Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Feb. 28, 2022 | Jun. 30, 2021 | |
Cover [Abstract] | |||
Entity Central Index Key | 0001616000 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36594 | ||
Entity Registrant Name | Xenia Hotels & Resorts, Inc. | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 2,120 | ||
Entity Common Stock, Shares Outstanding | 114,320,592 | ||
Documents Incorporated by Reference | The registrant incorporates by reference portions of its Definitive Proxy Statement for the 2022 Annual Meeting of Stockholders, which is expected to be held on May 17, 2022, into Part III of this Form 10-K to the extent stated herein. |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Audit Information [Abstract] | |
Auditor Name | KPMG, LLP |
Auditor Location | Orlando, FL |
Auditor Firm ID | 185 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Investment properties: | ||
Land | $ 431,427 | $ 446,855 |
Buildings and other improvements | 2,856,671 | 2,949,114 |
Total | 3,288,098 | 3,395,969 |
Less: accumulated depreciation | (888,717) | (827,501) |
Net investment properties | 2,399,381 | 2,568,468 |
Cash and cash equivalents | 517,377 | 389,823 |
Restricted cash and escrows | 36,854 | 38,963 |
Accounts and rents receivable, net of allowance for doubtful accounts | 28,528 | 8,966 |
Intangible assets, net of accumulated amortization (Note 5 and Note 8) | 5,446 | 6,456 |
Other assets | 65,109 | 66,927 |
Assets held for sale (Note 4) | 34,621 | 0 |
Total assets | 3,087,316 | 3,079,603 |
Liabilities | ||
Debt, net of loan premiums, discounts and unamortized deferred financing costs (Note 6) | 1,494,231 | 1,374,480 |
Accounts payable and accrued expenses | 84,051 | 62,676 |
Other liabilities | 68,648 | 75,584 |
Liabilities associated with assets held for sale (Note 4) | 2,305 | 0 |
Total liabilities | 1,649,235 | 1,512,740 |
Commitments and Contingencies (Note 13) | ||
Stockholders' equity | ||
Common stock, $0.01 par value, 500,000,000 shares authorized, 114,306,727 and 113,755,513 shares issued and outstanding as of December 31, 2021 and December 31, 2020, respectively | 1,143 | 1,138 |
Additional paid in capital | 2,090,393 | 2,080,364 |
Accumulated other comprehensive loss | (4,089) | (14,425) |
Accumulated distributions in excess of net earnings | (656,461) | (513,002) |
Total Company stockholders' equity | 1,430,986 | 1,554,075 |
Non-controlling interests | 7,095 | 12,788 |
Total equity | 1,438,081 | 1,566,863 |
Total liabilities and equity | $ 3,087,316 | $ 3,079,603 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
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) | 114,306,727 | 113,755,513 |
Common stock, shares outstanding (in shares) | 114,306,727 | 113,755,513 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Revenues: | |||
Revenues | $ 616,188 | $ 369,776 | $ 1,149,087 |
Expenses: | |||
Total hotel operating expenses | 446,047 | 351,533 | 772,857 |
Depreciation and amortization | 129,393 | 146,511 | 155,128 |
Real estate taxes, personal property taxes and insurance | 40,888 | 50,955 | 50,184 |
Ground lease expense | 1,153 | 2,031 | 4,403 |
General and administrative expenses | 30,776 | 30,402 | 30,732 |
Gain on business interruption insurance | (1,602) | 0 | (823) |
Acquisition, terminated transaction and pre-opening expenses | 1 | 994 | 954 |
Impairment and other losses | 30,416 | 29,044 | 24,171 |
Total expenses | 677,072 | 611,470 | 1,037,606 |
Operating (loss) income | (60,884) | (241,694) | 111,481 |
(Loss) Gain on sale of investment properties | (75) | 93,630 | (947) |
Other (loss) income | (2,297) | 28,911 | 895 |
Interest expense | (81,285) | (61,975) | (48,605) |
Loss on extinguishment of debt | (1,356) | (1,625) | (214) |
Net (loss) income before income taxes | (145,897) | (182,753) | 62,610 |
Income tax (expense) benefit | (718) | 15,867 | (5,367) |
Net (loss) income | (146,615) | (166,886) | 57,243 |
Net loss (income) attributable to non-controlling interests | 3,098 | 3,556 | (1,843) |
Net (loss) income attributable to common stockholders | $ (143,517) | $ (163,330) | $ 55,400 |
Basic and diluted (loss) earnings per share | |||
Net (loss) income per share available to common stockholders - basic (in dollars per share) | $ (1.26) | $ (1.44) | $ 0.49 |
Net (loss) income per share available to common stockholders - diluted (in dollars per share) | $ (1.26) | $ (1.44) | $ 0.49 |
Weighted-average number of common shares, basic (in shares) | 113,801,862 | 113,489,015 | 112,636,123 |
Weighted-average number of common shares, diluted (in shares) | 113,801,862 | 113,489,015 | 112,918,598 |
Comprehensive (Loss) Income: | |||
Net (loss) income | $ (146,615) | $ (166,886) | $ 57,243 |
Other comprehensive (loss) income: | |||
Unrealized gain (loss) on interest rate derivative instruments | 2,991 | (18,133) | (14,401) |
Reclassification adjustment for amounts recognized in net (loss) income (interest expense) | 7,597 | 7,969 | (3,510) |
Comprehensive (loss) income, including portion attributable to noncontrolling interests | (136,027) | (177,050) | 39,332 |
Comprehensive (loss) income attributable to non-controlling interests: | |||
Comprehensive loss (income) attributable to non-controlling interests | 2,846 | 3,891 | (1,270) |
Comprehensive (loss) income attributable to the Company | (133,181) | (173,159) | 38,062 |
Rooms | |||
Revenues: | |||
Revenues | 377,020 | 217,960 | 686,485 |
Expenses: | |||
Expenses | 93,538 | 71,986 | 162,853 |
Food and beverage | |||
Revenues: | |||
Revenues | 173,035 | 105,857 | 382,031 |
Expenses: | |||
Expenses | 125,233 | 93,487 | 247,487 |
Other | |||
Revenues: | |||
Revenues | 66,133 | 45,959 | 80,571 |
Other direct | |||
Expenses: | |||
Other expenses | 18,258 | 12,996 | 30,076 |
Other indirect | |||
Expenses: | |||
Other expenses | 186,517 | 161,418 | 285,920 |
Management and franchise fees | |||
Expenses: | |||
Expenses | $ 22,501 | $ 11,646 | $ 46,521 |
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 of Operating Partnership |
Beginning balance (in shares) at Dec. 31, 2018 | 112,583,990 | |||||
Beginning balance at Dec. 31, 2018 | $ 1,852,705 | $ 1,126 | $ 2,059,699 | $ 12,742 | $ (249,654) | $ 28,792 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | $ 57,243 | 55,400 | 1,843 | |||
Repurchase of common shares, net (in shares) | 0 | |||||
Dividends, common share / units | $ (126,129) | (124,180) | (1,949) | |||
Share-based compensation (in shares) | 120,885 | |||||
Share-based compensation | 9,923 | $ 1 | 1,898 | 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 gain (loss) on interest rate derivative instruments | (14,401) | (13,940) | (461) | |||
Reclassification adjustment for amounts recognized in net income (loss) | (3,510) | (3,398) | (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 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | $ (166,886) | (163,330) | (3,556) | |||
Repurchase of common shares, net (in shares) | (165,516) | (165,516) | ||||
Repurchase of common shares, net | $ (2,264) | $ (2) | (2,262) | |||
Dividends, common share / units | (31,561) | (31,238) | (323) | |||
Share-based compensation (in shares) | 176,229 | |||||
Share-based compensation | 11,922 | $ 2 | 3,277 | 8,643 | ||
Shares redeemed to satisfy tax withholding on vested share-based compensation (in shares) | (48,489) | |||||
Shares redeemed to satisfy tax withholding on vested share-based compensation | (719) | $ (1) | (718) | |||
Redemption of Operating Partnership Units (in shares) | 1,122,532 | |||||
Redemption of Operating Partnership Units | (8,623) | $ 12 | 19,143 | (27,778) | ||
Unrealized gain (loss) on interest rate derivative instruments | (18,133) | (17,611) | (522) | |||
Reclassification adjustment for amounts recognized in net income (loss) | 7,969 | 7,782 | 187 | |||
Ending balance (in shares) at Dec. 31, 2020 | 113,755,513 | |||||
Ending balance at Dec. 31, 2020 | 1,566,863 | $ 1,138 | 2,080,364 | (14,425) | (513,002) | 12,788 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net income (loss) | $ (146,615) | (143,517) | (3,098) | |||
Repurchase of common shares, net (in shares) | 0 | |||||
Dividends, common share / units | 0 | |||||
Share-based compensation (in shares) | 205,806 | |||||
Share-based compensation | $ 12,293 | $ 2 | 3,399 | 58 | 8,834 | |
Shares redeemed to satisfy tax withholding on vested share-based compensation (in shares) | (54,514) | |||||
Shares redeemed to satisfy tax withholding on vested share-based compensation | (960) | $ (1) | (959) | |||
Redemption of Operating Partnership Units (in shares) | 399,922 | |||||
Redemption of Operating Partnership Units | (4,088) | $ 4 | 7,589 | (11,681) | ||
Unrealized gain (loss) on interest rate derivative instruments | 2,991 | 2,923 | 68 | |||
Reclassification adjustment for amounts recognized in net income (loss) | 7,597 | 7,413 | 184 | |||
Ending balance (in shares) at Dec. 31, 2021 | 114,306,727 | |||||
Ending balance at Dec. 31, 2021 | $ 1,438,081 | $ 1,143 | $ 2,090,393 | $ (4,089) | $ (656,461) | $ 7,095 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | ||
Dividends, common share / units (in dollars per share/unit) | $ 0.275 | $ 1.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows from operating activities: | |||
Net (loss) income | $ (146,615) | $ (166,886) | $ 57,243 |
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | |||
Depreciation | 128,323 | 143,941 | 152,270 |
Non-cash ground rent and amortization of other intangibles | 1,070 | 2,613 | 3,060 |
Amortization of debt premiums, discounts, and financing costs | 5,952 | 3,874 | 2,452 |
Loss on extinguishment of debt | 1,356 | 1,625 | 214 |
Loss (gain) on sale of investment properties | 75 | (93,630) | 947 |
Impairment and other losses | 28,899 | 29,044 | 24,171 |
Share-based compensation expense | 11,615 | 10,930 | 9,380 |
Deferred interest expense | 0 | 3,451 | 0 |
Other non-cash adjustments | 0 | 508 | 0 |
Changes in assets and liabilities: | |||
Accounts and rents receivable | (19,676) | 27,352 | (1,764) |
Other assets | (3,693) | (12,459) | (4,318) |
Accounts payable and accrued expenses | 24,062 | (23,289) | 2,417 |
Other liabilities | 9,395 | (4,796) | 498 |
Net cash provided by (used in) operating activities | 40,763 | (77,722) | 246,570 |
Cash flows from investing activities: | |||
Purchase of investment properties | 0 | 0 | (190,024) |
Capital expenditures | (31,819) | (69,228) | (93,036) |
Proceeds from sale of investment properties | 4,717 | 320,416 | 60,172 |
Performance guaranty payments | 2,892 | 3,000 | 0 |
Net cash (used in) provided by investing activities | (24,210) | 254,188 | (222,888) |
Cash flows from financing activities: | |||
Payoffs of mortgage debt | (56,750) | (51,000) | (104,857) |
Principal payments of mortgage debt | (5,991) | (2,215) | (3,606) |
Proceeds from Corporate Credit Facility Term Loans | 0 | 0 | 85,000 |
Principal payments on Corporate Credit Facility Term Loans | (150,000) | (300,000) | 0 |
Proceeds from draws on the Revolving Credit Facility | 0 | 340,000 | 160,000 |
Payments on the Revolving Credit Facility | (163,093) | (336,907) | 0 |
Proceeds from Senior Notes | 500,000 | 500,500 | 0 |
Payment of loan fees and issuance costs | (10,233) | (18,143) | (418) |
Repurchase of common shares | 0 | (2,264) | 0 |
Redemption of Operating Partnership Units | (4,088) | (8,623) | 0 |
Dividends and dividend equivalents | (54) | (63,162) | (125,865) |
Shares redeemed to satisfy tax withholding on vested share-based compensation | (899) | (812) | (598) |
Net cash provided by financing activities | 108,892 | 57,374 | 9,656 |
Net increase in cash and cash equivalents and restricted cash | 125,445 | 233,840 | 33,338 |
Cash and cash equivalents and restricted cash, at beginning of year | 428,786 | 194,946 | 161,608 |
Cash and cash equivalents and restricted cash, at end of year | 554,231 | 428,786 | 194,946 |
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: | |||
Cash and cash equivalents | 517,377 | 389,823 | 110,841 |
Restricted cash | 36,854 | 38,963 | 84,105 |
Total cash and cash equivalents and restricted cash shown in the statements of cash flows | 554,231 | 428,786 | 194,946 |
The following represents cash paid during the periods presented for the following: | |||
Cash paid for interest, net of capitalized interest | 74,022 | 43,961 | 46,526 |
Cash paid for income taxes | 274 | 1,621 | 4,339 |
Cash acquired as part of asset acquisition | 0 | 0 | 600 |
Supplemental schedule of non-cash investing and financing activities: | |||
Accrued capital expenditures | 848 | 2,022 | 2,079 |
Adjustment to record right of use asset and lease liability, net | 0 | 0 | 28,072 |
Distributions payable | 89 | 202 | 31,802 |
Mortgage assumed by buyer related to sale of investment property | $ 0 | $ 60,269 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2021 | |
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 lodging markets as well as key leisure destinations in the United States ("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, 2021, the Company collectively owned 97.9% of the common limited partnership units issued by the Operating Partnership ("Operating Partnership Units"). The remaining 2.1% of the Operating Partnership Units are owned by the other limited partners comprised of certain of our executive officers and members of our Board of Directors and includes vested and 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 REIT, the Company cannot operate or manage its hotels. Therefore, the Operating Partnership and its subsidiaries lease the hotel properties to XHR Holding, Inc. and its subsidiaries (collectively with its subsidiaries, "XHR Holding"), the Company's taxable REIT subsidiary ("TRS"), which engages third-party eligible independent contractors to manage the hotels. As of December 31, 2021, the Company owned 34 lodging properties with a total of 9,659 rooms (unaudited). As of December 31, 2020, the Company owned 35 lodging properties with a total of 10,011 rooms (unaudited). As of December 31, 2019, the Company owned 39 lodging properties with 11,245 rooms (unaudited). Impact of COVID-19 on our Business The onset and global spread of the COVID-19 pandemic led federal, state and local governments in the United States to impose measures intended to control its spread, including restrictions on freedom of movement and business operations such as travel bans, border closings, business closures, school closures, quarantines, shelter-in-place orders and social distancing requirements, and also to implement phased, multi-step policies of re-opening regions of the country. The effects of the COVID-19 pandemic on the hotel industry have been significant and unprecedented with global demand for lodging drastically reduced and occupancy levels reaching historic lows in 2020 and continuing into 2021. As a result of the COVID-19 pandemic, the majority of the Company's hotels and resorts temporarily suspended operations for certain periods of time during 2020. All of the Company's lodging properties had resumed operations by end of May 2021. Leisure demand gradually improved during the second half of 2020, a trend that accelerated during the first seven months of 2021. The Company also began to see increasing levels of demand for both business transient and group business during the second quarter and into July 2021. In August and September 2021, however, the Company began to experience a softening in demand due to the impact of the Delta variant and a seasonal decline in leisure demand. Occupancy rebounded in October and November 2021 before declining again in December 2021 as COVID-19 case counts, positivity ratios and hospitalizations began to increase in many parts of the U.S. Additionally, many companies delayed their office re-openings and return to work timelines and the Company began to experience group business cancellations for meetings being held in early 2022. There remains significant uncertainty regarding the pace of recovery and whether and when business travel and larger group meetings will return to pre-pandemic levels. The Company may be impacted by, among other things, the distribution and acceptance of COVID-19 vaccines and boosters, breakthrough cases, and new variants of COVID-19, as well as the ongoing local and national response to the virus including indoor mask mandates, group size limitations and other restrictions. As the recovery continues, we expect that the pace will vary from market to market and may be uneven in nature. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The 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, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Corporate costs associated with our executive offices, personnel and other administrative costs are reflected as general and administrative expenses. 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. Reclassifications Certain prior year amounts in these consolidated financial statements have been reclassified to conform to the presentation as of and for the year ended December 31, 2021. 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 As a result of the COVID-19 pandemic, the majority of the Company's hotels and resorts temporarily suspended operations for certain periods of time during 2020. All of the Company's hotels had resumed operations by the end of May 2021. The Company's portfolio consists of luxury and upper upscale hotels and resorts, which generally offer restaurant and bar venues, large meeting facilities and event space, and amenities, including spas and golf courses, some of which may have limited operations or may not be able to operate during the recovery in order to comply with implemented safety measures, ongoing or reimplemented restrictions and to accommodate reduced levels of demand. The Company continues to monitor the evolving situation and guidance from federal, state and local governmental and public health authorities and additional actions may be taken or required based on their recommendations and regulations in place. Under these circumstances, there may be developments that require further adjustments to operations. The Company cannot predict with certainty whether and when business levels will return to normalized levels after the effects of the pandemic subside or whether hotels that have recommenced operations will be forced to suspend operations or impose additional restrictions due to future variants of COVID-19. The Company expects that recovery in the lodging industry, particularly with respect to business transient and group business, will continue to lag behind the recovery of other industries and factors such as public health (including a significant increase in variant strains of COVID-19 cases), availability and effectiveness of COVID-19 vaccines/boosters and therapeutics, the level of acceptance of the vaccine by the general population and the economic and geopolitical environments may impact the timing, extent and pace of such recovery. Additionally, the effects of the pandemic could materially and adversely affect the Company's ability to consummate acquisitions and dispositions of hotel properties in the near term. The Company cannot predict with certainty the full extent and duration of the effects of the COVID-19 pandemic on its business, operating margins, results of operations, cash flows, financial condition, the market price of its common stock, its ability to make distributions to its shareholders, its access to equity and credit markets or its ability to service its indebtedness. Further, we continue to monitor and evaluate the challenges associated with the evolving workforce landscape, particularly related to industry-wide labor shortages and expected increases in wages as well as ongoing supply chain issues which may impact the hotels' ability to source operating supplies and other materials. For the year ended December 31, 2021, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida, Phoenix, Arizona, San Diego, California, and Houston, Texas markets that exceeded 10% of total revenues for the period then ended. For the year ended December 31, 2020, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida and Phoenix, Arizona markets that exceeded 10% of total revenues for the period then ended. For the year ended December 31, 2019, the Company had a geographical concentration of revenues generated from hotels in the Orlando, Florida market that exceeded 10% of total revenues for the period then ended. Further, over 30% of the Company's total revenues for the years ended December 31, 2021, 2020 and 2019, respectively, were concentrated in its five largest hotels. In addition, as of December 31, 2021, approximately 23%, 20%, and 13% of total rooms were located in Texas, California and Florida, respectively (unaudited). The concentration of hotels in a certain region may expose us to risks of adverse legislation or economic developments, such as unfavorable treatment from state authorities, negative trends in the industry sectors that are concentrated in these markets and more severe restrictions related to the COVID-19 pandemic, that are greater than if the portfolio were more geographically diverse. These economic developments include regional economic downturns, significant increases in the number of competitive hotels in these markets and potentially higher local property, sales and income taxes in the geographic markets and jurisdictions in which the portfolio is concentrated. In addition, certain hotels may be subject to the effects of adverse acts of nature, such as winter storms, hailstorms, strong winds, tropical storms, hurricanes, wildfires, earthquakes, tornadoes, and tsunamis which have in the past caused flooding and other property damage in specific geographic locations, including in the Texas, California and Florida markets. 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 sheet within equity, separately from the Company’s equity. On the consolidated statement of operations and comprehensive (loss) 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. Net income or loss is allocated to non-controlling interests based on their weighted-average ownership percentage for the applicable period. The consolidated statements 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, 2021, all share-based payments awards are included in permanent equity. As of December 31, 2021, the consolidated results of the Company included the ownership interests of its Operating Partnership Units in the Operating Partnership, which are held by certain of the Company's 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 Restricted cash primarily relates to furniture, fixtures and equipment replacement reserves ("FF&E reserves") as required per the terms of our management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance, capital spending reserves and, at times, disposition related hold back escrows. In response to the COVID-19 pandemic, certain of the Company's third-party managers temporarily suspended required contributions to the FF&E reserves. In addition, in certain cases, the Company had the ability to utilize a portion of these cash balances for hotel operating expenses. The usage of such FF&E reserves was subject to lender approval for hotels encumbered by mortgage loans and, in certain cases, was required to be replenished. As of December 31, 2021, the Company had used $17.8 million of FF&E reserves for working capital purposes and had replenished all required amounts. 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. The Company did not capitalize any interest for the year ended December 31, 2021 and capitalized $0.5 million and $0.8 million for the years ended December 31, 2020 and 2019, respectively. 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 $2.2 million, $2.4 million, and $2.8 million and for the years ended December 31, 2021, 2020 and 2019, respectively. 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. Per the terms of one of our management agreements, the third-party manager has guaranteed certain performance thresholds through December 31, 2023. The performance guaranty is related to one of our hotels for which the Company paid consideration to an affiliate of the respective third-party manager to take assignment of the purchase agreement in order to acquire the hotel. If performance does not meet these established thresholds, the third-party manager is required to reimburse the Company for certain fees and/or pay a performance guaranty as calculated per the terms of the respective agreement. During the year ended December 31, 2021, and 2020, the Company received $2.9 million and $3.0 million, respectively, as a result of these performance thresholds not being met. The proceeds were recorded as a reduction of the initial basis in land and building and other improvements on the same pro rata basis as the original purchase price allocation and will be amortized over the respective remaining useful life. Acquisition of Real Estate Investments in hotel properties, including land and land improvements, building and building improvements, furniture, fixtures and equipment, and identifiable intangible assets and liabilities, 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. 