FelCor Lodging 10-Q 5 Nov 20 2020 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information	9 Months Ended
	Sep. 30, 2020
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2020
Entity Registrant Name	RANGERS SUB I, LLC
Entity Address, Address Description	3 Bethesda Metro Center, Suite 1000
Entity Address, City or Town	Bethesda,
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20814
City Area Code	301
Local Phone Number	280-7777
Title of 12(b) Security	Not applicable (1)
No Trading Symbol Flag
Security Exchange Name
Entity Central Index Key	0001715629
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Amendment Flag	false
Rangers Sub I, LLC
Document Information [Line Items]
Entity File Number	333-220497
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	30-1001580
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
FelCor Lodging LP
Document Information [Line Items]
Entity File Number	333-39595-01
Entity Registrant Name	FELCOR LODGING LIMITED PARTNERSHIP
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	75-2544994
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001048789

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Assets
Investment in hotel properties, net	$ 1,912,564	$ 1,946,826
Restricted cash reserves	6,100	4,100
Liabilities and Equity
Debt, net	707,834	713,727
Rangers Sub I, LLC
Assets
Investment in hotel properties, net	1,912,564	1,946,826
Investment in unconsolidated joint ventures	7,056	15,171
Cash and cash equivalents	64,740	19,572
Restricted cash reserves	6,072	4,147
Related party rent receivable	0	49,181
Advance to Lessee - related party	506	0
Lease right-of-use assets	77,361	80,635
Prepaid expense and other assets	4,840	7,543
Total assets	2,073,139	2,123,075
Liabilities and Equity
Debt, net	707,834	713,727
Related party debt	85,000	85,000
Accounts payable and other liabilities	37,705	32,676
Lease liabilities	46,994	48,200
Related party rent payable	2,855	0
Accrued interest	9,586	2,463
Accrued Interest, Related Party	119	190
Total liabilities	890,093	882,256
Commitments and Contingencies (Note 9)
Member's equity:
Member's equity	1,159,674	1,119,913
Retained earnings	3,287	99,996
Total member's equity	1,162,961	1,219,909
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	8,338	8,588
Noncontrolling interest in FelCor LP	11,747	12,322
Total noncontrolling interest	20,085	20,910
Total equity	1,183,046	1,240,819
Total liabilities and equity	2,073,139	2,123,075
FelCor Lodging LP
Assets
Investment in hotel properties, net	1,912,564	1,946,826
Investment in unconsolidated joint ventures	7,056	15,171
Cash and cash equivalents	64,740	19,572
Restricted cash reserves	6,072	4,147
Related party rent receivable	0	49,181
Advance to Lessee - related party	506	0
Lease right-of-use assets	77,361	80,635
Prepaid expense and other assets	4,840	7,543
Total assets	2,073,139	2,123,075
Liabilities and Equity
Debt, net	707,834	713,727
Related party debt	85,000	85,000
Accounts payable and other liabilities	37,705	32,676
Lease liabilities	46,994	48,200
Related party rent payable	2,855	0
Accrued interest	9,586	2,463
Accrued Interest, Related Party	119	190
Total liabilities	890,093	882,256
Commitments and Contingencies (Note 9)
Member's equity:
Partners’ capital	1,171,389	1,131,226
Retained earnings	3,319	101,005
Total member's equity	1,174,708	1,232,231
Noncontrolling interest:
Noncontrolling interest in consolidated joint ventures	8,338	8,588
Total equity	1,183,046	1,240,819
Total liabilities and equity	$ 2,073,139	$ 2,123,075

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Revenues
Related party lease revenue	$ 468	$ 46,392	$ 20,904	$ 152,534
Expenses
Related party interest expense	(700)		(2,400)
Equity in (loss) income from unconsolidated joint ventures	(7,806)	30	(8,215)	565
Rangers Sub I, LLC
Revenues
Related party lease revenue	468	46,392	20,904	152,534
Total revenues	468	46,392	20,904	152,534
Expenses
Depreciation and amortization	18,882	17,696	56,166	54,284
Property tax, insurance and other	9,806	10,327	29,325	31,416
General and administrative	(1,555)	278	(571)	961
Transaction costs	(154)	105	(144)	215
Total operating expenses	26,979	28,406	84,776	86,876
Other income	0	8	1	59
Interest income	6	79	119	239
Interest expense	(7,718)	(8,201)	(23,526)	(23,706)
Related party interest expense	(688)	(1,138)	(2,401)	(3,475)
Loss on sale of hotel properties, net	0	(91)	(42)	(21,474)
Income (loss) before equity in income from unconsolidated joint ventures	(34,911)	8,643	(89,721)	17,301
Equity in (loss) income from unconsolidated joint ventures	(7,806)	30	(8,215)	565
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(42,717)	8,673	(97,936)	17,866
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	99	(82)	250	(78)
Noncontrolling interest in FelCor LP	426	(85)	977	(164)
Preferred distributions - consolidated joint venture	0	0	0	(186)
Redemption of preferred equity - consolidated joint venture	0	0	0	(1,153)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	(42,192)	8,506	(96,709)	16,285
FelCor Lodging LP
Revenues
Related party lease revenue	468	46,392	20,904	152,534
Total revenues	468	46,392	20,904	152,534
Expenses
Depreciation and amortization	18,882	17,696	56,166	54,284
Property tax, insurance and other	9,806	10,327	29,325	31,416
General and administrative	(1,555)	278	(571)	961
Transaction costs	(154)	105	(144)	215
Total operating expenses	26,979	28,406	84,776	86,876
Other income	0	8	1	59
Interest income	6	79	119	239
Interest expense	(7,718)	(8,201)	(23,526)	(23,706)
Related party interest expense	(688)	(1,138)	(2,401)	(3,475)
Loss on sale of hotel properties, net	0	(91)	(42)	(21,474)
Income (loss) before equity in income from unconsolidated joint ventures	(34,911)	8,643	(89,721)	17,301
Equity in (loss) income from unconsolidated joint ventures	(7,806)	30	(8,215)	565
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(42,717)	8,673	(97,936)	17,866
Net loss (income) attributable to noncontrolling interests:
Noncontrolling interest in consolidated joint ventures	99	(82)	250	(78)
Preferred distributions - consolidated joint venture	0	0	0	(186)
Redemption of preferred equity - consolidated joint venture	0	0	0	(1,153)
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$ (42,618)	$ 8,591	$ (97,686)	$ 16,449

