,244 99,994 193,688 Net income per share available to common stockholders, basic $ 0.52 $ 0.26 $ 0.08 $ 0.89 $ 1.75 Net income per share available to common stockholders, diluted $ 0.52 $ 0.26 $ 0.08 $ 0.88 $ 1.75 |
Organization - Narrative (Detai
Organization - Narrative (Details) | Dec. 31, 2019marketunitproperty | Dec. 31, 2018unitproperty | Dec. 31, 2017unitproperty |
Noncontrolling Interest [Line Items] | |||
Number of top lodging markets for investing activity | market | 25 | ||
Number of hotels (property) | 39 | 40 | 39 |
Number of guest rooms (unaudited) (unit) | unit | 11,245 | 11,165 | 11,533 |
Wholly Owned Properties | |||
Noncontrolling Interest [Line Items] | |||
Number of hotels (property) | 37 | ||
XHR LP (Operating Partnership) | |||
Noncontrolling Interest [Line Items] | |||
Ownership by Company (percent) | 96.80% | ||
Ownership by noncontrolling owners (percent) | 3.20% | 2.50% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Risks and Uncertainties (Details) - Revenue | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Geographic Concentration Risk | Orlando, FL | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 10.00% | 11.00% | |
Geographic Concentration Risk | Houston, TX | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 10.00% | ||
Customer Concentration Risk | Five largest hotels | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 30.00% | 30.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Restricted Cash and Escrows (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and escrows | $ 84,105 | $ 70,195 | $ 58,520 |
Lodging furniture, fixtures, and equipment reserves | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and escrows | 70,800 | 60,600 | |
Deposits made for capital projects | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and escrows | 6,600 | 1,700 | |
Restricted escrows primarily for real estate taxes and insurance | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and escrows | 4,700 | 3,900 | |
Disposition escrows heldback at closing | |||
Restricted Cash and Cash Equivalents Items [Line Items] | |||
Restricted cash and escrows | $ 2,000 | $ 4,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Capitalization and Depreciation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized interest costs related to property tax and insurance | $ 0.8 | ||
Capitalized project management compensation-related costs and travel expenses | $ 2.8 | $ 2.8 | $ 2.7 |
Building and improvements | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life | 30 years | ||
Furniture, fixtures, and equipment | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life | 5 years | ||
Furniture, fixtures, and equipment | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life | 15 years | ||
Site improvements | Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life | 5 years | ||
Site improvements | Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, useful life | 15 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Nov. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill | $ 24,952,000 | $ 34,352,000 | ||
Goodwill impairment charge | $ 9,400,000 | $ 0 | ||
Hilton Garden Inn Washington DC Downtown | Disposition of property | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Goodwill derecognized during disposal | $ 5,400,000 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Impairment (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Accounting Policies [Abstract] | |
Impairment charge | $ 14.8 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Involuntary Conversion and Insurance Recoveries (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2017event | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)property | Dec. 31, 2017USD ($)event | |
Involuntary Conversion [Line Items] | ||||
Business interruption insurance proceeds | $ 823 | $ 5,043 | $ 559 | |
Hurricane | ||||
Involuntary Conversion [Line Items] | ||||
Number of hurricanes | event | 2 | 2 | ||
Loss for write off of property and equipment damaged in hurricanes | $ 950 | |||
Expense for hurricane-related repairs and cleanup | $ 1,300 | |||
Business interruption insurance proceeds | 5,000 | |||
Wildfire | ||||
Involuntary Conversion [Line Items] | ||||
Business interruption insurance proceeds | $ 1,700 | |||
Number of hotels related to insurance proceeds | property | 2 | |||
Hyatt Centric Key West Resort and Spa Key West | Hurricane | ||||
Involuntary Conversion [Line Items] | ||||
Business interruption insurance proceeds | 800 | $ 3,100 | ||
Recovery of prior year income | 700 | |||
Recovery of current year income | $ 100 | |||
Marriott Woodlands Waterway Hotel & Convention Center | Hurricane | ||||
Involuntary Conversion [Line Items] | ||||
Business interruption insurance proceeds | $ 200 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Line of Credit | ||
Debt Instrument [Line Items] | ||
Deferred financing costs | $ 3.4 | $ 5.6 |
Accumulated amortization on deferred finance costs | 1.6 | 3.1 |
Long-Term Debt | ||
Debt Instrument [Line Items] | ||
Deferred financing costs | 10.9 | 12.2 |
Accumulated amortization on deferred finance costs | $ 5 | $ 5 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Comprehensive income | $ 38,062 | $ 195,753 | $ 104,530 |
Accumulated other comprehensive (loss) income | $ (4,596) | $ 12,742 | $ 10,700 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Accounting Policies [Abstract] | |
Number of segments reported | 1 |
Revenues - Disaggregation by Pr
Revenues - Disaggregation by Primary Geographical Markets (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 282,184 | $ 268,931 | $ 304,285 | $ 293,687 | $ 275,663 | $ 240,989 | $ 277,057 | $ 264,498 | $ 1,149,087 | $ 1,058,207 | $ 945,277 |
Orlando, FL | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 117,545 | 116,439 | 78,348 | ||||||||
Houston, TX | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 100,285 | 94,127 | 95,100 | ||||||||
Phoenix, AZ | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 98,312 | 96,122 | |||||||||
San Diego, CA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 79,995 | ||||||||||
Dallas, TX | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 74,356 | 69,648 | 69,088 | ||||||||
San Francisco/San Mateo, CA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 74,161 | 72,782 | 69,299 | ||||||||
Atlanta, GA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 62,040 | 40,800 | |||||||||
San Jose-Santa Cruz, CA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 58,975 | 58,569 | 55,545 | ||||||||
Denver, CO | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 55,515 | 46,369 | |||||||||
Washington, DC-MD-VA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 51,347 | 73,070 | 47,493 | ||||||||
Boston, MA | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 46,147 | 45,166 | |||||||||
California North | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 45,006 | 44,270 | |||||||||
Oahu Island, HI | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 40,794 | ||||||||||
Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 376,556 | $ 339,928 | $ 359,374 |
Investment Properties - Acquisi
Investment Properties - Acquisitions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019USD ($)guest_roomunit | Dec. 31, 2018USD ($)guest_roomunit | Nov. 30, 2018USD ($)guest_room | Sep. 30, 2018USD ($)guest_room | Aug. 31, 2018USD ($)guest_room | Dec. 31, 2019USD ($)guest_roomunit | Dec. 31, 2018USD ($)guest_roomunit | Dec. 31, 2017unit | |
Schedule of Asset Acquisition [Line Items] | ||||||||
No. of Rooms (unaudited) | unit | 11,245 | 11,165 | 11,245 | 11,165 | 11,533 | |||
Asset Acquisitions 2019 | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
No. of Rooms (unaudited) | guest_room | 600 | 600 | ||||||
Net Purchase Price | $ 190,000 | |||||||
Hyatt Regency Portland at the Oregon Convention Center | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
No. of Rooms (unaudited) | guest_room | 600 | 600 | ||||||
Net Purchase Price | $ 190,000 | |||||||
Payment from cash on hand | 30,000 | |||||||
Proceeds drawn to fund asset acquisition | 160,000 | |||||||
Asset acquisition transaction costs capitalized as part of purchase price | 500 | |||||||
Hyatt Regency Portland at the Oregon Convention Center | Maximum | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
Potential future consideration based on adjusted profit metric | $ 35,000 | $ 35,000 | ||||||
Asset Acquisitions 2018 | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
No. of Rooms (unaudited) | guest_room | 841 | 841 | ||||||
Net Purchase Price | $ 359,950 | |||||||
Asset acquisition transaction costs capitalized as part of purchase price | $ 1,800 | |||||||
The Ritz-Carlton Denver | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
No. of Rooms (unaudited) | guest_room | 202 | |||||||
Net Purchase Price | $ 99,450 | |||||||
Fairmont Pittsburgh | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
No. of Rooms (unaudited) | guest_room | 185 | |||||||
Net Purchase Price | $ 30,000 | |||||||
Park Hyatt Aviara Resort Golf Club & Spa | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
No. of Rooms (unaudited) | guest_room | 327 | |||||||
Net Purchase Price | $ 170,000 | |||||||
Waldorf Astoria Atlanta Buckhead | ||||||||
Schedule of Asset Acquisition [Line Items] | ||||||||
No. of Rooms (unaudited) | guest_room | 127 | 127 | ||||||
Net Purchase Price | $ 60,500 |
Investment Properties - Purchas
Investment Properties - Purchase Price Allocation for Properties Acquired (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Asset Acquisitions 2019 | ||
Schedule of Asset Acquisition [Line Items] | ||
Assets acquisition intangibles and other assets | $ 3,336 | |
Working capital | 600 | |
Total purchase price | 190,537 | |
Asset Acquisitions 2019 | Land | ||
Schedule of Asset Acquisition [Line Items] | ||
Asset acquisition property and equipment | 24,670 | |
Asset Acquisitions 2019 | Building and improvements | ||
Schedule of Asset Acquisition [Line Items] | ||
Asset acquisition property and equipment | 147,755 | |
Asset Acquisitions 2019 | Furniture, fixtures, and equipment | ||
Schedule of Asset Acquisition [Line Items] | ||
Asset acquisition property and equipment | 14,176 | |