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, fixtures and equipment, inventory, acquired above market and below market leases, in-place lease value (if applicable), advance bookings, and any assumed financing that is determined to have 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 and lost rent payments during an assumed lease up period when calculating 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 or 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 Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets, which includes hotel properties and the related intangible 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 (1) a hotel property experiences a significant decrease in the market price of the long-lived asset, (2) a hotel property experiences a current or projected loss from operations combined with a history of operating or cash flow losses, (3) 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 is significantly in excess of the amount originally expected for the acquisition, construction or renovation of a long-lived asset, (5) adverse changes in demand occur 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) there is 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 or 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, 2021, the Company recorded an impairment loss of $12.6 million for the 352-room Marriott Charleston Town Center to reduce the carrying value of the long-lived asset to its fair value. The impairment was the result of a shortened estimated hold period due to the expected sale. The hotel was sold in November 2021. Additionally, in November 2021, the Company entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago for a sale price of $36.0 million and the buyer funded an at-risk deposit. In accordance with the Company's impairment policy, management estimated the undiscounted cash flows for the scenario of a shortened hold period and for holding the asset long-term. Based on the results of the probability weighted-average undiscounted cash flow analysis, management determined the hotel was impaired as the estimated undiscounted cash flows were less than the carrying value of the hotel as of December 31, 2021. Management determined the impairment loss as the excess of carrying value over estimated fair value. As a result, for the year ended December 31, 2021, the Company recorded an impairment loss of $15.7 million for this property. The hotel was sold in January 2022. Finally, the Company wrote off $0.6 million of previously capitalized design costs related to a renovation project that will no longer be completed due to a change of scope. These impairment losses are included in impairment and other losses on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2021. During the year ended December 31, 2020, the Company recorded an impairment loss of $8.9 million for Renaissance Austin Hotel to reduce the carrying value of the long-lived asset to its fair value. The impairment was the result of a shortened estimated hold period due to the expected sale. The hotel was sold in November 2020. During the year ended December 31, 2019, the Company recorded an impairment loss 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 a shortened estimated hold period. The hotel was sold in December 2019. Refer to Notes 4 and 8 for further information. Involuntary Conversion In August 2021, Hurricane Ida impacted one of the Company's lodging properties, Loews New Orleans Hotel located in New Orleans, Louisiana. As a result, the Company recorded an impairment loss of $0.5 million for the three and nine months ended September 30, 2021, which represented the write off of the estimated historical cost, net of accumulated depreciation, of property damaged during the hurricane. During the three months ended December 31, 2021, the Company determined that it was probable that insurance proceeds would be received for the property damage and recorded a recovery of the $0.5 million. Additionally, for the year ended December 31, 2021, the Company expensed $1.1 million of hurricane-related repair and cleanup costs related to Loews New Orleans Hotel which sustained damage from Hurricane Ida as well as $0.4 million of storm-related repair and cleanup costs related to two hotels that sustained damage as a result of the Texas winter storms in February 2021. These amounts are included in impairment and other losses on the consolidated statement of operations and comprehensive loss for the period then ended. Any insurance proceeds received in excess of the recorded loss will be treated as a gain and will not be recorded until contingencies are resolved. 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 qualitative 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 analysis to identify and measure impairment. The fair value of goodwill is based on either the direct capitalization method 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). 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 but only to the extent the value of goodwill is reduced to zero. As of December 31, 2021 and 2020, the Company had goodwill of $4.9 million, which is included in intangible assets, net of accumulated amortization on the consolidated balance sheets. During the year ended December 31, 2020, the Company determined the carrying values of goodwill related to Andaz Savannah and Bohemian Hotel Savannah Riverfront, Autograph Collection, were in excess of their fair values and therefore recorded an impairment charge of $20.1 million related to these two hotels. 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 Notes 5 and 8 for further information. Impairment estimates 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, including the uncertainty regarding the extent and duration of the effects of the COVID-19 pandemic on our operations, along with the capitalization and discount rates used to determine these estimates are complex and subjective. The determination of fair value 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. 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 For leases with terms longer than 12 months, the Company evaluates the lease at commencement to determine if the lease is an operating or finance lease and recognizes a right-of-use asset and lease liability on the balance sheet. If a lease includes variable lease payments that are based on an index or rate, such as the Consumer 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 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. If the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. 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 lease's 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 (loss) income. Percentage rent is recognized at the point in time in which the underlying thresholds are achieved and percentage rent is earned. 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. No business interruption insurance recovery receivables were accrued as of December 31, 2021. During the year ended December 31, 2021, the Company recognized $1.6 million in business interruption insurance proceeds, of which $1.1 million was attributed to lost revenue associated with cancellations in 2020 related to the COVID-19 pandemic and $0.5 million was attributed to lost income in 2021 as a result of damage from the Texas winter storms in February 2021. 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 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. These amounts are included in gain on business interruption insurance on the consolidated statements of operations and comprehensive (loss) 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; and (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 operati |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenues | Revenues The following represents total revenues disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended Primary Markets December 31, 2021 Orlando, FL $ 78,359 Phoenix, AZ 70,508 San Diego, CA 64,874 Houston, TX 62,082 Atlanta, GA 36,890 Denver, CO 36,858 Dallas, TX 33,148 Washington, DC-MD-VA 25,777 Florida Keys 25,468 San Francisco/San Mateo, CA 21,903 Other 160,321 Total $ 616,188 Year Ended Primary Markets December 31, 2020 Orlando, FL $ 45,147 Phoenix, AZ 41,745 Houston, TX 33,785 San Diego, CA 26,701 Atlanta, GA 23,399 Dallas, TX 19,295 San Francisco/San Mateo, CA 18,726 Denver, CO 17,487 Washington, DC-MD-VA 15,223 California North 13,855 Other 114,413 Total $ 369,776 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 |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2021 | |
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 The Company did not acquire any hotels during the years ended December 31, 2021 and 2020. During the year ended December 31, 2019, the Company acquired the following hotel: 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 (1) Funded with $30 million from cash on hand and $160 million of proceeds drawn on the revolving 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. The Company recorded the identifiable assets and liabilities, including intangibles, acquired in the asset acquisition 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 acquired during the year ended December 31, 2019 (in thousands): December 31, 2019 Land $ 24,670 Building and improvements 147,755 Furniture, fixtures, and equipment 14,176 Intangibles and other assets (1) 3,336 Working capital 600 Total purchase price (2) $ 190,537 (1) As part of the purchase price allocation for Hyatt Regency Portland at the Oregon Convention Center, the Company allocated $3.2 million to advance bookings that will be amortized over 6.0 years. (2) During the year ended December 31, 2019, the total cost capitalized included acquisition costs as the transaction was accounted for as an asset acquisition. Dispositions In August 2021, the Company entered into an agreement to sell the 352-room Marriott Charleston Town Center, in Charleston, West Virginia, for $5.0 million. The sale closed in November 2021 and the Company recognized a loss of $75 thousand after previously recording an impairment of $12.6 million. Net cash proceeds from the sale, after transaction closing costs, were $4.7 million. The Company also retained the approximately $2.9 million balance in the FF&E reserve. Proceeds from the sale were used for general corporate purposes. The recognized loss is included in loss on sale of investment properties on the consolidated statement of operations and comprehensive (loss) income for the year ended December 31, 2021. In January 2020, the Company entered into an agreement to sell the 522-room Renaissance Atlanta Waverly Hotel & Convention Center for $155 million. The transaction was initially expected to close in the first quarter of 2020, however, the Company entered into an amendment to the agreement to extend the closing date until July 2020. The transaction did not close as contemplated in the amended agreement and, as a result, the agreement was terminated. The Company received the $7.8 million non-refundable deposit from escrow in August 2020. This was recognized as other income, which is included on the consolidated statement of operations and comprehensive (loss) income for year ended December 31, 2020. In February 2020, the Company entered into an agreement to sell the 492-room Renaissance Austin Hotel for $100.5 million. The transaction was initially expected to close in the first quarter of 2020, however, the Company subsequently entered into an amendment to the agreement that extended the closing until April 2020. The transaction did not close as contemplated by the amended agreement and, as a result, the agreement was terminated. The Company retained the $2.0 million non-refundable deposit and recognized this amount as other income, which is included on the consolidated statement of operations and comprehensive (loss) income for year ended December 31, 2020. In March 2020, the Company entered into an agreement to sell a portfolio of seven Kimpton hotel assets, which included Kimpton Canary Hotel Santa Barbara, Kimpton Hotel Monaco Chicago, Kimpton Hotel Monaco Denver, Kimpton Hotel Monaco Salt Lake City, Kimpton Hotel Palomar Philadelphia, Kimpton Lorien Hotel & Spa and Kimpton RiverPlace Hotel (collectively, the “Kimpton Portfolio”) in an all-cash transaction valued at approximately $483 million, inclusive of $6 million of cash in existing FF&E reserve accounts. In connection with entering into the agreement, a $20 million at-risk deposit was placed in escrow by the buyer. In April 2020, the buyer parties of the Kimpton Portfolio provided notice to the Company alleging the Company breached the agreement to sell the portfolio and purporting to terminate the agreement prior to the closing date. The Company denied the buyers' allegations and rejected the buyers' purported termination. On the scheduled closing date, the buyer parties failed to close on the transaction. As a result of the buyer parties’ failure to close, the Company terminated the agreement and filed a complaint in Delaware Chancery Court seeking disbursement of the $20 million at-risk deposit held in escrow. The parties resolved the matter in July 2020, resulting in the release of $19 million to the Company, plus the Company's pro rata share of the interest earned while held in escrow and a voluntary dismissal of the lawsuit. The Company recognized this amount as other income, which is included on the consolidated statement of operations and comprehensive (loss) income for year ended December 31, 2020. In August 2020, the Company entered into an agreement to sell the 221-room Residence Inn Boston Cambridge in Cambridge, Massachusetts for $107.5 million. The sale closed in October 2020 for a gain of $55.9 million. As part of the transaction, the buyer assumed the mortgage loan collateralized by the hotel with a principal balance of $60.3 million. Net cash proceeds from the sale, after transaction closing costs and the loan assumption by the buyer, were $45.5 million. The Company also retained the approximately $4.4 million of lender tax escrows and FF&E reserves. Proceeds from the sale were used to repay borrowings under the revolving credit facility and for general corporate purposes. Also in August 2020, the Company entered into an agreement to sell the 275-room Marriott Napa Valley Hotel & Spa in Napa, California for $100.1 million. The sale closed in October 2020 for a gain of $37.9 million. Net cash proceeds from the sale, after transaction closing costs, were $98.7 million. The Company also retained the approximately $1.5 million balance in the FF&E reserve. Proceeds from the sale were used to repay borrowings under the revolving credit facility and for general corporate purposes. In September 2020, the Company entered into an agreement to sell the 492-room Renaissance Austin Hotel, in Austin, Texas for $70.0 million. In October 2020, the buyer terminated the agreement but subsequently reinstated the agreement in October 2020, which included the funding of an at-risk deposit. As a result, the Company recorded an impairment loss of approximately $8.9 million as of September 30, 2020, which is included in impairment and other losses on the consolidated statement of operations and comprehensive (loss) income for the year ended December 31, 2020. The sale closed in November 2020 for a gain of $0.2 million. Net cash proceeds from the sale, after transaction closing costs, were $66.7 million. The Company also retained the approximately $4.8 million balance in the FF&E reserve. Proceeds from the sale were used to repay borrowings under the revolving credit facility and for general corporate purposes. In October 2020, the Company entered into an agreement to sell the 245-room Hotel Commonwealth, in Boston, Massachusetts for $113.0 million. The sale closed in November 2020 for a loss of $0.4 million. Net cash proceeds from the sale, after transaction closing costs, were $109.6 million. The Company also retained the approximately $1.8 million balance in the FF&E reserve. Proceeds from the sale were used to repay borrowings under the revolving credit facility and for general corporate purposes. The following represents the disposition details for the properties sold during the years ended December 31, 2021, 2020, and 2019 (in thousands, except rooms): Property Date Rooms Gross Sale Price Net Proceeds (Loss) / Gain on Sale Marriott Charleston Town Center 11/2021 352 $ 5,000 $ 4,717 $ (75) Total for the year ended December 31, 2021 352 $ 5,000 $ 4,717 $ (75) Residence Inn Boston Cambridge 10/2020 221 $ 107,500 $ 45,451 $ 55,857 Marriott Napa Valley Hotel & Spa 10/2020 275 100,096 98,684 37,944 Hotel Commonwealth 11/2020 245 113,000 109,602 (416) Renaissance Austin Hotel 11/2020 492 70,000 66,679 245 Total for the year ended December 31, 2020 1,233 $ 390,596 $ 320,416 $ 93,630 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) (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. The operating results for the hotels sold during the years ended December 31, 2021, 2020 and 2019 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. Held for Sale In November 2021, the Company entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago in Chicago, Illinois for a sale price of $36.0 million. The sale closed in January 2022 and did not result in a gain or loss as a result of the $15.7 million impairment loss recognized in the year ended December 31, 2021. As of December 31, 2021, the hotel's assets and liabilities were classified as held for sale on the consolidated balance sheet. The following represents the major classes of assets and liabilities associated with assets held for sale as of December 31, 2021 (in thousands): December 31, 2021 Land $ 11,715 Building and other improvements 42,791 Less accumulated depreciation (20,413) Net investment properties $ 34,093 Accounts and rents receivable, net of allowance for doubtful accounts 114 Other assets 414 Total assets held for sale $ 34,621 Accounts payable and accrued expenses 2,059 Other liabilities 246 Total liabilities associated with assets held for sale $ 2,305 The operating results of the hotel that was held for sale as of December 31, 2021 are included in the Company's consolidated statements of operations and comprehensive (loss) income for the years ended December 2021, 2020 and 2019, respectively. |
Intangible Assets and Liabiliti
Intangible Assets and Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Intangible assets: Acquired in-place lease intangibles $ 601 $ 601 Advance bookings 2,226 4,188 Accumulated amortization (2,231) (3,183) Net intangible assets $ 596 $ 1,606 Goodwill (1) 4,850 4,850 Total intangible assets, net of accumulated amortization $ 5,446 $ 6,456 (1) During the year ended December 31, 2020, the Company recognized goodwill impairment losses of $20.1 million. See Note 8 for further details. The following table summarizes the amortization related to intangible assets for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Acquired in-place lease intangibles $ 154 $ 154 Advance bookings $ 856 $ 2,285 The following table presents the amortization during the next five years and thereafter related to intangible assets at December 31, 2021 (in thousands): 2022 2023 2024 2025 2026 Thereafter Total Acquired in-place lease intangibles $ 111 $ 8 $ 3 $ — $ — $ — $ 122 Advance bookings 330 110 28 6 — — 474 Total amortization $ 441 $ 118 $ 31 $ 6 $ — $ — $ 596 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Debt | Debt Debt as of December 31, 2021 and 2020 consisted of the following (dollar amounts in thousands): Rate Type Rate (1) Maturity Date December 31, 2021 December 31, 2020 Mortgage Loans Kimpton Hotel Palomar Philadelphia Fixed (2) 4.14 % 1/13/2023 (3) $ — $ 57,660 Renaissance Atlanta Waverly Hotel & Convention Center Fixed (4) 4.45 % 8/14/2024 100,000 100,000 Andaz Napa Fixed (5) 2.78 % 9/13/2024 55,640 56,000 The Ritz-Carlton, Pentagon City Fixed (6) 5.47 % 1/31/2025 65,000 65,000 Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 56,796 57,857 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 112,102 115,762 Total Mortgage Loans 4.44 % (7) $ 389,538 $ 452,279 Corporate Credit Facilities Corporate Credit Facility Term Loan $150M Fixed (8) 3.77 % 8/21/2023 (3) — 150,000 Corporate Credit Facility Term Loan $125M Fixed (9) 3.92 % 9/13/2024 125,000 125,000 Revolving Credit Facility (10) Variable 2.93 % 2/28/2024 (3) — 163,093 Total Corporate Credit Facilities $ 125,000 $ 438,093 2020 Senior Notes $500M Fixed 6.38 % 8/15/2025 500,000 500,000 2021 Senior Notes $500M Fixed 4.88 % 6/1/2029 500,000 — Loan premiums, discounts and unamortized deferred financing costs, net (11) (20,307) (15,892) Total Debt, net of loan premiums, discounts and unamortized deferred financing costs 5.18 % (7) $ 1,494,231 $ 1,374,480 (1) The rates shown represent the annual interest rates as of December 31, 2021. The variable index for one mortgage loan is one-month LIBOR and for two mortgage loans is daily SOFR. The variable index for the corporate credit facilities reflects a 25 basis point LIBOR floor which is applicable for the value of all corporate credit facilities not subject to an interest rate hedge. (2) The Company entered into an interest rate swap agreement to fix the interest rate of this variable rate mortgage loan for the entire term of the loan. This mortgage loan was repaid in May 2021. The interest rate swap associated with this loan was terminated in connection with the repayment. (3) In May 2021, the Company repaid the outstanding balance of the respective mortgage loan, the corporate credit facility term loan due to mature in August 2023 and the revolving credit facility with cash on hand and proceeds from the 2021 Senior Notes. (4) A variable interest rate loan for which the interest rate has been fixed through October 2022, after which the rate reverts to variable. (5) A variable interest rate loan for which the interest rate has been fixed on $25 million of the balance through October 2022, after which the rate reverts to variable. (6) A variable interest rate loan for which the interest rate has been fixed through January 2023. The outstanding balance of this mortgage loan was repaid in January 2022 and the two interest rate swaps associated with this loan were terminated in connection with the repayment. (7) Represents the weighted-average interest rate as of December 31, 2021. (8) A variable interest rate loan for which LIBOR was previously fixed for $125 million of the balance through October 2022. The spread to LIBOR varied, as it was determined by the Company's leverage ratio. This loan was repaid in May 2021 and the interest rate swaps associated with this loan were redesignated in connection with the repayment. (9) A variable interest rate loan for which LIBOR has been fixed through September 2022. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio. The applicable interest rate has been set to the highest level of grid-based pricing during the covenant waiver period. (10) Commitments under the revolving credit facility total $523 million through February 2022, after which the total commitments will decrease to $450 million through maturity in February 2024. (11) Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization. Mortgage Loans During 2020, the Company completed loan amendments for each of its eight mortgage loans that were outstanding at the time. The terms of the amendments varied by lender, and included items such as the deferral of monthly interest and/or principal payments for three December 31, 2020 as the carrying amount of the original loans were not greater than the undiscounted cash flows of the modified loans. Of the total outstanding debt at December 31, 2021, none of the mortgage loans were recourse to the Company. As of December 31, 2021, the Company was not in compliance with its debt covenants for two of its mortgage loans, which did not result in events of default but allows the respective lenders the option to institute a cash sweep until covenant compliance is achieved for a period of time specified in the respective loan agreements. The cash sweeps permit the lenders to withdraw excess cash generated by the property into a separate bank account that they control, which may be used to reduce the outstanding loan balance. As of June 30, 2021, the Company was not in compliance with its debt covenants for three of its mortgage loans, which resulted in an event of default for each mortgage loan. In July 2021, the Company amended the terms of these mortgage loans to waive each event of default as of June 30, 2021 and to adjust covenant calculations for five quarters following the waiver. As a result, the Company was in compliance with each of these three loans as of December 31, 2021. The mortgage loan agreements require contributions to be made to FF&E reserves, however, this requirement was temporarily waived and the Company had the ability to utilize existing FF&E reserve funds for operating expenses, subject to certain restrictions and a requirement to replenish any funds used. All required funds had been replenished as of December 31, 2021. Corporate Credit Facilities In January 2018, XHR LP ("Borrower") entered into an amended and restated credit agreement (the "Revolving Credit Agreement") with respect to a senior revolving credit facility (the "revolving credit facility") with a syndicate of banks with total commitments of $500 million and a maturity date in February 2022, with two additional six-month extension options. The revolving credit facility's interest rate was 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 the 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 0.50% 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. In June 2020, certain subsidiaries of the Company entered into an amendment of the Revolving Credit Agreement (the "June 2020 Revolver Amendment"). The Company also entered into amendments for each of the its then existing corporate credit facility term loans (collectively, the “June 2020 Term Loan Amendments” and, together with the June 2020 Revolver Amendment, the “June 2020 Amendments”), which amended (i) the Term Loan Agreement, dated as of October 22, 2015, by and among the Borrower, Wells Fargo Bank, National Association, as administrative agent, and the lenders from time to time party thereto (the “Wells Term Loan Agreement”); (ii) the Term Loan Agreement, dated as of October 22, 2015, by and among the Borrower, KeyBank National Association, as administrative agent, and the lenders from time to time party thereto (the "KeyBank 2015 Term Loan Agreement"); (iii) the Term Loan Agreement, dated as of August 21, 2018, by and among the Borrower, PNC Bank, National Association, as administrative agent, and the lenders from time to time party thereto (the "PNC Term Loan Agreement"); and (iv) the Term Loan Agreement, dated as of September 13, 2017, by and among the Borrower, KeyBank National Association, as administrative agent, and the lenders from time to time party thereto. Such credit agreements, collectively with the Revolving Credit Agreement (as they have each been described herein), are referred to herein as the “Credit Agreements”. The June 2020 Amendments, among other things, relieved the Borrower’s compliance with certain covenants under the Credit Agreements by (i) waiving the event of default caused by the Borrower’s noncompliance with the unsecured interest coverage ratio financial covenant for the fiscal quarter ending March 31, 2020; (ii) suspending the testing of the leverage ratio covenant, the fixed charge coverage ratio covenant and the unsecured interest coverage ratio covenant thereunder, in each case, through the fiscal quarter ending March 31, 2021 (unless terminated earlier by the Borrower) (the “initial covenant waiver period”); and (iii) providing for a phased return to pre-amendment covenant levels by mid-2022. In addition, the amendments extended the maturity date for the $175 million corporate credit facility term loan agented by Wells Fargo Bank, National Association from February 2021 to February 2022. The June 2020 Amendments added or modified certain restrictions and covenants, which are applicable during the covenant waiver period (defined below) and until the Borrower has thereafter demonstrated compliance with its financial covenants, including mandatory prepayment requirements and new negative covenants restricting certain acquisitions, investments, capital expenditures, ground leases, and distributions. A new minimum liquidity covenant also applies during the covenant waiver period. The June 2020 Amendments (other than with respect to the Wells Term Loan Agreement) set the applicable interest rate under the respective Credit Agreements during the covenant waiver period to the highest level of the grid-based pricing under each such Credit Agreement, with a Eurodollar rate floor of 0.25%, except to the extent the loans are subject to interest rate hedges. The June 2020 Amendments required that certain additional subsidiaries of the Borrower become guarantors of the obligations under the Credit Agreements. In addition, the obligations under the Credit Agreements are secured by a first priority security interest in the capital stock of a material portion of the Borrower’s subsidiaries (the “Pledged Entities”), which pledges remain in effect until the date after the covenant waiver period on which (x) the Borrower achieves compliance with all of its financial covenants under each Credit Agreement for two consecutive fiscal quarters at pre-amendment levels and (y) the financial covenant maintenance levels have reverted to pre-amendment levels, unless the Pledged Entities are released prior to such date in connection with a permitted transaction. In August 2020, in connection