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Rangers Sub I, LLC	Rangers Sub I, LLCAdditional Paid-in Capital	Rangers Sub I, LLCRetained Earnings	Rangers Sub I, LLCNoncontrolling Interest, Operating Partnerships	Rangers Sub I, LLCConsolidated Joint Ventures	Rangers Sub I, LLCPreferred Equity in a Consolidated Joint Venture	FelCor Lodging LP	FelCor Lodging LPAdditional Paid-in Capital	FelCor Lodging LPRetained Earnings	FelCor Lodging LPConsolidated Joint Ventures	FelCor Lodging LPPreferred Equity in a Consolidated Joint Venture
Balance at Dec. 31, 2018	$ 1,475,588	$ 1,334,154	$ 76,695	$ 14,250	$ 6,059	$ 44,430	$ 1,475,588	$ 1,347,630	$ 77,469	$ 6,059	$ 44,430
Increase (Decrease) in Owners' Equity
Net income (loss) and comprehensive income (loss)	17,866		16,285	164	78	1,339	17,866	0	16,449	78	1,339
Contributions	135,941	134,581		1,360			135,941	135,941
Distributions	(344,341)	(340,898)		(3,443)			(344,341)	(344,341)
Preferred distributions - consolidated joint venture	(186)					(186)	(186)				(186)
Redemption of preferred equity - consolidated joint venture	(45,583)					(45,583)	(45,583)				(45,583)
Contributions from consolidated joint venture partners	2,281				2,281		2,281			2,281
Balance at Sep. 30, 2019	1,241,566	1,127,837	92,980	12,331	8,418	0	1,241,566	1,139,230	93,918	8,418	0
Balance at Jun. 30, 2019	1,218,267	1,113,358	84,474	12,099	8,336	0	1,218,267	1,124,604	85,327	8,336	0
Increase (Decrease) in Owners' Equity
Net income (loss) and comprehensive income (loss)	8,673		8,506	85	82	0	8,673	0	8,591	82	0
Contributions	20,818	20,610		208			20,818	20,818
Distributions	(6,192)	(6,131)		(61)			(6,192)	(6,192)
Balance at Sep. 30, 2019	1,241,566	1,127,837	92,980	12,331	8,418	$ 0	1,241,566	1,139,230	93,918	8,418	$ 0
Balance at Dec. 31, 2019	1,240,819	1,119,913	99,996	12,322	8,588		1,240,819	1,131,226	101,005	8,588
Increase (Decrease) in Owners' Equity
Net income (loss) and comprehensive income (loss)	(97,936)		(96,709)	(977)	(250)		(97,936)		(97,686)	(250)
Contributions	116,271	115,108		1,163			116,271	116,271
Distributions	(76,108)	(75,347)		(761)			(76,108)	(76,108)
Contributions from consolidated joint venture partners	0						0
Balance at Sep. 30, 2020	1,183,046	1,159,674	3,287	11,747	8,338		1,183,046	1,171,389	3,319	8,338
Balance at Jun. 30, 2020	1,214,734	1,148,756	45,479	12,062	8,437		1,214,734	1,160,360	45,937	8,437
Increase (Decrease) in Owners' Equity
Net income (loss) and comprehensive income (loss)	(42,717)		(42,192)	(426)	(99)		(42,717)		(42,618)	(99)
Contributions	12,254	12,131		123			12,254	12,254
Distributions	(1,225)	(1,213)		(12)			(1,225)	(1,225)
Balance at Sep. 30, 2020	$ 1,183,046	$ 1,159,674	$ 3,287	$ 11,747	$ 8,338		$ 1,183,046	$ 1,171,389	$ 3,319	$ 8,338

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Adjustments to reconcile net (loss) income to cash flow provided by operating activities:
Equity in loss (income) from unconsolidated joint ventures	$ 8,215	$ (565)
Rangers Sub I, LLC
Cash flows from operating activities
Net (loss) income	(97,936)	17,866
Adjustments to reconcile net (loss) income to cash flow provided by operating activities:
Loss on sale of hotel properties, net	42	21,474
Depreciation and amortization	56,166	54,284
Amortization of deferred financing costs	148	99
Other amortization	(2,062)	(1,950)
Equity in loss (income) from unconsolidated joint ventures	8,215	(565)
Distributions of income from unconsolidated joint ventures	0	1,295
Changes in assets and liabilities:
Related party rent receivable	49,181	(54,879)
Advance to Lessee - related party	(506)	0
Prepaid expense and other assets	2,284	1,383
Related party prepaid interest	0	180
Related party rent payable	2,855	0
Accounts payable and other liabilities	6,967	4,723
Accrued interest	7,123	7,125
Related party accrued interest	(71)	190
Net cash flow provided by operating activities	32,406	51,225
Cash flows from investing activities
Proceeds from the sale of hotel properties, net	(42)	145,159
Improvements and additions to hotel properties	(23,328)	(42,663)
Contributions to unconsolidated joint ventures	(100)	(603)
Net cash flow (used in) provided by investing activities	(23,470)	101,893
Cash flows from financing activities
Proceeds from borrowings	0	96,000
Repayments of borrowings	(2,006)	(1,925)
Contributions from members	116,271	135,941
Distributions to members	(76,108)	(344,341)
Payments of deferred financing costs	0	(990)
Preferred distributions - consolidated joint venture	0	(312)
Redemption of preferred capital - consolidated joint venture	0	(45,583)
Contributions from consolidated joint venture partners	0	2,281
Net cash flow provided by (used in) financing activities	38,157	(158,929)
Net change in cash, cash equivalents, and restricted cash reserves	47,093	(5,811)
Cash, cash equivalents, and restricted cash reserves, beginning of year	23,719	24,562
Cash, cash equivalents, and restricted cash reserves, end of period	70,812	18,751
FelCor Lodging LP
Cash flows from operating activities
Net (loss) income	(97,936)	17,866
Adjustments to reconcile net (loss) income to cash flow provided by operating activities:
Loss on sale of hotel properties, net	42	21,474
Depreciation and amortization	56,166	54,284
Amortization of deferred financing costs	148	99
Other amortization	(2,062)	(1,950)
Equity in loss (income) from unconsolidated joint ventures	8,215	(565)
Distributions of income from unconsolidated joint ventures	0	1,295
Changes in assets and liabilities:
Related party rent receivable	49,181	(54,879)
Advance to Lessee - related party	(506)	0
Prepaid expense and other assets	2,284	1,383
Related party prepaid interest	0	180
Related party rent payable	2,855	0
Accounts payable and other liabilities	6,967	4,723
Accrued interest	7,123	7,125
Related party accrued interest	(71)	190
Net cash flow provided by operating activities	32,406	51,225
Cash flows from investing activities
Proceeds from the sale of hotel properties, net	(42)	145,159
Improvements and additions to hotel properties	(23,328)	(42,663)
Contributions to unconsolidated joint ventures	(100)	(603)
Net cash flow (used in) provided by investing activities	(23,470)	101,893
Cash flows from financing activities
Proceeds from borrowings	0	96,000
Repayments of borrowings	(2,006)	(1,925)
Contributions from members	116,271	135,941
Distributions to members	(76,108)	(344,341)
Payments of deferred financing costs	0	(990)
Preferred distributions - consolidated joint venture	0	(312)
Redemption of preferred capital - consolidated joint venture	0	(45,583)
Contributions from consolidated joint venture partners	0	2,281
Net cash flow provided by (used in) financing activities	38,157	(158,929)
Net change in cash, cash equivalents, and restricted cash reserves	47,093	(5,811)
Cash, cash equivalents, and restricted cash reserves, beginning of year	23,719	24,562
Cash, cash equivalents, and restricted cash reserves, end of period	$ 70,812	$ 18,751