Hyatt Regency Portland at the Oregon Convention Center | Advance Bookings | ||
Schedule of Asset Acquisition [Line Items] | ||
Assets acquisition intangibles and other assets | $ 3,200 | |
Amortization period (years) | 6 years | |
Asset Acquisitions 2018 | ||
Schedule of Asset Acquisition [Line Items] | ||
Assets acquisition intangibles and other assets | $ 3,172 | |
Working capital | 0 | |
Total purchase price | 361,709 | |
Asset Acquisitions 2018 | Land | ||
Schedule of Asset Acquisition [Line Items] | ||
Asset acquisition property and equipment | 60,511 | |
Asset Acquisitions 2018 | Building and improvements | ||
Schedule of Asset Acquisition [Line Items] | ||
Asset acquisition property and equipment | 277,083 | |
Asset Acquisitions 2018 | Furniture, fixtures, and equipment | ||
Schedule of Asset Acquisition [Line Items] | ||
Asset acquisition property and equipment | 20,943 | |
The Ritz-Carlton Denver | Advance Bookings | ||
Schedule of Asset Acquisition [Line Items] | ||
Assets acquisition intangibles and other assets | $ 500 | |
Amortization period (years) | 1 year 4 months 24 days | |
Park Hyatt Aviara Resort Golf Club & Spa | Advance Bookings | ||
Schedule of Asset Acquisition [Line Items] | ||
Assets acquisition intangibles and other assets | $ 1,900 | |
Amortization period (years) | 2 years 4 months 24 days | |
Waldorf Astoria Atlanta Buckhead | Advance Bookings and Lease Agreements | ||
Schedule of Asset Acquisition [Line Items] | ||
Assets acquisition intangibles and other assets | $ 1,000 | |
Amortization period (years) | 3 years 2 months 12 days |
Investment Properties - Disposi
Investment Properties - Dispositions (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019USD ($)guest_roomunit | Dec. 31, 2018USD ($)guest_roomunit | Nov. 30, 2018USD ($)guest_room | Mar. 31, 2018USD ($)guest_room | Jul. 31, 2017USD ($)guest_room | Jun. 30, 2017USD ($)guest_room | Apr. 30, 2017USD ($)guest_room | Dec. 31, 2019USD ($)guest_roomunit | Dec. 31, 2018USD ($)guest_roomunit | Dec. 31, 2017USD ($)guest_roomunit | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | unit | 11,245 | 11,165 | 11,245 | 11,165 | 11,533 | |||||
Disposed of by sale | 2019 Dispositions | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 522 | 522 | ||||||||
Gross Sale Price | $ 61,500 | $ 61,500 | ||||||||
Net Proceeds | 60,222 | |||||||||
Gain / (Loss) on Sale | $ (1,022) | |||||||||
Adjustment gain (loss) to prior period dispositions | $ 100 | |||||||||
Disposed of by sale | Marriott Chicago at Medical District/UIC | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 113 | 113 | ||||||||
Gross Sale Price | $ 10,000 | $ 10,000 | ||||||||
Net Proceeds | 8,995 | |||||||||
Gain / (Loss) on Sale | $ (544) | |||||||||
Disposed of by sale | Marriott Griffin Gate Resort & Spa | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 409 | 409 | ||||||||
Gross Sale Price | $ 51,500 | $ 51,500 | ||||||||
Net Proceeds | 51,227 | |||||||||
Gain / (Loss) on Sale | $ (478) | |||||||||
Disposed of by sale | 2018 Dispositions | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 1,173 | 1,173 | ||||||||
Gross Sale Price | $ 420,000 | $ 420,000 | ||||||||
Net Proceeds | 412,557 | |||||||||
Gain / (Loss) on Sale | 123,677 | |||||||||
Adjustment gain (loss) to prior period dispositions | $ (100) | |||||||||
Disposed of by sale | Aston Waikiki Beach Hotel | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 645 | |||||||||
Gross Sale Price | $ 200,000 | |||||||||
Net Proceeds | 196,920 | |||||||||
Gain / (Loss) on Sale | $ 42,323 | |||||||||
Disposed of by sale | Hilton Garden Inn Washington DC Downtown | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 300 | |||||||||
Gross Sale Price | $ 128,000 | |||||||||
Net Proceeds | 125,333 | |||||||||
Gain / (Loss) on Sale | 58,407 | |||||||||
Goodwill derecognized during disposal | $ 5,400 | |||||||||
Disposed of by sale | Residence Inn Denver City Center | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 228 | 228 | ||||||||
Gross Sale Price | $ 92,000 | $ 92,000 | ||||||||
Net Proceeds | 90,304 | |||||||||
Gain / (Loss) on Sale | $ 22,947 | |||||||||
Disposed of by sale | 2017 Dispositions | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 1,153 | |||||||||
Gross Sale Price | $ 212,000 | |||||||||
Net Proceeds | 204,865 | |||||||||
Gain / (Loss) on Sale | $ 50,747 | |||||||||
Disposed of by sale | Courtyard Birmingham Downtown at UAB | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 122 | |||||||||
Gross Sale Price | $ 30,000 | |||||||||
Net Proceeds | 29,176 | |||||||||
Gain / (Loss) on Sale | 12,972 | |||||||||
Goodwill derecognized during disposal | $ 2,300 | |||||||||
Disposed of by sale | Courtyard Fort Worth Downtown/Blackstone, Courtyard Kansas City Country Club Plaza, Courtyard Pittsburgh Downtown, Hampton Inn & Suites Baltimore Inner Harbor, and Residence Inn Baltimore Inner Harbor(5) | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 812 | |||||||||
Gross Sale Price | $ 163,000 | |||||||||
Net Proceeds | 157,675 | |||||||||
Gain / (Loss) on Sale | $ 36,121 | |||||||||
Disposed of by sale | Marriott West Des Moines | ||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||||
No. of Rooms (unaudited) | guest_room | 219 | |||||||||
Gross Sale Price | $ 19,000 | |||||||||
Net Proceeds | 18,014 | |||||||||
Gain / (Loss) on Sale | $ 1,654 |
Investment in Real Estate Ent_2
Investment in Real Estate Entities (Details) $ in Millions | 1 Months Ended | 9 Months Ended |
Oct. 31, 2018USD ($)loan | Sep. 30, 2018 | |
Real Estate Properties [Line Items] | ||
Acquisition of membership interest, value of equity transaction | $ 12.2 | |
Number of mortgages loans repaid | loan | 2 | |
Mortgages | ||
Real Estate Properties [Line Items] | ||
Repayments of mortgages | $ 43.4 | |
VIE, primary beneficiary | ||
Real Estate Properties [Line Items] | ||
Variable interest entity increase in ownership percentage | 25.00% | |
Variable interest entity, ownership | 75.00% |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities - Summary of Intangibles (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2017 | Jan. 01, 2019 | Dec. 31, 2018 | |
Intangible assets: | ||||
Accumulated amortization | $ (744,000) | $ (3,578,000) | ||
Net intangible assets | 4,045,000 | 27,189,000 | ||
Goodwill | 24,952,000 | 34,352,000 | ||
Total intangible assets, net | 28,997,000 | 61,541,000 | ||
Intangible liabilities: | ||||
Acquired below market lease costs | 0 | (4,257,000) | ||
Accumulated amortization | 0 | 1,016,000 | ||
Intangible liabilities, net | 0 | (3,241,000) | ||
Goodwill impairment charge | 9,400,000 | $ 0 | ||
ASU No. 2016-02 | ||||
Intangible liabilities: | ||||
Net intangibles derecognized upon adoption of new accounting standard | $ 20,300,000 | |||
Acquired in-place lease intangibles | ||||
Intangible assets: | ||||
Intangible assets, gross | 601,000 | 888,000 | ||
Net intangible assets | 429,000 | |||
Acquired below market ground lease | ||||
Intangible assets: | ||||
Intangible assets, gross | 0 | 25,625,000 | ||
Advance bookings | ||||
Intangible assets: | ||||
Intangible assets, gross | 4,188,000 | $ 4,254,000 | ||
Net intangible assets | $ 3,616,000 |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities - Amortization Related to Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of above and below market leases | $ 0 | $ 248 |
Acquired in-place lease intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 203 | 85 |
Advance bookings | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 2,580 | $ 3,405 |
Intangible Assets and Liabili_5
Intangible Assets and Liabilities - Summary of Future Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-lived intangible assets: | ||
2020 | $ 1,071 | |
2021 | 721 | |
2022 | 638 | |
2023 | 541 | |
2024 | 536 | |
Thereafter | 538 | |
Net intangible assets | 4,045 | $ 27,189 |
Acquired in-place lease intangibles | ||
Finite-lived intangible assets: | ||
2020 | 154 | |
2021 | 154 | |
2022 | 105 | |
2023 | 8 | |
2024 | 3 | |
Thereafter | 5 | |
Net intangible assets | 429 | |
Advance bookings | ||
Finite-lived intangible assets: | ||
2020 | 917 | |
2021 | 567 | |
2022 | 533 | |
2023 | 533 | |
2024 | 533 | |
Thereafter | 533 | |
Net intangible assets | $ 3,616 |
Debt - Summary of Debt Instrume
Debt - Summary of Debt Instruments (Details) - USD ($) | 1 Months Ended | 8 Months Ended | 12 Months Ended | 48 Months Ended | |||||||
Sep. 30, 2019 | Feb. 28, 2019 | Oct. 31, 2018 | Sep. 30, 2018 | Jan. 31, 2018 | Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2023 | Aug. 31, 2018 | |
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 1,139,017,000 | ||||||||||
Senior unsecured revolving credit facility | 160,000,000 | ||||||||||
Loan discounts and unamortized deferred financing costs, net | (5,963,000) | $ (7,391,000) | |||||||||
Debt, net of loan discounts and unamortized deferred financing costs | $ 1,293,054,000 | $ 1,155,088,000 | |||||||||
Weighted average interest rate (percent) | 3.72% | 3.82% | |||||||||
Proceeds from loan | $ 0 | $ 83,000,000 | $ 215,000,000 | ||||||||
Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 564,017,000 | 672,479,000 | |||||||||
Weighted average interest rate (percent) | 4.31% | ||||||||||
Senior Unsecured Credit Facility | Unsecured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Senior unsecured revolving credit facility | $ 160,000,000 | 0 | |||||||||
Weighted average interest rate (percent) | 3.41% | ||||||||||
Senior Unsecured Credit Facility | Unsecured Debt | LIBOR | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 1.50% | ||||||||||
Senior Unsecured Credit Facility | Unsecured Debt | LIBOR | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 2.25% | ||||||||||
Marriott Charleston Town Center | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 0 | 15,392,000 | |||||||||
Weighted average interest rate (percent) | 0.00% | ||||||||||
Marriott Dallas Downtown | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 51,000,000 | 51,000,000 | |||||||||
Weighted average interest rate (percent) | 4.05% | ||||||||||
Hyatt Regency Santa Clara | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 0 | 90,000,000 | |||||||||
Weighted average interest rate (percent) | 0.00% | ||||||||||