with the issuance of its $300 million of Senior Notes, the Company effectuated additional amendments to each of the Credit Agreements (the "August 2020 Amendments"). The August 2020 Amendments included permanent changes to the application of mandatory prepayments and enable us to acquire hotels by issuing equity. The August 2020 Amendments modified the mandatory prepayment provisions of each Credit Agreement by allowing us, in the event that the revolving credit facility outstanding balance is less than $350 million, to retain 55% of net proceeds raised through various actions, including debt issuances, equity issuances, and dispositions for general corporate purposes with the remaining 45% being used to repay the revolving credit facility (without a permanent reduction in the commitments thereunder), the Wells Term Loan Agreement and the KeyBank 2015 Term Loan Agreement. In October 2020, in connection with the issuance of the additional Senior Notes described below, the Company further amended each of the Credit Agreements (the “October 2020 Amendments”), other than the Wells Term Loan Agreement and the KeyBank 2015 Term Loan Agreement, which were repaid in full upon consummation of the October 2020 Amendments. The October 2020 Amendments (i) increased commitments under the revolving credit facility by $23 million to $523 million through February 2022, after which the total commitments will decrease to $450 million through February 2024, reflecting a two year extension of the maturity date of the revolving credit facility; (ii) extended the initial covenant waiver period through year end 2021 and extended the modification of certain financial covenants, once quarterly testing resumes, through the first quarter in 2023; (iii) modified the mandatory prepayment provisions of each Credit Agreement by allowing us, in the event that the revolving credit facility outstanding balance is less than $350 million, to apply 50% of the net proceeds raised through various activities, including debt issuances, equity issuances, and dispositions, to repay its revolving credit facility (without a permanent reduction in the commitments thereunder), with the balance of the proceeds retained by the Company; and (iv) extended the minimum liquidity covenant through the second quarter of 2022. In May 2021, in connection with the issuance of the 2021 Senior Notes, the Company repaid in full the PNC Term Loan and effectuated additional amendments to the Credit Agreements for its revolving credit facility and its one remaining corporate credit facility term loan (the "May 2021 Amendments"). The May 2021 Amendments, among other things, (i) further extended the initial covenant waiver period under the remaining corporate credit facilities until the date that financial statements are required to be delivered thereunder for the fiscal quarter ending June 30, 2022 (as so extended unless earlier terminated by the Borrower in accordance with the terms of the corporate credit facilities, the "covenant waiver period") and extended the modification of certain financial covenants, once quarterly testing resumes, through the second quarter of 2023, (ii) increased the minimum liquidity covenant level during the covenant waiver period from $100 million to $150 million and eliminated the minimum liquidity covenant after the covenant waiver period ends, (iii) adjusted the mandatory prepayment requirements under the corporate credit facilities to limit the requirement to repay loans using net proceeds of certain asset sales and debt or equity issuances solely to the Borrower’s revolving credit facility, (iv) increased the ability for the Borrower to acquire properties and (v) increased capacity for capital expenditures during the covenant waiver period under the corporate credit facilities. As of December 31, 2021, there was no outstanding balance on the revolving credit facility. During the years ended December 31, 2021, 2020 and 2019, the Company incurred unused commitment fees of approximately $1.4 million, $0.5 million, and $1.5 million respectively, and interest expense of $1.9 million, $8.6 million and $0.2 million, respectively. Senior Notes The Operating Partnership issued $500 million of 6.375% Senior Notes (the "2020 Senior Notes") during the year ended December 31, 2020. In May 2021, the Operating Partnership issued $500 million of 4.875% Senior Notes due in 2029 (the "2021 Senior Notes" and together with the 2020 Senior Notes, the "Senior Notes"). The Company used the net proceeds of the 2020 Senior Notes, along with cash on hand, to repay outstanding indebtedness and the net proceeds of the 2021 Senior Notes to repay in full the borrowings under the revolving credit facility, prepay in full the corporate credit facility term loan maturing in August 2023 and repay the mortgage loan collateralized by Kimpton Hotel Palomar Philadelphia. The Company intends to use the remaining net proceeds from the offering of the 2021 Senior Notes for general corporate purposes. The indentures governing the Senior Notes contain customary covenants that limit the Operating Partnership's ability and, in certain circumstances, the ability of its subsidiaries, to borrow money, create liens on assets, make distributions and pay dividends on or redeem or repurchase stock, make certain types of investments, sell stock in certain subsidiaries, enter into agreements that restrict dividends or other payments from subsidiaries, enter into transactions with affiliates, issue guarantees of indebtedness, and sell assets or merge with other companies. These limitations are subject to a number of important exceptions and qualifications set forth in the indentures. In addition, the indentures governing the Senior Notes require the Operating Partnership to maintain total unencumbered assets as of each fiscal quarter of at least 150% of total unsecured indebtedness, in each case calculated on a consolidated basis. The Senior Notes are fully and unconditionally guaranteed, jointly and severally, by the Company and certain of its subsidiaries that incur or guarantee any indebtedness under the Company’s corporate credit facilities, any additional first lien obligations, certain other bank indebtedness or any other material capital markets indebtedness. The Senior Notes are initially secured, subject to certain permitted liens, by a first priority security interest in all of the equity interests (the “collateral”) of a material portion of the Operating Partnership’s subsidiaries, and any proceeds of such equity interests, which collateral also secures obligations under the amended corporate credit facilities on a first priority basis. The collateral securing the Senior Notes will be released in full if the Operating Partnership achieves compliance with certain financial covenant requirements under the corporate credit facilities, after which the Senior Notes will be unsecured , which is expected to occur prior to the maturity of the Senior Notes. The Operating Partnership may redeem the 2020 Senior Notes prior to August 15, 2022 and the 2021 Senior Notes prior to June 1, 2024 at a make-whole price. After those dates, the Operating Partnership may also redeem the Senior Notes at certain redemption prices that decline ratably to par. The Operating Partnership may also redeem a portion of the Senior Notes with proceeds from certain equity offerings or certain support received from government authorities in connection with the COVID-19 global pandemic, subject to certain conditions. Debt Outstanding Debt outstanding as of December 31, 2021 and December 31, 2020 was $1,515 million and $1,390 million and had a weighted-average interest rate of 5.18% and 4.78% per annum, respectively. The following table shows scheduled debt maturities for the next five years and thereafter (in thousands): As of Weighted-average 2022 $ 4,654 4.38% 2023 5,537 4.39% 2024 280,070 3.89% 2025 568,512 6.26% 2026 54,379 4.53% Thereafter 601,386 4.83% Total Debt $ 1,514,538 5.18% Revolving Credit Facility (matures in 2024) — 2.93% Loan premiums, discounts and unamortized deferred financing costs, net (20,307) — Debt, net of loan premiums, discounts and unamortized deferred financing costs $ 1,494,231 5.18% As a result of the loan amendments and issuance of the 2021 Senior Notes during the year ended December 31, 2021, the Company capitalized $10.2 million of deferred financing fees. During the year ended December 31, 2020, the Company capitalized $5.3 million of deferred financing costs and expensed $0.7 million of legal fees, which were included in general and administrative expenses on the consolidated statement of operations and comprehensive (loss) income for the period then ended. In connection with the repayment of mortgage loans during the years ended December 31, 2021, 2020 and 2019, the Company incurred a loss on extinguishment of approximately $1.4 million, $1.6 million, and $0.2 million, respectively, which is included in the loss on extinguishment of debt in the consolidated statements of operations and comprehensive (loss) 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. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021, 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 (loss). 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. During the years ended December 31, 2021 and 2020, the Company terminated four and three interest rate swaps prior to their maturity, respectively, and incurred swap termination costs of $2.8 million and $0.7 million, respectively, which are included in other (loss) income on the consolidated statements of operations and comprehensive (loss) income for the periods then ended. As of December 31, 2021 and December 31, 2020, 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, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Hedged Debt Type Fixed Rate Index + Spread Effective Date Maturity Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value Mortgage Debt Swap 1.83% 1-Month LIBOR 1/15/2016 10/22/2022 50,000 (591) 50,000 (1,521) Mortgage Debt Swap 1.83% 1-Month LIBOR 1/15/2016 10/22/2022 25,000 (295) 25,000 (761) Mortgage Debt Swap 1.84% 1-Month LIBOR 1/15/2016 10/22/2022 25,000 (297) 25,000 (764) Mortgage Debt Swap 1.83% 1-Month LIBOR 1/15/2016 10/22/2022 25,000 (296) 25,000 (762) Mortgage Debt Swap 1.54% 1-Month LIBOR 1/13/2016 1/13/2023 — — 57,000 (1,569) Mortgage Debt Swap 1.80% 1-Month LIBOR 3/1/2017 1/3/2022 — — 51,000 (859) Mortgage Debt Swap 1.80% 1-Month LIBOR 3/1/2017 1/3/2022 — — 45,000 (758) Mortgage Debt Swap 1.81% 1-Month LIBOR 3/1/2017 1/3/2022 — — 45,000 (765) $125M Term Loan Swap 1.91% 1-Month LIBOR 10/13/2017 9/13/2022 40,000 (445) 40,000 (1,201) $125M Term Loan Swap 1.92% 1-Month LIBOR 10/13/2017 9/13/2022 40,000 (446) 40,000 (1,202) $125M Term Loan Swap 1.92% 1-Month LIBOR 10/13/2017 9/13/2022 25,000 (279) 25,000 (753) $125M Term Loan Swap 1.92% 1-Month LIBOR 10/13/2017 9/13/2022 20,000 (223) 20,000 (601) Mortgage Debt (1) Swap 2.80% 1-Month LIBOR 6/1/2018 2/1/2023 24,000 (598) 24,000 (1,302) Mortgage Debt (1) Swap 2.89% 1-Month LIBOR 1/17/2019 2/1/2023 41,000 (1,061) 41,000 (2,301) $ 315,000 $ (4,531) $ 513,000 $ (15,119) (1) The Company terminated two interest rate swaps prior to maturity in connection with the repayment of the mortgage loan associated with The Ritz-Carlton, Pentagon City in January 2022. 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 years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Effect of derivative instruments: Location in Statement of Operations and Comprehensive (Loss) Income: Realized loss on termination of interest rate derivative instruments Other (loss) income $ (2,779) $ (659) Gain (loss) recognized in other comprehensive (loss) Unrealized gain (loss) on interest rate derivative instruments $ 2,991 $ (18,133) Gain reclassified from accumulated other comprehensive (loss) to net (loss) income Reclassification adjustment for amounts recognized in net (loss) income $ 7,597 $ 7,969 Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 81,285 $ 61,975 The Company expects approximately $4.2 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, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe 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, 2021 and 2020 (in thousands): Fair Value Measurement Date December 31, 2021 December 31, 2020 Location on Consolidated Balance Sheets/ Description of Instrument Observable Inputs Significant Unobservable Inputs Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Measurements Liabilities Interest rate swaps (1) $ (4,531) $ — $ (15,119) $ — Nonrecurring measurements Net Investment Properties Kimpton Hotel Monaco Chicago $ 34,093 $ — $ — $ — (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 determined that the credit valuation adjustments are not significant to the overall valuation of the derivatives and, as a result, that its derivative valuations in their entirety are classified within Level 2 of the fair value hierarchy. Non-Recurring Measurements Investment Properties During the year ended December 31, 2021, the Company recorded an impairment loss of $12.6 million for the 352-room Marriott Charleston Town Center to reduce the carrying value of the long-lived asset to its fair value. The impairment was the result of a shortened estimated hold period due to the expected sale. The hotel was sold in November 2021. Additionally, in November 2021, the Company entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago for a sale price of $36.0 million and the buyer funded an at-risk deposit. In accordance with the Company's impairment policy, management estimated the undiscounted cash flows for the scenario of a shortened hold period and for holding the asset long-term. Based on the results of the probability weighted-average undiscounted cash flow analysis, management determined the hotel was impaired as the estimated undiscounted cash flows were less than the carrying value of the hotel as of December 31, 2021. Management determined the impairment loss as the excess of carrying value over estimated fair value. As a result, for the year ended December 31, 2021, the Company recorded an impairment loss of $15.7 million. The hotel was sold in January 2022. These impairment losses are included in impairment and other losses on the consolidated statement of operations and comprehensive (loss) income for the year ended December 31, 2021. In September 2020, the Company entered into an agreement to sell the 492-room Renaissance Austin Hotel for $70.0 million. In October 2020, the buyer terminated the agreement but subsequently reinstated the agreement, which triggered the funding of an at-risk deposit. Management estimated the future undiscounted cash flows for the scenario of a shortened hold period and for holding the asset long-term. Based on the results of the probability weighted-average undiscounted cash flow analysis, management determined the hotel was impaired as the estimated undiscounted cash flows were less than the carrying value of the hotel as of September 30, 2020. Management determined the impairment loss 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. As a result, for the year ended December 31, 2020, the Company recorded an impairment loss of $8.9 million, which is included in impairment and other losses on the consolidated statement of operations and comprehensive (loss) income for the period then ended. The sale closed in November 2020. Goodwill Our goodwill balance and related activity as of December 31, 2021 and 2020 is as follows (in thousands): December 31, 2021 December 31, 2020 Goodwill $ 34,352 $ 34,352 Cumulative Goodwill Impairment Losses (29,502) (29,502) Carrying Value of Goodwill $ 4,850 $ 4,850 As a result of the existing market weakness due to new supply in Savannah, Georgia and the material adverse impact the COVID-19 pandemic had on the lodging industry and on our portfolio, the Company performed a single-step analysis to identify and measure impairment for three of our hotels with goodwill, including Andaz Napa, Andaz Savannah and Bohemian Hotel Savannah Riverfront, Autograph Collection at March 31, 2020. Management determined the fair value of these hotels and related goodwill using Level 3 assumptions, which included discounted cash flows based on projected operating income, timing and amount of planned capital expenditures, a terminal capitalization rate, and the applied discount rate. Based on the fair value determinations by management, the Company identified goodwill impairments of $6.1 million related to Andaz Savannah and $10.3 million related to Bohemian Hotel Savannah Riverfront, Autograph Collection. The goodwill impairments were directly attributed to the material adverse impact the COVID-19 pandemic had, and was expected to continue to have, on the results of operations at each hotel. At June 30, 2020, due to the ongoing effect of the pandemic coupled with changes to the supply and demand dynamics in Savannah, Georgia, the Company identified additional goodwill impairment related to Bohemian Hotel Savannah Riverfront, Autograph Collection. Management determined the fair value and related goodwill using Level 3 assumptions, which included discounted cash flows based on projected operating income, timing and amount of planned capital expenditures, a terminal capitalization rate and the applied discount rate. Based on the fair value determined by management, the Company impaired the remaining $3.7 million goodwill of related to this hotel. The goodwill impairment charges for the year ended December 31, 2020 totaled $20.1 million, which is included in impairment and other losses on the consolidated statement of operations and comprehensive (loss) income for the period then ended. Management believes reasonable estimates and judgments were used in our fair value determinations during the year ended December 31, 2021. However, we cannot predict with certainty when business levels will return to normalized levels after the effects of the pandemic subside or whether hotels that have recommenced operations will be forced to shut down operations or impose additional restrictions due to a resurgence of COVID-19 cases. We currently expect that the recovery in lodging, particularly with respect to business transient and group business, will lag behind the recovery of other industries and factors such as public health, availability of COVID-19 vaccines and therapeutics, and the geopolitical environment may impact the timing and pace of such recovery. Changes in facts and circumstances may result in an additional impairment and other losses in the future. 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, 2021 and 2020, respectively, (in thousands): December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Total Mortgage and Corporate Credit Facility Term Loans $ 514,538 $ 503,265 $ 727,279 $ 706,453 Senior Notes 1,000,000 1,055,323 500,000 539,901 Revolving Credit Facility — — 163,093 161,339 Total $ 1,514,538 $ 1,558,588 $ 1,390,372 $ 1,407,693 The Company estimates the fair value of its mortgages payable using a weighted-average effective interest rate of 5.23% and 4.80% per annum as of December 31, 2021 and 2020, respectively. The assumptions reflect the terms currently available 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, 2021 and 2020, 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, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company elected to be taxed and operates in a manner management believes will allow it to continue to qualify as a REIT under the Code for federal income tax purposes. To qualify as a REIT, the Company must satisfy certain requirements related to, among other things, its sources of income, composition of its assets, amounts it distributes to its stockholders and diversity of its stock ownership. So long as the Company qualifies as a REIT, it generally will not be subject to federal income tax on REIT taxable income that is distributed annually to its stockholders. Accordingly, no provision for federal income taxes has been included in the consolidated financial statements for the years ended December 31, 2021, 2020 and 2019 related to REIT taxable income. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, it will be subject to federal, state and local income tax on REIT taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for four years following the failure. The Company may be subject to certain federal, state, and local taxes on its income and assets, including, (i) taxes on any undistributed income, (ii) taxes related to its TRS, (iii) certain state or local income taxes, (iv) franchise taxes, (v) property taxes and (vi) transfer taxes. The Company has elected to treat certain of its consolidated subsidiaries (and may in the future elect to treat any newly formed subsidiary) as a TRS pursuant to the Code. A TRS 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. The Company, and its third-party operators on its behalf, have evaluated and utilized the programs and tax benefit provisions of the Coronavirus Aid, Relief, and Economic Security ("CARES") Act including the corporate net operating loss carryback, increases in the business interest expense limitation, employee retention credits, and deferrals of both employer payroll taxes and corporate estimated taxes. For the year ended December 31, 2021 the Company recognized income tax expense of $0.7 million using an estimated federal and state statutory combined rate of 23.44%. The income tax expense was primarily attributed to state gross margins taxes levied on gross revenues. During the year ended December 31, 2021, the Company received employee retention credits of $0.8 million and its third-party managers received employee retention credits on its behalf of approximately $0.5 million. For the year ended December 31, 2020, the Company recognized income tax benefit of $15.9 million using an estimated federal and state statutory combined rate of 23.62%. The income tax benefit was primarily attributed to utilization of the net operating loss carryback provisions of the CARES Act. The Company expects $17.4 million in federal tax refunds related to the carryback of net operating losses generated in 2020 by its TRS. During the year ended December 31, 2020, the Company received employee retention credits of $0.5 million and its third party managers received employee retention credits on its behalf of approximately $5.9 million. During 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%. The table below presents the provision for income taxes related to continuing operations for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ — $ 17,360 $ (3,082) State (718) (154) (2,255) Total current $ (718) $ 17,206 $ (5,337) Deferred: Federal $ — $ (1,060) $ (1) State — (279) (29) Total deferred $ — $ (1,339) $ (30) Total tax (provision) benefit $ (718) $ 15,867 $ (5,367) The table below presents 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 for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Provision for income taxes at statutory rate $ 30,235 $ 38,384 $ (13,148) Tax impact related to REIT operations (28,424) (25,741) 9,691 Income for which no federal tax benefit was recognized — (3) (2) Change in federal and state valuation allowances (3,214) (9,399) — Impact of rate change on deferred tax balances (720) 28 (9) State tax benefit (provision), net of federal 1,370 7,536 (1,563) Tax benefit related to federal net operating loss carryback rate — 5,004 — Other 35 58 (336) Total tax (provision) benefit $ (718) $ 15,867 $ (5,367) Deferred tax assets and liabilities are included within 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, 2021 and 2020 are as follows (in thousands): December 31, 2021 December 31, 2020 Net operating loss $ 14,268 $ 11,347 Deferred income 1,905 1,813 Other 107 (94) Total deferred tax assets $ 16,280 $ 13,066 Less: Valuation allowance (16,280) (13,066) Net deferred tax assets $ — $ — The Company had federal net operating loss carryforwards of $19.4 million and $11.2 million as of December 31, 2021 and 2020, respectively certain of which were subject to limitation. The Company established a $19.4 million and $11.2 million valuation allowance as of December 31, 2021 and 2020, respectively, against these amounts. For the year ended December 31, 2020, the Company generated a $59.0 million federal net operating loss, all of which was carried back to offset taxable income from prior years. The Company had state net operating loss carryforwards of $198.2 million and $161.6 million as of December 31, 2021 and 2020, respectively, certain of which are subject to limitation. The Company established a $198.2 million and $161.6 million valuation allowance as of December 31, 2021 and 2020, respectively, 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 cumulative losses, future reversals of existing taxable temporary differences, projected future taxable income, and tax-planning strategies and has determined that a full valuation allowance will be recorded against the net deferred tax asset. The amount of the deferred tax assets considered unrealizable, however, could change in the near term based on revised estimates of future taxable income during the carryforward period. Uncertain Tax Positions The Company had no unrecognized tax benefits as of or during the three-year period ended December 31, 2021. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2021. The Company has no material interest or penalties relating to income taxes recognized in the consolidated statements of operations and comprehensive (loss) income for the years ended December 31, 2021, 2020 and 2019 or in the consolidated balance sheets as of December 31, 2021 and 2020. As of December 31, 2021, the Company’s 2021, 2020 and 2019 tax years remain subject to examination by federal and various state tax jurisdictions. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2021 | |