Investment in Hotel Properties

Investment in Hotel Properties	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Investment in Hotel Properties	Investment in Hotel Properties Investment in hotel properties consisted of the following (in thousands): September 30, 2020 December 31, 2019 Land and improvements $ 501,392 $ 500,618 Buildings and improvements 1,476,035 1,461,525 Furniture, fixtures and equipment 141,601 135,400 2,119,028 2,097,543 Accumulated depreciation (206,464) (150,717) Investment in hotel properties, net $ 1,912,564 $ 1,946,826 For the three and nine months ended September 30, 2020, the Company recognized depreciation expense related to its investment in hotel properties of approximately $18.7 million and $55.7 million, respectively. For the three and nine months ended September 30, 2019, the Company recognized depreciation expense related to its investment in hotel properties of approximately $17.6 million and $53.9 million, respectively.

Investment in Hotel Properties

Investment in Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2020
Property, Plant and Equipment [Abstract]
Schedule of investment in hotel properties	Investment in hotel properties consisted of the following (in thousands): September 30, 2020 December 31, 2019 Land and improvements $ 501,392 $ 500,618 Buildings and improvements 1,476,035 1,461,525 Furniture, fixtures and equipment 141,601 135,400 2,119,028 2,097,543 Accumulated depreciation (206,464) (150,717) Investment in hotel properties, net $ 1,912,564 $ 1,946,826

Investment in Hotel Propertie_2

Investment in Hotel Properties (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Land and improvements	$ 501,392		$ 501,392		$ 500,618
Buildings and improvements	1,476,035		1,476,035		1,461,525
Furniture, fixtures and equipment	141,601		141,601		135,400
Total	2,119,028		2,119,028		2,097,543
Accumulated depreciation	(206,464)		(206,464)		(150,717)
Investment in hotel properties, net	1,912,564		1,912,564		$ 1,946,826
Real estate depreciation expense, excluding discontinued operations expense	$ 18,700	$ 17,600	$ 55,700	$ 53,900

Organization

Organization	9 Months Ended
	Sep. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	General Organization Rangers Sub I, LLC ("Rangers") is a Maryland limited liability company and a wholly-owned subsidiary of RLJ Lodging Trust, L.P. ("RLJ LP"). Rangers owns an indirect 99% partnership interest in FelCor Lodging Limited Partnership ("FelCor LP"). Rangers General Partner, LLC, also a wholly-owned subsidiary of RLJ LP, owns the remaining 1% partnership interest and is the sole general partner of FelCor LP. Rangers and FelCor LP are collectively referred to as the "Company." Substantially all of the Company’s assets and liabilities are held by, and all of its operations are conducted through FelCor LP. The Company owns primarily premium-branded, compact full-service hotels located in major markets and resort locations. As of September 30, 2020, the Company owned 28 hotel properties with approximately 8,100 rooms, located in 13 states. The Company, through wholly-owned subsidiaries, owned a 100% interest in 25 hotel properties, a 95% controlling interest in The Knickerbocker, and 50% interests in entities owning two hotel properties. The Company consolidates its real estate interests in the 26 hotel properties in which it holds a controlling financial interest, and the Company records the real estate interests in the two hotels in which it holds an indirect 50% interest using the equity method of accounting. The Company leases 27 of its 28 hotel properties to subsidiaries of RLJ LP. Liquidity and Management's Plans The Company's hotel property-owning subsidiaries (the “Lessors”) lease the hotel properties to property-operating lessees owned by TRS subsidiaries of RLJ (the “Lessees”). The Company receives related party lease revenue from these lease agreements, including percentage rent. The percentage rent amounts are calculated based on a percentage of room revenues, food and beverage revenues and other revenues at the hotel properties. In response to the near elimination of travel and hotel demand resulting from the spread of the novel strain of coronavirus (COVID-19) and the related government mandates, the Company had previously announced RLJ's suspension of operations at 13 of the Company's hotel properties. As government mandated stay-in-place restrictions were lifted, RLJ, for itself and on behalf of the Company, developed a framework to open the suspended hotel properties. RLJ had reopened eight of the Company's hotel properties as of September 30, 2020 and subsequent to the end of the quarter has reopened an additional two of the Company's hotel properties. RLJ continues to evaluate reopening the remaining three suspended hotel properties based on market conditions. The remaining suspended hotel properties are located within the central business districts of New York City and San Francisco. In the event stay-in-place restrictions are reinstated, RLJ would consider temporarily suspending hotel operations where demand is inadequate. The ongoing effects of the COVID-19 pandemic on the hotel properties' operations continue to have a material adverse impact on the Company's financial results and liquidity, and such adverse impact may continue well beyond the containment of such outbreak. Since the extent to which the COVID-19 pandemic impacts our operations will depend on future developments that are highly uncertain, the Company cannot estimate the impact on its business, financial condition or near- or longer-term financial or operational results with reasonable certainty. In addition, as a result of the COVID-19 pandemic, the Lessees negotiated for and were granted an abatement on base rent of $17.5 million for the three months ended June 30, 2020, as well as an abatement on base rent of $17.5 million for the three months ended September 30, 2020. The Lessees have received a total abatement on base rent of $35.0 million during the nine months ended September 30, 2020. The Company owes the Lessees $2.9 million for reimbursement of rent as of September 30, 2020, which is included in related party rent payable on the consolidated balance sheet. During the nine months ended September 30, 2020, RLJ LP contributed $50.0 million to the Company to ensure that the Company can service its debt and maintain its operations. In addition, given the impact on lodging demand, the Company has taken various actions to help mitigate the effects of the COVID-19 pandemic on its operating results and to preserve liquidity. Measures the Company has taken include: • Capital Investment Reduction: The Company reduced its 2020 capital expenditure program by deferring all capital investments, other than completing projects that are substantially underway and nearing completion.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies The combined Annual Report on Form 10-K for the year ended December 31, 2019 of Rangers and FelCor LP contains a discussion of the Company's significant accounting policies. Other than noted below, there have been no significant changes to the Company's significant accounting policies since December 31, 2019. Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive (loss) income, statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on February 26, 2020. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates. Leases On April 10, 2020, the Financial Accounting Standards Board (the "FASB") issued a Staff Q&A to respond to some frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those contracts. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments, cash payments made to the lessee, reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As a result of the impact of the COVID-19 pandemic on the Lessees, the Company made the determination to abate base rent of $17.5 million for the three months ended June 30, 2020, as well as to abate base rent of $17.5 million for the three months ended September 30, 2020. The Lessees have received a total abatement on base rent of $35.0 million during the nine months ended September 30, 2020. The Company owes the Lessees $2.9 million for reimbursement of rent as of September 30, 2020, which is included in related party rent payable on the consolidated balance sheet. The Company has elected to not evaluate whether these rent abatements are lease modifications. The Company has elected to not apply the lease modification guidance to the rent abatements, and, as such, the Company has recognized the rent abatements as negative variable lease revenue of $17.5 million during the three months ended June 30, 2020 and $17.5 million during the three months ended September 30, 2020. The Company will continue to evaluate the impact of lease concessions and/or abatements and the appropriate accounting. Recently Issued Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an "incurred loss" method to an "expected loss" method. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses . The Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The guidance is effective immediately and expires on December 31, 2022. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.

