Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Feb. 26, 2014 | Jun. 28, 2013 | |
Entity Listings [Line Items] | ' | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $1,580,000,000 |
Entity Registrant Name | 'STRATEGIC HOTELS & RESORTS, INC | ' | ' |
Entity Central Index Key | '0001057436 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 205,582,838 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Assets | ' | ' |
Investment in hotel properties, net | $1,795,338,000 | $1,970,560,000 |
Goodwill | 38,128,000 | 40,359,000 |
Intangible assets, net of accumulated amortization | 29,502,000 | 30,631,000 |
Assets held for sale | 135,901,000 | 0 |
Investment in unconsolidated affiliates | 104,973,000 | 112,488,000 |
Cash and cash equivalents | 73,655,000 | 80,074,000 |
Restricted cash and cash equivalents | 75,916,000 | 58,579,000 |
Accounts receivable, net of allowance for doubtful accounts | 39,660,000 | 45,620,000 |
Deferred financing costs, net of accumulated amortization | 8,478,000 | 11,695,000 |
Deferred tax assets | 0 | 2,203,000 |
Prepaid expenses and other assets | 35,600,000 | 54,208,000 |
Total assets | 2,337,151,000 | 2,406,417,000 |
Liabilities, Noncontrolling Interests and Equity | ' | ' |
Mortgages and other debt payable | 1,163,696,000 | 1,176,297,000 |
Bank credit facility | 110,000,000 | 146,000,000 |
Liabilities of assets held for sale | 17,027,000 | 0 |
Accounts payable and accrued expenses | 189,889,000 | 228,397,000 |
Deferred tax liabilities | 46,137,000 | 47,275,000 |
Total liabilities | 1,526,749,000 | 1,597,969,000 |
Commitments and Contingencies | ' | ' |
Noncontrolling interests in SHR’s operating partnership | 7,534,000 | 5,463,000 |
Equity: | ' | ' |
Common stock ($0.01 par value per share; 350,000,000 shares of common stock authorized; 205,582,838 and 204,308,710 shares of common stock issued and outstanding) | 2,056,000 | 2,043,000 |
Additional paid-in capital | 1,705,306,000 | 1,730,535,000 |
Accumulated deficit | -1,234,952,000 | -1,245,927,000 |
Accumulated other comprehensive loss | -41,445,000 | -58,871,000 |
Total SHR’s Shareholders’ Equity | 710,513,000 | 707,328,000 |
Noncontrolling interests in consolidated affiliates | 92,355,000 | 95,657,000 |
Total equity | 802,868,000 | 802,985,000 |
Total liabilities, noncontrolling interests and equity | 2,337,151,000 | 2,406,417,000 |
8.50% Series A Cumulative Redeemable Preferred Stock | ' | ' |
Equity: | ' | ' |
Cumulative Redeemable Preferred Stock ($0.01 par value per share; liquidation preference $25.00 per share plus accrued distributions) | 99,995,000 | 99,995,000 |
Total equity | 99,995,000 | 99,995,000 |
8.25% Series B Cumulative Redeemable Preferred Stock | ' | ' |
Equity: | ' | ' |
Cumulative Redeemable Preferred Stock ($0.01 par value per share; liquidation preference $25.00 per share plus accrued distributions) | 87,064,000 | 87,064,000 |
Total equity | 87,064,000 | 87,064,000 |
8.25% Series C Cumulative Redeemable Preferred Stock | ' | ' |
Equity: | ' | ' |
Cumulative Redeemable Preferred Stock ($0.01 par value per share; liquidation preference $25.00 per share plus accrued distributions) | 92,489,000 | 92,489,000 |
Total equity | 92,489,000 | 92,489,000 |
J W Marriott Essex House [Member] | ' | ' |
Assets | ' | ' |
Investment in hotel properties, net | 340,136,000 | 340,456,000 |
Intangible assets, net of accumulated amortization | 0 | 277,000 |
Cash and cash equivalents | 6,214,000 | 2,596,000 |
Restricted cash and cash equivalents | 14,843,000 | 3,859,000 |
Accounts receivable, net of allowance for doubtful accounts | 4,520,000 | 7,508,000 |
Deferred financing costs, net of accumulated amortization | 2,529,000 | 4,043,000 |
Prepaid expenses and other assets | 8,922,000 | 16,762,000 |
Liabilities, Noncontrolling Interests and Equity | ' | ' |
Mortgages and other debt payable | 185,826,000 | 190,000,000 |
Accounts payable and accrued expenses | $9,371,000 | $10,242,000 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | 8.50% Series A Cumulative Redeemable Preferred Stock | 8.50% Series A Cumulative Redeemable Preferred Stock | 8.25% Series B Cumulative Redeemable Preferred Stock | 8.25% Series B Cumulative Redeemable Preferred Stock | 8.25% Series C Cumulative Redeemable Preferred Stock | 8.25% Series C Cumulative Redeemable Preferred Stock | J W Marriott Essex House [Member] | J W Marriott Essex House [Member] | ||
Intangible assets, accumulated amortization | $11,753 | $10,812 | ' | ' | ' | ' | ' | ' | $0 | $113 |
Accounts receivable, allowance for doubtful accounts | 606 | 1,602 | ' | ' | ' | ' | ' | ' | 91 | 111 |
Deferred financing costs, accumulated amortization | 12,354 | 7,049 | ' | ' | ' | ' | ' | ' | 1,871 | 398 |
Cumulative redeemable preferred stock, preferred dividend percentage | ' | ' | 8.50% | 8.50% | 8.25% | 8.25% | 8.25% | 8.25% | ' | ' |
Cumulative redeemable preferred stock, par value per share | $0.01 | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' |
Cumulative redeemable preferred stock, shares issued | ' | ' | 4,148,141 | 4,148,141 | 3,615,375 | 3,615,375 | 3,827,727 | 3,827,727 | ' | ' |
Cumulative redeemable preferred stock, shares outstanding | ' | ' | 4,148,141 | 4,148,141 | 3,615,375 | 3,615,375 | 3,827,727 | 3,827,727 | ' | ' |
Cumulative redeemable preferred stock, liquidation preference per share plus accrued distributions | ' | ' | $25 | $25 | $25 | $25 | $25 | $25 | ' | ' |
Cumulative redeemable preferred stock, liquidation preference aggregate | ' | ' | $103,704 | $103,704 | $90,384 | $90,384 | $95,693 | $95,693 | ' | ' |
Common shares, par value | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, shares authorized | 350,000,000 | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, shares issued | 205,582,838 | 204,308,710 | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, shares outstanding | 205,582,838 | 204,308,710 | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements Of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues: | ' | ' | ' |
Rooms | $506,348 | $429,689 | $392,058 |
Food and beverage | 294,969 | 264,893 | 257,880 |
Other hotel operating revenue | 93,535 | 75,857 | 74,686 |
Lease revenue | 5,161 | 4,778 | 5,422 |
Total revenues | 900,013 | 775,217 | 730,046 |
Operating Costs and Expenses: | ' | ' | ' |
Rooms | 144,464 | 121,794 | 111,062 |
Food and beverage | 225,213 | 193,431 | 185,628 |
Other departmental expenses | 220,523 | 200,219 | 195,955 |
Management fees | 27,126 | 23,085 | 22,705 |
Other hotel expenses | 60,618 | 53,117 | 50,038 |
Lease expense | 4,818 | 4,580 | 4,865 |
Depreciation and amortization | 101,943 | 99,458 | 106,695 |
Impairment losses and other charges | 728 | 18,406 | 0 |
Corporate expenses | 25,807 | 31,578 | 39,539 |
Total operating costs and expenses | 811,240 | 745,668 | 716,487 |
Operating income | 88,773 | 29,549 | 13,559 |
Interest expense | -84,276 | -75,489 | -86,447 |
Interest income | 59 | 213 | 172 |
Loss on early extinguishment of debt | 0 | 0 | -1,237 |
Loss on early termination of derivative financial instruments | 0 | 0 | -29,242 |
Equity in earnings (losses) of unconsolidated affiliates | 2,987 | -13,485 | -9,215 |
Foreign currency exchange gain (loss) | 44 | -1,258 | 821 |
Other (expenses) income, net | -314 | 1,820 | 5,767 |
Income (loss) before income taxes and discontinued operations | 7,273 | -58,650 | -105,822 |
Income tax expense | -557 | -800 | -656 |
Income (loss) from continuing operations | 6,716 | -59,450 | -106,478 |
Income from discontinued operations, net of tax | 3,171 | 1,189 | 101,626 |
Net Income (Loss) | 9,887 | -58,261 | -4,852 |
Net (income) loss attributable to the noncontrolling interests in SHRbs operating partnership | -38 | 184 | 29 |
Net loss (income) attributable to the noncontrolling interests in consolidated affiliates | 1,126 | 2,771 | -383 |
Preferred Stock Impact and Tender | -24,166 | -24,166 | -18,482 |
Net Loss Attributable to SHR Common Shareholders | -13,191 | -79,472 | -23,688 |
Amounts Attributable to SHR: | ' | ' | ' |
Income (loss) from continuing operations | 7,804 | -56,495 | -106,365 |
Income from discontinued operations | 3,171 | 1,189 | 101,159 |
Net income (loss) | $10,975 | ($55,306) | ($5,206) |
Basic and Diluted Loss Per Share: | ' | ' | ' |
Loss from continuing operations attributable to SHR common shareholders | ($0.08) | ($0.40) | ($0.70) |
Income from discontinued operations attributable to SHR common shareholders | $0.02 | $0 | $0.57 |
Net loss attributable to SHR common shareholders | ($0.06) | ($0.40) | ($0.13) |
Weighted average common shares outstanding | 206,334 | 201,109 | 176,576 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Other comprehensive income: | ' | ' | ' |
Net income (loss) | $9,887 | ($58,261) | ($4,852) |
(Loss) gain on currency translation adjustments | -412 | 725 | -8,911 |
Gain on derivatives and other activity | 17,838 | 11,056 | 45,423 |
Other comprehensive income | 17,426 | 11,781 | 36,512 |
Comprehensive Income (Loss) | 27,313 | -46,480 | 31,660 |
Comprehensive (income) loss attributable to the noncontrolling interests in SHR's operating partnership | -108 | 133 | -140 |
Comprehensive loss (income) attributable to the noncontrolling interests in consolidated affiliates | 1,126 | 2,771 | -383 |
Comprehensive Income (Loss) Attributable to SHR | $28,331 | ($43,576) | $31,137 |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (USD $) | Total | 8.50% Series A Cumulative Redeemable Preferred Stock | 8.25% Series B Cumulative Redeemable Preferred Stock | 8.25% Series C Cumulative Redeemable Preferred Stock | Common stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss | Noncontrolling Interest [Member] |
In Thousands, unless otherwise specified | |||||||||
Stockholders' Equity, Beginning Balance at Dec. 31, 2010 | ' | $108,206 | $110,775 | $138,940 | $1,513 | $1,553,286 | ($1,185,294) | ($107,164) | $25,082 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock tender | ' | -8,211 | -23,711 | -46,451 | ' | -9,464 | ' | ' | ' |
Restricted stock units redeemed for shares of SHR common stock | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Issuance of shares of SHR common stock | ' | ' | ' | ' | 341 | 212,376 | ' | ' | ' |
Offering costs | ' | ' | ' | ' | ' | -757 | ' | ' | ' |
Acquisition of additional ownership interests in consolidated affiliates | ' | ' | ' | ' | ' | -63,602 | -121 | ' | -26,581 |
Distributions to holders of noncontrolling interests in consolidated affiliates | ' | ' | ' | ' | ' | 0 | ' | ' | -1,277 |
Declared distributions to preferred shareholders | ' | ' | ' | ' | ' | -72,499 | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | 14,290 | ' | ' | ' |
Adjustment for noncontrolling interest ownership in SHRbs operating partnership | ' | ' | ' | ' | ' | -42 | ' | ' | ' |
Redemption value adjustment | ' | ' | ' | ' | ' | 479 | ' | ' | ' |
Net income (loss) attributable to SHR | -5,206 | ' | ' | ' | ' | ' | -5,206 | ' | ' |
(Loss) gain on currency translation adjustments | -8,911 | ' | ' | ' | ' | ' | ' | -8,911 | ' |
Gain on derivatives and other activity | 45,423 | ' | ' | ' | ' | ' | ' | 45,423 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | -383 | ' | ' | ' | ' | ' | ' | ' | 383 |
Contributions from holders of noncontrolling interests in consolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Elimination of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Noncontrolling interest assumed | ' | ' | ' | ' | ' | ' | ' | ' | 10,725 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -110 |
Total SHRbs Shareholdersb Equity | 654,198 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, Ending Balance at Dec. 31, 2011 | 662,420 | 99,995 | 87,064 | 92,489 | 1,856 | 1,634,067 | -1,190,621 | -70,652 | 8,222 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock tender | ' | 0 | 0 | 0 | ' | -54 | ' | ' | ' |
Restricted stock units redeemed for shares of SHR common stock | ' | ' | ' | ' | 2 | ' | ' | ' | ' |
Issuance of shares of SHR common stock | ' | ' | ' | ' | 185 | 119,415 | ' | ' | ' |
Offering costs | ' | ' | ' | ' | ' | -5,538 | ' | ' | ' |
Acquisition of additional ownership interests in consolidated affiliates | ' | ' | ' | ' | ' | -1,079 | 0 | ' | -3,077 |
Distributions to holders of noncontrolling interests in consolidated affiliates | ' | ' | ' | ' | ' | 1,789 | ' | ' | -3,069 |
Declared distributions to preferred shareholders | ' | ' | ' | ' | ' | -24,166 | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | 7,165 | ' | ' | ' |
Adjustment for noncontrolling interest ownership in SHRbs operating partnership | ' | ' | ' | ' | ' | -326 | ' | ' | ' |
Redemption value adjustment | ' | ' | ' | ' | ' | -738 | ' | ' | ' |
Net income (loss) attributable to SHR | -55,306 | ' | ' | ' | ' | ' | -55,306 | ' | ' |
(Loss) gain on currency translation adjustments | 725 | ' | ' | ' | ' | ' | ' | 725 | ' |
Gain on derivatives and other activity | 11,056 | ' | ' | ' | ' | ' | ' | 11,056 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 2,771 | ' | ' | ' | ' | ' | ' | ' | -2,771 |
Contributions from holders of noncontrolling interests in consolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 96,417 |
Elimination of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Noncontrolling interest assumed | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | -65 |
Total SHRbs Shareholdersb Equity | 707,328 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, Ending Balance at Dec. 31, 2012 | 802,985 | 99,995 | 87,064 | 92,489 | 2,043 | 1,730,535 | -1,245,927 | -58,871 | 95,657 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock tender | ' | 0 | 0 | 0 | ' | 0 | ' | ' | ' |
Restricted stock units redeemed for shares of SHR common stock | ' | ' | ' | ' | 13 | ' | ' | ' | ' |
Issuance of shares of SHR common stock | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Offering costs | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Acquisition of additional ownership interests in consolidated affiliates | ' | ' | ' | ' | ' | 0 | 0 | ' | 0 |
Distributions to holders of noncontrolling interests in consolidated affiliates | ' | ' | ' | ' | ' | 0 | ' | ' | -16 |
Declared distributions to preferred shareholders | ' | ' | ' | ' | ' | -24,166 | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | 970 | ' | ' | ' |
Adjustment for noncontrolling interest ownership in SHRbs operating partnership | ' | ' | ' | ' | ' | 209 | ' | ' | ' |
Redemption value adjustment | ' | ' | ' | ' | ' | -2,242 | ' | ' | ' |
Net income (loss) attributable to SHR | 10,975 | ' | ' | ' | ' | ' | 10,975 | ' | ' |
(Loss) gain on currency translation adjustments | -412 | ' | ' | ' | ' | ' | ' | -412 | ' |
Gain on derivatives and other activity | 17,838 | ' | ' | ' | ' | ' | ' | 17,838 | ' |
Net Income (Loss) Attributable to Noncontrolling Interest | 1,126 | ' | ' | ' | ' | ' | ' | ' | -1,126 |
Contributions from holders of noncontrolling interests in consolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 3,140 |
Elimination of noncontrolling interest | ' | ' | ' | ' | ' | ' | ' | ' | -5,300 |
Noncontrolling interest assumed | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Other | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Total SHRbs Shareholdersb Equity | 710,513 | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity, Ending Balance at Dec. 31, 2013 | $802,868 | $99,995 | $87,064 | $92,489 | $2,056 | $1,705,306 | ($1,234,952) | ($41,445) | $92,355 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Operating Activities: | ' | ' | ' |
Net income (loss) | $9,887 | ($58,261) | ($4,852) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities (including discontinued operations): | ' | ' | ' |
Deferred income tax benefit | -885 | -217 | -414 |
Depreciation and amortization | 106,018 | 103,464 | 112,062 |
Amortization of deferred financing, interest rate swap and other costs | 11,194 | 12,742 | 19,835 |
Non-cash impairment losses and other charges | 728 | 18,843 | 0 |
Loss on early extinguishment of debt | 0 | 0 | 1,237 |
Loss on early termination of derivative financial instruments | 0 | 0 | 29,242 |
Equity in (earnings) losses of unconsolidated affiliates | -2,987 | 13,485 | 9,215 |
Share-based compensation | 5,292 | 7,756 | 22,070 |
Loss (gain) on disposal of assets, net of tax | 1,185 | 0 | -103,927 |
Foreign currency exchange (gain) loss | -43 | 1,610 | -49 |
Recognition of deferred gains | -207 | -200 | -1,431 |
Mark to market of derivative financial instruments | -11,536 | -12,224 | -2,183 |
Increase in accounts receivable | -2,360 | -1,787 | -2,965 |
Decrease (increase) in prepaid expenses and other assets | 375 | -1,646 | -3,239 |
Increase (decrease) in accounts payable and accrued expenses | 7,515 | -4,982 | 1,140 |
Net cash provided by operating activities | 124,176 | 78,583 | 75,741 |
Investing Activities: | ' | ' | ' |
Acquisition of hotel investment | 0 | -350,333 | 0 |
Proceeds from sale of investments | 0 | 0 | 9,000 |
Proceeds from sales of assets | 16,533 | 1,991 | 58,012 |
Investment in unconsolidated affiliate | 0 | -9,050 | 0 |
Cash received from unconsolidated affiliates | 24,555 | 9,111 | 1,080 |
Unconsolidated affiliates recapitalizations | 0 | 0 | -93,813 |
Unrestricted cash acquired through acquisition and recapitalization | 0 | 183 | 30,600 |
Unrestricted cash sold or contributed | 0 | 0 | -6,935 |
Increase in escrow deposits | 0 | 0 | -1,050 |
Decrease in security deposits related to sale-leasebacks | 0 | 0 | 1,270 |
Acquisition of note receivable | 0 | -9,457 | 0 |
Capital expenditures | -69,414 | -61,100 | -49,799 |
Increase in restricted cash and cash equivalents | -15,136 | -21,412 | -9,918 |
Net cash used in investing activities | -43,462 | -440,067 | -61,553 |
Financing Activities: | ' | ' | ' |
Proceeds from issuance of common stock | 0 | 119,600 | 50,000 |
Equity issuance costs | 0 | -5,538 | -761 |
Preferred stock tender | 0 | 0 | -86,127 |
Preferred stock tender costs | 0 | -54 | -1,710 |
Borrowings under bank credit facility | 51,000 | 307,000 | 375,500 |
Payments on bank credit facility | -87,000 | -211,000 | -353,500 |
Proceeds from mortgages | 0 | 280,000 | 470,000 |
Payments on mortgages and other debt | -14,725 | -109,134 | -409,047 |
Contributions from holders of noncontrolling interests in consolidated affiliates | 3,140 | 96,417 | 0 |
Acquisition of noncontrolling interest in consolidated affiliates | 0 | -4,156 | -19,522 |
Debt financing costs | -2,130 | -4,829 | -12,545 |
Distributions to preferred shareholders | -24,166 | -96,665 | 0 |
Distributions to holders of noncontrolling interests in consolidated affiliates | -16 | -1,280 | -1,277 |
Interest rate swap costs | 0 | 0 | -33,340 |
Other financing activities | -4,310 | -846 | -559 |
Net cash (used in) provided by financing activities | -78,207 | 369,515 | -22,888 |
Effect of exchange rate changes on cash | -23 | 30 | -1,128 |
Net change in cash and cash equivalents | 2,484 | 8,061 | -9,828 |
Change in cash of assets held for sale | -8,903 | 0 | 2,999 |
Cash and cash equivalents, beginning of year | 80,074 | 72,013 | 78,842 |
Cash and cash equivalents, end of year | 73,655 | 80,074 | 72,013 |
Supplemental Schedule of Non-Cash Investing and Financing Activities: | ' | ' | ' |
Acquisition of hotel properties (see note 3) | 0 | 0 | 89,273 |
Acquisition of noncontrolling interest (see note 11) | 0 | 0 | 70,300 |
(Gain) loss on mark to market of derivative instruments (see notes 2 and 12) | -11,532 | -3,136 | 1,854 |
Distributions declared and payable to preferred shareholders (see note 11) | 0 | 0 | 72,499 |
(Decrease) increase in capital expenditures recorded as liabilities | -147 | 3,830 | 220 |
Cash Paid For (Receipts Of): | ' | ' | ' |
Interest, net of interest capitalized | 86,303 | 73,443 | 68,599 |
Income taxes, net of refunds | ($234) | $77 | $3,200 |
General
General | 12 Months Ended | ||
Dec. 31, 2013 | |||
General [Abstract] | ' | ||
General | ' | ||
GENERAL | |||
Strategic Hotels & Resorts, Inc. (SHR and, together with its subsidiaries, the Company) was incorporated in January 2004 to acquire and asset-manage upper upscale and luxury hotels that are subject to long-term management contracts. As of December 31, 2013, the Company’s portfolio included 18 full-service hotel interests located in urban and resort markets in the United States; Punta Mita, Nayarit, Mexico; Hamburg, Germany; and London, England. The Company operates in one reportable business segment, hotel ownership. | |||
SHR operates as a self-administered and self-managed real estate investment trust (REIT), which means that it is managed by its board of directors and executive officers. A REIT is a legal entity that holds real estate interests and, through payments of dividends to stockholders, is permitted to reduce or avoid federal income taxes at the corporate level. For SHR to continue to qualify as a REIT, it cannot operate hotels; instead it employs internationally known hotel management companies to operate its hotels under management contracts. SHR conducts its operations through its direct and indirect subsidiaries, including its operating partnership, Strategic Hotel Funding, L.L.C. (SH Funding), which currently holds substantially all of the Company’s assets. SHR is the sole managing member of SH Funding and holds approximately 99% of its membership units as of December 31, 2013. SHR manages all business aspects of SH Funding, including the sale and purchase of hotels, the investment in these hotels and the financing of SH Funding and its assets. | |||
As of December 31, 2013, SH Funding owned interests in or leased the following 18 hotels: | |||
1. Fairmont Chicago | 10. InterContinental Miami | ||
2. Fairmont Scottsdale Princess (a) | 11. JW Marriott Essex House Hotel (e) | ||
3. Four Seasons Jackson Hole | 12. Loews Santa Monica Beach Hotel | ||
4. Four Seasons Punta Mita Resort (b) | 13. Marriott Hamburg (f) | ||
5. Four Seasons Silicon Valley | 14. Marriott Lincolnshire Resort (g) | ||
6. Four Seasons Washington, D.C. | 15. Marriott London Grosvenor Square (g) | ||
7. Hotel del Coronado (c) | 16. Ritz-Carlton Half Moon Bay | ||
8. Hyatt Regency La Jolla (d) | 17. Ritz-Carlton Laguna Niguel | ||
9. InterContinental Chicago | 18. Westin St. Francis | ||
(a) | This property is owned by an unconsolidated affiliate in which the Company indirectly holds an interest (see note 7). One land parcel at this property is subject to a ground lease arrangement. | ||
(b) | On December 12, 2013, the Company entered into an agreement to sell this property (see note 5). | ||
(c) | This property is owned by an unconsolidated affiliate in which the Company indirectly holds an interest (see note 7). | ||
(d) | This property is owned by a consolidated affiliate in which the Company holds an interest (see note 11). | ||
(e) | This property is owned by a consolidated affiliate in which the Company holds an interest (see notes 3 and 6). | ||
(f) | The Company has a leasehold interest in this property. | ||
(g) | These properties are subject to ground lease arrangements. |
Summary_Of_Significant_Account
Summary Of Significant Accounting Policies | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||
Summary Of Significant Accounting Policies | ' | ||||||||||||||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||
Basis of Presentation: | |||||||||||||||
The accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). | |||||||||||||||
Basis of Consolidation: | |||||||||||||||
The accompanying consolidated financial statements include the accounts of SHR, its subsidiaries and other entities in which the Company has a controlling interest. If SH Funding determines that it is the holder of a variable interest in a variable interest entity (VIE), and it is the primary beneficiary, then SH Funding will consolidate the entity. At December 31, 2013, SH Funding consolidated one VIE, the entity that owns the JW Marriott Essex House Hotel (see note 6). For entities that are not considered VIEs, SH Funding consolidates those entities it controls. At December 31, 2013, SH Funding owned a 53.5% controlling interest in the entity that owns the Hyatt Regency La Jolla hotel, which is consolidated in the accompanying consolidated financial statements. It accounts for those entities over which it has a significant influence but does not control using the equity method of accounting. At December 31, 2013, SH Funding owned interests in the Fairmont Scottsdale Princess hotel (Fairmont Scottsdale Princess Venture), the Hotel del Coronado (Hotel del Coronado Venture), the Four Seasons Residence Club Punta Mita (RCPM) and the Lot H5 Venture (see note 7), which are unconsolidated affiliates in the accompanying consolidated financial statements that are accounted for using the equity method of accounting. | |||||||||||||||
All significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||
Use of Estimates: | |||||||||||||||
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |||||||||||||||
Investment in Hotel Properties and Depreciation: | |||||||||||||||
Investment in hotel properties consists of land, land held for development, a leasehold interest, buildings, building and leasehold improvements, site improvements and furniture, fixtures and equipment. | |||||||||||||||
Depreciation is computed on a straight-line basis over the following useful lives: | |||||||||||||||
Leasehold interest | Life of lease (51 years) | ||||||||||||||
Buildings | 39 years | ||||||||||||||
Building and leasehold improvements | 5 – 10 years | ||||||||||||||
Site improvements | 15 years | ||||||||||||||
Furniture, fixtures & equipment | 3 – 5 years | ||||||||||||||
Hotel improvements in progress include costs incurred for capital projects for hotels that are in the process of being developed, renovated, rehabilitated or expanded. Completed renovations and improvements are capitalized and depreciated over their estimated useful lives. Interest expense and certain other costs as well as project related salary and benefit costs incurred during a renovation or development period are capitalized and depreciated over the lives of the related assets. Costs incurred for repairs and maintenance are expensed. | |||||||||||||||
Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell. The Company classifies the operations of hotels sold or held for sale as discontinued operations (see note 5). | |||||||||||||||
Goodwill: | |||||||||||||||
Goodwill is the excess of the allocated purchase price over the fair value of the net assets at the time a property is acquired. The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Balance at the beginning of the year | |||||||||||||||
Goodwill | $ | 316,945 | $ | 316,945 | |||||||||||
Accumulated impairment losses | (276,586 | ) | (276,586 | ) | |||||||||||
40,359 | 40,359 | ||||||||||||||
Goodwill related to assets held for sale | (2,231 | ) | — | ||||||||||||
Balance at the end of the year | |||||||||||||||
Goodwill | 314,714 | 316,945 | |||||||||||||
Accumulated impairment losses | (276,586 | ) | (276,586 | ) | |||||||||||
$ | 38,128 | $ | 40,359 | ||||||||||||
Intangible Assets: | |||||||||||||||
Intangible assets at December 31, 2013 and 2012 include (in thousands): | |||||||||||||||
2013 | 2012 | Useful Life | |||||||||||||
Below market ground lease | $ | 34,567 | $ | 33,922 | Term of lease (51 years) | ||||||||||
Golf course use agreement | 1,500 | 1,500 | 14 years | ||||||||||||
Advanced bookings | 3,200 | 4,050 | Period of booking (up to 8 years) | ||||||||||||
Land development entitlements | 1,988 | 1,971 | 2 years | ||||||||||||
41,255 | 41,443 | ||||||||||||||
Accumulated amortization | (11,753 | ) | (10,812 | ) | |||||||||||
Intangible assets, net | $ | 29,502 | $ | 30,631 | |||||||||||
Amortization of intangible assets is computed on a straight-line basis over the respective useful lives. For the years ended December 31, 2013, 2012 and 2011, amortization expense of intangible assets was $1,653,000, $1,704,000, and $2,414,000, respectively. The estimated future aggregate annual amortization expense for intangible assets at December 31, 2013 is summarized as follows (in thousands): | |||||||||||||||
Years ending December 31, | |||||||||||||||
2014 | $ | 951 | |||||||||||||
2015 | 773 | ||||||||||||||
2016 | 769 | ||||||||||||||
2017 | 769 | ||||||||||||||
2018 | 724 | ||||||||||||||
Thereafter | 25,516 | ||||||||||||||
Total | $ | 29,502 | |||||||||||||
Impairment: | |||||||||||||||
Investment in Hotel Properties (Long-Lived Assets) | |||||||||||||||
The Company reviews its investment in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized if the estimated future undiscounted cash flows derived from the asset are less than its carrying amount. The impairment loss is measured as the excess of the carrying value over the fair value of the asset, with fair value determined based on estimated future discounted cash flows or other relevant data as to the fair value of the asset (Level 3 inputs). | |||||||||||||||
Goodwill | |||||||||||||||
Goodwill is reviewed for impairment at least annually as of December 31 and whenever circumstances or events indicate potential impairment. The measurement of impairment of goodwill consists of two steps. In the first step, the Company compares the fair value of each reporting unit, which for the Company is each hotel property, to its carrying value. The assessment of fair values of the hotel properties incorporates unobservable inputs (Level 3), including existing market-based considerations, as well as discounted cash flow analysis of the Company’s projections. When the fair value of the property is less than its carrying value, the Company is required to perform a second step in order to determine the implied fair value of each reporting unit’s goodwill, and to compare it to the carrying value of the reporting unit’s goodwill. The activities in the second step include hypothetically valuing all of the tangible and intangible assets and liabilities of the impaired reporting unit as if the reporting unit had been acquired in a business combination, which includes valuing all of the Company’s intangibles, even if they are not currently recorded within the carrying value. For reporting units with zero or negative carrying values, the second step is only performed if qualitative factors indicate that it is more likely than not that a goodwill impairment exists. | |||||||||||||||
Intangible Assets | |||||||||||||||
Intangible assets are reviewed for impairment whenever circumstances or events indicate potential impairment, as part of the Company’s investment in hotel properties impairment process described above. | |||||||||||||||
Investment in Unconsolidated Affiliates | |||||||||||||||
A series of operating losses of an investee or other factors may indicate that a decrease in value of the Company’s investment in unconsolidated affiliates has occurred which is other-than-temporary. Accordingly, the investment in each of the unconsolidated affiliates is evaluated periodically for valuation declines that are other-than-temporary. If the investment is other than temporarily impaired, the Company writes down the investment to its estimated fair value. The Company also considers any impairments in the underlying real estate investments, the ownership and distribution preferences and limitations and rights to sell and repurchase of its ownership interests. | |||||||||||||||
Deferred Financing Costs: | |||||||||||||||
Deferred financing costs consist of loan fees and other costs incurred in connection with obtaining loans. The deferred financing costs have been capitalized and are being amortized to interest expense over the initial maturity of the underlying loans using the straight-line method, which approximates the effective interest method. Upon early extinguishment of the debt, the unamortized deferred financing costs are written off and included in loss on early extinguishment of debt. | |||||||||||||||
Inventories: | |||||||||||||||
Inventories located at the hotel properties consist primarily of food and beverage stock. These items are stated at the lower of cost, as determined by an average cost method, or market and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets. | |||||||||||||||
Cash and Cash Equivalents: | |||||||||||||||
The Company considers all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with purchased or original maturities of three months or less to be cash equivalents. | |||||||||||||||
Restricted Cash and Cash Equivalents: | |||||||||||||||
As of December 31, 2013 and 2012, restricted cash and cash equivalents included $38,629,000 and $33,832,000, respectively, that will be used for property and equipment replacement in accordance with hotel management or lease agreements. At December 31, 2013 and 2012, restricted cash and cash equivalents also included reserves of $37,287,000 and $24,747,000, respectively, required by loan and other agreements. | |||||||||||||||
Foreign Currency: | |||||||||||||||
Foreign currency-denominated assets and liabilities, where the functional currency is the local currency, are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Income and expense items are translated at the average exchange rates during the respective periods. Gains and losses from foreign currency translation, where the functional currency is the local currency, are recorded as a separate component of accumulated other comprehensive loss within shareholders’ equity. | |||||||||||||||
Revenue Recognition: | |||||||||||||||
Revenues include rooms, food and beverage and other hotel operating revenue such as Internet access, telephone, parking, golf course, spa, retail and space rentals. These revenues are recorded net of taxes collected from customers and remitted to government authorities and are recognized as the related services are rendered. Lease revenue is based on an annual base rent plus additional rent contingent on the hotel meeting performance thresholds, as defined in the lease agreement. Lease revenue is recognized on an accrual basis pursuant to the terms of the lease. | |||||||||||||||
Noncontrolling Interests: | |||||||||||||||
Redeemable Noncontrolling Interests (Temporary Equity) | |||||||||||||||
Third party noncontrolling partners own an approximate one percent interest in SH Funding. The interests held by these noncontrolling partners are stated at the greater of carrying value or their redemption value and are presented as noncontrolling interests in SHR’s operating partnership on the consolidated balance sheets. Net (income) loss attributable to the noncontrolling interest partners is presented as noncontrolling interests in SHR’s operating partnership in the consolidated statements of operations. Net income (loss) and other comprehensive income (loss) are attributed to noncontrolling interest partners in SH Funding based on their weighted average ownership percentages during the period. The ownership percentage is calculated by dividing the number of units held by the noncontrolling interest partners by the sum of units held by SHR and the units held by noncontrolling interest partners, all calculated based on the weighted average days outstanding at the end of the period. | |||||||||||||||
These noncontrolling partners have a right to exercise a redemption right to require SH Funding to redeem all or a portion of the units held by the noncontrolling interest partners on a specified redemption date at a redemption price equal to the number of operating partnership units multiplied by SHR’s common stock price. SH Funding is not obligated to satisfy the redemption right if SHR elects to purchase the units. SHR has the sole and absolute discretion to purchase the units. If it does purchase the units, SHR has the sole and absolute discretion to pay either in cash or shares. | |||||||||||||||
The following table reflects the activity of the noncontrolling interests in SHR’s operating partnership for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Noncontrolling interests in SHR’s operating partnership | |||||||||||||||
Balance, beginning of year | $ | 5,463 | $ | 4,583 | $ | 5,050 | |||||||||
Shares of SHR common stock issued | — | 468 | 1,003 | ||||||||||||
Net income (loss) | 38 | (184 | ) | (29 | ) | ||||||||||
Currency translation adjustments | (2 | ) | 3 | (42 | ) | ||||||||||
Derivatives activity | 73 | 48 | 211 | ||||||||||||
Share-based compensation | 4 | 30 | 66 | ||||||||||||
Redemption value adjustment | 2,242 | 738 | (479 | ) | |||||||||||
Other | (284 | ) | (223 | ) | (1,197 | ) | |||||||||
Balance, end of year | $ | 7,534 | $ | 5,463 | $ | 4,583 | |||||||||
The historical cost of the redeemable noncontrolling interests is based on the proportional relationship between the carrying value of equity associated with SHR’s common shareholders relative to that of the unitholders of SH Funding, as SH Funding units may be exchanged into shares of SHR common stock on a one-for-one basis. As of December 31, 2013, 2012 and 2011, the redeemable noncontrolling interests had a redemption value of approximately $7,534,000 (based on SHR’s common closing share price of $9.45 on December 31, 2013), $5,463,000 (based on SHR’s common closing share price of $6.40 on December 31, 2012), and $4,583,000 (based on SHR’s common closing share price of $5.37 on December 30, 2011), respectively. | |||||||||||||||