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. In May 2021, the Company upsized the ATM Agreement and, as a result, had $200 million available for sale as of December 31, 2021. The terms of the amended revolving credit facility impose restrictions on the use of proceeds raised from equity issuances. No shares were sold under the ATM Agreement during the years ended December 31, 2021, 2020 and 2019. The Board of Directors authorized a stock repurchase program pursuant to which the Company is authorized to purchase up to $175 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 (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. As of December 31, 2021, the Company had approximately $94.7 million remaining under its share repurchase authorization. No shares were purchased as part of the Repurchase Program during the year ended December 31, 2021. During the year ended December 31, 2020, 165,516 shares were repurchased under the Repurchase Program, at a weighted-average price of $13.68 per share for an aggregate purchase price of $2.3 million. No shares were purchased as part of the Repurchase Program during the year ended December 31, 2019. We are prohibited under the terms of the amended corporate credit facilities from making repurchases of our common stock until we achieve compliance with applicable debt covenants and our covenant waiver period ends. Dividends The Company has suspended its quarterly dividend in order to preserve liquidity and did not declare any dividends during the year ended December 31, 2021. Our ability to make distributions is currently limited by the provisions of our amended corporate credit facilities. The Company will evaluate if and when to resume paying dividends in the future based on business and economic conditions and the requirement to distribute 90% of REIT taxable income in order to remain qualified as a REIT. The Company declared dividends of $0.275 per common stock totaling $31.2 million during the year ended December 31, 2020 . For income tax purposes, dividends paid per share on our common stock during the year ended December 31, 2020 were 100% nontaxable return of capital. Non-controlling Interest of Common Units in Operating Partnership During the year ended December 31, 2021, 615,266 vested LTIP Units were converted into common limited partnership units in the Operating Partnership ("Common Units") on a one-for-one basis and subsequently all 615,266 Common Units were tendered to the Operating Partnership for redemption. At the Company's election, 399,922 Common Units were redeemed for common stock and 215,344 Common Units were redeemed for cash totaling $4.1 million. During the year ended December 31, 2020, 1,579,549 vested LTIP Units were converted into common limited partnership units in the Operating Partnership on a one-for-one basis and subsequently all 1,579,549 Common Units were tendered to the Operating Partnership for redemption. At the Company's election, 1,122,532 Common Units were redeemed for common stock and 457,017 Common Units were redeemed for cash totaling $8.6 million. As of December 31, 2021, the Operating Partnership had 2,467,472 LTIP Units outstanding, representing a 2.1% partnership interest held by the limited partners. Of the 2,467,472 LTIP Units outstanding at December 31, 2021, 967,155 units had yet to be converted or redeemed. Only vested LTIP Units may be converted to Common Units, which in turn can be tendered for redemption as described in the Note 12. As of December 31, 2020, the Operating Partnership had 2,494,560 LTIP Units outstanding, representing a 2.1% partnership interest held by the limited partners. The Company did not declare distributions for LTIP Units during the year ended December 31, 2021. The Company declared distributions of $0.275 per LTIP Unit totaling $0.3 million during the year ended December 31, 2020. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per common share is calculated by dividing net income or loss 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 net income or loss 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 non-forfeitable 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 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 (loss) income to basic and diluted EPS for the years ended December 31, 2021, 2020 and 2019 (in thousands, except share and per share data): Year Ended December 31, 2021 2020 2019 Numerator: Net (loss) income attributable to common stockholders $ (143,517) $ (163,330) $ 55,400 Dividends paid on unvested share-based compensation — (150) (548) Net (loss) income available to common stockholders $ (143,517) $ (163,480) $ 54,852 Denominator: Weighted-average shares outstanding - Basic 113,801,862 113,489,015 112,636,123 Effect of dilutive share-based compensation (1) — — 282,475 Weighted-average shares outstanding - Diluted 113,801,862 113,489,015 112,918,598 Basic and diluted (loss) earnings per share: Net (loss) income per share available to common stockholders - basic and diluted $ (1.26) $ (1.44) $ 0.49 (1) During the years ended December 31, 2021 and 2020, the Company excluded 542,632 and 292,850, respectively, anti-dilutive shares from its calculation of diluted earnings per share. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Share-Based Compensation | Share-Based Compensation 2015 Incentive Award Plan On January 9, 2015, the Company adopted, and its former parent, InvenTrust Properties Corp. ("InvenTrust") as its sole common stockholder approved, the 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. On March 26, 2020 the Board of Directors adopted, and at the Annual Meeting in May 2020, the Company's stockholders approved, the Second Amendment to the 2015 Incentive Award Plan, which among other things, increased the aggregate number of shares of common stock that may be issued pursuant to awards under the 2015 Incentive Award Plan by two million shares. As of December 31, 2021, the aggregate number of shares that may be issued under the 2015 Incentive Award Plan was 3,248,479. Restricted Stock Units Grants The Compensation Committee of the Board of Directors granted the following awards of restricted stock units to certain Company employees for the years ended December 31, 2021, 2020 and 2019: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted-Average Grant Date Fair Value February 2019 2019 Restricted Stock Units 84,944 50,846 $15.75 March 2020 2020 Restricted Stock Units 112,937 163,501 (1) $9.70 June 2020 2020 Restricted Stock Units 98,060 (1) — $12.34 December 2020 2020 Restricted Stock Units 94,981 — $15.05 March 2021 2021 Restricted Stock Units 64,542 37,067 $16.66 (1) In June 2020, the Compensation Committee of the Board of Directors approved new equity awards for certain members of management, which provide for the cancellation of the performance-based awards originally granted to such individuals on March 2, 2020 and the grant of new time-based awards on June 5, 2020. Each of the time-based restricted stock awards granted in 2019, 2020 (other than the June 2020 time-based restricted stock units) and 2021 will vest as follows, subject to continued employment with the Company or its affiliates through each applicable vesting date: thirty-three percent (33%) on the first anniversary of the vesting commencement date, thirty-three percent (33%) on the second anniversary of the vesting commencement date, and thirty-four percent (34%) on the third anniversary of the vesting commencement date. The June 2020 time-based restricted stock units will vest in full on December 31, 2022, subject to continued employment with the Company or its affiliates through the vesting date. The December 2020 time-based restricted stock units vested in full on December 30, 2021. The 2019 and 2021 performance-based restricted stock units are designated twenty-five percent (25%) as absolute total stockholder return ("TSR") units (the "Absolute TSR Share Units") and seventy-five percent (75%) as relative TSR share units (the "Relative TSR Share Units"). The Absolute TSR Share Units vest based on achievement of varying levels of the Company's TSR over the three-year performance period. The Relative TSR Share Units 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 also subject to continued employment with the Company or its affiliates through the applicable vesting date. In May 2021, with the addition of one non-employee director to the Company's Board of Directors, and pursuant to the Company's Director Compensation Program, 5,138 fully vested shares of common stock were granted which had a grant date fair value of $19.09 per share. 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 of the Board of Directors has approved the issuance of the following LTIP Unit awards under the 2015 Incentive Award Plan to certain executives for the years ended December 31, 2021, 2020 and 2019: Grant Date Grant Description Time-Based LTIP Units Performance-Based Class A LTIP Units Weighted-Average Grant Date Fair Value February 2019 2019 LTIP Units 90,273 781,898 $9.24 March 2020 2020 LTIP Units 100,899 868,723 (1) $5.79 June 2020 2020 LTIP Units 607,965 (1) — $12.34 March 2021 2021 LTIP Units 88,076 708,991 $11.87 (1) In June 2020, the Compensation Committee of the Board of Directors approved new equity awards for each of the named executive officers, which provide for the cancellation of all performance-based Class A LTIP Units originally granted on March 2, 2020 and the grant of new time-based awards on June 5, 2020. The time-based LTIP Unit awards granted in 2019, 2020 (other than the June 2020 time-based LTIP Units) and 2021 will vest as follows, subject to continued employment with the Company or its affiliates through each applicable vesting date: thirty-three percent (33%) on the first anniversary of the vesting commencement, thirty-three percent (33%) on the second anniversary of the vesting commencement date, and thirty-four percent (34%) on the third anniversary of the vesting commencement date. The June 2020 time-based LTIP Units will vest in full on December 31, 2022, subject to continued employment with the Company or its affiliates through the vesting date. A portion of each award of Class A LTIP Units for 2019 and 2021 were designated as a number of “base units.” Twenty-five percent (25%) of the base units were 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 were 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 also subject to continued employment with the Company or its affiliates through the applicable vesting date. Pursuant to the Director Compensation Program, the Company approved the issuance of following fully vested LTIP Units of under the 2015 Incentive Award Plan to seven of the Company's non-employee directors for the years ended December 31, 2021, 2020 and 2019: Grant Date Grant Description Time-Based Grants Grant Date Fair Value May 2019 2019 LTIP Units 26,768 $22.23 May 2020 2020 LTIP Units 84,546 $8.28 May 2021 2021 LTIP Units 36,848 $19.00 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, 2021 and 2020: 2015 Incentive Award Plan Restricted Stock Units 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2019 247,108 1,683,965 1,931,073 Granted 469,479 1,662,133 2,131,612 Vested (2) (176,229) (661,085) (837,314) Expired (61,637) (321,832) (383,469) Forfeited (3,154) — (3,154) Cancelled (87,828) (868,723) (956,551) Unvested as of December 31, 2020 387,739 1,494,458 1,882,197 Granted 106,747 833,915 940,662 Vested (2) (205,806) (582,319) (788,125) Expired (12,713) (245,737) (258,450) Forfeited (14,240) — (14,240) Unvested as of December 31, 2021 261,727 1,500,317 1,762,044 Weighted-average fair value of unvested shares/units $ 14.97 $ 12.36 $ 12.75 (1) Includes time-based LTIP Units and Class A LTIP Units. (2) During the years ended December 31, 2021 and 2020, the Company redeemed 54,514 and 48,489, respectively, shares of common stock to satisfy federal and state tax withholding requirements on the vesting of restricted stock units under 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 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 LTIP Units 25% $9.95 23.24% 2.44% - 2.55% 5.78% Relative TSR Class A LTIP Units 75% $10.07 23.24% 2.44% - 2.55% 5.78% March 2, 2020 Absolute TSR Restricted Stock Units - Type I 25% $2.07 24.62% 0.95% - 1.13% 7.05% Relative TSR Restricted Stock Units - Type I 75% $6.73 24.62% 0.95% - 1.13% 7.05% Absolute TSR Restricted Stock Units - Type II 25% $2.14 24.62% 0.95% - 1.13% 7.05% Relative TSR Restricted Stock Units - Type II 75% $7.00 24.62% 0.95% - 1.13% 7.05% Absolute TSR Class A LTIP Units 25% $2.34 24.62% 0.95% - 1.13% 7.05% Relative TSR Class A LTIP Units 75% $6.85 24.62% 0.95% - 1.13% 7.05% March 1, 2021 Absolute TSR Restricted Stock Units 25% $12.63 59.84% 0.01% - 0.31% —% Relative TSR Restricted Stock Units 75% $13.06 59.84% 0.01% - 0.31% —% Absolute TSR Class A LTIP Units 25% $12.57 59.84% 0.01% - 0.31% —% Relative TSR Class A LTIP Units 75% $12.69 59.84% 0.01% - 0.31% —% 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. As such, once the expense for these awards is measured, the expense must be recognized over the vesting 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 as a result of the holder's termination of service to the Company prior to vesting. As a result, upon cancellation and replacement of the March 2020 performance-based restricted stock units and Class A LTIP Units with the June 2020 time-based restricted stock units and time-based LTIP Units, the Company will recognize the incremental fair value of the new time-based awards over the fair-value of the original performance-based awards, which was measured on the date the replacement awards were granted. During the year ended December 31, 2021, the Company recognized approximately $10.8 million of share-based compensation expense (net of forfeitures) related to 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, 2021, the Company recognized $0.8 million of share-based compensation expense related to the LTIP Units that were provided to the non-employee directors and capitalized approximately $0.6 million related to restricted stock units provided to certain members of management who oversee development and capital projects on behalf of the Company. As of December 31, 2021, there was $11.2 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, which are expected to be recognized over a remaining weighted-average period of 1.71 years. During the year ended December 31, 2020, the Company recognized approximately $10.9 million of share-based compensation expense (net of forfeitures) related to restricted stock units and LTIP Units provided to certain of its current and former executive officers and other members of management. In addition, during the year ended December 31, 2020 the Company recognized $0.7 million of share-based compensation expense related to LTIP Units that were provided to the Board of Directors and capitalized approximately $1.0 million related to restricted stock units provided to certain members of management that oversee development and capital projects on behalf of the Company. Share-based compensation expense during the year ended December 31, 2020 included $1.6 million of accelerated share-based compensation for reductions in corporate personnel as a result of the COVID-19 pandemic. During the year ended December 31, 2019, the Company recognized approximately $8.8 million of share-based compensation expense (net of forfeitures) related to 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 the Company recognized $0.6 million from LTIP Units that were provided to the 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Leases The Company is a lessee to long-term ground, parking, and its corporate office leases, which are accounted for as operating leases. The following is a summary of the Company's leases as of and for the year ended December 31, 2021 (dollar amounts in thousands): December 31, 2021 Weighted-average remaining lease term, including reasonably certain extension options (1) 21 years Weighted-average discount rate 5.70% ROU asset (2) $ 19,577 Lease liability (3) $ 20,878 Operating lease rent expense $ 1,645 Variable lease costs 2,924 Total rent and variable lease costs $ 4,569 (1) The weighted-average remaining lease term including all available extension options is approximately 56 years. (2) The ROU asset is included in other assets (3) The lease liability is included in other liabilities 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, 2021 (in thousands): December 31, 2021 2022 $ 2,127 2023 2,142 2024 2,157 2025 2,172 2026 2,188 Thereafter 26,648 Total undiscounted lease payments $ 37,434 Less imputed interest (16,556) Lease liability (1) $ 20,878 (1) The lease liability is included in other liabilities on the consolidated balance sheet as of December 31, 2021. 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 eligible independent contractors 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 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 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 management agreements also require the maintenance of an FF&E reserve fund based on a percentage of hotel revenues to be used for capital expenditures to maintain the quality of the hotels. In response to the COVID-19 pandemic, certain of the Company's third-party managers temporarily suspended required contributions to the FF&E reserves. In addition, in certain cases, the Company had the ability to utilize a portion of these cash balances for hotel operating expenses. The usage of such FF&E reserves was subject to lender approval for hotels encumbered by mortgage loans and, in certain cases, was required to be replenished. As of December 31, 2021, the Company had used $17.8 million of FF&E reserves for working capital purposes and had replenished all required amounts Management agreements for brand-managed hotels have initial terms generally ranging from 10 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 26 years. Management agreements for franchised hotels generally contain initial terms between 10 and 15 years with an average remaining term of approximately three years; none of these agreements contemplate renewal or extension of the initial term. The Company is generally limited in its ability to sell, lease or otherwise transfer hotels unless the transferee assumes the related 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 15 to 20 years, with an average remaining initial term of approximately seven years. The franchise agreements require royalty fees based on a percentage of gross rooms 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 rooms revenue. Many franchise agreements also require the maintenance of a FF&E 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, 2021, 2020, and 2019, the Company incurred management and franchise fees of $22.5 million, $11.6 million and $46.5 million, respectively, which is included on the consolidated statements of operations and comprehensive (loss) income for the periods then ended. Reserve Requirements Certain franchise and management agreements require the Company to reserve funds relating to replacements and renewals of the hotels' furniture, fixtures and equipment. As of December 31, 2021 and 2020, the Company had a balance of $29.3 million and $25.9 million, respectively, in reserves for such future improvements. These amounts are included in restricted cash and escrows on the consolidated balance sheets as of December 31, 2021 and 2020, respectively. In response to the COVID-19 pandemic, certain of the Company's third-party managers temporarily suspended required contributions to the FF&E reserves. In addition, in certain cases, the Company had the ability to utilize a portion of these cash balances for hotel operating expenses. The usage of such FF&E reserves was subject to lender approval for hotels encumbered by mortgage loans and, in certain cases, was required to be replenished. As of December 31, 2021, the Company had used $17.8 million of FF&E reserves for working capital purposes and had replenished all required amounts. Renovation and Construction Commitments As of December 31, 2021, 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, 2021 totaled $7.7 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 effect 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. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In November 2021, the Company entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago in Chicago, Illinois for a sale price of $36.0 million. The sale closed in January 2022 and did not result in a gain or loss due to the previous impairment of $15.7 million recognized for the period ended December 31, 2021. Net cash proceeds from the sale, after transaction closing costs, were approximately $32.1 million and will be used for general corporate purposes. In January 2022, the Company repaid in full the $65.0 million outstanding balance on the mortgage loan collateralized by The Ritz-Carlton, Pentagon City and incurred a loss on extinguishment of debt of approximately $0.3 million. In connection with the repayment, the Company terminated two interest rate swaps prior and incurred swap termination costs of $1.6 million. In February 2022, the Company entered into an agreement to acquire the W Nashville in Nashville, Tennessee, for a purchase price of $328.7 million, at which time the $10.0 million deposit became at-risk. The sale is expected to close in the first quarter of 2022. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2021 | |
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 (A) Gross amount at which carried at Property Encumbrance Land Buildings and Improvements Adjustments to Land Basis (C) Adjustments to Basis (C) Land and Improvements Buildings and Improvements Total (D) Accumulated Depreciation (E,F) Year of Original Construction Date of Acquisition Life on Which Depreciation in Latest Income Statement is Computed (F) Andaz Napa $ 55,640 $ 10,150 $ 57,012 $ — $ 1,952 $ 10,150 $ 58,964 $ 69,114 $ 28,620 2009 9/20/2013 5 - 30 years Andaz San Diego — 6,949 43,430 — 7,734 6,949 51,164 58,113 21,082 1914 3/4/2013 5 - 30 years Andaz Savannah — 2,680 36,212 — 4,255 2,680 40,467 43,147 14,590 2009 9/10/2013 5 - 30 years Bohemian Hotel Celebration, Autograph Collection — 1,232 19,000 — 3,518 1,232 22,518 23,750 9,086 1999 2/6/2013 5 - 30 years Bohemian Hotel Savannah, Autograph Collection — 2,300 24,240 — 2,645 2,300 26,885 29,185 12,364 2009 8/9/2012 5 - 30 years Buckhead Atlanta Restaurant Lease — 364 2,349 — — 364 2,349 2,713 490 2008 12/7/2018 5 - 30 years Fairmont Dallas — 8,700 60,634 — 13,274 8,700 73,908 82,608 33,009 1968 8/1/2011 5 - 30 years Fairmont Pittsburgh — 3,378 27,101 — 778 3,378 27,879 31,257 4,272 2010 9/26/2018 5 - 30 years Grand Bohemian Hotel Charleston, Autograph Collection — 4,550 26,582 — 392 4,550 26,974 31,524 8,353 2015 8/27/2015 5 - 30 years Grand Bohemian Hotel Mountain Brook, Autograph Collection — 2,000 42,246 — 821 2,000 43,067 45,067 14,006 2015 10/22/2015 5 - 30 years Grand Bohemian Hotel Orlando, an Autograph Collection 56,796 7,739 75,510 — 6,233 7,739 81,743 89,482 32,421 2001 12/27/2012 5 - 30 years Hyatt Centric Key West Resort & Spa — 40,986 34,529 — 7,836 40,986 42,365 83,351 16,859 1988 11/15/2013 5 - 30 years Hyatt Regency Grand Cypress — 17,867 183,463 — 55,473 17,867 238,936 256,803 50,092 1984 5/26/2017 5 - 30 years Hyatt Regency Portland at the Oregon Convention Center — 24,669 161,931 (767) (5,185) 23,902 156,746 180,648 14,488 2019 12/17/2019 5 - 30 years Hyatt Regency Santa Clara — — 100,227 — 22,454 — 122,681 122,681 49,150 1986 9/20/2013 5 - 30 years Initial Cost (A) Gross amount at which carried at Property Encumbrance Land Buildings and Improvements Adjustments to Land Basis (C) Adjustments to Basis (C) Land and Improvements Buildings and Improvements Total (D) Accumulated Depreciation (E,F) Year of Original Construction Date of Acquisition Life on Which Depreciation in Latest Income Statement is Computed (F) Hyatt Regency Scottsdale Resort & Spa at Gainey Ranch — 71,211 145,600 — 11,259 71,211 156,859 228,070 35,147 1987 10/3/2017 5 - 30 years Key West Bottling Court Retail Center — 4,144 2,682 — 720 4,144 3,402 7,546 702 1953 11/25/2014 5 - 30 years Kimpton Canary Hotel Santa Barbara — 22,361 57,822 — 2,096 22,361 59,918 82,279 17,724 2005 7/16/2015 5 - 30 years Kimpton Hotel Monaco Denver — 5,742 69,158 — 11,336 5,742 80,494 86,236 30,139 1917/1937 11/1/2013 5 - 30 years Kimpton Hotel Monaco Salt Lake City — 1,777 56,156 — 4,867 1,777 61,023 62,800 22,725 1924 11/1/2013 5 - 30 years Kimpton Hotel Palomar Philadelphia — 9,060 90,909 — 3,228 9,060 94,137 103,197 28,923 1929 7/28/2015 5 - 30 years Kimpton Lorien Hotel & Spa — 4,365 40,888 — 4,368 4,365 45,256 49,621 19,396 2009 10/24/2013 5 - 30 years Kimpton RiverPlace Hotel — 18,322 46,664 — 5,022 18,322 51,686 70,008 16,619 1985 7/16/2015 5 - 30 years Loews New Orleans Hotel — 3,529 70,652 — 11,416 3,529 82,068 85,597 29,044 1972 10/11/2013 5 - 30 years Marriott Dallas Downtown — 6,300 45,158 — 25,730 6,300 70,888 77,188 28,408 1980 9/30/2010 5 - 30 years Marriott San Francisco Airport Waterfront 112,102 36,700 72,370 — 34,276 36,700 106,646 143,346 54,343 1985 3/23/2012 5 - 30 years Marriott Woodlands Waterway Hotel & Convention Center — 5,500 98,886 — 33,043 5,500 131,929 137,429 63,389 2002 11/21/2007 5 - 30 years Park Hyatt Aviara Resort, Golf Club & Spa — 33,252 135,320 — 56,567 33,252 191,887 225,139 24,415 1997 11/20/2018 5 - 30 years Renaissance Atlanta Waverly Hotel & Convention Center 100,000 6,834 90,792 — 18,652 6,834 109,444 116,278 48,634 1983 3/23/2012 5 - 30 years Initial Cost (A) Gross amount at which carried at Property Encumbrance Land Buildings and Improvements Adjustments to Land Basis (C) Adjustments to Basis (C) Land and Improvements Buildings and Improvements Total (D) Accumulated Depreciation (E,F) Year of Original Construction Date of Acquisition Life on Which Depreciation in Latest Income Statement is Computed (F) Royal Palms Resort & Spa, The Unbound Collection by Hyatt — 33,912 50,205 — 3,689 33,912 53,894 87,806 13,259 1929 10/3/2017 5 - 30 years The Ritz-Carlton, Denver — 15,132 84,145 — 3,318 15,132 87,463 102,595 13,426 1982 8/24/2018 5 - 30 years The Ritz-Carlton, Pentagon City 65,000 — 103,568 — 10,962 — 114,530 114,530 23,572 1990 10/4/2017 5 - 30 years Waldorf Astoria Atlanta Buckhead — 8,385 49,115 — 5,951 8,385 55,066 63,451 6,811 2008 12/7/2018 5 - 30 years Westin Galleria Houston — 7,842 112,850 — 42,803 7,842 155,653 163,495 57,046 1977 8/22/2013 5 - 30 years Westin Oaks Houston at the Galleria — 4,262 96,090 — 31,692 4,262 127,782 132,044 46,113 1971 8/22/2013 5 - 30 years Totals $ 389,538 $ 432,194 $ 2,413,496 $ (767) $ 443,175 $ 431,427 $ 2,856,671 $ 3,288,098 $ 888,717 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, 2021 for federal income tax purposes was approximately $3,656 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): 2021 2020 2019 Balance at January 1 $ 3,395,969 $ 3,753,108 $ 3,591,097 Acquisitions — — 186,600 Capital improvements 29,631 67,067 90,490 Disposals and write-offs (82,996) (424,206) (115,079) Properties classified as held for sale (54,506) — — Balance at December 31 $ 3,288,098 $ 3,395,969 $ 3,753,108 (E) Reconciliation of accumulated depreciation (includes continuing operations and operations of assets classified as held for sale): 2021 2020 2019 Balance at January 1 $ 827,501 $ 826,738 $ 715,949 Depreciation expense, continuing operations 125,882 143,627 151,936 Depreciation expense, properties classified as held for sale 2,041 — — Accumulated depreciation, properties classified as held for sale (20,413) — — Disposals and write-offs (46,294) (142,864) (41,146) Balance at December 31 $ 888,717 $ 827,501 $ 826,738 (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, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The 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, limited partnerships and the TRS. The effects of all inter-company transactions have been eliminated. Corporate costs associated with our executive offices, personnel and other administrative costs are reflected as general and administrative expenses. |
Reclassifications | Reclassifications Certain prior year amounts in these consolidated financial statements have been reclassified to conform to the presentation as of and for the year ended December 31, 2021. |