Investment in Unconsolidated En

Investment in Unconsolidated Entities	9 Months Ended
	Sep. 30, 2020
Investment in Unconsolidated Entities [Abstract]
Investment in Unconsolidated Entities	Investment in Unconsolidated Joint Ventures As of September 30, 2020 and December 31, 2019, the Company owned 50% interests in joint ventures that owned two hotel properties. During the three months ended September 30, 2020, one of the unconsolidated joint ventures determined the property ground lease will likely terminate no later than October 31, 2021 and the property will revert to the ground lessor at that time. As a result, the Company recorded an impairment loss of $6.5 million to write down the Company's investment in this joint venture. The impairment loss is included in equity in (loss) income from unconsolidated joint ventures in the accompanying consolidated statements of operations and comprehensive (loss) income. The Company accounts for the investments in these unconsolidated joint ventures under the equity method of accounting. The Company makes adjustments to the equity in income from unconsolidated joint ventures related to the difference between the Company's basis in the investment in the unconsolidated joint ventures as compared to the historical basis of the assets and liabilities of the joint ventures. As of September 30, 2020 and December 31, 2019, the unconsolidated entities' debt consisted entirely of non-recourse mortgage debt. The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): September 30, 2020 December 31, 2019 Equity basis of the joint venture investments $ (6,585) $ (4,236) Cost of the joint venture investments in excess of the joint venture book value 13,641 19,407 Investment in unconsolidated joint ventures $ 7,056 $ 15,171 The following table summarizes the components of the Company's equity in (loss) income from unconsolidated joint ventures (in thousands): For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 Operating (loss) income $ (993) $ 310 $ (843) $ 1,404 Depreciation of cost in excess of book value (280) (280) (839) (839) Impairment loss (6,533) — (6,533) — Equity in (loss) income from unconsolidated joint ventures $ (7,806) $ 30 $ (8,215) $ 565

Sale of Hotel Properties

Sale of Hotel Properties	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Sale of Hotel Properties	Sale of Hotel Properties During the nine months ended September 30, 2019, the Company sold two hotel properties in one transaction for a total sale price of approximately $147.4 million. In connection with this transaction, the Company recorded a $21.4 million loss on sale, which is included in loss on sale of hotel properties, net in the accompanying consolidated statement of operations and comprehensive (loss) income. The loss on sale included approximately $0.7 million in lease termination fees as a result of early termination of the TRS Leases with the Lessees at these hotel properties. The following table discloses the hotel properties that were sold during the nine months ended September 30, 2019: Hotel Property Name Location Sale Date Rooms Embassy Suites Myrtle Beach - Oceanfront Resort Myrtle Beach, SC June 27, 2019 255 Hilton Myrtle Beach Resort Myrtle Beach, SC June 27, 2019 385 Total 640

Debt

Debt	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Debt	Debt The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date September 30, 2020 December 31, 2019 Senior Notes (1)(2)(3) — 6.00% June 2025 $ 496,940 $ 500,484 Mortgage loan (4) 3 4.95% October 2022 87,410 89,299 Mortgage loan (5) 1 4.94% October 2022 28,177 28,785 Mortgage loan (1)(6) 3 1.75% April 2024 (7) 96,000 96,000 7 708,527 714,568 Deferred financing costs, net (693) (841) Debt, net $ 707,834 $ 713,727 (1) Requires payments of interest only through maturity. (2) The Senior Notes (as defined below) include $22.1 million and $25.6 million at September 30, 2020 and December 31, 2019, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) The Company has the option to redeem the Senior Notes at a price of 103.0% of face value. (4) Includes $1.0 million and $1.4 million at September 30, 2020 and December 31, 2019, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (5) Includes $0.3 million and $0.4 million at September 30, 2020 and December 31, 2019, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) The hotels encumbered by the mortgage loan are cross-collateralized. (7) The mortgage loan provides two one year extension options. The 6.000% Senior Notes due 2025 (the "Senior Notes") are subject to a maximum unsecured leverage maintenance covenant, which is based on asset value that is calculated at historical cost. In addition, the Senior Notes are subject to various incurrence covenants that limit the ability of the Company to incur additional debt if these covenants are violated. As of September 30, 2020, the Company was in compliance with all maintenance and incurrence covenants associated with the Senior Notes. Certain mortgage agreements are subject to various maintenance covenants requiring the Company to maintain a minimum debt yield or debt service coverage ratio ("DSCR"). Failure to meet the debt yield or DSCR thresholds is not an event of default, but instead triggers a cash trap event. During the cash trap event, the lender or servicer of the mortgage loan controls cash outflows until the loan is covenant compliant. In addition, certain mortgage loans have other requirements including continued operation and maintenance of the hotel property. While operations at certain hotel properties securing the mortgage loans had been temporarily suspended, the business operations remained that of a hotel, not another form of business, and the hotel properties were maintained. At September 30, 2020, two mortgage loans failed to meet the DSCR threshold and were in cash trap events. The Company was in compliance with all other maintenance covenants associated with the other mortgage loan at September 30, 2020.