Nonredeemable Noncontrolling Interests | |||||||||||||||
The Company also consolidates affiliates that it controls but does not wholly own. The ownership interests held by the third party noncontrolling partners are presented as noncontrolling interests in consolidated affiliates in the Company’s consolidated balance sheets. The net loss (income) attributed to the noncontrolling partners is presented as noncontrolling interests in consolidated affiliates in the consolidated statements of operations. The activity for the noncontrolling interests in consolidated affiliates for the years ended December 31, 2013, 2012 and 2011 is presented in the Company’s consolidated statements of equity. | |||||||||||||||
Income Taxes: | |||||||||||||||
SHR has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Tax Code). As a REIT, SHR generally will not be subject to U.S. federal income tax if it distributes 100% of its annual taxable income to its shareholders. As a REIT, SHR is subject to a number of organizational and operational requirements. If it fails to qualify as a REIT in any taxable year, SHR will be subject to U.S. federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. Even if it qualifies for taxation as a REIT, it may be subject to foreign, state and local income taxes and to U.S. federal income tax and excise tax on its undistributed income. In addition, taxable income from SHR’s taxable REIT subsidiaries is subject to federal, foreign, state and local income taxes. Also, the foreign countries where the Company has operations do not recognize REITs under their respective tax laws. Accordingly, the Company is subject to tax in those jurisdictions. | |||||||||||||||
Deferred tax assets and liabilities are established for net operating loss carryforwards and temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the net operating loss carryforwards are utilized and when the temporary differences reverse. The Company evaluates uncertain tax positions in accordance with applicable accounting guidance. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated realizability of the related deferred tax asset is included in earnings. | |||||||||||||||
The Company completed an equity offering during the second quarter of 2010, which resulted in an ownership change under Section 382 of the Tax Code. As a result, some of the Company’s net operating loss carryforwards were reduced or eliminated in accordance with the provisions of Section 382. A full valuation reserve has been provided against net operating loss carryforwards not subject to Section 382 due to uncertainty of realization. Therefore, the ownership change had no impact to the statements of operations. | |||||||||||||||
Per Share Data: | |||||||||||||||
Basic loss per share is computed by dividing the net loss attributable to SHR common shareholders by the weighted average common shares outstanding during each period. Diluted loss per share is computed by dividing the net loss attributable to SHR common shareholders as adjusted for the impact of dilutive securities, if any, by the weighted average common shares outstanding plus potentially dilutive securities. Dilutive securities may include restricted stock units (RSUs), options to purchase shares of SHR common stock (Options), stock units payable in shares of SHR’s common stock under the Company’s Deferral Program (as defined in note 13) (Deferral Program Stock Units) and noncontrolling interests that have an option to exchange their interests to shares of SHR common stock. No effect is shown for securities that are anti-dilutive. The following table sets forth the components of the calculation of loss from continuing operations attributable to SHR common shareholders for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Numerator: | |||||||||||||||
Income (loss) from continuing operations attributable to SHR | $ | 7,804 | $ | (56,495 | ) | $ | (106,365 | ) | |||||||
Preferred shareholder dividends | (24,166 | ) | (24,166 | ) | (29,206 | ) | |||||||||
Preferred stock tender (a) | — | — | 10,724 | ||||||||||||
Loss from continuing operations attributable to SHR common shareholders | $ | (16,362 | ) | $ | (80,661 | ) | $ | (124,847 | ) | ||||||
Denominator: | |||||||||||||||
Weighted average shares of common stock - basic and diluted(b) | 206,334 | 201,109 | 176,576 | ||||||||||||
(a) | On December 19, 2011, SHR purchased a portion of its outstanding shares of preferred stock (see note 11). For purposes of calculating loss per share, the difference between the fair value of the consideration paid and the carrying amount of the shares of preferred stock tendered is an adjustment to net loss attributable to SHR common shareholders. The carrying value of the preferred stock is reduced by any related offering costs and increased by any previously deducted cumulative undeclared dividends that are forfeited. The total consideration paid was $86,127,000 and the net carrying value of the shares of preferred stock was $96,851,000, which included $18,478,000 of previously deducted preferred shareholder dividends that were forfeited. The full impact of the preferred stock tender on the calculation of net loss attributable to SHR common shareholders was recorded in the fourth quarter of 2011. | ||||||||||||||
(b) | Includes RSUs and Deferral Program Stock Units of 1,248, 2,528 and 524 at December 31, 2013, 2012 and 2011, respectively, that have vested but have not yet been issued to shares of common stock. | ||||||||||||||
Securities that could potentially dilute basic loss per share in the future that are not included in the computation of diluted loss per share because they are anti-dilutive as of December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Noncontrolling interests in SHR's operating partnership | 797 | 853 | 853 | ||||||||||||
Noncontrolling interests in consolidated affiliates | 11,025 | 11,893 | — | ||||||||||||
Options, RSUs and Deferral Program Stock Units | 2,479 | 2,809 | 3,124 | ||||||||||||
Accumulated Other Comprehensive Loss: | |||||||||||||||
The Company’s accumulated other comprehensive loss (OCL) results from mark to market of certain derivative financial instruments and unrealized gains or losses on foreign currency translation adjustments (CTA). The following table provides the changes in accumulated OCL for the years ended December 31, 2013, 2012, and 2011 (in thousands): | |||||||||||||||
Derivative and | CTA | Accumulated OCL | |||||||||||||
Other Activity | |||||||||||||||
Balance at January 1, 2011 | $ | (94,933 | ) | $ | (12,231 | ) | $ | (107,164 | ) | ||||||
Other comprehensive loss before reclassifications | (12,906 | ) | (3,816 | ) | (16,722 | ) | |||||||||
Amounts reclassified from accumulated OCL | 58,329 | (5,095 | ) | 53,234 | |||||||||||
Net other comprehensive income (loss) | 45,423 | (8,911 | ) | 36,512 | |||||||||||
Balance at December 31, 2011 | $ | (49,510 | ) | $ | (21,142 | ) | $ | (70,652 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (10,209 | ) | 725 | (9,484 | ) | ||||||||||
Amounts reclassified from accumulated OCL | 21,265 | — | 21,265 | ||||||||||||
Net other comprehensive income | 11,056 | 725 | 11,781 | ||||||||||||
Balance at December 31, 2012 | $ | (38,454 | ) | $ | (20,417 | ) | $ | (58,871 | ) | ||||||
Other comprehensive loss before reclassifications | (176 | ) | (412 | ) | (588 | ) | |||||||||
Amounts reclassified from accumulated OCL | 18,014 | — | 18,014 | ||||||||||||
Net other comprehensive income (loss) | 17,838 | (412 | ) | 17,426 | |||||||||||
Balance at December 31, 2013 | $ | (20,616 | ) | $ | (20,829 | ) | $ | (41,445 | ) | ||||||
The reclassifications out of accumulated OCL for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||
Amount Reclassified from Accumulated OCL | |||||||||||||||
Details about Accumulated OCL Components | 2013 | 2012 | 2011 | Statement of Operations Line Item | |||||||||||
Activity related to cash flow hedges | $ | 18,014 | $ | 21,265 | $ | 58,329 | Interest expense | ||||||||
Activity related to CTA | $ | — | $ | — | $ | (5,095 | ) | Income from discontinued operations, net of tax | |||||||
Derivative Instruments and Hedging Activities: | |||||||||||||||
The Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. If certain conditions are met, a derivative may be specifically designated as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (b) a hedge of the exposure to variable cash flows of a forecasted transaction, or (c) a hedge of the foreign currency exposure of a net investment in a foreign-currency-denominated forecasted transaction. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and resulting designation. | |||||||||||||||
Fair Value of Financial and Nonfinancial Instruments: | |||||||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy has been established that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||||||||||||||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | |||||||||||||||
Business Combinations: | |||||||||||||||
The Company recognizes identifiable assets acquired, liabilities assumed, non-controlling interests and contingent liabilities assumed in a business combination at their fair values at the acquisition date based on the exit price (the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date). Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. In certain situations, a deferred tax liability is created due to the difference between the fair value and the tax basis of the asset at the acquisition date, which also may result in a goodwill asset being recorded. The goodwill that is recorded as a result of this difference is not subject to amortization. | |||||||||||||||
New Accounting Guidance: | |||||||||||||||
In December 2011, the Financial Accounting Standards Board (FASB) clarified that when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of a default on the subsidiary's nonrecourse debt, the reporting entity should apply the guidance on sales of real estate. The provisions are effective for public companies for fiscal years and interim periods within those years, beginning on or after June 15, 2012. The Company adopted the new guidance on January 1, 2013 and the guidance did not have a material impact on the Company's consolidated financial statements. | |||||||||||||||
In February 2013, the FASB issued new guidance to require an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. For other amounts not required to be reclassified in their entirety to net income in the same reporting period, a cross-reference to other disclosures that provide additional detail about the reclassification amounts is required. The provisions are effective for reporting periods beginning after December 15, 2012. The Company adopted this new guidance on January 1, 2013 and complied with the expanded disclosure requirements, as applicable. |
Investment_In_Hotel_Properties
Investment In Hotel Properties, Net | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Investment In Hotel Properties, Net | ' | |||||||||||
INVESTMENT IN HOTEL PROPERTIES, NET | ||||||||||||
The following summarizes the Company’s investment in hotel properties as of December 31, 2013 and 2012, excluding the leasehold interest in the Marriott Hamburg, unconsolidated affiliates and assets held for sale (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Land | $ | 557,641 | $ | 565,000 | ||||||||
Land held for development | — | 78,000 | ||||||||||
Leasehold interest | 11,633 | 11,633 | ||||||||||
Buildings | 1,344,524 | 1,409,406 | ||||||||||
Building and leasehold improvements | 106,031 | 91,523 | ||||||||||
Site improvements | 29,209 | 29,207 | ||||||||||
Furniture, fixtures and equipment | 486,730 | 492,240 | ||||||||||
Improvements in progress | 20,542 | 20,678 | ||||||||||
Total investment in hotel properties | 2,556,310 | 2,697,687 | ||||||||||
Less accumulated depreciation | (760,972 | ) | (727,127 | ) | ||||||||
Total investment in hotel properties, net | $ | 1,795,338 | $ | 1,970,560 | ||||||||
Consolidated hotel properties | 14 | 15 | ||||||||||
Acquisition of Hotels | ||||||||||||
On September 14, 2012, the Company closed on the acquisition of the JW Marriott Essex House Hotel located in New York, New York for a purchase price, net of working capital prorations, of approximately $350,333,000. In connection with the closing of the acquisition, the Company formed a joint venture arrangement with affiliates of KSL Capital Partners, LLC (KSL) (Essex House Hotel Venture) to fund the equity portion of the purchase price. The Company contributed cash of $89,147,000 to acquire a 51.0% controlling interest in the Essex House Hotel Venture, and KSL contributed cash of $85,651,000 to acquire a 49.0% interest. The Essex House Hotel Venture secured a $190,000,000 first mortgage to fund the remaining balance of the purchase price (see note 10). The Essex House Hotel Venture is a variable interest entity that the Company has consolidated because it determined that it is the primary beneficiary (see note 6). At the time of the acquisition, the Company recorded $85,651,000 as noncontrolling interests in consolidated affiliates on the balance sheet, which reflected KSL's initial equity interest in the Essex House Hotel Venture. | ||||||||||||
The acquisition of the JW Marriott Essex House Hotel is consistent with the Company's strategy of focusing on the acquisition of upper upscale and luxury hotels in select urban and resort markets with strong growth characteristics and high barriers to entry where it believes there are opportunities to add value. The Essex House Hotel Venture incurred acquisition costs of $3,208,000 for the year ended December 31, 2012, that are included in corporate expenses on the statement of operations. The JW Marriott Essex House Hotel was accounted for as a business combination, and the assets and liabilities and results of operations of the hotel have been consolidated in the consolidated financial statements since the date of purchase. | ||||||||||||
On March 11, 2011, the Company acquired the Four Seasons Silicon Valley and Four Seasons Jackson Hole hotels in exchange for an aggregate of 15,200,000 shares of SHR’s common stock at a price of $6.08 per share based on the March 11, 2011 SHR common stock closing price, or approximately $92,416,000. | ||||||||||||
The allocation of the purchase price for the acquisition of the JW Marriott Essex House Hotel, the Four Seasons Silicon Valley hotel and the Four Seasons Jackson Hole hotel is as follows (in thousands): | ||||||||||||
JW Marriott Essex House | Four Seasons Silicon Valley | Four Seasons Jackson Hole | ||||||||||
Land | $ | 230,951 | $ | 5,518 | $ | 19,669 | ||||||
Buildings | 88,470 | 27,269 | 33,450 | |||||||||
Site improvements | — | 400 | 444 | |||||||||
Furniture, fixtures and equipment | 21,927 | 2,827 | 4,236 | |||||||||
Other assets | 13,067 | — | — | |||||||||
Intangible assets | 390 | 88 | 372 | |||||||||
Net working capital | (4,472 | ) | 378 | (2,235 | ) | |||||||
$ | 350,333 | $ | 36,480 | $ | 55,936 | |||||||
The impact to revenues and net loss attributable to SHR common shareholders from the acquisition of the JW Marriott Essex House Hotel since acquisition for the year ended December 31, 2012 is as follows (in thousands): | ||||||||||||
2012 | ||||||||||||
Increase in revenues | $ | 28,463 | ||||||||||
Increase in net loss attributable to SHR common shareholders | $ | (1,502 | ) | |||||||||
The acquisition of the JW Marriott Essex House Hotel had a material effect on the Company's results of operations. On an unaudited pro forma basis, revenues, net loss attributable to SHR common shareholders and basic and diluted loss attributable to SHR common shareholders per share for the years ended December 31, 2012 and 2011 are as follows as if this acquisition had occurred on January 1, 2011 (in thousands): | ||||||||||||
2012 | 2011 | |||||||||||
Total revenue | $ | 829,018 | $ | 813,710 | ||||||||
Net loss | $ | (78,511 | ) | $ | (25,869 | ) | ||||||
Preferred shareholder dividends | $ | (24,166 | ) | $ | (18,482 | ) | ||||||
Net loss attributable to SHR common shareholders | $ | (89,716 | ) | $ | (34,310 | ) | ||||||
Net loss attributable to SHR common shareholders per share: | ||||||||||||
Basic | $ | (0.45 | ) | $ | (0.19 | ) | ||||||
Diluted | $ | (0.47 | ) | $ | (0.19 | ) |
Impairment_Losses_and_Other_Ch
Impairment Losses and Other Charges | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Impairment Losses And Other Charges [Abstract] | ' | |||||||
Impairment Losses And Other Charges Disclosure [Text Block] | ' | |||||||
IMPAIRMENT LOSSES AND OTHER CHARGES | ||||||||
Goodwill Impairment Losses | ||||||||
The Company performed its annual impairment test of goodwill and did not record any goodwill impairment losses for the years ended December 31, 2013, 2012, and 2011. However, if deterioration in economic and market conditions occurs, it may present a potential for impairment charges of the Company’s goodwill subsequent to December 31, 2013. Any such adjustments could be material, but will be non-cash. | ||||||||
Long-Lived Asset and Intangible Asset Impairment Losses | ||||||||
In January 2012, the Company acquired, at a discount to par value, a note receivable secured by a property adjacent to the Fairmont Chicago hotel for $10,507,000. In the third quarter of 2013, the Company completed foreclosure proceedings and obtained title to the asset. Upon taking title of the asset, the Company assumed certain liabilities that increased the total consideration exchanged for the asset, which increased the Company's basis in the asset. After taking title to the asset, the Company elected to sell the asset. Based on the change in the anticipated holding period for this asset, the Company performed an impairment test of the long-lived assets during the third quarter of 2013. The Company determined that the asset's carrying value exceeded the asset's fair value of $10,500,000, with the fair value determined based on the transaction price offered by a third party buyer (Level 2 input), which the Company considered to be an offer in an orderly transaction in the principal market. As a result of this test, the Company reduced the carrying value of the asset to its fair value and recorded an impairment charge of $728,000 in the consolidated statement of operations for the year ended December 31, 2013. In October 2013, the Company sold the property to an unaffiliated third party for $10,500,000. | ||||||||
The Company determined that there were no other impairment charges for the year ended December 31, 2013. However, if deterioration in economic and market conditions occurs, it may present a potential for additional impairment charges on the Company’s hotel properties subsequent to December 31, 2013. Any adjustment could be material, but will be non-cash. | ||||||||
The Company performed an impairment test of the long-lived assets related to a Mexico development site during the fourth quarter of 2012 as a result of a change in the anticipated holding period for this land. The Company determined that the land’s carrying value exceeded the fair value, with fair value determined based on an estimated future discounted cash flow analysis (Level 3 inputs). In the analysis of fair value, the Company considered an external independent valuation, which used a discounted cash flow analysis taking into account the expected cash flows, the anticipated holding period and proceeds from disposing the property. The factors addressed in determining estimated proceeds from disposition include anticipated operating cash flows in the year of disposition and terminal capitalization rates. The analysis assumed a 9% terminal capitalization rate and a 17% discounted cash flow rate over a term of nine years. As a result of this test, the Company reduced the carrying value of the land by $25,089,000 to its fair value. The Company had an obligation related to this Mexican development site (see note 7). As a result of the reduction of the carrying value of the land parcel, the Company reduced its obligation by $10,450,000 and recorded an impairment charge of $14,639,000 in the consolidated statement of operations for the year ended December 31, 2012. | ||||||||
The Company determined that there were no indicators of impairment of investments in hotel properties or intangible assets for the year ended December 31, 2011. | ||||||||
Investments in Unconsolidated Affiliates Impairment Losses | ||||||||
The Company determined that there was no other-than-temporary impairment of investments in unconsolidated affiliates for the years ended December 31, 2013, 2012 and 2011. However, if deterioration in economic and market conditions occurs, it may present a potential for additional impairment charges on the Company’s investments in unconsolidated affiliates subsequent to December 31, 2013. Any adjustments could be material, but will be non-cash. | ||||||||
Fair Value of Assets Measured on a Nonrecurring Basis | ||||||||
The following table presents information related to assets that were measured at fair value on a nonrecurring basis. | ||||||||
For the year ended December 31, 2012 (in thousands): | ||||||||
Description | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Total Losses | ||||||
Long-lived assets | $ | 26,100 | $ | (25,089 | ) | |||
Other Charges | ||||||||
The Company recorded a charge of approximately $4,204,000 in continuing and discontinued operations to write off costs related to capital projects that management decided to abandon during the year ended December 31, 2012. There were no other charges recorded during the years ended December 31, 2013 and 2011. |
Discontinued_Operations
Discontinued Operations | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Discontinued Operations | ' | |||||||||||
DISCONTINUED OPERATIONS | ||||||||||||
The results of operations of hotels sold or assets held for sale are classified as discontinued operations and segregated in the consolidated statements of operations for all periods presented. The following is a summary of income from discontinued operations for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Hotel operating revenues | $ | 37,964 | $ | 33,100 | $ | 43,535 | ||||||
Operating costs and expenses | 30,203 | 26,909 | 36,691 | |||||||||
Depreciation and amortization | 4,075 | 4,006 | 5,367 | |||||||||
Impairment losses and other charges | — | 437 | — | |||||||||
Total operating costs and expenses | 34,278 | 31,352 | 42,058 | |||||||||
Operating income | 3,686 | 1,748 | 1,477 | |||||||||
Interest income | — | 4 | 1 | |||||||||
Foreign currency exchange loss | (1 | ) | (352 | ) | (772 | ) | ||||||
Other income, net | 375 | — | 326 | |||||||||
Income tax expense | (889 | ) | (211 | ) | (693 | ) | ||||||
Gain on sale, net of tax | — | — | 101,287 | |||||||||
Income from discontinued operations | $ | 3,171 | $ | 1,189 | $ | 101,626 | ||||||
Assets Sold: | ||||||||||||
During the three years ended December 31, 2013, the Company sold the following hotel: | ||||||||||||
Hotel | Location | Date Sold | Net Sales Proceeds | |||||||||
Paris Marriott Champs Elysees (Paris Marriott) | Paris, France | April 6, 2011 | $ | 60,003,000 | ||||||||
Paris Marriott | ||||||||||||
On April 6, 2011, the Company sold its leasehold interest in the Paris Marriott hotel for consideration of €29,200,000 ($41,567,000). As part of the transaction, the Company received an additional €13,500,000 ($18,901,000) related to the release of the security deposit and other closing adjustments, of which €1,600,000 ($1,991,000) was received in the second quarter of 2012. The Company recorded a gain on sale of the property, net of tax, of $101,267,000 for the year ended December 31, 2011 primarily due to the recognition of an existing deferred gain resulting from a sale-leaseback transaction related to this hotel (see note 9). | ||||||||||||
Assets Held for Sale: | ||||||||||||
Four Seasons Punta Mita Resort | ||||||||||||
On December 12, 2013, the Company entered into an agreement with affiliates of Cascade Investment, L.L.C. to sell the Four Seasons Punta Mita Resort and the adjacent La Solana land parcel for $200,000,000. The transaction, which is subject to certain closing conditions and regulatory approval, is expected to close in the first quarter of 2014. | ||||||||||||
The hotel's assets and liabilities have been classified as held for sale on the accompanying consolidated balance sheet as of December 31, 2013. The significant components of assets held for sale and liabilities of assets held for sale at December 31, 2013 consist of the following (in thousands): | ||||||||||||
Investment in hotel properties, net | $ | 114,754 | ||||||||||
Goodwill | 2,231 | |||||||||||
Cash | 8,903 | |||||||||||
Restricted cash | 32 | |||||||||||
Accounts receivable, net of allowance for doubtful accounts | 5,522 | |||||||||||
Deferred tax assets | 3,146 | |||||||||||
Prepaid expenses and other assets | 1,313 | |||||||||||
Assets held for sale | $ | 135,901 | ||||||||||
Accounts payable and accrued expenses | $ | 15,830 | ||||||||||
Deferred tax liabilities | 1,197 | |||||||||||
Liabilities of assets held for sale | $ | 17,027 | ||||||||||
Variable_Interest_Entity
Variable Interest Entity | 12 Months Ended | |
Dec. 31, 2013 | ||
Variable Interest Entity [Abstract] | ' | |
Schedule of Variable Interest Entities [Table Text Block] | ' | |
VARIABLE INTEREST ENTITY | ||
On September 14, 2012, the Company and its partner, KSL, formed the Essex House Hotel Venture to acquire, own, manage, and operate the JW Marriott Essex House Hotel (see note 3). The Company contributed cash of $89,147,000 to acquire a 51% equity interest in the Essex House Hotel Venture, and KSL contributed cash of $85,651,000 to acquire a 49% equity interest. Pursuant to the terms of the joint venture agreements establishing the Essex House Hotel Venture, at any time prior to the third anniversary of the formation of the Essex House Hotel Venture, KSL shall have the right to sell its equity interest in the Essex House Hotel Venture to the Company in exchange for shares of SHR's common stock, as set forth in the joint venture agreements, at a purchase price equal to KSL's net investment plus 8.0% compounded annually (the Put Option). For purposes of paying the purchase price, SHR's common stock shall be valued at the greater of (i) $7.50 per share and (ii) the 20-day volume-weighted average price per share of SHR's common stock as of the date KSL exercises the Put Option. The Essex House Hotel Venture is jointly controlled; however, it is considered a variable interest entity because the Company determined that it is the only holder of equity at risk due to the Put Option. The Company also determined that it is the primary beneficiary of the Essex House Hotel Venture due to the Put Option, which impacts the Company's power to direct the activities that most significantly impact the economic performance of the entity, as well as its obligation to absorb the losses and its right to receive benefits from the entity that could potentially be significant to the entity. As such, the transactions and accounts of the Essex House Hotel Venture are included in the accompanying consolidated financial statements. | ||
Other than in connection with a customary environmental indemnity and non-recourse carve-out guaranty in favor of the lender, the liabilities of the Essex House Hotel Venture are solely the obligations of the Essex House Hotel Venture and are not guaranteed by the Company. The debt is secured by the JW Marriott Essex House Hotel, and the creditors of the Essex House Hotel Venture do not have general recourse to the Company. The use of certain assets of the Essex House Hotel Venture is restricted because they are collateral for the Essex House Hotel Venture's debt, and the Company does not have the ability to leverage the assets. | ||
The Company and KSL are subject to the terms of the joint venture agreements, which include provisions for additional contributions. For the year ended December 31, 2013, the Company and KSL provided additional contributions of $3,268,000 and $3,140,000, respectively, to the Essex House Hotel Venture for property improvements. For the year ended December 31, 2012, the Company and KSL provided additional contributions of $1,530,000 and $1,470,000, respectively, to the Essex House Hotel Venture for property improvements and closing costs related to the acquisition of the hotel. |
Investment_In_Unconsolidated_A
Investment In Unconsolidated Affiliates | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Equity Method Investments and Joint Ventures Disclosure [Text Block] | ' | |||||||||||
INVESTMENT IN UNCONSOLIDATED AFFILIATES | ||||||||||||
Investment in unconsolidated affiliates as of December 31, 2013 and 2012 includes the following (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Fairmont Scottsdale Princess Venture | $ | 26,816 | $ | 25,225 | ||||||||
Hotel del Coronado Venture | 54,902 | 83,320 | ||||||||||
RCPM | 3,855 | 3,943 | ||||||||||
Lot H5 Venture | 19,400 | — | ||||||||||
Total investment in unconsolidated affiliates | $ | 104,973 | $ | 112,488 | ||||||||
Fairmont Scottsdale Princess Venture | ||||||||||||
The Company obtained 50% ownership interests in the entities that own the Fairmont Scottsdale Princess hotel, FMT Scottsdale Holdings, L.L.C. and Walton/SHR FPH Holdings, L.L.C. (together, the Fairmont Scottsdale Princess Venture) through a recapitalization that closed on June 9, 2011. The Company jointly controls the venture with an unaffiliated third party, an affiliate of Walton Street Capital, L.L.C. (Walton Street) and serves as the managing member. The Company acts as asset manager and is entitled to earn a quarterly base management fee equal to 1.0% of total revenues during years one and two following the formation of the Fairmont Scottsdale Princess Venture, 1.25% during years three and four, and 1.5% thereafter, as well as certain project management fees. For the years ended December 31, 2013, 2012 and 2011, the Company recognized fees of $594,000, $662,000 and $215,000, respectively, which are included in other (expenses) income, net on the consolidated statements of operations. In connection with the Fairmont Scottsdale Princess Venture, the Company is entitled to certain promote payments after Walton Street achieves a specified return. | ||||||||||||
The Fairmont Scottsdale Princess Venture had a $133,000,000 mortgage loan that was scheduled to mature on December 31, 2013 with an option for an extension through April 9, 2015, subject to certain conditions. On December 20, 2013, the Fairmont Scottsdale Princess Venture entered into an amendment to the mortgage loan. The amendment extended the maturity date of the loan to April 9, 2015 and reduced the principal amount of the loan to $117,000,000. Interest is payable monthly at the London Interbank Offered Rate (LIBOR) plus 0.36%. | ||||||||||||
Hotel del Coronado Venture | ||||||||||||
The entity that owns the Hotel del Coronado, BSK Del Partners, L.P. (the Hotel del Coronado Venture), was formed through a recapitalization transaction that closed on February 4, 2011. An affiliate of Blackstone Real Estate Advisors VI L.P. (Blackstone), an unaffiliated third party, obtained a 60% ownership interest in the Hotel del Coronado Venture and is the general partner. SHC KSL Partners, L.P., a consolidated affiliate of the Company, obtained a 40% ownership interest and is the limited partner. The Company owned an 85.8% interest in SHC KSL Partners, L.P., giving it an indirect 34.3% interest in the Hotel del Coronado Venture. The remaining interest in SHC KSL Partners, L.P. was owned by KSL, an unaffiliated third party, which also served as the hotel manager. On December 17, 2012, the Company and Blackstone bought out KSL's equity position in the SHC KSL Partners, L.P., changing the name to SHR del Partners, L.P., increasing the Company's ownership interest to 36.4% and Blackstone's ownership interest to 63.6%. The existing management agreement with KSL was also terminated; however, KSL continued to manage the hotel under a short-term, cancelable management agreement. The Company paid $11,976,000 for its share of the buy-out transaction and management agreement termination and recognized a loss of $8,600,000 in equity in earnings (losses) of unconsolidated affiliates on the consolidated statement of operations during the fourth quarter of 2012 related to SHR del Partners L.P.'s share of the management agreement termination fee. On August 1, 2013, the Hotel del Coronado Venture entered into a new five-year management agreement with KSL. The agreement matures on July 31, 2018 with one five-year extension option. | ||||||||||||
The Company acts as asset manager and is entitled to earn a quarterly asset management fee equal to 1.0% of gross revenue, certain development fees, and if applicable, an incentive fee equal to one-third of the incentive fee paid to the hotel operator under the hotel management agreement. Through its ownership interest in SHR del Partners, L.P., the Company can also earn its share of a profit-based incentive fee of 20.0% of all distributions of the Hotel del Coronado Venture that exceed both a 20.0% internal rate of return and two times return on invested equity. For the years ended December 31, 2013, 2012 and 2011, the Company recognized fees of $903,000, $856,000 and $1,970,000, respectively, which are included in other (expenses) income, net on the consolidated statements of operations. | ||||||||||||
The Hotel del Coronado Venture had $425,000,000 of mortgage and mezzanine loans that had an initial maturity of March 9, 2013 with three, one-year extension options, subject to certain conditions. Interest was payable at a weighted average rate of LIBOR plus 4.80%, subject to a 1.00% LIBOR floor. Additionally, the Hotel del Coronado Venture purchased a two-year, 2.00% LIBOR cap, which was required by the loan. | ||||||||||||
In March 2013, the Hotel del Coronado Venture entered into new $475,000,000 mortgage and mezzanine loans that replaced the previous $425,000,000 mortgage and mezzanine loans. The $475,000,000 loans have an initial two-year term with three, one-year extension options, subject to certain conditions. Interest is payable monthly at an annual blended interest rate of LIBOR plus 3.65%. Additionally, the Hotel del Coronado Venture purchased a two-year, 3.0% LIBOR cap, which was required by the loans. | ||||||||||||
During the year ended December 31, 2013, the Company received distributions of $23,244,000 from the Hotel del Coronado Venture, which includes the distribution of excess proceeds from the newly refinanced mortgage and mezzanine loans. | ||||||||||||
RCPM | ||||||||||||
The Company owns a 31% interest in, and acts as asset manager for, an unconsolidated affiliate, formed with two unaffiliated parties, that developed the Four Seasons RCPM, a luxury vacation home product sold in fractional and whole ownership interests on the property adjacent to the Company’s Four Seasons Punta Mita Resort in Mexico. The Company earns asset management fees and recognizes income, on the percentage not owned by the Company. These fees amounted to $291,000, $117,000, and $40,000 for the years ended December 31, 2013, 2012 and 2011, respectively, and are included in other (expenses) income, net in the consolidated statements of operations. | ||||||||||||
Lot H5 Venture | ||||||||||||
In October 2007, the Company acquired an undeveloped, oceanfront land parcel in Punta Mita, Nayarit, Mexico, known as the Lot H5 land parcel. The Company paid cash and executed two $17,500,000 non-interest bearing promissory notes payable to the seller, Cantiles de Mita, S.A. de C.V. (Cantiles), an unaffiliated third party. On September 30, 2008, the Company paid the first of the $17,500,000 non-interest bearing promissory notes. In August 2009, the Company entered into an agreement with Cantiles, whereby the Company was released from its obligation under the second $17,500,000 note in exchange for the Company granting Cantiles a right to an equity interest in the Lot H5 land parcel (Original Lot H5 Venture Agreement). The exchange was subject to Cantiles obtaining certain permits and licenses to develop the Lot H5 land parcel and the execution of an amended venture agreement. Until the conditions of the Original Lot H5 Venture Agreement were satisfied, the Company held 100% legal title to the property and accounted for the Lot H5 land parcel as a consolidated property, which was recorded in investment in hotel properties, net on the Company's condensed consolidated balance sheet. The Company's obligation to grant Cantiles an equity interest in the Lot H5 land parcel was recorded as a liability in accounts payable and accrued expenses on the Company's condensed consolidated balance sheet. | ||||||||||||