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 As a result of the COVID-19 pandemic, the majority of the Company's hotels and resorts temporarily suspended operations for certain periods of time during 2020. All of the Company's hotels had resumed operations by the end of May 2021. The Company's portfolio consists of luxury and upper upscale hotels and resorts, which generally offer restaurant and bar venues, large meeting facilities and event space, and amenities, including spas and golf courses, some of which may have limited operations or may not be able to operate during the recovery in order to comply with implemented safety measures, ongoing or reimplemented restrictions and to accommodate reduced levels of demand. The Company continues to monitor the evolving situation and guidance from federal, state and local governmental and public health authorities and additional actions may be taken or required based on their recommendations and regulations in place. Under these circumstances, there may be developments that require further adjustments to operations. The Company cannot predict with certainty whether and when business levels will return to normalized levels after the effects of the pandemic subside or whether hotels that have recommenced operations will be forced to suspend operations or impose additional restrictions due to future variants of COVID-19. The Company expects that recovery in the lodging industry, particularly with respect to business transient and group business, will continue to lag behind the recovery of other industries and factors such as public health (including a significant increase in variant strains of COVID-19 cases), availability and effectiveness of COVID-19 vaccines/boosters and therapeutics, the level of acceptance of the vaccine by the general population and the economic and geopolitical environments may impact the timing, extent and pace of such recovery. Additionally, the effects of the pandemic could materially and adversely affect the Company's ability to consummate acquisitions and dispositions of hotel properties in the near term. The Company cannot predict with certainty the full extent and duration of the effects of the COVID-19 pandemic on its business, operating margins, results of operations, cash flows, financial condition, the market price of its common stock, its ability to make distributions to its shareholders, its access to equity and credit markets or its ability to service its indebtedness. Further, we continue to monitor and evaluate the challenges associated with the evolving workforce landscape, particularly related to industry-wide labor shortages and expected increases in wages as well as ongoing supply chain issues which may impact the hotels' ability to source operating supplies and other materials. |
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 sheet within equity, separately from the Company’s equity. On the consolidated statement of operations and comprehensive (loss) 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. Net income or loss is allocated to non-controlling interests based on their weighted-average ownership percentage for the applicable period. The consolidated statements 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, 2021, all share-based payments awards are included in permanent equity. |
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 Restricted cash primarily relates to furniture, fixtures and equipment replacement reserves ("FF&E reserves") as required per the terms of our management and franchise agreements, cash held in restricted escrows for real estate taxes and insurance, capital spending reserves and, at times, disposition related hold back escrows. |
Capitalization and Depreciation - Real Estate | Real estate is reflected at cost less accumulated depreciation. Ordinary repairs and maintenance are expensed as incurred. 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. Per the terms of one of our management agreements, the third-party manager has guaranteed certain performance thresholds through December 31, 2023. The performance guaranty is related to one of our hotels for which the Company paid consideration to an affiliate of the respective third-party manager to take assignment of the purchase agreement in order to acquire the hotel. If performance does not meet these established thresholds, the third-party manager is required to reimburse the Company for certain fees and/or pay a performance guaranty as calculated per the terms of the respective agreement. During the year ended December 31, 2021, and 2020, the Company received $2.9 million and $3.0 million, respectively, as a result of these performance thresholds not being met. The proceeds were recorded as a reduction of the initial basis in land and building and other improvements on the same pro rata basis as the original purchase price allocation and will be amortized over the respective remaining useful life. |
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. The Company did not capitalize any interest for the year ended December 31, 2021 and capitalized $0.5 million and $0.8 million for the years ended December 31, 2020 and 2019, respectively. 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 $2.2 million, $2.4 million, and $2.8 million and for the years ended December 31, 2021, 2020 and 2019, respectively. |
Acquisition of Real Estate | Acquisition of Real Estate Investments in hotel properties, including land and land improvements, building and building improvements, furniture, fixtures and equipment, and identifiable intangible assets and liabilities, 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. 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, fixtures and equipment, inventory, acquired above market and below market leases, in-place lease value (if applicable), advance bookings, and any assumed financing that is determined to have 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 and lost rent payments during an assumed lease up period when calculating 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 or 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. |
Long-lived assets and intangibles - Impairment estimates | Long-lived assets and intangibles The Company assesses the carrying values of the respective long-lived assets, which includes hotel properties and the related intangible 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 (1) a hotel property experiences a significant decrease in the market price of the long-lived asset, (2) a hotel property experiences a current or projected loss from operations combined with a history of operating or cash flow losses, (3) 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 is significantly in excess of the amount originally expected for the acquisition, construction or renovation of a long-lived asset, (5) adverse changes in demand occur 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) there is 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 or 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, 2021, the Company recorded an impairment loss of $12.6 million for the 352-room Marriott Charleston Town Center to reduce the carrying value of the long-lived asset to its fair value. The impairment was the result of a shortened estimated hold period due to the expected sale. The hotel was sold in November 2021. Additionally, in November 2021, the Company entered into an agreement to sell the 191-room Kimpton Hotel Monaco Chicago for a sale price of $36.0 million and the buyer funded an at-risk deposit. In accordance with the Company's impairment policy, management estimated the undiscounted cash flows for the scenario of a shortened hold period and for holding the asset long-term. Based on the results of the probability weighted-average undiscounted cash flow analysis, management determined the hotel was impaired as the estimated undiscounted cash flows were less than the carrying value of the hotel as of December 31, 2021. Management determined the impairment loss as the excess of carrying value over estimated fair value. As a result, for the year ended December 31, 2021, the Company recorded an impairment loss of $15.7 million for this property. The hotel was sold in January 2022. Finally, the Company wrote off $0.6 million of previously capitalized design costs related to a renovation project that will no longer be completed due to a change of scope. These impairment losses are included in impairment and other losses on the consolidated statement of operations and comprehensive loss for the year ended December 31, 2021. During the year ended December 31, 2020, the Company recorded an impairment loss of $8.9 million for Renaissance Austin Hotel to reduce the carrying value of the long-lived asset to its fair value. The impairment was the result of a shortened estimated hold period due to the expected sale. The hotel was sold in November 2020. During the year ended December 31, 2019, the Company recorded an impairment loss 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 a shortened estimated hold period. The hotel was sold in December 2019. Impairment estimates 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, including the uncertainty regarding the extent and duration of the effects of the COVID-19 pandemic on our operations, along with the capitalization and discount rates used to determine these estimates are complex and subjective. The determination of fair value 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. Changes in economic and operating conditions and the Company’s |
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. |
Leases | Leases For leases with terms longer than 12 months, the Company evaluates the lease at commencement to determine if the lease is an operating or finance lease and recognizes a right-of-use asset and lease liability on the balance sheet. If a lease includes variable lease payments that are based on an index or rate, such as the Consumer 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 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. If the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. 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 lease's 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 (loss) income. Percentage rent is recognized at the point in time in which the underlying thresholds are achieved and percentage rent is earned. |
Insurance Recoveries | Insurance RecoveriesAt 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. |
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; and (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 statement of operations and comprehensive (loss) income as discontinued operations for all periods presented. |
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 or loss 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 CostsFinancing costs related to the revolving 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. Financing costs related to the Senior Notes are amortized using the effective interest method. The balance of unamortized deferred financing costs related to the revolving credit facility is included in other assets and unamortized deferred financing costs related to all other debt are presented as a reduction in debt, net of loan premiums, discounts and unamortized deferred financing costs on the consolidated balance sheet. |
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 consolidated 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 Revenues 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 revenues 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 advance 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 sheet. 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 prices 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 IncomeThe purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period other than transactions with owners in their capacity as owners. Comprehensive income consists of all components of income, including other comprehensive income, which is excluded from net income. |
Income Taxes | Income Taxes The Company has elected to be taxed and operates in a manner 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. To qualify as a REIT, the Company must satisfy certain requirements related to, among other things, its sources of income, composition of its assets, amounts it distributes to its stockholders and diversity of its stock ownership. So long as the Company qualifies as a REIT, it generally will not be subject to federal income tax on REIT taxable income that is distributed annually to its stockholders. If the Company fails to qualify as a REIT in any taxable year, without the benefit of certain relief provisions, it will be subject to federal, state and local income tax on REIT taxable income at regular corporate tax rates and will not be eligible to re-elect REIT status for four years following the failure. The Company may be subject to certain federal, state, and local taxes on its income and assets, including (i) taxes on any undistributed income, (ii) taxes related to its TRS, (iii) certain state or local income taxes, (iv) franchise taxes, (v) property taxes and (vi) transfer taxes. 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 Company has elected to treat certain of its consolidated subsidiaries, and may in the future elect to treat any newly formed subsidiary, as a TRS pursuant to the Code. A TRS may participate in non-real estate related activities and/or perform non-customary services for tenants and are subject to federal, state and local 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. 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 |
Share-Based Compensation | Share-Based Compensation The Company maintains the 2015 Incentive Award Plan, which is a share-based incentive plan that provides for the grant of stock options, stock awards, restricted stock units, LTIP 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 as they occur, 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 share price, 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 consolidated statement of operations and comprehensive (loss) income and capitalized in the basis of buildings and other improvements in the consolidated balance sheet 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 share-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. For the years ended December 31, 2021, and 2020, diluted EPS was computed in the same manner as basic EPS because the Company recorded a loss from continuing operations, which would make potentially dilutive shares anti-dilutive. |
Segment Information | Segment InformationWe 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. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting PronouncementsIn March 2020, the Financial Accounting Standards Board issued Accounting Standard Update 2020-04, Reference Rate Reform (Topic 848) ("ASU 2020-04"). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. As of March 31, 2020, the Company elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. In July 2021, the Company amended agreements on two mortgage loans replacing LIBOR with the Secured Overnight Financing Rate ("SOFR") effective September 1, 2021. In connection with these amendments, the Company elected not to reassess previous accounting determinations or dedesignate the existing hedging relationships related to the associated swaps. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue by Primary Geographical Markets | The following represents total revenues disaggregated by primary geographical markets (as defined by STR, Inc. ("STR")) for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended Primary Markets December 31, 2021 Orlando, FL $ 78,359 Phoenix, AZ 70,508 San Diego, CA 64,874 Houston, TX 62,082 Atlanta, GA 36,890 Denver, CO 36,858 Dallas, TX 33,148 Washington, DC-MD-VA 25,777 Florida Keys 25,468 San Francisco/San Mateo, CA 21,903 Other 160,321 Total $ 616,188 Year Ended Primary Markets December 31, 2020 Orlando, FL $ 45,147 Phoenix, AZ 41,745 Houston, TX 33,785 San Diego, CA 26,701 Atlanta, GA 23,399 Dallas, TX 19,295 San Francisco/San Mateo, CA 18,726 Denver, CO 17,487 Washington, DC-MD-VA 15,223 California North 13,855 Other 114,413 Total $ 369,776 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 |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Asset Acquisition And Disposition [Abstract] | |
Schedule of Acquired Properties | During the year ended December 31, 2019, the Company acquired the following hotel: 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 |
Schedule of Purchase Price Allocation for Asset Acquisitions | The following represents the purchase price allocation of the hotel acquired during the year ended December 31, 2019 (in thousands): December 31, 2019 Land $ 24,670 Building and improvements 147,755 Furniture, fixtures, and equipment 14,176 Intangibles and other assets (1) 3,336 Working capital 600 Total purchase price (2) $ 190,537 (1) As part of the purchase price allocation for Hyatt Regency Portland at the Oregon Convention Center, the Company allocated $3.2 million to advance bookings that will be amortized over 6.0 years. (2) During the year ended December 31, 2019, the total cost capitalized included acquisition costs as the 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, 2021, 2020, and 2019 (in thousands, except rooms): Property Date Rooms Gross Sale Price Net Proceeds (Loss) / Gain on Sale Marriott Charleston Town Center 11/2021 352 $ 5,000 $ 4,717 $ (75) Total for the year ended December 31, 2021 352 $ 5,000 $ 4,717 $ (75) Residence Inn Boston Cambridge 10/2020 221 $ 107,500 $ 45,451 $ 55,857 Marriott Napa Valley Hotel & Spa 10/2020 275 100,096 98,684 37,944 Hotel Commonwealth 11/2020 245 113,000 109,602 (416) Renaissance Austin Hotel 11/2020 492 70,000 66,679 245 Total for the year ended December 31, 2020 1,233 $ 390,596 $ 320,416 $ 93,630 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) (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. The following represents the major classes of assets and liabilities associated with assets held for sale as of December 31, 2021 (in thousands): December 31, 2021 Land $ 11,715 Building and other improvements 42,791 Less accumulated depreciation (20,413) Net investment properties $ 34,093 Accounts and rents receivable, net of allowance for doubtful accounts 114 Other assets 414 Total assets held for sale $ 34,621 Accounts payable and accrued expenses 2,059 Other liabilities 246 Total liabilities associated with assets held for sale $ 2,305 |
Schedule of Major Classes of Assets and Liabilities Associated with Assets Held for Sale | The following represents the disposition details for the properties sold during the years ended December 31, 2021, 2020, and 2019 (in thousands, except rooms): Property Date Rooms Gross Sale Price Net Proceeds (Loss) / Gain on Sale Marriott Charleston Town Center 11/2021 352 $ 5,000 $ 4,717 $ (75) Total for the year ended December 31, 2021 352 $ 5,000 $ 4,717 $ (75) Residence Inn Boston Cambridge 10/2020 221 $ 107,500 $ 45,451 $ 55,857 Marriott Napa Valley Hotel & Spa 10/2020 275 100,096 98,684 37,944 Hotel Commonwealth 11/2020 245 113,000 109,602 (416) Renaissance Austin Hotel 11/2020 492 70,000 66,679 245 Total for the year ended December 31, 2020 1,233 $ 390,596 $ 320,416 $ 93,630 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) (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. The following represents the major classes of assets and liabilities associated with assets held for sale as of December 31, 2021 (in thousands): December 31, 2021 Land $ 11,715 Building and other improvements 42,791 Less accumulated depreciation (20,413) Net investment properties $ 34,093 Accounts and rents receivable, net of allowance for doubtful accounts 114 Other assets 414 Total assets held for sale $ 34,621 Accounts payable and accrued expenses 2,059 Other liabilities 246 Total liabilities associated with assets held for sale $ 2,305 |
Intangible Assets and Liabili_2
Intangible Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Intangible assets: Acquired in-place lease intangibles $ 601 $ 601 Advance bookings 2,226 4,188 Accumulated amortization (2,231) (3,183) Net intangible assets $ 596 $ 1,606 Goodwill (1) 4,850 4,850 Total intangible assets, net of accumulated amortization $ 5,446 $ 6,456 (1) During the year ended December 31, 2020, the Company recognized goodwill impairment losses of $20.1 million. See Note 8 for further details. |
Summary of Amortization Related to Intangibles | The following table summarizes the amortization related to intangible assets for the years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Acquired in-place lease intangibles $ 154 $ 154 Advance bookings $ 856 $ 2,285 |
Schedule of Future Amortization | The following table presents the amortization during the next five years and thereafter related to intangible assets at December 31, 2021 (in thousands): 2022 2023 2024 2025 2026 Thereafter Total Acquired in-place lease intangibles $ 111 $ 8 $ 3 $ — $ — $ — $ 122 Advance bookings 330 110 28 6 — — 474 Total amortization $ 441 $ 118 $ 31 $ 6 $ — $ — $ 596 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Instruments | Debt as of December 31, 2021 and 2020 consisted of the following (dollar amounts in thousands): Rate Type Rate (1) Maturity Date December 31, 2021 December 31, 2020 Mortgage Loans Kimpton Hotel Palomar Philadelphia Fixed (2) 4.14 % 1/13/2023 (3) $ — $ 57,660 Renaissance Atlanta Waverly Hotel & Convention Center Fixed (4) 4.45 % 8/14/2024 100,000 100,000 Andaz Napa Fixed (5) 2.78 % 9/13/2024 55,640 56,000 The Ritz-Carlton, Pentagon City Fixed (6) 5.47 % 1/31/2025 65,000 65,000 Grand Bohemian Hotel Orlando, Autograph Collection Fixed 4.53 % 3/1/2026 56,796 57,857 Marriott San Francisco Airport Waterfront Fixed 4.63 % 5/1/2027 112,102 115,762 Total Mortgage Loans 4.44 % (7) $ 389,538 $ 452,279 Corporate Credit Facilities Corporate Credit Facility Term Loan $150M Fixed (8) 3.77 % 8/21/2023 (3) — 150,000 Corporate Credit Facility Term Loan $125M Fixed (9) 3.92 % 9/13/2024 125,000 125,000 Revolving Credit Facility (10) Variable 2.93 % 2/28/2024 (3) — 163,093 Total Corporate Credit Facilities $ 125,000 $ 438,093 2020 Senior Notes $500M Fixed 6.38 % 8/15/2025 500,000 500,000 2021 Senior Notes $500M Fixed 4.88 % 6/1/2029 500,000 — Loan premiums, discounts and unamortized deferred financing costs, net (11) (20,307) (15,892) Total Debt, net of loan premiums, discounts and unamortized deferred financing costs 5.18 % (7) $ 1,494,231 $ 1,374,480 (1) The rates shown represent the annual interest rates as of December 31, 2021. The variable index for one mortgage loan is one-month LIBOR and for two mortgage loans is daily SOFR. The variable index for the corporate credit facilities reflects a 25 basis point LIBOR floor which is applicable for the value of all corporate credit facilities not subject to an interest rate hedge. (2) The Company entered into an interest rate swap agreement to fix the interest rate of this variable rate mortgage loan for the entire term of the loan. This mortgage loan was repaid in May 2021. The interest rate swap associated with this loan was terminated in connection with the repayment. (3) In May 2021, the Company repaid the outstanding balance of the respective mortgage loan, the corporate credit facility term loan due to mature in August 2023 and the revolving credit facility with cash on hand and proceeds from the 2021 Senior Notes. (4) A variable interest rate loan for which the interest rate has been fixed through October 2022, after which the rate reverts to variable. (5) A variable interest rate loan for which the interest rate has been fixed on $25 million of the balance through October 2022, after which the rate reverts to variable. (6) A variable interest rate loan for which the interest rate has been fixed through January 2023. The outstanding balance of this mortgage loan was repaid in January 2022 and the two interest rate swaps associated with this loan were terminated in connection with the repayment. (7) Represents the weighted-average interest rate as of December 31, 2021. (8) A variable interest rate loan for which LIBOR was previously fixed for $125 million of the balance through October 2022. The spread to LIBOR varied, as it was determined by the Company's leverage ratio. This loan was repaid in May 2021 and the interest rate swaps associated with this loan were redesignated in connection with the repayment. (9) A variable interest rate loan for which LIBOR has been fixed through September 2022. The spread to LIBOR may vary, as it is determined by the Company's leverage ratio. The applicable interest rate has been set to the highest level of grid-based pricing during the covenant waiver period. (10) Commitments under the revolving credit facility total $523 million through February 2022, after which the total commitments will decrease to $450 million through maturity in February 2024. (11) Includes loan premiums, discounts and deferred financing costs, net of accumulated amortization. |
Schedule of Principal Payments and Debt Maturities | The following table shows scheduled debt maturities for the next five years and thereafter (in thousands): As of Weighted-average 2022 $ 4,654 4.38% 2023 5,537 4.39% 2024 280,070 3.89% 2025 568,512 6.26% 2026 54,379 4.53% Thereafter 601,386 4.83% Total Debt $ 1,514,538 5.18% Revolving Credit Facility (matures in 2024) — 2.93% Loan premiums, discounts and unamortized deferred financing costs, net (20,307) — Debt, net of loan premiums, discounts and unamortized deferred financing costs $ 1,494,231 5.18% |
Derivatives (Tables)
Derivatives (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (in thousands): December 31, 2021 December 31, 2020 Hedged Debt Type Fixed Rate Index + Spread Effective Date Maturity Notional Amounts Estimated Fair Value Notional Amounts Estimated Fair Value Mortgage Debt Swap 1.83% 1-Month LIBOR 1/15/2016 10/22/2022 50,000 (591) 50,000 (1,521) Mortgage Debt Swap 1.83% 1-Month LIBOR 1/15/2016 10/22/2022 25,000 (295) 25,000 (761) Mortgage Debt Swap 1.84% 1-Month LIBOR 1/15/2016 10/22/2022 25,000 (297) 25,000 (764) Mortgage Debt Swap 1.83% 1-Month LIBOR 1/15/2016 10/22/2022 25,000 (296) 25,000 (762) Mortgage Debt Swap 1.54% 1-Month LIBOR 1/13/2016 1/13/2023 — — 57,000 (1,569) Mortgage Debt Swap 1.80% 1-Month LIBOR 3/1/2017 1/3/2022 — — 51,000 (859) Mortgage Debt Swap 1.80% 1-Month LIBOR 3/1/2017 1/3/2022 — — 45,000 (758) Mortgage Debt Swap 1.81% 1-Month LIBOR 3/1/2017 1/3/2022 — — 45,000 (765) $125M Term Loan Swap 1.91% 1-Month LIBOR 10/13/2017 9/13/2022 40,000 (445) 40,000 (1,201) $125M Term Loan Swap 1.92% 1-Month LIBOR 10/13/2017 9/13/2022 40,000 (446) 40,000 (1,202) $125M Term Loan Swap 1.92% 1-Month LIBOR 10/13/2017 9/13/2022 25,000 (279) 25,000 (753) $125M Term Loan Swap 1.92% 1-Month LIBOR 10/13/2017 9/13/2022 20,000 (223) 20,000 (601) Mortgage Debt (1) Swap 2.80% 1-Month LIBOR 6/1/2018 2/1/2023 24,000 (598) 24,000 (1,302) Mortgage Debt (1) Swap 2.89% 1-Month LIBOR 1/17/2019 2/1/2023 41,000 (1,061) 41,000 (2,301) $ 315,000 $ (4,531) $ 513,000 $ (15,119) (1) The Company terminated two interest rate swaps prior to maturity in connection with the repayment of the mortgage loan associated with The Ritz-Carlton, Pentagon City in January 2022. |