Related Party Debt (Notes)

Related Party Debt (Notes)	9 Months Ended
	Sep. 30, 2020
Related Party Debt [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Debt In November 2018, the Company's consolidated joint venture entered into an $85.0 million related party mortgage loan with RLJ LP, which is included in related party debt in the accompanying consolidated balance sheets. The related party mortgage loan has an interest rate of LIBOR + 3.00% and a maturity date of November 9, 2023. The related party mortgage loan requires payments of interest only through maturity. The hotel property owned by the Company's consolidated joint venture is encumbered by the related party mortgage loan. During the three and nine months ended September 30, 2020, the Company recognized $0.7 million and $2.4 million of interest expense, respectively, related to its related party loan with RLJ LP. During the three and nine months ended September 30, 2019, the Company recognized $1.1 million and $3.5 million of interest expense, respectively, related to its related party loan with RLJ LP.

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value	Fair Value Fair Value Measurement Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or most advantageous market. The fair value hierarchy has three levels of inputs, both observable and unobservable: • Level 1 — Inputs include quoted market prices in an active market for identical assets or liabilities. • Level 2 — Inputs are market data, other than Level 1, that are observable either directly or indirectly. Level 2 inputs include quoted market prices for similar assets or liabilities, quoted market prices in an inactive market, and other observable information that can be corroborated by market data. • Level 3 — Inputs are unobservable and corroborated by little or no market data. Fair Value of Financial Instruments The Company used the following market assumptions and/or estimation methods: • Cash and cash equivalents, restricted cash reserves, accounts payable and other liabilities — The carrying amounts reported in the consolidated balance sheets for these financial instruments approximate fair value because of their short term maturities. • Debt — The Senior Notes had an estimated fair value of approximately $467.8 million and $497.8 million at September 30, 2020 and December 31, 2019, respectively. The Company estimated the fair value of the Senior Notes by using publicly available trading prices, which are Level 2 inputs in the fair value hierarchy. The mortgage loans had an estimated fair value of approximately $205.4 million and $216.5 million at September 30, 2020 and December 31, 2019, respectively. The Company estimated the fair value of the mortgage loans by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total estimated fair value of the Company's debt was $673.2 million and $714.3 million at September 30, 2020 and December 31, 2019, respectively. The total carrying value of the Company's debt was $707.8 million and $713.7 million at September 30, 2020 and December 31, 2019, respectively. • Related Party Debt — The Company's related party mortgage loan with RLJ LP had an estimated fair value of approximately $83.5 million and $86.9 million at September 30, 2020 and December 31, 2019, respectively. The Company estimated the fair value of the mortgage loan by using a discounted cash flow model and incorporating various inputs and assumptions for the effective borrowing rates for debt with similar terms and the loan to estimated fair value of the collateral, which are Level 3 inputs in the fair value hierarchy. The total carrying value of the Company's related party debt was $85.0 million at both September 30, 2020 and December 31, 2019.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Operating Leases - Lessors As a lessor, the Company will receive lease revenue from the Lessees under its lease contracts. The lease contracts contain a specific base rent amount or a percentage rent amount, which is calculated based on a percentage of room revenues, food and beverage revenues, and other revenues at the hotel properties. The lease contracts will expire in 2021 (one hotel), 2022 (24 hotels) and thereafter (one hotel). As a result of the COVID-19 pandemic, the Lessees negotiated for and were granted an abatement on base rent of $17.5 million for the three months ended June 30, 2020, as well as an abatement on base rent of $17.5 million for the three months ended September 30, 2020. The Lessees have received a total abatement on base rent of $35.0 million during the nine months ended September 30, 2020. The Company has recognized the rent abatements as negative variable lease revenue of $17.5 million during the three months ended June 30, 2020 and $17.5 million during the three months ended September 30, 2020. The Company owes the Lessees $2.9 million for reimbursement of rent as of September 30, 2020, which is included in related party rent payable on the consolidated balance sheet. The lease revenue recognized during the three and nine months ended September 30, 2020 and 2019 consisted of the following: For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 Lease revenue relating to lease payments (1) $ 364 $ 13,745 $ 18,568 $ 43,050 Lease revenue relating to percentage rent lease payments 104 32,647 2,336 109,484 Total related party lease revenue $ 468 $ 46,392 $ 20,904 $ 152,534 (1) Reflects the impact of base rent abatement of $17.5 million and $35.0 million for the three and nine months ended September 30, 2020, respectively. The future lease payments to the Company under the noncancelable operating leases were as follows (in thousands): September 30, 2020 2020 $ 17,475 2021 54,478 2022 51,750 2023 — 2024 — Thereafter — Total $ 123,703 Restricted Cash Reserves The Company is obligated to maintain cash reserve funds for future capital expenditures at the hotels (including the periodic replacement or refurbishment of furniture, fixtures and equipment ("FF&E")) as determined pursuant to the management agreements, franchise agreements and/or mortgage loan documents. The management agreements, franchise agreements and/or mortgage loan documents require the Company to reserve cash ranging typically from 4.0% to 5.0% of the individual hotel’s revenues and maintain the reserves in restricted cash reserve escrows. Any unexpended amounts will remain the property of the Company upon termination of the management agreements, franchise agreements or mortgage loan documents. As of September 30, 2020 and December 31, 2019, approximately $6.1 million and $4.1 million, respectively, was available in the restricted cash reserves for future capital expenditures, real estate taxes and insurance. Litigation Other than the legal proceeding mentioned below, neither the Company nor any of its subsidiaries is currently involved in any regulatory or legal proceedings that management believes will have a material and adverse effect on the Company's financial position, results of operations or cash flows. Prior to the Mergers, an affiliate of InterContinental Hotels Group PLC ("IHG"), which previously managed three of the Company’s hotels, notified the Company that National Retirement Fund ("NRF") had assessed an employee withdrawal liability, with required quarterly payments including interest, in connection with the termination of IHG’s management of those hotels. In October 2020, the Company entered into an agreement with IHG and NRF resolving this dispute.

Equity

Equity	9 Months Ended
	Sep. 30, 2020
Equity [Abstract]
Equity	Equity Rangers Ownership Interests/FelCor LP Partnership Interests As of September 30, 2020, RLJ LP owned 100% of the ownership interests and was the sole managing member of Rangers. In addition, Rangers owned, through indirect interests, 99.0% of the partnership interests in FelCor LP. Rangers consolidates FelCor LP for financial reporting purposes as a result of its controlling financial interest. Rangers General Partner, LLC's 1.0% partnership interest in FelCor LP is recognized as a noncontrolling interest in FelCor LP on the consolidated balance sheets of Rangers. Noncontrolling Interest in Consolidated Joint Ventures The Company consolidates the joint venture that owns The Knickerbocker, which has a third-party partner that owns a noncontrolling 5% ownership interest in the joint venture. The third-party ownership interest is included in the noncontrolling interest in consolidated joint ventures on the consolidated balance sheets.