On June 14, 2013, subsequent to Cantiles obtaining the required permits and licenses to develop the Lot H5 land parcel, the Company and Cantiles entered into an amended and restated venture agreement, forming the Lot H5 Venture. The Company has a preferred position in the Lot H5 Venture that entitles it to receive the first $12,000,000 of distributions generated from the Lot H5 land parcel with any excess distributions split equally between the Company and Cantiles. The Company jointly controls the Lot H5 Venture with Cantiles and accounts for its interest in the Lot H5 Venture as an equity method investment. The Company deconsolidated the land and recorded its share of the fair value of the land, net of the obligation to provide Cantiles with an equity interest in the Lot H5 land parcel, as an investment in unconsolidated affiliates on the condensed consolidated balance sheet. The Company did not recognize a gain or loss because the carrying value of the land was recorded at its fair value. The carrying value of the land was adjusted to fair value in the fourth quarter of 2012 based on the results of an impairment test performed during that period. | ||||||||||||
Condensed Combined Financial Information of Investment in Unconsolidated Affiliates | ||||||||||||
The following is summarized financial information for the Company’s unconsolidated affiliates as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Investment in hotel properties, net | $ | 715,422 | $ | 706,359 | ||||||||
Intangible assets, net | 42,388 | 51,862 | ||||||||||
Cash and cash equivalents | 22,029 | 21,853 | ||||||||||
Restricted cash and cash equivalents | 14,156 | 24,042 | ||||||||||
Prepaid expenses and other assets | 30,180 | 24,350 | ||||||||||
Total assets | $ | 824,175 | $ | 828,466 | ||||||||
Liabilities and Partners’ Equity | ||||||||||||
Mortgage and other debt payable | $ | 592,000 | $ | 558,000 | ||||||||
Other liabilities | 47,943 | 53,031 | ||||||||||
Partners’ equity | 184,232 | 217,435 | ||||||||||
Total liabilities and partners’ equity | $ | 824,175 | $ | 828,466 | ||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
Hotel operating revenue | $ | 241,614 | $ | 217,502 | $ | 167,438 | ||||||
Residential sales | 8,388 | 10,800 | 3,051 | |||||||||
Total revenues | 250,002 | 228,302 | 170,489 | |||||||||
Expenses | ||||||||||||
Hotel operating expenses | 175,922 | 164,001 | 126,137 | |||||||||
Residential costs of sales | 6,286 | 7,081 | 968 | |||||||||
Depreciation and amortization | 33,938 | 34,640 | 27,314 | |||||||||
Other operating expenses | 4,673 | 26,985 | 6,041 | |||||||||
Total operating expenses | 220,819 | 232,707 | 160,460 | |||||||||
Operating income (loss) | 29,183 | (4,405 | ) | 10,029 | ||||||||
Interest expense, net | (24,564 | ) | (31,982 | ) | (30,305 | ) | ||||||
Other (expenses) income, net | (441 | ) | 159 | (1,871 | ) | |||||||
Net income (loss) | $ | 4,178 | $ | (36,228 | ) | $ | (22,147 | ) | ||||
Equity in earnings (losses) of unconsolidated affiliates | ||||||||||||
Net income (loss) | $ | 4,178 | $ | (36,228 | ) | $ | (22,147 | ) | ||||
Partners’ share of (income) loss of unconsolidated affiliates | (2,261 | ) | 21,293 | 12,046 | ||||||||
Adjustments for basis differences, taxes and intercompany eliminations | 1,070 | 1,450 | 886 | |||||||||
Total equity in earnings (losses) of unconsolidated affiliates | $ | 2,987 | $ | (13,485 | ) | $ | (9,215 | ) | ||||
To the extent that the Company’s cost basis is different than the basis reflected at the unconsolidated affiliate level, the basis difference, excluding amounts attributable to land and goodwill, is amortized over the life of the related asset and included in the Company’s share of equity in earnings (losses) of the unconsolidated affiliates. |
Management_Agreements
Management Agreements | 12 Months Ended | |
Dec. 31, 2013 | ||
Management Agreements [Abstract] | ' | |
Management Agreements | ' | |
MANAGEMENT AGREEMENTS | ||
Most of the Company’s hotels are subject to management agreements that the Company assumed upon acquisition of the hotels. These agreements generally provide for the payment of base management fees of 1.50% to 4.0% of revenues (as defined in the agreements). In addition, an incentive fee may be paid if certain criteria are met. The terms of these agreements generally require management of the hotels to furnish the hotels with certain services, which include on-site management and may include central training, advertising and promotion, national reservation system, payroll and accounting services, and such additional services as needed. At December 31, 2013, the remaining life on the initial terms (not including renewal options) of these management agreements, excluding the leasehold interest in the Marriott Hamburg and unconsolidated affiliates, range from four to 29 years and average 13 years. | ||
JW Marriott Essex House Hotel Performance Guarantee | ||
In connection with the acquisition of the JW Marriott Essex House Hotel in September 2012, the Essex House Hotel Venture entered into a management agreement with an affiliate of Marriott International, Inc. (Marriott). In connection with the management agreement, Marriott provided the Essex House Hotel Venture with a limited performance guarantee that will ensure, subject to certain limitations, a target level of net operating profit. Guarantee payments are calculated and paid to the Essex House Hotel Venture on a monthly basis based on the cumulative year-to-date results with a final true-up at the end of each year. The maximum guarantee that could be paid to the Essex House Hotel Venture during the guarantee period is $40,000,000. The guarantee period began on September 17, 2012 and will continue through the earlier of a) December 31, 2020, b) the date at which the maximum guarantee has been funded, or c) the termination of the management agreement. For the years ended December 31, 2013 and 2012, the Essex House Hotel Venture earned $12,774,000 and $1,405,000, respectively, related to the performance guarantee, which is recorded in other hotel operating revenue in the consolidated statements of operations. | ||
Asset Management Agreements | ||
The Company has entered into asset management agreements with unaffiliated third parties to provide asset management services to four hotels not owned by the Company. On March 11, 2011, the Company purchased two of these hotels (see note 3) and terminated the respective asset management agreements. Under the remaining agreements, the Company earns base management fees and has the potential to earn additional incentive fees. For the years ended December 31, 2013, 2012 and 2011, the Company earned $400,000, $400,000 and $400,000, respectively, in fees under these agreements, which are included in other income, net in the consolidated statements of operations. |
Operating_Lease_Agreements
Operating Lease Agreements | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Leases [Abstract] | ' | |||
Operating Lease Agreements | ' | |||
OPERATING LEASE AGREEMENTS | ||||
In February 2013, the Company amended the ground lease agreement at the Marriott Lincolnshire Resort. The amendment extended the term of the lease through December 31, 2112 and changed the annual rent payments to a fixed amount, subject to indexation. | ||||
In June 2004, the Company recorded a sale of the Marriott Hamburg, and the Company’s leaseback of the hotel was reflected as an operating lease. A deferred gain was recorded in conjunction with the sale and is being recognized as a reduction of lease expense over the life of the lease. The Company recognized $207,000, $200,000, and $217,000 of the deferred gain for the years ended December 31, 2013, 2012, and 2011, respectively. As of December 31, 2013 and 2012, the deferred gain on the sale of the Marriott Hamburg recorded in accounts payable and accrued expenses on the accompanying consolidated balance sheets amounted to $3,385,000 and $3,497,000, respectively. On a monthly basis, the Company makes minimum rent payments aggregating to an annual total of €3,784,000 (adjusting by an index formula) ($5,200,000 based on the foreign exchange rate as of December 31, 2013) and pays additional rent based upon the performance of the hotel, which are recorded as lease expense in the Company’s consolidated statements of operations. A euro-denominated security deposit at December 31, 2013 and 2012 was $2,611,000 and $2,507,000, respectively, and is included in prepaid expenses and other assets on the Company’s consolidated balance sheets. The Company subleases its interest in the Marriott Hamburg to a third party. The Company has reflected the sublease arrangement as an operating lease and records lease revenue. | ||||
In June 2004, the Company recorded a sale of the Paris Marriott hotel, and the Company’s leaseback of the hotel was reflected as an operating lease. A deferred gain was recorded in conjunction with the sale and was being recognized as a reduction of lease expense over the life of the lease. On April 6, 2011, the Company sold its leasehold interest in the Paris Marriott hotel (see note 5). The results of operations have been classified as discontinued operations in the consolidated statements of operations for all periods presented. Prior to the sale of the leasehold interest, the Company recognized $1,214,000 as amortization of the deferred gain in income from discontinued operations as a reduction to lease expense for the year ended December 31, 2011. When the sale of the leasehold interest closed, the remaining unamortized deferred gain was recognized as a gain on sale of the Paris Marriott hotel in income from discontinued operations. On a monthly basis, the Company made minimum rent payments and paid additional rent based upon the performance of the hotel, which were included in income from discontinued operations, in the Company’s consolidated statements of operations. | ||||
Lease payments related to office space are included in corporate expenses on the consolidated statements of operations and lease payments related to hotel ground leases are included in other hotel expenses on the consolidated statements of operations. | ||||
For the years ended December 31, 2013, 2012 and 2011, the Company recorded rental expense under non-cancelable operating leases related to office space, hotel ground leases, and building leases of $6,777,000, $6,489,000 and $6,812,000, respectively, in the consolidated statements of operations. Rental expense includes percentage rent of $108,000, $1,209,000, and $1,237,000 for the years ended December 31, 2013, 2012 and 2011, respectively. Minimum future rental payments due under non-cancelable operating leases, related to office space, hotel ground leases, and building leases having remaining terms in excess of one year as of December 31, 2013 are as follows (in thousands): | ||||
Years Ending December 31, | ||||
2014 | $ | 7,088 | ||
2015 | 7,104 | |||
2016 | 7,119 | |||
2017 | 6,977 | |||
2018 | 6,516 | |||
Thereafter | 179,871 | |||
$ | 214,675 | |||
Indebtedness
Indebtedness | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Indebtedness | ' | ||||||||||||
INDEBTEDNESS | |||||||||||||
Mortgages and Other Debt Payable: | |||||||||||||
Certain subsidiaries of SHR are the borrowers under various financing arrangements. These subsidiaries are separate legal entities and their respective assets and credit are not available to satisfy the debt of SHR or any of its other subsidiaries. | |||||||||||||
Mortgages and other debt payable at December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||
Spread (a) | Balance Outstanding at | ||||||||||||
December 31, | |||||||||||||
Debt | Maturity | 2013 | 2012 | ||||||||||
Four Seasons Washington, D.C.(b) | 3.15% | Jul-14 | $ | 130,000 | $ | 130,000 | |||||||
Marriott London Grosvenor Square(c) | 3.75% | Oct-14 | 115,958 | 115,468 | |||||||||
Loews Santa Monica Beach Hotel(b) | 3.85% | Jul-15 | 109,000 | 110,000 | |||||||||
JW Marriott Essex House Hotel(b) | 4.00% | Sep-15 | 185,826 | 190,000 | |||||||||
InterContinental Miami(b) | 3.50% | Jul-16 | 85,000 | 85,000 | |||||||||
Fairmont Chicago(d) | Fixed | Jun-17 | 93,124 | 95,167 | |||||||||
Westin St. Francis(d) | Fixed | Jun-17 | 209,588 | 214,186 | |||||||||
Hyatt Regency La Jolla(e) | 4.00%/Fixed | Dec-17 | 89,312 | 90,000 | |||||||||
InterContinental Chicago | Fixed | Aug-21 | 144,419 | 145,000 | |||||||||
Total mortgages payable(f) | 1,162,227 | 1,174,821 | |||||||||||
Other debt(g) | Fixed | Jan-14 | 1,469 | 1,476 | |||||||||
Total mortgages and other debt payable | $ | 1,163,696 | $ | 1,176,297 | |||||||||
(a) | Interest on mortgage loans is paid monthly at the applicable spread over LIBOR (0.17% at December 31, 2013) for all variable-rate mortgage loans except for those secured by the Marriott London Grosvenor Square hotel (£70,040,000 and £71,070,000 at December 31, 2013 and 2012, respectively), the JW Marriott Essex House Hotel and the Hyatt Regency La Jolla hotel (see (e) below). Interest on the Marriott London Grosvenor Square loan is paid quarterly at the applicable spread over three-month GBP LIBOR (0.53% at December 31, 2013) and interest on the JW Marriott Essex House Hotel is subject to a 0.75% LIBOR floor. Interest on the Fairmont Chicago and Westin St. Francis loans is paid monthly at an annual fixed rate of 6.09%, and interest on the InterContinental Chicago loan is paid monthly at an annual fixed rate of 5.61%. | ||||||||||||
(b) | The mortgage loan secured by the Four Seasons Washington, D.C. hotel has two, one-year extension options; the mortgage loan secured by the Loews Santa Monica Beach Hotel has three, one-year extension options; the mortgage loan secured by the JW Marriott Essex House Hotel has two, one-year extension options; and the mortgage loan secured by the InterContinental Miami hotel has two, one-year extension options. All of the extension options are subject to certain conditions. The maturity dates in the table exclude extension options. | ||||||||||||
(c) | On August 7, 2013, the Company entered into an amendment to the mortgage loan. The amendment extended the maturity of the loan to October 2014 and waived the July 2013 and subsequent principal payments through the extended term. Pursuant to the amendment, the spread over GBP LIBOR increases in steps during the extension period from GBP LIBOR plus 2.10% in August 2013 to GBP LIBOR plus 4.25% in April 2014. The spread in the table is the spread as of December 31, 2013. | ||||||||||||
(d) | On September 9, 2013, the Company amended the mortgage agreements secured by the Fairmont Chicago and Westin St. Francis hotels. The amendment eliminates future principal amortization payments subject to meeting certain financial and other requirements. | ||||||||||||
(e) | Interest on $72,000,000 of the total principal amount is paid monthly at LIBOR plus 4.00%, subject to a 0.50% LIBOR floor, and interest on $17,312,000 of the total principal amount is paid monthly at an annual fixed rate of 10.00%. | ||||||||||||
(f) | All of these loan agreements require maintenance of financial covenants, all of which the Company was in compliance with at December 31, 2013. | ||||||||||||
(g) | A consolidated affiliate of the Company that owns a condominium-hotel development adjacent to the Hotel del Coronado (North Beach Venture) assumed the mortgage loan on a hotel-condominium unit, which accrues interest at an annual fixed rate of 5.00% and is secured by the hotel-condominium unit. The hotel-condominium unit, with a carrying value of $1,594,000 is included in prepaid expenses and other assets on the consolidated balance sheets as of December 31, 2013 and 2012. On January 1, 2014, the North Beach Venture extended the maturity date of the loan from January 1, 2014 to January 1, 2015. | ||||||||||||
Bank Credit Facility: | |||||||||||||
On June 30, 2011, SH Funding entered into a $300,000,000 secured bank credit facility agreement. The agreement contains an accordion feature allowing for additional borrowing capacity up to $400,000,000, subject to the satisfaction of customary conditions set forth in the agreement. The following summarizes key terms of the bank credit facility: | |||||||||||||
• | interest on the facility is payable monthly at LIBOR plus an applicable margin in the case of each LIBOR loan or base-rate plus an applicable margin in the case of each base rate loan whereby the applicable margins are dependent on the ratio of consolidated debt to gross asset value; | ||||||||||||
• | an unused commitment fee is payable monthly based on the unused revolver balance; | ||||||||||||
• | maturity date of June 30, 2014, with the right to extend the maturity date for an additional one-year period, subject to conditions, which the Company expects to meet, that include the Company not being in default under the provisions of the agreement and paying an extension fee; | ||||||||||||
• | lenders received collateral in the form of mortgages over four borrowing base properties, which currently include the Ritz-Carlton Laguna Niguel hotel, the Ritz-Carlton Half Moon Bay hotel, the Four Seasons Punta Mita Resort, and the Marriott Lincolnshire Resort, in addition to pledges of the Company’s interest in SH Funding and SH Funding’s interest in certain subsidiaries and guarantees of the loan from the Company and certain of its subsidiaries; | ||||||||||||
• | maximum availability is determined by the lesser of an advance rate against the appraised value of the borrowing base properties or a debt service coverage ratio on the borrowing base properties, as set forth in the agreement; | ||||||||||||
• | minimum corporate fixed charge coverage of 1.10 times through 2013, 1.20 times from the first quarter of 2014 through the initial maturity date, and 1.30 times during the extension year, which will permanently increase to 1.35 times if cash dividends are reinstated on SHR’s common stock; | ||||||||||||
• | maximum corporate leverage of 65% during the initial term and 60% during any extension period; | ||||||||||||
• | minimum tangible net worth of $700,000,000, excluding goodwill and currency translation adjustments, plus an amount equal to 75% of the net proceeds of any new issuances of SHR’s common stock, which is not used to reduce indebtedness or used in a transaction or series of transactions to redeem outstanding capital stock; | ||||||||||||
• | restrictions on SHR and SH Funding’s ability to pay dividends. Such restrictions include: | ||||||||||||
• | prohibitions on SHR and SH Funding’s ability to pay any dividends unless certain ratios and other conditions are met; and | ||||||||||||
• | prohibitions on SHR and SH Funding’s ability to issue dividends in cash or in kind at any time an event of default shall have occurred. | ||||||||||||
Notwithstanding the dividend restrictions described above, for so long as the Company qualifies, or has taken all other actions necessary to qualify as a REIT, SH Funding may authorize, declare, and pay quarterly cash dividends to the Company when and to the extent necessary for the Company to distribute cash dividends to its shareholders generally in an aggregate amount not to exceed the minimum amount necessary for the Company to maintain its tax status as a REIT, unless certain events of default exist. In addition, provided no event of default exists, dividends on preferred stock that accrue with regard to the current fiscal quarter may be paid to holders of preferred stock. | |||||||||||||
The agreement contains certain other terms and conditions including provisions to release assets from the borrowing base and limitations on the Company’s ability to incur costs for discretionary capital programs and to redeem, retire or repurchase common stock. Under the agreement, SH Funding has a letter of credit sub-facility of $75,000,000, which is secured by the $300,000,000 bank credit facility. Letters of credit reduce the borrowing capacity under the bank credit facility. | |||||||||||||
This agreement replaced the Company’s previous $350,000,000 bank credit facility, as amended. The Company recorded a loss on early extinguishment of debt of $692,000 for the year ended December 31, 2011, which included the write off of unamortized deferred financing costs and other closing costs applicable to the $350,000,000 bank credit facility. The previous bank credit facility had a maturity date of March 9, 2012 and an interest rate of LIBOR plus a margin of 3.75% in the case of each LIBOR loan and base-rate plus a margin of 2.75% in the case of each base rate loan and a commitment fee of 0.50% per annum based on the unused revolver balance. | |||||||||||||
The interest rate at December 31, 2013 was 3.17% and the weighted average interest rate for the year ended December 31, 2013 was 3.19%. At December 31, 2013, maximum availability under the bank credit facility was $300,000,000 and there was $110,000,000 of borrowings outstanding under the bank credit facility and outstanding letters of credit of $9,906,000 (see note 17). The agreement also requires maintenance of financial covenants, all of which SH Funding and SHR were in compliance with at December 31, 2013. | |||||||||||||
Debt Maturity: | |||||||||||||
The following table summarizes the aggregate maturities (assuming all extension options exercised) as of December 31, 2013 for all mortgages and other debt payable and the Company’s bank credit facility (in thousands): | |||||||||||||
Years Ending December 31, | |||||||||||||
2014 | $ | 121,682 | |||||||||||
2015 | 116,029 | ||||||||||||
2016 | 139,783 | ||||||||||||
2017 | 577,043 | ||||||||||||
2018 | 185,015 | ||||||||||||
Thereafter | 134,144 | ||||||||||||
Total | $ | 1,273,696 | |||||||||||
Interest Expense: | |||||||||||||
Total interest expense in continuing and discontinued operations includes a reduction related to capitalized interest for the years ended December 31, 2013, 2012 and 2011 of $1,021,000, $1,534,000, and $1,083,000, respectively. Total interest expense in continuing and discontinued operations includes amortization of deferred financing costs of $5,251,000, $3,993,000, and $3,721,000 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Equity_And_Distribution_Activi
Equity And Distribution Activity | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Equity And Distribution Activity | ' | |||||||||||
EQUITY AND DISTRIBUTION ACTIVITY | ||||||||||||
Common Shares: | ||||||||||||
The following table presents the changes in the issued and outstanding shares of SHR common stock since January 1, 2011 (excluding 797,238 units, 853,461 units, and 853,461 units of SH Funding (OP Units) outstanding at December 31, 2013, 2012, and 2011, respectively, which are redeemable for shares of SHR common stock on a one-for-one basis, or the cash equivalent thereof, subject to certain restrictions and at the option of SHR) (in thousands): | ||||||||||||
Outstanding at January 1, 2011 | 151,305 | |||||||||||
RSUs redeemed for shares of SHR common stock | 222 | |||||||||||
OP Units redeemed for shares of SHR common stock | 101 | |||||||||||
Common stock issued | 33,999 | |||||||||||
Outstanding at December 31, 2011 | 185,627 | |||||||||||
RSUs redeemed for shares of SHR common stock | 282 | |||||||||||
Common stock issued | 18,400 | |||||||||||
Outstanding at December 31, 2012 | 204,309 | |||||||||||
RSUs and Deferral Program Stock Units redeemed for shares of SHR common stock | 1,218 | |||||||||||
OP Units redeemed for shares of SHR common stock | 56 | |||||||||||
Outstanding at December 31, 2013 | 205,583 | |||||||||||
Common Stock | ||||||||||||
In April 2012, SHR completed a public offering of common stock by issuing 18,400,000 shares at a public offering price of $6.50 per share. After underwriting discounts and commissions and transaction expenses, SHR raised net proceeds of approximately $114,062,000. These proceeds were used for general corporate purposes, including, without limitation, reducing the Company’s borrowings under its secured bank credit facility, funding the payment of accrued and unpaid preferred dividends, repaying other debt and funding capital expenditures and working capital. In connection with this offering, SHR’s board of directors approved an increase in the number of shares of common stock that SHR is authorized to issue from 250,000,000 to 350,000,000, and SHR’s charter was amended accordingly. | ||||||||||||
On June 24, 2011, SHR issued an aggregate of 10,798,846 shares of its common stock in connection with the acquisition of interests in the InterContinental Chicago and Hyatt Regency La Jolla hotels at a price of $6.51 per share (see Noncontrolling Interests below). | ||||||||||||
On March 11, 2011, SHR issued an aggregate of 15,200,000 shares of its common stock in connection with the acquisition of the Four Seasons Silicon Valley and Four Seasons Jackson Hole hotels (see note 3). In addition, SHR issued 8,000,000 shares of its common stock to an affiliate of the seller in a concurrent private placement at a price of $6.25 per share. After expenses, net proceeds from the concurrent private placement totaled approximately $49,239,000, which were used to repay existing indebtedness under the Company’s previous $350,000,000 bank credit facility, as amended. | ||||||||||||
As of December 31, 2013, no shares of SHR common stock have been repurchased under the $50,000,000 share repurchase program. | ||||||||||||
Stockholder Rights Plan | ||||||||||||
On May 30, 2013, the Company entered into an amendment to terminate its stockholder rights plan effective as of such date. | ||||||||||||
Distributions to Shareholders and Unitholders | ||||||||||||
On November 4, 2008, SHR’s board of directors elected to suspend the quarterly dividend to holders of shares of SHR common stock. | ||||||||||||
Preferred Stock: | ||||||||||||
SHR’s charter provides that it may issue up to 150,000,000 shares of preferred stock, $0.01 par value per share. SHR’s 8.50% Series A Cumulative Redeemable Preferred Stock (Series A Preferred Stock), 8.25% Series B Cumulative Redeemable Preferred Stock (Series B Preferred Stock), and 8.25% Series C Cumulative Redeemable Preferred Stock (Series C Preferred Stock) have perpetual lives and SHR may redeem them at $25.00 per share plus accrued distributions. | ||||||||||||
Preferred Stock Tender Offers | ||||||||||||
In December 2011, SHR purchased a portion of its outstanding preferred stock. The results of the tender offers are as follows: | ||||||||||||
Number of Shares | Purchase Price | |||||||||||
Validly Tendered and | (Per Share) | |||||||||||
Accepted for Purchase | ||||||||||||
Series A Preferred Stock | 340,609 | $ | 26.7 | |||||||||
Series B Preferred Stock | 984,625 | $ | 26.5 | |||||||||
Series C Preferred Stock | 1,922,273 | $ | 26.5 | |||||||||
SHR paid the holders approximately $86,127,000 in cash, which was without interest or accrued and unpaid dividends. | ||||||||||||
Distributions | ||||||||||||
Distributions are declared quarterly to holders of shares of SHR preferred stock. In February 2009, SHR’s board of directors elected to suspend the quarterly dividend beginning with the first quarter of 2009 to holders of shares of SHR's Series A Preferred Stock, Series B Preferred Stock and Series C Preferred Stock. Dividends on the preferred stock are cumulative. | ||||||||||||
In connection with the preferred stock tender offers in the fourth quarter of 2011, SHR’s board of directors authorized, and SHR declared, the payment of accrued and unpaid dividends on its stock through September 30, 2011, and dividends for the quarter ended December 31, 2011 (collectively, the Unpaid Dividends). The Unpaid Dividends were paid on June 29, 2012 to holders of record as of the close of business on June 15, 2012. In February 2012 and May 2012, SHR's board of directors authorized, and SHR declared, the payment of preferred dividends for the quarter ended March 31, 2012 and the quarter ended June 30, 2012, respectively. These dividends were also paid on June 29, 2012 to holders of record as of the close of business on June 15, 2012. | ||||||||||||
On June 29, 2012, SHR paid dividends on its preferred stock as follows: | ||||||||||||
Distribution | Per Share | |||||||||||
(in thousands) | ||||||||||||
Series A Preferred Stock | $ | 30,852 | $ | 7.44 | ||||||||
Series B Preferred Stock | $ | 26,099 | $ | 7.22 | ||||||||
Series C Preferred Stock | $ | 27,631 | $ | 7.22 | ||||||||
The Company paid the following dividends on preferred stock during the year ended December 31, 2013: | ||||||||||||
Security Type | Dividend Per Share | For the Quarter Ended | Record Date | Payable Date | ||||||||
Series A Preferred Stock | $ | 0.53125 | 31-Mar-13 | March 18, 2013 | April 1, 2013 | |||||||
Series B Preferred Stock | $ | 0.51563 | 31-Mar-13 | March 18, 2013 | April 1, 2013 | |||||||
Series C Preferred Stock | $ | 0.51563 | 31-Mar-13 | March 18, 2013 | April 1, 2013 | |||||||
Series A Preferred Stock | $ | 0.53125 | 30-Jun-13 | June 14, 2013 | July 1, 2013 | |||||||
Series B Preferred Stock | $ | 0.51563 | 30-Jun-13 | June 14, 2013 | July 1, 2013 | |||||||
Series C Preferred Stock | $ | 0.51563 | 30-Jun-13 | June 14, 2013 | July 1, 2013 | |||||||
Series A Preferred Stock | $ | 0.53125 | 30-Sep-13 | September 13, 2013 | September 30, 2013 | |||||||
Series B Preferred Stock | $ | 0.51563 | 30-Sep-13 | September 13, 2013 | September 30, 2013 | |||||||
Series C Preferred Stock | $ | 0.51563 | 30-Sep-13 | September 13, 2013 | September 30, 2013 | |||||||
Series A Preferred Stock | $ | 0.53125 | 31-Dec-13 | December 16, 2013 | December 31, 2013 | |||||||
Series B Preferred Stock | $ | 0.51563 | 31-Dec-13 | December 16, 2013 | December 31, 2013 | |||||||
Series C Preferred Stock | $ | 0.51563 | 31-Dec-13 | December 16, 2013 | December 31, 2013 | |||||||
Noncontrolling Interests: | ||||||||||||
Effective January 1, 2013, Blackstone no longer holds an ownership interest in SHR del Partners, L.P., a consolidated subsidiary of the Company. Blackstone's ownership interest was transferred to a separate entity that holds a direct interest in the Hotel del Coronado Venture. The Company owns 100% of SHR del Partners, L.P. and eliminated the noncontrolling interests related to this entity. The Company retained its 36.4% ownership interest in the Hotel del Coronado Venture, and Blackstone retained its 63.6% ownership interest. | ||||||||||||
On December 17, 2012, the Company increased its ownership interest in SHR del Partners, L.P., a consolidated affiliate that has a 40.0% ownership interest in the Hotel del Coronado, from 85.8% to 90.9% (see note 7). | ||||||||||||
On June 24, 2011, the Company acquired the 49.0% interest in the InterContinental Chicago hotel that was previously owned by DND Hotel JV Private Limited, an affiliate of the Government of Singapore Investment Corporation Pte Ltd., giving the Company 100% ownership of the InterContinental Chicago hotel. As part of the transaction, the Company also acquired an additional 2.5% ownership interest in the Hyatt Regency La Jolla hotel, giving the Company a 53.5% controlling ownership interest in that hotel. Total consideration was $90,183,000, which included the issuance of 10,798,846 shares of SHR common stock at a price of $6.51 per share based on the June 24, 2011 SHR common share closing price, $19,402,000 of cash, which includes working capital, and post-closing adjustments of $480,000. | ||||||||||||
The following table discloses the effects of changes in the Company’s ownership interests in its noncontrolling interests (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income (loss) attributable to SHR | $ | 10,975 | $ | (55,306 | ) | $ | (5,206 | ) | ||||
Acquisition of additional ownership interests in consolidated affiliates | — | (1,079 | ) | (63,723 | ) | |||||||
Change from net income (loss) attributable to SHR and transfers from noncontrolling interests | $ | 10,975 | $ | (56,385 | ) | $ | (68,929 | ) | ||||
Derivatives
Derivatives | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | |||||||||||
Derivatives | ' | |||||||||||
DERIVATIVES | ||||||||||||
The Company manages its interest rate risk by varying its exposure to fixed and variable rates while attempting to minimize its interest costs. The Company manages its fixed interest rate and variable interest rate risk through the use of interest rate caps and swaps. The Company enters into interest rate caps and swaps with high credit quality counterparties and diversifies its positions among such counterparties in order to reduce its exposure to credit losses. The caps limit the Company’s exposure on its variable-rate debt that would result from an increase in interest rates. The Company’s lenders, as stipulated in the respective loan agreements, generally require such caps. Upon extinguishment of debt, income effects of cash flow hedges are reclassified from accumulated OCL to interest expense, loss on early extinguishment of debt, or (loss) income from discontinued operations, as appropriate. The Company records all derivatives at fair value in either prepaid expenses and other assets or accounts payable and accrued expenses in the consolidated balance sheets. | ||||||||||||
The valuation of the interest rate swaps and caps is determined using widely accepted valuation techniques including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The Company incorporates credit valuation adjustments (CVA) to appropriately reflect its own nonperformance risk and the respective counterparty’s nonperformance risk. When assessing nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts, and guarantees. | ||||||||||||
Except for the CVA, all inputs used to measure fair value of the derivative financial instruments are Level 2 inputs. The Company has concluded that the inputs used to measure its CVA are Level 3 inputs. If the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level in the fair value hierarchy within which the fair value measurement in its entirety falls shall be determined based on the lowest level input that is significant to the fair value measurement in its entirety. | ||||||||||||
The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers into and out of Level 3, or between other levels, at the fair value at the beginning of the reporting period in which the changes occur. The Company reclassified its derivative financial instruments from Level 3 to Level 2 as unobservable inputs to the valuation model became insignificant during the year ended December 31, 2012. The Company assessed the impact of the CVA on the overall fair value of its derivative instruments and concluded that the CVA does not have a significant impact to the fair values as of December 31, 2013. As of December 31, 2013 and 2012, all derivative liabilities are categorized as Level 2. | ||||||||||||
Derivatives in Cash Flow Hedging Relationships: | ||||||||||||
The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. | ||||||||||||
The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated OCL and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. During the years ended December 31, 2013, 2012 and 2011, such derivatives were used to hedge the variable cash flows associated with existing variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. | ||||||||||||
Amounts reported in accumulated OCL related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next twelve months, the Company estimates that an additional $12,799,000 will be reclassified as an increase to interest expense. | ||||||||||||
As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | ||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional Amount | ||||||||||
(in thousands) | ||||||||||||
Interest rate swaps | 2 | $ | 200,000 | |||||||||
At December 31, 2013 and 2012, the aggregate notional amount of the Company’s domestic interest rate swaps designated as cash flow hedges was $200,000,000 and $200,000,000, respectively. The Company’s current domestic swaps have fixed pay rates against LIBOR of 5.23% and 5.27% and maturity dates of December 2015 and February 2016, respectively. | ||||||||||||
In addition, at December 31, 2012, the Company had a GBP LIBOR interest rate swap agreement with a notional amount of £71,070,000. The swap had a fixed pay rate against GBP LIBOR of 5.72% and matured in October 2013. | ||||||||||||
Termination and De-designation of Cash Flow Hedges | ||||||||||||
In 2011, the Company terminated eight interest rates swaps and recorded a charge of $27,257,000, which is included in loss on early termination of derivative financial instruments in the consolidated statement of operations for the year ended December 31, 2011. In addition, the Company de-designated one interest rate swap as a cash flow hedge and recorded a charge of $1,985,000, which is included in loss on early termination of derivative financial instruments in the consolidated statement of operations for the year ended December 31, 2011. | ||||||||||||
Derivatives Not Designated as Hedging Instruments: | ||||||||||||
Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet hedge accounting requirements. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings. As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were not designated as hedging instruments: | ||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional Amount | ||||||||||
(in thousands) | ||||||||||||
Interest rate swaps | 2 | $ | 200,000 | |||||||||
Interest rate caps | 4 | $ | 502,000 | |||||||||
At December 31, 2013 and 2012, the aggregate notional amount of the Company's domestic interest rates swaps not designated as cash flow hedges was $200,000,000 and $200,000,000, respectively. These interest swaps have fixed pay rates against LIBOR of 4.90% and 4.96% and maturity dates of September 2014 and December 2014, respectively. | ||||||||||||