Repayment of debt | $ 90,000,000 | ||||||||||
Kimpton Hotel Palomar Philadelphia | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 58,000,000 | 59,000,000 | |||||||||
Weighted average interest rate (percent) | 4.14% | ||||||||||
Renaissance Atlanta Waverly Hotel & Convention Center | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 100,000,000 | 100,000,000 | |||||||||
Weighted average interest rate (percent) | 3.90% | ||||||||||
Component mortgage loan for reapplication of interest rate swap | $ 90,000,000 | ||||||||||
Andaz Napa | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 56,000,000 | 56,000,000 | |||||||||
Weighted average interest rate (percent) | 3.66% | ||||||||||
Proceeds from loan | $ 18,000,000 | ||||||||||
Debt instrument principal amount | $ 38,000,000 | ||||||||||
The Ritz-Carlton, Pentagon City | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 65,000,000 | 65,000,000 | |||||||||
Weighted average interest rate (percent) | 4.95% | ||||||||||
Effective interest rate (percent) | 3.69% | ||||||||||
The Ritz-Carlton, Pentagon City | Mortgages | Forecast | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Effective interest rate (percent) | 4.95% | ||||||||||
Residence Inn Boston Cambridge | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 60,731,000 | 61,806,000 | |||||||||
Weighted average interest rate (percent) | 4.48% | ||||||||||
Grand Bohemian Hotel Orlando, Autograph Collection | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 58,286,000 | 59,281,000 | |||||||||
Weighted average interest rate (percent) | 4.53% | ||||||||||
Marriott San Francisco Airport Waterfront | Mortgages | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 115,000,000 | 115,000,000 | |||||||||
Weighted average interest rate (percent) | 4.63% | ||||||||||
Unsecured Term Loan $175M 2021 | Unsecured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 175,000,000 | 175,000,000 | |||||||||
Weighted average interest rate (percent) | 2.89% | ||||||||||
Unsecured Term Loan $125M 2022 | Unsecured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 125,000,000 | 125,000,000 | |||||||||
Weighted average interest rate (percent) | 3.38% | ||||||||||
Unsecured Term Loan $150M 2023 | Unsecured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 150,000,000 | 65,000,000 | |||||||||
Weighted average interest rate (percent) | 3.32% | ||||||||||
Debt instrument principal amount | $ 150,000,000 | ||||||||||
Option for additional lender commitments | $ 100,000,000 | ||||||||||
Funding of term loan | $ 85,000,000 | $ 65,000,000 | |||||||||
Unsecured Term Loan $125M 2024 | Unsecured Debt | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Balance outstanding | $ 125,000,000 | $ 125,000,000 | |||||||||
Weighted average interest rate (percent) | 3.32% | 3.37% | |||||||||
Debt instrument principal amount | $ 125,000,000 | ||||||||||
Fixed rate (percent) | 1.92% | ||||||||||
Unsecured Term Loan $125M 2024 | Unsecured Debt | LIBOR | Minimum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 1.35% | ||||||||||
Reduction in basis points from previous leverage-based pricing grid (percent) | 0.35% | ||||||||||
Unsecured Term Loan $125M 2024 | Unsecured Debt | LIBOR | Maximum | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Basis spread on variable rate (percent) | 2.00% | ||||||||||
Reduction in basis points from previous leverage-based pricing grid (percent) | 0.55% |
Debt - Narrative (Details)
Debt - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2018USD ($)extension_option | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||||
Payment and extinguishment fees | $ 200,000 | $ 600,000 | ||
Debt outstanding | $ 1,299,000,000 | $ 1,162,000,000 | ||
Weighted average interest rate (percent) | 3.72% | 3.82% | ||
Senior unsecured revolving credit facility | $ 160,000,000 | |||
Unsecured Debt | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Weighted average interest rate (percent) | 3.41% | |||
Credit facility borrowing capacity | $ 500,000,000 | $ 400,000,000 | ||
Extended maturity term (in years) | 3 years | |||
Number of extension options | extension_option | 2 | |||
Extension option term (in months) | 6 months | |||
Quarterly unused commitment fee (percent) | 0.30% | |||
Senior unsecured revolving credit facility | $ 160,000,000 | $ 0 | ||
Remaining availability | 340,000,000 | |||
Unused commitment fees | 1,500,000 | 1,500,000 | 1,200,000 | |
Interest expense | $ 200,000 | $ 600,000 | $ 500,000 | |
Unsecured Debt | Revolving Credit Facility | Minimum | ||||
Debt Instrument [Line Items] | ||||
Credit facility (percent) | 0.125% | |||
Unsecured Debt | Revolving Credit Facility | Maximum | ||||
Debt Instrument [Line Items] | ||||
Credit facility (percent) | 0.30% | |||
Unsecured Debt | Revolving Credit Facility | LIBOR | Minimum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 1.50% | |||
Basis spread on variable rate optional election upon achievement of credit rating (percent) | 0.50% | |||
Unsecured Debt | Revolving Credit Facility | LIBOR | Maximum | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (percent) | 2.25% | |||
Basis spread on variable rate optional election upon achievement of credit rating (percent) | 1.25% |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Maturities of long-term debt | ||
2020 | $ 4,365 | |
2021 | 180,405 | |
2022 | 182,920 | |
2023 | 211,868 | |
2024 | 281,539 | |
Thereafter | 277,920 | |
Total Debt | 1,139,017 | |
Loan discounts and unamortized deferred financing costs, net | (5,963) | $ (7,391) |
Senior unsecured revolving credit facility (matures in 2022) | 160,000 | |
Debt, net of loan discounts and unamortized deferred financing costs | $ 1,293,054 | $ 1,155,088 |
Weighted average interest rate | ||
2020 (percent) | 4.45% | |
2021 (percent) | 2.94% | |
2022 (percent) | 3.60% | |
2023 (percent) | 3.56% | |
2024 (percent) | 3.63% | |
Thereafter (percent) | 4.66% | |
Weighted average interest rate on credit facility (percent) | 3.41% | |
Weighted average interest rate on debt (percent) | 3.72% | 3.82% |
Derivatives - Derivative Financ
Derivatives - Derivative Financial Instruments (Details) - Cash Flow Hedge - Interest Rate Swap - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative [Line Items] | ||
Notional amounts | $ 689,000,000 | $ 728,000,000 |
Estimated fair value | (4,954,000) | 12,957,000 |
$175M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 175,000,000 | |
Fixed rate (percent) | 1.30% | |
Notional amounts | $ 50,000,000 | 50,000,000 |
Estimated fair value | $ 167,000 | 1,218,000 |
$175M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.60% | |
$175M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 175,000,000 | |
Fixed rate (percent) | 1.29% | |
Notional amounts | $ 65,000,000 | 65,000,000 |
Estimated fair value | $ 223,000 | 1,597,000 |
$175M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.60% | |
$175M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 175,000,000 | |
Fixed rate (percent) | 1.29% | |
Notional amounts | $ 60,000,000 | 60,000,000 |
Estimated fair value | $ 206,000 | 1,472,000 |
$175M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.60% | |
$125M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 125,000,000 | |
Fixed rate (percent) | 1.83% | |
Notional amounts | $ 50,000,000 | 50,000,000 |
Estimated fair value | $ (403,000) | 1,093,000 |
$125M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.55% | |
$125M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 125,000,000 | |
Fixed rate (percent) | 1.83% | |
Notional amounts | $ 25,000,000 | 25,000,000 |
Estimated fair value | $ (202,000) | 544,000 |
$125M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.55% | |
$125M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 125,000,000 | |
Fixed rate (percent) | 1.84% | |
Notional amounts | $ 25,000,000 | 25,000,000 |
Estimated fair value | $ (207,000) | 537,000 |
$125M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.55% | |
$125M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 125,000,000 | |
Fixed rate (percent) | 1.83% | |
Notional amounts | $ 25,000,000 | 25,000,000 |
Estimated fair value | $ (204,000) | 537,000 |
$125M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.55% | |
Mortgage Debt | ||
Derivative [Line Items] | ||
Fixed rate (percent) | 1.54% | |
Notional amounts | $ 58,000,000 | 59,000,000 |
Estimated fair value | $ 13,000 | 1,956,000 |
Mortgage Debt | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 2.60% | |
Mortgage Debt | ||
Derivative [Line Items] | ||
Fixed rate (percent) | 0.88% | |
Notional amounts | $ 0 | 41,000,000 |
Estimated fair value | $ 0 | 30,000 |
Mortgage Debt | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 2.10% | |
Mortgage Debt | ||
Derivative [Line Items] | ||
Fixed rate (percent) | 0.89% | |
Notional amounts | $ 0 | 38,000,000 |
Estimated fair value | $ 0 | 135,000 |
Mortgage Debt | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.90% | |
Mortgage Debt | ||
Derivative [Line Items] | ||
Fixed rate (percent) | 1.80% | |
Notional amounts | $ 51,000,000 | 51,000,000 |
Estimated fair value | $ (266,000) | 938,000 |
Mortgage Debt | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 2.25% | |
Mortgage Debt | ||
Derivative [Line Items] | ||
Fixed rate (percent) | 1.80% | |
Notional amounts | $ 45,000,000 | 45,000,000 |
Estimated fair value | $ (248,000) | 806,000 |
Mortgage Debt | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 2.10% | |
Mortgage Debt | ||
Derivative [Line Items] | ||
Fixed rate (percent) | 1.81% | |
Notional amounts | $ 45,000,000 | 45,000,000 |
Estimated fair value | $ (235,000) | 829,000 |
Mortgage Debt | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 2.10% | |
$125M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 125,000,000 | |
Fixed rate (percent) | 1.92% | |
Notional amounts | $ 40,000,000 | 40,000,000 |
Estimated fair value | $ (403,000) | 725,000 |
$125M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.45% | |
$125M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 125,000,000 | |
Fixed rate (percent) | 1.92% | |
Notional amounts | $ 40,000,000 | 40,000,000 |
Estimated fair value | $ (405,000) | 718,000 |
$125M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.45% | |