Supplemental Information to Sta

Supplemental Information to Statements of Cash Flows	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Supplemental Information to Statements of Cash Flows	Supplemental Information to the Statements of Cash FlowsThe following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): For the nine months ended September 30, 2020 2019 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 64,740 $ 12,695 Restricted cash reserves 6,072 6,056 Cash, cash equivalents, and restricted cash reserves $ 70,812 $ 18,751 Interest paid $ 20,291 $ 20,518 Interest paid to a related party $ 2,472 $ 3,105 Income taxes paid $ 114 $ — Operating cash flow lease payments for operating leases $ 4,254 $ 6,332 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ — $ 147,377 Transaction costs (42) (1,682) Operating prorations — (536) Proceeds from the sale of hotel properties, net $ (42) $ 145,159 Supplemental non-cash transactions Accrued capital expenditures $ 3,414 $ 3,662

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Principles of Consolidation	Basis of Presentation and Principles of Consolidation The unaudited consolidated financial statements and related notes have been prepared on the accrual basis of accounting in accordance with accounting principles generally accepted in the United States of America ("GAAP") and in conformity with the rules and regulations of the Securities and Exchange Commission ("SEC") applicable to financial information. The unaudited financial statements include all adjustments that are necessary, in the opinion of management, to fairly state the consolidated balance sheets, statements of operations and comprehensive (loss) income, statements of changes in equity (partners' capital) and statements of cash flows. The unaudited consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto as of and for the year ended December 31, 2019, included in the combined Annual Report on Form 10-K of Rangers and FelCor LP filed with the SEC on February 26, 2020. The consolidated financial statements include the accounts of Rangers, FelCor LP and its wholly-owned subsidiaries, and joint ventures in which the Company has a majority voting interest and control. For the controlled subsidiaries that are not wholly-owned, the third-party ownership interest represents a noncontrolling interest, which is presented separately in the consolidated financial statements. The Company also records the real estate interests in two joint ventures in which it holds an indirect 50% interest using the equity method of accounting. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of certain assets and liabilities and the amounts of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period. Given the additional and unforeseen effects from the COVID-19 pandemic, these estimates have become more challenging, and actual results could differ from those estimates.
Lessor, Leases	Leases On April 10, 2020, the Financial Accounting Standards Board (the "FASB") issued a Staff Q&A to respond to some frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each contract to determine whether enforceable rights and obligations for concessions exist in the contract and can elect to apply or not apply the lease modification guidance to those contracts. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments, cash payments made to the lessee, reduced future lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. As a result of the impact of the COVID-19 pandemic on the Lessees, the Company made the determination to abate base rent of $17.5 million for the three months ended June 30, 2020, as well as to abate base rent of $17.5 million for the three months ended September 30, 2020. The Lessees have received a total abatement on base rent of $35.0 million during the nine months ended September 30, 2020. The Company owes the Lessees $2.9 million for reimbursement of rent as of September 30, 2020, which is included in related party rent payable on the consolidated balance sheet. The Company has elected to not evaluate whether these rent abatements are lease modifications. The Company has elected to not apply the lease modification guidance to the rent abatements, and, as such, the Company has recognized the rent abatements as negative variable lease revenue of $17.5 million during the three months ended June 30, 2020 and $17.5 million during the three months ended September 30, 2020. The Company will continue to evaluate the impact of lease concessions and/or abatements and the appropriate accounting.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which modifies the measurement approach for credit losses on financial assets measured on an amortized cost basis from an "incurred loss" method to an "expected loss" method. In November 2019, the FASB issued ASU 2019-11, Codification Improvements to Topic 326, Financial Instruments – Credit Losses . The Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement . The guidance modifies the disclosure requirements for fair value measurements by removing or modifying some of the disclosures, while also adding new disclosures. The Company adopted this new standard on January 1, 2020. The adoption of this standard did not have a material impact on the Company's consolidated financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The guidance provides optional expedients for applying GAAP to contracts, hedging relationships, and other transactions that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued at the end of 2021 because of reference rate reform. The guidance is effective immediately and expires on December 31, 2022. Based on the Company's assessment, the adoption of this standard is not expected to have a material impact on the Company's consolidated financial statements.

Investment in Unconsolidated _2

Investment in Unconsolidated Entities (Tables)	9 Months Ended
	Sep. 30, 2020
Investment in Unconsolidated Entities [Abstract]
Schedule of Components of Investment In Unconsolidated Entities	The following table summarizes the components of the Company's investments in unconsolidated joint ventures (in thousands): September 30, 2020 December 31, 2019 Equity basis of the joint venture investments $ (6,585) $ (4,236) Cost of the joint venture investments in excess of the joint venture book value 13,641 19,407 Investment in unconsolidated joint ventures $ 7,056 $ 15,171
Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities	The following table summarizes the components of the Company's equity in (loss) income from unconsolidated joint ventures (in thousands): For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 Operating (loss) income $ (993) $ 310 $ (843) $ 1,404 Depreciation of cost in excess of book value (280) (280) (839) (839) Impairment loss (6,533) — (6,533) — Equity in (loss) income from unconsolidated joint ventures $ (7,806) $ 30 $ (8,215) $ 565

Sale of Hotel Properties (Table

Sale of Hotel Properties (Tables)	9 Months Ended
	Sep. 30, 2020
Discontinued Operations and Disposal Groups [Abstract]
Schedule of property disposed during period	The following table discloses the hotel properties that were sold during the nine months ended September 30, 2019: Hotel Property Name Location Sale Date Rooms Embassy Suites Myrtle Beach - Oceanfront Resort Myrtle Beach, SC June 27, 2019 255 Hilton Myrtle Beach Resort Myrtle Beach, SC June 27, 2019 385 Total 640

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2020
Debt Disclosure [Abstract]
Schedule of Debt	The Company's debt consisted of the following (in thousands): Outstanding Borrowings at Number of Assets Encumbered Interest Rate Maturity Date September 30, 2020 December 31, 2019 Senior Notes (1)(2)(3) — 6.00% June 2025 $ 496,940 $ 500,484 Mortgage loan (4) 3 4.95% October 2022 87,410 89,299 Mortgage loan (5) 1 4.94% October 2022 28,177 28,785 Mortgage loan (1)(6) 3 1.75% April 2024 (7) 96,000 96,000 7 708,527 714,568 Deferred financing costs, net (693) (841) Debt, net $ 707,834 $ 713,727 (1) Requires payments of interest only through maturity. (2) The Senior Notes (as defined below) include $22.1 million and $25.6 million at September 30, 2020 and December 31, 2019, respectively, related to fair value adjustments that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (3) The Company has the option to redeem the Senior Notes at a price of 103.0% of face value. (4) Includes $1.0 million and $1.4 million at September 30, 2020 and December 31, 2019, respectively, related to fair value adjustments on the mortgage loans that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (5) Includes $0.3 million and $0.4 million at September 30, 2020 and December 31, 2019, respectively, related to a fair value adjustment on the mortgage loan that RLJ pushed down to the Company's consolidated financial statements as a result of the Mergers. (6) The hotels encumbered by the mortgage loan are cross-collateralized. (7) The mortgage loan provides two one year extension options.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Operating Lease, Lease Income	The lease revenue recognized during the three and nine months ended September 30, 2020 and 2019 consisted of the following: For the three months ended September 30, For the nine months ended September 30, 2020 2019 2020 2019 Lease revenue relating to lease payments (1) $ 364 $ 13,745 $ 18,568 $ 43,050 Lease revenue relating to percentage rent lease payments 104 32,647 2,336 109,484 Total related party lease revenue $ 468 $ 46,392 $ 20,904 $ 152,534
Schedule of Future Minimum Rental Payments for Operating Leases	The future lease payments to the Company under the noncancelable operating leases were as follows (in thousands): September 30, 2020 2020 $ 17,475 2021 54,478 2022 51,750 2023 — 2024 — Thereafter — Total $ 123,703