At December 31, 2013 and 2012, the aggregate notional amount of the Company’s interest rate caps was $502,000,000 and $502,000,000, respectively. The Company’s current interest rate caps have LIBOR strike rates ranging from 2.50% to 4.26% and maturity dates ranging from July 2014 to November 2015. | ||||||||||||
Fair Values of Derivative Instruments: | ||||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012 (in thousands): | ||||||||||||
Fair Value as of December 31, | ||||||||||||
Balance Sheet Location | 2013 | 2012 | ||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||
Interest rate swaps | Accounts payable and | $ | (19,992 | ) | $ | (33,929 | ) | |||||
accrued expenses | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Interest rate swaps | Accounts payable and | $ | (7,929 | ) | $ | (17,157 | ) | |||||
accrued expenses | ||||||||||||
Interest rate caps | Prepaid expenses and other assets | $ | 40 | $ | 113 | |||||||
The following table reflects transfers out of Level 3 for all derivative financial instruments categorized as Level 3 as of January 1, 2012 (in thousands): | ||||||||||||
Beginning Balance | Transfers Out of Level 3 | Ending Balance | ||||||||||
Interest rate swaps | $ | (66,394 | ) | $ | 66,394 | $ | — | |||||
The Company does not have any fair value measurements of derivative financial instruments using inputs based on quoted prices in active markets (Level 1) or significant unobservable inputs (Level 3) as of December 31, 2013 and 2012. The following tables reflect changes in interest rate swap liabilities categorized as Level 2 for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||||||
Balance as of January 1, 2013 | $ | (51,086 | ) | |||||||||
Mark to market adjustments | 23,165 | |||||||||||
Balance as of December 31, 2013 | $ | (27,921 | ) | |||||||||
Balance as of January 1, 2012 | $ | (66,394 | ) | |||||||||
Mark to market adjustments | 15,308 | |||||||||||
Balance as of December 31, 2012 | $ | (51,086 | ) | |||||||||
Effect of Derivative Instruments on the Statements of Operations: | ||||||||||||
The tables below present the effect of the Company’s derivative financial instruments on the statements of operations for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||
Interest rate swaps: | ||||||||||||
Effective portion of loss recognized in accumulated OCL | $ | (790 | ) | $ | (9,381 | ) | $ | (16,252 | ) | |||
Effective portion of loss reclassified into interest expense—continuing operations | $ | (18,293 | ) | $ | (21,668 | ) | $ | (30,509 | ) | |||
Effective portion of loss reclassified to loss on early termination of derivative financial instruments | $ | — | $ | — | $ | (27,440 | ) | |||||
Ineffective portion of (loss) gain recognized in interest expense—continuing operations | $ | (31 | ) | $ | 2,377 | $ | (6,226 | ) | ||||
Mark to market loss recognized in loss on early termination of derivative financial instruments | $ | — | $ | — | $ | (1,802 | ) | |||||
2013 | 2012 | 2011 | ||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||
Interest rate swaps: | ||||||||||||
Ineffective losses recognized in interest expense | $ | (382 | ) | $ | (2,826 | ) | $ | (9,282 | ) | |||
Interest rate caps: | ||||||||||||
Loss recognized in other (expense) income, net | $ | (88 | ) | $ | (165 | ) | $ | (70 | ) | |||
Credit-risk-related Contingent Features: | ||||||||||||
The Company has agreements with each of its derivative counterparties that contain a provision where if the Company defaults and its indebtedness is accelerated or declared due or capable of being accelerated or declared due, then the Company could also be declared in default on its derivative obligations associated with the relevant indebtedness. | ||||||||||||
As of December 31, 2013, the termination value of derivatives in a net liability position, which includes accrued interest but excludes any adjustment for nonperformance risk, related to these agreements was $28,898,000. As of December 31, 2013, the Company has not posted any collateral related to these agreements. If the Company had breached any of these provisions at December 31, 2013, it would have been required to settle its obligations under the agreements at their termination value of $28,898,000. The Company has not breached any of the provisions as of December 31, 2013. |
ShareBased_Employee_Compensati
Share-Based Employee Compensation Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Share-Based Employee Compensation Plans | ' | ||||||||||||||||||||
SHARE-BASED EMPLOYEE COMPENSATION PLANS | |||||||||||||||||||||
Second Amended and Restated 2004 Incentive Plan: | |||||||||||||||||||||
On June 21, 2004, SHR adopted the 2004 Incentive Plan (the Plan). The Plan provided for the grant of equity-based awards in the form of, among others, Options, RSUs, and stock appreciation rights (SARs), which are collectively referred to as the Awards. On May 22, 2008, SHR’s shareholders approved SHR’s Amended and Restated 2004 Incentive Plan (the Amended Plan). The Amended Plan: (a) added OP Units as an additional type of award; (b) adjusted the number of authorized shares from 3,000,000 shares of SHR common stock to 4,200,000 shares of SHR common stock or OP Units; (c) limited the maximum term of Options and SARs to no more than 10 years and prohibited the repricing of Options and SARs; and (d) established minimum vesting periods for certain awards. On May 19, 2011, SHR’s shareholders approved SHR’s Second Amended and Restated 2004 Incentive Plan (the Amended and Restated Plan) pursuant to which the number of securities authorized and reserved for issuance increased from 4,200,000 shares of SHR common stock or OP Units to 9,700,000 shares of SHR common stock or OP Units. The termination date of the Amended and Restated Plan was also extended from June 21, 2014 to December 31, 2016. | |||||||||||||||||||||
The Plan is administered by a Compensation Committee (the Committee) appointed by the board of directors. The Committee consists of three or more members of the board of directors. The Committee has the authority and sole discretion to determine the type, extent, and terms (including vesting) of Awards granted, as well as those eligible to receive Awards. Options granted have an exercise price determined by the Committee but cannot be less than 100% of the fair market value of the shares on the grant date. The term of the Options is determined by the Committee but is generally ten years from the date of grant. | |||||||||||||||||||||
Upon mutual agreement between the Company and Laurence S. Geller on November 2, 2012, Mr. Geller resigned from his position as president and chief executive officer of the Company and as a member of the Company's board of directors, effective as of such date. In connection with Mr. Geller's separation, the Company and Mr. Geller entered into a separation agreement, dated November 2, 2012, pursuant to which, among other things (i) 210,396 performance-based RSUs granted pursuant to the Amended and Restated Plan and held by Mr. Geller shall remain eligible for settlement based on SHR's performance through December 31, 2014 and (ii) the vesting of 250,001 RSUs granted pursuant to the Amended and Restated Plan and held by Mr. Geller were accelerated. | |||||||||||||||||||||
The Company recorded compensation expense of $5,292,000, $6,349,000, and $3,463,000 under the Amended and Restated Plan (net of estimated forfeitures) for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||
Options | |||||||||||||||||||||
The Company measures compensation expense for the Options based upon the fair value at the date of grant as calculated by a binomial option pricing model. Compensation expense is recognized on a straight-line basis over the service period, net of estimated forfeitures, if any. Compensation expense related to the Options is included in corporate expenses in the consolidated statements of operations. There was no unrecognized compensation expense related to Options as of December 31, 2013. There were no Options outstanding as of December 31, 2013. | |||||||||||||||||||||
Information regarding Options is summarized in the following table: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Options outstanding at the beginning of the year | 669,797 | $ | 20.4 | 669,797 | $ | 20.4 | 669,797 | $ | 20.4 | ||||||||||||
Forfeited | (669,797 | ) | 20.4 | — | — | — | — | ||||||||||||||
Options outstanding at the end of the year | — | $ | — | 669,797 | $ | 20.4 | 669,797 | $ | 20.4 | ||||||||||||
Options exercisable at the end of the year | — | $ | — | 669,797 | $ | 20.4 | 669,797 | $ | 20.4 | ||||||||||||
RSUs | |||||||||||||||||||||
SHR has issued RSUs to certain employees, officers and directors under the Amended and Restated Plan. RSUs represent awards of shares of SHR’s common stock that generally vest over three years or as otherwise approved by the Committee, provided the participant continues as an employee, director or continues to provide services to the Company. Unvested RSUs will be forfeited upon termination, unless as may otherwise be set forth in a written agreement. RSUs are essentially the same as restricted stock except that, instead of actual shares, RSUs represent a promise to distribute shares at some future date. Participants holding RSUs will have no voting rights until such time as the underlying shares are issued. | |||||||||||||||||||||
The Company measures compensation expense for RSUs based on the per share fair market value of SHR's common stock at the date of grant, adjusted for estimated forfeitures. Compensation expense for RSUs is recognized on a straight-line basis over the service period and is included in corporate expenses in the consolidated statements of operations. Total unrecognized compensation expense related to nonvested RSUs at December 31, 2013 was $2,432,000 and is expected to be recognized over a weighted average period of 1.82 years. | |||||||||||||||||||||
Information regarding RSUs is summarized in the following table: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
RSUs outstanding at the beginning of the year | 1,952,004 | $ | 5.85 | 1,666,977 | $ | 5.22 | 1,377,434 | $ | 3.98 | ||||||||||||
Granted | 357,373 | 7.54 | 707,508 | 6.06 | 628,512 | 6.38 | |||||||||||||||
Issued to common shares | (291,779 | ) | 4.92 | (259,887 | ) | 3.56 | (209,238 | ) | 2.46 | ||||||||||||
Forfeited | (143,012 | ) | 4.98 | (162,594 | ) | 3.97 | (129,731 | ) | 4.19 | ||||||||||||
RSUs outstanding at the end of the year(a) | 1,874,586 | $ | 6.39 | 1,952,004 | $ | 5.85 | 1,666,977 | $ | 5.22 | ||||||||||||
(a) | Includes RSUs of 1,134,407, 1,088,602, and 524,115 at December 31, 2013, 2012 and 2011, respectively, that have vested but have not yet been issued to shares of common stock. | ||||||||||||||||||||
Performance-Based RSUs | |||||||||||||||||||||
In February 2013, SHR granted certain employees a target grant of 309,264 performance shares under a performance share plan that provides the recipient the opportunity to earn between zero and 160.0% of the target (up to a maximum of 494,822 performance shares), based on the relative total shareholder return of the shares of SHR common stock, as defined in the agreement, over the period from January 2, 2013 through December 31, 2015. | |||||||||||||||||||||
In 2012, SHR granted certain employees a target grant of 797,318 performance shares under a performance share plan that provides the recipient the opportunity to earn between zero and 160.0% of the target (up to a maximum of 1,275,709 performance shares), based on the relative total shareholder return of shares of SHR common stock, as defined in the agreement, over the period from January 2, 2012 through December 31, 2014. | |||||||||||||||||||||
In 2011, a portion of the cash bonuses earned by certain executives in 2010 was deferred, and the method of payment was modified to performance-based RSUs in lieu of cash. SHR granted 169,064 performance-based RSUs to these executives that will vest upon the later to occur of (i) the Company's achievement of positive funds from operations for a fiscal year and (ii) SHR's commencement of payment of the preferred stock dividend on a current basis. These performance-based RSUs vested with the payment of the preferred stock dividend on June 29, 2012. | |||||||||||||||||||||
The Company measures compensation expense for performance-based RSUs based on the per share fair market value of SHR's common stock at the date of grant, adjusted for estimated forfeitures. Compensation expense for performance-based RSUs is recognized on a straight-line basis over the service period and is included in corporate expenses in the consolidated statements of operations. Total unrecognized compensation expense related to performance-based RSUs at December 31, 2013 was $3,294,000 and is expected to be recognized over weighted average period of 1.77 years. | |||||||||||||||||||||
Information regarding performance-based RSUs is summarized in the following table: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Outstanding at the beginning of the year | 915,049 | $ | 6.45 | 169,064 | $ | 6.34 | 18,516 | $ | 19.28 | ||||||||||||
Granted | 309,264 | 8.08 | 797,318 | 6.47 | 169,064 | 6.34 | |||||||||||||||
Issued to common shares | (16,562 | ) | 6.34 | (21,624 | ) | 6.34 | (12,691 | ) | 20.4 | ||||||||||||
Forfeited | (7,098 | ) | 6.34 | (29,709 | ) | 6.52 | (5,825 | ) | 20.4 | ||||||||||||
Outstanding at the end of the year(b) | 1,200,653 | $ | 6.87 | 915,049 | $ | 6.45 | 169,064 | $ | 6.34 | ||||||||||||
(b) | Includes performance-based RSUs of 113,860, 137,520, and zero at December 31, 2013, 2012 and 2011, respectively, that have vested but have not yet been issued to shares of common stock. | ||||||||||||||||||||
SARs | |||||||||||||||||||||
The Amended and Restated Plan allows the Committee to grant SARs. As of December 31, 2013, no SARs have been issued under the Amended and Restated Plan. | |||||||||||||||||||||
Value Creation Plan and Deferral Program: | |||||||||||||||||||||
On August 27, 2009, the Company adopted the Value Creation Plan. Under the provisions of the Value Creation Plan, the Company paid 2.5% of SHR’s market capitalization (limited to a maximum market capitalization based on no more than 174,828,353 shares of common stock) to the participants in the Value Creation Plan in 2012 because the highest average closing price of SHR’s common stock during certain consecutive twenty trading day periods in 2012 was at least $4.00 (Normal Distribution Amount). | |||||||||||||||||||||
On June 29, 2011, SHR and its former president and chief executive officer, Mr. Geller, entered into the Strategic Hotels & Resorts, Inc. Value Creation Plan Normal Unit Distributions Deferral Election and Deferral Program (Deferral Program). Pursuant to the Deferral Program, Mr. Geller elected to defer up to 50% of his share of the Normal Distribution Amount payable pursuant to the Value Creation Plan and to have such Normal Distribution Amount instead be converted into Deferral Program Stock Units on the basis of the fair market value of a share of SHR common stock at the time the Normal Distribution Amount would otherwise have been paid. Each Deferral Program Stock Unit was converted on a one-for-one basis into a share of SHR common stock on June 3, 2013. | |||||||||||||||||||||
Prior to the Deferral Program, the Company accounted for the entire Value Creation Plan as a liability award because of its cash settlement feature and recorded the liability in accounts payable and accrued expenses. At the deferral election date, the Company bifurcated the Value Creation Plan and began accounting for the portion of the award payable in Deferral Program Stock Units as an equity award and continued accounting for the portion of the award payable in cash as a liability award. For the equity award, the Company established a fair value of $13,050,000 and reclassified $8,894,000 from accounts payable and accrued expenses to additional paid-in capital, which represented amounts previously recognized as compensation expense. The remaining balance was recognized as compensation expense over the remaining derived service period. The fair value of the liability award is re-measured at the end of each reporting period, and the Company makes adjustments to the compensation expense and liability to reflect the fair value. | |||||||||||||||||||||
There was no unrecognized compensation expense related to the Value Creation Plan as of December 31, 2013. The fair value of the liability component of the award at December 31, 2013 and 2012 was zero and $948,000, respectively. Total compensation expense recognized in corporate expenses on the consolidated statements of operations under the Value Creation Plan for the years ended December 31, 2013, 2012 and 2011 was zero, $1,407,000, and $18,607,000, respectively. In April 2012, the Company made an initial payment of $18,357,000 pursuant to the Value Creation Plan and made a final settlement payment of $948,000 in January 2013. Additionally, during 2012, Mr. Geller earned 1,301,476 Deferral Program Stock Units in connection with the distribution of his share of the Normal Distribution Amount under the Value Creation Plan. In accordance with Mr. Geller's separation agreement, dated November 2, 2012, Mr. Geller's Deferral Program Stock Units outstanding settled in June 2013 in accordance with the terms of the Deferral Program, with 909,564 Deferral Program Stock Units being redeemed for shares of common stock and 391,912 Deferral Program Stock Units being forfeited in lieu of paying taxes. |
Defined_Contribution_Plan
Defined Contribution Plan | 12 Months Ended | |
Dec. 31, 2013 | ||
Defined Contribution Plan [Abstract] | ' | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | ' | |
DEFINED CONTRIBUTION PLAN | ||
The Company has a defined contribution plan that covers employees meeting eligibility requirements. The Company matches 100% of the first 6% of compensation that an employee elects to defer. The Company’s matching contribution vests immediately. The Company can make additional discretionary contributions up to 4% of compensation. Any discretionary matching contributions are fully vested on grant date upon such contributions, or if employees have less than three years of service, the contributions vest at 33.33% per year of service. Contributions by the Company were $358,000, $422,000, and $390,000 for the years ended December 31, 2013, 2012 and 2011, respectively. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Income Tax Disclosure [Text Block] | ' | |||||||||||||
INCOME TAXES | ||||||||||||||
As a REIT, SHR generally will not be subject to U.S. federal income tax if it distributes 100% of its annual taxable income to its shareholders. SHR may be subject to certain state and local taxes on its income and property and to federal income and excise taxes on its undistributed taxable income. In addition, taxable income from taxable REIT subsidiaries is subject to federal, state and local taxes. | ||||||||||||||
For the years ended December 31, 2013, 2012 and 2011, income tax expense from continuing operations is summarized as follows (in thousands): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current tax (expense): | ||||||||||||||
Europe | $ | (401 | ) | $ | (787 | ) | $ | (521 | ) | |||||
United States | (737 | ) | (441 | ) | (1,241 | ) | ||||||||
(1,138 | ) | (1,228 | ) | (1,762 | ) | |||||||||
Deferred tax benefit: | ||||||||||||||
United States | 581 | 428 | 1,106 | |||||||||||
581 | 428 | 1,106 | ||||||||||||
Total income tax expense | $ | (557 | ) | $ | (800 | ) | $ | (656 | ) | |||||
Deferred income taxes consist of the following as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Advanced deposits—Mexico | $ | — | $ | 1,219 | ||||||||||
Net operating loss carryforwards and other timing differences(a) | 14,115 | 14,650 | ||||||||||||
Other | — | 982 | ||||||||||||
Gross deferred tax assets | 14,115 | 16,851 | ||||||||||||
Valuation allowance(b) | (14,115 | ) | (14,648 | ) | ||||||||||
Deferred tax asset after valuation allowance | $ | — | $ | 2,203 | ||||||||||
Gross deferred tax liability—book property basis in excess of tax basis | $ | (46,137 | ) | $ | (47,275 | ) | ||||||||
(a) | For income tax purposes, the Company’s net operating losses can be carried forward for a time period ranging from eight years to indefinitely depending on the rules of the related tax jurisdictions. | |||||||||||||
(b) | The Company provides a valuation against net operating loss carryforwards due to the uncertainty of realization. The valuation allowance decreased by $533,000, $2,004,000, and $349,000 during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Characterization of Cash Distributions | ||||||||||||||
For federal income tax purposes, the cash distributions paid to SHR’s common and preferred shareholders may be characterized as ordinary income, return of capital (generally non-taxable) or capital gain. There were no distributions paid on common shares during the years ended December 31, 2013, 2012 and 2011. There were no distributions paid on preferred shares during the year ended December 31, 2011. The following characterizes distributions paid per preferred share for the years ended December 31, 2013 and 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
$ | % | $ | % | |||||||||||
Preferred shares (Series A): | ||||||||||||||
Return of capital | $ | 2.13 | 100 | % | $ | 8.5 | 100 | % | ||||||
Preferred shares (Series B): | ||||||||||||||
Return of capital | $ | 2.06 | 100 | % | $ | 8.25 | 100 | % | ||||||
Preferred shares (Series C): | ||||||||||||||
Return of capital | $ | 2.06 | 100 | % | $ | 8.25 | 100 | % | ||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |
Dec. 31, 2013 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
RELATED PARTY TRANSACTIONS | ||
Cory Warning, the son-in-law of Laurence Geller, the Company’s former president and chief executive officer, previously served as Vice President, Investments for the Company. Mr. Warning’s base salary in 2012 and 2011 was $180,000 and $175,100, respectively. Mr. Warning received cash bonuses in 2012 and 2011 of $86,000 and $107,500, respectively. Mr. Warning received grants of RSUs of 4,698 and 13,809 in 2012 and 2011, respectively, and a grant of an award of 9,538 performance shares in 2012. In 2010, Mr. Warning received a grant of 5,000 units under the Company’s Value Creation Plan, which were paid in 2012 in the amount of $140,000. In December 2012, the Company entered into a severance agreement with Mr. Warning and recorded $256,000 in corporate expenses in the accompanying consolidated statement of operations for the year ended December 31, 2012. Under the severance agreement, all unvested RSUs and performance shares were forfeited. |
Commitments_And_Contingencies
Commitments And Contingencies | 12 Months Ended | |
Dec. 31, 2013 | ||
Commitments and Contingencies Disclosure [Abstract] | ' | |
Commitments And Contingencies | ' | |
COMMITMENTS AND CONTINGENCIES | ||
Environmental Matters: | ||
Generally, the properties acquired by the Company have been subjected to environmental site assessments. While some of these assessments have led to further investigation and sampling, none of the environmental assessments have revealed, nor is the Company aware of any environmental liability that it believes would have a material effect on its business or consolidated financial statements. | ||
Litigation: | ||
The Company is party to various claims and routine litigation arising in the ordinary course of business. Based on discussions with legal counsel, the Company does not believe that the results of these claims and litigation, individually or in the aggregate, will have a material effect on its business or consolidated financial statements. | ||
Letters of Credit: | ||
As of December 31, 2013, the Company provided a $150,000 letter of credit related to its office space lease, a $1,391,000 letter of credit in connection with an obligation to complete certain repairs to the underground parking garage at the Four Seasons Washington, D.C. hotel, and a $8,365,000 letter of credit in connection with an obligation to complete property improvements at the JW Marriott Essex House Hotel as described below. Subsequent to December 31, 2013, the letter of credit related to the office space lease decreased to $75,000 and the letter of credit related to the parking garage at the Four Seasons Washington, D.C. hotel decreased to $934,000. | ||
Purchase Commitments: | ||
Construction Contracts | ||
The Company has executed various contracts related to construction activities. As of December 31, 2013, the Company’s obligations under these contracts amounted to approximately $1,496,000. The construction activities are expected to be completed in 2014. | ||
JW Marriott Essex House Hotel Property Improvement Plan | ||
As required by the JW Marriott Essex House Hotel management agreement, the Essex House Hotel Venture has an obligation to renovate and improve the property. As of December 31, 2013, the Essex House Hotel Venture's obligation under this agreement is approximately $6,776,000. The improvements are to be completed by December 2014. | ||
Other Required Renovations | ||
Under the provisions of various lender agreements, the Company is required to fund capital expenditures for property improvements and renovations. As of December 31, 2013, the Company's obligation under these agreements is approximately $14,039,000. As of December 31, 2013, the Company has $9,570,000 included in restricted cash reserves for capital expenditures related to property improvements and renovations required by certain lenders. The renovations are to be completed by December 2014. |
Fair_Value_Of_Financial_Instru
Fair Value Of Financial Instruments | 12 Months Ended | |
Dec. 31, 2013 | ||
Fair Value Disclosures [Abstract] | ' | |
Fair Value Of Financial Instruments | ' | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | ||
As of December 31, 2013 and 2012, the carrying amounts of certain financial instruments employed by the Company, including cash and cash equivalents, restricted cash and cash equivalents, accounts receivable, and accounts payable and accrued expenses were representative of their fair values because of the short-term maturity of these instruments. | ||
At December 31, 2013, the Company estimated the fair value of mortgage and other debt payable and the bank credit facility to be approximately $1,288,000,000. | ||
At December 31, 2012, Company estimated the fair value of the mortgage and other debt payable and the bank credit facility to be approximately $1,346,000,000. | ||
The Company estimated the fair value of the debt using a future discounted cash flow analysis based on the use and weighting of multiple market inputs being considered. Based on the frequency and availability of market data, all inputs used to measure the estimated fair value of the debt are Level 2 inputs. The primary sensitivity in these calculations is based on the selection of appropriate discount rates. | ||
Interest rate swap and cap agreements have been recorded at their estimated fair values. |
Geographic_And_Business_Segmen
Geographic And Business Segment Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||
Geographic And Business Segment Information | ' | |||||||||||
GEOGRAPHIC AND BUSINESS SEGMENT INFORMATION | ||||||||||||
The Company operates in one reportable business segment, hotel ownership. As of December 31, 2013, the Company’s foreign operations (excluding discontinued operations) and long-lived assets consisted of ownership interests in two Mexican unconsolidated affiliates and two European properties, including a leasehold interest in a German hotel property. | ||||||||||||
The following tables present revenues (excluding unconsolidated affiliates and discontinued operations) and long-lived assets (excluding assets held for sale as of December 31, 2013) for the geographical areas in which the Company operates (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
United States | $ | 858,646 | $ | 732,188 | $ | 688,111 | ||||||
Europe | 41,367 | 43,029 | 41,935 | |||||||||
Total | $ | 900,013 | $ | 775,217 | $ | 730,046 | ||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Long-lived Assets: | ||||||||||||
United States | $ | 1,771,291 | $ | 1,802,770 | ||||||||
Mexico | — | 144,392 | ||||||||||
Europe | 91,677 | 94,388 | ||||||||||
Total | $ | 1,862,968 | $ | 2,041,550 | ||||||||
Quarterly_Operating_Results
Quarterly Operating Results | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Operating Results [Abstract] | ' | |||||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||||
QUARTERLY OPERATING RESULTS (UNAUDITED) | ||||||||||||||||
The Company’s unaudited consolidated quarterly operating data for the years ended December 31, 2013 and 2012 are as follows. In the opinion of management, all adjustments (consisting of normal recurring accruals) necessary for a fair presentation of quarterly results have been reflected in the data. | ||||||||||||||||
It is also management’s opinion, however, that quarterly operating data for hotel properties are not indicative of results to be achieved in succeeding quarters or years. | ||||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 188,361 | $ | 236,648 | $ | 232,567 | $ | 242,437 | ||||||||
(Loss) income from continuing operations attributable to SHR common shareholders | $ | (26,169 | ) | $ | 3,993 | $ | 4,839 | $ | 975 | |||||||
Income (loss) from discontinued operations attributable to SHR | 2,721 | (719 | ) | (1,079 | ) | 2,248 | ||||||||||
Net (loss) income attributable to SHR common shareholders | $ | (23,448 | ) | $ | 3,274 | $ | 3,760 | $ | 3,223 | |||||||
Earnings per weighted average common share outstanding—Basic | ||||||||||||||||
(Loss) income from continuing operations attributable to SHR common shareholders per share | $ | (0.12 | ) | $ | 0.02 | $ | 0.02 | $ | 0.01 | |||||||
Income from discontinued operations attributable to SHR per share | 0.01 | — | — | 0.01 | ||||||||||||
Net (loss) income attributable to SHR common shareholders per share | $ | (0.11 | ) | $ | 0.02 | $ | 0.02 | $ | 0.02 | |||||||
Weighted average common shares outstanding—Basic | 206,981 | 206,061 | 206,767 | 206,814 | ||||||||||||
Earnings per weighted average common share outstanding—Diluted | ||||||||||||||||
(Loss) income from continuing operations attributable to SHR common shareholders per share | $ | (0.13 | ) | $ | 0.01 | $ | — | $ | 0.01 | |||||||
Income from discontinued operations attributable to SHR per share | 0.01 | — | — | 0.01 | ||||||||||||
Net (loss) income attributable to SHR common shareholders per share | $ | (0.12 | ) | $ | 0.01 | $ | — | $ | 0.02 | |||||||
Weighted average common shares outstanding—Diluted | 218,710 | 219,227 | 220,258 | 208,986 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 168,350 | $ | 193,247 | $ | 200,810 | $ | 212,810 | ||||||||
Loss from continuing operations attributable to SHR common shareholders | $ | (33,041 | ) | $ | (2,338 | ) | $ | (7,519 | ) | $ | (37,763 | ) | ||||
Income (loss) from discontinued operations attributable to SHR | 1,525 | (660 | ) | (1,038 | ) | 1,362 | ||||||||||
Net loss attributable to SHR common shareholders | $ | (31,516 | ) | $ | (2,998 | ) | $ | (8,557 | ) | $ | (36,401 | ) | ||||
Earnings per weighted average common share outstanding—Basic | ||||||||||||||||
Loss from continuing operations attributable to SHR common shareholders per share | $ | (0.18 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.18 | ) | ||||
Income (loss) from discontinued operations attributable to SHR per share | 0.01 | — | — | — | ||||||||||||
Net loss attributable to SHR common shareholders per share | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.18 | ) | ||||
Weighted average common shares outstanding—Basic | 186,430 | 202,021 | 206,523 | 206,836 | ||||||||||||
Earnings per weighted average common share outstanding—Diluted | ||||||||||||||||
Loss from continuing operations attributable to SHR common shareholders per share | (0.18 | ) | (0.01 | ) | (0.05 | ) | (0.18 | ) | ||||||||
Income (loss) from discontinued operations attributable to SHR per share | 0.01 | — | — | — | ||||||||||||
Net loss attributable to SHR common shareholders per share | (0.17 | ) | (0.01 | ) | (0.05 | ) | (0.18 | ) | ||||||||
Weighted average common shares outstanding—Diluted | 186,430 | 202,021 | 218,182 | 206,836 | ||||||||||||
The Marriott domestic hotels previously reported their results of operations using a fiscal year consisting of thirteen four-week periods. As a result, for the Marriott Lincolnshire Resort, for 2012, the first three quarters consisted of 12 weeks each and the fourth quarter consisted of 16 weeks. Effective January 1, 2013, Marriott converted from a fiscal year consisting of 13 four-week periods to a 12-month calendar year. |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation Disclosure [Text Block] | ' | |||||||||||||||||||||||||||||||||||||||||
STRATEGIC HOTELS & RESORTS, INC. | ||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Description | Location | Debt | Land | Building & | Subsequent Costs Capitalized | Land | Building & | Total | Accumulated | Date of | Date | Depreciation | ||||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Completion of | Acquired | Life | |||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||
Marriott Lincolnshire Resort | Lincolnshire, IL | $ | — | $ | — | $ | 47,248 | $ | 6,931 | $ | — | $ | 54,179 | $ | 54,179 | $ | (27,204 | ) | 1975 | Sep-97 | 39 | |||||||||||||||||||||
Loews Santa Monica Beach Hotel | Santa Monica, CA | 109,000 | 5,833 | 91,717 | 5,731 | 5,833 | 97,448 | 103,281 | (41,329 | ) | 1989 | Mar-98 | 39 | |||||||||||||||||||||||||||||
Hyatt Regency La Jolla | La Jolla, CA | 89,312 | 13,093 | 66,260 | — | 13,093 | 66,260 | 79,353 | (24,637 | ) | 1989 | Jul-99 | 39 | |||||||||||||||||||||||||||||
Ritz-Carlton Half Moon Bay | Half Moon Bay, CA | — | 20,100 | 79,400 | 3,088 | 20,100 | 82,488 | 102,588 | (22,559 | ) | 2001 | Aug-04 | 39 | |||||||||||||||||||||||||||||
InterContinental Chicago | Chicago, IL | 144,419 | 20,259 | 139,204 | 4,747 | 20,252 | 143,958 | 164,210 | (33,794 | ) | 1929 | Apr-05 | 39 | |||||||||||||||||||||||||||||
InterContinental Miami | Miami, FL | 85,000 | 41,891 | 69,296 | 20,205 | 41,877 | 89,515 | 131,392 | (26,070 | ) | 1982 | Apr-05 | 39 | |||||||||||||||||||||||||||||
Fairmont Chicago | Chicago, IL | 93,124 | 17,347 | 129,153 | 26,369 | 17,347 | 155,522 | 172,869 | (53,066 | ) | 1987 | Sep-05 | 39 | |||||||||||||||||||||||||||||
Four Seasons Washington, D.C. | Washington, D.C. | 130,000 | 44,900 | 75,600 | 27,258 | 44,900 | 102,858 | 147,758 | (37,475 | ) | 1979 | Mar-06 | 39 | |||||||||||||||||||||||||||||
Westin St. Francis | San Francisco, CA | 209,588 | 61,400 | 287,800 | 4,803 | 61,400 | 292,603 | 354,003 | (59,018 | ) | 1907 | Jun-06 | 39 | |||||||||||||||||||||||||||||
Ritz-Carlton Laguna Niguel | Dana Point, CA | — | 76,700 | 176,300 | 1,567 | 76,700 | 177,867 | 254,567 | (38,572 | ) | 1984 | Jul-06 | 39 | |||||||||||||||||||||||||||||
Marriott London Grosvenor Square | London, England | 115,958 | — | 85,468 | (11,041 | )(1) | — | 74,427 | 74,427 | (16,158 | ) | 1962 | Aug-06 | 39 | ||||||||||||||||||||||||||||
Four Seasons Jackson Hole | Teton Village, WY | — | 19,669 | 33,894 | — | 19,669 | 33,894 | 53,563 | (2,519 | ) | 2003 | Mar-11 | 39 | |||||||||||||||||||||||||||||
Four Seasons Silicon Valley | East Palo Alto, CA | — | 5,518 | 27,669 | — | 5,518 | 27,669 | 33,187 | (2,061 | ) | 2006 | Mar-11 | 39 | |||||||||||||||||||||||||||||
JW Marriott Essex House | New York, NY | 185,826 | 230,951 | 88,470 | — | 230,952 | 88,470 | 319,422 | (3,025 | ) | 1931 | Sep-12 | 39 | |||||||||||||||||||||||||||||
Totals | $ | 1,162,227 | $ | 557,661 | $ | 1,397,479 | $ | 89,658 | $ | 557,641 | $ | 1,487,158 | $ | 2,044,799 | $ | (387,487 | ) | |||||||||||||||||||||||||
Assets Held For Sale: | ||||||||||||||||||||||||||||||||||||||||||
Four Seasons Punta Mita | Punta Mita, Mexico | $ | — | $ | 4,359 | $ | 44,950 | $ | 25,702 | $ | 7,360 | $ | 67,651 | $ | 75,011 | $ | (18,945 | ) | 1999 | Feb-01 | 39 | |||||||||||||||||||||
La Solana (Land held for development) | Punta Mita, Mexico | — | 51,900 | — | — | 51,900 | — | 51,900 | — | — | Mar-06 | — | ||||||||||||||||||||||||||||||
Totals | $ | — | $ | 56,259 | $ | 44,950 | $ | 25,702 | $ | 59,260 | $ | 67,651 | $ | 126,911 | $ | (18,945 | ) | |||||||||||||||||||||||||
-1 | Includes currency translation adjustment of $(11,041) for the Marriott London Grosvenor Square hotel. | |||||||||||||||||||||||||||||||||||||||||
STRATEGIC HOTELS & RESORTS, INC. | ||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III—REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
(In Thousands) | ||||||||||||||||||||||||||||||||||||||||||
Notes: | ||||||||||||||||||||||||||||||||||||||||||
(A) The change in total cost of properties for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,180,534 | $ | 1,869,903 | $ | 1,978,506 | ||||||||||||||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of properties | — | 319,421 | 86,750 | |||||||||||||||||||||||||||||||||||||||