Schedule of Gain (Loss) Recognized on Derivative Financial 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 years ended December 31, 2021 and 2020 (in thousands): Year Ended December 31, 2021 2020 Effect of derivative instruments: Location in Statement of Operations and Comprehensive (Loss) Income: Realized loss on termination of interest rate derivative instruments Other (loss) income $ (2,779) $ (659) Gain (loss) recognized in other comprehensive (loss) Unrealized gain (loss) on interest rate derivative instruments $ 2,991 $ (18,133) Gain reclassified from accumulated other comprehensive (loss) to net (loss) income Reclassification adjustment for amounts recognized in net (loss) income $ 7,597 $ 7,969 Total interest expense in which effects of cash flow hedges are recorded Interest expense $ 81,285 $ 61,975 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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, 2021 and 2020 (in thousands): Fair Value Measurement Date December 31, 2021 December 31, 2020 Location on Consolidated Balance Sheets/ Description of Instrument Observable Inputs Significant Unobservable Inputs Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Recurring Measurements Liabilities Interest rate swaps (1) $ (4,531) $ — $ (15,119) $ — Nonrecurring measurements Net Investment Properties Kimpton Hotel Monaco Chicago $ 34,093 $ — $ — $ — (1) Interest rate swap fair values are netted as applicable per the terms of the respective master netting agreements. |
Schedule of Goodwill Balance and Related Activity | Our goodwill balance and related activity as of December 31, 2021 and 2020 is as follows (in thousands): December 31, 2021 December 31, 2020 Goodwill $ 34,352 $ 34,352 Cumulative Goodwill Impairment Losses (29,502) (29,502) Carrying Value of Goodwill $ 4,850 $ 4,850 |
Schedule of Fair Value of Financial Instruments | The table below represents the fair values of financial instruments presented at carrying values in the consolidated financial statements as of December 31, 2021 and 2020, respectively, (in thousands): December 31, 2021 December 31, 2020 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Total Mortgage and Corporate Credit Facility Term Loans $ 514,538 $ 503,265 $ 727,279 $ 706,453 Senior Notes 1,000,000 1,055,323 500,000 539,901 Revolving Credit Facility — — 163,093 161,339 Total $ 1,514,538 $ 1,558,588 $ 1,390,372 $ 1,407,693 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes | The table below presents the provision for income taxes related to continuing operations for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Current: Federal $ — $ 17,360 $ (3,082) State (718) (154) (2,255) Total current $ (718) $ 17,206 $ (5,337) Deferred: Federal $ — $ (1,060) $ (1) State — (279) (29) Total deferred $ — $ (1,339) $ (30) Total tax (provision) benefit $ (718) $ 15,867 $ (5,367) |
Schedule of Effective Income Tax Rate Reconciliation | The table below presents 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 for the years ended December 31, 2021, 2020 and 2019 (in thousands): Year Ended December 31, 2021 2020 2019 Provision for income taxes at statutory rate $ 30,235 $ 38,384 $ (13,148) Tax impact related to REIT operations (28,424) (25,741) 9,691 Income for which no federal tax benefit was recognized — (3) (2) Change in federal and state valuation allowances (3,214) (9,399) — Impact of rate change on deferred tax balances (720) 28 (9) State tax benefit (provision), net of federal 1,370 7,536 (1,563) Tax benefit related to federal net operating loss carryback rate — 5,004 — Other 35 58 (336) Total tax (provision) benefit $ (718) $ 15,867 $ (5,367) |
Schedule of Deferred Tax Assets and Liabilities | The components of the deferred tax assets and liabilities at December 31, 2021 and 2020 are as follows (in thousands): December 31, 2021 December 31, 2020 Net operating loss $ 14,268 $ 11,347 Deferred income 1,905 1,813 Other 107 (94) Total deferred tax assets $ 16,280 $ 13,066 Less: Valuation allowance (16,280) (13,066) Net deferred tax assets $ — $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table reconciles net (loss) income to basic and diluted EPS for the years ended December 31, 2021, 2020 and 2019 (in thousands, except share and per share data): Year Ended December 31, 2021 2020 2019 Numerator: Net (loss) income attributable to common stockholders $ (143,517) $ (163,330) $ 55,400 Dividends paid on unvested share-based compensation — (150) (548) Net (loss) income available to common stockholders $ (143,517) $ (163,480) $ 54,852 Denominator: Weighted-average shares outstanding - Basic 113,801,862 113,489,015 112,636,123 Effect of dilutive share-based compensation (1) — — 282,475 Weighted-average shares outstanding - Diluted 113,801,862 113,489,015 112,918,598 Basic and diluted (loss) earnings per share: Net (loss) income per share available to common stockholders - basic and diluted $ (1.26) $ (1.44) $ 0.49 (1) During the years ended December 31, 2021 and 2020, the Company excluded 542,632 and 292,850, respectively, anti-dilutive shares from its calculation of diluted earnings per share. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Restricted Stock Units | The Compensation Committee of the Board of Directors granted the following awards of restricted stock units to certain Company employees for the years ended December 31, 2021, 2020 and 2019: Grant Date Grant Description Time-Based Grants Performance-Based Grants Weighted-Average Grant Date Fair Value February 2019 2019 Restricted Stock Units 84,944 50,846 $15.75 March 2020 2020 Restricted Stock Units 112,937 163,501 (1) $9.70 June 2020 2020 Restricted Stock Units 98,060 (1) — $12.34 December 2020 2020 Restricted Stock Units 94,981 — $15.05 March 2021 2021 Restricted Stock Units 64,542 37,067 $16.66 (1) In June 2020, the Compensation Committee of the Board of Directors approved new equity awards for certain members of management, which provide for the cancellation of the performance-based awards originally granted to such individuals on March 2, 2020 and the grant of new time-based awards on June 5, 2020. |
Schedule of Incentive Plan Awards | The Compensation Committee of the Board of Directors has approved the issuance of the following LTIP Unit awards under the 2015 Incentive Award Plan to certain executives for the years ended December 31, 2021, 2020 and 2019: Grant Date Grant Description Time-Based LTIP Units Performance-Based Class A LTIP Units Weighted-Average Grant Date Fair Value February 2019 2019 LTIP Units 90,273 781,898 $9.24 March 2020 2020 LTIP Units 100,899 868,723 (1) $5.79 June 2020 2020 LTIP Units 607,965 (1) — $12.34 March 2021 2021 LTIP Units 88,076 708,991 $11.87 |
Schedule of Incentive Plan Awards for Non-employee Directors | Pursuant to the Director Compensation Program, the Company approved the issuance of following fully vested LTIP Units of under the 2015 Incentive Award Plan to seven of the Company's non-employee directors for the years ended December 31, 2021, 2020 and 2019: Grant Date Grant Description Time-Based Grants Grant Date Fair Value May 2019 2019 LTIP Units 26,768 $22.23 May 2020 2020 LTIP Units 84,546 $8.28 May 2021 2021 LTIP Units 36,848 $19.00 |
Schedule of Unvested Incentive Awards | The following is a summary of the unvested incentive awards as of December 31, 2021 and 2020: 2015 Incentive Award Plan Restricted Stock Units 2015 Incentive Award Plan LTIP Units (1) Total Unvested as of December 31, 2019 247,108 1,683,965 1,931,073 Granted 469,479 1,662,133 2,131,612 Vested (2) (176,229) (661,085) (837,314) Expired (61,637) (321,832) (383,469) Forfeited (3,154) — (3,154) Cancelled (87,828) (868,723) (956,551) Unvested as of December 31, 2020 387,739 1,494,458 1,882,197 Granted 106,747 833,915 940,662 Vested (2) (205,806) (582,319) (788,125) Expired (12,713) (245,737) (258,450) Forfeited (14,240) — (14,240) Unvested as of December 31, 2021 261,727 1,500,317 1,762,044 Weighted-average fair value of unvested shares/units $ 14.97 $ 12.36 $ 12.75 (1) Includes time-based LTIP Units and Class A LTIP Units. (2) During the years ended December 31, 2021 and 2020, the Company redeemed 54,514 and 48,489, respectively, shares of common stock to satisfy federal and state tax withholding requirements on the vesting of restricted stock units under 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 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 LTIP Units 25% $9.95 23.24% 2.44% - 2.55% 5.78% Relative TSR Class A LTIP Units 75% $10.07 23.24% 2.44% - 2.55% 5.78% March 2, 2020 Absolute TSR Restricted Stock Units - Type I 25% $2.07 24.62% 0.95% - 1.13% 7.05% Relative TSR Restricted Stock Units - Type I 75% $6.73 24.62% 0.95% - 1.13% 7.05% Absolute TSR Restricted Stock Units - Type II 25% $2.14 24.62% 0.95% - 1.13% 7.05% Relative TSR Restricted Stock Units - Type II 75% $7.00 24.62% 0.95% - 1.13% 7.05% Absolute TSR Class A LTIP Units 25% $2.34 24.62% 0.95% - 1.13% 7.05% Relative TSR Class A LTIP Units 75% $6.85 24.62% 0.95% - 1.13% 7.05% March 1, 2021 Absolute TSR Restricted Stock Units 25% $12.63 59.84% 0.01% - 0.31% —% Relative TSR Restricted Stock Units 75% $13.06 59.84% 0.01% - 0.31% —% Absolute TSR Class A LTIP Units 25% $12.57 59.84% 0.01% - 0.31% —% Relative TSR Class A LTIP Units 75% $12.69 59.84% 0.01% - 0.31% —% |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Leases | The following is a summary of the Company's leases as of and for the year ended December 31, 2021 (dollar amounts in thousands): December 31, 2021 Weighted-average remaining lease term, including reasonably certain extension options (1) 21 years Weighted-average discount rate 5.70% ROU asset (2) $ 19,577 Lease liability (3) $ 20,878 Operating lease rent expense $ 1,645 Variable lease costs 2,924 Total rent and variable lease costs $ 4,569 (1) The weighted-average remaining lease term including all available extension options is approximately 56 years. (2) The ROU asset is included in other assets (3) The lease liability is included in other liabilities |
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, 2021 (in thousands): December 31, 2021 2022 $ 2,127 2023 2,142 2024 2,157 2025 2,172 2026 2,188 Thereafter 26,648 Total undiscounted lease payments $ 37,434 Less imputed interest (16,556) Lease liability (1) $ 20,878 (1) The lease liability is included in other liabilities on the consolidated balance sheet as of December 31, 2021. |
Organization (Details)
Organization (Details) | Dec. 31, 2021roompropertymarket | Dec. 31, 2020roomproperty | Dec. 31, 2019propertyroom |
Organization [Line Items] | |||
Number of top lodging markets for investing activity | market | 25 | ||
Number of hotels operated | property | 34 | 35 | 39 |
Number of rooms in property | room | 9,659 | 10,011 | 11,245 |
XHR LP (Operating Partnership) | |||
Organization [Line Items] | |||
Ownership by Company (percent) | 97.90% | ||
Ownership by noncontrolling owners (percent) | 2.10% | 2.10% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Risks and Uncertainties (Details) - Revenue | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Geographic concentration risk | Orlando, FL | Minimum | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 10.00% | 10.00% | 10.00% |
Geographic concentration risk | Phoenix, AZ | Minimum | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 10.00% | 10.00% | |
Geographic concentration risk | Houston, TX | Minimum | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 10.00% | ||
Geographic concentration risk | San Diego, CA | Minimum | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 10.00% | ||
Geographic concentration risk | Texas | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 23.00% | ||
Geographic concentration risk | California | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 20.00% | ||
Geographic concentration risk | Florida | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 13.00% | ||
Product concentration risk | Five largest hotels | |||
Concentration Risk [Line Items] | |||
Concentration risk (percent) | 30.00% | 30.00% | 30.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Restricted Cash and Escrows (Details) $ in Millions | Dec. 31, 2021USD ($) |
Hotel furniture, fixtures, and equipment reserves | |
Other Commitments [Line Items] | |
Amount of reserves used for working capital purposes | $ 17.8 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Capitalization and Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | |||
Capitalized interest costs related to property tax and insurance | $ 0 | $ 500 | $ 800 |
Capitalized project management compensation-related costs and travel expenses | 2,200 | 2,400 | 2,800 |
Performance guaranty payments | $ 2,892 | $ 3,000 | $ 0 |
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 - Impairment (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Park Hyatt Aviara Resort Golf Club & Spa | ||
Impairment [Line Items] | ||
Impairment on write-down of property | $ 0.6 | |
Marriott Chicago at Medical District/UIC | ||
Impairment [Line Items] | ||
Impairment on write-down of property | $ 14.8 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Involuntary Conversion (Details) - Hurricane $ in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Aug. 31, 2021property | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) | |
Business Interruption Loss [Line Items] | |||||
Number of properties impacted | property | 1 | ||||
Loss for write off of property and equipment damaged in hurricanes | $ 0.5 | $ 0.5 | $ 0.5 | ||
Expense for hurricane-related repairs and cleanup | $ 1.1 | ||||
Insurance deductible | $ 0.4 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Goodwill (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)property | Dec. 31, 2019USD ($) | Dec. 31, 2021USD ($) | |
Accounting Policies [Abstract] | |||
Goodwill | $ 4,850 | $ 4,850 | |
Goodwill impairment charge | $ 20,100 | $ 9,400 | |
Number of hotel properties with goodwill impairment | property | 2 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Insurance Recoveries (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Involuntary Conversion [Line Items] | |||
Business interruption insurance proceeds | $ 1,602,000 | $ 0 | $ 823,000 |
Hurricane | |||
Involuntary Conversion [Line Items] | |||
Estimated insurance recoveries | 0 | ||
Hyatt Centric Key West Resort and Spa Key West | Hurricane | |||
Involuntary Conversion [Line Items] | |||
Recovery of prior year income | $ 700,000 | ||
Recovery of current year income | 100,000 | ||
COVID-19 Pandemic | |||
Involuntary Conversion [Line Items] | |||
Recovery of prior year income | $ 1,100,000 | ||
Winter Storms in Texas | |||
Involuntary Conversion [Line Items] | |||
Recovery of current year income | $ 500,000 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Deferred Financing Costs (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Accounting Policies [Abstract] | ||
Deferred financing costs related to revolving credit facility | $ 7.8 | $ 7.2 |
Accumulated amortization of deferred financing costs related to revolving credit facility | 5.3 | 3.2 |
Deferred financing costs related to long-term debt | 27.6 | 21 |
Accumulated amortization of deferred financing costs related to long-term debt | $ 7.3 | $ 5.1 |
Summary of Significant Accou_11
Summary of Significant Accounting Policies - Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | |||
Comprehensive income (loss) | $ (133,181) | $ (173,159) | $ 38,062 |
Accumulated other comprehensive income (loss) | $ (4,089) | $ (14,425) | $ (4,600) |
Summary of Significant Accou_12
Summary of Significant Accounting Policies - Segment Information (Details) | 12 Months Ended |
Dec. 31, 2021segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Summary of Significant Accou_13
Summary of Significant Accounting Policies - Recently Issued Accounting Pronouncements (Details) | 1 Months Ended |
Jul. 31, 2021mortgage_loan | |
Accounting Policies [Abstract] | |
Number of mortgage loans amended | 2 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 616,188 | $ 369,776 | $ 1,149,087 |
Orlando, FL | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 78,359 | 45,147 | 117,545 |
Phoenix, AZ | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 70,508 | 41,745 | 98,312 |
San Diego, CA | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 64,874 | 26,701 | 79,995 |
Houston, TX | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 62,082 | 33,785 | 100,285 |
Atlanta, GA | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 36,890 | 23,399 | 62,040 |
Denver, CO | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 36,858 | 17,487 | 55,515 |
Dallas, TX | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 33,148 | 19,295 | 74,356 |
Washington, DC-MD-VA | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 25,777 | 15,223 | 51,347 |
Florida Keys | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 25,468 | ||
San Francisco/San Mateo, CA | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 21,903 | 18,726 | 74,161 |
California North | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 13,855 | ||
San Jose-Santa Cruz, CA | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 58,975 | ||
Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 160,321 | $ 114,413 | $ 376,556 |
Investment Properties - Acquisi
Investment Properties - Acquisitions (Details) $ in Thousands | 1 Months Ended | ||
Dec. 31, 2019USD ($)room | Dec. 31, 2021room | Dec. 31, 2020room | |
Schedule of Asset Acquisition [Line Items] | |||
No. of Rooms (unaudited) | room | 11,245 | 9,659 | 10,011 |
Hyatt Regency Portland at the Oregon Convention Center | |||
Schedule of Asset Acquisition [Line Items] | |||
No. of Rooms (unaudited) | room | 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 |
Investment Properties - Purchas
Investment Properties - Purchase Price Allocation for Properties Acquired (Details) - Hyatt Regency Portland at the Oregon Convention Center $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Schedule of Asset Acquisition [Line Items] | |
Assets acquisition intangibles and other assets | $ 3,336 |
Working capital | 600 |
Total purchase price | 190,537 |
Advance bookings | |
Schedule of Asset Acquisition [Line Items] | |
Assets acquisition intangibles and other assets | $ 3,200 |
Amortization period (years) | 6 years |
Land | |
Schedule of Asset Acquisition [Line Items] | |
Asset acquisition property and equipment | $ 24,670 |
Building and improvements | |
Schedule of Asset Acquisition [Line Items] | |
Asset acquisition property and equipment | 147,755 |
Furniture, fixtures, and equipment | |
Schedule of Asset Acquisition [Line Items] | |
Asset acquisition property and equipment | $ 14,176 |
Investment Properties - Narrati
Investment Properties - Narrative (Details) $ in Thousands | Jan. 14, 2021USD ($) | Nov. 24, 2020USD ($) | Oct. 22, 2020USD ($) | Oct. 01, 2020USD ($) | Nov. 30, 2021USD ($)room | Nov. 30, 2020USD ($)room | Oct. 31, 2020USD ($)room | Aug. 31, 2020USD ($)room | Apr. 30, 2020USD ($) | Dec. 31, 2021USD ($)roomproperty | Dec. 31, 2020USD ($)propertyroom | Dec. 31, 2019USD ($)roomproperty | Aug. 31, 2021USD ($)room | Sep. 30, 2020USD ($)room | Jul. 31, 2020USD ($) | Mar. 31, 2020USD ($)property | Feb. 29, 2020USD ($)room | Jan. 31, 2020USD ($)room |
Disposition of Properties [Line Items] | ||||||||||||||||||
Number of rooms in property | room | 9,659 | 10,011 | 11,245 | |||||||||||||||
(Loss) Gain on sale of investment properties | $ (75) | $ 93,630 | $ (947) | |||||||||||||||
Number of hotel assets | property | 34 | 35 | 39 | |||||||||||||||
Restricted cash and escrows | $ 36,854 | $ 38,963 | $ 84,105 | |||||||||||||||
Hotel furniture, fixtures, and equipment reserves | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Restricted cash and escrows | 29,300 | 25,900 | ||||||||||||||||
Marriott Charleston Town Center | Disposed of by sale | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Number of rooms in property | room | 352 | 352 | ||||||||||||||||
Sale price per agreement | $ 5,000 | $ 5,000 | ||||||||||||||||
(Loss) Gain on sale of investment properties | 75 | |||||||||||||||||
Impairment charge | 12,600 | |||||||||||||||||
Proceeds from sale of property | 4,717 | |||||||||||||||||
Furniture, fixture and equipment replacement reserves and lender tax escrows retained | 2,900 | |||||||||||||||||
Gain on sale | $ (75) | |||||||||||||||||
Renaissance Atlanta Waverly Hotel & Convention Center | Disposed of by sale | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Number of rooms in property | room | 522 | |||||||||||||||||
Sale price per agreement | $ 155,000 | |||||||||||||||||
Other income from security deposit released from escrow | $ 7,800 | |||||||||||||||||
Renaissance Austin Hotel | Disposed of by sale | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Number of rooms in property | room | 492 | 492 | 492 | |||||||||||||||
Sale price per agreement | $ 70,000 | $ 70,000 | $ 100,500 | |||||||||||||||
Proceeds from sale of property | $ 66,700 | 66,679 | ||||||||||||||||
Furniture, fixture and equipment replacement reserves and lender tax escrows retained | 4,800 | |||||||||||||||||
Other income from security deposit released from escrow | $ 2,000 | |||||||||||||||||
Impairment on write-down of property | $ 8,900 | |||||||||||||||||
Gain on sale | $ 200 | $ 245 | ||||||||||||||||
Kimpton Portfolio | Disposed of by sale | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Sale price per agreement | $ 483,000 | |||||||||||||||||
Number of hotel assets | property | 7 | |||||||||||||||||
Buyer's at-risk deposit for transaction | $ 20,000 | $ 20,000 | ||||||||||||||||
Security deposit released to the Company | $ 19,000 | |||||||||||||||||
Kimpton Portfolio | Hotel furniture, fixtures, and equipment reserves | Disposed of by sale | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Restricted cash and escrows | $ 6,000 | |||||||||||||||||
Residence Inn Boston Cambridge | Disposed of by sale | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Number of rooms in property | room | 221 | 221 | ||||||||||||||||
Sale price per agreement | $ 107,500 | $ 107,500 | ||||||||||||||||
(Loss) Gain on sale of investment properties | $ 55,900 | |||||||||||||||||
Proceeds from sale of property | 45,500 | 45,451 | ||||||||||||||||
Furniture, fixture and equipment replacement reserves and lender tax escrows retained | 4,400 | |||||||||||||||||
Mortgage loan assumed by buyer | $ 60,300 | |||||||||||||||||
Gain on sale | $ 55,857 | |||||||||||||||||
Marriott Napa Valley Hotel & Spa | Disposed of by sale | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Number of rooms in property | room | 275 | 275 | ||||||||||||||||
Sale price per agreement | $ 100,096 | $ 100,100 | ||||||||||||||||
(Loss) Gain on sale of investment properties | $ 37,900 | |||||||||||||||||
Proceeds from sale of property | 98,700 | 98,684 | ||||||||||||||||
Furniture, fixture and equipment replacement reserves and lender tax escrows retained | $ 1,500 | |||||||||||||||||
Gain on sale | $ 37,944 | |||||||||||||||||
Hotel Commonwealth | Disposed of by sale | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Number of rooms in property | room | 245 | 245 | ||||||||||||||||
Sale price per agreement | $ 113,000 | $ 113,000 | ||||||||||||||||
Proceeds from sale of property | 109,602 | |||||||||||||||||
Furniture, fixture and equipment replacement reserves and lender tax escrows retained | 1,800 | |||||||||||||||||
Gain on sale | $ (416) | |||||||||||||||||
Kimpton Hotel Monaco Chicago | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Proceeds from sale of property | $ 32,100 | |||||||||||||||||
Kimpton Hotel Monaco Chicago | Disposed of by sale | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Number of rooms in property | room | 191 | |||||||||||||||||
Sale price per agreement | $ 36,000 | |||||||||||||||||
Impairment on write-down of property | 15,700 | |||||||||||||||||
Kimpton Hotel Monaco Chicago | Held for sale per agreement | ||||||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||||||
Sale price per agreement | $ 36,000 | |||||||||||||||||
Impairment charge | $ 15,700 |
Investment Properties - Disposi
Investment Properties - Dispositions (Details) $ in Thousands | Nov. 24, 2020USD ($) | Oct. 22, 2020USD ($) | Oct. 01, 2020USD ($) | Nov. 30, 2021USD ($)room | Nov. 30, 2020USD ($)room | Oct. 31, 2020USD ($)room | Dec. 31, 2019USD ($)room | Dec. 31, 2021USD ($)room | Dec. 31, 2020USD ($)room | Dec. 31, 2019USD ($)room | Aug. 31, 2021USD ($)room | Sep. 30, 2020USD ($)room | Aug. 31, 2020USD ($)room | Feb. 29, 2020USD ($)room |
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 11,245 | 9,659 | 10,011 | 11,245 | ||||||||||
Disposed of by sale | 2021 Dispositions | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 352 | |||||||||||||
Gross Sale Price | $ 5,000 | |||||||||||||
Net Proceeds | 4,717 | |||||||||||||
(Loss) / Gain on Sale | $ (75) | |||||||||||||
Disposed of by sale | Marriott Charleston Town Center | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 352 | 352 | ||||||||||||
Gross Sale Price | $ 5,000 | $ 5,000 | ||||||||||||
Net Proceeds | 4,717 | |||||||||||||
(Loss) / Gain on Sale | $ (75) | |||||||||||||
Disposed of by sale | 2020 Dispositions | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 1,233 | |||||||||||||
Gross Sale Price | $ 390,596 | |||||||||||||
Net Proceeds | 320,416 | |||||||||||||
(Loss) / Gain on Sale | $ 93,630 | |||||||||||||
Disposed of by sale | Residence Inn Boston Cambridge | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 221 | 221 | ||||||||||||
Gross Sale Price | $ 107,500 | $ 107,500 | ||||||||||||
Net Proceeds | $ 45,500 | 45,451 | ||||||||||||
(Loss) / Gain on Sale | $ 55,857 | |||||||||||||
Disposed of by sale | Marriott Napa Valley Hotel & Spa | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 275 | 275 | ||||||||||||
Gross Sale Price | $ 100,096 | $ 100,100 | ||||||||||||
Net Proceeds | $ 98,700 | 98,684 | ||||||||||||
(Loss) / Gain on Sale | $ 37,944 | |||||||||||||
Disposed of by sale | Hotel Commonwealth | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 245 | 245 | ||||||||||||
Gross Sale Price | $ 113,000 | $ 113,000 | ||||||||||||
Net Proceeds | 109,602 | |||||||||||||
(Loss) / Gain on Sale | $ (416) | |||||||||||||
Disposed of by sale | Renaissance Austin | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 492 | 492 | 492 | |||||||||||
Gross Sale Price | $ 70,000 | $ 70,000 | $ 100,500 | |||||||||||
Net Proceeds | $ 66,700 | 66,679 | ||||||||||||
(Loss) / Gain on Sale | $ 200 | $ 245 | ||||||||||||
Disposed of by sale | 2019 Dispositions | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 522 | 522 | ||||||||||||
Gross Sale Price | $ 61,500 | $ 61,500 | ||||||||||||
Net Proceeds | 60,222 | |||||||||||||
(Loss) / Gain on Sale | $ (1,022) | |||||||||||||
Disposed of by sale | Marriott Chicago at Medical District/UIC | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 113 | 113 | ||||||||||||
Gross Sale Price | $ 10,000 | $ 10,000 | ||||||||||||
Net Proceeds | 8,995 | |||||||||||||
(Loss) / Gain on Sale | $ (544) | |||||||||||||
Disposed of by sale | Marriott Griffin Gate Resort & Spa | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
No. of Rooms (unaudited) | room | 409 | 409 | ||||||||||||
Gross Sale Price | $ 51,500 | $ 51,500 | ||||||||||||
Net Proceeds | 51,227 | |||||||||||||
(Loss) / Gain on Sale | $ (478) | |||||||||||||
Disposed of by sale | 2018 Dispositions | ||||||||||||||
Disposition of Properties [Line Items] | ||||||||||||||
Adjustment gain (loss) to prior period dispositions | $ 100 |
Investment Properties - Major C
Investment Properties - Major Classes of Assets and Liabilities Associated with Assets Held For Sale (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disposition of Properties [Line Items] | ||
Total assets held for sale | $ 34,621 | $ 0 |
Total liabilities associated with assets held for sale | 2,305 | $ 0 |
Held for sale per agreement | Marriott Charleston Town Center | ||
Disposition of Properties [Line Items] | ||
Land | 11,715 | |
Building and other improvements | 42,791 | |
Less accumulated depreciation | (20,413) | |
Net investment properties | 34,093 | |
Accounts and rents receivable, net of allowance for doubtful accounts | 114 | |