Supplemental Information to S_2

Supplemental Information to Statements of Cash Flows (Tables)	9 Months Ended
	Sep. 30, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Information to Statements of Cash Flows	The following supplemental information to the Statements of Cash Flows is for both Rangers and FelCor LP (in thousands): For the nine months ended September 30, 2020 2019 Reconciliation of cash, cash equivalents, and restricted cash reserves Cash and cash equivalents $ 64,740 $ 12,695 Restricted cash reserves 6,072 6,056 Cash, cash equivalents, and restricted cash reserves $ 70,812 $ 18,751 Interest paid $ 20,291 $ 20,518 Interest paid to a related party $ 2,472 $ 3,105 Income taxes paid $ 114 $ — Operating cash flow lease payments for operating leases $ 4,254 $ 6,332 Supplemental investing and financing transactions In conjunction with the sale of hotel properties, the Company recorded the following: Sale of hotel properties $ — $ 147,377 Transaction costs (42) (1,682) Operating prorations — (536) Proceeds from the sale of hotel properties, net $ (42) $ 145,159 Supplemental non-cash transactions Accrued capital expenditures $ 3,414 $ 3,662

Organization Real Estate Proper

Organization Real Estate Properties (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020USD ($)propertystatehotelroom	Jun. 30, 2020USD ($)	Sep. 30, 2020USD ($)propertystatehotelroom	Nov. 05, 2020hotel	Dec. 31, 2019hotel
Real Estate Properties [Line Items]
Number of real estate properties	28		28
Number of hotel rooms owned | room	8,100		8,100
Number of states in which hotels owned by the entity are located | state	13		13
Equity method investment, ownership percentage	50.00%		50.00%
Real estate properties, number of properties with operations suspended | hotel	13		13
Number of hotel properties reopened | hotel	8		8
Rent abatement | $	$ 17.5	$ 17.5	$ 35
Wholly Owned Properties
Real Estate Properties [Line Items]
Number of real estate properties	25		25
Hotel property ownership interest (as a percent)			100.00%
Consolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	26		26
Number of leased real estate properties	27		27
Unconsolidated Properties
Real Estate Properties [Line Items]
Number of real estate properties	2		2		2
Equity method investment, ownership percentage	50.00%		50.00%		50.00%
95% owned | Partially Owned Properties
Real Estate Properties [Line Items]
Hotel property ownership interest (as a percent)			95.00%
50% owned | Partially Owned Properties
Real Estate Properties [Line Items]
Number of real estate properties	2		2
Hotel property ownership interest (as a percent)			50.00%
Subsequent Event
Real Estate Properties [Line Items]
Real estate properties, number of properties with operations suspended | hotel				3
Number of hotel properties reopened | hotel				2
Rangers Sub I, LLC
Real Estate Properties [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest			99.00%
Rangers General Partner, LLC
Real Estate Properties [Line Items]
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest			1.00%

Organization Limited Liability

Organization Limited Liability Companies (LLCs) and Limited Partnerships (LPs) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Rangers Sub I, LLC
Real Estate Properties [Line Items]
Contributions	$ 50,000	$ 12,254	$ 20,818	$ 116,271	$ 135,941

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	Sep. 30, 2020joint_venture
Accounting Policies [Abstract]
Real estate interests, number of joint ventures	2
Equity method investment, ownership percentage	50.00%

Investment in Unconsolidated _3

Investment in Unconsolidated Entities - Narrative (Details) $ in Millions	3 Months Ended
	Sep. 30, 2020USD ($)property	Dec. 31, 2019hotel
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%
Number of real estate properties | property	28
Unconsolidated Properties
Schedule of Equity Method Investments [Line Items]
Equity method investment, ownership percentage	50.00%	50.00%
Impairment loss to write down joint venture | $	$ 6.5
Number of real estate properties	2	2

Investment in Unconsolidated _4

Investment in Unconsolidated Entities - Schedule of Components of Investment In Unconsolidated Entities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 7,056	$ 15,171
Equity basis of the joint venture investments
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	(6,585)	(4,236)
Cost of the joint venture investments in excess of the joint venture book value
Schedule of Equity Method Investments [Line Items]
Equity Method Investments	$ 13,641	$ 19,407

Investment in Unconsolidated _5

Investment in Unconsolidated Entities - Schedule of Components of Equity In Income (Loss) from Unconsolidated Entities (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Schedule of Equity Method Investments [Line Items]
Equity in (loss) income from unconsolidated joint ventures	$ (7,806)	$ 30	$ (8,215)	$ 565
Operating (loss) income
Schedule of Equity Method Investments [Line Items]
Equity in (loss) income from unconsolidated joint ventures	(993)	310	(843)	1,404
Depreciation of cost in excess of book value
Schedule of Equity Method Investments [Line Items]
Equity in (loss) income from unconsolidated joint ventures	(280)	(280)	(839)	(839)
Impairment loss
Schedule of Equity Method Investments [Line Items]
Equity in (loss) income from unconsolidated joint ventures	$ (6,533)	$ 0	$ (6,533)	$ 0

Sale of Hotel Properties - Sche

Sale of Hotel Properties - Schedule of Properties Disposed (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019USD ($)hotel	Jun. 27, 2019hotel
Disposal Groups
Property disposed, number of rooms		640
Embassy Suites Myrtle Beach - Oceanfront Resort
Disposal Groups
Property disposed, number of rooms		255
Hilton Myrtle Beach Resort
Disposal Groups
Property disposed, number of rooms		385
Discontinued Operations, Held-for-sale
Disposal Groups
Number of properties disposed during period	2
Proceeds from sale of real estate | $	$ 147.4
Loss on sale of hotel properties, net | $	21.4
Gain (loss) on termination of lease | $	$ 0.7