Improvements | 15,887 | 13,129 | 2,695 | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 1,389 | 3,170 | — | |||||||||||||||||||||||||||||||||||||||
Deductions: | ||||||||||||||||||||||||||||||||||||||||||
Reclassifications (1) | (153,011 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Recapitalization | — | — | (197,796 | ) | ||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | (252 | ) | ||||||||||||||||||||||||||||||||||||||
Impairment | — | (25,089 | ) | — | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 2,044,799 | $ | 2,180,534 | $ | 1,869,903 | ||||||||||||||||||||||||||||||||||||
(1) Includes reclassifications to assets held for sale and investment in unconsolidated affiliates. | ||||||||||||||||||||||||||||||||||||||||||
(B) The change in accumulated depreciation and amortization of real estate assets for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 355,497 | $ | 304,779 | $ | 285,039 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 50,548 | 50,172 | 48,918 | |||||||||||||||||||||||||||||||||||||||
Reclassification to assets held for sale | (18,945 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Recapitalization | — | — | (29,079 | ) | ||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 387 | 546 | (99 | ) | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 387,487 | $ | 355,497 | $ | 304,779 | ||||||||||||||||||||||||||||||||||||
(C) The aggregate cost of properties for Federal income tax purposes is approximately $2,447,468 at December 31, 2013. |
Summary_Of_Significant_Account1
Summary Of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||
Basis of Accounting, Policy [Policy Text Block] | ' | ||||||||||||||
Basis of Presentation: | |||||||||||||||
The accompanying consolidated financial statements and related notes have been prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). | |||||||||||||||
Consolidation, Policy [Policy Text Block] | ' | ||||||||||||||
Basis of Consolidation: | |||||||||||||||
The accompanying consolidated financial statements include the accounts of SHR, its subsidiaries and other entities in which the Company has a controlling interest. If SH Funding determines that it is the holder of a variable interest in a variable interest entity (VIE), and it is the primary beneficiary, then SH Funding will consolidate the entity. At December 31, 2013, SH Funding consolidated one VIE, the entity that owns the JW Marriott Essex House Hotel (see note 6). For entities that are not considered VIEs, SH Funding consolidates those entities it controls. At December 31, 2013, SH Funding owned a 53.5% controlling interest in the entity that owns the Hyatt Regency La Jolla hotel, which is consolidated in the accompanying consolidated financial statements. It accounts for those entities over which it has a significant influence but does not control using the equity method of accounting. At December 31, 2013, SH Funding owned interests in the Fairmont Scottsdale Princess hotel (Fairmont Scottsdale Princess Venture), the Hotel del Coronado (Hotel del Coronado Venture), the Four Seasons Residence Club Punta Mita (RCPM) and the Lot H5 Venture (see note 7), which are unconsolidated affiliates in the accompanying consolidated financial statements that are accounted for using the equity method of accounting. | |||||||||||||||
All significant intercompany transactions and balances have been eliminated in consolidation. | |||||||||||||||
Use of Estimates, Policy [Policy Text Block] | ' | ||||||||||||||
Use of Estimates: | |||||||||||||||
The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. | |||||||||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | ||||||||||||||
Investment in Hotel Properties and Depreciation: | |||||||||||||||
Investment in hotel properties consists of land, land held for development, a leasehold interest, buildings, building and leasehold improvements, site improvements and furniture, fixtures and equipment. | |||||||||||||||
Depreciation is computed on a straight-line basis over the following useful lives: | |||||||||||||||
Leasehold interest | Life of lease (51 years) | ||||||||||||||
Buildings | 39 years | ||||||||||||||
Building and leasehold improvements | 5 – 10 years | ||||||||||||||
Site improvements | 15 years | ||||||||||||||
Furniture, fixtures & equipment | 3 – 5 years | ||||||||||||||
Hotel improvements in progress include costs incurred for capital projects for hotels that are in the process of being developed, renovated, rehabilitated or expanded. Completed renovations and improvements are capitalized and depreciated over their estimated useful lives. Interest expense and certain other costs as well as project related salary and benefit costs incurred during a renovation or development period are capitalized and depreciated over the lives of the related assets. Costs incurred for repairs and maintenance are expensed. | |||||||||||||||
Assets to be disposed of are reported at the lower of the carrying amount or estimated fair value less costs to sell. The Company classifies the operations of hotels sold or held for sale as discontinued operations (see note 5). | |||||||||||||||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | ' | ||||||||||||||
Goodwill: | |||||||||||||||
Goodwill is the excess of the allocated purchase price over the fair value of the net assets at the time a property is acquired. The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Balance at the beginning of the year | |||||||||||||||
Goodwill | $ | 316,945 | $ | 316,945 | |||||||||||
Accumulated impairment losses | (276,586 | ) | (276,586 | ) | |||||||||||
40,359 | 40,359 | ||||||||||||||
Goodwill related to assets held for sale | (2,231 | ) | — | ||||||||||||
Balance at the end of the year | |||||||||||||||
Goodwill | 314,714 | 316,945 | |||||||||||||
Accumulated impairment losses | (276,586 | ) | (276,586 | ) | |||||||||||
$ | 38,128 | $ | 40,359 | ||||||||||||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | ' | ||||||||||||||
Intangible Assets: | |||||||||||||||
Intangible assets at December 31, 2013 and 2012 include (in thousands): | |||||||||||||||
2013 | 2012 | Useful Life | |||||||||||||
Below market ground lease | $ | 34,567 | $ | 33,922 | Term of lease (51 years) | ||||||||||
Golf course use agreement | 1,500 | 1,500 | 14 years | ||||||||||||
Advanced bookings | 3,200 | 4,050 | Period of booking (up to 8 years) | ||||||||||||
Land development entitlements | 1,988 | 1,971 | 2 years | ||||||||||||
41,255 | 41,443 | ||||||||||||||
Accumulated amortization | (11,753 | ) | (10,812 | ) | |||||||||||
Intangible assets, net | $ | 29,502 | $ | 30,631 | |||||||||||
Amortization of intangible assets is computed on a straight-line basis over the respective useful lives. For the years ended December 31, 2013, 2012 and 2011, amortization expense of intangible assets was $1,653,000, $1,704,000, and $2,414,000, respectively. The estimated future aggregate annual amortization expense for intangible assets at December 31, 2013 is summarized as follows (in thousands): | |||||||||||||||
Years ending December 31, | |||||||||||||||
2014 | $ | 951 | |||||||||||||
2015 | 773 | ||||||||||||||
2016 | 769 | ||||||||||||||
2017 | 769 | ||||||||||||||
2018 | 724 | ||||||||||||||
Thereafter | 25,516 | ||||||||||||||
Total | $ | 29,502 | |||||||||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | ||||||||||||||
Impairment: | |||||||||||||||
Investment in Hotel Properties (Long-Lived Assets) | |||||||||||||||
The Company reviews its investment in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. An impairment loss is recognized if the estimated future undiscounted cash flows derived from the asset are less than its carrying amount. The impairment loss is measured as the excess of the carrying value over the fair value of the asset, with fair value determined based on estimated future discounted cash flows or other relevant data as to the fair value of the asset (Level 3 inputs). | |||||||||||||||
Goodwill | |||||||||||||||
Goodwill is reviewed for impairment at least annually as of December 31 and whenever circumstances or events indicate potential impairment. The measurement of impairment of goodwill consists of two steps. In the first step, the Company compares the fair value of each reporting unit, which for the Company is each hotel property, to its carrying value. The assessment of fair values of the hotel properties incorporates unobservable inputs (Level 3), including existing market-based considerations, as well as discounted cash flow analysis of the Company’s projections. When the fair value of the property is less than its carrying value, the Company is required to perform a second step in order to determine the implied fair value of each reporting unit’s goodwill, and to compare it to the carrying value of the reporting unit’s goodwill. The activities in the second step include hypothetically valuing all of the tangible and intangible assets and liabilities of the impaired reporting unit as if the reporting unit had been acquired in a business combination, which includes valuing all of the Company’s intangibles, even if they are not currently recorded within the carrying value. For reporting units with zero or negative carrying values, the second step is only performed if qualitative factors indicate that it is more likely than not that a goodwill impairment exists. | |||||||||||||||
Intangible Assets | |||||||||||||||
Intangible assets are reviewed for impairment whenever circumstances or events indicate potential impairment, as part of the Company’s investment in hotel properties impairment process described above. | |||||||||||||||
Investment in Unconsolidated Affiliates | |||||||||||||||
A series of operating losses of an investee or other factors may indicate that a decrease in value of the Company’s investment in unconsolidated affiliates has occurred which is other-than-temporary. Accordingly, the investment in each of the unconsolidated affiliates is evaluated periodically for valuation declines that are other-than-temporary. If the investment is other than temporarily impaired, the Company writes down the investment to its estimated fair value. The Company also considers any impairments in the underlying real estate investments, the ownership and distribution preferences and limitations and rights to sell and repurchase of its ownership interests. | |||||||||||||||
Deferred Charges, Policy [Policy Text Block] | ' | ||||||||||||||
Deferred Financing Costs: | |||||||||||||||
Deferred financing costs consist of loan fees and other costs incurred in connection with obtaining loans. The deferred financing costs have been capitalized and are being amortized to interest expense over the initial maturity of the underlying loans using the straight-line method, which approximates the effective interest method. Upon early extinguishment of the debt, the unamortized deferred financing costs are written off and included in loss on early extinguishment of debt. | |||||||||||||||
Inventory, Policy [Policy Text Block] | ' | ||||||||||||||
Inventories: | |||||||||||||||
Inventories located at the hotel properties consist primarily of food and beverage stock. These items are stated at the lower of cost, as determined by an average cost method, or market and are included in prepaid expenses and other assets on the accompanying consolidated balance sheets. | |||||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||||
Cash and Cash Equivalents: | |||||||||||||||
The Company considers all cash on hand, demand deposits with financial institutions and short-term highly liquid investments with purchased or original maturities of three months or less to be cash equivalents. | |||||||||||||||
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||||
Restricted Cash and Cash Equivalents: | |||||||||||||||
As of December 31, 2013 and 2012, restricted cash and cash equivalents included $38,629,000 and $33,832,000, respectively, that will be used for property and equipment replacement in accordance with hotel management or lease agreements. At December 31, 2013 and 2012, restricted cash and cash equivalents also included reserves of $37,287,000 and $24,747,000, respectively, required by loan and other agreements. | |||||||||||||||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | ' | ||||||||||||||
Foreign Currency: | |||||||||||||||
Foreign currency-denominated assets and liabilities, where the functional currency is the local currency, are translated into U.S. dollars at the exchange rates in effect at the balance sheet date. Income and expense items are translated at the average exchange rates during the respective periods. Gains and losses from foreign currency translation, where the functional currency is the local currency, are recorded as a separate component of accumulated other comprehensive loss within shareholders’ equity. | |||||||||||||||
Revenue Recognition, Policy [Policy Text Block] | ' | ||||||||||||||
Revenue Recognition: | |||||||||||||||
Revenues include rooms, food and beverage and other hotel operating revenue such as Internet access, telephone, parking, golf course, spa, retail and space rentals. These revenues are recorded net of taxes collected from customers and remitted to government authorities and are recognized as the related services are rendered. Lease revenue is based on an annual base rent plus additional rent contingent on the hotel meeting performance thresholds, as defined in the lease agreement. Lease revenue is recognized on an accrual basis pursuant to the terms of the lease. | |||||||||||||||
Noncontrolling Interest, Policy [Policy Text Block] | ' | ||||||||||||||
Noncontrolling Interests: | |||||||||||||||
Redeemable Noncontrolling Interests (Temporary Equity) | |||||||||||||||
Third party noncontrolling partners own an approximate one percent interest in SH Funding. The interests held by these noncontrolling partners are stated at the greater of carrying value or their redemption value and are presented as noncontrolling interests in SHR’s operating partnership on the consolidated balance sheets. Net (income) loss attributable to the noncontrolling interest partners is presented as noncontrolling interests in SHR’s operating partnership in the consolidated statements of operations. Net income (loss) and other comprehensive income (loss) are attributed to noncontrolling interest partners in SH Funding based on their weighted average ownership percentages during the period. The ownership percentage is calculated by dividing the number of units held by the noncontrolling interest partners by the sum of units held by SHR and the units held by noncontrolling interest partners, all calculated based on the weighted average days outstanding at the end of the period. | |||||||||||||||
These noncontrolling partners have a right to exercise a redemption right to require SH Funding to redeem all or a portion of the units held by the noncontrolling interest partners on a specified redemption date at a redemption price equal to the number of operating partnership units multiplied by SHR’s common stock price. SH Funding is not obligated to satisfy the redemption right if SHR elects to purchase the units. SHR has the sole and absolute discretion to purchase the units. If it does purchase the units, SHR has the sole and absolute discretion to pay either in cash or shares. | |||||||||||||||
The following table reflects the activity of the noncontrolling interests in SHR’s operating partnership for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Noncontrolling interests in SHR’s operating partnership | |||||||||||||||
Balance, beginning of year | $ | 5,463 | $ | 4,583 | $ | 5,050 | |||||||||
Shares of SHR common stock issued | — | 468 | 1,003 | ||||||||||||
Net income (loss) | 38 | (184 | ) | (29 | ) | ||||||||||
Currency translation adjustments | (2 | ) | 3 | (42 | ) | ||||||||||
Derivatives activity | 73 | 48 | 211 | ||||||||||||
Share-based compensation | 4 | 30 | 66 | ||||||||||||
Redemption value adjustment | 2,242 | 738 | (479 | ) | |||||||||||
Other | (284 | ) | (223 | ) | (1,197 | ) | |||||||||
Balance, end of year | $ | 7,534 | $ | 5,463 | $ | 4,583 | |||||||||
The historical cost of the redeemable noncontrolling interests is based on the proportional relationship between the carrying value of equity associated with SHR’s common shareholders relative to that of the unitholders of SH Funding, as SH Funding units may be exchanged into shares of SHR common stock on a one-for-one basis. As of December 31, 2013, 2012 and 2011, the redeemable noncontrolling interests had a redemption value of approximately $7,534,000 (based on SHR’s common closing share price of $9.45 on December 31, 2013), $5,463,000 (based on SHR’s common closing share price of $6.40 on December 31, 2012), and $4,583,000 (based on SHR’s common closing share price of $5.37 on December 30, 2011), respectively. | |||||||||||||||
Nonredeemable Noncontrolling Interests | |||||||||||||||
The Company also consolidates affiliates that it controls but does not wholly own. The ownership interests held by the third party noncontrolling partners are presented as noncontrolling interests in consolidated affiliates in the Company’s consolidated balance sheets. The net loss (income) attributed to the noncontrolling partners is presented as noncontrolling interests in consolidated affiliates in the consolidated statements of operations. The activity for the noncontrolling interests in consolidated affiliates for the years ended December 31, 2013, 2012 and 2011 is presented in the Company’s consolidated statements of equity. | |||||||||||||||
Income Tax, Policy [Policy Text Block] | ' | ||||||||||||||
Income Taxes: | |||||||||||||||
SHR has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the Tax Code). As a REIT, SHR generally will not be subject to U.S. federal income tax if it distributes 100% of its annual taxable income to its shareholders. As a REIT, SHR is subject to a number of organizational and operational requirements. If it fails to qualify as a REIT in any taxable year, SHR will be subject to U.S. federal income tax (including any applicable alternative minimum tax) on its taxable income at regular corporate tax rates. Even if it qualifies for taxation as a REIT, it may be subject to foreign, state and local income taxes and to U.S. federal income tax and excise tax on its undistributed income. In addition, taxable income from SHR’s taxable REIT subsidiaries is subject to federal, foreign, state and local income taxes. Also, the foreign countries where the Company has operations do not recognize REITs under their respective tax laws. Accordingly, the Company is subject to tax in those jurisdictions. | |||||||||||||||
Deferred tax assets and liabilities are established for net operating loss carryforwards and temporary differences between the financial reporting basis and the tax basis of assets and liabilities at the enacted tax rates expected to be in effect when the net operating loss carryforwards are utilized and when the temporary differences reverse. The Company evaluates uncertain tax positions in accordance with applicable accounting guidance. A valuation allowance for deferred tax assets is provided if the Company believes all or some portion of the deferred tax asset may not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances that causes a change in the estimated realizability of the related deferred tax asset is included in earnings. | |||||||||||||||
The Company completed an equity offering during the second quarter of 2010, which resulted in an ownership change under Section 382 of the Tax Code. As a result, some of the Company’s net operating loss carryforwards were reduced or eliminated in accordance with the provisions of Section 382. A full valuation reserve has been provided against net operating loss carryforwards not subject to Section 382 due to uncertainty of realization. Therefore, the ownership change had no impact to the statements of operations. | |||||||||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | ||||||||||||||
Per Share Data: | |||||||||||||||
Basic loss per share is computed by dividing the net loss attributable to SHR common shareholders by the weighted average common shares outstanding during each period. Diluted loss per share is computed by dividing the net loss attributable to SHR common shareholders as adjusted for the impact of dilutive securities, if any, by the weighted average common shares outstanding plus potentially dilutive securities. Dilutive securities may include restricted stock units (RSUs), options to purchase shares of SHR common stock (Options), stock units payable in shares of SHR’s common stock under the Company’s Deferral Program (as defined in note 13) (Deferral Program Stock Units) and noncontrolling interests that have an option to exchange their interests to shares of SHR common stock. No effect is shown for securities that are anti-dilutive. The following table sets forth the components of the calculation of loss from continuing operations attributable to SHR common shareholders for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Numerator: | |||||||||||||||
Income (loss) from continuing operations attributable to SHR | $ | 7,804 | $ | (56,495 | ) | $ | (106,365 | ) | |||||||
Preferred shareholder dividends | (24,166 | ) | (24,166 | ) | (29,206 | ) | |||||||||
Preferred stock tender (a) | — | — | 10,724 | ||||||||||||
Loss from continuing operations attributable to SHR common shareholders | $ | (16,362 | ) | $ | (80,661 | ) | $ | (124,847 | ) | ||||||
Denominator: | |||||||||||||||
Weighted average shares of common stock - basic and diluted(b) | 206,334 | 201,109 | 176,576 | ||||||||||||
(a) | On December 19, 2011, SHR purchased a portion of its outstanding shares of preferred stock (see note 11). For purposes of calculating loss per share, the difference between the fair value of the consideration paid and the carrying amount of the shares of preferred stock tendered is an adjustment to net loss attributable to SHR common shareholders. The carrying value of the preferred stock is reduced by any related offering costs and increased by any previously deducted cumulative undeclared dividends that are forfeited. The total consideration paid was $86,127,000 and the net carrying value of the shares of preferred stock was $96,851,000, which included $18,478,000 of previously deducted preferred shareholder dividends that were forfeited. The full impact of the preferred stock tender on the calculation of net loss attributable to SHR common shareholders was recorded in the fourth quarter of 2011. | ||||||||||||||
(b) | Includes RSUs and Deferral Program Stock Units of 1,248, 2,528 and 524 at December 31, 2013, 2012 and 2011, respectively, that have vested but have not yet been issued to shares of common stock. | ||||||||||||||
Securities that could potentially dilute basic loss per share in the future that are not included in the computation of diluted loss per share because they are anti-dilutive as of December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Noncontrolling interests in SHR's operating partnership | 797 | 853 | 853 | ||||||||||||
Noncontrolling interests in consolidated affiliates | 11,025 | 11,893 | — | ||||||||||||
Options, RSUs and Deferral Program Stock Units | 2,479 | 2,809 | 3,124 | ||||||||||||
AccumulatedOtherComprehensiveIncomeLoss [Policy Text Block] | ' | ||||||||||||||
Accumulated Other Comprehensive Loss: | |||||||||||||||
The Company’s accumulated other comprehensive loss (OCL) results from mark to market of certain derivative financial instruments and unrealized gains or losses on foreign currency translation adjustments (CTA). The following table provides the changes in accumulated OCL for the years ended December 31, 2013, 2012, and 2011 (in thousands): | |||||||||||||||
Derivative and | CTA | Accumulated OCL | |||||||||||||
Other Activity | |||||||||||||||
Balance at January 1, 2011 | $ | (94,933 | ) | $ | (12,231 | ) | $ | (107,164 | ) | ||||||
Other comprehensive loss before reclassifications | (12,906 | ) | (3,816 | ) | (16,722 | ) | |||||||||
Amounts reclassified from accumulated OCL | 58,329 | (5,095 | ) | 53,234 | |||||||||||
Net other comprehensive income (loss) | 45,423 | (8,911 | ) | 36,512 | |||||||||||
Balance at December 31, 2011 | $ | (49,510 | ) | $ | (21,142 | ) | $ | (70,652 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (10,209 | ) | 725 | (9,484 | ) | ||||||||||
Amounts reclassified from accumulated OCL | 21,265 | — | 21,265 | ||||||||||||
Net other comprehensive income | 11,056 | 725 | 11,781 | ||||||||||||
Balance at December 31, 2012 | $ | (38,454 | ) | $ | (20,417 | ) | $ | (58,871 | ) | ||||||
Other comprehensive loss before reclassifications | (176 | ) | (412 | ) | (588 | ) | |||||||||
Amounts reclassified from accumulated OCL | 18,014 | — | 18,014 | ||||||||||||
Net other comprehensive income (loss) | 17,838 | (412 | ) | 17,426 | |||||||||||
Balance at December 31, 2013 | $ | (20,616 | ) | $ | (20,829 | ) | $ | (41,445 | ) | ||||||
The reclassifications out of accumulated OCL for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||
Amount Reclassified from Accumulated OCL | |||||||||||||||
Details about Accumulated OCL Components | 2013 | 2012 | 2011 | Statement of Operations Line Item | |||||||||||
Activity related to cash flow hedges | $ | 18,014 | $ | 21,265 | $ | 58,329 | Interest expense | ||||||||
Activity related to CTA | $ | — | $ | — | $ | (5,095 | ) | Income from discontinued operations, net of tax | |||||||
Derivatives, Policy [Policy Text Block] | ' | ||||||||||||||
Derivative Instruments and Hedging Activities: | |||||||||||||||
The Company recognizes all derivatives as either assets or liabilities on the balance sheet and measures those instruments at fair value. If certain conditions are met, a derivative may be specifically designated as (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, (b) a hedge of the exposure to variable cash flows of a forecasted transaction, or (c) a hedge of the foreign currency exposure of a net investment in a foreign-currency-denominated forecasted transaction. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and resulting designation. | |||||||||||||||
Fair Value Measurement, Policy [Policy Text Block] | ' | ||||||||||||||
Fair Value of Financial and Nonfinancial Instruments: | |||||||||||||||
Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, a fair value hierarchy has been established that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). | |||||||||||||||
Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates, foreign exchange rates, and yield curves that are observable at commonly quoted intervals. Level 3 inputs are unobservable inputs for the asset or liability, which are typically based on an entity’s own assumptions, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on inputs from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. | |||||||||||||||
Business Combinations Policy [Policy Text Block] | ' | ||||||||||||||
Business Combinations: | |||||||||||||||
The Company recognizes identifiable assets acquired, liabilities assumed, non-controlling interests and contingent liabilities assumed in a business combination at their fair values at the acquisition date based on the exit price (the price that would be received to sell an asset or transfer a liability in an orderly transaction between market participants at the measurement date). Furthermore, acquisition-related costs, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the acquired assets. In certain situations, a deferred tax liability is created due to the difference between the fair value and the tax basis of the asset at the acquisition date, which also may result in a goodwill asset being recorded. The goodwill that is recorded as a result of this difference is not subject to amortization. | |||||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||||
New Accounting Guidance: | |||||||||||||||
In December 2011, the Financial Accounting Standards Board (FASB) clarified that when a parent (reporting entity) ceases to have a controlling financial interest in a subsidiary that is in substance real estate as a result of a default on the subsidiary's nonrecourse debt, the reporting entity should apply the guidance on sales of real estate. The provisions are effective for public companies for fiscal years and interim periods within those years, beginning on or after June 15, 2012. The Company adopted the new guidance on January 1, 2013 and the guidance did not have a material impact on the Company's consolidated financial statements. | |||||||||||||||
In February 2013, the FASB issued new guidance to require an entity to present, either on the face of the statement where net income is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income if the amount is reclassified to net income in its entirety in the same reporting period. For other amounts not required to be reclassified in their entirety to net income in the same reporting period, a cross-reference to other disclosures that provide additional detail about the reclassification amounts is required. The provisions are effective for reporting periods beginning after December 15, 2012. The Company adopted this new guidance on January 1, 2013 and complied with the expanded disclosure requirements, as applicable. |
Summary_Of_Significant_Account2
Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Property, Plant and Equipment [Line Items] | ' | ||||||||||||||
Useful Life [Table Text Block] | ' | ||||||||||||||
Depreciation is computed on a straight-line basis over the following useful lives: | |||||||||||||||
Leasehold interest | Life of lease (51 years) | ||||||||||||||
Buildings | 39 years | ||||||||||||||
Building and leasehold improvements | 5 – 10 years | ||||||||||||||
Site improvements | 15 years | ||||||||||||||
Furniture, fixtures & equipment | 3 – 5 years | ||||||||||||||
Schedule of Goodwill [Table Text Block] | ' | ||||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012 are as follows (in thousands): | |||||||||||||||
2013 | 2012 | ||||||||||||||
Balance at the beginning of the year | |||||||||||||||
Goodwill | $ | 316,945 | $ | 316,945 | |||||||||||
Accumulated impairment losses | (276,586 | ) | (276,586 | ) | |||||||||||
40,359 | 40,359 | ||||||||||||||
Goodwill related to assets held for sale | (2,231 | ) | — | ||||||||||||
Balance at the end of the year | |||||||||||||||
Goodwill | 314,714 | 316,945 | |||||||||||||
Accumulated impairment losses | (276,586 | ) | (276,586 | ) | |||||||||||
$ | 38,128 | $ | 40,359 | ||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | ' | ||||||||||||||
Intangible assets at December 31, 2013 and 2012 include (in thousands): | |||||||||||||||
2013 | 2012 | Useful Life | |||||||||||||
Below market ground lease | $ | 34,567 | $ | 33,922 | Term of lease (51 years) | ||||||||||
Golf course use agreement | 1,500 | 1,500 | 14 years | ||||||||||||
Advanced bookings | 3,200 | 4,050 | Period of booking (up to 8 years) | ||||||||||||
Land development entitlements | 1,988 | 1,971 | 2 years | ||||||||||||
41,255 | 41,443 | ||||||||||||||
Accumulated amortization | (11,753 | ) | (10,812 | ) | |||||||||||
Intangible assets, net | $ | 29,502 | $ | 30,631 | |||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | ' | ||||||||||||||
The estimated future aggregate annual amortization expense for intangible assets at December 31, 2013 is summarized as follows (in thousands): | |||||||||||||||
Years ending December 31, | |||||||||||||||
2014 | $ | 951 | |||||||||||||
2015 | 773 | ||||||||||||||
2016 | 769 | ||||||||||||||
2017 | 769 | ||||||||||||||
2018 | 724 | ||||||||||||||
Thereafter | 25,516 | ||||||||||||||
Total | $ | 29,502 | |||||||||||||
Redeemable Noncontrolling Interest [Table Text Block] | ' | ||||||||||||||
The following table reflects the activity of the noncontrolling interests in SHR’s operating partnership for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Noncontrolling interests in SHR’s operating partnership | |||||||||||||||
Balance, beginning of year | $ | 5,463 | $ | 4,583 | $ | 5,050 | |||||||||
Shares of SHR common stock issued | — | 468 | 1,003 | ||||||||||||
Net income (loss) | 38 | (184 | ) | (29 | ) | ||||||||||
Currency translation adjustments | (2 | ) | 3 | (42 | ) | ||||||||||
Derivatives activity | 73 | 48 | 211 | ||||||||||||
Share-based compensation | 4 | 30 | 66 | ||||||||||||
Redemption value adjustment | 2,242 | 738 | (479 | ) | |||||||||||
Other | (284 | ) | (223 | ) | (1,197 | ) | |||||||||
Balance, end of year | $ | 7,534 | $ | 5,463 | $ | 4,583 | |||||||||
Components Of Calculation Of Loss From Continuing Operations Attributable To SHR Common Shareholders | ' | ||||||||||||||
The following table sets forth the components of the calculation of loss from continuing operations attributable to SHR common shareholders for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Numerator: | |||||||||||||||
Income (loss) from continuing operations attributable to SHR | $ | 7,804 | $ | (56,495 | ) | $ | (106,365 | ) | |||||||
Preferred shareholder dividends | (24,166 | ) | (24,166 | ) | (29,206 | ) | |||||||||
Preferred stock tender (a) | — | — | 10,724 | ||||||||||||
Loss from continuing operations attributable to SHR common shareholders | $ | (16,362 | ) | $ | (80,661 | ) | $ | (124,847 | ) | ||||||
Denominator: | |||||||||||||||
Weighted average shares of common stock - basic and diluted(b) | 206,334 | 201,109 | 176,576 | ||||||||||||
(a) | On December 19, 2011, SHR purchased a portion of its outstanding shares of preferred stock (see note 11). For purposes of calculating loss per share, the difference between the fair value of the consideration paid and the carrying amount of the shares of preferred stock tendered is an adjustment to net loss attributable to SHR common shareholders. The carrying value of the preferred stock is reduced by any related offering costs and increased by any previously deducted cumulative undeclared dividends that are forfeited. The total consideration paid was $86,127,000 and the net carrying value of the shares of preferred stock was $96,851,000, which included $18,478,000 of previously deducted preferred shareholder dividends that were forfeited. The full impact of the preferred stock tender on the calculation of net loss attributable to SHR common shareholders was recorded in the fourth quarter of 2011. | ||||||||||||||
(b) | Includes RSUs and Deferral Program Stock Units of 1,248, 2,528 and 524 at December 31, 2013, 2012 and 2011, respectively, that have vested but have not yet been issued to shares of common stock. | ||||||||||||||
Anti-Dilutive Securities Not Included In The Computation Of Diluted Loss Per Share | ' | ||||||||||||||
Securities that could potentially dilute basic loss per share in the future that are not included in the computation of diluted loss per share because they are anti-dilutive as of December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||
2013 | 2012 | 2011 | |||||||||||||
Noncontrolling interests in SHR's operating partnership | 797 | 853 | 853 | ||||||||||||
Noncontrolling interests in consolidated affiliates | 11,025 | 11,893 | — | ||||||||||||
Options, RSUs and Deferral Program Stock Units | 2,479 | 2,809 | 3,124 | ||||||||||||
Components Of Accumulated Other Comprehensive Loss | ' | ||||||||||||||
The following table provides the changes in accumulated OCL for the years ended December 31, 2013, 2012, and 2011 (in thousands): | |||||||||||||||
Derivative and | CTA | Accumulated OCL | |||||||||||||
Other Activity | |||||||||||||||
Balance at January 1, 2011 | $ | (94,933 | ) | $ | (12,231 | ) | $ | (107,164 | ) | ||||||
Other comprehensive loss before reclassifications | (12,906 | ) | (3,816 | ) | (16,722 | ) | |||||||||
Amounts reclassified from accumulated OCL | 58,329 | (5,095 | ) | 53,234 | |||||||||||
Net other comprehensive income (loss) | 45,423 | (8,911 | ) | 36,512 | |||||||||||
Balance at December 31, 2011 | $ | (49,510 | ) | $ | (21,142 | ) | $ | (70,652 | ) | ||||||
Other comprehensive (loss) income before reclassifications | (10,209 | ) | 725 | (9,484 | ) | ||||||||||
Amounts reclassified from accumulated OCL | 21,265 | — | 21,265 | ||||||||||||
Net other comprehensive income | 11,056 | 725 | 11,781 | ||||||||||||
Balance at December 31, 2012 | $ | (38,454 | ) | $ | (20,417 | ) | $ | (58,871 | ) | ||||||
Other comprehensive loss before reclassifications | (176 | ) | (412 | ) | (588 | ) | |||||||||
Amounts reclassified from accumulated OCL | 18,014 | — | 18,014 | ||||||||||||
Net other comprehensive income (loss) | 17,838 | (412 | ) | 17,426 | |||||||||||
Balance at December 31, 2013 | $ | (20,616 | ) | $ | (20,829 | ) | $ | (41,445 | ) | ||||||
ScheduleOfReclassificationOfAccumulatedOtherComprehensiveIncomeLoss [Table Text Block] | ' | ||||||||||||||
The reclassifications out of accumulated OCL for the years ended December 31, 2013, 2012 and 2011 are as follows (in thousands): | |||||||||||||||
Amount Reclassified from Accumulated OCL | |||||||||||||||