Other assets | 414 | |
Total assets held for sale | 34,621 | |
Accounts payable and accrued expenses | 2,059 | |
Other liabilities | 246 | |
Total liabilities associated with assets held for sale | $ 2,305 |
Intangible Assets and Liabili_3
Intangible Assets and Liabilities - Summary of Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2021 | |
Intangible assets: | |||
Accumulated amortization | $ (3,183) | $ (2,231) | |
Net intangible assets | 1,606 | 596 | |
Goodwill | 4,850 | 4,850 | |
Total intangible assets, net of accumulated amortization | 6,456 | 5,446 | |
Goodwill impairment charge | 20,100 | $ 9,400 | |
Acquired in-place lease intangibles | |||
Intangible assets: | |||
Intangible assets, gross | 601 | 601 | |
Net intangible assets | 122 | ||
Advance bookings | |||
Intangible assets: | |||
Intangible assets, gross | $ 4,188 | 2,226 | |
Net intangible assets | $ 474 |
Intangible Assets and Liabili_4
Intangible Assets and Liabilities - Amortization Related to Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Acquired in-place lease intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 154 | $ 154 |
Advance bookings | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 856 | $ 2,285 |
Intangible Assets and Liabili_5
Intangible Assets and Liabilities - Future Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Finite-lived intangible assets: | ||
2022 | $ 441 | |
2023 | 118 | |
2024 | 31 | |
2025 | 6 | |
2026 | 0 | |
Thereafter | 0 | |
Net intangible assets | 596 | $ 1,606 |
Acquired in-place lease intangibles | ||
Finite-lived intangible assets: | ||
2022 | 111 | |
2023 | 8 | |
2024 | 3 | |
2025 | 0 | |
2026 | 0 | |
Thereafter | 0 | |
Net intangible assets | 122 | |
Advance bookings | ||
Finite-lived intangible assets: | ||
2022 | 330 | |
2023 | 110 | |
2024 | 28 | |
2025 | 6 | |
2026 | 0 | |
Thereafter | 0 | |
Net intangible assets | $ 474 |
Debt - Summary of Debt Instrume
Debt - Summary of Debt Instruments (Details) | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2022derivative_instrument | May 31, 2021USD ($)loan | Dec. 31, 2021USD ($)loan | Mar. 01, 2022USD ($) | Dec. 31, 2020USD ($) | Oct. 31, 2020USD ($) | Jan. 31, 2018USD ($) | |
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 1,514,538,000 | ||||||
Revolving credit facility | 0 | ||||||
Loan premiums, discounts and unamortized deferred financing costs, net | (20,307,000) | $ (15,892,000) | |||||
Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | $ 1,494,231,000 | $ 1,374,480,000 | |||||
Weighted-average interest rate (percent) | 5.18% | 4.78% | |||||
Subsequent Event | |||||||
Debt Instrument [Line Items] | |||||||
Number of interest rate swaps terminated | derivative_instrument | 2 | ||||||
Corporate Credit Facilities | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 125,000,000 | $ 438,093,000 | |||||
Basis point LIBOR floor (percent) | 0.25% | ||||||
Mortgage loans | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 389,538,000 | 452,279,000 | |||||
Weighted-average interest rate (percent) | 4.44% | ||||||
Mortgage loans | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Number of loans | loan | 1 | ||||||
Mortgage loans | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||
Debt Instrument [Line Items] | |||||||
Number of loans | loan | 2 | ||||||
Mortgage loans | Kimpton Hotel Palomar Philadelphia | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 0 | 57,660,000 | |||||
Weighted-average interest rate (percent) | 4.14% | ||||||
Mortgage loans | Renaissance Atlanta Waverly Hotel & Convention Center | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 100,000,000 | 100,000,000 | |||||
Weighted-average interest rate (percent) | 4.45% | ||||||
Mortgage loans | Andaz Napa | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 55,640,000 | 56,000,000 | |||||
Weighted-average interest rate (percent) | 2.78% | ||||||
Component of variable rate loan with fixed rate | $ 25,000,000 | ||||||
Mortgage loans | The Ritz-Carlton, Pentagon City | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 65,000,000 | 65,000,000 | |||||
Weighted-average interest rate (percent) | 5.47% | ||||||
Mortgage loans | Grand Bohemian Hotel Orlando, Autograph Collection | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 56,796,000 | 57,857,000 | |||||
Weighted-average interest rate (percent) | 4.53% | ||||||
Mortgage loans | Marriott San Francisco Airport Waterfront | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 112,102,000 | 115,762,000 | |||||
Weighted-average interest rate (percent) | 4.63% | ||||||
Term loans | Corporate Credit Facility Term Loan $150M | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 0 | 150,000,000 | |||||
Aggregate principal | $ 150,000,000 | ||||||
Weighted-average interest rate (percent) | 3.77% | ||||||
Component of variable rate loan with fixed rate | $ 125,000,000 | ||||||
Term loans | Corporate Credit Facility Term Loan $125M | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | 125,000,000 | 125,000,000 | |||||
Aggregate principal | $ 125,000,000 | ||||||
Weighted-average interest rate (percent) | 3.92% | ||||||
Number of loans | loan | 1 | ||||||
Credit facility | Revolving Credit Facility | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit facility | $ 0 | 163,093,000 | |||||
Weighted-average interest rate (percent) | 2.93% | ||||||
Borrowing capacity commitment | $ 523,000,000 | $ 523,000,000 | $ 500,000,000 | ||||
Credit facility | Revolving Credit Facility | Forecast | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity commitment | $ 450,000,000 | ||||||
Secured debt | 2020 Senior Notes $500M | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | 500,000,000 | 500,000,000 | |||||
Aggregate principal | $ 500,000,000 | 500,000,000 | |||||
Weighted-average interest rate (percent) | 6.38% | ||||||
Secured debt | 2021 Senior Notes $500M | |||||||
Debt Instrument [Line Items] | |||||||
Balance outstanding | $ 500,000,000 | $ 0 | |||||
Aggregate principal | $ 500,000,000 | $ 500,000,000 | |||||
Weighted-average interest rate (percent) | 4.88% |
Debt - Mortgage Loans Narrative
Debt - Mortgage Loans Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($)fiscal_quarterloan | Dec. 31, 2021USD ($)loan | Jun. 30, 2021loan | |
Debt Instrument [Line Items] | |||
Number of loans amended | 8 | ||
Mortgage loans | |||
Debt Instrument [Line Items] | |||
Gains or losses on restructuring of debt | $ | $ 0 | ||
Number of loans not in compliance with debt covenants | 2 | 3 | |
Number of loans in compliance with debt covenants | 3 | ||
Mortgage loans | Recourse | |||
Debt Instrument [Line Items] | |||
Aggregate principal | $ | $ 0 | ||
Mortgage loans | Minimum | |||
Debt Instrument [Line Items] | |||
Loan amendment, deferral of monthly interest or amortization payments (in months) | 3 months | ||
Loan amendment, waiver for existing quarterly financial covenants | fiscal_quarter | 1 | ||
Mortgage loans | Maximum | |||
Debt Instrument [Line Items] | |||
Loan amendment, deferral of monthly interest or amortization payments (in months) | 9 months | ||
Loan amendment, waiver for existing quarterly financial covenants | fiscal_quarter | 3 |
Debt - Corporate Credit Facilit
Debt - Corporate Credit Facilities Narrative (Details) | Jun. 30, 2020USD ($) | May 31, 2021loan | Oct. 31, 2020USD ($) | Jan. 31, 2018USD ($)property | Apr. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2022USD ($) | Mar. 01, 2022USD ($) | Oct. 30, 2020USD ($) | Aug. 31, 2020USD ($) |
Debt Instrument [Line Items] | ||||||||||||
Revolving credit facility | $ 0 | |||||||||||
Corporate Credit Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Credit facility maximum outstanding balance threshold for improved mandatory pay down provisions | $ 350,000,000 | $ 350,000,000 | ||||||||||
Mandatory pay down provisions, percentage of debt, equity, or disposition proceeds available for general corporate purposes | 55.00% | |||||||||||
Mandatory pay down provisions, percentage of debt, equity, or disposition proceeds available for prepayment of credit facility or term loans | 50.00% | 45.00% | ||||||||||
Minimum liquidity covenant | $ 100,000,000 | |||||||||||
Corporate Credit Facilities | Forecast | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Minimum liquidity covenant | $ 150,000,000 | |||||||||||
Eurodollar | Corporate Credit Facilities | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Variable rate floor (percent) | 0.25% | |||||||||||
Credit facility | Revolving Credit Facility | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowing capacity commitment | $ 523,000,000 | $ 500,000,000 | 523,000,000 | |||||||||
Number of extension options | property | 2 | |||||||||||
Extension option term (in months) | 6 months | |||||||||||
Quarterly unused commitment fee (percent) | 0.30% | |||||||||||
Increase in borrowing capacity | $ 23,000,000 | |||||||||||
Extension term (in years) | 2 years | |||||||||||
Revolving credit facility | 0 | $ 163,093,000 | ||||||||||
Unused commitment fees | 1,400,000 | 500,000 | $ 1,500,000 | |||||||||
Interest expense | 1,900,000 | $ 8,600,000 | $ 200,000 | |||||||||
Credit facility | Revolving Credit Facility | Forecast | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Borrowing capacity commitment | $ 450,000,000 | |||||||||||
Credit facility | Revolving Credit Facility | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility fee (percent) | 0.125% | |||||||||||
Credit facility | Revolving Credit Facility | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Facility fee (percent) | 0.30% | |||||||||||
Credit facility | Revolving Credit Facility | LIBOR | Minimum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread (percent) | 1.50% | |||||||||||
Basis spread on variable rate optional election upon achievement of credit rating (percent) | 0.50% | |||||||||||
Credit facility | Revolving Credit Facility | LIBOR | Maximum | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Basis spread (percent) | 2.25% | |||||||||||
Basis spread on variable rate optional election upon achievement of credit rating (percent) | 1.25% | |||||||||||
Term loans | Corporate Credit Facility Term Loan $175M | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal | $ 175,000,000 | |||||||||||
Term loans | Corporate Credit Facility Term Loan $125M | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal | $ 125,000,000 | |||||||||||
Number of loans | loan | 1 | |||||||||||
Secured debt | Senior Notes $300M | ||||||||||||
Debt Instrument [Line Items] | ||||||||||||
Aggregate principal | $ 300,000,000 |
Debt - Senior Notes Narrative (
Debt - Senior Notes Narrative (Details) - Secured debt - USD ($) | 1 Months Ended | ||
May 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
2020 Senior Notes $500M | |||
Debt Instrument [Line Items] | |||
Aggregate principal | $ 500,000,000 | $ 500,000,000 | |
Stated interest rate (percent) | 6.375% | ||
2021 Senior Notes $500M | |||
Debt Instrument [Line Items] | |||
Aggregate principal | $ 500,000,000 | $ 500,000,000 | |
Stated interest rate (percent) | 4.875% | ||
Debt covenant, total unencumbered assets to total unsecured indebtedness on a consolidated basis | 150.00% |
Debt - Debt Outstanding Narrati
Debt - Debt Outstanding Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | |||
Debt outstanding | $ 1,515,000 | $ 1,390,000 | |
Weighted-average interest rate (percent) | 5.18% | 4.78% | |
Loss on extinguishment of debt | $ 1,356 | $ 1,625 | $ 214 |
Loan amendments | |||
Debt Instrument [Line Items] | |||
Capitalized deferred financing costs | $ 10,200 | 5,300 | |
Loan amendments | General and administrative expense | |||
Debt Instrument [Line Items] | |||
Legal fees expense | $ 700 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Maturities of long-term debt | ||
2022 | $ 4,654 | |
2023 | 5,537 | |
2024 | 280,070 | |
2025 | 568,512 | |
2026 | 54,379 | |
Thereafter | 601,386 | |
Total Debt | 1,514,538 | |
Revolving Credit Facility (matures in 2024) | 0 | |
Loan premiums, discounts and unamortized deferred financing costs, net | (20,307) | $ (15,892) |
Total Debt, net of loan premiums, discounts and unamortized deferred financing costs | $ 1,494,231 | $ 1,374,480 |
Weighted-average interest rate | ||
2021 (percent) | 4.38% | |
2022 (percent) | 4.39% | |
2023 (percent) | 3.89% | |
2024 (percent) | 6.26% | |
2025 (percent) | 4.53% | |
Thereafter (percent) | 4.83% | |
Total Debt (percent) | 5.18% | |
Weighted-average interest rate on credit facility (percent) | 2.93% | |
Weighted average interest rate on debt (percent) | 5.18% | 4.78% |
Derivatives - Narrative (Detail
Derivatives - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)derivative_instrument | Dec. 31, 2020USD ($)derivative_instrument | |
Derivative [Line Items] | ||
Realized loss on termination of interest rate derivative instruments | $ (2,779) | $ (659) |
Expected reclassification from accumulated OCI to interest expense in next twelve months | $ 4,200 | |
Estimate of time for reclassification | 12 months | |
Interest Rate Swap | ||
Derivative [Line Items] | ||
Number of derivatives terminated | derivative_instrument | 4 | 3 |
Realized loss on termination of interest rate derivative instruments | $ 2,800 | $ 700 |
Derivatives - Derivative Financ
Derivatives - Derivative Financial Instruments (Details) | 1 Months Ended | ||
Jan. 31, 2022derivative_instrument | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | |
Subsequent Event | |||
Derivative [Line Items] | |||
Number of interest rate swaps terminated | derivative_instrument | 2 | ||
Cash Flow Hedge | Interest Rate Swap | |||
Derivative [Line Items] | |||
Notional amounts | $ 315,000,000 | $ 513,000,000 | |
Estimated fair value | $ (4,531,000) | (15,119,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt one | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 1.83% | ||
Notional amounts | $ 50,000,000 | 50,000,000 | |
Estimated fair value | $ (591,000) | (1,521,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt two | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 1.83% | ||
Notional amounts | $ 25,000,000 | 25,000,000 | |
Estimated fair value | $ (295,000) | (761,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt three | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 1.84% | ||
Notional amounts | $ 25,000,000 | 25,000,000 | |
Estimated fair value | $ (297,000) | (764,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt four | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 1.83% | ||
Notional amounts | $ 25,000,000 | 25,000,000 | |
Estimated fair value | $ (296,000) | (762,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt five | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 1.54% | ||
Notional amounts | $ 0 | 57,000,000 | |
Estimated fair value | $ 0 | (1,569,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt six | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 1.80% | ||
Notional amounts | $ 0 | 51,000,000 | |
Estimated fair value | $ 0 | (859,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt seven | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 1.80% | ||
Notional amounts | $ 0 | 45,000,000 | |
Estimated fair value | $ 0 | (758,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt eight | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 1.81% | ||
Notional amounts | $ 0 | 45,000,000 | |
Estimated fair value | 0 | (765,000) | |
Cash Flow Hedge | Interest Rate Swap | 125M Term Loan one | |||
Derivative [Line Items] | |||
Hedged debt | $ 125,000,000 | ||
Fixed rate (percent) | 1.91% | ||
Notional amounts | $ 40,000,000 | 40,000,000 | |
Estimated fair value | (445,000) | (1,201,000) | |
Cash Flow Hedge | Interest Rate Swap | 125M Term Loan two | |||
Derivative [Line Items] | |||
Hedged debt | $ 125,000,000 | ||
Fixed rate (percent) | 1.92% | ||
Notional amounts | $ 40,000,000 | 40,000,000 | |
Estimated fair value | (446,000) | (1,202,000) | |
Cash Flow Hedge | Interest Rate Swap | 125M Term Loan three | |||
Derivative [Line Items] | |||
Hedged debt | $ 125,000,000 | ||
Fixed rate (percent) | 1.92% | ||
Notional amounts | $ 25,000,000 | 25,000,000 | |
Estimated fair value | (279,000) | (753,000) | |
Cash Flow Hedge | Interest Rate Swap | 125M Term Loan four | |||
Derivative [Line Items] | |||
Hedged debt | $ 125,000,000 | ||
Fixed rate (percent) | 1.92% | ||
Notional amounts | $ 20,000,000 | 20,000,000 | |
Estimated fair value | $ (223,000) | (601,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt nine | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 2.80% | ||
Notional amounts | $ 24,000,000 | 24,000,000 | |
Estimated fair value | $ (598,000) | (1,302,000) | |
Cash Flow Hedge | Interest Rate Swap | Mortgage Debt ten | |||
Derivative [Line Items] | |||
Fixed rate (percent) | 2.89% | ||
Notional amounts | $ 41,000,000 | 41,000,000 | |
Estimated fair value | $ (1,061,000) | $ (2,301,000) |
Derivatives - Gain (Loss) Recog
Derivatives - Gain (Loss) Recognized on Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||
Realized loss on termination of interest rate derivative instruments | $ (2,779) | $ (659) | |
Gain (loss) recognized in other comprehensive (loss) | 2,991 | (18,133) | $ (14,401) |
Gain reclassified from accumulated other comprehensive (loss) to net (loss) income | 7,597 | 7,969 | (3,510) |
Interest expense | $ 81,285 | $ 61,975 | $ 48,605 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Recurring | Level 2 | Interest Rate Swap | ||
Liabilities | ||
Interest rate swap liabilities | $ (4,531) | $ (15,119) |
Recurring | Level 3 | Interest Rate Swap | ||
Liabilities | ||
Interest rate swap liabilities | 0 | 0 |
Nonrecurring | Level 2 | ||
Net Investment Properties | ||
Kimpton Hotel Monaco Chicago | 34,093 | 0 |
Nonrecurring | Level 3 | ||
Net Investment Properties | ||
Kimpton Hotel Monaco Chicago | $ 0 | $ 0 |
Fair Value Measurements - Narra
Fair Value Measurements - Narrative (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($)property | Dec. 31, 2021USD ($)room | Dec. 31, 2020USD ($)room | Dec. 31, 2019USD ($)room | Nov. 30, 2021USD ($)room | Nov. 30, 2020USD ($)room | Sep. 30, 2020USD ($)room | Feb. 29, 2020USD ($)room | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Number of rooms in property | room | 9,659 | 10,011 | 11,245 | ||||||
Number of hotels in goodwill analysis | property | 3 | ||||||||
Goodwill impairment charge | $ 20,100 | $ 9,400 | |||||||
Marriott Charleston Town Center | Disposed of by sale | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Impairment on write-down of property | $ 12,600 | ||||||||
Number of rooms in property | room | 352 | ||||||||
Kimpton Hotel Monaco Chicago | Disposed of by sale | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Impairment on write-down of property | $ 15,700 | ||||||||
Number of rooms in property | room | 191 | ||||||||
Sale price per agreement | $ 36,000 | ||||||||
Renaissance Austin Hotel | Disposed of by sale | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Impairment on write-down of property | $ 8,900 | ||||||||
Number of rooms in property | room | 492 | 492 | 492 | ||||||
Sale price per agreement | $ 70,000 | $ 70,000 | $ 100,500 | ||||||
Andaz Savannah | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Goodwill impairment charge | $ 6,100 | ||||||||
Bohemian Hotel Savannah Riverfront | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Goodwill impairment charge | $ 3,700 | $ 10,300 | |||||||
Measurement Input, Discount Rate | Level 2 | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||
Weighted average effective interest rate (percent) | 0.0523 | 0.0480 |
Fair Value Measurements - Goodw
Fair Value Measurements - Goodwill (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Goodwill Balance | ||
Goodwill | $ 34,352 | $ 34,352 |
Cumulative Goodwill Impairment Losses | (29,502) | (29,502) |
Carrying Value of Goodwill | $ 4,850 | $ 4,850 |
Fair Value Measurements - Finan
Fair Value Measurements - Financial Instruments Presented at Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Mortgage and Corporate Credit Facility Term Loans | $ 514,538 | $ 727,279 |
Senior Notes | 1,000,000 | 500,000 |
Revolving Credit Facility | 0 | 163,093 |
Total | 1,514,538 | 1,390,372 |
Estimated Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total Mortgage and Corporate Credit Facility Term Loans | 503,265 | 706,453 |
Senior Notes | 1,055,323 | 539,901 |
Revolving Credit Facility | 0 | 161,339 |
Total | $ 1,558,588 | $ 1,407,693 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax (expense) benefit | $ (718,000) | $ 15,867,000 | $ (5,367,000) |
Estimated federal and state statutory combined rate | 23.44% | 23.62% | 23.65% |
Tax refunds expected | $ 17,400,000 | ||
Employee retention credits | $ 800,000 | 500,000 | |
Third-party managers received employee retention credits | 500,000 | 5,900,000 | |
Net operating losses generated | 59,000,000 | ||
Unrecognized tax benefits | 0 | 0 | $ 0 |
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 19,400,000 | 11,200,000 | |
Operating loss carryforwards valuation allowance | 19,400,000 | 11,200,000 | |
State | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryforwards | 198,200,000 | 161,600,000 | |
Operating loss carryforwards valuation allowance | $ 198,200,000 | $ 161,600,000 |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provisions for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current: | |||
Federal | $ 0 | $ 17,360 | $ (3,082) |
State | (718) | (154) | (2,255) |
Total current | (718) | 17,206 | (5,337) |
Deferred: | |||
Federal | 0 | (1,060) | (1) |
State | 0 | (279) | (29) |
Total deferred | 0 | (1,339) | (30) |
Total tax (provision) benefit | $ (718) | $ 15,867 | $ (5,367) |
Income Taxes - Effective Income
Income Taxes - Effective Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Amount | |||
Provision for income taxes at statutory rate | $ 30,235 | $ 38,384 | $ (13,148) |
Tax impact related to REIT operations | (28,424) | (25,741) | 9,691 |
Income for which no federal tax benefit was recognized | 0 | (3) | (2) |
Change in federal and state valuation allowances | (3,214) | (9,399) | 0 |
Impact of rate change on deferred tax balances | (720) | 28 | (9) |
State tax benefit (provision), net of federal | 1,370 | 7,536 | (1,563) |
Tax benefit related to federal net operating loss carryback rate | 0 | 5,004 | 0 |
Other | 35 | 58 | (336) |
Total tax (provision) benefit | $ (718) | $ 15,867 | $ (5,367) |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Net operating loss | $ 14,268 | $ 11,347 |
Deferred income | 1,905 | 1,813 |
Other | 107 | (94) |
Total deferred tax assets | 16,280 | 13,066 |
Less: Valuation allowance | (16,280) | (13,066) |
Net deferred tax assets | $ 0 | $ 0 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock and Dividends (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Aggregate offering price of common stock authorized under ATM agreement | $ 200,000,000 | ||
Aggregate offering price of common stock currently available under ATM agreements | $ 200,000,000 | ||
Number of shares issued (in shares) | 0 | 0 | 0 |
Stock repurchased during period (in shares) | 0 | 165,516 | 0 |
Shares repurchased, weighted average price (in dollars per share) | $ 13.68 | ||
Shares repurchased, aggregate purchase price | $ 0 | $ 2,264,000 | $ 0 |
Dividends declared (in dollars per share/unit) | $ 0.275 | $ 1.10 | |
Dividends on common stock, value | $ 31,561,000 | $ 126,129,000 | |
Percentage of dividends as nontaxable return of capital | 100.00% | ||
Accumulated Distributions in Excess of Net Earnings | |||
Class of Stock [Line Items] | |||
Dividends declared (in dollars per share/unit) | $ 0.275 | ||
Dividends on common stock, value | $ 31,238,000 | $ 124,180,000 | |
Repurchase Program | |||
Class of Stock [Line Items] | |||
Stock repurchase program authorized amount | $ 175,000,000 | ||
Remaining stock repurchase authorization | $ 94,700,000 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Class of Stock [Line Items] | |||
Common limited partnership units redeemed for cash (in shares) | 215,344 | 457,017 | |
Cash paid for redemption of common limited partnership units | $ 4,088 | $ 8,623 | $ 0 |
Dividends on common stock, value | $ 31,561 | $ 126,129 | |
Dividends declared (in dollars per share/unit) | $ 0.275 | $ 1.10 | |
LTIP Units | |||
Class of Stock [Line Items] | |||
LTIP Units converted into common limited partnership units (in shares) | 615,266 | 1,579,549 | |
Conversion rate (in shares) | 1 | 1 | |
Number of units outstanding, vested and nonvested (in shares) | 2,467,472 | 2,494,560 | |
Non-controlling Interests of Operating Partnership | |||
Class of Stock [Line Items] | |||
Dividends on common stock, value | $ 0 | $ 323 | $ 1,949 |
Dividends declared (in dollars per share/unit) | $ 0.275 | ||
Common Stock | |||
Class of Stock [Line Items] | |||
Shares issued for conversion of common limited partnership units | 399,922 | 1,122,532 | |
XHR LP (Operating Partnership) | |||
Class of Stock [Line Items] | |||
Ownership by noncontrolling owners (percent) | 2.10% | 2.10% | |
Number of units vested (in shares) | 967,155 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Numerator: | |||
Net (loss) income attributable to common stockholders | $ (143,517) | $ (163,330) | $ 55,400 |
Dividends paid on unvested share-based compensation | 0 | (150) | (548) |
Net (loss) income available to common stockholders | $ (143,517) | $ (163,480) | $ 54,852 |
Denominator: | |||
Weighted-average shares outstanding, basic (in shares) | 113,801,862 | 113,489,015 | 112,636,123 |
Effect of dilutive share-based compensation (in shares) | 0 | 0 | 282,475 |
Weighted-average shares outstanding, diluted (in shares) | 113,801,862 | 113,489,015 | 112,918,598 |
Basic and diluted (loss) earnings per share: | |||
Net (loss) income per share available to common stockholders - basic (in dollars per share) | $ (1.26) | $ (1.44) | $ 0.49 |
Net (loss) income per share available to common stockholders - diluted (in dollars per share) | $ (1.26) | $ (1.44) | $ 0.49 |
Anti-dilutive shares excluded from calculation of diluted earnings per share (in shares) | 542,632 | 292,850 |
Share-Based Compensation - 2015
Share-Based Compensation - 2015 Incentive Award Plan (Details) - shares | 1 Months Ended | |
May 31, 2020 | Dec. 31, 2021 | |
Share-based Payment Arrangement [Abstract] | ||
Increased in aggregate number of shares of common stock that may be issued pursuant to awards (in shares) | 2,000,000 | |
Aggregate share authorization (in shares) | 3,248,479 |
Share-Based Compensation - Rest
Share-Based Compensation - Restricted Stock Units Grants (Details) | Mar. 01, 2021 | Feb. 19, 2019 | May 31, 2021director$ / sharesshares | Mar. 31, 2021$ / sharesshares | Dec. 31, 2020$ / sharesshares | Jun. 30, 2020$ / sharesshares | Mar. 31, 2020$ / sharesshares | Feb. 28, 2019$ / sharesshares | Dec. 31, 2021shares | Dec. 31, 2020shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 940,662 | 2,131,612 | ||||||||
Restricted Stock Units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 16.66 | $ 15.05 | $ 12.34 | $ 9.70 | $ 15.75 | |||||
Time-based restricted stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 64,542 | 94,981 | 98,060 | 112,937 | 84,944 | |||||
Time-based restricted stock units | February 2018 | Vesting tranche one | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights | 33.00% | |||||||||
Time-based restricted stock units | February 2018 | Vesting tranche two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights | 33.00% | |||||||||
