Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2013 | Nov. 06, 2013 | Nov. 06, 2013 | |
Class A Common Shares [Member] | Class B Common Shares [Member] | ||
Entity Registrant Name | 'HERSHA HOSPITALITY TRUST | ' | ' |
Entity Central Index Key | '0001063344 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 202,675,886 | 0 |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-13 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Investment in Hotel Properties, Net of Accumulated Depreciation, Including Consolidation of Variable Interest Entity Assets of $86,138 and $86,657 | $1,487,605 | $1,466,713 |
Investment in Unconsolidated Joint Ventures | 14,251 | 16,007 |
Development Loans Receivable | ' | 28,425 |
Cash and Cash Equivalents | 46,588 | 69,059 |
Escrow Deposits | 30,175 | 26,792 |
Hotel Accounts Receivable, Net of Allowance for Doubtful Accounts of $18 and $365 | 11,344 | 11,538 |
Deferred Financing Costs, Net of Accumulated Amortization of $6,701 and $4,841 | 8,344 | 8,695 |
Due from Related Parties | 6,318 | 8,488 |
Intangible Assets, Net of Accumulated Amortization of $3,348 and $2,413 | 8,023 | 8,698 |
Deposits on Hotel Acquisitions | 15,486 | 37,750 |
Other Assets | 24,927 | 25,514 |
Hotel Assets Held for Sale | 178,695 | ' |
Total Assets | 1,831,756 | 1,707,679 |
Liabilities and Equity: | ' | ' |
Line of Credit | 79,700 | ' |
Unsecured Term Loan | 150,000 | 100,000 |
Unsecured Notes Payable | 51,548 | 51,548 |
Mortgages Payable, including Net Unamortized Premium and Consolidation of Variable Interest Entity Debt of $56,107 and $57,256 | 568,496 | 641,160 |
Accounts Payable, Accrued Expenses and Other Liabilities | 34,465 | 33,838 |
Dividends and Distributions Payable | 15,950 | 15,621 |
Due to Related Parties | 7,224 | 4,403 |
Liabilities Related To Hotel Assets Held for Sale | 79,291 | ' |
Total Liabilities | 986,674 | 846,570 |
Redeemable Noncontrolling Interests - Common Units (Note 1) | ' | 15,321 |
Shareholders' Equity: | ' | ' |
Preferred Shares: $.01 Par Value, 29,000,000 shares Authorized, 7,600,000 Series B and C Shares Issued and Outstanding at September 30, 2013 and 7,000,000 Series A and B Preferred Shares Issued and Outstanding at December 31, 2012, with Liquidation Preferences of $25 Per Share (Note 1) | 76 | 70 |
Accumulated Other Comprehensive Loss | -422 | -1,786 |
Additional Paid-in Capital | 1,198,760 | 1,178,292 |
Distributions in Excess of Net Income | -383,991 | -348,734 |
Total Shareholders' Equity | 816,450 | 829,828 |
Noncontrolling Interests (Note 1): | ' | ' |
Noncontrolling Interests - Common Units | 28,786 | 15,484 |
Noncontrolling Interest - Consolidated Variable Interest Entity | -154 | 476 |
Total Noncontrolling Interests | 28,632 | 15,960 |
Total Equity | 845,082 | 845,788 |
Total Liabilities and Equity | 1,831,756 | 1,707,679 |
Class A Common Shares [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common Shares | $2,027 | $1,986 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ' | ' |
Consolidation of variable interest entity assets | $86,138 | $86,657 |
Hotel Accounts Receivable, Allowance for Doubtful Accounts | 18 | 365 |
Deferred Financing Costs, Accumulated Amortization | 6,701 | 4,841 |
Intangible Assets, Accumulated Amortization | 3,348 | 2,413 |
Liabilities and Equity: | ' | ' |
Consolidation of variable interest entity debt | $56,107 | $57,256 |
Shareholders' Equity: | ' | ' |
Preferred Shares - Outstanding (in shares) | 7,600,000 | 7,000,000 |
Preferred Shares - Liquidation Preference Value (in dollars per share) | $25 | $25 |
Series B and C Preferred Shares [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred Shares - Par Value (in dollars per share) | $0.01 | $0.01 |
Preferred Shares - Authorized (in shares) | 29,000,000 | 29,000,000 |
Preferred Shares - Issued (in shares) | 7,600,000 | ' |
Preferred Shares - Outstanding (in shares) | 7,600,000 | ' |
Series A and B Preferred Shares [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred Shares - Par Value (in dollars per share) | $0.01 | $0.01 |
Preferred Shares - Authorized (in shares) | 29,000,000 | 29,000,000 |
Preferred Shares - Issued (in shares) | ' | 7,000,000 |
Preferred Shares - Outstanding (in shares) | ' | 2,400,000 |
Class A Common Shares [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common Shares - Par Value (in dollars per share) | $0.01 | $0.01 |
Common Shares - Authorized (in shares) | 300,000,000 | 300,000,000 |
Common Shares - Issued (in shares) | 202,673,802 | 198,672,356 |
Common Shares - Outstanding (in shares) | 202,673,802 | 198,672,356 |
Class B Common Shares [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common Shares - Par Value (in dollars per share) | $0.01 | $0.01 |
Common Shares - Authorized (in shares) | 1,000,000 | 1,000,000 |
Common Shares - Issued (in shares) | 0 | 0 |
Common Shares - Outstanding (in shares) | 0 | 0 |
Consolidated_Statement_Of_Oper
Consolidated Statement Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Revenue: | ' | ' | ' | ' | ||||
Hotel Operating Revenues | $90,250 | $79,102 | $246,019 | $214,827 | ||||
Interest Income from Development Loans | 0 | 463 | 158 | 1,602 | ||||
Other Revenues | 41 | 50 | 135 | 164 | ||||
Total Revenues | 90,291 | 79,615 | 246,312 | 216,593 | ||||
Operating Expenses: | ' | ' | ' | ' | ||||
Hotel Operating Expenses | 50,297 | 43,512 | 137,550 | 119,107 | ||||
Gain on Insurance Settlements | ' | ' | -403 | ' | ||||
Hotel Ground Rent | 245 | 214 | 739 | 622 | ||||
Real Estate and Personal Property Taxes and Property Insurance | 6,331 | 5,015 | 17,754 | 13,781 | ||||
General and Administrative (including Share Based Payments of $1,992 and $1,923 and $6,819 and $6,322 for the three and nine months ended September 30, 2013 and 2012, respectively) | 5,251 | 4,705 | 15,942 | 15,207 | ||||
Acquisition and Terminated Transaction Costs | 27 | 86 | 803 | 1,168 | ||||
Depreciation and Amortization | 14,572 | 12,488 | 41,156 | 35,611 | ||||
Gain on Hotel Acquisitions, Net | ' | ' | -12,108 | ' | ||||
Total Operating Expenses | 76,723 | 66,020 | 201,433 | 185,496 | ||||
Operating Income | 13,568 | 13,595 | 44,879 | 31,097 | ||||
Interest Income | 450 | 407 | 1,375 | 859 | ||||
Interest Expense | 10,528 | 9,387 | 29,573 | 27,863 | ||||
Other Expense | 261 | 42 | 837 | 564 | ||||
Loss on Debt Extinguishment | ' | 3 | 545 | 249 | ||||
Income Before Income (Loss) from Unconsolidated Joint Venture | 3,229 | 4,570 | 15,299 | 3,280 | ||||
Income (Loss) from Unconsolidated Joint Ventures | 227 | 237 | -21 | -79 | ||||
Loss from Remeasurement of Investment in Unconsolidated Joint Venture | ' | -1,668 | ' | -1,892 | ||||
Income (Loss) from Unconsolidated Joint Venture Investments | 227 | -1,431 | -21 | -1,971 | ||||
Income Before Income Taxes | 3,456 | 3,139 | 15,278 | 1,309 | ||||
Income Tax Benefit | 2,375 | ' | 2,282 | ' | ||||
Income from Continuing Operations | 5,831 | 3,139 | 17,560 | 1,309 | ||||
Discontinued Operations (Note 12): | ' | ' | ' | ' | ||||
(Loss) Gain on Disposition of Hotel Properties | -11 | -183 | 1,032 | 11,269 | ||||
Impairment of Discontinued Assets | -6,591 | ' | -10,314 | ' | ||||
Income from Discontinued Operations, Net of Income Taxes | 3,070 | 2,938 | 4,431 | 2,791 | ||||
(Loss) Income from Discontinued Operations | -3,532 | 2,755 | -4,851 | 14,060 | ||||
Net Income | 2,299 | 5,894 | 12,709 | 15,369 | ||||
Loss Allocated to Noncontrolling Interests | 164 | 279 | 628 | 223 | ||||
Preferred Distributions | -3,589 | -3,500 | -11,022 | -10,500 | ||||
Less: Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | ' | ' | -2,250 | ' | ||||
Net (Loss) Income Applicable to Common Shareholders | ($1,126) | $2,673 | $65 | $5,092 | ||||
BASIC | ' | ' | ' | ' | ||||
Income (Loss) from Continuing Operations Applicable to Common Shareholders | $0.01 | $0 | $0.02 | ($0.05) | ||||
(Loss) Income from Discontinued Operations Applicable to Common Shareholders | ($0.02) | $0.01 | ($0.02) | $0.07 | ||||
Net (Loss) Income Applicable to Common Shareholders | ($0.01) | $0.01 | $0 | $0.02 | ||||
DILUTED | ' | ' | ' | ' | ||||
Income (Loss) from Continuing Operations Applicable to Common Shareholders | $0.01 | $0 | $0.02 | ($0.05) | ||||
(Loss) Income from Discontinued Operations Applicable to Common Shareholders | ($0.02) | $0.01 | ($0.02) | $0.07 | ||||
Net (Loss) Income Applicable to Common Shareholders | ($0.01) | $0.01 | $0 | $0.02 | ||||
Weighted Average Common Shares Outstanding: | ' | ' | ' | ' | ||||
Basic | 198,878,496 | 196,360,325 | 198,186,963 | 184,394,561 | ||||
Diluted | 201,644,633 | [1] | 196,360,325 | [1] | 201,488,088 | [1] | 184,394,561 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership has been excluded from the numerator and units of limited partnership interest in Hersha Hospitality Limited Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact.B B In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders. |
Consolidated_Statement_Of_Oper1
Consolidated Statement Of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Potentially dilutive securities that have been excluded from earnings per share: | ' | ' | ' | ' |
Share Based Payments | $1,992 | $1,923 | $6,819 | $6,322 |
Potentially Dilutive Securities Excluded from the Denominator | 6,914,716 | 10,205,462 | 6,986,004 | 10,272,419 |
Common Units Of Limited Partnership Interest [Member] | ' | ' | ' | ' |
Potentially dilutive securities that have been excluded from earnings per share: | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | 6,914,716 | 7,172,832 | 6,986,004 | 7,231,104 |
Unvested Stock Awards Outstanding [Member] | ' | ' | ' | ' |
Potentially dilutive securities that have been excluded from earnings per share: | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | ' | 687,551 | ' | 308,654 |
Contingently Issuable Share Awards [Member] | ' | ' | ' | ' |
Potentially dilutive securities that have been excluded from earnings per share: | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | ' | 2,345,079 | ' | 2,364,550 |
Options To Acquire Common Shares Outstanding [Member] | ' | ' | ' | ' |