Debt (Details)

Debt (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Apr. 30, 2019increment	Sep. 30, 2020USD ($)assetloan	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)assetloan	Sep. 30, 2019USD ($)	Dec. 31, 2019USD ($)
Debt
Number of Assets Encumbered | asset		7		7
Long-term debt, gross		$ 708,527		$ 708,527		$ 714,568
Deferred financing costs, net		(693)		(693)		(841)
Debt, net		707,834		707,834		713,727
Interest expense		$ 7,700	$ 8,200	$ 23,500	$ 23,700
Mortgage Loan in Cash Trap Event | loan		2		2
Senior Unsecured Notes
Debt
Debt Instrument, Redemption Price, Percentage		103.00%
Unsecured Debt | 6.00% Percent, Due June 2025
Debt
Number of Assets Encumbered | asset		0		0
Interest rate		6.00%		6.00%
Long-term debt, gross		$ 496,940		$ 496,940		500,484
Mortgage loans | 4.95 Percent, Due October 2022
Debt
Number of Assets Encumbered | asset		3		3
Interest rate		4.95%		4.95%
Long-term debt, gross		$ 87,410		$ 87,410		89,299
Mortgage loans | 4.94 Percent, Due October 2022
Debt
Number of Assets Encumbered | asset		1		1
Interest rate		4.94%		4.94%
Long-term debt, gross		$ 28,177		$ 28,177		28,785
Mortgage loans | 2.59 Percent Due April 2024
Debt
Number of Assets Encumbered | asset		3		3
Interest rate		1.75%		1.75%
Long-term debt, gross		$ 96,000		$ 96,000		96,000
Secured Debt | 4.95 Percent, Due October 2022
Debt
Debt Instrument, Fair Value Adjustment, Net		1,000		1,000		1,400
Secured Debt | 4.94 Percent, Due October 2022
Debt
Debt Instrument, Fair Value Adjustment, Net		300		300		400
Secured Debt | LIBOR Plus 1.60%
Debt
Debt Instrument, Number of Additional Maturity Terms | increment	2
Debt Instrument, Additional Maturity Term	1 year
Senior Unsecured Notes | Unsecured Debt
Debt
Debt Instrument, Fair Value Adjustment, Net		$ 22,100		$ 22,100		$ 25,600

Related Party Debt (Details)

Related Party Debt (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	Nov. 30, 2018	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Related party interest expense		$ 700		$ 2,400
LIBOR Plus 3.00 Percent, Due November 2023
Related Party Transaction [Line Items]
Related party debt	$ 85,000
LIBOR | LIBOR Plus 3.00 Percent, Due November 2023
Related Party Transaction [Line Items]
Description of variable rate basis	LIBOR
Basis spread	3.00%
FelCor Lodging LP
Related Party Transaction [Line Items]
Related party debt		85,000		85,000		$ 85,000
Related party interest expense		$ 688	$ 1,138	$ 2,401	$ 3,475

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt, carrying value	$ 707,834	$ 713,727
Related Party Debt	85,000	85,000
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt fair value	673,200	714,300
Related Party Debt, Fair Value	83,500	86,900
Senior notes | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt fair value	467,800	497,800
Mortgage loans | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt fair value	$ 205,400	$ 216,500

Commitments and Contingencies F

Commitments and Contingencies Future Lease Payments To the Company Under Noncancelable Operating Leases (Lessor) (Details) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020USD ($)hotel	Jun. 30, 2020USD ($)	Sep. 30, 2019USD ($)	Sep. 30, 2020USD ($)hotel	Sep. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Rent abatement	$ 17,500	$ 17,500		$ 35,000
Number of TRS Leases Expiring in 2021 | hotel	1			1
Number of TRS Leases Expiring in 2022 | hotel	24			24
Number of TRS Leases expiring Thereafter | hotel	1			1
Lease revenue relating to lease payments	$ 364		$ 13,745	$ 18,568	$ 43,050
Lease revenue relating to percentage rent lease payments	104		32,647	2,336	109,484
Total related party lease revenue	468		$ 46,392	20,904	$ 152,534
2020	17,475			17,475
2021	54,478			54,478
2022	51,750			51,750
2023	0			0
2024	0			0
Thereafter	0			0
Total	$ 123,703			$ 123,703

Commitments and Contingencies -

Commitments and Contingencies - Restricted Cash Reserves (Details) - USD ($) $ in Millions	9 Months Ended
	Sep. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Minimum restricted cash reserve escrows to be maintained as a percentage of the hotel's revenue	4.00%
Maximum restricted cash reserve escrows to be maintained as percentage of hotel's revenue	5.00%
Restricted cash reserves for future capital expenditures, real estate taxes and insurance	$ 6.1	$ 4.1

Commitments and Contingencies_2

Commitments and Contingencies - Pension Trust Litigation (Details)	Sep. 30, 2020property	Mar. 24, 2016hotel
Loss Contingencies [Line Items]
Number of real estate properties | property	28
InterContinental Hotels Group PLC
Loss Contingencies [Line Items]
Number of real estate properties | hotel		3

Equity (Details)

Equity (Details)	9 Months Ended
	Sep. 30, 2020
RLJ Lodging Trust Limited Partnership | General Partner
Equity, Class of Treasury Stock
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent)	100.00%
Rangers Sub I, LLC | Limited Partners
Equity, Class of Treasury Stock
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent)	99.00%
Rangers General Partner, LLC | General Partner
Equity, Class of Treasury Stock
Company's ownership interest in OP units through a combination of direct and indirect interests (as a percent)	1.00%

Equity Noncontrolling Interest

Equity Noncontrolling Interest (Details)	Sep. 30, 2020
The Knickerbocker New York
Noncontrolling Interest [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners	5.00%

Supplemental Information to S_3

Supplemental Information to Statements of Cash Flows - Schedule of Supplemental Information to Statements of Cash Flows (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019	Dec. 31, 2018
Supplemental Cash Flows [Line Items]
Restricted cash reserves	$ 6,100		$ 4,100
Sale of hotel properties	0	$ 147,377
Transaction costs	(42)	(1,682)
Operating prorations	0	(536)
Proceeds from the sale of hotel properties, net	(42)	145,159
Rangers Sub I, LLC
Supplemental Cash Flows [Line Items]
Cash and cash equivalents	64,740	12,695	19,572
Restricted cash reserves	6,072	6,056	4,147
Cash, cash equivalents, and restricted cash reserves	70,812	18,751	$ 23,719	$ 24,562
Interest paid	20,291	20,518
Interest paid to a related party	2,472	3,105
Income taxes paid	114	0
Operating Lease, Payments	4,254	6,332
Accrued capital expenditures	$ 3,414	$ 3,662