Time-based restricted stock units | February 2018 | Vesting tranche three | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights | 34.00% | |||||||||
Time-based restricted stock units | February 2019 | Vesting tranche one | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights | 33.00% | |||||||||
Time-based restricted stock units | February 2019 | Vesting tranche two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights | 33.00% | |||||||||
Time-based restricted stock units | February 2019 | Vesting tranche three | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights | 34.00% | |||||||||
Time-based restricted stock units | March 2020 | Vesting tranche one | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights | 33.00% | |||||||||
Time-based restricted stock units | March 2020 | Vesting tranche two | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights | 33.00% | |||||||||
Time-based restricted stock units | March 2020 | Vesting tranche three | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Award vesting rights | 34.00% | |||||||||
Performance-based restricted stock units | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 37,067 | 0 | 0 | 163,501 | 50,846 | |||||
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% | ||||||||
Award vesting period (in years) | 3 years | |||||||||
Absolute TSR Restricted Stock Units | February 2018 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Component of total award (percent) | 25.00% | |||||||||
Absolute TSR Restricted Stock Units | February 2019 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Component of total award (percent) | 25.00% | |||||||||
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% | ||||||||
Award vesting period (in years) | 3 years | |||||||||
Relative TSR Restricted Stock Units | February 2018 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Component of total award (percent) | 75.00% | |||||||||
Relative TSR Restricted Stock Units | February 2019 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Component of total award (percent) | 75.00% | |||||||||
Fully vested stock | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Granted (in shares) | 5,138 | |||||||||
Weighted-average grant date fair value (in dollars per share) | $ / shares | $ 19.09 | |||||||||
Fully vested stock | Non-employee director | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of non-employee directors | director | 1 |
Share-Based Compensation - LTIP
Share-Based Compensation - LTIP Unit Grants (Details) - $ / shares | Mar. 01, 2021 | Mar. 02, 2020 | Feb. 19, 2019 | Mar. 31, 2021 | Jun. 30, 2020 | Mar. 31, 2020 | Feb. 28, 2019 | Dec. 31, 2021 | Dec. 31, 2020 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 940,662 | 2,131,612 | |||||||
LTIP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Conversion rate (in shares) | 1 | 1 | |||||||
Weighted-average grant date fair value (in dollars per share) | $ 11.87 | $ 12.34 | $ 5.79 | $ 9.24 | |||||
Time-based LTIP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Conversion rate (in shares) | 1 | ||||||||
Granted (in shares) | 88,076 | 607,965 | 100,899 | 90,273 | |||||
Time-based LTIP Units | February 2018 | Vesting tranche one | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights | 33.00% | ||||||||
Time-based LTIP Units | February 2018 | Vesting tranche two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights | 33.00% | ||||||||
Time-based LTIP Units | February 2018 | Vesting tranche three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights | 34.00% | ||||||||
Time-based LTIP Units | February 2019 | Vesting tranche one | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights | 33.00% | ||||||||
Time-based LTIP Units | February 2019 | Vesting tranche two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights | 33.00% | ||||||||
Time-based LTIP Units | February 2019 | Vesting tranche three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights | 34.00% | ||||||||
Time-based LTIP Units | March 2020 | Vesting tranche one | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights | 33.00% | ||||||||
Time-based LTIP Units | March 2020 | Vesting tranche two | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights | 33.00% | ||||||||
Time-based LTIP Units | March 2020 | Vesting tranche three | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Award vesting rights | 34.00% | ||||||||
Performance-based Class A LTIP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Granted (in shares) | 708,991 | 0 | 868,723 | 781,898 | |||||
Quarterly per-unit distribution on non-vested awards as percentage of distribution on common units in the Operating Partnership | 10.00% | ||||||||
Absolute TSR Class A LTIP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Component of total award (percent) | 25.00% | 25.00% | 25.00% | ||||||
Absolute TSR Class A LTIP Units | February 2018 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Component of total award (percent) | 25.00% | ||||||||
Award vesting period (in years) | 3 years | ||||||||
Absolute TSR Class A LTIP Units | February 2019 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Component of total award (percent) | 25.00% | ||||||||
Award vesting period (in years) | 3 years | ||||||||
Relative TSR Class A LTIP Units | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Component of total award (percent) | 75.00% | 75.00% | 75.00% | ||||||
Relative TSR Class A LTIP Units | February 2018 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Component of total award (percent) | 75.00% | ||||||||
Award vesting period (in years) | 3 years | ||||||||
Relative TSR Class A LTIP Units | February 2019 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Component of total award (percent) | 75.00% | ||||||||
Award vesting period (in years) | 3 years |
Share-Based Compensation - Dire
Share-Based Compensation - Director Compensation Program (Details) | 1 Months Ended | 12 Months Ended | ||||
May 31, 2021$ / sharesshares | May 31, 2020director$ / sharesshares | May 31, 2019director$ / sharesshares | May 31, 2018director | Dec. 31, 2021shares | Dec. 31, 2020shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 940,662 | 2,131,612 | ||||
Non-employee director | Fully vested LTIP Units | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted (in shares) | 36,848 | 84,546 | 26,768 | |||
Grant date fair value (in dollars per share) | $ / shares | $ 19 | $ 8.28 | $ 22.23 | |||
Number of recipients | director | 7 | 7 | 7 |
Share-Based Compensation - Unve
Share-Based Compensation - Unvested Incentive Awards (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Unvested incentive awards | |||
Unvested at beginning of period (in shares) | 1,882,197 | 1,931,073 | |
Granted (in shares) | 940,662 | 2,131,612 | |
Vested (in shares) | (788,125) | (837,314) | |
Expired (in shares) | (258,450) | (383,469) | |
Forfeited (in shares) | (14,240) | (3,154) | |
Cancelled (in shares) | (956,551) | ||
Unvested at the end of period (in shares) | 1,762,044 | 1,882,197 | 1,931,073 |
Weighted-average fair value of unvested shares/units (in dollars per share) | $ 12.75 | ||
Common stock | |||
Unvested incentive awards | |||
Shares redeemed to satisfy tax withholding on vested share-based compensation (in shares) | (54,514) | (48,489) | (34,118) |
2015 Incentive Award Plan | Restricted Stock Units | |||
Unvested incentive awards | |||
Unvested at beginning of period (in shares) | 387,739 | 247,108 | |
Granted (in shares) | 106,747 | 469,479 | |
Vested (in shares) | (205,806) | (176,229) | |
Expired (in shares) | (12,713) | (61,637) | |
Forfeited (in shares) | (14,240) | (3,154) | |
Cancelled (in shares) | (87,828) | ||
Unvested at the end of period (in shares) | 261,727 | 387,739 | 247,108 |
Weighted-average fair value of unvested shares/units (in dollars per share) | $ 14.97 | ||
2015 Incentive Award Plan | LTIP Units | |||
Unvested incentive awards | |||
Unvested at beginning of period (in shares) | 1,494,458 | 1,683,965 | |
Granted (in shares) | 833,915 | 1,662,133 | |
Vested (in shares) | (582,319) | (661,085) | |
Expired (in shares) | (245,737) | (321,832) | |
Forfeited (in shares) | 0 | 0 | |
Cancelled (in shares) | (868,723) | ||
Unvested at the end of period (in shares) | 1,500,317 | 1,494,458 | 1,683,965 |
Weighted-average fair value of unvested shares/units (in dollars per share) | $ 12.36 |
Share-Based Compensation - Assu
Share-Based Compensation - Assumptions Used in Fair Value of Performance Awards (Details) - $ / shares | Mar. 01, 2021 | Mar. 02, 2020 | Feb. 19, 2019 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Grant Date Fair Value by Component (in dollars per share) | $ 12.75 | |||
Absolute TSR Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 25.00% | 25.00% | ||
Grant Date Fair Value by Component (in dollars per share) | $ 12.63 | $ 9.98 | ||
Volatility | 59.84% | 23.24% | ||
Interest Rate, minimum | 0.01% | 2.44% | ||
Interest Rate, maximum | 0.31% | 2.55% | ||
Dividend Yield | 0.00% | 5.78% | ||
Relative TSR Restricted Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 75.00% | 75.00% | ||
Grant Date Fair Value by Component (in dollars per share) | $ 13.06 | $ 10.36 | ||
Volatility | 59.84% | 23.24% | ||
Interest Rate, minimum | 0.01% | 2.44% | ||
Interest Rate, maximum | 0.31% | 2.55% | ||
Dividend Yield | 0.00% | 5.78% | ||
Absolute TSR Restricted Stock Units - Type I | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 25.00% | |||
Grant Date Fair Value by Component (in dollars per share) | $ 2.07 | |||
Volatility | 24.62% | |||
Interest Rate, minimum | 0.95% | |||
Interest Rate, maximum | 1.13% | |||
Dividend Yield | 7.05% | |||
Relative TSR Restricted Stock Units - Type I | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 75.00% | |||
Grant Date Fair Value by Component (in dollars per share) | $ 6.73 | |||
Volatility | 24.62% | |||
Interest Rate, minimum | 0.95% | |||
Interest Rate, maximum | 1.13% | |||
Dividend Yield | 7.05% | |||
Absolute TSR Restricted Stock Units - Type II | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 25.00% | |||
Grant Date Fair Value by Component (in dollars per share) | $ 2.14 | |||
Volatility | 24.62% | |||
Interest Rate, minimum | 0.95% | |||
Interest Rate, maximum | 1.13% | |||
Dividend Yield | 7.05% | |||
Relative TSR Restricted Stock Units - Type II | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 75.00% | |||
Grant Date Fair Value by Component (in dollars per share) | $ 7 | |||
Volatility | 24.62% | |||
Interest Rate, minimum | 0.95% | |||
Interest Rate, maximum | 1.13% | |||
Dividend Yield | 7.05% | |||
Absolute TSR Class A LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 25.00% | 25.00% | 25.00% | |
Grant Date Fair Value by Component (in dollars per share) | $ 12.57 | $ 2.34 | $ 9.95 | |
Volatility | 59.84% | 24.62% | 23.24% | |
Interest Rate, minimum | 0.01% | 0.95% | 2.44% | |
Interest Rate, maximum | 0.31% | 1.13% | 2.55% | |
Dividend Yield | 0.00% | 7.05% | 5.78% | |
Relative TSR Class A LTIP Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of Total Award | 75.00% | 75.00% | 75.00% | |
Grant Date Fair Value by Component (in dollars per share) | $ 12.69 | $ 6.85 | $ 10.07 | |
Volatility | 59.84% | 24.62% | 23.24% | |
Interest Rate, minimum | 0.01% | 0.95% | 2.44% | |
Interest Rate, maximum | 0.31% | 1.13% | 2.55% | |
Dividend Yield | 0.00% | 7.05% | 5.78% |
Share-Based Compensation - Shar
Share-Based Compensation - Share-Based Compensation Expense (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total unrecognized compensation costs | $ 11.2 | ||
Unrecognized compensation costs period for recognition | 1 year 8 months 15 days | ||
Accelerated share-based compensation | $ 1.6 | ||
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 | $ 10.8 | 10.9 | $ 8.8 |
Director | LTIP Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation expense | 0.8 | 0.7 | 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 | $ 0.6 | $ 1 | $ 0.5 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($)renewal_period | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Other Commitments [Line Items] | |||
Restricted cash and escrows | $ 36,854 | $ 38,963 | $ 84,105 |
Hotel furniture, fixtures, and equipment reserves | |||
Other Commitments [Line Items] | |||
Amount of reserves used for working capital purposes | 17,800 | ||
Renovations at certain hotel properties | |||
Other Commitments [Line Items] | |||
Commitments outstanding with third parties | 7,700 | ||
Hotel furniture, fixtures, and equipment reserves | |||
Other Commitments [Line Items] | |||
Restricted cash and escrows | 29,300 | 25,900 | |
Management and franchise fees | |||
Other Commitments [Line Items] | |||
Management and franchise fees | $ 22,501 | $ 11,646 | $ 46,521 |
Management agreements for brand-managed hotels | |||
Other Commitments [Line Items] | |||
Agreement average remaining term assuming all renewal periods exercised (in years) | 26 years | ||
Management agreements for brand-managed hotels | Minimum | |||
Other Commitments [Line Items] | |||
Agreement term (in years) | 10 years | ||
Number of renewal periods | renewal_period | 1 | ||
Management agreements for brand-managed hotels | Maximum | |||
Other Commitments [Line Items] | |||
Agreement term (in years) | 30 years | ||
Management agreements for franchised hotels | |||
Other Commitments [Line Items] | |||
Agreement average remaining initial term (in years) | 3 years | ||
Management agreements for franchised hotels | Minimum | |||
Other Commitments [Line Items] | |||
Agreement term (in years) | 10 years | ||
Management agreements for franchised hotels | Maximum | |||
Other Commitments [Line Items] | |||
Agreement term (in years) | 15 years | ||
Franchise agreements | |||
Other Commitments [Line Items] | |||
Agreement average remaining initial term (in years) | 7 years | ||
Franchise agreements | Minimum | |||
Other Commitments [Line Items] | |||
Agreement term (in years) | 15 years | ||
Franchise agreements | Maximum | |||
Other Commitments [Line Items] | |||
Agreement term (in years) | 20 years |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Operating Leases | |
Weighted-average remaining lease term, including reasonably certain extension options | 21 years |
Weighted-average discount rate (percent) | 5.70% |
ROU asset | $ 19,577 |
Lease liability | 20,878 |
Operating lease rent expense | 1,645 |
Variable lease costs | 2,924 |
Total rent and variable lease costs | $ 4,569 |
Weighted average remaining lease term including available extension options | 56 years |
ROU asset, consolidated balance sheet line item | Other assets |
Lease liability, consolidated balance sheet line item | Other liabilities |
Commitments and Contingencies_3
Commitments and Contingencies - Remaining Lease Payments (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Remaining Lease Payments | |
2022 | $ 2,127 |
2023 | 2,142 |
2024 | 2,157 |
2025 | 2,172 |
2026 | 2,188 |
Thereafter | 26,648 |
Total undiscounted lease payments | 37,434 |
Less imputed interest | (16,556) |
Lease liability | $ 20,878 |
Subsequent Events (Details)
Subsequent Events (Details) $ in Thousands | Jan. 14, 2021USD ($) | Jan. 31, 2022USD ($)interest_rate | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Feb. 28, 2022USD ($) | Nov. 30, 2021USD ($) |
Subsequent Event [Line Items] | |||||||
Loss on extinguishment of debt | $ (1,356) | $ (1,625) | $ (214) | ||||
Kimpton Hotel Monaco Chicago | |||||||
Subsequent Event [Line Items] | |||||||
Proceeds from sale of property | $ 32,100 | ||||||
Kimpton Hotel Monaco Chicago | Held for sale per agreement | |||||||
Subsequent Event [Line Items] | |||||||
Sale price per agreement | $ 36,000 | ||||||
Impairment charge | $ 15,700 | ||||||
Subsequent Event | Interest Rate Swap | |||||||
Subsequent Event [Line Items] | |||||||
Number of interest rate derivatives terminated | interest_rate | 2 | ||||||
Termination costs | $ 1,600 | ||||||
Subsequent Event | The Ritz-Carlton, Pentagon City | Mortgage loans | |||||||
Subsequent Event [Line Items] | |||||||
Repayments of debt | 65,000 | ||||||
Loss on extinguishment of debt | $ 300 | ||||||
Subsequent Event | Marriott W Hotel Nashville | |||||||
Subsequent Event [Line Items] | |||||||
Sale price per agreement | $ 328,700 | ||||||
Escrow deposit | $ 10,000 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Adjustments subsequent to acquisition | ||||
Adjustments to Basis | $ 443,175 | |||
Gross amount at which carried at end of period | ||||
Buildings and Improvements | 2,856,671 | |||
Total | 3,288,098 | $ 3,395,969 | $ 3,753,108 | $ 3,591,097 |
Accumulated Depreciation | 888,717 | $ 827,501 | $ 826,738 | $ 715,949 |
Aggregate cost of real estate owned for federal income tax purposes | 3,656,000 | |||
Hotel | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 389,538 | |||
Initial cost | ||||
Land | 432,194 | |||
Buildings and Improvements | 2,413,496 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | (767) | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 431,427 | |||
Hotel | Andaz Napa Valley | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | 55,640 | |||
Initial cost | ||||
Land | 10,150 | |||
Buildings and Improvements | 57,012 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 1,952 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 10,150 | |||
Buildings and Improvements | 58,964 | |||
Total | 69,114 | |||
Accumulated Depreciation | $ 28,620 | |||
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 | 7,734 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 6,949 | |||
Buildings and Improvements | 51,164 | |||
Total | 58,113 | |||
Accumulated Depreciation | $ 21,082 | |||
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 | 4,255 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 2,680 | |||
Buildings and Improvements | 40,467 | |||
Total | 43,147 | |||
Accumulated Depreciation | $ 14,590 | |||
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 | 3,518 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 1,232 | |||
Buildings and Improvements | 22,518 | |||
Total | 23,750 | |||
Accumulated Depreciation | $ 9,086 | |||
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 | 2,645 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 2,300 | |||
Buildings and Improvements | 26,885 | |||
Total | 29,185 | |||
Accumulated Depreciation | $ 12,364 | |||
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 | $ 490 | |||
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 | 13,274 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 8,700 | |||
Buildings and Improvements | 73,908 | |||
Total | 82,608 | |||
Accumulated Depreciation | $ 33,009 | |||
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 | 778 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 3,378 | |||
Buildings and Improvements | 27,879 | |||
Total | 31,257 | |||
Accumulated Depreciation | $ 4,272 | |||
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 | 392 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 4,550 | |||
Buildings and Improvements | 26,974 | |||
Total | 31,524 | |||
Accumulated Depreciation | $ 8,353 | |||
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 | 821 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 2,000 | |||
Buildings and Improvements | 43,067 | |||
Total | 45,067 | |||
Accumulated Depreciation | $ 14,006 | |||
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 | $ 56,796 | |||
Initial cost | ||||
Land | 7,739 | |||
Buildings and Improvements | 75,510 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 6,233 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 7,739 | |||
Buildings and Improvements | 81,743 | |||
Total | 89,482 | |||
Accumulated Depreciation | $ 32,421 | |||
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 | 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 | 7,836 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 40,986 | |||
Buildings and Improvements | 42,365 | |||
Total | 83,351 | |||
Accumulated Depreciation | $ 16,859 | |||
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 | 55,473 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 17,867 | |||
Buildings and Improvements | 238,936 | |||
Total | 256,803 | |||
Accumulated Depreciation | $ 50,092 | |||
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 | (767) | |||
Adjustments to Basis | (5,185) | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 23,902 | |||
Buildings and Improvements | 156,746 | |||
Total | 180,648 | |||
Accumulated Depreciation | $ 14,488 | |||
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 | 22,454 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 122,681 | |||
Total | 122,681 | |||
Accumulated Depreciation | $ 49,150 | |||
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 | 11,259 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 71,211 | |||
Buildings and Improvements | 156,859 | |||
Total | 228,070 | |||
Accumulated Depreciation | $ 35,147 | |||
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 | 720 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 4,144 | |||
Buildings and Improvements | 3,402 | |||
Total | 7,546 | |||
Accumulated Depreciation | $ 702 | |||
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 | 2,096 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 22,361 | |||
Buildings and Improvements | 59,918 | |||
Total | 82,279 | |||
Accumulated Depreciation | $ 17,724 | |||
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 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 | 11,336 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 5,742 | |||
Buildings and Improvements | 80,494 | |||
Total | 86,236 | |||
Accumulated Depreciation | $ 30,139 | |||
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 | 4,867 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 1,777 | |||
Buildings and Improvements | 61,023 | |||
Total | 62,800 | |||
Accumulated Depreciation | $ 22,725 | |||
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 | $ 0 | |||
Initial cost | ||||
Land | 9,060 | |||
Buildings and Improvements | 90,909 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 3,228 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 9,060 | |||
Buildings and Improvements | 94,137 | |||
Total | 103,197 | |||
Accumulated Depreciation | $ 28,923 | |||
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 | 4,368 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 4,365 | |||
Buildings and Improvements | 45,256 | |||
Total | 49,621 | |||
Accumulated Depreciation | $ 19,396 | |||
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 | 5,022 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 18,322 | |||
Buildings and Improvements | 51,686 | |||
Total | 70,008 | |||
Accumulated Depreciation | $ 16,619 | |||
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 | 11,416 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 3,529 | |||
Buildings and Improvements | 82,068 | |||
Total | 85,597 | |||
Accumulated Depreciation | $ 29,044 | |||
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 Dallas Downtown | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 0 | |||
Initial cost | ||||
Land | 6,300 | |||
Buildings and Improvements | 45,158 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 25,730 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 6,300 | |||
Buildings and Improvements | 70,888 | |||
Total | 77,188 | |||
Accumulated Depreciation | $ 28,408 | |||
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 San Francisco Airport Waterfront | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrance | $ 112,102 | |||
Initial cost | ||||
Land | 36,700 | |||
Buildings and Improvements | 72,370 | |||
Adjustments subsequent to acquisition | ||||
Adjustments to Land Basis | 0 | |||
Adjustments to Basis | 34,276 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 36,700 | |||
Buildings and Improvements | 106,646 | |||
Total | 143,346 | |||
Accumulated Depreciation | $ 54,343 | |||
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 | 33,043 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 5,500 | |||
Buildings and Improvements | 131,929 | |||
Total | 137,429 | |||
Accumulated Depreciation | $ 63,389 | |||
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 | 56,567 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 33,252 | |||
Buildings and Improvements | 191,887 | |||
Total | 225,139 | |||
Accumulated Depreciation | $ 24,415 | |||
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 | 18,652 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 6,834 | |||
Buildings and Improvements | 109,444 | |||
Total | 116,278 | |||
Accumulated Depreciation | $ 48,634 | |||
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 | 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 | 3,689 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 33,912 | |||
Buildings and Improvements | 53,894 | |||
Total | 87,806 | |||
Accumulated Depreciation | $ 13,259 | |||
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 | 3,318 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 15,132 | |||
Buildings and Improvements | 87,463 | |||
Total | 102,595 | |||
Accumulated Depreciation | $ 13,426 | |||
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 | 10,962 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 0 | |||
Buildings and Improvements | 114,530 | |||
Total | 114,530 | |||
Accumulated Depreciation | $ 23,572 | |||
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 | 5,951 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 8,385 | |||
Buildings and Improvements | 55,066 | |||
Total | 63,451 | |||
Accumulated Depreciation | $ 6,811 | |||
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 | 42,803 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 7,842 | |||
Buildings and Improvements | 155,653 | |||
Total | 163,495 | |||
Accumulated Depreciation | $ 57,046 | |||
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 | 31,692 | |||
Gross amount at which carried at end of period | ||||
Land and Improvements | 4,262 | |||
Buildings and Improvements | 127,782 | |||
Total | 132,044 | |||
Accumulated Depreciation | $ 46,113 | |||
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 Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of real estate owned | |||
Balance at beginning of year | $ 3,395,969 | $ 3,753,108 | $ 3,591,097 |
Acquisitions | 0 | 0 | 186,600 |
Capital improvements | 29,631 | 67,067 | 90,490 |
Disposals and write-offs | (82,996) | (424,206) | (115,079) |
Properties classified as held for sale | (54,506) | 0 | 0 |
Balance at end of year | $ 3,288,098 | $ 3,395,969 | $ 3,753,108 |
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, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of accumulated depreciation | |||
Balance at beginning of year | $ 827,501 | $ 826,738 | $ 715,949 |
Depreciation expense, continuing operations | 125,882 | 143,627 | 151,936 |
Depreciation expense, properties classified as held for sale | 2,041 | 0 | 0 |
Accumulated depreciation, properties classified as held for sale | (20,413) | 0 | 0 |
Disposals and write-offs | (46,294) | (142,864) | (41,146) |
Balance at end of year | $ 888,717 | $ 827,501 | $ 826,738 |
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 | ||
Furniture, fixtures, and equipment | Minimum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Life for Depreciation | 5 years | ||
Furniture, fixtures, and equipment | Maximum | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||
Useful Life for Depreciation | 15 years |