Potentially dilutive securities that have been excluded from earnings per share: | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | ' | ' | ' | 368,111 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive (Loss) Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Consolidated Statements Of Comprehensive (Loss) Income [Abstract] | ' | ' | ' | ' |
Net income | $2,299 | $5,894 | $12,709 | $15,369 |
Other Comprehensive Income | ' | ' | ' | ' |
Change in Fair Value of Derivative Instruments | -669 | -628 | 2,302 | -226 |
Less: Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income | -331 | -294 | -938 | -870 |
Comprehensive Income | 1,299 | 4,972 | 14,073 | 14,273 |
Less: Comprehensive Loss Attributable to Noncontrolling Interests | 164 | 279 | 628 | 223 |
Less: Preferred Distributions | -3,589 | -3,500 | -11,022 | -10,500 |
Less: Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | ' | ' | -2,250 | ' |
Comprehensive (Loss) Income Attributable to Common Shareholders | ($2,126) | $1,751 | $1,429 | $3,996 |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Common Shares [Member] | Preferred Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Distributions in Excess of Net Earnings [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests Common Units [Member] | Noncontrolling Interests Consolidated Joint Ventures [Member] | Noncontrolling Interests Consolidated Variable Interest Entity [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests Common Units [Member] | Total |
In Thousands, except Share data, unless otherwise specified | Class A Common Shares [Member] | |||||||||||
Balance, redeemable noncontrolling interests at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14,955 | ' |
Balance at Dec. 31, 2011 | 1,699 | 70 | 1,041,027 | -1,151 | -310,974 | 730,671 | 16,864 | 307 | ' | 17,171 | ' | 747,842 |
Unit Conversion | 1 | ' | 375 | ' | ' | 376 | -376 | ' | ' | -376 | ' | ' |
Reclassification / Reallocation of Noncontrolling Interest | ' | ' | -528 | ' | ' | -528 | ' | ' | ' | ' | 528 | -528 |
Common Stock Issuance [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Offering, net of costs | 240 | ' | 128,430 | ' | ' | 128,670 | ' | ' | ' | ' | ' | 128,670 |
Common Stock Option Cancellation | 25,000 | ' | -25,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends and Distributions declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock ($0.18 per share) | ' | ' | ' | ' | -34,217 | -34,217 | ' | ' | ' | ' | ' | -34,217 |
Preferred Stock | ' | ' | ' | ' | -10,500 | -10,500 | ' | ' | ' | ' | ' | -10,500 |
Common Units ($0.18 per share) | ' | ' | ' | ' | ' | ' | -748 | ' | ' | -748 | -552 | -748 |
Dividend Reinvestment Plan | ' | ' | 16 | ' | ' | 16 | ' | ' | ' | ' | ' | 16 |
Stock Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants | 20 | ' | 2,428 | ' | ' | 2,448 | ' | ' | ' | ' | ' | 2,448 |
Amortization | ' | ' | 5,004 | ' | ' | 5,004 | ' | ' | ' | ' | ' | 5,004 |
Consolidation of Variable Interest Entity | ' | ' | ' | ' | ' | ' | ' | ' | 956 | 956 | ' | 956 |
Deconsolidation of Consolidated Joint Ventures | ' | ' | ' | ' | ' | ' | ' | -307 | ' | -307 | ' | -307 |
Change in Fair Value of Derivative Instruments | ' | ' | ' | -1,096 | ' | -1,096 | ' | ' | ' | ' | ' | -1,096 |
Net Income (Loss) | ' | ' | ' | ' | 15,592 | 15,592 | 115 | ' | -423 | -308 | 85 | 15,284 |
Balance, redeemable noncontrolling interests at Sep. 30, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,016 | ' |
Balance at Sep. 30, 2012 | 1,985 | 70 | 1,176,727 | -2,247 | -340,099 | 836,436 | 15,855 | ' | 533 | 16,388 | ' | 852,824 |
Balance, redeemable noncontrolling interests at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,321 | 15,321 |
Balance at Dec. 31, 2012 | 1,986 | 70 | 1,178,292 | -1,786 | -348,734 | 829,828 | 15,484 | ' | 476 | 15,960 | ' | 845,788 |
Unit Conversion | 1 | ' | -234 | ' | ' | -233 | -767 | ' | ' | -767 | ' | -1,000 |
Reclassification / Reallocation of Noncontrolling Interest | ' | ' | ' | ' | ' | ' | 15,321 | ' | ' | 15,321 | -15,321 | 15,321 |
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Offering, net of costs | ' | 30 | 72,340 | ' | ' | 72,370 | ' | ' | ' | ' | ' | 72,370 |
Preferred Stock Redemption | ' | -24 | -59,976 | ' | ' | -60,000 | ' | ' | ' | ' | ' | -60,000 |
Dividends and Distributions declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock ($0.18 per share) | ' | ' | ' | ' | -37,572 | -37,572 | ' | ' | ' | ' | ' | -37,572 |
Preferred Stock | ' | ' | ' | ' | -11,022 | -11,022 | ' | ' | ' | ' | ' | -11,022 |
Common Units ($0.18 per share) | ' | ' | ' | ' | ' | ' | -1,254 | ' | ' | -1,254 | ' | -1,254 |
Dividend Reinvestment Plan | ' | ' | 27 | ' | ' | 27 | ' | ' | ' | ' | ' | 27 |
Stock Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants | 40 | ' | 285 | ' | ' | 325 | ' | ' | ' | ' | ' | 325 |
Amortization | ' | ' | 8,026 | ' | ' | 8,026 | ' | ' | ' | ' | ' | 8,026 |
Change in Fair Value of Derivative Instruments | ' | ' | ' | 1,364 | ' | 1,364 | ' | ' | ' | ' | ' | 1,364 |
Net Income (Loss) | ' | ' | ' | ' | 13,337 | 13,337 | 2 | ' | -630 | -628 | ' | 12,709 |
Balance at Sep. 30, 2013 | $2,027 | $76 | $1,198,760 | ($422) | ($383,991) | $816,450 | $28,786 | ' | ($154) | $28,632 | ' | $845,082 |
Consolidated_Statements_Of_Equ1
Consolidated Statements Of Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Dividends and Distributions declared: | ' | ' |
Common Stock, Dividends declared (in dollars per share) | $0.18 | $0.18 |
Common Units, Distributions declared (in dollars per share) | $0.18 | $0.18 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities: | ' | ' |
Net income | $12,709 | $15,369 |
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: | ' | ' |
Gain on Acquisition of Hotel Assets | -12,108 | ' |
Gain on Disposition of Hotel Assets | -1,032 | -11,269 |
Impairment of Assets | 10,314 | ' |
Deferred Taxes | -2,205 | ' |
Depreciation | 47,153 | 41,520 |
Amortization | 1,930 | 2,916 |
Debt Extinguishment | 471 | 10 |
Development Loan Interest Added to Principal | ' | -678 |
Equity in Loss of Unconsolidated Joint Ventures | 21 | 1,971 |
Distributions from Unconsolidated Joint Ventures | 313 | 1,269 |
Loss Recognized on Change in Fair Value of Derivative Instrument | 18 | 221 |
Stock Based Compensation Expense | 6,819 | 6,322 |
(Increase) Decrease in: | ' | ' |
Hotel Accounts Receivable | 194 | -3,970 |
Escrows | -895 | -2,267 |
Other Assets | -1,672 | 923 |
Due from Related Parties | 2,170 | -5,740 |
Increase (Decrease) in: | ' | ' |
Due to Related Parties | 2,821 | 2,281 |
Accounts Payable, Accrued Expenses and Other Liabilities | 3,172 | 121 |
Net Cash Provided by Operating Activities | 70,193 | 48,999 |
Investing Activities: | ' | ' |
Purchase of Hotel Property Assets | -166,388 | -67,637 |
Deposits on Hotel Acquisitions, Net | 1,264 | -17,000 |
Capital Expenditures | -35,984 | -22,890 |
Cash Paid for Hotel Development Projects | -16,862 | -8,718 |
Proceeds from Disposition of Hotel Properties and Investment in Unconsolidated Joint Venture | 12,000 | 63,738 |
Net Changes in Capital Expenditure Escrows | -1,601 | -3,212 |
Investment in Notes Receivable | ' | -150 |
Repayment of Notes Receivable | ' | 1,720 |
Proceeds from Insurance Claims | 2,189 | ' |
Repayment of Development Loans Receivable | 15,122 | 3,000 |
Distributions from Unconsolidated Joint Venture | 1,422 | 150 |
Advances and Capital Contributions to Unconsolidated Joint Ventures | ' | -130 |
Net Cash Used in Investing Activities | -188,838 | -51,129 |
Financing Activities: | ' | ' |
Proceeds from (Repayments of) Borrowings Under Line of Credit, Net | 79,700 | -23,000 |
Proceeds from Unsecured Term Loan Borrowing | 50,000 | ' |
Principal Repayment of Mortgages and Notes Payable | -52,589 | -123,823 |
Proceeds from Mortgages and Notes Payable | 60,000 | 97,444 |
Cash Paid for Deferred Financing Costs | -2,237 | -65 |
Proceeds from Issuance of Preferred Stock, Net | 72,370 | ' |
Proceeds from Issuance of Common Stock, Net | ' | 128,670 |
Redemption of Preferred Stock | -60,000 | ' |
Redemption of Common Partnership Units | -1,000 | ' |
Settlement of Interest Rate Cap | -565 | -96 |
Dividends Paid on Common Shares | -37,305 | -32,487 |
Dividends Paid on Preferred Shares | -10,933 | -10,500 |
Distributions Paid on Common Partnership Units | -1,267 | -1,307 |
Net Cash Provided by Financing Activities | 96,174 | 34,836 |
Net (Decrease) Increase in Cash and Cash Equivalents | -22,471 | 32,706 |
Cash and Cash Equivalents - Beginning of Period | 69,059 | 24,568 |
Cash and Cash Equivalents - End of Period | $46,588 | $57,274 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Basis Of Presentation [Abstract] | ' | |||||||||||||||
Basis Of Presentation | ' | |||||||||||||||
NOTE 1 – BASIS OF PRESENTATION | ||||||||||||||||
The accompanying unaudited consolidated financial statements of Hersha Hospitality Trust (“we,” “us,” “our” or the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles (“US GAAP”) for interim financial information and with the general instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and notes required by US GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals), considered necessary for a fair presentation have been included. Operating results for the three and nine months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending December 31, 2013 or any future period. Accordingly, readers of these consolidated interim financial statements should refer to the Company’s audited financial statements prepared in accordance with US GAAP, and the related notes thereto, for the year ended December 31, 2012, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2012, as certain footnote disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from this report pursuant to the rules of the Securities and Exchange Commission. | ||||||||||||||||
We are a self-administed Maryland real estate investment trust that was organized in May 1998 and completed our initial public offering in January 1999. Our common shares are traded on the New York Stock Exchange (the “NYSE”) under the symbol “HT.” We own our hotels and our investments in joint ventures through our operating partnership, Hersha Hospitality Limited Partnership (“HHLP”), for which we serve as the sole general partner. As of September 30, 2013, we owned an approximate 96.7% partnership interest in HHLP, including a 1.0% general partnership interest. | ||||||||||||||||