$125M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 125,000,000 | |
Fixed rate (percent) | 1.92% | |
Notional amounts | $ 25,000,000 | 25,000,000 |
Estimated fair value | $ (256,000) | 447,000 |
$125M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.45% | |
$125M Term Loan | ||
Derivative [Line Items] | ||
Hedged debt | $ 125,000,000 | |
Fixed rate (percent) | 1.92% | |
Notional amounts | $ 20,000,000 | 20,000,000 |
Estimated fair value | $ (202,000) | 362,000 |
$125M Term Loan | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 1.45% | |
Mortgage Debt | ||
Derivative [Line Items] | ||
Fixed rate (percent) | 2.80% | |
Notional amounts | $ 24,000,000 | 24,000,000 |
Estimated fair value | $ (894,000) | (314,000) |
Mortgage Debt | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 2.10% | |
Mortgage Debt | ||
Derivative [Line Items] | ||
Fixed rate (percent) | 2.89% | |
Notional amounts | $ 41,000,000 | 0 |
Estimated fair value | $ (1,638,000) | $ (673,000) |
Mortgage Debt | LIBOR | ||
Derivative [Line Items] | ||
Basis spread on variable rate | 2.10% |
Derivatives - Recognized Gain (
Derivatives - Recognized Gain (Loss) on Cash Flow Hedges (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Unrealized (loss) gain on interest rate derivative instruments | $ (14,401) | $ 4,944 | $ 3,388 |
Reclassification adjustment for amounts recognized in net income | (3,510) | (2,826) | 2,396 |
Interest expense | $ 48,605 | $ 51,402 | $ 46,294 |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Expected reclassification from accumulated OCI to interest expense in next twelve months | $ 1.1 |
Estimate of time for reclassification | 12 months |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Recurring | Significant Unobservable Inputs (Level 2) | Interest Rate Swap | ||
Assets | ||
Interest rate swap asset | $ 13 | $ 12,957 |
Liabilities | ||
Interest rate swap liability | (4,967) | 0 |
Recurring | Significant Unobservable Inputs (Level 3) | Interest Rate Swap | ||
Assets | ||
Interest rate swap asset | 0 | |
Liabilities | ||
Interest rate swap liability | 0 | |
Nonrecurring | Significant Unobservable Inputs (Level 2) | ||
Nonrecurring measurements | ||
Goodwill | 0 | $ 0 |
Nonrecurring | Significant Unobservable Inputs (Level 3) | ||
Nonrecurring measurements | ||
Goodwill | $ 14,035 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Presented at Carrying Value (Details) - Significant Unobservable Inputs (Level 2) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | $ 1,139,017 | $ 1,162,288 |
Senior unsecured revolving credit facility | 160,000 | 0 |
Total | 1,299,017 | 1,162,288 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Debt | 1,160,588 | 1,171,552 |
Senior unsecured revolving credit facility | 160,886 | 0 |
Total | $ 1,321,474 | $ 1,171,552 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2018 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Impairment loss | $ 14,800,000 | |||
Goodwill impairment charge | $ 9,400,000 | $ 0 | ||
Measurement Input, Discount Rate | Significant Unobservable Inputs (Level 2) | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Weighted average effective interest rate (percent) | 0.0315 | 0.0315 | 0.0422 | |
Disposed of by sale | Marriott Chicago at Medical District/UIC | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Sale price | $ 10,000,000 | $ 10,000,000 | ||
Loss on sale | $ 544,000 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
One-time deferred income tax expense adjustment related to Tax Cuts and Jobs Act | $ 600,000 | ||
Income tax expense | $ 5,367,000 | $ 5,993,000 | $ 7,833,000 |
Estimated federal and state statutory combined rate | 23.65% | 23.85% | 37.28% |
Valuation allowance | $ 3,546,000 | $ 3,581,000 | |
Valuation allowance increase associated with certain deferred tax assets | 600,000 | ||
Unrecognized tax benefits | 0 | 0 | $ 0 |
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, net | 11,200,000 | 11,200,000 | |
State | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards, net | 24,900,000 | 25,100,000 | |
Operating loss carryforwards valuation allowance | $ 23,600,000 | $ 23,600,000 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (3,082) | $ (4,000) | $ (5,685) |
State | (2,255) | (2,199) | (1,748) |
Total current | (5,337) | (6,199) | (7,433) |
Deferred: | |||
Federal | (1) | 59 | (411) |
State | (29) | 147 | 11 |
Total deferred | (30) | 206 | (400) |
Total tax provision | $ (5,367) | $ (5,993) | $ (7,833) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, Amount | |||
Provision for income taxes at statutory rate | $ (13,148) | $ (42,950) | $ (38,027) |
Tax benefit related to REIT operations | 9,691 | 38,601 | 31,551 |
Income for which no federal tax benefit was recognized | (2) | (2) | (2) |
Valuation allowances | 0 | 10 | 0 |
Impact of rate change on deferred tax balances | (9) | 131 | (529) |
State tax provision, net of federal | (1,563) | (1,821) | (1,109) |
Other | (336) | 38 | 283 |
Total tax provision | $ (5,367) | $ (5,993) | $ (7,833) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Income Tax Disclosure [Abstract] | ||
Net operating loss | $ 3,613 | $ 3,657 |
Deferred income | 1,141 | 1,197 |
Miscellaneous | 131 | 96 |
Total deferred tax assets | 4,885 | 4,950 |
Less: Valuation allowance | (3,546) | (3,581) |
Net deferred tax assets | $ 1,339 | $ 1,369 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock and Dividends (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||||
Aggregate offering price of common stock authorized under ATM agreement | $ 200,000,000 | |||||
Gross proceeds from sale of common stock | $ 137,400,000 | |||||
Payment of transaction fees | $ 1,700,000 | |||||
Number of shares issued (in shares) | 5,719,959 | |||||
Weighted average share price of stock issued (in dollars per share) | $ 24.02 | |||||
Amortization of capitalized transaction costs | $ 800,000 | |||||
Aggregate offering price of common stock currently available under ATM agreements | $ 62,600,000 | |||||
Stock repurchased during period (in shares) | 0 | 0 | 240,352 | |||
Shares repurchased, weighted average price (in dollars per share) | $ 17.07 | |||||
Shares repurchased, aggregate purchase price | $ 0 | $ 0 | $ 4,103,000 | |||
Dividends declared (in dollars per share/unit) | $ 1.10 | $ 1.10 | $ 1.10 | |||
Dividends on common stock, value | $ 126,129,000 | $ 123,408,000 | $ 118,369,000 | |||
Dividends taxed as ordinary income | 100.00% | 100.00% | ||||
Retained Earnings | ||||||
Class of Stock [Line Items] | ||||||
Dividends on common stock, value | $ 124,180,000 | $ 122,378,000 | 117,792,000 | |||
Operating Partnership | ||||||
Class of Stock [Line Items] | ||||||
Dividends on common stock, value | 1,949,000 | $ 1,030,000 | $ 577,000 | |||
Repurchase Program | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 75,000,000 | $ 100,000,000 | ||||
Remaining share repurchase authorization | $ 96,900,000 |
Stockholders' Equity - Non-cont
Stockholders' Equity - Non-controlling Interest of Common Units in Operating Partnership (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Class of Stock [Line Items] | |||
LTIP units redeemed (in shares) | 0 | 37,224 | |
LTIP units redeemed | $ 837 | ||
Dividends declared (in dollars per share/unit) | $ 1.10 | $ 1.10 | $ 1.10 |
Dividends on common stock, value | $ 126,129 | $ 123,408 | $ 118,369 |
Distributions payable | $ 31,802 | $ 31,574 | 29,930 |
Time-Based LTIP Units and Class A LTIP Units | |||
Class of Stock [Line Items] | |||
Number of units outstanding, vested and nonvested (in shares) | 3,694,439 | 2,919,986 | |
Number of units vested (in shares) | 2,010,474 | ||
Time-Based LTIP Units and Class A LTIP Units | Common Stock | |||
Class of Stock [Line Items] | |||
Distributions payable | $ 489 | $ 252 | |
Operating Partnership | |||
Class of Stock [Line Items] | |||
LTIP units redeemed | 837 | ||
Dividends on common stock, value | $ 1,949 | $ 1,030 | $ 577 |
XHR LP (Operating Partnership) | |||
Class of Stock [Line Items] | |||
Ownership percentage by noncontrolling owners | 3.20% | 2.50% |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Basic and Diluted EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net income attributable to common stockholders | $ 15,605 | $ 10,315 | $ 12,777 | $ 16,703 | $ 99,994 | $ 9,244 | $ 28,794 | $ 55,656 | $ 55,400 | $ 193,688 | $ 98,862 |
Dividends paid on unvested share-based compensation | (548) | (585) | (593) | ||||||||
Undistributed earnings attributable to unvested share based compensation | 0 | (98) | 0 | ||||||||
Net income available to common stockholders | $ 54,852 | $ 193,005 | $ 98,269 | ||||||||
Denominator: | |||||||||||
Weighted average shares outstanding, basic (in shares) | 112,636,123 | 110,124,142 | 106,767,108 | ||||||||
Effect of dilutive share-based compensation (in shares) | 282,475 | 253,592 | 252,044 | ||||||||
Weighted average shares outstanding, diluted (in shares) | 112,918,598 | 110,377,734 | 107,019,152 | ||||||||
Basic and diluted earnings per share: | |||||||||||
Net income per share available to common stockholders, basic and diluted (in dollars per share) | $ 0.14 | $ 0.09 | $ 0.11 | $ 0.15 | $ 0.49 | $ 1.75 | $ 0.92 |
Share Based Compensation - Rest
Share Based Compensation - Restricted Stock Units Grants (Details) - $ / shares | Feb. 19, 2019 | Feb. 20, 2018 | Feb. 23, 2017 | Apr. 25, 2016 | Mar. 17, 2016 | Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2017 | Apr. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 1,034,729 | 960,302 | ||||||||||
Absolute TSR Class A LTIPs | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Component of total award (percent) | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||
Award vesting period (in years) | 3 years | |||||||||||
Restricted Stock Units, Time-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 84,944 | 79,812 | 82,829 | 26,738 | 104,079 | |||||||
Restricted Stock Units, Time-Based | Vesting Tranche One | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting rights | 50.00% | 33.00% | ||||||||||
Restricted Stock Units, Time-Based | Vesting Tranche Two | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting rights | 50.00% | 33.00% | ||||||||||