Details about Accumulated OCL Components | 2013 | 2012 | 2011 | Statement of Operations Line Item | |||||||||||
Activity related to cash flow hedges | $ | 18,014 | $ | 21,265 | $ | 58,329 | Interest expense | ||||||||
Activity related to CTA | $ | — | $ | — | $ | (5,095 | ) | Income from discontinued operations, net of tax | |||||||
Investment_In_Hotel_Properties1
Investment In Hotel Properties, Net (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||||||
Summary Of Investment In Hotel Properties | ' | |||||||||||
The following summarizes the Company’s investment in hotel properties as of December 31, 2013 and 2012, excluding the leasehold interest in the Marriott Hamburg, unconsolidated affiliates and assets held for sale (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Land | $ | 557,641 | $ | 565,000 | ||||||||
Land held for development | — | 78,000 | ||||||||||
Leasehold interest | 11,633 | 11,633 | ||||||||||
Buildings | 1,344,524 | 1,409,406 | ||||||||||
Building and leasehold improvements | 106,031 | 91,523 | ||||||||||
Site improvements | 29,209 | 29,207 | ||||||||||
Furniture, fixtures and equipment | 486,730 | 492,240 | ||||||||||
Improvements in progress | 20,542 | 20,678 | ||||||||||
Total investment in hotel properties | 2,556,310 | 2,697,687 | ||||||||||
Less accumulated depreciation | (760,972 | ) | (727,127 | ) | ||||||||
Total investment in hotel properties, net | $ | 1,795,338 | $ | 1,970,560 | ||||||||
Consolidated hotel properties | 14 | 15 | ||||||||||
Schedule of Purchase Price Allocation | ' | |||||||||||
The allocation of the purchase price for the acquisition of the JW Marriott Essex House Hotel, the Four Seasons Silicon Valley hotel and the Four Seasons Jackson Hole hotel is as follows (in thousands): | ||||||||||||
JW Marriott Essex House | Four Seasons Silicon Valley | Four Seasons Jackson Hole | ||||||||||
Land | $ | 230,951 | $ | 5,518 | $ | 19,669 | ||||||
Buildings | 88,470 | 27,269 | 33,450 | |||||||||
Site improvements | — | 400 | 444 | |||||||||
Furniture, fixtures and equipment | 21,927 | 2,827 | 4,236 | |||||||||
Other assets | 13,067 | — | — | |||||||||
Intangible assets | 390 | 88 | 372 | |||||||||
Net working capital | (4,472 | ) | 378 | (2,235 | ) | |||||||
$ | 350,333 | $ | 36,480 | $ | 55,936 | |||||||
Business Acquisition, Income Statement Impact | ' | |||||||||||
The impact to revenues and net loss attributable to SHR common shareholders from the acquisition of the JW Marriott Essex House Hotel since acquisition for the year ended December 31, 2012 is as follows (in thousands): | ||||||||||||
2012 | ||||||||||||
Increase in revenues | $ | 28,463 | ||||||||||
Increase in net loss attributable to SHR common shareholders | $ | (1,502 | ) | |||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||
On an unaudited pro forma basis, revenues, net loss attributable to SHR common shareholders and basic and diluted loss attributable to SHR common shareholders per share for the years ended December 31, 2012 and 2011 are as follows as if this acquisition had occurred on January 1, 2011 (in thousands): | ||||||||||||
2012 | 2011 | |||||||||||
Total revenue | $ | 829,018 | $ | 813,710 | ||||||||
Net loss | $ | (78,511 | ) | $ | (25,869 | ) | ||||||
Preferred shareholder dividends | $ | (24,166 | ) | $ | (18,482 | ) | ||||||
Net loss attributable to SHR common shareholders | $ | (89,716 | ) | $ | (34,310 | ) | ||||||
Net loss attributable to SHR common shareholders per share: | ||||||||||||
Basic | $ | (0.45 | ) | $ | (0.19 | ) | ||||||
Diluted | $ | (0.47 | ) | $ | (0.19 | ) |
Impairment_Losses_and_Other_Ch1
Impairment Losses and Other Charges Impairment Losses and Other Charges (Tables) | 12 Months Ended | |||||||
Dec. 31, 2011 | ||||||||
Impairment Losses And Other Charges [Abstract] | ' | |||||||
Fair Value, Assets and Liabilities Measured on Nonrecurring Basis [Table Text Block] | ' | |||||||
For the year ended December 31, 2012 (in thousands): | ||||||||
Description | Fair Value Measurements Using Significant Unobservable Inputs (Level 3) | Total Losses | ||||||
Long-lived assets | $ | 26,100 | $ | (25,089 | ) | |||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||
Summary of Income From Discontinued Operations | ' | |||||||||||
The following is a summary of income from discontinued operations for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Hotel operating revenues | $ | 37,964 | $ | 33,100 | $ | 43,535 | ||||||
Operating costs and expenses | 30,203 | 26,909 | 36,691 | |||||||||
Depreciation and amortization | 4,075 | 4,006 | 5,367 | |||||||||
Impairment losses and other charges | — | 437 | — | |||||||||
Total operating costs and expenses | 34,278 | 31,352 | 42,058 | |||||||||
Operating income | 3,686 | 1,748 | 1,477 | |||||||||
Interest income | — | 4 | 1 | |||||||||
Foreign currency exchange loss | (1 | ) | (352 | ) | (772 | ) | ||||||
Other income, net | 375 | — | 326 | |||||||||
Income tax expense | (889 | ) | (211 | ) | (693 | ) | ||||||
Gain on sale, net of tax | — | — | 101,287 | |||||||||
Income from discontinued operations | $ | 3,171 | $ | 1,189 | $ | 101,626 | ||||||
Schedule Of Assets Sold | ' | |||||||||||
During the three years ended December 31, 2013, the Company sold the following hotel: | ||||||||||||
Hotel | Location | Date Sold | Net Sales Proceeds | |||||||||
Paris Marriott Champs Elysees (Paris Marriott) | Paris, France | April 6, 2011 | $ | 60,003,000 | ||||||||
Held For Sale Components | ' | |||||||||||
The hotel's assets and liabilities have been classified as held for sale on the accompanying consolidated balance sheet as of December 31, 2013. The significant components of assets held for sale and liabilities of assets held for sale at December 31, 2013 consist of the following (in thousands): | ||||||||||||
Investment in hotel properties, net | $ | 114,754 | ||||||||||
Goodwill | 2,231 | |||||||||||
Cash | 8,903 | |||||||||||
Restricted cash | 32 | |||||||||||
Accounts receivable, net of allowance for doubtful accounts | 5,522 | |||||||||||
Deferred tax assets | 3,146 | |||||||||||
Prepaid expenses and other assets | 1,313 | |||||||||||
Assets held for sale | $ | 135,901 | ||||||||||
Accounts payable and accrued expenses | $ | 15,830 | ||||||||||
Deferred tax liabilities | 1,197 | |||||||||||
Liabilities of assets held for sale | $ | 17,027 | ||||||||||
Investment_In_Unconsolidated_A1
Investment In Unconsolidated Affiliates (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Investment In Unconsolidated Affiliates | ' | |||||||||||
Investment in unconsolidated affiliates as of December 31, 2013 and 2012 includes the following (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Fairmont Scottsdale Princess Venture | $ | 26,816 | $ | 25,225 | ||||||||
Hotel del Coronado Venture | 54,902 | 83,320 | ||||||||||
RCPM | 3,855 | 3,943 | ||||||||||
Lot H5 Venture | 19,400 | — | ||||||||||
Total investment in unconsolidated affiliates | $ | 104,973 | $ | 112,488 | ||||||||
Summarized Balance Sheet Information For The Company's Unconsolidated Affiliates | ' | |||||||||||
The following is summarized financial information for the Company’s unconsolidated affiliates as of December 31, 2013 and 2012 and for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Assets | ||||||||||||
Investment in hotel properties, net | $ | 715,422 | $ | 706,359 | ||||||||
Intangible assets, net | 42,388 | 51,862 | ||||||||||
Cash and cash equivalents | 22,029 | 21,853 | ||||||||||
Restricted cash and cash equivalents | 14,156 | 24,042 | ||||||||||
Prepaid expenses and other assets | 30,180 | 24,350 | ||||||||||
Total assets | $ | 824,175 | $ | 828,466 | ||||||||
Liabilities and Partners’ Equity | ||||||||||||
Mortgage and other debt payable | $ | 592,000 | $ | 558,000 | ||||||||
Other liabilities | 47,943 | 53,031 | ||||||||||
Partners’ equity | 184,232 | 217,435 | ||||||||||
Total liabilities and partners’ equity | $ | 824,175 | $ | 828,466 | ||||||||
Summarized Income Statement Information For The Company's Unconsolidated Affiliates | ' | |||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues | ||||||||||||
Hotel operating revenue | $ | 241,614 | $ | 217,502 | $ | 167,438 | ||||||
Residential sales | 8,388 | 10,800 | 3,051 | |||||||||
Total revenues | 250,002 | 228,302 | 170,489 | |||||||||
Expenses | ||||||||||||
Hotel operating expenses | 175,922 | 164,001 | 126,137 | |||||||||
Residential costs of sales | 6,286 | 7,081 | 968 | |||||||||
Depreciation and amortization | 33,938 | 34,640 | 27,314 | |||||||||
Other operating expenses | 4,673 | 26,985 | 6,041 | |||||||||
Total operating expenses | 220,819 | 232,707 | 160,460 | |||||||||
Operating income (loss) | 29,183 | (4,405 | ) | 10,029 | ||||||||
Interest expense, net | (24,564 | ) | (31,982 | ) | (30,305 | ) | ||||||
Other (expenses) income, net | (441 | ) | 159 | (1,871 | ) | |||||||
Net income (loss) | $ | 4,178 | $ | (36,228 | ) | $ | (22,147 | ) | ||||
Equity in earnings (losses) of unconsolidated affiliates | ||||||||||||
Net income (loss) | $ | 4,178 | $ | (36,228 | ) | $ | (22,147 | ) | ||||
Partners’ share of (income) loss of unconsolidated affiliates | (2,261 | ) | 21,293 | 12,046 | ||||||||
Adjustments for basis differences, taxes and intercompany eliminations | 1,070 | 1,450 | 886 | |||||||||
Total equity in earnings (losses) of unconsolidated affiliates | $ | 2,987 | $ | (13,485 | ) | $ | (9,215 | ) | ||||
Operating_Lease_Agreements_Ope
Operating Lease Agreements Operating Lease Agreements (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Operating Lease Agreements [Abstract] | ' | |||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | ' | |||
Minimum future rental payments due under non-cancelable operating leases, related to office space, hotel ground leases, and building leases having remaining terms in excess of one year as of December 31, 2013 are as follows (in thousands): | ||||
Years Ending December 31, | ||||
2014 | $ | 7,088 | ||
2015 | 7,104 | |||
2016 | 7,119 | |||
2017 | 6,977 | |||
2018 | 6,516 | |||
Thereafter | 179,871 | |||
$ | 214,675 | |||
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||
Mortgages and Other Debt Payable | ' | ||||||||||||
Mortgages and other debt payable at December 31, 2013 and 2012 consisted of the following (in thousands): | |||||||||||||
Spread (a) | Balance Outstanding at | ||||||||||||
December 31, | |||||||||||||
Debt | Maturity | 2013 | 2012 | ||||||||||
Four Seasons Washington, D.C.(b) | 3.15% | Jul-14 | $ | 130,000 | $ | 130,000 | |||||||
Marriott London Grosvenor Square(c) | 3.75% | Oct-14 | 115,958 | 115,468 | |||||||||
Loews Santa Monica Beach Hotel(b) | 3.85% | Jul-15 | 109,000 | 110,000 | |||||||||
JW Marriott Essex House Hotel(b) | 4.00% | Sep-15 | 185,826 | 190,000 | |||||||||
InterContinental Miami(b) | 3.50% | Jul-16 | 85,000 | 85,000 | |||||||||
Fairmont Chicago(d) | Fixed | Jun-17 | 93,124 | 95,167 | |||||||||
Westin St. Francis(d) | Fixed | Jun-17 | 209,588 | 214,186 | |||||||||
Hyatt Regency La Jolla(e) | 4.00%/Fixed | Dec-17 | 89,312 | 90,000 | |||||||||
InterContinental Chicago | Fixed | Aug-21 | 144,419 | 145,000 | |||||||||
Total mortgages payable(f) | 1,162,227 | 1,174,821 | |||||||||||
Other debt(g) | Fixed | Jan-14 | 1,469 | 1,476 | |||||||||
Total mortgages and other debt payable | $ | 1,163,696 | $ | 1,176,297 | |||||||||
(a) | Interest on mortgage loans is paid monthly at the applicable spread over LIBOR (0.17% at December 31, 2013) for all variable-rate mortgage loans except for those secured by the Marriott London Grosvenor Square hotel (£70,040,000 and £71,070,000 at December 31, 2013 and 2012, respectively), the JW Marriott Essex House Hotel and the Hyatt Regency La Jolla hotel (see (e) below). Interest on the Marriott London Grosvenor Square loan is paid quarterly at the applicable spread over three-month GBP LIBOR (0.53% at December 31, 2013) and interest on the JW Marriott Essex House Hotel is subject to a 0.75% LIBOR floor. Interest on the Fairmont Chicago and Westin St. Francis loans is paid monthly at an annual fixed rate of 6.09%, and interest on the InterContinental Chicago loan is paid monthly at an annual fixed rate of 5.61%. | ||||||||||||
(b) | The mortgage loan secured by the Four Seasons Washington, D.C. hotel has two, one-year extension options; the mortgage loan secured by the Loews Santa Monica Beach Hotel has three, one-year extension options; the mortgage loan secured by the JW Marriott Essex House Hotel has two, one-year extension options; and the mortgage loan secured by the InterContinental Miami hotel has two, one-year extension options. All of the extension options are subject to certain conditions. The maturity dates in the table exclude extension options. | ||||||||||||
(c) | On August 7, 2013, the Company entered into an amendment to the mortgage loan. The amendment extended the maturity of the loan to October 2014 and waived the July 2013 and subsequent principal payments through the extended term. Pursuant to the amendment, the spread over GBP LIBOR increases in steps during the extension period from GBP LIBOR plus 2.10% in August 2013 to GBP LIBOR plus 4.25% in April 2014. The spread in the table is the spread as of December 31, 2013. | ||||||||||||
(d) | On September 9, 2013, the Company amended the mortgage agreements secured by the Fairmont Chicago and Westin St. Francis hotels. The amendment eliminates future principal amortization payments subject to meeting certain financial and other requirements. | ||||||||||||
(e) | Interest on $72,000,000 of the total principal amount is paid monthly at LIBOR plus 4.00%, subject to a 0.50% LIBOR floor, and interest on $17,312,000 of the total principal amount is paid monthly at an annual fixed rate of 10.00%. | ||||||||||||
(f) | All of these loan agreements require maintenance of financial covenants, all of which the Company was in compliance with at December 31, 2013. | ||||||||||||
(g) | A consolidated affiliate of the Company that owns a condominium-hotel development adjacent to the Hotel del Coronado (North Beach Venture) assumed the mortgage loan on a hotel-condominium unit, which accrues interest at an annual fixed rate of 5.00% and is secured by the hotel-condominium unit. The hotel-condominium unit, with a carrying value of $1,594,000 is included in prepaid expenses and other assets on the consolidated balance sheets as of December 31, 2013 and 2012. On January 1, 2014, the North Beach Venture extended the maturity date of the loan from January 1, 2014 to January 1, 2015. | ||||||||||||
Summary of Aggregate Maturities for Mortgagues and Other Debt Payable and Bank Credit Facility | ' | ||||||||||||
The following table summarizes the aggregate maturities (assuming all extension options exercised) as of December 31, 2013 for all mortgages and other debt payable and the Company’s bank credit facility (in thousands): | |||||||||||||
Years Ending December 31, | |||||||||||||
2014 | $ | 121,682 | |||||||||||
2015 | 116,029 | ||||||||||||
2016 | 139,783 | ||||||||||||
2017 | 577,043 | ||||||||||||
2018 | 185,015 | ||||||||||||
Thereafter | 134,144 | ||||||||||||
Total | $ | 1,273,696 | |||||||||||
Equity_And_Distribution_Activi1
Equity And Distribution Activity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ' | |||||||||||
Schedule Of Changes In Issued And Outstanding Shares | ' | |||||||||||
The following table presents the changes in the issued and outstanding shares of SHR common stock since January 1, 2011 (excluding 797,238 units, 853,461 units, and 853,461 units of SH Funding (OP Units) outstanding at December 31, 2013, 2012, and 2011, respectively, which are redeemable for shares of SHR common stock on a one-for-one basis, or the cash equivalent thereof, subject to certain restrictions and at the option of SHR) (in thousands): | ||||||||||||
Outstanding at January 1, 2011 | 151,305 | |||||||||||
RSUs redeemed for shares of SHR common stock | 222 | |||||||||||
OP Units redeemed for shares of SHR common stock | 101 | |||||||||||
Common stock issued | 33,999 | |||||||||||
Outstanding at December 31, 2011 | 185,627 | |||||||||||
RSUs redeemed for shares of SHR common stock | 282 | |||||||||||
Common stock issued | 18,400 | |||||||||||
Outstanding at December 31, 2012 | 204,309 | |||||||||||
RSUs and Deferral Program Stock Units redeemed for shares of SHR common stock | 1,218 | |||||||||||
OP Units redeemed for shares of SHR common stock | 56 | |||||||||||
Outstanding at December 31, 2013 | 205,583 | |||||||||||
Schedule Of Preferred Stock Tender Offers [Table Text Block] | ' | |||||||||||
In December 2011, SHR purchased a portion of its outstanding preferred stock. The results of the tender offers are as follows: | ||||||||||||
Number of Shares | Purchase Price | |||||||||||
Validly Tendered and | (Per Share) | |||||||||||
Accepted for Purchase | ||||||||||||
Series A Preferred Stock | 340,609 | $ | 26.7 | |||||||||
Series B Preferred Stock | 984,625 | $ | 26.5 | |||||||||
Series C Preferred Stock | 1,922,273 | $ | 26.5 | |||||||||
Schedule Of Preferred Stock Distributions Payable | ' | |||||||||||
On June 29, 2012, SHR paid dividends on its preferred stock as follows: | ||||||||||||
Distribution | Per Share | |||||||||||
(in thousands) | ||||||||||||
Series A Preferred Stock | $ | 30,852 | $ | 7.44 | ||||||||
Series B Preferred Stock | $ | 26,099 | $ | 7.22 | ||||||||
Series C Preferred Stock | $ | 27,631 | $ | 7.22 | ||||||||
Schedule Of Dividends Paid [Table Text Block] | ' | |||||||||||
The Company paid the following dividends on preferred stock during the year ended December 31, 2013: | ||||||||||||
Security Type | Dividend Per Share | For the Quarter Ended | Record Date | Payable Date | ||||||||
Series A Preferred Stock | $ | 0.53125 | 31-Mar-13 | March 18, 2013 | April 1, 2013 | |||||||
Series B Preferred Stock | $ | 0.51563 | 31-Mar-13 | March 18, 2013 | April 1, 2013 | |||||||
Series C Preferred Stock | $ | 0.51563 | 31-Mar-13 | March 18, 2013 | April 1, 2013 | |||||||
Series A Preferred Stock | $ | 0.53125 | 30-Jun-13 | June 14, 2013 | July 1, 2013 | |||||||
Series B Preferred Stock | $ | 0.51563 | 30-Jun-13 | June 14, 2013 | July 1, 2013 | |||||||
Series C Preferred Stock | $ | 0.51563 | 30-Jun-13 | June 14, 2013 | July 1, 2013 | |||||||
Series A Preferred Stock | $ | 0.53125 | 30-Sep-13 | September 13, 2013 | September 30, 2013 | |||||||
Series B Preferred Stock | $ | 0.51563 | 30-Sep-13 | September 13, 2013 | September 30, 2013 | |||||||
Series C Preferred Stock | $ | 0.51563 | 30-Sep-13 | September 13, 2013 | September 30, 2013 | |||||||
Series A Preferred Stock | $ | 0.53125 | 31-Dec-13 | December 16, 2013 | December 31, 2013 | |||||||
Series B Preferred Stock | $ | 0.51563 | 31-Dec-13 | December 16, 2013 | December 31, 2013 | |||||||
Series C Preferred Stock | $ | 0.51563 | 31-Dec-13 | December 16, 2013 | December 31, 2013 | |||||||
Reconciliation Of Equity Attributable To SHR And The Noncontrolling Owners | ' | |||||||||||
The following table discloses the effects of changes in the Company’s ownership interests in its noncontrolling interests (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Net income (loss) attributable to SHR | $ | 10,975 | $ | (55,306 | ) | $ | (5,206 | ) | ||||
Acquisition of additional ownership interests in consolidated affiliates | — | (1,079 | ) | (63,723 | ) | |||||||
Change from net income (loss) attributable to SHR and transfers from noncontrolling interests | $ | 10,975 | $ | (56,385 | ) | $ | (68,929 | ) | ||||
Derivatives_Tables
Derivatives (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |||||||||||
Fair Value of Derivative Instruments | ' | |||||||||||
The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2013 and 2012 (in thousands): | ||||||||||||
Fair Value as of December 31, | ||||||||||||
Balance Sheet Location | 2013 | 2012 | ||||||||||
Derivatives in cash flow hedging relationships: | ||||||||||||
Interest rate swaps | Accounts payable and | $ | (19,992 | ) | $ | (33,929 | ) | |||||
accrued expenses | ||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||
Interest rate swaps | Accounts payable and | $ | (7,929 | ) | $ | (17,157 | ) | |||||
accrued expenses | ||||||||||||
Interest rate caps | Prepaid expenses and other assets | $ | 40 | $ | 113 | |||||||
Summary Of Transfer Out Of Level 3 For Derivative Financial Instruments Categorized | ' | |||||||||||
The following table reflects transfers out of Level 3 for all derivative financial instruments categorized as Level 3 as of January 1, 2012 (in thousands): | ||||||||||||
Beginning Balance | Transfers Out of Level 3 | Ending Balance | ||||||||||
Interest rate swaps | $ | (66,394 | ) | $ | 66,394 | $ | — | |||||
Effect Of Derivative Instruments On The Statements Of Operations | ' | |||||||||||
The tables below present the effect of the Company’s derivative financial instruments on the statements of operations for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Derivatives in Cash Flow Hedging Relationships | ||||||||||||
Interest rate swaps: | ||||||||||||
Effective portion of loss recognized in accumulated OCL | $ | (790 | ) | $ | (9,381 | ) | $ | (16,252 | ) | |||
Effective portion of loss reclassified into interest expense—continuing operations | $ | (18,293 | ) | $ | (21,668 | ) | $ | (30,509 | ) | |||
Effective portion of loss reclassified to loss on early termination of derivative financial instruments | $ | — | $ | — | $ | (27,440 | ) | |||||
Ineffective portion of (loss) gain recognized in interest expense—continuing operations | $ | (31 | ) | $ | 2,377 | $ | (6,226 | ) | ||||
Mark to market loss recognized in loss on early termination of derivative financial instruments | $ | — | $ | — | $ | (1,802 | ) | |||||
2013 | 2012 | 2011 | ||||||||||
Derivatives Not Designated as Hedging Instruments | ||||||||||||
Interest rate swaps: | ||||||||||||
Ineffective losses recognized in interest expense | $ | (382 | ) | $ | (2,826 | ) | $ | (9,282 | ) | |||
Interest rate caps: | ||||||||||||
Loss recognized in other (expense) income, net | $ | (88 | ) | $ | (165 | ) | $ | (70 | ) | |||
Designated as Hedging Instrument [Member] | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |||||||||||
Outstanding Interest Rate Derivatives | ' | |||||||||||
As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk: | ||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional Amount | ||||||||||
(in thousands) | ||||||||||||
Interest rate swaps | 2 | $ | 200,000 | |||||||||
Not Designated As Hedging Instruments [Member] | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |||||||||||
Outstanding Interest Rate Derivatives | ' | |||||||||||
As of December 31, 2013, the Company had the following outstanding interest rate derivatives that were not designated as hedging instruments: | ||||||||||||
Interest Rate Derivatives | Number of Instruments | Notional Amount | ||||||||||
(in thousands) | ||||||||||||
Interest rate swaps | 2 | $ | 200,000 | |||||||||
Interest rate caps | 4 | $ | 502,000 | |||||||||
Fair Value, Inputs, Level 2 [Member] | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |||||||||||
Interest Rate Swap Liabilities | ' | |||||||||||
The following tables reflect changes in interest rate swap liabilities categorized as Level 2 for the years ended December 31, 2013 and 2012 (in thousands): | ||||||||||||
Balance as of January 1, 2013 | $ | (51,086 | ) | |||||||||
Mark to market adjustments | 23,165 | |||||||||||
Balance as of December 31, 2013 | $ | (27,921 | ) | |||||||||
Fair Value, Inputs, Level 3 [Member] | ' | |||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | |||||||||||
Interest Rate Swap Liabilities | ' | |||||||||||
Balance as of January 1, 2012 | $ | (66,394 | ) | |||||||||
Mark to market adjustments | 15,308 | |||||||||||
Balance as of December 31, 2012 | $ | (51,086 | ) |
ShareBased_Employee_Compensati1
Share-Based Employee Compensation Plans Share-Based Emplolyee Compensation Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||||||||||
Information regarding Options is summarized in the following table: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Exercise | Exercise | Exercise | |||||||||||||||||||
Price | Price | Price | |||||||||||||||||||
Options outstanding at the beginning of the year | 669,797 | $ | 20.4 | 669,797 | $ | 20.4 | 669,797 | $ | 20.4 | ||||||||||||
Forfeited | (669,797 | ) | 20.4 | — | — | — | — | ||||||||||||||
Options outstanding at the end of the year | — | $ | — | 669,797 | $ | 20.4 | 669,797 | $ | 20.4 | ||||||||||||
Options exercisable at the end of the year | — | $ | — | 669,797 | $ | 20.4 | 669,797 | $ | 20.4 | ||||||||||||
Schedule of Share-based Compensation, Restricted Stock Units Award Activity [Table Text Block] | ' | ||||||||||||||||||||
Information regarding RSUs is summarized in the following table: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
RSUs outstanding at the beginning of the year | 1,952,004 | $ | 5.85 | 1,666,977 | $ | 5.22 | 1,377,434 | $ | 3.98 | ||||||||||||
Granted | 357,373 | 7.54 | 707,508 | 6.06 | 628,512 | 6.38 | |||||||||||||||
Issued to common shares | (291,779 | ) | 4.92 | (259,887 | ) | 3.56 | (209,238 | ) | 2.46 | ||||||||||||
Forfeited | (143,012 | ) | 4.98 | (162,594 | ) | 3.97 | (129,731 | ) | 4.19 | ||||||||||||
RSUs outstanding at the end of the year(a) | 1,874,586 | $ | 6.39 | 1,952,004 | $ | 5.85 | 1,666,977 | $ | 5.22 | ||||||||||||
(a) | Includes RSUs of 1,134,407, 1,088,602, and 524,115 at December 31, 2013, 2012 and 2011, respectively, that have vested but have not yet been issued to shares of common stock. | ||||||||||||||||||||
Schedule Of Performance Based Restricted Stock Units Activity [Table Text Block] | ' | ||||||||||||||||||||
Information regarding performance-based RSUs is summarized in the following table: | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Shares | Weighted | Shares | Weighted | Shares | Weighted | ||||||||||||||||
Average | Average | Average | |||||||||||||||||||
Grant Date | Grant Date | Grant Date | |||||||||||||||||||
Fair Value | Fair Value | Fair Value | |||||||||||||||||||
Outstanding at the beginning of the year | 915,049 | $ | 6.45 | 169,064 | $ | 6.34 | 18,516 | $ | 19.28 | ||||||||||||
Granted | 309,264 | 8.08 | 797,318 | 6.47 | 169,064 | 6.34 | |||||||||||||||
Issued to common shares | (16,562 | ) | 6.34 | (21,624 | ) | 6.34 | (12,691 | ) | 20.4 | ||||||||||||
Forfeited | (7,098 | ) | 6.34 | (29,709 | ) | 6.52 | (5,825 | ) | 20.4 | ||||||||||||
Outstanding at the end of the year(b) | 1,200,653 | $ | 6.87 | 915,049 | $ | 6.45 | 169,064 | $ | 6.34 | ||||||||||||
(b) | Includes performance-based RSUs of 113,860, 137,520, and zero at December 31, 2013, 2012 and 2011, respectively, that have vested but have not yet been issued to shares of common stock. |
Income_Taxes_Income_Taxes_Tabl
Income Taxes Income Taxes (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2013 | ||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | ' | |||||||||||||
For the years ended December 31, 2013, 2012 and 2011, income tax expense from continuing operations is summarized as follows (in thousands): | ||||||||||||||
2013 | 2012 | 2011 | ||||||||||||
Current tax (expense): | ||||||||||||||
Europe | $ | (401 | ) | $ | (787 | ) | $ | (521 | ) | |||||
United States | (737 | ) | (441 | ) | (1,241 | ) | ||||||||
(1,138 | ) | (1,228 | ) | (1,762 | ) | |||||||||
Deferred tax benefit: | ||||||||||||||
United States | 581 | 428 | 1,106 | |||||||||||
581 | 428 | 1,106 | ||||||||||||
Total income tax expense | $ | (557 | ) | $ | (800 | ) | $ | (656 | ) | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | ' | |||||||||||||
Deferred income taxes consist of the following as of December 31, 2013 and 2012 (in thousands): | ||||||||||||||
2013 | 2012 | |||||||||||||
Advanced deposits—Mexico | $ | — | $ | 1,219 | ||||||||||
Net operating loss carryforwards and other timing differences(a) | 14,115 | 14,650 | ||||||||||||
Other | — | 982 | ||||||||||||
Gross deferred tax assets | 14,115 | 16,851 | ||||||||||||
Valuation allowance(b) | (14,115 | ) | (14,648 | ) | ||||||||||
Deferred tax asset after valuation allowance | $ | — | $ | 2,203 | ||||||||||
Gross deferred tax liability—book property basis in excess of tax basis | $ | (46,137 | ) | $ | (47,275 | ) | ||||||||
(a) | For income tax purposes, the Company’s net operating losses can be carried forward for a time period ranging from eight years to indefinitely depending on the rules of the related tax jurisdictions. | |||||||||||||
(b) | The Company provides a valuation against net operating loss carryforwards due to the uncertainty of realization. The valuation allowance decreased by $533,000, $2,004,000, and $349,000 during the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
Characterization of Cash Distributions [Table Text Block] | ' | |||||||||||||
The following characterizes distributions paid per preferred share for the years ended December 31, 2013 and 2012: | ||||||||||||||
2013 | 2012 | |||||||||||||
$ | % | $ | % | |||||||||||
Preferred shares (Series A): | ||||||||||||||
Return of capital | $ | 2.13 | 100 | % | $ | 8.5 | 100 | % | ||||||
Preferred shares (Series B): | ||||||||||||||
Return of capital | $ | 2.06 | 100 | % | $ | 8.25 | 100 | % | ||||||
Preferred shares (Series C): | ||||||||||||||
Return of capital | $ | 2.06 | 100 | % | $ | 8.25 | 100 | % | ||||||
Geographic_And_Business_Segmen1
Geographic And Business Segment Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Segments, Geographical Areas [Abstract] | ' | |||||||||||
Revenues By Geographical Areas | ' | |||||||||||
The following tables present revenues (excluding unconsolidated affiliates and discontinued operations) and long-lived assets (excluding assets held for sale as of December 31, 2013) for the geographical areas in which the Company operates (in thousands): | ||||||||||||
Years Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Revenues: | ||||||||||||
United States | $ | 858,646 | $ | 732,188 | $ | 688,111 | ||||||
Europe | 41,367 | 43,029 | 41,935 | |||||||||
Total | $ | 900,013 | $ | 775,217 | $ | 730,046 | ||||||
Long-Lived Assets By Geographical Areas | ' | |||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Long-lived Assets: | ||||||||||||
United States | $ | 1,771,291 | $ | 1,802,770 | ||||||||
Mexico | — | 144,392 | ||||||||||
Europe | 91,677 | 94,388 | ||||||||||
Total | $ | 1,862,968 | $ | 2,041,550 | ||||||||
Quarterly_Operating_Results_Qu
Quarterly Operating Results Quarterly Operating Results (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Operating Results [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | ' | |||||||||||||||
Year Ended December 31, 2013 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 188,361 | $ | 236,648 | $ | 232,567 | $ | 242,437 | ||||||||
(Loss) income from continuing operations attributable to SHR common shareholders | $ | (26,169 | ) | $ | 3,993 | $ | 4,839 | $ | 975 | |||||||
Income (loss) from discontinued operations attributable to SHR | 2,721 | (719 | ) | (1,079 | ) | 2,248 | ||||||||||
Net (loss) income attributable to SHR common shareholders | $ | (23,448 | ) | $ | 3,274 | $ | 3,760 | $ | 3,223 | |||||||
Earnings per weighted average common share outstanding—Basic | ||||||||||||||||
(Loss) income from continuing operations attributable to SHR common shareholders per share | $ | (0.12 | ) | $ | 0.02 | $ | 0.02 | $ | 0.01 | |||||||
Income from discontinued operations attributable to SHR per share | 0.01 | — | — | 0.01 | ||||||||||||
Net (loss) income attributable to SHR common shareholders per share | $ | (0.11 | ) | $ | 0.02 | $ | 0.02 | $ | 0.02 | |||||||
Weighted average common shares outstanding—Basic | 206,981 | 206,061 | 206,767 | 206,814 | ||||||||||||
Earnings per weighted average common share outstanding—Diluted | ||||||||||||||||
(Loss) income from continuing operations attributable to SHR common shareholders per share | $ | (0.13 | ) | $ | 0.01 | $ | — | $ | 0.01 | |||||||
Income from discontinued operations attributable to SHR per share | 0.01 | — | — | 0.01 | ||||||||||||
Net (loss) income attributable to SHR common shareholders per share | $ | (0.12 | ) | $ | 0.01 | $ | — | $ | 0.02 | |||||||
Weighted average common shares outstanding—Diluted | 218,710 | 219,227 | 220,258 | 208,986 | ||||||||||||
Year Ended December 31, 2012 | ||||||||||||||||
(Dollars in thousands, except per share data) | ||||||||||||||||
First | Second | Third | Fourth | |||||||||||||
Quarter | Quarter | Quarter | Quarter | |||||||||||||
Revenues | $ | 168,350 | $ | 193,247 | $ | 200,810 | $ | 212,810 | ||||||||
Loss from continuing operations attributable to SHR common shareholders | $ | (33,041 | ) | $ | (2,338 | ) | $ | (7,519 | ) | $ | (37,763 | ) | ||||
Income (loss) from discontinued operations attributable to SHR | 1,525 | (660 | ) | (1,038 | ) | 1,362 | ||||||||||
Net loss attributable to SHR common shareholders | $ | (31,516 | ) | $ | (2,998 | ) | $ | (8,557 | ) | $ | (36,401 | ) | ||||
Earnings per weighted average common share outstanding—Basic | ||||||||||||||||
Loss from continuing operations attributable to SHR common shareholders per share | $ | (0.18 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.18 | ) | ||||
Income (loss) from discontinued operations attributable to SHR per share | 0.01 | — | — | — | ||||||||||||
Net loss attributable to SHR common shareholders per share | $ | (0.17 | ) | $ | (0.01 | ) | $ | (0.04 | ) | $ | (0.18 | ) | ||||
Weighted average common shares outstanding—Basic | 186,430 | 202,021 | 206,523 | 206,836 | ||||||||||||
Earnings per weighted average common share outstanding—Diluted | ||||||||||||||||
Loss from continuing operations attributable to SHR common shareholders per share | (0.18 | ) | (0.01 | ) | (0.05 | ) | (0.18 | ) | ||||||||
Income (loss) from discontinued operations attributable to SHR per share | 0.01 | — | — | — | ||||||||||||
Net loss attributable to SHR common shareholders per share | (0.17 | ) | (0.01 | ) | (0.05 | ) | (0.18 | ) | ||||||||
Weighted average common shares outstanding—Diluted | 186,430 | 202,021 | 218,182 | 206,836 | ||||||||||||
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation Real Estate and Accumulated Depreciation (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Real Estate And Accumulated Depreciation [Abstract] | ' | |||||||||||||||||||||||||||||||||||||||||
Schedule Of Real Estate Accumulated Depreciation [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||||
Initial Costs | Gross Amount at | |||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||
Description | Location | Debt | Land | Building & | Subsequent Costs Capitalized | Land | Building & | Total | Accumulated | Date of | Date | Depreciation | ||||||||||||||||||||||||||||||
Improvements | Improvements | Depreciation | Completion of | Acquired | Life | |||||||||||||||||||||||||||||||||||||
Construction | ||||||||||||||||||||||||||||||||||||||||||
Marriott Lincolnshire Resort | Lincolnshire, IL | $ | — | $ | — | $ | 47,248 | $ | 6,931 | $ | — | $ | 54,179 | $ | 54,179 | $ | (27,204 | ) | 1975 | Sep-97 | 39 | |||||||||||||||||||||
Loews Santa Monica Beach Hotel | Santa Monica, CA | 109,000 | 5,833 | 91,717 | 5,731 | 5,833 | 97,448 | 103,281 | (41,329 | ) | 1989 | Mar-98 | 39 | |||||||||||||||||||||||||||||
Hyatt Regency La Jolla | La Jolla, CA | 89,312 | 13,093 | 66,260 | — | 13,093 | 66,260 | 79,353 | (24,637 | ) | 1989 | Jul-99 | 39 | |||||||||||||||||||||||||||||
Ritz-Carlton Half Moon Bay | Half Moon Bay, CA | — | 20,100 | 79,400 | 3,088 | 20,100 | 82,488 | 102,588 | (22,559 | ) | 2001 | Aug-04 | 39 | |||||||||||||||||||||||||||||
InterContinental Chicago | Chicago, IL | 144,419 | 20,259 | 139,204 | 4,747 | 20,252 | 143,958 | 164,210 | (33,794 | ) | 1929 | Apr-05 | 39 | |||||||||||||||||||||||||||||
InterContinental Miami | Miami, FL | 85,000 | 41,891 | 69,296 | 20,205 | 41,877 | 89,515 | 131,392 | (26,070 | ) | 1982 | Apr-05 | 39 | |||||||||||||||||||||||||||||
Fairmont Chicago | Chicago, IL | 93,124 | 17,347 | 129,153 | 26,369 | 17,347 | 155,522 | 172,869 | (53,066 | ) | 1987 | Sep-05 | 39 | |||||||||||||||||||||||||||||
Four Seasons Washington, D.C. | Washington, D.C. | 130,000 | 44,900 | 75,600 | 27,258 | 44,900 | 102,858 | 147,758 | (37,475 | ) | 1979 | Mar-06 | 39 | |||||||||||||||||||||||||||||
Westin St. Francis | San Francisco, CA | 209,588 | 61,400 | 287,800 | 4,803 | 61,400 | 292,603 | 354,003 | (59,018 | ) | 1907 | Jun-06 | 39 | |||||||||||||||||||||||||||||
Ritz-Carlton Laguna Niguel | Dana Point, CA | — | 76,700 | 176,300 | 1,567 | 76,700 | 177,867 | 254,567 | (38,572 | ) | 1984 | Jul-06 | 39 | |||||||||||||||||||||||||||||
Marriott London Grosvenor Square | London, England | 115,958 | — | 85,468 | (11,041 | )(1) | — | 74,427 | 74,427 | (16,158 | ) | 1962 | Aug-06 | 39 | ||||||||||||||||||||||||||||
Four Seasons Jackson Hole | Teton Village, WY | — | 19,669 | 33,894 | — | 19,669 | 33,894 | 53,563 | (2,519 | ) | 2003 | Mar-11 | 39 | |||||||||||||||||||||||||||||
Four Seasons Silicon Valley | East Palo Alto, CA | — | 5,518 | 27,669 | — | 5,518 | 27,669 | 33,187 | (2,061 | ) | 2006 | Mar-11 | 39 | |||||||||||||||||||||||||||||
JW Marriott Essex House | New York, NY | 185,826 | 230,951 | 88,470 | — | 230,952 | 88,470 | 319,422 | (3,025 | ) | 1931 | Sep-12 | 39 | |||||||||||||||||||||||||||||
Totals | $ | 1,162,227 | $ | 557,661 | $ | 1,397,479 | $ | 89,658 | $ | 557,641 | $ | 1,487,158 | $ | 2,044,799 | $ | (387,487 | ) | |||||||||||||||||||||||||