Noncontrolling Interest | ||||||||||||||||
We classify the noncontrolling interests of our consolidated joint ventures and consolidated variable interest entity and certain common units of limited partnership interest in HHLP (“Common Units”) that are nonredeemable (“Nonredeemable Common Units”) as equity. The noncontrolling interest of Nonredeemable Common Units totaled $28,786 as of September 30, 2013 and $15,484 as of December 31, 2012. As of September 30, 2013, there were 6,914,716 Nonredeemable Common Units outstanding with a fair market value of $38,653, based on the price per share of our common shares on the NYSE on such date. In accordance with the partnership agreement of HHLP, holders of these units may redeem them for cash unless we, in our sole and absolute discretion, elect to issue common shares on a one-for-one basis in lieu of paying cash. | ||||||||||||||||
Prior to February 1, 2013, certain Common Units (“Redeemable Common Units”) had been pledged as collateral in connection with a pledge and security agreement entered into by the Company and the holders of the Redeemable Common Units. The redemption feature contained in the pledge and security agreement where the Redeemable Common Units served as collateral contained a provision that could have resulted in a net cash settlement outside of the control of the Company. As a result, prior to February 1, 2013, the Redeemable Common Units were classified in the mezzanine section of the consolidated balance sheets as Redeemable Noncontrolling Interest because these units did not meet the requirements for equity classification under US GAAP. The carrying value of the Redeemable Common Units equaled the greater of carrying value based on the accumulation of historical cost or the redemption value. As of February 1, 2013, the aforementioned pledge and security agreement is no longer in effect, the Common Units subject to the pledge and security agreement have been released and such Common Units are treated as Nonredeemable Common Units. As of September 30, 2013, there were no outstanding Common Units designated as Redeemable Common Units. As of December 31, 2012, the Redeemable Common Units were valued on the consolidated balance sheets at redemption value because the Redeemable Common Units redemption value was greater than historical cost of $11,753. | ||||||||||||||||
Net income or loss attributed to Nonredeemable Common Units and Redeemable Common Units, as well as the net income or loss related to the noncontrolling interests of our consolidated joint ventures and consolidated variable interest entity, is included in net income or loss in the consolidated statements of operations. Net income or loss attributed to the Common Units and the noncontrolling interests of our consolidated joint ventures and consolidated variable interest entity is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations. | ||||||||||||||||
NOTE 1 – BASIS OF PRESENTATION (CONTINUED) | ||||||||||||||||
Shareholders’ Equity | ||||||||||||||||
On February 25, 2013, we completed a public offering of 3,000,000 6.875% Series C Cumulative Redeemable Preferred Shares. These shares have a par value of $0.01 per share with a $25.00 liquidation preference per share. Net proceeds of the offering, after deducting the underwriting discount and the offering expenses payable by us, were approximately $72,370. | ||||||||||||||||
We utilized the net proceeds of the offering to redeem all outstanding 8.00% Series A Cumulative Redeemable Preferred Shares on March 28, 2013, and for general corporate purposes. The Series A Preferred Shares were redeemed at a per share redemption price of $25.00 together with accrued and unpaid dividends to the redemption date for an aggregate per share redemption price of $25.4056. Dividends ceased accruing on the Series A Preferred Shares on March 28, 2013. | ||||||||||||||||
Terms of the Series B and Series C Preferred Shares outstanding at September 30, 2013 and the Series A and Series B Preferred Shares outstanding at December 31, 2012 are summarized as follows: | ||||||||||||||||
Dividend Per Share | ||||||||||||||||
Shares Outstanding | Nine Months Ended September 30, | |||||||||||||||
Series | 30-Sep-13 | 31-Dec-12 | Aggregate Liquidation Preference | Distribution Rate | 2013 | 2012 | ||||||||||
Series A | - | 2,400,000 | $ | 60,000 | 8.000% | $ | 0.5000 | $ | 1.5000 | |||||||
Series B | 4,600,000 | 4,600,000 | $ | 115,000 | 8.000% | $ | 1.5000 | $ | 1.5000 | |||||||
Series C | 3,000,000 | - | $ | 75,000 | 6.875% | $ | 1.0456 | $ | - | |||||||
7,600,000 | 7,000,000 | |||||||||||||||
Investment_In_Hotel_Properties
Investment In Hotel Properties | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investment In Hotel Properties [Abstract] | ' | ||||||||||||||||||
Investment In Hotel Properties | ' | ||||||||||||||||||
NOTE 2 – INVESTMENT IN HOTEL PROPERTIES | |||||||||||||||||||
Investment in hotel properties consists of the following at September 30, 2013 and December 31, 2012: | |||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
Land | $ | 328,753 | $ | 305,286 | |||||||||||||||
Buildings and Improvements | 1,180,842 | 1,214,865 | |||||||||||||||||
Furniture, Fixtures and Equipment | 166,238 | 171,892 | |||||||||||||||||
Construction in Progress | 57,434 | 40,572 | |||||||||||||||||
1,733,267 | 1,732,615 | ||||||||||||||||||
Less Accumulated Depreciation | -245,662 | -265,902 | |||||||||||||||||
Total Investment in Hotel Properties | $ | 1,487,605 | $ | 1,466,713 | |||||||||||||||
During the nine months ended September 30, 2013, we acquired the following wholly-owned hotel properties: | |||||||||||||||||||
Hotel | Acquisition Date | Land | Buildings and Improvements | Furniture Fixtures and Equipment | Franchise Fees and Loan Costs | Total Purchase Price | |||||||||||||
Hyatt Union Square, | 4/9/13 | $ | 32,940 | $ | 79,300 | $ | 9,760 | $ | 1,945 | $ | 123,945 | ||||||||
New York, NY | |||||||||||||||||||
Courtyard by Marriott, | 5/30/13 | 15,656 | 51,674 | 3,671 | 183 | 71,184 | |||||||||||||
San Diego, CA | |||||||||||||||||||
Residence Inn, | 6/12/13 | 4,146 | 17,456 | 218 | 75 | 21,895 | |||||||||||||
Coconut Grove, FL | |||||||||||||||||||
Total | $ | 52,742 | $ | 148,430 | $ | 13,649 | $ | 2,203 | $ | 217,024 | |||||||||
Acquisition-related cost, such as due diligence, legal and accounting fees, are not capitalized or applied in determining the fair value of the above acquired assets. During the nine months ended September 30, 2013, we paid $713 in acquisition costs related to the above acquired assets. | |||||||||||||||||||
On April 9, 2013, we completed the acquisition of the Hyatt Union Square hotel in New York, NY from Risingsam Union Square LLC. Consideration given in exchange for the property included $36,000 paid in cash to the seller and our cancellation of a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan. In addition, we paid off the existing construction financing and entered into a new mortgage loan of $55,000. We recognized a net gain of approximately $12,108 on the purchase of the Hyatt Union Square hotel as the fair value of the assets acquired less any liabilities assumed exceeded the consideration transferred. | |||||||||||||||||||
NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) | |||||||||||||||||||
As shown in the table below, included in the consolidated statements of operations for the three and nine months ended September 30, 2013 are total revenues of $8,952 and $12,729 and a total net income (loss) of $718 and $(771) for hotels we have acquired and consolidated since the date of acquisition. These amounts represent the results of operations for these hotels since the date of acquisition: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2013 | ||||||||||||||||||
Hotel | Revenue | Net | Revenue | Net | |||||||||||||||
(Loss) Income | (Loss) Income | ||||||||||||||||||
Hyatt Union Square, New York, NY | $ | 3,976 | $ | -448 | $ | 6,178 | $ | -2,195 | |||||||||||
Courtyard by Marriott, San Diego, CA | 3,807 | 949 | 5,121 | 1,292 | |||||||||||||||
Residence Inn, Coconut Grove, FL | 1,169 | 217 | 1,430 | 132 | |||||||||||||||
Total | $ | 8,952 | $ | 718 | $ | 12,729 | $ | -771 | |||||||||||
Pro Forma Results (Unaudited) | |||||||||||||||||||
The following condensed pro forma financial data are presented as if all acquisitions completed since January 1, 2013 and 2012 had been completed on January 1, 2012 and 2011. Properties acquired without any operating history are excluded from the condensed pro forma operating results. The condensed pro forma financial data is not necessarily indicative of what actual results of operations of the Company would have been assuming the acquisitions had been consummated on January 1, 2013 and 2012 at the beginning of the year presented, nor do they purport to represent the results of operations for future periods. | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Pro Forma Total Revenues | $ | 90,291 | $ | 84,359 | $ | 254,112 | $ | 242,196 | |||||||||||
Pro Forma Income from Continuing Operations | $ | 5,831 | $ | 3,378 | $ | 18,775 | $ | 2,336 | |||||||||||
(Loss) Income from Discontinued Operations | -3,532 | 2,755 | -4,851 | 14,060 | |||||||||||||||
Pro Forma Net Income | 2,299 | 6,133 | 13,924 | 16,396 | |||||||||||||||
Loss Allocated to Noncontrolling Interest | 164 | 271 | 587 | 184 | |||||||||||||||
Preferred Distributions | -3,589 | -3,500 | -11,022 | -10,500 | |||||||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | - | - | -2,250 | - | |||||||||||||||
Pro Forma Net (Loss) Income Applicable to Common Shareholders | $ | -1,126 | $ | 2,904 | $ | 1,239 | $ | 6,080 | |||||||||||
Pro Forma Income Applicable to Common Shareholders per Common Share | |||||||||||||||||||
Basic | $ | -0.01 | $ | 0.01 | $ | 0.01 | $ | 0.03 | |||||||||||
Diluted | $ | -0.01 | $ | 0.01 | $ | 0.01 | $ | 0.03 | |||||||||||
Weighted Average Common Shares Outstanding | |||||||||||||||||||
Basic | 198,878,496 | 196,360,325 | 198,186,963 | 184,394,561 | |||||||||||||||
Diluted | 201,644,633 | 196,360,325 | 201,488,088 | 184,394,561 | |||||||||||||||
NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) | |||||||||||||||||||