Restricted Stock Units, Time-Based | Vesting Tranche Three | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Award vesting rights | 34.00% | |||||||||||
Restricted Stock Units, Performance-Based | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Granted (in shares) | 50,846 | 45,464 | 44,858 | 0 | 51,782 | |||||||
Absolute TSR Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Component of total award (percent) | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||
Award vesting period (in years) | 3 years | |||||||||||
Relative TSR Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Component of total award (percent) | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | ||||||
Award vesting period (in years) | 3 years | |||||||||||
Restricted Stock Units | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Weighted average grant date fair value | $ 15.75 | $ 15.92 | $ 15.18 | $ 15.34 | $ 13.09 |
Share Based Compensation - LTIP
Share Based Compensation - LTIP Unit Grants (Details) | Feb. 19, 2019 | Feb. 20, 2018 | Feb. 23, 2017 | Apr. 25, 2016 | Mar. 17, 2016 | May 31, 2019$ / sharesshares | Feb. 28, 2019$ / sharesshares | May 31, 2018$ / sharesshares | Feb. 28, 2018$ / sharesshares | May 31, 2017$ / sharesshares | Feb. 28, 2017$ / sharesshares | Apr. 30, 2016$ / sharesshares | Mar. 31, 2016$ / sharesshares | Dec. 31, 2019directorshares | Dec. 31, 2018directorshares | Dec. 31, 2017director |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 1,034,729 | 960,302 | ||||||||||||||
Class A LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, quarterly dividend percentage | 10.00% | |||||||||||||||
Absolute TSR Class A LTIPs | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Component of total award (percent) | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ||||||||||
Award vesting period (in years) | 3 years | |||||||||||||||
Relative TSR Class A LTIPs | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Component of total award (percent) | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | ||||||||||
Award vesting period (in years) | 3 years | |||||||||||||||
Time-Based LTIP Units | Vesting Tranche One | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting rights | 33.00% | |||||||||||||||
Time-Based LTIP Units | Vesting Tranche Two | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting rights | 33.00% | |||||||||||||||
Time-Based LTIP Units | Vesting Tranche Three | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Award vesting rights | 34.00% | |||||||||||||||
2016 LTIP Units | Class A LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 110,179 | 664,515 | ||||||||||||||
2016 LTIP Units | Time-Based LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 12,945 | 78,076 | ||||||||||||||
2016 LTIP Units | Time-Based LTIP Units and Class A LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 7.85 | $ 7.86 | ||||||||||||||
2017 LTIP Units | Class A LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 715,001 | |||||||||||||||
2017 LTIP Units | Time-Based LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 86,210 | |||||||||||||||
2017 LTIP Units | Time-Based LTIP Units and Class A LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.97 | |||||||||||||||
2018 LTIP Units | Class A LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 725,860 | |||||||||||||||
2018 LTIP Units | Time-Based LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 84,505 | |||||||||||||||
2018 LTIP Units | Time-Based LTIP Units and Class A LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 8.79 | |||||||||||||||
2019 LTIP Units | Class A LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 781,898 | |||||||||||||||
2019 LTIP Units | Time-Based LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 90,273 | |||||||||||||||
2019 LTIP Units | Time-Based LTIP Units and Class A LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period, weighted average grant date fair value (in dollars per share) | $ / shares | $ 9.24 | |||||||||||||||
Director | 2017 LTIP Units | Fully Vested LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 33,355 | |||||||||||||||
Equity instruments other than options, grant date fair value (in dollars per share) | $ / shares | $ 17.84 | |||||||||||||||
Equity grants in period, number of recipients | director | 7 | |||||||||||||||
Director | 2018 LTIP Units | Fully Vested LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 24,661 | |||||||||||||||
Equity instruments other than options, grant date fair value (in dollars per share) | $ / shares | $ 24.13 | |||||||||||||||
Equity grants in period, number of recipients | director | 7 | |||||||||||||||
Director | 2019 LTIP Units | Fully Vested LTIP Units | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Equity instruments other than options, granted in period (in shares) | 26,768 | |||||||||||||||
Equity instruments other than options, grant date fair value (in dollars per share) | $ / shares | $ 22.23 | |||||||||||||||
Equity grants in period, number of recipients | director | 7 |
Share Based Compensation - Sche
Share Based Compensation - Schedule of Unvested Incentive Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Unvested at beginning of period (in shares) | 1,859,774 | 1,975,057 | |
Granted (in shares) | 1,034,729 | 960,302 | |
Vested (in shares) | (825,451) | (1,039,879) | |
Expired (in shares) | (129,568) | (32,813) | |
Forfeited (in shares) | (8,411) | (2,893) | |
Unvested at the end of period (in shares) | 1,931,073 | 1,859,774 | 1,975,057 |
Weighted average fair value of unvested shares/units (in dollars per share) | $ 9.84 | ||
2014 Share Unit Plan | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Unvested at beginning of period (in shares) | 0 | 48,682 | |
Granted (in shares) | 0 | 0 | |
Vested (in shares) | 0 | (48,682) | |
Expired (in shares) | 0 | 0 | |
Forfeited (in shares) | 0 | 0 | |
Unvested at the end of period (in shares) | 0 | 0 | 48,682 |
Weighted average fair value of unvested shares/units (in dollars per share) | $ 0 | ||
2015 Incentive Award Plan | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Unvested at beginning of period (in shares) | 245,693 | 264,302 | |
Granted (in shares) | 135,790 | 125,276 | |
Vested (in shares) | (120,882) | (138,411) | |
Expired (in shares) | (5,082) | (2,581) | |
Forfeited (in shares) | (8,411) | (2,893) | |
Unvested at the end of period (in shares) | 247,108 | 245,693 | 264,302 |
Weighted average fair value of unvested shares/units (in dollars per share) | $ 15.51 | ||
2015 Incentive Award Plan | Time-Based LTIP Units and Class A LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Unvested at beginning of period (in shares) | 1,614,081 | 1,662,073 | |
Granted (in shares) | 898,939 | 835,026 | |
Vested (in shares) | (704,569) | (852,786) | |
Expired (in shares) | (124,486) | (30,232) | |
Forfeited (in shares) | 0 | 0 | |
Unvested at the end of period (in shares) | 1,683,965 | 1,614,081 | 1,662,073 |
Weighted average fair value of unvested shares/units (in dollars per share) | $ 9.01 | ||
Common Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |||
Shares redeemed to satisfy tax withholding on vested share based compensation (in shares) | (34,118) | (58,555) | (107,830) |
Share Based Compensation - Assu
Share Based Compensation - Assumptions Used in Fair Value of Performance Awards (Details) - $ / shares | Feb. 19, 2019 | Feb. 20, 2018 | Feb. 23, 2017 | Apr. 25, 2016 | Mar. 17, 2016 | Dec. 31, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant Date Fair Value by Component (in dollars per share) | $ 9.84 | |||||
Absolute TSR Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of Total Award | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% |
Grant Date Fair Value by Component (in dollars per share) | $ 9.98 | $ 6.54 | $ 6.57 | $ 6.88 | $ 6.88 | |
Volatility | 23.24% | 24.52% | 26.83% | 31.42% | 31.42% | |
Interest Rate, minimum | 2.44% | 1.82% | 0.68% | 0.50% | 0.50% | |
Interest Rate, maximum | 2.55% | 2.47% | 1.55% | 1.14% | 1.14% | |
Dividend Yield | 5.78% | 5.553% | 6.021% | 7.12% | 7.12% | |
Relative TSR Restricted Stock Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of Total Award | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% |
Grant Date Fair Value by Component (in dollars per share) | $ 10.36 | $ 10.44 | $ 10.44 | $ 8.85 | $ 8.85 | |
Volatility | 23.24% | 24.52% | 26.83% | 31.42% | 31.42% | |
Interest Rate, minimum | 2.44% | 1.82% | 0.68% | 0.50% | 0.50% | |
Interest Rate, maximum | 2.55% | 2.47% | 1.55% | 1.14% | 1.14% | |
Dividend Yield | 5.78% | 5.553% | 6.021% | 7.12% | 7.12% | |
Absolute TSR Class A LTIPs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of Total Award | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% |
Grant Date Fair Value by Component (in dollars per share) | $ 9.95 | $ 6.60 | $ 6.64 | $ 7.06 | $ 7.06 | |
Volatility | 23.24% | 24.52% | 26.83% | 31.42% | 31.42% | |
Interest Rate, minimum | 2.44% | 1.82% | 0.68% | 0.50% | 0.50% | |
Interest Rate, maximum | 2.55% | 2.47% | 1.55% | 1.14% | 1.14% | |
Dividend Yield | 5.78% | 5.553% | 6.021% | 7.12% | 7.12% | |
Relative TSR Class A LTIPs | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Percentage of Total Award | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% | 75.00% |
Grant Date Fair Value by Component (in dollars per share) | $ 10.07 | $ 10.13 | $ 10.18 | $ 8.95 | $ 8.95 | |
Volatility | 23.24% | 24.52% | 26.83% | 31.42% | 31.42% | |
Interest Rate, minimum | 2.44% | 1.82% | 0.68% | 0.50% | 0.50% | |
Interest Rate, maximum | 2.55% | 2.47% | 1.55% | 1.14% | 1.14% | |
Dividend Yield | 5.78% | 5.553% | 6.021% | 7.12% | 7.12% |
Share Based Compensation - Shar
Share Based Compensation - Share Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation costs | $ 10.3 | ||
Unrecognized compensation costs period for recognition | 1 year 8 months 12 days | ||
Executive Officers and Management | Restricted Stock Units And LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | $ 8.8 | $ 8.6 | $ 9.3 |
Director | Fully Vested LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 0.6 | 0.6 | |
Director | Class A LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 0.6 | ||