Assets Held For Sale: | ||||||||||||||||||||||||||||||||||||||||||
Four Seasons Punta Mita | Punta Mita, Mexico | $ | — | $ | 4,359 | $ | 44,950 | $ | 25,702 | $ | 7,360 | $ | 67,651 | $ | 75,011 | $ | (18,945 | ) | 1999 | Feb-01 | 39 | |||||||||||||||||||||
La Solana (Land held for development) | Punta Mita, Mexico | — | 51,900 | — | — | 51,900 | — | 51,900 | — | — | Mar-06 | — | ||||||||||||||||||||||||||||||
Totals | $ | — | $ | 56,259 | $ | 44,950 | $ | 25,702 | $ | 59,260 | $ | 67,651 | $ | 126,911 | $ | (18,945 | ) | |||||||||||||||||||||||||
-1 | Includes currency translation adjustment of $(11,041) for the Marriott London Grosvenor Square hotel. | |||||||||||||||||||||||||||||||||||||||||
Schedule Of Change In Total Cost Of Properties [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||||
(A) The change in total cost of properties for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 2,180,534 | $ | 1,869,903 | $ | 1,978,506 | ||||||||||||||||||||||||||||||||||||
Additions: | ||||||||||||||||||||||||||||||||||||||||||
Acquisition of properties | — | 319,421 | 86,750 | |||||||||||||||||||||||||||||||||||||||
Improvements | 15,887 | 13,129 | 2,695 | |||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 1,389 | 3,170 | — | |||||||||||||||||||||||||||||||||||||||
Deductions: | ||||||||||||||||||||||||||||||||||||||||||
Reclassifications (1) | (153,011 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Recapitalization | — | — | (197,796 | ) | ||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | — | — | (252 | ) | ||||||||||||||||||||||||||||||||||||||
Impairment | — | (25,089 | ) | — | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 2,044,799 | $ | 2,180,534 | $ | 1,869,903 | ||||||||||||||||||||||||||||||||||||
Schedule Of Change In Accumulated Depreciation And Amortization Of Real Estate Assets [Table Text Block] | ' | |||||||||||||||||||||||||||||||||||||||||
(B) The change in accumulated depreciation and amortization of real estate assets for the years ended December 31, 2013, 2012 and 2011 is as follows: | ||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||||||||||||||||||||
Balance, beginning of period | $ | 355,497 | $ | 304,779 | $ | 285,039 | ||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 50,548 | 50,172 | 48,918 | |||||||||||||||||||||||||||||||||||||||
Reclassification to assets held for sale | (18,945 | ) | — | — | ||||||||||||||||||||||||||||||||||||||
Recapitalization | — | — | (29,079 | ) | ||||||||||||||||||||||||||||||||||||||
Currency translation adjustment | 387 | 546 | (99 | ) | ||||||||||||||||||||||||||||||||||||||
Balance, end of period | $ | 387,487 | $ | 355,497 | $ | 304,779 | ||||||||||||||||||||||||||||||||||||
General_Details
General (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Schedule of Equity Method Investments [Line Items] | ' |
Number of hotels | 18 |
Number of reportable segments | 1 |
SH Funding [Member] | ' |
Schedule of Equity Method Investments [Line Items] | ' |
Noncontrolling Interest, Ownership Percentage by Parent | 99.00% |
Summary_Of_Significant_Account3
Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 24, 2011 | Dec. 16, 2012 | |
Property And Equipment [Member] | Property And Equipment [Member] | Loan And Other Agreements [Member] | Loan And Other Agreements [Member] | Hyatt Regency La Jolla Hotel [Member] | Hyatt Regency La Jolla Hotel [Member] | SHR del Partners, L.P. [Member] | ||||
Hotel Del Coronado Venture [Member] | ||||||||||
Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of Intangible Assets | $1,653,000 | $1,704,000 | $2,414,000 | ' | ' | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents | $75,916,000 | $58,579,000 | ' | $38,629,000 | $33,832,000 | $37,287,000 | $24,747,000 | ' | ' | ' |
Percentage of taxable income that company must distribute in order to qualify as a REIT | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | 53.50% | 53.50% | 85.80% |
Recovered_Sheet1
Summary of Significant Accounting Policiies (Useful Life Of Hotel Properties) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Leasehold Interest [Member] | ' |
Useful Life of Hotel Properties [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | 'Life of lease (51 years) |
Building [Member] | ' |
Useful Life of Hotel Properties [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '39 years |
Building and Leasehold Improvement [Member] | ' |
Useful Life of Hotel Properties [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '5 b 10 years |
Site Improvements [Member] | ' |
Useful Life of Hotel Properties [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '15 years |
Furniture and Fixtures [Member] | ' |
Useful Life of Hotel Properties [Line Items] | ' |
Property, Plant and Equipment, Estimated Useful Lives | '3 b 5 years |
Recovered_Sheet2
Summary of Significant Accounting Policies (Goodwill) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Roll Forward] | ' | ' |
Goodwill, Beginnning | $40,359 | $40,359 |
Goodwill, Written off Related to Sale of Business Unit | -2,231 | 0 |
Goodwill, Ending | 38,128 | 40,359 |
Goodwill Gross [Roll Forward] | ' | ' |
Goodwill, Gross, Beginning | 316,945 | 316,945 |
Goodwill, Written off Related to Sale of Business Unit | -2,231 | 0 |
Goodwill, Gross, Ending | 314,714 | 316,945 |
Goodwill Accumulated Impairment [Roll Forward] | ' | ' |
Accumulated impairment losses, Beginning | -276,586 | -276,586 |
Accumulated impairment losses, Ending | ($276,586) | ($276,586) |
Recovered_Sheet3
Summary of Significant Accounting Policies (Intangible Assets) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $41,255 | $41,443 |
Finite-Lived Intangible Assets, Accumulated Amortization | -11,753 | -10,812 |
Finite-Lived Intangible Assets, Net | 29,502 | 30,631 |
Below market ground lease | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 34,567 | 33,922 |
Finite-Lived Intangible Asset, Useful Life | 'Term of lease (51 years) | ' |
Golf course use agreement | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 1,500 | 1,500 |
Finite-Lived Intangible Asset, Useful Life | '14 years | ' |
Advanced bookings | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | 3,200 | 4,050 |
Finite-Lived Intangible Asset, Useful Life | 'PeriodB ofB bookingB (upB toB 8B years) | ' |
Land development entitlements | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Gross | $1,988 | $1,971 |
Finite-Lived Intangible Asset, Useful Life | '2 years | ' |
Summary_Of_Significant_Account4
Summary Of Significant Accounting Policies Summary of Significant Accounting Policies (Intangible Asset Amortization) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $951 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 773 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 769 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 769 | ' |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 724 | ' |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 25,516 | ' |
Finite-Lived Intangible Assets, Net | $29,502 | $30,631 |
Recovered_Sheet4
Summary of Significant Accounting Policies (Noncontrolling Interests) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Balance, beginning of year | $5,463 | ' | ' |
Net income (loss) | 10,975 | -55,306 | -5,206 |
Currency translation adjustments | -412 | 725 | -8,911 |
Gain on derivatives and other activity | 17,838 | 11,056 | 45,423 |
Balance, end of year | 7,534 | 5,463 | ' |
Temporary Equity, Redemption Price Per Share | $9.45 | $6.40 | $5.37 |
Total Redeemable Non Controlling Interests Temporary Equity [Member] | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward] | ' | ' | ' |
Balance, beginning of year | 5,463 | 4,583 | 5,050 |
Shares of SHR common stock issued | 0 | 468 | 1,003 |
Net income (loss) | 38 | -184 | -29 |
Currency translation adjustments | -2 | 3 | -42 |
Gain on derivatives and other activity | 73 | 48 | 211 |
Share-based compensation | 4 | 30 | 66 |
Redemption value adjustment | 2,242 | 738 | -479 |
Other | -284 | -223 | -1,197 |
Balance, end of year | $7,534 | $5,463 | $4,583 |
Summary_Of_Significant_Account5
Summary Of Significant Accounting Policies (Schedule Of Income Tax (Expense) Benefit Related To Continuing Operations) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Examination [Line Items] | ' |
Percentage Of Taxable Income That Company Must Distribute In Order To Qualify As Reit | 100.00% |
Summary_Of_Significant_Account6
Summary Of Significant Accounting Policies (Components Of Calculation Of Loss From Continuing Operations Attributable To SHR Common Shareholders) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to SHR | ' | ' | ' | ' | ' | ' | ' | ' | $7,804 | ($56,495) | ($106,365) |
Preferred shareholder dividends | ' | ' | ' | ' | ' | ' | ' | ' | -24,166 | -24,166 | -29,206 |
Preferred stock tender (a) | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 10,724 |
Loss from continuing operations attributable to SHR common shareholders | 975 | 4,839 | 3,993 | -26,169 | -37,763 | -7,519 | -2,338 | -33,041 | -16,362 | -80,661 | -124,847 |
Weighted average number of shares outstanding, basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | 206,334 | 201,109 | 176,576 |
Payments for Repurchase of Redeemable Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 86,127 |
Carrying Value Of Preferred Stock Tendered | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,851 |
Preferred Dividends Forfeited | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $18,478 |
Shares vested, not yet issued to common stock | ' | ' | ' | ' | ' | ' | ' | ' | 1,248 | 2,528 | 524 |
Summary_Of_Significant_Account7
Summary Of Significant Accounting Policies (Anti-Dilutive Securities Not Included In The Computation Of Diluted Loss Per Share) (Details) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncontrolling interests in SHR's operating partnership | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings per share | 797 | 853 | 853 |
Noncontrolling interests in consolidated affiliates | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings per share | 11,025 | 11,893 | 0 |
Options, RSUs and Deferral Program Stock Units | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' |
Anti-dilutive securities excluded from computation of earnings per share | 2,479 | 2,809 | 3,124 |
Summary_Of_Significant_Account8
Summary Of Significant Accounting Policies (Components Of Accumulated Other Comprehensive Loss) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Derivatives and Other Activity AOCI [Roll Forward] | ' | ' | ' |
Derivative and Other Activity, Beginning Balance | ($38,454) | ($49,510) | ($94,933) |
Derivatives - OCL before reclassifications | -176 | -10,209 | -12,906 |
Derivatives - Amounts reclassified from AOCL | 18,014 | 21,265 | 58,329 |
Other comprehensive income | 17,838 | 11,056 | 45,423 |
Derivative and Other Activity, Ending Balance | -20,616 | -38,454 | -49,510 |
CTA AOCI [Roll Forward] | ' | ' | ' |
CTA, Beginning Balance | -20,417 | -21,142 | -12,231 |
CTA - OCL before reclassifications | -412 | 725 | -3,816 |
CTA - Amounts reclassified from AOCL | 0 | 0 | -5,095 |
Currency translation adjustments | -412 | 725 | -8,911 |
CTA, Ending Balance | -20,829 | -20,417 | -21,142 |
Accumulated other comprehensive income [Roll Forward] | ' | ' | ' |
Accumulated OCL, Beginning Balance | -58,871 | -70,652 | -107,164 |
OCL before reclassifications | -588 | -9,484 | -16,722 |
Amounts reclassified from AOCL | 18,014 | 21,265 | 53,234 |
Other comprehensive income | 17,426 | 11,781 | 36,512 |
Accumulated OCL, Ending Balance | ($41,445) | ($58,871) | ($70,652) |
Investment_In_Hotel_Properties2
Investment In Hotel Properties, Net (Details) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | |||||||||||
Jun. 25, 2011 | Mar. 12, 2011 | Mar. 31, 2012 | Mar. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 14, 2012 | Mar. 11, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 14, 2012 | Dec. 31, 2013 | |
Strategic Hotel Funding, L.L.C. [Member] | K S L Capital Partners L L C [Member] | J W Marriott Essex House [Member] | J W Marriott Essex House [Member] | J W Marriott Essex House [Member] | Parent [Member] | |||||||||||
J W Marriott Essex House [Member] | ||||||||||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | ' | ' | $350,333,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Equity Method Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 89,147,000 | 85,651,000 | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51.00% |
Third Party Ownership Percentage In Joint Venture | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | ' | ' | ' | ' | ' | 1,163,696,000 | 1,176,297,000 | ' | ' | ' | ' | ' | 185,826,000 | 190,000,000 | 190,000,000 | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | 92,355,000 | 95,657,000 | ' | ' | ' | ' | ' | ' | ' | 85,651,000 | ' |
Acquisition Costs, Cumulative | ' | ' | ' | ' | ' | ' | 3,208,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 10,798,846 | 15,200,000 | ' | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued Or Issuable, Common Stock Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.08 | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Value Assigned | ' | ' | ' | ' | ' | ' | ' | ' | ' | 92,416,000 | ' | ' | ' | ' | ' | ' |
Note receivable that is secured by property adjacent | ' | ' | $10,507,000 | ' | ' | $0 | $9,457,000 | $0 | ' | ' | ' | ' | ' | ' | ' | ' |
Recovered_Sheet5
Investment in Hotel Properties Net, Summary of Investment in Hotel Properties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Property | Property |
Investment in Hotel Properties, Net [Line Items] | ' | ' |
Land | $557,641 | $565,000 |
Land held for development | 0 | 78,000 |
Leasehold interest | 11,633 | 11,633 |
Buildings | 1,344,524 | 1,409,406 |
Building and leasehold improvements | 106,031 | 91,523 |
Site improvements | 29,209 | 29,207 |
Furniture, fixtures and equipment | 486,730 | 492,240 |
Improvements in progress | 20,542 | 20,678 |
Total investment in hotel properties | 2,556,310 | 2,697,687 |
Less accumulated depreciation | -760,972 | -727,127 |
Total investment in hotel properties, net | $1,795,338 | $1,970,560 |
Consolidated hotel properties | 14 | 15 |
Investment_In_Hotel_Properties3
Investment In Hotel Properties, Net Business Acquisition, Purchase Price Allocation (Details) (USD $) | Sep. 14, 2012 | Mar. 11, 2011 | Mar. 11, 2011 |
In Thousands, unless otherwise specified | J W Marriott Essex House [Member] | Four Seasons Silicon Valley [Member] | Four Seasons Jackson Hole [Member] |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' |
Land | $230,951 | $5,518 | $19,669 |
Buildings | 88,470 | 27,269 | 33,450 |
Site improvements | 0 | 400 | 444 |
Furniture, fixtures and equipment | 21,927 | 2,827 | 4,236 |
Other assets | 13,067 | 0 | 0 |
Intangible assets | 390 | 88 | 372 |
Net working capital | -4,472 | 378 | -2,235 |
Net purchase price | $350,333 | $36,480 | $55,936 |
Investment_In_Hotel_Properties4
Investment In Hotel Properties, Net Business Acquisition, Income Statement Impact (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Business Acquisition, Income Statement Impact [Line Items] | ' |
Increase in revenues | $28,463 |
Increase in net loss attributable to SHR common shareholders | ($1,502) |
Investment_In_Hotel_Properties5
Investment In Hotel Properties, Net Business Acquisition, Pro Forma Income Statement (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Preferred shareholder dividends | ($24,166) | ($24,166) | ($29,206) |
Basic | ' | ($0.45) | ($0.19) |
Diluted | ' | ($0.47) | ($0.19) |
J W Marriott Essex House [Member] | ' | ' | ' |
Total revenue | ' | 829,018 | 813,710 |
Net loss | ' | -78,511 | -25,869 |
Preferred shareholder dividends | ' | -24,166 | -18,482 |
Net loss attributable to SHR common shareholders | ' | ($89,716) | ($34,310) |
Impairment_Losses_and_Other_Ch2
Impairment Losses and Other Charges Impairment Losses and Other Charges (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 15, 2013 | Sep. 30, 2013 |
Impairment Losses and Other Charges [Line Items] | ' | ' | ' | ' | ' | ' |
Note receivable that is secured by property adjacent | $10,507 | $0 | $9,457 | $0 | ' | ' |
Assets, Fair Value Disclosure, Nonrecurring | ' | ' | ' | ' | ' | 10,500 |
Asset Impairment Charges | ' | 728 | ' | ' | ' | ' |
Significant Acquisitions and Disposals, Acquisition Costs or Sale Proceeds | ' | ' | ' | ' | 10,500 | ' |
Property, Plant, and Equipment, Fair Value Disclosure | ' | ' | 26,100 | ' | ' | ' |
Impairment of Long-Lived Assets Held-for-use | ' | ' | -25,089 | ' | ' | ' |
Noncash Project Abandonment Costs | ' | ' | 4,204 | ' | ' | ' |
Land [Member] | ' | ' | ' | ' | ' | ' |
Impairment Losses and Other Charges [Line Items] | ' | ' | ' | ' | ' | ' |
Asset Impairment Charges | ' | ' | 14,639 | ' | ' | ' |
Fair Value Inputs, Cap Rate | ' | ' | 9.00% | ' | ' | ' |
Fair Value Inputs, Discount Rate | ' | ' | 17.00% | ' | ' | ' |
Impairment Analysis, Discounted Cash Flow Term | ' | ' | '9 years | ' | ' | ' |
Reduction of Carrying Value | ' | ' | 25,089 | ' | ' | ' |
Reduction of Obligation | ' | ' | $10,450 | ' | ' | ' |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 3 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 06, 2011 | Apr. 06, 2011 | Jun. 30, 2012 | Jun. 30, 2012 | Dec. 31, 2011 | Mar. 31, 2014 | |
USD ($) | USD ($) | USD ($) | Paris Marriott Champs Elysees [Member] | Paris Marriott Champs Elysees [Member] | Paris Marriott Champs Elysees [Member] | Paris Marriott Champs Elysees [Member] | Paris Marriott Champs Elysees [Member] | Subsequent Event [Member] | |
USD ($) | EUR (€) | USD ($) | EUR (€) | USD ($) | Four Seasons Punta Mita [Member] | ||||
USD ($) | |||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Date Of Hotels Sold | ' | ' | ' | ' | ' | ' | ' | 'April 6, 2011 | ' |
Consideration received for sale of leasehold interest | ' | ' | ' | $41,567,000 | € 29,200,000 | ' | ' | ' | ' |
Consideration received for release of security deposit and other closing adjustments | ' | ' | ' | 18,901,000 | 13,500,000 | 1,991,000 | 1,600,000 | ' | ' |
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 0 | 101,287,000 | ' | ' | ' | ' | 101,267,000 | ' |
Proceeds from Sale of Productive Assets | $16,533,000 | $1,991,000 | $58,012,000 | ' | ' | ' | ' | $60,003,000 | $200,000,000 |
Discontinued_Operations_Summar
Discontinued Operations (Summary Of Income From Discontinued Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Hotel operating revenues | $37,964 | $33,100 | $43,535 |
Operating costs and expenses | 30,203 | 26,909 | 36,691 |
Depreciation and amortization | 4,075 | 4,006 | 5,367 |
Impairment losses and other charges | ' | 437 | 0 |
Total operating costs and expenses | 34,278 | 31,352 | 42,058 |
Operating income | 3,686 | 1,748 | 1,477 |
Interest income | 0 | 4 | 1 |
Foreign currency exchange loss | -1 | -352 | -772 |
Other income, net | 375 | 0 | 326 |
Income tax expense | -889 | -211 | -693 |
Gain on sale, net of tax | 0 | 0 | 101,287 |
Income from discontinued operations | $3,171 | $1,189 | $101,626 |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Schedule of Assets Sold) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Deferred tax liabilities | $1,197,000 | ' | ' |
Cash | 8,903,000 | ' | ' |
Proceeds from Sale of Productive Assets | 16,533,000 | 1,991,000 | 58,012,000 |
Accounts receivable, net of allowance for doubtful accounts | 5,522,000 | ' | ' |
Paris Marriott Champs Elysees [Member] | ' | ' | ' |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' |
Date Of Hotels Sold | ' | ' | 'April 6, 2011 |
Proceeds from Sale of Productive Assets | ' | ' | $60,003,000 |
Discontinued_Operations_Discon1
Discontinued Operations Discontinued Operations (Held For Sale Components) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Discontinued Operations and Disposal Groups [Abstract] | ' | ' |
Investment in hotel properties, net | $114,754 | ' |
Goodwill | 2,231 | ' |
Cash | 8,903 | ' |
Restricted cash | 32 | ' |
Accounts receivable, net of allowance for doubtful accounts | 5,522 | ' |
Deferred tax assets | 3,146 | ' |
Prepaid expenses and other assets | 1,313 | ' |
Assets held for sale | 135,901 | 0 |
Accounts payable and accrued expenses | 15,830 | ' |
Deferred tax liabilities | 1,197 | ' |
Liabilities of assets held for sale | $17,027 | $0 |
Variable_Interest_Entity_Detai
Variable Interest Entity (Details) (USD $) | Sep. 14, 2012 | Mar. 11, 2011 | Sep. 14, 2012 | Sep. 14, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Per Share data, unless otherwise specified | J W Marriott Essex House [Member] | Minimum [Member] | Strategic Hotel Funding, L.L.C. [Member] | Strategic Hotel Funding, L.L.C. [Member] | Strategic Hotel Funding, L.L.C. [Member] | K S L Capital Partners L L C [Member] | K S L Capital Partners L L C [Member] | K S L Capital Partners L L C [Member] | ||
J W Marriott Essex House [Member] | J W Marriott Essex House [Member] | J W Marriott Essex House [Member] | J W Marriott Essex House [Member] | J W Marriott Essex House [Member] | ||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Interest in Joint Venture | ' | ' | ' | ' | $89,147 | $89,147 | ' | $85,651 | $85,651 | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | 51.00% | ' | ' | ' | ' | ' | ' | ' |
Third Party Ownership Percentage In Joint Venture | 49.00% | ' | 49.00% | ' | ' | ' | ' | ' | ' | ' |
Investment Interest Rate | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued Or Issuable, Common Stock Price Per Share | ' | $6.08 | ' | $7.50 | ' | ' | ' | ' | ' | ' |
Days Of Volume Weighted Average Price Per Share | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' |
Variable Interest Entity, Financial or Other Support, Amount | ' | ' | ' | ' | ' | 3,268 | 1,530 | ' | ' | ' |
Variable Interest Entity, Financial or Other Support Other Investors, Amount | ' | ' | ' | ' | ' | ' | ' | ' | $3,140 | $1,470 |
Investment_In_Unconsolidated_A2
Investment In Unconsolidated Affiliates (Investment In Unconsolidated Affiliates) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 10 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | ||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 20, 2013 | Mar. 09, 2013 | Mar. 09, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 16, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 16, 2012 | Aug. 31, 2009 | Sep. 30, 2008 | |
Fairmont Scottsdale Princess Venture [Member] | Fairmont Scottsdale Princess Venture [Member] | Fairmont Scottsdale Princess Venture [Member] | Fairmont Scottsdale Princess Venture [Member] | Hotel Del Coronado Venture [Member] | Hotel Del Coronado Venture [Member] | Hotel Del Coronado Venture [Member] | Hotel Del Coronado Venture [Member] | Hotel Del Coronado Venture [Member] | Hotel Del Coronado Venture [Member] | Four Seasons RCPM [Member] | Four Seasons RCPM [Member] | Four Seasons RCPM [Member] | H5 Land Parcel [Member] | H5 Land Parcel [Member] | H5 Land Parcel [Member] | SHR del Partners, L.P. [Member] | SHR del Partners, L.P. [Member] | Second Non Interest Bearing Promissory Notes [Member] | First Non Interest Bearing Promissory Notes [Member] | ||||
Hotel Del Coronado Venture [Member] | Hotel Del Coronado Venture [Member] | H5 Land Parcel [Member] | H5 Land Parcel [Member] | ||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total investment in unconsolidated affiliates | $104,973,000 | $112,488,000 | ' | $26,816,000 | $25,225,000 | ' | ' | ' | ' | $54,902,000 | $83,320,000 | ' | ' | $3,855,000 | $3,943,000 | ' | ' | $19,400,000 | $0 | ' | ' | ' | ' |
Percentage of ownership in unconsolidated affiliate | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | 36.40% | ' | ' | 34.30% | 31.00% | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' |
Quarterly management fee, years 1-2 | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly management fee, years 3-4 | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly management fee after year 4 | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Asset management, development and financing fees | 400,000 | 400,000 | 400,000 | 594,000 | 662,000 | 215,000 | ' | ' | ' | 903,000 | 856,000 | 1,970,000 | ' | 291,000 | 117,000 | 40,000 | ' | ' | ' | ' | ' | ' | ' |
Secured Debt | 1,163,696,000 | 1,176,297,000 | ' | 117,000,000 | ' | ' | 133,000,000 | 425,000,000 | 425,000,000 | 475,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Mortgage Loan Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'two-year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan extension period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'three, one-year extension options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | 31-Dec-13 | ' | ' | ' | ' | 9-Mar-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread (basis points) | ' | ' | ' | 0.36% | ' | ' | ' | ' | 4.80% | 3.65% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Blackstone ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.60% | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.80% | ' | ' |
Payments to Noncontrolling Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,976,000 | ' | ' | ' |
Loss on Contract Termination | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,600,000 | ' | ' | ' |
Quarterly asset management fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of incentive fee paid to the hotel operator | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one-third | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Profit-based incentive fees percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Internal rate of return | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of one year extension period | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of extension options, in years | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | 1.00% | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR Cap Term | ' | ' | ' | ' | ' | ' | ' | 'two-year | ' | 'two-year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR cap rate | ' | ' | ' | ' | ' | ' | ' | 2.00% | 2.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Received From Unconsolidated Affiliates | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,244,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Promissory Notes On Real Estate Number Of Loans | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' | ' | ' | ' | ' | ' |
Repayments of Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 |
Debt Instrument, Decrease, Forgiveness | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17,500,000 | ' |
Proceeds from Distributions Received from Real Estate Partnerships | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000,000 | ' | ' | ' | ' | ' |
Investment_In_Unconsolidated_A3
Investment In Unconsolidated Affiliates (Summarized Balance Sheet Information For The Company's Unconsolidated Affiliates) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Investment in hotel properties, net | $1,795,338,000 | $1,970,560,000 | ' | ' |
Intangible assets, net | 29,502,000 | 30,631,000 | ' | ' |
Cash and cash equivalents | 73,655,000 | 80,074,000 | 72,013,000 | 78,842,000 |
Restricted cash and cash equivalents | 75,916,000 | 58,579,000 | ' | ' |
Prepaid expenses and other assets | 35,600,000 | 54,208,000 | ' | ' |
Mortgages and other debt payable | 1,163,696,000 | 1,176,297,000 | ' | ' |
Investment In Unconsolidated Affiliates [Member] | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' |
Investment in hotel properties, net | 715,422,000 | 706,359,000 | ' | ' |
Intangible assets, net | 42,388,000 | 51,862,000 | ' | ' |
Cash and cash equivalents | 22,029,000 | 21,853,000 | ' | ' |
Restricted cash and cash equivalents | 14,156,000 | 24,042,000 | ' | ' |
Prepaid expenses and other assets | 30,180,000 | 24,350,000 | ' | ' |
Total assets | 824,175,000 | 828,466,000 | ' | ' |
Mortgages and other debt payable | 592,000,000 | 558,000,000 | ' | ' |
Other liabilities | 47,943,000 | 53,031,000 | ' | ' |
Partnersb equity | 184,232,000 | 217,435,000 | ' | ' |
Total liabilities and partnersb equity | $824,175,000 | $828,466,000 | ' | ' |
Investment_In_Unconsolidated_A4
Investment In Unconsolidated Affiliates (Summarized Income Statement Information For The Company's Unconsolidated Affiliates) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | $242,437 | $232,567 | $236,648 | $188,361 | $212,810 | $200,810 | $193,247 | $168,350 | $900,013 | $775,217 | $730,046 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 101,943 | 99,458 | 106,695 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 811,240 | 745,668 | 716,487 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 88,773 | 29,549 | 13,559 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -84,276 | -75,489 | -86,447 |
Gain on extinguishment of debt | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | -1,237 |
Other (expenses) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -314 | 1,820 | 5,767 |
Total equity in earnings (losses) of unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | 2,987 | -13,485 | -9,215 |
Investment In Unconsolidated Affiliates [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Schedule of Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 241,614 | 217,502 | 167,438 |
Residential sales | ' | ' | ' | ' | ' | ' | ' | ' | 8,388 | 10,800 | 3,051 |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 250,002 | 228,302 | 170,489 |
Hotel operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 175,922 | 164,001 | 126,137 |
Residential costs of sales | ' | ' | ' | ' | ' | ' | ' | ' | 6,286 | 7,081 | 968 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 33,938 | 34,640 | 27,314 |
Other operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 4,673 | 26,985 | 6,041 |
Total operating costs and expenses | ' | ' | ' | ' | ' | ' | ' | ' | 220,819 | 232,707 | 160,460 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 29,183 | -4,405 | 10,029 |
Interest expense, net | ' | ' | ' | ' | ' | ' | ' | ' | -24,564 | -31,982 | -30,305 |
Other (expenses) income, net | ' | ' | ' | ' | ' | ' | ' | ' | -441 | 159 | -1,871 |
Net income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 4,178 | -36,228 | -22,147 |
Partnersb share of (income) loss of unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | -2,261 | 21,293 | 12,046 |
Adjustments for basis differences, taxes and intercompany eliminations | ' | ' | ' | ' | ' | ' | ' | ' | 1,070 | 1,450 | 886 |
Total equity in earnings (losses) of unconsolidated affiliates | ' | ' | ' | ' | ' | ' | ' | ' | $2,987 | ($13,485) | ($9,215) |
Management_Agreements_Details
Management Agreements (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 14, 2012 |
Hotels | Hotels | ||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Average Management Agreements Term | ' | '13 years | ' | ' | ' |
Performance Gurarantee Maximum | ' | ' | ' | ' | $40,000 |
Revenue related to Performance Guarantee | ' | 12,774 | 1,405 | ' | ' |
Number of hotels acquired | 2 | ' | ' | ' | ' |
Asset management fees | ' | $400 | $400 | $400 | ' |
Number of hotel properties | ' | ' | ' | 4 | ' |
Minimum [Member] | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Base Management Fee Percentage | ' | 1.50% | ' | ' | ' |
Management Agreements Terms | ' | '4 years | ' | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' |
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' |
Base Management Fee Percentage | ' | 4.00% | ' | ' | ' |
Management Agreements Terms | ' | '29 years | ' | ' | ' |
Operating_Lease_Agreements_Det
Operating Lease Agreements (Details) | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | USD ($) | USD ($) | Marriott Hamburg [Member] | Marriott Hamburg [Member] | Marriott Hamburg [Member] | Marriott Hamburg [Member] | Paris Marriott Champs Elysees [Member] | Other Operating Leases [Member] | Other Operating Leases [Member] | Other Operating Leases [Member] | |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||
Property Subject to or Available for Operating Lease [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized portion of deferred gain | $207 | $200 | $1,431 | $207 | ' | $200 | $217 | ' | ' | ' | ' |
Deferred gain on sale of hotels | ' | ' | ' | 3,385 | ' | 3,497 | ' | ' | ' | ' | ' |
Minimum rent payment | ' | ' | ' | 5,200 | 3,784 | ' | ' | ' | ' | ' | ' |
Security deposit | ' | ' | ' | 2,611 | ' | 2,507 | ' | ' | ' | ' | ' |
Recognized portion of deferred gain in discontinued operations | ' | ' | ' | ' | ' | ' | ' | 1,214 | ' | ' | ' |
Lease expense | 4,818 | 4,580 | 4,865 | ' | ' | ' | ' | ' | 6,777 | 6,489 | 6,812 |
Operating Leases, Rent Expense, Percentage Rent | $108 | $1,209 | $1,237 | ' | ' | ' | ' | ' | ' | ' | ' |
Operating_Lease_Agreements_Min
Operating Lease Agreements Minimum Future Rental Payments Due Under Non-Cancelable Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Minimum Future Rental Payments Due Under Non-Cancelable Operating Leases [Line Items] | ' |
2014 | $7,088 |
2015 | 7,104 |
2016 | 7,119 |
2017 | 6,977 |
2018 | 6,516 |
Thereafter | 179,871 |
Operating Leases, Future Minimum Payments Due | $214,675 |
Indebtedness_Mortgages_And_Oth
Indebtedness (Mortgages And Other Debt Payable) (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 11, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | USD ($) | USD ($) | USD ($) | Four Seasons Washington D C [Member] | Four Seasons Washington D C [Member] | Marriott London Grosvenor Square [Member] | Marriott London Grosvenor Square [Member] | Marriott London Grosvenor Square [Member] | Marriott London Grosvenor Square [Member] | Loews Santa Monica Beach Hotel [Member] | Loews Santa Monica Beach Hotel [Member] | J W Marriott Essex House [Member] | J W Marriott Essex House [Member] | J W Marriott Essex House [Member] | Inter Continental Miami [Member] | Inter Continental Miami [Member] | Fairmont Chicago [Member] | Fairmont Chicago [Member] | Westin St Francis [Member] | Westin St Francis [Member] | Hyatt Regency La Jolla [Member] | Hyatt Regency La Jolla [Member] | Hyatt Regency La Jolla Fixed Debt [Member] | Hyatt Regency La Jolla Variable Debt [Member] | Inter Continental Chicago [Member] | Inter Continental Chicago [Member] | North Beach Venture [Member] | LIBOR [Member] | GBP LIBOR [Member] | Marriott London Grosvenor Square [Member] | Marriott London Grosvenor Square Loan Amendment [Member] | Marriott London Grosvenor Square Loan Amendment [Member] | |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Marriott London Grosvenor Square [Member] | Minimum [Member] | Maximum [Member] | |||||||
Mortgages And Other Debt Payable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
reference rate on variable rate debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.17% | 0.53% | ' | ' | ' |
Debt Instrument, Maturity Date | ' | ' | ' | ' | 1-Jul-14 | ' | 1-Oct-14 | 1-Oct-14 | ' | ' | 1-Jul-15 | ' | 1-Sep-15 | ' | ' | 1-Jul-16 | ' | 1-Jun-17 | ' | 1-Jun-17 | ' | 1-Dec-17 | ' | ' | ' | 1-Aug-21 | ' | 1-Jan-14 | ' | ' | 1-Oct-14 | ' | ' |
Bank credit facility | $110,000,000 | $146,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Spread (basis points) | ' | ' | ' | ' | 3.15% | ' | 3.75% | 3.75% | ' | ' | 3.85% | ' | 4.00% | ' | ' | 3.50% | ' | ' | ' | ' | ' | 4.00% | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | 2.10% | 4.25% |
Mortgages and other debt payable | 1,163,696,000 | 1,176,297,000 | ' | ' | 130,000,000 | 130,000,000 | 115,958,000 | 70,040,000 | 115,468,000 | 71,070,000 | 109,000,000 | 110,000,000 | 185,826,000 | 190,000,000 | 190,000,000 | 85,000,000 | 85,000,000 | 93,124,000 | 95,167,000 | 209,588,000 | 214,186,000 | 89,312,000 | 90,000,000 | 17,312,000 | 72,000,000 | 144,419,000 | 145,000,000 | ' | ' | ' | ' | ' | ' |
Total mortagages payable | 1,162,227,000 | 1,174,821,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | 300,000,000 | ' | ' | 350,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate of notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.09% | ' | 6.09% | ' | ' | ' | 10.00% | ' | 5.61% | ' | 5.00% | ' | ' | ' | ' | ' |
LIBOR Floor | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses and other assets | 35,600,000 | 54,208,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,594,000 | ' | ' | ' | ' | ' |
Interest Costs, Capitalized During Period | 1,021,000 | 1,534,000 | 1,083,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan extension period | ' | ' | ' | ' | 'two, one-year extension options | ' | ' | ' | ' | ' | 'three, one-year extension options | ' | 'two, one-year extension options | ' | ' | 'two, one-year extension options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Long-term Debt | $1,469,000 | $1,476,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indebtedness_Bank_Credit_Facil
Indebtedness (Bank Credit Facility) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Mar. 11, 2011 |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Credit facility agreement, maximum borrowing capacity | $300,000 | ' | ' | $350,000 |
Line of Credit Additional Borrowing Capacity With Accordion Feature | 400,000 | ' | ' | ' |
Extended Additional Maturity Period | '1 year | ' | ' | ' |
Minimum Corporate Fixed Charge Coverage Ratio Year Two | 1.1 | ' | ' | ' |