Asset Development and Renovation | |||||||||||||||||||
The Company has opportunistically engaged in development of hotel assets. On July 22, 2011, the Company completed the acquisition of the real property and improvements located at 32 Pearl Street, New York, NY, anticipated to become a Hampton Inn, from an unaffiliated seller for a total purchase price of $28,300. The property is a re-development project which was initiated in 2008. | |||||||||||||||||||
In addition the Company continues construction of an additional oceanfront tower, additional meeting space and structured parking on a land parcel adjacent to the Courtyard by Marriott, Miami, Florida, a hotel acquired on November 16, 2011. This land parcel was included in the acquisition of the hotel. | |||||||||||||||||||
We capitalize expenditures related to hotel development projects and renovations, including indirect costs such as interest expense, real estate taxes and utilities related to hotel development projects and renovations. | |||||||||||||||||||
We have capitalized the following indirect development costs for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Property Tax | $ | 110 | $ | 81 | $ | 277 | $ | 215 | |||||||||||
Interest Expense | 337 | 418 | 930 | 1,182 | |||||||||||||||
Utility | 1 | 1 | 3 | 3 | |||||||||||||||
Total | $ | 448 | $ | 500 | $ | 1,210 | $ | 1,400 | |||||||||||
In October 2012, Hurricane Sandy affected numerous hotels within our portfolio. Two hotels within our portfolio were significantly impacted by this natural disaster; one hotel was inoperable (Holiday Inn Express Water Street, New York, NY) and one hotel development project has incurred delays in construction (Hampton Inn, Pearl Street, New York, NY). We have recorded estimated property losses of $1,586 on the Holiday Inn Express Water Street and a corresponding insurance claim receivable of $1,486. This hotel re-opened in April 2013. We have recorded estimated property losses of $1,997 on the Hampton Inn Pearl Street and a corresponding insurance claim receivable of $1,897, and we expect this hotel to open in the first quarter of 2014. Of the $3,383 in aggregate insurance claims that we estimate to receive, $2,189 was received as of September 30, 2013. | |||||||||||||||||||
Purchase and Sale Agreements | |||||||||||||||||||
On September 20, 2013, the Company entered into a purchase and sale agreement to dispose of a portfolio of 16 non-core hotel properties. See “Note 12 – Discontinued Operations” for more information. | |||||||||||||||||||
On October 16, 2013, the Company entered into a purchase and sale agreement to acquire the Hotel Oceana, located in Santa Barbara, California, from an unaffiliated seller for approximately $42,000, including the assumption of $25,250 in mortgage debt. This transaction is expected to close by the end of first quarter 2014. | |||||||||||||||||||
Investment_In_Unconsolidated_J
Investment In Unconsolidated Joint Ventures | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Investment In Unconsolidated Joint Ventures [Abstract] | ' | ||||||||||||
Investment In Unconsolidated Joint Ventures | ' | ||||||||||||
NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | |||||||||||||
As of September 30, 2013 and December 31, 2012 our investment in unconsolidated joint ventures consisted of the following: | |||||||||||||
Percent | Preferred | September 30, | December 31, | ||||||||||
Joint Venture | Hotel Properties | Owned | Return | 2013 | 2012 | ||||||||
SB Partners, LLC | Holiday Inn Express, South Boston, MA | 50.0% | N/A | $ | 1,282 | $ | 1,292 | ||||||
Hiren Boston, LLC | Courtyard by Marriott, South Boston, MA | 50.0% | N/A | 4,955 | 4,964 | ||||||||
Mystic Partners, LLC | Hilton and Marriott branded hotels in CT | 8.8%-66.7% | 8.5% non-cumulative | 8,014 | 9,751 | ||||||||
$ | 14,251 | $ | 16,007 | ||||||||||
On February 1, 2013, the Company closed on the sale of its interest in one of the unconsolidated joint venture properties owned in part by Mystic Partners, LLC to its joint venture partner. As our investment in this unconsolidated joint venture equated the net proceeds distributed to us, we did not record a gain or loss in connection with the sale of this hotel. | |||||||||||||
Income or loss from our unconsolidated joint ventures is allocated to us and our joint venture partners consistent with the allocation of cash distributions in accordance with the joint venture agreements. Any difference between the carrying amount of these investments and the underlying equity in net assets is amortized over the expected useful lives of the properties and other intangible assets. | |||||||||||||
Income (loss) recognized during the three and nine months ended September 30, 2013 and 2012, for our investments in unconsolidated joint ventures is as follows: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
SB Partners, LLC | $ | 188 | $ | 200 | $ | 190 | $ | 105 | |||||
Hiren Boston, LLC | 141 | 145 | 90 | 249 | |||||||||
Mystic Partners, LLC | -102 | -108 | -301 | -319 | |||||||||
Metro 29th Street Associates, LLC | - | - | - | -114 | |||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | 227 | 237 | -21 | -79 | |||||||||
Loss from Remeasurement of Investment in Unconsolidated Joint Ventures | - | -1,668 | - | -1,892 | |||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | $ | 227 | $ | -1,431 | $ | -21 | $ | -1,971 | |||||
NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (CONTINUED) | |||||||||||||
The following tables set forth the total assets, liabilities, equity and components of net income or loss, including the Company’s share, related to the unconsolidated joint ventures discussed above as of September 30, 2013 and December 31, 2012 and for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||
Balance Sheets | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Investment in Hotel Properties, Net | $ | 115,297 | $ | 118,506 | |||||||||
Other Assets | 20,525 | 20,709 | |||||||||||
Assets Held For Sale | - | 5,875 | |||||||||||
Total Assets | $ | 135,822 | $ | 145,090 | |||||||||
Liabilities and Equity | |||||||||||||
Mortgages and Notes Payable | $ | 118,049 | $ | 119,236 | |||||||||
Other Liabilities | 34,889 | 36,292 | |||||||||||
Liabilities Related to Assets Held For Sale | - | 6,071 | |||||||||||
Equity: | |||||||||||||
Hersha Hospitality Trust | 26,481 | 28,581 | |||||||||||
Joint Venture Partner(s) | -43,597 | -45,090 | |||||||||||
Total Equity | -17,116 | -16,509 | |||||||||||
Total Liabilities and Equity | $ | 135,822 | $ | 145,090 | |||||||||
Statements of Operations | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | 30-Sep | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Room Revenue | $ | 16,080 | $ | 14,898 | $ | 43,920 | $ | 48,845 | |||||
Other Revenue | 4,960 | 4,807 | 16,204 | 16,151 | |||||||||
Operating Expenses | -14,222 | -13,425 | -41,315 | -43,526 | |||||||||
Interest Expense | -1,866 | -1,873 | -5,590 | -5,761 | |||||||||
Lease Expense | -250 | -266 | -745 | -3,482 | |||||||||
Property Taxes and Insurance | -740 | -700 | -2,260 | -2,679 | |||||||||
General and Administrative | -1,276 | -1,359 | -4,205 | -4,525 | |||||||||
Depreciation and Amortization | -1,630 | -1,538 | -4,862 | -4,759 | |||||||||
Loss Allocated to Noncontrolling Interests | -26 | 25 | -121 | -2,616 | |||||||||
Net Income from Continuing Operations | 1,030 | 569 | 1,026 | -2,352 | |||||||||
Income (Loss) from Discontinued Operations | - | 181 | -55 | 85 | |||||||||
Gain on Disposition of Hotel Properties | - | - | 1,162 | 25,130 | |||||||||
Net Income | $ | 1,030 | $ | 750 | $ | 2,133 | $ | 22,863 | |||||
NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (CONTINUED) | |||||||||||||
The following table is a reconciliation of the Company’s share in the unconsolidated joint ventures’ equity to the Company’s investment in the unconsolidated joint ventures as presented on the Company’s balance sheets as of September 30, 2013 and December 31, 2012. | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Company's share of equity recorded on the joint ventures' financial statements | $ | 26,481 | $ | 28,581 | |||||||||
Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1) | -12,230 | -12,574 | |||||||||||
Investment in Unconsolidated Joint Ventures | $ | 14,251 | $ | 16,007 | |||||||||
(1) Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following: | |||||||||||||
· | cumulative impairment of the Company’s investment in joint ventures not reflected on the joint ventures' financial statements; | ||||||||||||
· | the Company’s basis in the investment in joint ventures not recorded on the joint ventures' financial statements; and | ||||||||||||
· | accumulated amortization of the Company’s equity in joint ventures that reflects the Company’s portion of the excess of the fair value of joint ventures' assets on the date of our investment over the carrying value of the assets recorded on the joint ventures financial statements (this excess investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on the Company’s consolidated statement of operations). | ||||||||||||
Development_Loans_Receivable
Development Loans Receivable | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Development Loans Receivable [Abstract] | ' | |||||||||||||
Development Loans Receivable | ' | |||||||||||||
NOTE 4 – DEVELOPMENT LOANS RECEIVABLE | ||||||||||||||
Development Loans | ||||||||||||||
Historically, we provided first mortgage and mezzanine loans to hotel developers, These loans were initially originated as part of our acquisition strategy. During the three and nine months ended September 30, 2013, no such loans were originated by us. Interest income from development loans was $0 and $463 and $158 and $1,602 for the three and nine months ended September 30, 2013 and 2012, respectively. Accrued interest on our development loans receivable was $0 as of September 30, 2013 and $348 as of December 31, 2012. | ||||||||||||||
As of September 30, 2013 we had no development loans outstanding and as of December 31, 2012, our development loans receivable consisted of the following: | ||||||||||||||