Management | Restricted Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee service share-based compensation, allocation of recognized period costs, capitalized amount | $ 0.5 | $ 0.5 | $ 0.6 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Other Commitments [Line Items] | ||||
Restricted cash and escrows | $ 84,105 | $ 70,195 | $ 58,520 | |
Ground lease expense | 4,882 | 5,848 | ||
ASU No. 2016-02 | ||||
Other Commitments [Line Items] | ||||
Net intangibles derecognized upon adoption of new accounting standard | $ 20,300 | |||
Hotel management agreements for brand-managed hotels | ||||
Other Commitments [Line Items] | ||||
Agreement weighted average remaining term assuming all renewal periods exercised (in years) | 27 years | |||
Hotel management agreements for brand-managed hotels | Minimum | ||||
Other Commitments [Line Items] | ||||
Agreement term (in years) | 20 years | |||
Hotel management agreements for brand-managed hotels | Maximum | ||||
Other Commitments [Line Items] | ||||
Agreement term (in years) | 30 years | |||
Hotel management agreements for franchised hotels | ||||
Other Commitments [Line Items] | ||||
Agreement weighted average remaining initial term (in years) | 5 years | |||
Hotel management agreements for franchised hotels | Minimum | ||||
Other Commitments [Line Items] | ||||
Agreement term (in years) | 10 years | |||
Hotel management agreements for franchised hotels | Maximum | ||||
Other Commitments [Line Items] | ||||
Agreement term (in years) | 15 years | |||
Franchise agreements | ||||
Other Commitments [Line Items] | ||||
Agreement weighted average remaining initial term (in years) | 11 years | |||
Franchise agreements | Minimum | ||||
Other Commitments [Line Items] | ||||
Agreement term (in years) | 17 years | |||
Franchise agreements | Maximum | ||||
Other Commitments [Line Items] | ||||
Agreement term (in years) | 20 years | |||
Lodging furniture, fixtures, and equipment reserves | ||||
Other Commitments [Line Items] | ||||
Restricted cash and escrows | $ 70,800 | 60,600 | ||
Renovations at certain hotel properties | ||||
Other Commitments [Line Items] | ||||
Contracts outstanding with third parties | 22,300 | |||
Management and franchise fees | ||||
Other Commitments [Line Items] | ||||
Management and franchise fees | $ 46,521 | $ 45,553 | $ 43,459 |
Commitments and Contingencies_2
Commitments and Contingencies - Future Minimum Lease Payments Prior to Adoption of Topic 842 (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Future Minimum Lease Payments | |
2019 | $ 412 |
2020 | 423 |
2021 | 435 |
2022 | 447 |
2023 | 459 |
Thereafter | 2,358 |
Total | 4,534 |
Ground Leases | |
Future Minimum Lease Payments | |
2019 | 1,576 |
2020 | 1,576 |
2021 | 1,576 |
2022 | 1,576 |
2023 | 1,576 |
Thereafter | 31,618 |
Total | 39,498 |
Parking Leases | |
Future Minimum Lease Payments | |
2019 | 320 |
2020 | 281 |
2021 | 226 |
2022 | 228 |
2023 | 230 |
Thereafter | 14,150 |
Total | $ 15,435 |
Commitments and Contingencies_3
Commitments and Contingencies - Summary of Leases (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019 | Dec. 31, 2019 | |
Operating Leases | ||
Weighted average remaining lease term, including reasonably certain extension options | 30 years | |
Weighted average discount rate | 5.94% | |
ROU asset | $ 46,243 | |
Lease liability | 27,264 | |
Operating lease rent expense | 2,551 | |
Variable lease costs | 8,795 | |
Total rent expense and variable lease costs | 11,346 | |
Weighted average remaining lease term including available extension options | 62 years | |
Percentage rent included in variable lease costs | 2,300 | |
Real estate taxes and insurance included in variable lease costs | $ 6,500 |
Commitments and Contingencies_4
Commitments and Contingencies - Remaining Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 2,403 |
2021 | 2,417 |
2022 | 2,431 |
2023 | 2,445 |
2024 | 2,460 |
Thereafter | 49,861 |
Total undiscounted lease payments | 62,017 |
Less imputed interest | (34,753) |
Lease liability | $ 27,264 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Millions | 3 Months Ended | ||||
Mar. 31, 2020USD ($) | Feb. 25, 2020USD ($)guest_room | Dec. 31, 2019unit | Dec. 31, 2018unit | Dec. 31, 2017unit | |
Subsequent Event [Line Items] | |||||
Number of guest rooms (unaudited) (unit) | unit | 11,245 | 11,165 | 11,533 | ||
Renaissance Austin Hotel | Held for sale per agreement | Forecast | |||||
Subsequent Event [Line Items] | |||||
Estimated gain on sale | $ 19 | ||||
Subsequent Event | Renaissance Austin Hotel | Held for sale per agreement | |||||
Subsequent Event [Line Items] | |||||
Number of guest rooms (unaudited) (unit) | guest_room | 492 | ||||
Sale price | $ 100.5 |
Quarterly Operating Results (_3
Quarterly Operating Results (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 282,184 | $ 268,931 | $ 304,285 | $ 293,687 | $ 275,663 | $ 240,989 | $ 277,057 | $ 264,498 | $ 1,149,087 | $ 1,058,207 | $ 945,277 |
Net income | 16,083 | 10,670 | 13,214 | 17,276 | 102,624 | 9,334 | 29,531 | 57,043 | 57,243 | 198,532 | 100,816 |
Net income attributable to non-controlling interests | (478) | (355) | (437) | (573) | (2,630) | (90) | (737) | (1,387) | (1,843) | (4,844) | (1,954) |
Net income attributable to common stockholders | $ 15,605 | $ 10,315 | $ 12,777 | $ 16,703 | $ 99,994 | $ 9,244 | $ 28,794 | $ 55,656 | $ 55,400 | $ 193,688 | $ 98,862 |
Net income per share available to common stockholders, basic and diluted (in dollars per share) | $ 0.14 | $ 0.09 | $ 0.11 | $ 0.15 | $ 0.49 | $ 1.75 | $ 0.92 | ||||
Net income per share available to common stockholders, basic (in dollars per share) | $ 0.89 | $ 0.08 | $ 0.26 | $ 0.52 | 1.75 | ||||||
Net income per share available to common stockholders, diluted (in dollars per share) | $ 0.88 | $ 0.08 | $ 0.26 | $ 0.52 | $ 1.75 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Schedule of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2017 | Dec. 31, 2018 | Dec. 31, 2016 | |
Gross amount at which carried at end of period | ||||
Total | $ 3,753,108 | $ 3,319,305 | $ 3,591,097 | $ 3,063,564 |
Accumulated Depreciation | 826,738 | $ 628,450 | $ 715,949 | $ 619,975 |
Aggregate cost of real estate owned for federal income tax purposes | 3,864,000 | |||
Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 564,017 | |||
Initial cost | ||||
Land | 483,052 | |||
Buildings and Improvements | 2,822,987 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 447,069 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 483,052 | |||
Buildings and Improvements | 3,270,056 | |||
Total | 3,753,108 | |||
Accumulated Depreciation | 826,738 | |||
Hotel | Andaz Napa Valley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 56,000 | |||
Initial cost | ||||
Land | 10,150 | |||
Buildings and Improvements | 57,012 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 1,840 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 10,150 | |||
Buildings and Improvements | 58,852 | |||
Total | 69,002 | |||
Accumulated Depreciation | $ 24,537 | |||
Hotel | Andaz Napa Valley | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Andaz Napa Valley | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Andaz San Diego | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 6,949 | |||
Buildings and Improvements | 43,430 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 7,292 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 6,949 | |||
Buildings and Improvements | 50,722 | |||
Total | 57,671 | |||
Accumulated Depreciation | $ 17,184 | |||
Hotel | Andaz San Diego | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Andaz San Diego | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Andaz Savannah | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 2,680 | |||
Buildings and Improvements | 36,212 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 3,774 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 2,680 | |||
Buildings and Improvements | 39,986 | |||
Total | 42,666 | |||
Accumulated Depreciation | $ 10,905 | |||
Hotel | Andaz Savannah | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Andaz Savannah | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Bohemian Hotel Celebration, an Autograph Collection Hotel, Celebration, FL | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 1,232 | |||
Buildings and Improvements | 19,000 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 3,180 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 1,232 | |||
Buildings and Improvements | 22,180 | |||
Total | 23,412 | |||
Accumulated Depreciation | $ 7,324 | |||
Hotel | Bohemian Hotel Celebration, an Autograph Collection Hotel, Celebration, FL | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Bohemian Hotel Celebration, an Autograph Collection Hotel, Celebration, FL | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Bohemian Hotel Savannah Riverfront | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 2,300 | |||
Buildings and Improvements | 24,240 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 2,259 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 2,300 | |||
Buildings and Improvements | 26,499 | |||
Total | 28,799 | |||
Accumulated Depreciation | $ 10,631 | |||
Hotel | Bohemian Hotel Savannah Riverfront | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Bohemian Hotel Savannah Riverfront | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Buckhead Atlanta - Lease Restaurant | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 364 | |||
Buildings and Improvements | 2,349 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 0 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 364 | |||
Buildings and Improvements | 2,349 | |||
Total | 2,713 | |||
Accumulated Depreciation | $ 173 | |||
Hotel | Buckhead Atlanta - Lease Restaurant | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Buckhead Atlanta - Lease Restaurant | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Fairmont Dallas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 8,700 | |||
Buildings and Improvements | 60,634 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 23,451 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 8,700 | |||
Buildings and Improvements | 84,085 | |||
Total | 92,785 | |||
Accumulated Depreciation | $ 40,114 | |||