MinimumCorporateFixedChargeCoverageRatioYearThreeThroughInitialMaturityDate | 1.2 | ' | ' | ' |
Minimum Corporate Fixed Charge Coverage Ratio During Extension Period | 1.3 | ' | ' | ' |
Permanent Minimum Corporate Fixed Charge Coverage Ratio If Cash Dividends Are Reinstated | 1.35 | ' | ' | ' |
Maximum Corporate Leverage Percentage | 65.00% | ' | ' | ' |
Maximum Corporate Leverage Percentage During Extension Period | 60.00% | ' | ' | ' |
Minimum Net Worth Required for Compliance | 700,000 | ' | ' | ' |
Percentage Of Net Proceeds From Issuance Of Common Stock Required In Addition To Minimum Net Worth | 75.00% | ' | ' | ' |
Letters Of Credit Maximum Capacity | 75,000 | ' | ' | ' |
Write off of Deferred Debt Issuance Cost | ' | 692 | ' | ' |
Line of Credit Facility, Interest rate at Period End | 3.17% | ' | ' | ' |
Weighted average interest rate for the period | 3.19% | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | 300,000 | ' | ' | ' |
Long-term Line of Credit | 110,000 | ' | 146,000 | ' |
Letters of credit outstanding | 9,906 | ' | ' | ' |
Bank Credit Facility [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Credit facility agreement, maximum borrowing capacity | 300,000 | ' | ' | ' |
Agreement maturity date | 30-Jun-14 | ' | ' | ' |
Previous Bank Credit Facility [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Credit facility agreement, maximum borrowing capacity | $350,000 | ' | ' | ' |
Base-Rate Loan [Member] | Previous Bank Credit Facility [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ' | ' | ' |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.50% | ' | ' | ' |
L I B O R Loan [Member] | Previous Bank Credit Facility [Member] | ' | ' | ' | ' |
Line of Credit Facility [Line Items] | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | 3.75% | ' | ' | ' |
Indebtedness_Debt_Maturity_Det
Indebtedness (Debt Maturity) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014 | $121,682 |
2015 | 116,029 |
2016 | 139,783 |
2017 | 577,043 |
2018 | 185,015 |
Thereafter | 134,144 |
Total | $1,273,696 |
Indebtedness_Interest_Expense_
Indebtedness (Interest Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Debt Disclosure [Abstract] | ' | ' | ' |
Capitalized interest | $1,021 | $1,534 | $1,083 |
Amortization of deferred financing costs | $5,251 | $3,993 | $3,721 |
Equity_And_Distribution_Activi2
Equity And Distribution Activity (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Jun. 25, 2011 | Mar. 12, 2011 | Apr. 30, 2012 | Mar. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 31, 2012 | Mar. 11, 2011 | Jun. 24, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 24, 2011 | Jun. 25, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 16, 2012 | Dec. 16, 2012 | Dec. 31, 2013 | Dec. 16, 2012 |
Inter Continental Chicago Hotel [Member] | Strategic Hotel Funding, L.L.C. [Member] | Strategic Hotel Funding, L.L.C. [Member] | Strategic Hotel Funding, L.L.C. [Member] | Hyatt Regency La Jolla Hotel [Member] | Hyatt Regency La Jolla Hotel [Member] | Inter Continental Chicago And Hyatt Regency La Jolla Hotels [Member] | Inter Continental Chicago And Hyatt Regency La Jolla Hotels [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | Series C Preferred Stock [Member] | Hotel Del Coronado Venture [Member] | Hotel Del Coronado Venture [Member] | Hotel Del Coronado Venture [Member] | SHR del Partners, L.P. [Member] | SHR del Partners, L.P. [Member] | |||||||||||
SHR del Partners, L.P. [Member] | |||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating partnership units outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 797,238 | 853,461 | 853,461 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | 18,400,000 | ' | ' | ' | 18,400,000 | 33,999,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | $6.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance or Sale of Equity | ' | $49,239 | $114,062 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common shares, shares authorized | ' | ' | 350,000,000 | ' | ' | 350,000,000 | 350,000,000 | ' | 250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 10,798,846 | 15,200,000 | ' | 15,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,798,846 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Equity Interest Issued or Issuable, Price Per Share | $6.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $6.51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | ' | ' | 205,582,838 | 204,308,710 | ' | ' | 8,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Price Per Share For Offering Or Private Placement | ' | $6.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | 300,000 | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Repurchased During Period, Shares | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares authorized to repurchase | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock authorized to issue | ' | ' | ' | ' | ' | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative redeemable preferred stock, par value per share | ' | ' | ' | ' | ' | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | $0.01 | ' | ' | ' | ' | ' |
Preferred stock, dividend rate, percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.50% | 8.50% | 8.25% | 8.25% | 8.25% | 8.25% | ' | ' | ' | ' | ' |
Preferred stock redemption price per share | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments for Repurchase of Redeemable Preferred Stock | ' | ' | ' | ' | ' | 0 | 0 | 86,127 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Method Investment, Ownership Percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.40% | 34.30% | 40.00% | 100.00% | ' |
Third Party Ownership Percentage In Joint Venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.60% | 60.00% | ' | ' | ' |
Business Acquisition, Percentage of Voting Interests Acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.00% | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest, Ownership Percentage by Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | 53.50% | 53.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85.80% | 90.90% | 85.80% |
Business Acquisition, Cost of Acquired Entity, Purchase Price | ' | ' | ' | ' | 350,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,183 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition, Cost of Acquired Entity, Cash Paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,402 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pro-Rata Share Of Working Capital And Post-Closing Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $480 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_And_Distribution_Activi3
Equity And Distribution Activity (Schedule Of Changes In Issued And Outstanding Shares) (Details) | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Apr. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 |
Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Operating Partnership Units [Member] | Operating Partnership Units [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares Outstanding, Beginning | ' | 185,627 | 151,305 | 205,583 | ' | ' | ' | ' | ' |
RSUs redeemed for shares of SHR common stock | ' | ' | ' | ' | 1,218 | 282 | 222 | 56 | 101 |
Common stock issued | 18,400 | 18,400 | 33,999 | ' | ' | ' | ' | ' | ' |
Shares Outstanding, Ending | ' | 204,309 | 185,627 | 205,583 | ' | ' | ' | ' | ' |
Equity_And_Distribution_Activi4
Equity And Distribution Activity Equity and Distribution Activity (Schedule of Preferred Stock Tender) (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2011 |
Eight Point Five Zero Percent Series Cumulative Redeemable Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Preferred Stock Numbers Of Shares Validity Tendered And Accepted For Purchase | 340,609 |
Preferred Stock Purchase price | $26.70 |
Eight Point Two Five Percent Series B Cumulative Redeemable Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Preferred Stock Numbers Of Shares Validity Tendered And Accepted For Purchase | 984,625 |
Preferred Stock Purchase price | $26.50 |
Eight Point Two Five Percent Series C Cumulative Redeemable Preferred Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Preferred Stock Numbers Of Shares Validity Tendered And Accepted For Purchase | 1,922,273 |
Preferred Stock Purchase price | $26.50 |
Equity_And_Distribution_Activi5
Equity And Distribution Activity Equity And Distribution Activity (Schedule of Preferred Dividends Payable) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 |
Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | $24,166 | $96,665 | $0 | $30,852 | $26,099 | $27,631 |
Preferred Stock, Dividend Rate, Per-Dollar-Amount | ' | ' | ' | $7.44 | $7.22 | $7.22 |
Equity_And_Distribution_Activi6
Equity And Distribution Activity (Schedule Of Preferred Stock Distributions Paid) (Details) (USD $) | 3 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | |
Series A Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | $0.53 | $0.53 | $0.53 | $0.53 |
Dividends Payable, Date of Record | 16-Dec-13 | 13-Sep-13 | 14-Jun-13 | 18-Mar-13 |
Dividends Payable, Date to be Paid | 31-Dec-13 | 30-Sep-13 | 1-Jul-13 | 1-Apr-13 |
Series B Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | $0.52 | $0.52 | $0.52 | $0.52 |
Dividends Payable, Date of Record | 16-Dec-13 | 13-Sep-13 | 14-Jun-13 | 18-Mar-13 |
Dividends Payable, Date to be Paid | 31-Dec-13 | 30-Sep-13 | 1-Jul-13 | 1-Apr-13 |
Series C Preferred Stock [Member] | ' | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' | ' |
Preferred Stock, Dividends, Per Share, Cash Paid | $0.52 | $0.52 | $0.52 | $0.52 |
Dividends Payable, Date of Record | 16-Dec-13 | 13-Sep-13 | 14-Jun-13 | 18-Mar-13 |
Dividends Payable, Date to be Paid | 31-Dec-13 | 30-Sep-13 | 1-Jul-13 | 1-Apr-13 |
Equity_And_Distribution_Activi7
Equity And Distribution Activity Equity and Distribution Activity (Effects of Changes in Company's Ownership Interests in Noncontrolling Affiliates) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Noncontrolling Interest [Line Items] | ' | ' | ' |
Net income (loss) attributable to SHR | $10,975 | ($55,306) | ($5,206) |
Acquisition of additional ownership interests in consolidated affiliates | 0 | -1,079 | -63,723 |
Change from net income (loss) attributable to SHR and transfers from noncontrolling interests | $10,975 | ($56,385) | ($68,929) |
Derivatives_Derivatives_In_Cas
Derivatives (Derivatives In Cash Flow Hedging Relationships) (Details) (Cash Flow Hedging [Member]) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | Domestic Interest Rate Swaps [Member] | Domestic Interest Rate Swaps [Member] | Domestic Interest Rate Swaps [Member] | GBP LIBOR Interest Rate Swaps [Member] | GBP LIBOR Interest Rate Swaps [Member] | Maximum [Member] | Minimum [Member] | |
USD ($) | USD ($) | USD ($) | GBP (£) | Domestic Interest Rate Swaps [Member] | Domestic Interest Rate Swaps [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $12,799 | ' | ' | ' | ' | ' | ' | ' |
Number of Instruments | ' | ' | 2 | ' | ' | ' | ' | ' |
Derivative, Notional Amount | ' | ' | 200,000 | 200,000 | ' | 71,070 | ' | ' |
Interest rate swap, fixed rate, lower range | ' | ' | 5.23% | ' | ' | ' | ' | ' |
Interest rate swap, fixed rate, higher range | ' | ' | 5.27% | ' | ' | ' | ' | ' |
Interest rate swaps, maturity date | ' | ' | ' | ' | 15-Oct-13 | ' | 28-Feb-16 | 31-Dec-15 |
Interest rate swap, fixed pay rate | ' | ' | ' | ' | 5.72% | ' | ' | ' |
Number Of Interest Rate Swaps Terminated | ' | 8 | ' | ' | ' | ' | ' | ' |
Gain (loss) on discontinuation of interest rate cash flow hedge due to forecasted transaction probable of not occurring, net | ' | 27,257 | ' | ' | ' | ' | ' | ' |
Gain Loss On Discontinuation Of Interest Rate Cash Flow Hedge Due To Forecasted Transaction Probable Of Not Occurring Net De-designation | ' | $1,985 | ' | ' | ' | ' | ' | ' |
Derivatives_Derivatives_Not_De
Derivatives (Derivatives Not Designated As Hedging Instruments) (Details) (Not Designated as Hedging Instrument [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Interest Rate Swaps [Member] | Interest Rate Swaps [Member] | Interest Rate Cap [Member] | Interest Rate Cap [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] |
Interest Rate Swaps [Member] | Interest Rate Cap [Member] | Interest Rate Swaps [Member] | Interest Rate Cap [Member] | |||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Instruments | 2 | ' | 4 | ' | ' | ' | ' | ' |
Derivative, Notional Amount | $200,000 | $200,000 | $502,000 | $502,000 | ' | ' | ' | ' |
Interest rate swap, fixed rate, lower range | 4.90% | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap, fixed rate, higher range | 4.96% | ' | ' | ' | ' | ' | ' | ' |
Interest rate cap rate | ' | ' | ' | ' | ' | 4.26% | ' | 2.50% |
Interest rate derivative instrument, maturity date | ' | ' | ' | ' | 31-Dec-14 | 30-Nov-15 | 30-Sep-14 | 31-Jul-14 |
Derivatives_Fair_Values_Of_Der
Derivatives (Fair Values Of Derivative Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Not Designated As Hedging Instruments [Member] | Accounts Payable And Accrued Expenses [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value | ($7,929) | ($17,157) |
Not Designated As Hedging Instruments [Member] | Other Assets [Member] | Interest Rate Cap [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value | 40 | 113 |
Cash Flow Hedging Relationships [Member] | Accounts Payable And Accrued Expenses [Member] | Interest Rate Swaps [Member] | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' |
Fair value | ($19,992) | ($33,929) |
Derivatives_Summary_Of_Transfe
Derivatives (Summary Of Transfer Out Of Level 3 For Derivative Financial Instruments Categorized) (Details) (Interest Rate Swaps [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2012 |
Interest Rate Swaps [Member] | ' |
Derivative [Line Items] | ' |
Interest rate swaps, Beginning Balance | ($66,394) |
Interest rate swaps, Transfers Out of Level 3 | 66,394 |
Interest rate swaps, Ending Balance | $0 |
Derivatives_Interest_Rate_Swap
Derivatives (Interest Rate Swap Liabilities) (Details) (Interest Rate Swaps [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 |
Interest Rate Swaps [Member] | ' | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ' | ' | ' |
Interest rate swap fair value, Beginning balance | ($51,086) | ' | ($66,394) |
Mark to market adjustments | 23,165 | 15,308 | ' |
Interest rate swap fair value, Ending balance | ($27,921) | ($51,086) | ($66,394) |
Derivatives_Effect_Of_Derivati
Derivatives (Effect Of Derivative Instruments On The Statements Of Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Effective portion of loss recognized in accumulated OCL | ($790) | ($9,381) | ($16,252) |
Effective portion of loss reclassified into loss on early termination of derivative financial instruments | 0 | 0 | -27,440 |
Mark to market loss recognized in loss on early termination of derivative financial instruments | 0 | 0 | -1,802 |
Designated as Hedging Instruments [Member] | Interest Rate Swaps [Member] | Continuing Operations [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Effective portion of loss reclassified into interest expense | -18,293 | -21,668 | -30,509 |
Ineffective loss recognized in interest expense | -31 | 2,377 | -6,226 |
Not Designated As Hedging Instruments [Member] | Interest Rate Swaps [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Ineffective loss recognized in interest expense | -382 | -2,826 | -9,282 |
Not Designated As Hedging Instruments [Member] | Interest Rate Cap [Member] | ' | ' | ' |
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' |
Loss recognized in other income, net | ($88) | ($165) | ($70) |
Derivatives_CreditRisk_Related
Derivatives (Credit-Risk Related Contingent Features) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Derivative [Line Items] | ' |
Termination value of derivative in a net liability position | $28,898 |
ShareBased_Employee_Compensati2
Share-Based Employee Compensation Plans (Narrative) (Details) (USD $) | Dec. 31, 2013 | Nov. 01, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 27, 2009 | Jan. 31, 2013 | Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jun. 29, 2011 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | Second Amended And Restated 2004 Incentive Plan [Member] | Second Amended And Restated 2004 Incentive Plan [Member] | Second Amended And Restated 2004 Incentive Plan [Member] | Amended And Restated 2004 Incentive Plan [Member] | 2004 Incentive Plan [Member] | Stock Options [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Restricted Stock Units (RSUs) [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | Stock Appreciation Rights (SARs) [Member] | Value Creation Plan [Member] | Value Creation Plan [Member] | Value Creation Plan [Member] | Value Creation Plan [Member] | Value Creation Plan [Member] | Value Creation Plan [Member] | Value Creation Plan [Member] | Deferral Program [Member] | Deferral Program [Member] | ||
Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares authorized for issuance | ' | ' | 9,700,000 | ' | ' | 4,200,000 | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum SARS and option term (years) | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Former C E O Performance Shares Eligible For Vesting | 210,396 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Former C E O Accelerated Stock Units | ' | 250,001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share based compensation expense | ' | ' | $5,292 | $6,349 | $3,463 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $1,407 | $18,607 | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | ' | 0 | 2,432 | ' | ' | ' | ' | 3,294 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 |
Minimum vesting period for RSUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average recognition period (years) | ' | ' | ' | ' | ' | ' | ' | ' | '1 year 299 days | ' | ' | ' | ' | '1 year 281 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
RSUs granted | ' | ' | ' | ' | ' | ' | ' | ' | 357,373 | 707,508 | 628,512 | ' | 9,538 | 309,264 | 797,318 | 169,064 | ' | ' | 494,822 | 1,275,709 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage that recipient will earn for the target share awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | 0.00% | 160.00% | 160.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of market capitalization provided to participants of the plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' |
Shares included in calculation of market capitalization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 174,828,353 | ' | ' |
Minimum market capitalization average common stock price for 20 consecutive trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of shares of Normal Distribution Amount elected to be deferred by Mr. Geller | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' |
Shares issued upon conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 | ' |
Fair value of the equity component of the award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,050 | ' |
Fair value of equity components reclassified from accounts payable and accrued expenses to additional paid-in capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,894 | ' |
Fair value of the liability component of the award | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 948 | ' | ' | ' | ' |
Payment under Value Creation Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $948 | $18,357 | ' | ' | ' | ' | ' | ' |
Deferral program stock units vested | ' | ' | ' | ' | ' | ' | ' | ' | 291,779 | 259,887 | 209,238 | ' | ' | 16,562 | 21,624 | 12,691 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,301,476 |
Deferral program stock units redeemed for shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 909,564 |
Deferral program stock units forfeited | ' | ' | ' | ' | ' | ' | ' | ' | 143,012 | 162,594 | 129,731 | ' | ' | 7,098 | 29,709 | 5,825 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391,912 |
ShareBased_Employee_Compensati3
Share-Based Employee Compensation Plans Share-Based Employee Compensation Plans (Summary of Option Activity) (Details) (Stock Options [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Options outstanding at the beginning of the year | 669,797 | 669,797 | 669,797 |
Forfeited | -669,797 | 0 | 0 |
Options outstanding at the end of the year | 0 | 669,797 | 669,797 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Weighted average exercise price of options outstanding, beginning of year | $20.40 | $20.40 | $20.40 |
Weigted average exercise price of options forfeited | $20.40 | $0 | $0 |
Weighted average exercise price of options outstanding, end of year | $0 | $20.40 | $20.40 |
Options exercisable at the end of the year, shares | 0 | 669,797 | 669,797 |
Options exercisable at the end of the year, weighted average grant date fair value | $0 | $20.40 | $20.40 |
ShareBased_Employee_Compensati4
Share-Based Employee Compensation Plans Share-Based Employee Compensation Plans (Summary of RSU Activity) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based compensation Arrangement by Share-based Payment Award, RSU, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Shares vested, not yet issued to common stock | 1,248,000 | 2,528,000 | 524,000 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, RSU, Shares [Roll Forward] | ' | ' | ' |
Shares outstanding, beginning of year | 1,952,004 | 1,666,977 | 1,377,434 |
Granted | 357,373 | 707,508 | 628,512 |
Issued to common shares (vested) | -291,779 | -259,887 | -209,238 |
Forfeited, shares | -143,012 | -162,594 | -129,731 |
Shares outstanding, end of year | 1,874,586 | 1,952,004 | 1,666,977 |
Share-based compensation Arrangement by Share-based Payment Award, RSU, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Shares outstanding, weighted average grant date fair value, beginning of year | 5.85 | 5.22 | 3.98 |
RSUs granted, weighted average grant date fair value | 7.54 | 6.06 | 6.38 |
Issued to common shares, weighted average grant date fair value | 4.92 | 3.56 | 2.46 |
Share-based forfeitures, weighted average grant date fair value | 4.98 | 3.97 | 4.19 |
Shares outstanding, weighted average grant date fair value, end of year | 6.39 | 5.85 | 5.22 |
Shares vested, not yet issued to common stock | 1,134,407 | 1,088,602 | 524,115 |
ShareBased_Employee_Compensati5
Share-Based Employee Compensation Plans Share-Based Employee Compensation Plans (Summary of Performance-Based RSU) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based RSU, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Shares vested, not yet issued to common stock | ' | 1,248,000 | 2,528,000 | 524,000 |
Performance Based Restricted Stock Units Rsus [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based RSUs, Shares [Roll Forward] | ' | ' | ' | ' |
Shares outstanding, beginning of year | ' | 915,049 | 169,064 | 18,516 |
Granted | 9,538 | 309,264 | 797,318 | 169,064 |
Issued to common shares (vested) | ' | -16,562 | -21,624 | -12,691 |
Forfeited, shares | ' | -7,098 | -29,709 | -5,825 |
Shares outstanding, end of year | 915,049 | 1,200,653 | 915,049 | 169,064 |
Share-based Compensation Arrangement by Share-based Payment Award, Performance-Based RSU, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' | ' |
Shares outstanding, weighted average grant date fair value, beginning of year | ' | $6.45 | $6.34 | $19.28 |
RSUs granted, weighted average grant date fair value | ' | $8.08 | $6.47 | $6.34 |
Issued to common shares, weighted average grant date fair value | ' | $6.34 | $6.34 | $20.40 |
Share-based forfeitures, weighted average grant date fair value | ' | $6.34 | $6.52 | $20.40 |
Shares outstanding, weighted average grant date fair value, end of year | $6.45 | $6.87 | $6.45 | $6.34 |
Shares vested, not yet issued to common stock | ' | 113,860 | 137,520 | 0 |
Defined_Contribution_Plan_Defi
Defined Contribution Plan Defined Contribution Plan (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Y | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' | ' |
Defined Contribution Plan Matching Contribution Percent | 100.00% | ' | ' |
Defined Contribution Plan Participants Maximum Matching Contribution Percent | 6.00% | ' | ' |
Defined Contribution Plan Discretionary Contribution Percent | 4.00% | ' | ' |
Defined Contribution Plan Service Years | 3 | ' | ' |
Defined Contribution Plan Annual Vesting Of Discretionary Contribution Percent | 33.33% | ' | ' |
Defined Contribution Plan, Cost Recognized | $358 | $422 | $390 |
Income_Taxes_Income_Taxes_Summ
Income Taxes Income Taxes (Summary of Income Tax Expense from Continuing Operations) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Percentage Of Taxable Income That Company Must Distribute In Order To Qualify As Reit | 100.00% | ' | ' |
Current Income Tax (Expense) Benefit | ($1,138) | ($1,228) | ($1,762) |
Deferred Income Tax (Expense) Benefit | 581 | 428 | 1,106 |
Total income tax expense | 557 | 800 | 656 |
UNITED STATES | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Current Federal Tax (Expense) Benefit | -737 | -441 | -1,241 |
Deferred Federal Income Tax (Expense) Benefit | 581 | 428 | 1,106 |
Europe [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Current Foreign Tax (Expense) Benefit | ($401) | ($787) | ($521) |
Income_Taxes_Income_Taxes_Summ1
Income Taxes Income Taxes (Summary of Deferred Income Tax) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Taxes [Line Items] | ' | ' | ' |
Advanced depositsbMexico | $0 | $1,219 | ' |
Net operating loss carryforwards and other timing differences(a) | 14,115 | 14,650 | ' |
Other | 0 | 982 | ' |
Gross deferred tax assets | 14,115 | 16,851 | ' |
Valuation allowance(b) | -14,115 | -14,648 | ' |
Deferred tax asset after valuation allowance | 0 | 2,203 | ' |
Gross deferred tax liabilitybbook property basis in excess of tax basis | -46,137 | -47,275 | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ($533) | ($2,004) | ($349) |
Minimum [Member] | ' | ' | ' |
Income Taxes [Line Items] | ' | ' | ' |
Operating Loss Carryforwards, Expiration Dates | '8 | ' | ' |
Income_Taxes_Income_Taxes_Pref
Income Taxes Income Taxes (Preferred Share Dividends) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Preferred Dividend Distributions [Line Items] | ' | ' |
Percentage Of Taxable Income That Company Must Distribute In Order To Qualify As Reit | 100.00% | ' |
8.50% Series A Cumulative Redeemable Preferred Stock | ' | ' |
Preferred Dividend Distributions [Line Items] | ' | ' |
Tax Treatment Of Dividends Per Share For Federal Tax Purposes | $2.13 | $8.50 |
Percentage Of Taxable Income That Company Must Distribute In Order To Qualify As Reit | 100.00% | 100.00% |
8.25% Series B Cumulative Redeemable Preferred Stock | ' | ' |
Preferred Dividend Distributions [Line Items] | ' | ' |
Tax Treatment Of Dividends Per Share For Federal Tax Purposes | $2.06 | $8.25 |
Percentage Of Taxable Income That Company Must Distribute In Order To Qualify As Reit | 100.00% | 100.00% |
8.25% Series C Cumulative Redeemable Preferred Stock | ' | ' |
Preferred Dividend Distributions [Line Items] | ' | ' |
Tax Treatment Of Dividends Per Share For Federal Tax Purposes | $2.06 | $8.25 |
Percentage Of Taxable Income That Company Must Distribute In Order To Qualify As Reit | 100.00% | 100.00% |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Immediate Family Member Of Management Or Principal Owner [Member] | Immediate Family Member Of Management Or Principal Owner [Member] | Immediate Family Member Of Management Or Principal Owner [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | Performance-Based Restricted Stock Units [Member] | |
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Base salary earned by related party | $180,000 | $175,100 | ' | ' | ' | ' | ' |
Cash bonus received | 86,000 | 107,500 | ' | ' | ' | ' | ' |
RSUs granted | 4,698 | 13,809 | ' | 9,538 | 309,264 | 797,318 | 169,064 |
Grant under Value Creation Plan | ' | ' | 5,000 | ' | ' | ' | ' |
VCP Payment | 140,000 | ' | ' | ' | ' | ' | ' |
Related Party Transaction Severance | $256,000 | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Jan. 31, 2014 |
In Thousands, unless otherwise specified | Construction Activities [Member] | J W Marriott Essex House [Member] | Lender Required Renovations [Member] | Office Space Lease [Member] | Parking Garage [Member] | JWMarriottPIP [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||
Office Space Lease [Member] | Parking Garage [Member] | |||||||||
Long-term Purchase Commitment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding letter of credit | $9,906 | ' | ' | ' | ' | $150 | $1,391 | $8,365 | $75 | $934 |
Purchase Obligation | ' | ' | 1,496 | 6,776 | 14,039 | ' | ' | ' | ' | ' |
Term of Unrecorded Unconditional Purchase Obligation | ' | ' | '2014 | 'December 2014 | 'December 2014 | ' | ' | ' | ' | ' |
Restricted cash and cash equivalents | $75,916 | $58,579 | ' | ' | $9,570 | ' | ' | ' | ' | ' |
Fair_Value_Of_Financial_Instru1
Fair Value Of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Long-term Debt, Fair Value | $1,288,000 | $1,346,000 |
Geographic_And_Business_Segmen2
Geographic And Business Segment Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Segment | |
Segment Reporting Information [Line Items] | ' |
Number of reportable segments | 1 |
Mexican Development Sites [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of properties | 2 |
European Properties [Member] | ' |
Segment Reporting Information [Line Items] | ' |
Number of properties | 2 |
Geographic_And_Business_Segmen3
Geographic And Business Segment Information (Revenues By Geographical Areas) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenues For The Geographical Areas In Which Company Operates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | $242,437 | $232,567 | $236,648 | $188,361 | $212,810 | $200,810 | $193,247 | $168,350 | $900,013 | $775,217 | $730,046 |
United States [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues For The Geographical Areas In Which Company Operates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | 858,646 | 732,188 | 688,111 |
Europe [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues For The Geographical Areas In Which Company Operates [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hotel operating revenue | ' | ' | ' | ' | ' | ' | ' | ' | $41,367 | $43,029 | $41,935 |
Geographic_And_Business_Segmen4
Geographic And Business Segment Information (Long-Lived Assets By Geographical Areas) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Long Lived Assets For The Geographical Areas In Which Company Operates [Line Items] | ' | ' |
Long-Lived Assets | $1,862,968 | $2,041,550 |
United States [Member] | ' | ' |
Long Lived Assets For The Geographical Areas In Which Company Operates [Line Items] | ' | ' |
Long-Lived Assets | 1,771,291 | 1,802,770 |
Mexico [Member] | ' | ' |
Long Lived Assets For The Geographical Areas In Which Company Operates [Line Items] | ' | ' |
Long-Lived Assets | 0 | 144,392 |
Europe [Member] | ' | ' |
Long Lived Assets For The Geographical Areas In Which Company Operates [Line Items] | ' | ' |
Long-Lived Assets | $91,677 | $94,388 |
Quarterly_Operating_Results_Qu1
Quarterly Operating Results Quarterly Operating Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Operating Results [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from Hotels | $242,437 | $232,567 | $236,648 | $188,361 | $212,810 | $200,810 | $193,247 | $168,350 | $900,013 | $775,217 | $730,046 |
(Loss) Income From Continuing Operations Attributable To Common Shareholders | 975 | 4,839 | 3,993 | -26,169 | -37,763 | -7,519 | -2,338 | -33,041 | -16,362 | -80,661 | -124,847 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 2,248 | -1,079 | -719 | 2,721 | 1,362 | -1,038 | -660 | 1,525 | 3,171 | 1,189 | 101,159 |
Net (Loss) Income Available to Common Stockholders | $3,223 | $3,760 | $3,274 | ($23,448) | ($36,401) | ($8,557) | ($2,998) | ($31,516) | ($13,191) | ($79,472) | ($23,688) |
(Loss) Income from Continuing Operations, Per Basic Share | $0.01 | $0.02 | $0.02 | ($0.12) | ($0.18) | ($0.04) | ($0.01) | ($0.18) | ' | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Per Basic Share | $0.01 | $0 | $0 | $0.01 | $0 | $0 | $0 | $0.01 | ' | ' | ' |
Net (loss) income attributable to SHR common shareholders, per basic share | $0.02 | $0.02 | $0.02 | ($0.11) | ($0.18) | ($0.04) | ($0.01) | ($0.17) | ' | ' | ' |
Weighted average common shares outstanding, Basic | 206,814 | 206,767 | 206,061 | 206,981 | 206,836 | 206,523 | 202,021 | 186,430 | ' | ' | ' |
(Loss) Income from Continuing Operations, Per Diluted Share | $0.01 | $0 | $0.01 | ($0.13) | ($0.18) | ($0.05) | ($0.01) | ($0.18) | ' | ' | ' |
Income (Loss) from Discontinued Operations, Net of Tax, Per Diluted Share | $0.01 | $0 | $0 | $0.01 | $0 | $0 | $0 | $0.01 | ' | ' | ' |
Net (loss) income attributable to SHR common shareholders, per diluted share | $0.02 | $0 | $0.01 | ($0.12) | ($0.18) | ($0.05) | ($0.01) | ($0.17) | ' | ' | ' |
Weighted average common shares outstanding, Diluted | 208,986 | 220,258 | 219,227 | 218,710 | 206,836 | 218,182 | 202,021 | 186,430 | ' | ' | ' |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation Schedule of Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Marriott Lincolnshire Resort [Member] | Loews Santa Monica Beach Hotel [Member] | Hyatt Regency La Jolla [Member] | Ritz Carlton Half Moon Bay [Member] | Inter Continental Chicago [Member] | Inter Continental Miami [Member] | Fairmont Chicago [Member] | Four Seasons Washington D C [Member] | Westin St Francis [Member] | Ritz Carlton Laguna Niguel [Member] | Marriott London Grosvenor Square [Member] | Four Seasons Jackson Hole [Member] | Four Seasons Silicon Valley [Member] | J W Marriott Essex House [Member] | Four Seasons Punta Mita [Member] | La Solana Land Held For Development [Member] | Assets Held-for-sale [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt | $1,162,227 | ' | ' | ' | $0 | $109,000 | $89,312 | $0 | $144,419 | $85,000 | $93,124 | $130,000 | $209,588 | $0 | $115,958 | $0 | $0 | $185,826 | $0 | $0 | $0 |
Initial Costs Land | 557,661 | ' | ' | ' | 0 | 5,833 | 13,093 | 20,100 | 20,259 | 41,891 | 17,347 | 44,900 | 61,400 | 76,700 | 0 | 19,669 | 5,518 | 230,951 | 4,359 | 51,900 | 56,259 |
Initial Costs Building & Improvements | 1,397,479 | ' | ' | ' | 47,248 | 91,717 | 66,260 | 79,400 | 139,204 | 69,296 | 129,153 | 75,600 | 287,800 | 176,300 | 85,468 | 33,894 | 27,669 | 88,470 | 44,950 | 0 | 44,950 |
Subsequent Costs Capitalized | 89,658 | ' | ' | ' | 6,931 | 5,731 | 0 | 3,088 | 4,747 | 20,205 | 26,369 | 27,258 | 4,803 | 1,567 | ' | 0 | 0 | 0 | 25,702 | 0 | 25,702 |
Gross Amount Land | 557,641 | ' | ' | ' | 0 | 5,833 | 13,093 | 20,100 | 20,252 | 41,877 | 17,347 | 44,900 | 61,400 | 76,700 | 0 | 19,669 | 5,518 | 230,952 | 7,360 | 51,900 | 59,260 |
Gross Amount Building & Improvements | 1,487,158 | ' | ' | ' | 54,179 | 97,448 | 66,260 | 82,488 | 143,958 | 89,515 | 155,522 | 102,858 | 292,603 | 177,867 | 74,427 | 33,894 | 27,669 | 88,470 | 67,651 | 0 | 67,651 |
Gross Amount Total | 2,044,799 | 2,180,534 | 1,869,903 | 1,978,506 | 54,179 | 103,281 | 79,353 | 102,588 | 164,210 | 131,392 | 172,869 | 147,758 | 354,003 | 254,567 | 74,427 | 53,563 | 33,187 | 319,422 | 75,011 | 51,900 | 126,911 |
Accumulated Depreciation | -387,487 | -355,497 | -304,779 | -285,039 | -27,204 | -41,329 | -24,637 | -22,559 | -33,794 | -26,070 | -53,066 | -37,475 | -59,018 | -38,572 | -16,158 | -2,519 | -2,061 | -3,025 | -18,945 | 0 | -18,945 |
Date of Completion of Construction | ' | ' | ' | ' | 1-Jan-75 | 1-Jan-89 | 1-Jan-89 | 1-Jan-01 | 1-Jan-29 | 1-Jan-82 | 1-Jan-87 | 1-Jan-79 | 1-Jan-07 | 1-Jan-84 | 1-Jan-62 | 1-Jan-03 | 1-Jan-06 | 1-Jan-31 | 1-Jan-99 | ' | ' |
Date Acquired | ' | ' | ' | ' | 1-Sep-97 | 1-Mar-98 | 1-Jul-99 | 1-Aug-04 | 1-Apr-05 | 1-Apr-05 | 1-Sep-05 | 1-Mar-06 | 1-Jun-06 | 1-Jul-06 | 1-Aug-06 | 1-Mar-11 | 1-Mar-11 | 1-Sep-12 | 1-Feb-01 | 1-Mar-06 | ' |
Depreciation Life | ' | ' | ' | ' | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | '39 years | ' | ' |
Real Estate Property Foreign Currency Translation Adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($11,041) | ' | ' | ' | ' | ' | ' |
Real_Estate_and_Accumulated_De3
Real Estate and Accumulated Depreciation Change in Total Cost of Properties (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $2,180,534 | $1,869,903 | $1,978,506 |
Acquisition of properties | 0 | 319,421 | 86,750 |
Improvements | 15,887 | 13,129 | 2,695 |
Currency translation adjustment | 1,389 | 3,170 | 0 |
Reclassifications (1) | -153,011 | 0 | 0 |
Recapitalization | 0 | 0 | -197,796 |
Currency translation adjustment | 0 | 0 | -252 |
Impairment | 0 | -25,089 | 0 |
Balance, end of period | $2,044,799 | $2,180,534 | $1,869,903 |
Real_Estate_and_Accumulated_De4
Real Estate and Accumulated Depreciation Change In Accumulated Depreciation And Amortization Of Real Estate Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ' | ' | ' |
Balance, beginning of period | $355,497 | $304,779 | $285,039 |
Depreciation and amortization | 50,548 | 50,172 | 48,918 |
Reclassification to assets held for sale | -18,945 | 0 | 0 |
Recapitalization | 0 | 0 | -29,079 |
Currency translation adjustment | 387 | 546 | -99 |
Balance, end of period | 387,487 | 355,497 | 304,779 |
Real Estate, Federal Income Tax Basis | $2,447,468 | ' | ' |