Hotel Property | Borrower | Principal Outstanding September 30, 2013 | Principal Outstanding December 31, 2012 | Interest Rate | Maturity Date | |||||||||
Operational Hotels | ||||||||||||||
Hyatt 48Lex - New York, NY* | 44 Lexington Holding, LLC | $ | - | $ | 15,122 | 9% | -1 | N/A | ||||||
Construction Hotels | ||||||||||||||
Hyatt Union Square - New York, NY (2) | Risingsam Union Square, LLC | - | 13,303 | 10% | N/A | |||||||||
Total Development Loans Receivable | $ | - | $ | 28,425 | ||||||||||
*Indicates borrower is a related party | ||||||||||||||
(1)Prior to June 1, 2012, the development loan to 44 Lexington Holding LLC allowed the borrower to elect, quarterly, to pay accrued interest in-kind by adding the accrued interest to the principal balance of the loan. Effective June 1, 2012, we amended the development loan with 44 Lexington Holding LLC to cease the buyer’s election to pay accrued interest in-kind. Interest of $678 was added to principal during the nine months ended September 30, 2012. | ||||||||||||||
(2)On April 9, 2013, we completed the acquisition of the real property and improvements for the Hyatt Union Square hotel in New York, NY from Risingsam Union Square, LLC. Consideration given in exchange for the property including $36,000 paid in cash to the seller and ourcancellationof a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan. In addition, we paid off the existing construction financing and entered into a new mortgage loan. See “Note 2 –Investment In Hotel Properties” for additional discussion of this transaction. | ||||||||||||||
Other_Assets_Deposits_On_Hotel
Other Assets, Deposits On Hotel Acquisitions, And Intangible Assets And Liabilities | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Other Assets, Deposits On Hotel Acquisitions, And Intangible Assets And Liabilities [Abstract] | ' | ||||||
Other Assets, Deposits On Hotel Acquisitions, And Intangible Assets And Liabilities | ' | ||||||
NOTE 5 – OTHER ASSETS, DEPOSITS ON HOTEL ACQUISITIONS, AND INTANGIBLE ASSETS AND LIABILITIES | |||||||
Other Assets | |||||||
Other Assets consisted of the following at September 30, 2013 and December 31, 2012: | |||||||
30-Sep-13 | 31-Dec-12 | ||||||
Transaction Costs | $ | 120 | $ | 339 | |||
Acquisition of Hyatt Union Square | - | 3,120 | |||||
Investment in Statutory Trusts | 1,548 | 1,548 | |||||
Prepaid Expenses | 8,058 | 8,654 | |||||
Insurance Claims Receivable | 4,816 | 3,883 | |||||
Deferred Tax Asset | 5,883 | 3,355 | |||||
Other | 4,502 | 4,615 | |||||
$ | 24,927 | $ | 25,514 | ||||
Transaction Costs - Transaction costs include legal fees and other third party transaction costs incurred relative to entering into debt facilities, issuances of equity securities, and other costs which are recorded in other assets prior to the closing of the respective transactions. | |||||||
Acquisition of Hyatt Union Square - On April 9, 2013, we completed the acquisition of the real property and improvements for the Hyatt Union Square hotel in New York, NY. Included in the acquisition of Hyatt Union Square above are costs we incurred for preliminary development of the hotel. | |||||||
Investment in Statutory Trusts - We have an investment in the common stock of Hersha Statutory Trust I and Hersha Statutory Trust II. Our investment is accounted for under the equity method. | |||||||
Prepaid Expenses - Prepaid expenses include amounts paid for property tax, insurance and other expenditures that will be expensed in the next twelve months. | |||||||
Insurance Claims Receivable – As noted in “Note 2 – Investment in Hotel Properties,” we recorded an insurance claim receivable due to the property damage that occurred at several of our hotel properties as a result of Hurricane Sandy in October 2012. | |||||||
Deferred Tax Asset - We have approximately $5,883 of net deferred tax assets as of September 30, 2013. We have considered various factors, including future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies in determining a valuation allowance for our deferred tax assets, and we believe that it is more likely than not that we will be able to realize the $5,883 of net deferred tax assets in the future. | |||||||
Deposits on Hotel Acquisitions | |||||||
As of September 30, 2013, we had $15,486 in interest bearing deposits related to the future acquisition of the Hilton Garden Inn -52nd Street, New York, NY. On October 24, 2012, we entered into a purchase and sale agreement to acquire the Hilton Garden Inn – 52nd Street in New York, NY for total consideration of $74,000. As of September 30, 2013, we had provided $15,486 to the seller as a deposit earning 10% per annum and we may fund an additional $1,514 deposit earning 10% per annum. The total consideration to the seller will consist of this $17,000 interest bearing deposit, an additional $15,000 cash to be paid to the seller upon closing and the assumption or extinguishment of a mortgage loan secured by the hotel in the original aggregate principal amount of $42,000. | |||||||
As of December 31, 2012, our Deposits on Hotel Acquisitions consisted of $21,000 in non-interest bearing deposits related to the acquisition of the Hyatt Union Square, New York, NY, $15,000 in interest bearing deposits related to the future acquisition of Hilton Garden Inn -52nd Street, New York, NY and $1,750 in interest bearing deposits related to the potential acquisition of another hotel property. | |||||||
NOTE 5 – OTHER ASSETS AND DEPOSITS ON HOTEL ACQUISITIONS, AND INTANGIBLE ASSETS AND LIABILITIES (CONTINUED) | |||||||
The transaction is expected to close shortly after the developer completes the hotel’s construction, which is anticipated for the first quarter of 2014. While this purchase and sale agreement secures the Company’s right to acquire the completed hotel, the Company is not assuming any significant construction risk, including the risk of schedule and cost overruns. | |||||||
Intangible Assets and Liabilities | |||||||
Intangible assets consist of leasehold intangibles for above-market value of in-place leases and deferred franchise fees. The leasehold intangibles are amortized over the remaining lease term. Deferred franchise fees are amortized using the straight-line method over the life of the franchise agreement. | |||||||
Intangible liabilities consist of leasehold intangibles for below-market value of in-place leases. The leasehold intangibles are amortized over the remaining lease term. Intangible liabilities are included in the accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. | |||||||
Debt
Debt | 9 Months Ended | |
Sep. 30, 2013 | ||
Debt [Abstract] | ' | |
Debt | ' | |
NOTE 6 – DEBT | ||
Mortgages | ||
We had total mortgages payable at September 30, 2013 and December 31, 2012 of $647,787 and $641,160, respectively. These balances consisted of mortgages with fixed and variable interest rates, which ranged from 3.79% to 8.25% as of September 30, 2013. Included in these balances are net premiums of $2,613 and $3,245 as of September 30, 2013 and December 31, 2012, respectively, which are amortized over the remaining life of the loans. Aggregate interest expense incurred under the mortgage loans payable totaled $8,900 and $9,718, and $26,110 and $29,101 during the three and nine months ended September 30, 2013 and 2012, respectively. | ||
Our mortgage indebtedness contains various financial and non-financial covenants customarily found in secured, non-recourse financing arrangements. Our mortgage loans payable typically require that specified debt service coverage ratios be maintained with respect to the financed properties before we can exercise certain rights under the loan agreements relating to such properties. If the specified criteria are not satisfied, the lender may be able to escrow cash flow generated by the property securing the applicable mortgage loan. We have determined that certain debt service coverage ratio covenants contained in the loan agreements securing five of our hotel properties were not met as of September 30, 2013. Pursuant to these loan agreements, the lender has elected to escrow the operating cash flow for a number of these properties. However, these covenants do not constitute an event of default for these loans. | ||
As of September 30, 2013, the maturity dates for the outstanding mortgage loans ranged from August 2014 to February 2018. | ||
Subordinated Notes Payable | ||
We have two junior subordinated notes payable in the aggregate amount of $51,548 to the Hersha Statutory Trusts pursuant to indenture agreements which will mature on July 30, 2035, but may be redeemed at our option, in whole or in part, prior to maturity in accordance with the provisions of the indenture agreements. The $25,774 notes issued to Hersha Statutory Trust I and Hersha Statutory Trust II, bear interest at a variable rate of LIBOR plus 3% per annum. This rate resets two business days prior to each quarterly payment. The weighted average interest rate on our two junior subordinated notes payable during the three and nine months ended September 30, 2013 and 2012 was 3.34% and 3.53%, and 3.32% and 3.54%, respectively. Interest expense in the amount of $431 and $455 and $1,284 and $1,368 was recorded for the three and nine months ended September 30, 2013 and 2012, respectively. | ||
Credit Facilities | ||
On November 5, 2012, we entered into a senior unsecured credit agreement with Citigroup Global Markets Inc. and various other lenders. The credit agreement provides for a $400,000 senior unsecured credit facility consisting of a $250,000 senior unsecured revolving line of credit, and a $150,000 senior unsecured term loan. Our previous $250,000 senior secured credit facility was terminated and replaced by the $400,000 unsecured credit facility, and, as a result, all amounts outstanding under our $250,000 secured credit facility were repaid with borrowings from our $400,000 unsecured credit facility. The $400,000 unsecured credit facility expires on November 5, 2015, and, provided no event of default has occurred and remains uncured, we may request that the lenders renew the credit facility for two additional one-year periods. The credit facility is also expandable to $550,000 at our request, subject to the satisfaction of certain conditions. | ||