Hotel | Fairmont Dallas | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Fairmont Dallas | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Fairmont Pittsburgh | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 3,378 | |||
Buildings and Improvements | 27,101 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 426 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 3,378 | |||
Buildings and Improvements | 27,527 | |||
Total | 30,905 | |||
Accumulated Depreciation | $ 1,615 | |||
Hotel | Fairmont Pittsburgh | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Fairmont Pittsburgh | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Grand Bohemian Hotel Charleston, Autograph Collection | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 4,550 | |||
Buildings and Improvements | 26,582 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 281 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 4,550 | |||
Buildings and Improvements | 26,863 | |||
Total | 31,413 | |||
Accumulated Depreciation | $ 5,810 | |||
Hotel | Grand Bohemian Hotel Charleston, Autograph Collection | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Grand Bohemian Hotel Charleston, Autograph Collection | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Grand Bohemian Hotel Mountain Brook, Autograph Collection | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 2,000 | |||
Buildings and Improvements | 42,246 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 611 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 2,000 | |||
Buildings and Improvements | 42,857 | |||
Total | 44,857 | |||
Accumulated Depreciation | $ 9,509 | |||
Hotel | Grand Bohemian Hotel Mountain Brook, Autograph Collection | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Grand Bohemian Hotel Mountain Brook, Autograph Collection | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Grand Bohemian Hotel Orlando, an Autograph Collection Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 58,286 | |||
Initial cost | ||||
Land | 7,739 | |||
Buildings and Improvements | 75,510 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 4,845 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 7,739 | |||
Buildings and Improvements | 80,355 | |||
Total | 88,094 | |||
Accumulated Depreciation | $ 27,086 | |||
Hotel | Grand Bohemian Hotel Orlando, an Autograph Collection Hotel | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Grand Bohemian Hotel Orlando, an Autograph Collection Hotel | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Hotel Commonwealth | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 0 | |||
Buildings and Improvements | 114,085 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 1,616 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 115,701 | |||
Total | 115,701 | |||
Accumulated Depreciation | $ 21,095 | |||
Hotel | Hotel Commonwealth | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Hotel Commonwealth | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Hyatt Centric Key West Resort & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 40,986 | |||
Buildings and Improvements | 34,529 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 7,353 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 40,986 | |||
Buildings and Improvements | 41,882 | |||
Total | 82,868 | |||
Accumulated Depreciation | $ 13,669 | |||
Hotel | Hyatt Centric Key West Resort & Spa | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Hyatt Centric Key West Resort & Spa | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Hyatt Regency Grand Cypress | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 17,867 | |||
Buildings and Improvements | 183,463 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 49,545 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 17,867 | |||
Buildings and Improvements | 233,008 | |||
Total | 250,875 | |||
Accumulated Depreciation | $ 25,289 | |||
Hotel | Hyatt Regency Grand Cypress | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Hyatt Regency Grand Cypress | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Hyatt Regency Portland at the Oregon Convention Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 24,669 | |||
Buildings and Improvements | 161,931 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 0 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 24,669 | |||
Buildings and Improvements | 161,931 | |||
Total | 186,600 | |||
Accumulated Depreciation | $ 0 | |||
Hotel | Hyatt Regency Portland at the Oregon Convention Center | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Hyatt Regency Portland at the Oregon Convention Center | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Hyatt Regency Santa Clara | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 0 | |||
Buildings and Improvements | 100,227 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 21,399 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 121,626 | |||
Total | 121,626 | |||
Accumulated Depreciation | $ 39,814 | |||
Hotel | Hyatt Regency Santa Clara | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Hyatt Regency Santa Clara | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Hyatt Regency Scottsdale Resort and Spa at Gainey Ranch | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 71,211 | |||
Buildings and Improvements | 145,600 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 7,825 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 71,211 | |||
Buildings and Improvements | 153,425 | |||
Total | 224,636 | |||
Accumulated Depreciation | $ 18,130 | |||
Hotel | Hyatt Regency Scottsdale Resort and Spa at Gainey Ranch | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Hyatt Regency Scottsdale Resort and Spa at Gainey Ranch | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Key West Bottling Court Retail Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 4,144 | |||
Buildings and Improvements | 2,682 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 528 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 4,144 | |||
Buildings and Improvements | 3,210 | |||
Total | 7,354 | |||
Accumulated Depreciation | $ 477 | |||
Hotel | Key West Bottling Court Retail Center | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Key West Bottling Court Retail Center | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Kimpton Canary Santa Barbara Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 22,361 | |||
Buildings and Improvements | 57,822 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 1,651 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 22,361 | |||
Buildings and Improvements | 59,473 | |||
Total | 81,834 | |||
Accumulated Depreciation | $ 12,299 | |||
Hotel | Kimpton Canary Santa Barbara Hotel | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Kimpton Canary Santa Barbara Hotel | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Kimpton Hotel Monaco Chicago | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 15,056 | |||
Buildings and Improvements | 40,841 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 14,453 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 15,056 | |||
Buildings and Improvements | 55,294 | |||
Total | 70,350 | |||
Accumulated Depreciation | $ 16,444 | |||
Hotel | Kimpton Hotel Monaco Chicago | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Kimpton Hotel Monaco Chicago | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Kimpton Hotel Monaco Denver | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 5,742 | |||
Buildings and Improvements | 69,158 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 11,226 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 5,742 | |||
Buildings and Improvements | 80,384 | |||
Total | 86,126 | |||
Accumulated Depreciation | $ 24,248 | |||
Hotel | Kimpton Hotel Monaco Denver | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Kimpton Hotel Monaco Denver | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Kimpton Hotel Monaco Salt Lake City | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 1,777 | |||
Buildings and Improvements | 56,156 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 4,715 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 1,777 | |||
Buildings and Improvements | 60,871 | |||
Total | 62,648 | |||
Accumulated Depreciation | $ 18,767 | |||
Hotel | Kimpton Hotel Monaco Salt Lake City | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Kimpton Hotel Monaco Salt Lake City | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Kimpton Hotel Palomar Philadelphia | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 58,000 | |||
Initial cost | ||||
Land | 9,060 | |||
Buildings and Improvements | 90,909 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 3,064 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 9,060 | |||
Buildings and Improvements | 93,973 | |||
Total | 103,033 | |||
Accumulated Depreciation | $ 20,087 | |||
Hotel | Kimpton Hotel Palomar Philadelphia | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Kimpton Hotel Palomar Philadelphia | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Kimpton Lorien Hotel And Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 4,365 | |||
Buildings and Improvements | 40,888 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 4,189 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 4,365 | |||
Buildings and Improvements | 45,077 | |||
Total | 49,442 | |||
Accumulated Depreciation | $ 16,329 | |||
Hotel | Kimpton Lorien Hotel And Spa | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Kimpton Lorien Hotel And Spa | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Kimpton RiverPlace Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 18,322 | |||
Buildings and Improvements | 46,664 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 4,395 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 18,322 | |||
Buildings and Improvements | 51,059 | |||
Total | 69,381 | |||
Accumulated Depreciation | $ 11,431 | |||
Hotel | Kimpton RiverPlace Hotel | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Kimpton RiverPlace Hotel | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Loews New Orleans Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 3,529 | |||