The amount that we can borrow at any given time on our credit facility is governed by certain operating metrics of designated unencumbered hotel properties known as borrowing base assets. As of September 30, 2013, the following hotel properties were borrowing base assets: | ||
NOTE 6 – DEBT (CONTINUED) | ||
- Holiday Inn Express, Hershey, PA | - Hampton Inn, West Haven, CT | |
- Holiday Inn Express, Cambridge, MA | - Hampton Inn, Times Square, NY | |
- Holiday Inn, Wall Street, NY | - Hampton Inn, Hershey, PA | |
- Holiday Inn Express, Times Square, NY | - Hampton Inn, Philadelphia, PA | |
- Residence Inn, Norwood, MA | - Hampton Inn, Washington, DC | |
- Residence Inn, Langhorne, PA | - Hyatt Place, King of Prussia, PA | |
- Residence Inn, Carlisle, PA | - Nu Hotel, Brooklyn, NY | |
- Residence Inn, Framingham, MA | - Towneplace Suites, Harrisburg, PA | |
- Sheraton, Wilmington South, DE | - Rittenhouse Hotel, Philadelphia, PA | |
- Sheraton Hotel, JFK Airport, New York, NY | - The Boxer, Boston, MA | |
- Candlewood Suites, Times Square, NY | - Holiday Inn Express (Water Street), New York, NY | |
- Hampton Inn, Smithfield, RI | ||
The interest rate for the $400,000 unsecured credit facility is based on a pricing grid with a range of one month U.S. LIBOR plus 1.75% to 2.65%. As of September 30, 2013, we had borrowed $150,000 in unsecured term loans under the unsecured credit facility, and had entered into interest rate swaps which effectively fix the interest rate on these term loans at a blended rate of 3.19% to 3.25%. See “Note 8 – Fair Value Measurements and Derivative Instruments” for more information. | ||
The credit agreement providing for the $400,000 unsecured credit facility includes certain financial covenants and requires that we maintain: (1) a minimum tangible net worth of $1,000,000, which is calculated by adding back accumulated depreciation to the recorded value of our investment in hotel properties and subtracting certain intangible assets and debt and is subject to increases under certain circumstances; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following: | ||
·a fixed charge coverage ratio of not less than 1.45 to 1.00, which increases to 1.50 to 1.00 as of January 1, 2014; | ||
·a maximum leverage ratio of not more than 60%; and | ||
·a maximum secured debt leverage ratio of 55%, which decreased to 50% as of October 1, 2013 and further decreases to 45% as of October 1, 2014. | ||
The Company is in compliance with each of the covenants listed above as of September 30, 2013. As of September 30, 2013, our remaining borrowing capacity under the new credit facility was $164,475, based on our current borrowing base assets. | ||
As of September 30, 2013, the outstanding unsecured term loan balance under the $400,000 credit facility was $150,000 and we had outstanding borrowings of $79,700 on the revolving line of credit. As of December 31, 2012, the outstanding unsecured term loan was $100,000 and the revolving line of credit had no balance outstanding. | ||
The Company recorded interest expense of $1,707 and $305 related to borrowings drawn on each of the aforementioned credit facilities, for the three months ended September 30, 2013 and 2012, respectively, and $3,804 and $1,818 for the nine months ended September 30, 2013 and 2012, respectively. The weighted average interest rate on our credit facilities was 3.18% and 4.31% for the three months ended September 30, 2013 and 2012, respectively, and was 3.04% and 4.55%, for the nine months ended September 30, 2013 and 2012, respectively. | ||
On November 5, 2010, we entered into a Revolving Credit Loan and Security Agreement with T.D. Bank, NA and various other lenders, which provided for a senior secured revolving credit facility in the principal amount of up to $250,000, including a sub-limit of $25,000 for irrevocable stand-by letters of credit and a $10,000 sub-limit for the swing line loans. The $250,000 revolving credit facility was collateralized by a first lien-security interest in all existing and future unencumbered assets of HHLP, a collateral assignment of all hotel management contracts of the management companies in the event of default, and title-insured, first-lien mortgages on several hotel properties. | ||
NOTE 6 – DEBT (CONTINUED) | ||
Capitalized Interest | ||
We utilize mortgage debt and our $400,000 revolving credit facility to finance on-going capital improvement projects at our hotels. Interest incurred on mortgages and the revolving credit facility that relates to our capital improvement projects is capitalized through the date when the assets are placed in service. For the three months ended September 30, 2013 and 2012, we capitalized $337 and $418 and for the nine months ended September 30, 2013 and 2012, we capitalized $934 and $1,182, respectively, of interest expense related to these projects. | ||
Deferred Financing Costs | ||
Costs associated with entering into mortgages and notes payable and our revolving line of credit are deferred and amortized over the life of the debt instruments. Amortization of deferred financing costs is recorded in interest expense. As of September 30, 2013, deferred costs were $8,344, net of accumulated amortization of $6,701. Amortization of deferred costs for the three and nine months ended September 30, 2013 and 2012 was $756 and $824, and $2,133 and $2,325 respectively. | ||
Debt Payoff | ||
On January 3, 2013, we funded an additional $50,000 in unsecured term loan borrowings under our $400,000 unsecured credit facility which was used to pay off the balance of the mortgage loan secured by the Holiday Inn Express, Times Square, New York, NY. This mortgage was also subject to an interest rate swap, which was terminated as a cash flow hedge as of December 31, 2012 due to this payoff. As a result of this payoff, we expensed $261 in unamortized deferred financing costs and fees, which are included in the Loss on Debt Extinguishment caption of the consolidated statements of operations for the nine months ended September 30, 2013. | ||
On June 30, 2013, we repaid $7,928 on our mortgage with Berkadia Commercial Mortgage, LLC for the Residence Inn, Tysons Corner, VA property. The loan was due to mature in July 2013, and we incurred no loss on debt extinguishment in paying off the loan. | ||
New Debt/Refinance | ||
On April 24, 2013, we modified the $30,000 mortgage loan on the Courtyard by Marriott, Westside, Los Angeles, CA. The modified loan bears interest at a variable rate of one month U.S. dollar LIBOR plus 3.00%, and matures on September 29, 2017. The modification also contains an option for the Company to advance $5,000 in principal subject to certain conditions, including there being no event of default and compliance with debt service coverage ratio requirements. As a result of this modification, we incurred a loss on debt extinguishment of $284. This modification did not change the terms of the interest rate swap that we entered into in 2011, which had effectively fixed the interest at 4.947%, and now effectively fixes the interest at 4.10% through September 29, 2015. After the maturity date of the swap, the loan will bear interest at the stated variable rate of one-month U.S. dollar LIBOR plus 3.00, with a LIBOR floor of 0.75%. See “Note 8 – Fair Value Measurements and Derivative Instruments” for more information. | ||
On January 31, 2012, we repaid outstanding mortgage debt with an original principal balance of $32,500 secured by the Capitol Hill Suites, Washington, D.C., incurring a loss on debt extinguishment of approximately $7 and simultaneously entered into a new mortgage obligation of $27,500. The new mortgage debt bears interest at a variable rate of one month U.S. dollar LIBOR plus 3.25% and matures on February 1, 2015. On the same date, we entered into an interest rate swap that effectively fixes the interest at 3.79% per annum. | ||
On May 9, 2012, we repaid outstanding mortgage debt with a principal balance of $29,730 secured by the Courtyard by Marriott, Miami, FL. On July 2, 2012, we entered into a new mortgage with an initial obligation of $45,000, with three additional draws of $5,000 every 90 days to fund the construction of the new oceanfront tower as described in “Note 2 – Investment in Hotel Properties”. The new mortgage debt bears interest at a variable rate of one month U.S. LIBOR plus 3.50% and matures on July 1, 2016. Also on July 2, 2012, we entered into an interest rate cap that effectively limits interest to 4.32% per annum. | ||
NOTE 6 – DEBT (CONTINUED) | ||
On May 23, 2012, we repaid outstanding mortgage debt with an original principal balance of $22,000 secured by the Hotel 373, Fifth Avenue, NY, and on May 24, 2012 entered into a new mortgage obligation of $19,000, incurring a loss on debt extinguishment of approximately $66. The new mortgage debt bears interest at a variable rate of one month U.S. dollar LIBOR plus 3.85% and matures on June 1, 2017. In conjunction with this refinance, we entered into an interest rate cap that matures on June 1, 2015 that effectively limits interest to 5.85% per annum. | ||
As a result of our acquisition of Metro 29th, first mortgage debt with a principal balance of $54,602 secured by the Holiday Inn Express, New York, NY is included on our consolidated balance sheet. This debt bears interest at a fixed rate of 6.50% and matures on November 5, 2016. In addition, we consolidated mezzanine debt with a principal balance of $15,000. We repaid this mezzanine debt on June 29, 2012 and incurred a loss on debt extinguishment of approximately $176. | ||
Commitments_And_Contingencies_
Commitments And Contingencies And Related Party Transactions | 9 Months Ended |
Sep. 30, 2013 | |
Commitments And Contingencies And Related Party Transactions [Abstract] | ' |
Commitments And Contingencies And Related Party Transactions | ' |
NOTE 7 – COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS | |
Management Agreements | |
Our wholly-owned taxable REIT subsidiary ("TRS"), 44 New England, engages eligible independent contractors in accordance with the requirements for qualification as a REIT under the internal revenue code of 1986, as amended, including HHMLP, as the property managers for hotels it leases from us pursuant to management agreements. HHMLP is owned, in part, by certain executives and trustees of the Company. Our management agreements with HHMLP provide for five-year terms and are subject to early termination upon the occurrence of defaults and certain other events described therein. As required under the REIT qualification rules, HHMLP must qualify as an “eligible independent contractor” during the term of the management agreements. Under the management agreements, HHMLP generally pays the operating expenses of our hotels. All operating expenses or other expenses incurred by HHMLP in performing its authorized duties are reimbursed or borne by our TRS to the extent the operating expenses or other expenses are incurred within the limits of the applicable approved hotel operating budget. HHMLP is not obligated to advance any of its own funds for operating expenses of a hotel or to incur any liability in connection with operating a hotel. Management agreements with other unaffiliated hotel management companies have similar terms. | |
For its services, HHMLP receives a base management fee and, if a hotel exceeds certain thresholds, an incentive management fee. The base management fee for a hotel is due monthly and is equal to 3% of gross revenues associated with each hotel managed for the related month. The incentive management fee, if any, for a hotel is due annually in arrears on the ninetieth day following the end of each fiscal year and is based upon the financial performance of the hotels. For the three and nine months ended September 30, 2013 and 2012, base management fees incurred totaled $3,199 and $2,875 and $8,637 and $7,859, respectively, and are recorded as Hotel Operating Expenses. For the three and nine months ended September 30, 2013 and 2012, we did not incur incentive management fees. | |
Franchise Agreements | |
Our branded hotel properties are operated under franchise agreements assumed by the hotel property lessee. The franchise agreements have 10 to 20 year terms, but may be terminated by either the franchisee or franchisor on certain anniversary dates specified in the agreements. The franchise agreements require annual payments for franchise royalties, reservation, and advertising services, and such payments are based upon percentages of gross room revenue. These payments are paid by the hotels and charged to expense as incurred. Franchise fee expense for the three and nine months ended September 30, 2013 and 2012 were $7,224 and $6,477 and $19,514 and $17,694, respectively, and are recorded in Hotel Operating Expenses. The initial fees incurred to enter into the franchise agreements are amortized over the life of the franchise agreements. | |
Accounting and Information Technology Fees | |
Each of the wholly-owned hotels and consolidated joint venture hotel properties managed by HHMLP incurs a monthly accounting and information technology fee. Monthly fees for accounting services are between $2 and $3 per property and monthly information technology fees range from $1 to $2 per property. For the three and nine months ended September 30, 2013 and 2012, the Company incurred accounting fees of $447 and $423 and $1,310 and $1,314, respectively. For the three and nine months ended September 30, 2013 and 2012, the Company incurred information technology fees of $131 and $124 and $384 and $384, respectively. Accounting fees and information technology fees are included in Hotel Operating Expenses. | |
Capital Expenditure Fees | |
HHMLP charges a 5% fee on all capital expenditures and pending renovation projects at the properties as compensation for procurement services related to capital expenditures and for project management of renovation projects. For the three and nine months ended September 30, 2013 and 2012, we incurred fees of $309 and $151 and $1,150 and $885, respectively, which were capitalized with the cost of fixed asset additions. | |
Acquisitions from Affiliates | |
We have entered into an option agreement with each of our officers and certain trustees such that we obtain a right of first refusal to purchase any hotel owned or developed in the future by these individuals or entities controlled by them at fair market value. This right of first refusal would apply to each party until one year after such party ceases to be an officer or trustee of the Company. Our Acquisition Committee of the Board of Trustees is comprised solely of independent trustees, and the purchase prices and all material terms of the purchase of hotels from related parties are approved by the Acquisition Committee. | |
NOTE 7 – COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS (CONTINUED) | |
Hotel Supplies | |
For the three and nine months ended September 30, 2013 and 2012, we incurred charges for hotel supplies of $46 and $50, and $147 and $109, respectively. For the three and nine months ended September 30, 2013 and 2012, we incurred charges for capital expenditure purchases of $5,744 and $2,164, and $17,331 and $9,585, respectively. These purchases were made from Hersha Purchasing and Design, a hotel supply company owned, in part, by certain executives and trustees of the Company. Hotel supplies are expensed and included in Hotel Operating Expenses on our consolidated statements of operations, and capital expenditure purchases are included in investment in hotel properties on our consolidated balance sheets. Approximately $74 and $5 is included in accounts payable at September 30, 2013 and December 31, 2012, respectively. | |
Due From Related Parties | |
The due from related parties balance as of September 30, 2013 and December 31, 2012 was approximately $6,318 and $8,488, respectively. The balances primarily consisted of working capital deposits made to Hersha affiliates. | |
Due to Related Parties | |
The balance due to related parties as of September 30, 2013 and December 31, 2012 was approximately $7,224 and $4,403, respectively. The balances consisted of amounts payable to HHMLP for administrative, management, and benefit related fees. | |
Hotel Ground Rent | |
For the three and nine months ended September 30, 2013 and 2012, we incurred $245 and $214 and $739 and $622, respectively, of rent expense payable pursuant to ground leases related to certain hotel properties. | |
Fair_Value_Measurements_And_De
Fair Value Measurements And Derivative Instruments | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Measurements And Derivative Instruments [Abstract] | ' | ||||||||||||||||||
Fair Value Measurements And Derivative Instruments | ' | ||||||||||||||||||
NOTE 8 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS | |||||||||||||||||||
Fair Value Measurements | |||||||||||||||||||
Our determination of fair value measurements are 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, we utilize a fair value hierarchy 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 liabilities, 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. | |||||||||||||||||||
As of September 30, 2013, the Company’s derivative instruments represented the only financial instruments measured at fair value. Currently, the Company uses derivative instruments, such as interest rate swaps and caps, to manage its interest rate risk. The valuation of these instruments 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. | |||||||||||||||||||
We incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of its derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. | |||||||||||||||||||
Although we have determined that the majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with our derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by us and the counterparties. However, as of September 30, 2013 we have assessed the significance of the effect of the credit valuation adjustments on the overall valuation of our derivative positions and have determined that the credit valuation adjustments are not significant to the overall valuation of our derivatives. As a result, we have determined that our derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. | |||||||||||||||||||
NOTE 8 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED) | |||||||||||||||||||
Derivative Instruments | |||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||
Hedged Debt | Type | Strike Rate | Index | Effective Date | Maturity Date | Notional Amount | 30-Sep-13 | 31-Dec-12 | |||||||||||
Holiday Inn Express Times Square, New York, NY* | Swap | 1.240% | 1-Month LIBOR + 4.00% | 31-May-11 | 1-Jun-14 | $ | - | $ | - | $ | -530 | ||||||||
Courtyard, LA Westside, Culver City, LA | Swap | 1.097% | 1-Month LIBOR + 3.85% | 29-Sep-11 | 29-Sep-15 | 30,000 | -421 | -559 | |||||||||||
Capitol Hill Hotel, Washington, DC | Swap | 0.540% | 1-Month LIBOR + 3.25% | 1-Feb-12 | 1-Feb-15 | 27,235 | -100 | -143 | |||||||||||
Hotel 373, New York, NY | Cap | 2.000% | 1-Month LIBOR + 3.85% | 24-May-12 | 1-Jun-15 | 18,568 | 3 | 6 | |||||||||||
Courtyard, Miami, FL | Swap | 0.820% | 1-Month LIBOR + 3.50% | 2-Jul-12 | 1-Jul-16 | 60,000 | -373 | -658 | |||||||||||
Subordinated Notes Payable | Cap | 2.000% | 1-Month LIBOR + 3.00% | 30-Jul-12 | 30-Jul-14 | 51,548 | - | - | |||||||||||
Unsecured Term Loan | Swap | 0.545% | 1-Month LIBOR + 2.40% | 5-Nov-12 | 5-Nov-16 | 100,000 | 439 | -135 | |||||||||||
Unsecured Term Loan | Swap | 0.600% | 1-Month LIBOR + 2.40% | 18-Dec-12 | 5-Nov-16 | 50,000 | 136 | -167 | |||||||||||
Hyatt, Union Square, New York, NY | Cap | 2.000% | 1-Month LIBOR + 4.19% | 9-Apr-13 | 9-Apr-16 | 55,000 | 105 | - | |||||||||||
$ | -211 | $ | -2,186 | ||||||||||||||||
*On January 3, 2013, the Company repaid the mortgage secured by the Holiday Inn Express Times Square in New York, NY and paid $565 to settle its obligation under the swap. Due to the timing of this transaction, the hedge relationship on our interest rate swap was derecognized as of December 31, 2012. | |||||||||||||||||||
On April 9, 2013, we entered into an interest rate cap that effectively fixes interest payment when 1 month-U.S. dollar LIBOR exceeds 2.00% on a variable rate mortgage on Hyatt Union Square, New York, NY. The notional amount of the interest rate cap is $55,000 and equals the principal of the variable rate mortgage being hedged. This interest rate cap matures on April 9, 2016. Please see “Note 2-Investments in Hotel Properties” for more information. | |||||||||||||||||||