Buildings and Improvements | 70,652 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 8,382 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 3,529 | |||
Buildings and Improvements | 79,034 | |||
Total | 82,563 | |||
Accumulated Depreciation | $ 23,271 | |||
Hotel | Loews New Orleans Hotel | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Loews New Orleans Hotel | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Marriott Charleston Town Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 0 | |||
Buildings and Improvements | 26,647 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 9,621 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 36,268 | |||
Total | 36,268 | |||
Accumulated Depreciation | $ 17,657 | |||
Hotel | Marriott Charleston Town Center | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Marriott Charleston Town Center | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Marriott Dallas Downtown | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 51,000 | |||
Initial cost | ||||
Land | 6,300 | |||
Buildings and Improvements | 45,158 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 38,501 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 6,300 | |||
Buildings and Improvements | 83,659 | |||
Total | 89,959 | |||
Accumulated Depreciation | $ 37,244 | |||
Hotel | Marriott Dallas Downtown | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Marriott Dallas Downtown | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Marriott Napa Valley Hotel & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 14,800 | |||
Buildings and Improvements | 57,223 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 17,875 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 14,800 | |||
Buildings and Improvements | 75,098 | |||
Total | 89,898 | |||
Accumulated Depreciation | $ 27,124 | |||
Hotel | Marriott Napa Valley Hotel & Spa | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Marriott Napa Valley Hotel & Spa | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Marriott San Francisco Airport Waterfront | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 115,000 | |||
Initial cost | ||||
Land | 36,700 | |||
Buildings and Improvements | 72,370 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 32,918 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 36,700 | |||
Buildings and Improvements | 105,288 | |||
Total | 141,988 | |||
Accumulated Depreciation | $ 44,035 | |||
Hotel | Marriott San Francisco Airport Waterfront | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Marriott San Francisco Airport Waterfront | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Marriott Woodlands Waterway Hotel & Convention Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 5,500 | |||
Buildings and Improvements | 98,886 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 28,896 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 5,500 | |||
Buildings and Improvements | 127,782 | |||
Total | 133,282 | |||
Accumulated Depreciation | 57,257 | |||
Hotel | Marriott Woodlands Waterway Hotel & Convention Center | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Marriott Woodlands Waterway Hotel & Convention Center | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Park Hyatt Aviara Resort Golf Club & Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost | ||||
Land | 33,252 | |||
Buildings and Improvements | 135,320 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 13,874 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 33,252 | |||
Buildings and Improvements | 149,194 | |||
Total | 182,446 | |||
Accumulated Depreciation | 6,197 | |||
Hotel | Park Hyatt Aviara Resort Golf Club & Spa | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Park Hyatt Aviara Resort Golf Club & Spa | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Renaissance Atlanta Waverly Hotel & Convention Center | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 100,000 | |||
Initial cost | ||||
Land | 6,834 | |||
Buildings and Improvements | 90,792 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 18,348 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 6,834 | |||
Buildings and Improvements | 109,140 | |||
Total | 115,974 | |||
Accumulated Depreciation | 40,966 | |||
Hotel | Renaissance Atlanta Waverly Hotel & Convention Center | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Renaissance Atlanta Waverly Hotel & Convention Center | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Renaissance Austin Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost | ||||
Land | 10,656 | |||
Buildings and Improvements | 97,960 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 17,163 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 10,656 | |||
Buildings and Improvements | 115,123 | |||
Total | 125,779 | |||
Accumulated Depreciation | 44,509 | |||
Hotel | Renaissance Austin Hotel | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Renaissance Austin Hotel | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Residence Inn Boston Cambridge | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 60,731 | |||
Initial cost | ||||
Land | 10,346 | |||
Buildings and Improvements | 72,735 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | (1,405) | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 10,346 | |||
Buildings and Improvements | 71,330 | |||
Total | 81,676 | |||
Accumulated Depreciation | 29,906 | |||
Hotel | Residence Inn Boston Cambridge | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Residence Inn Boston Cambridge | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Royal Palms Resort and Spa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost | ||||
Land | 33,912 | |||
Buildings and Improvements | 50,205 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 2,874 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 33,912 | |||
Buildings and Improvements | 53,079 | |||
Total | 86,991 | |||
Accumulated Depreciation | 6,882 | |||
Hotel | Royal Palms Resort and Spa | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Royal Palms Resort and Spa | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | The Ritz-Carlton, Denver | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost | ||||
Land | 15,132 | |||
Buildings and Improvements | 84,145 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 2,153 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 15,132 | |||
Buildings and Improvements | 86,298 | |||
Total | 101,430 | |||
Accumulated Depreciation | 5,269 | |||
Hotel | The Ritz-Carlton, Denver | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | The Ritz-Carlton, Denver | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | The Ritz-Carlton, Pentagon City | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 65,000 | |||
Initial cost | ||||
Land | 0 | |||
Buildings and Improvements | 103,568 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 4,448 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 108,016 | |||
Total | 108,016 | |||
Accumulated Depreciation | 11,861 | |||
Hotel | The Ritz-Carlton, Pentagon City | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | The Ritz-Carlton, Pentagon City | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Waldorf Astoria Atlanta Buckhead | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost | ||||
Land | 8,385 | |||
Buildings and Improvements | 49,115 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 1,706 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 8,385 | |||
Buildings and Improvements | 50,821 | |||
Total | 59,206 | |||
Accumulated Depreciation | 2,330 | |||
Hotel | Waldorf Astoria Atlanta Buckhead | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Waldorf Astoria Atlanta Buckhead | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Westin Galleria Houston | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost | ||||
Land | 7,842 | |||
Buildings and Improvements | 112,850 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 41,888 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 7,842 | |||
Buildings and Improvements | 154,738 | |||
Total | 162,580 | |||
Accumulated Depreciation | 43,644 | |||
Hotel | Westin Galleria Houston | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Westin Galleria Houston | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years | |||
Hotel | Westin Oaks Houston at the Galleria | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 0 | |||
Initial cost | ||||
Land | 4,262 | |||
Buildings and Improvements | 96,090 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 29,909 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 4,262 | |||
Buildings and Improvements | 125,999 | |||
Total | 130,261 | |||
Accumulated Depreciation | $ 35,619 | |||
Hotel | Westin Oaks Houston at the Galleria | Minimum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 5 years | |||
Hotel | Westin Oaks Houston at the Galleria | Maximum | ||||
Gross amount at which carried at end of period | ||||
Useful Life for Depreciation | 30 years |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Properties Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of year | $ 3,591,097 | $ 3,319,305 | $ 3,063,564 |
Acquisitions | 186,600 | 358,541 | 605,826 |
Capital improvements | 90,490 | 102,904 | 84,290 |
Disposals and write-offs | (115,079) | (189,653) | (258,150) |
Properties classified as held for sale | 0 | 0 | (176,225) |
Balance at end of year | $ 3,753,108 | $ 3,591,097 | $ 3,319,305 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | $ 715,949 | $ 628,450 | $ 619,975 |
Depreciation expense, continuing operations | 151,936 | 154,126 | 139,726 |
Depreciation expense, properties classified as held for sale | 0 | 0 | 8,808 |
Accumulated depreciation, properties classified as held for sale | 0 | 0 | (32,975) |
Disposals and write-offs | (41,147) | (66,627) | (107,084) |
Balance at end of year | $ 826,738 | $ 715,949 | $ 628,450 |
Building and improvements | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Life for Depreciation | 30 years | ||
Minimum | Furniture fixtures and equipment | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Life for Depreciation | 5 years | ||
Maximum | Furniture fixtures and equipment | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Life for Depreciation | 15 years |