The fair value of certain swaps and our interest rate caps is included in other assets at September 30, 2013 and December 31, 2012 and the fair value of certain of our interest rate swaps is included in accounts payable, accrued expenses and other liabilities at September 30, 2013 and December 31, 2012. | |||||||||||||||||||
The net change in fair value of derivative instruments designated as cash flow hedges was a loss of $1,000 and a loss of $922 for the three months ended September 30, 2013 and 2012, and a gain of $1,364 and a loss of $1,096 for the nine months ended September 30, 2013 and 2012, respectively. These unrealized gains were reflected on our consolidated balance sheet in accumulated other comprehensive income. | |||||||||||||||||||
Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate derivative. The change in net unrealized gains/losses on cash flow hedges reflects a reclassification of $331 and $938 of net unrealized gains/losses from accumulated other comprehensive income as an increase to interest expense for the three and nine months ended September 30, 2013, respectively. For the next twelve months ending September 30, 2014, the Company estimates that an additional $1,233 will be reclassified as an increase to interest expense. | |||||||||||||||||||
Fair Value of Debt | |||||||||||||||||||
The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies. Credit spreads take into consideration general market conditions and maturity. The inputs utilized in estimating the fair value of debt are classified in Level 2 of the fair value hierarchy. As of September 30, 2013, the carrying value and estimated fair value of the Company’s debt were $929,035 and $938,709, respectively. As of December 31, 2012, the carrying value and estimated fair value of the Company’s debt were $792,708 and $814,451, respectively. | |||||||||||||||||||
NOTE 8 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED) | |||||||||||||||||||
Impaired Hotel Property | |||||||||||||||||||
As discussed in “Note 12-Discontinued Operations,” the Company recorded an impairment loss for the nine months ended September 30, 2013 of approximately $3,723 for the Holiday Inn Express Camp Springs, MD for which the anticipated net proceeds from the sale of the hotel did not exceed the carrying value. The fair value of the hotel was estimated using level 2 inputs. | |||||||||||||||||||
As discussed in “Note 12-Discontinued Operations,” the Company recorded an impairment loss for the three and nine months ended September 30, 2013 of approximately $6,591 for the non-core hotel portfolio the Company is under contract to sell for which the anticipated net proceeds did not exceed the carrying value. The fair value of the hotel was estimated using level 2 inputs. | |||||||||||||||||||
Share_Based_Payments
Share Based Payments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Share Based Payments [Abstract] | ' | |||||||||||||||||||
Share Based Payments | ' | |||||||||||||||||||
NOTE 9 – SHARE BASED PAYMENTS | ||||||||||||||||||||
In May 2011, the Company established and our shareholders approved the Hersha Hospitality Trust 2012 Equity Incentive Plan (the “2012 Plan”) for the purpose of attracting and retaining executive officers, employees, trustees and other persons and entities that provide services to the Company. | ||||||||||||||||||||
Executives & Employees | ||||||||||||||||||||
Annual Long Term Equity Incentive Programs | ||||||||||||||||||||
To further align the interests of the Company’s executives with those of shareholders, the Compensation Committee grants annual long term equity incentive awards that are both “performance based” and “time based.” | ||||||||||||||||||||
On April 15, 2013, the Compensation Committee adopted the 2013 Annual LTIP for the executive officers, pursuant to which the executive officers are eligible to earn equity awards in the form of stock awards or performance share awards issuable pursuant to the 2013 plan. Shares are earned under the 2013 Annual LTIP based on achieving a threshold, target or maximum level of performance and market based defined areas. The Company accounts for these grants as performance awards for which the Company assesses the probable achievement of the performance conditions at the end period. Stock based compensation of $132 and $266, was recorded for the three and nine months ended September 30, 2013, respectively, for the 2013 Annual LTIP and is included in general and administrative expense in the consolidated statements of operations. As of September 30, 2013, no common shares have been issued in accordance with the 2013 Plan to the executive officers in settlement of 2013 Annual LTIP awards. | ||||||||||||||||||||
Stock based compensation expense related to the 2012 Annual LTIP, 2011 Annual LTIP, and 2010 Annual LTIP of $550 and $581 and $2,067 and $2,095 was incurred during the three and nine months ended September 30, 2013 and 2012, respectively. Unearned compensation related to the 2012 Annual LTIP, 2011 Annual LTIP, and 2010 Annual LTIP as of September 30, 2013 and December 31, 2012 was $1,856 and $1,072, respectively. The following table is a summary of all unvested share awards issued to executives under the 2012 Annual LTIP, 2011 Annual LTIP, and 2010 Annual LTIP: | ||||||||||||||||||||
Shares Vested | Unearned Compensation | |||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on date of grant | Vesting Period | Vesting Schedule | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||
20-Mar-13 | ||||||||||||||||||||
(2012 Annual LTIP) | 779,045 | $ | 5.95 | 3 years | 25%/year (1) | 194,759 | - | $ | 1,388 | $ | - | |||||||||
26-Mar-12 | ||||||||||||||||||||
(2011 Annual LTIP) | 748,927 | $ | 5.45 | 3 years | 25%/year (1) | 374,462 | 374,462 | 423 | 892 | |||||||||||
30-Mar-11 | ||||||||||||||||||||
(2010 Annual LTIP) | 440,669 | $ | 5.98 | 3 years | 25%/year (1) | 330,500 | 330,500 | 45 | 180 | |||||||||||
899,721 | 704,962 | $ | 1,856 | $ | 1,072 | |||||||||||||||
(1)25% of the issued shares vested immediately upon issuance. In general, the remaining shares vest 25% on the first through third anniversaries of the date of issuance (subject to continuous employment through the applicable vesting date). | ||||||||||||||||||||
Multi-Year LTIP | ||||||||||||||||||||
On May 7, 2010, the Compensation Committee adopted the 2010 Multi-Year LTIP. This program had a three-year performance period, which commenced on January 1, 2010 and ended on December 31, 2012. The common shares issuable under this program were based upon the Company’s achievement of a certain level of (1) absolute total shareholder return (75% of the award), and (2) relative total shareholder return as compared to the Company’s peer group (25% of the award). The Compensation Committee of the Board of Trustees concluded that the performance criteria for this program had been met and 3,051,862 common shares were issued under this program during the nine months ended September 30, 2013, of which 1,525,931 vested immediately with the remaining shares to vest on December 31, 2013. The share price on the date of grant was $5.95. | ||||||||||||||||||||
NOTE 9 – SHARE BASED PAYMENTS (CONTINUED) | ||||||||||||||||||||
On April 15, 2013, the Compensation Committee approved the 2013 Multi-Year LTIP. The common shares issuable under this program are based on the Company’s achievement of a certain level of (1) absolute total shareholder return (50% of the award), | ||||||||||||||||||||
(2) relative total shareholder return as compared to the Company’s peer group (25% of the award), and (3) relative growth in revenue per available room compared to the Company’s peer group (25% of the award). This program has a three-year performance period which commenced on January 1, 2013 and ends December 31, 2015. As of September 30, 2013 no common shares have been issued in accordance with the 2013 Plan to the executive officers in settlement of Multi-Year LTIP 2013 awards. The Company accounts for the total shareholder return components of these grants as market based awards where the Company estimates unearned compensation at the grant date fair value which is then amortized into compensation cost over the vesting period of each individual plan. The Company accounts for the RevPAR component of the grants as performance-based awards. | ||||||||||||||||||||
Stock based compensation expense of $894 and $798 and $2,587 and $2,394 was recorded for the three and nine months ended September 30, 2013 and 2012, respectively, for the Multi-Year LTIPs. Unearned compensation related to the multi-year program as of September 30, 2013 and December 31, 2012, respectively, was $2,051 and $3,192. | ||||||||||||||||||||
Restricted Share Awards | ||||||||||||||||||||
In addition to stock based compensation expense related to awards under the Multi-Year LTIPs and Annual LTIPs stock based compensation expense related to restricted common shares issued to executives and employees of the Company of $341 and $491 and $1,270 and $1,421 was incurred during the three and nine months ended September 30, 2013 and 2012, respectively. Unearned compensation related to the restricted share awards as of September 30, 2013 and December 31, 2012 was $4,449 and $5,420, respectively. The following table is a summary of all unvested share awards issued to executives under the 2012 Plan and prior to equity incentive plans: | ||||||||||||||||||||
Shares Vested | Unearned Compensation | |||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on date of grant | Vesting Period | Vesting Schedule | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | ||||||||||||
1-Jun-09 | 744,128 | $ | 2.80 | 4 years | 25%/year | 744,128 | 558,305 | $ | - | $ | 217 | |||||||||
1-Jun-10 | 182,308 | 4.63 | 2-3 years | 25-50%/year | 182,308 | 139,522 | - | 82 | ||||||||||||
30-Jun-11 | 17,692 | 5.57 | 2-4 years | 25-50%/year | 9,919 | 4,958 | 33 | 51 | ||||||||||||
18-Apr-12 | 1,035,595 | 5.47 | 5 years | 33% Year 3, 4, 5 (1) | - | - | 4,020 | 4,842 | ||||||||||||
29-Jun-12 | 52,703 | 5.28 | 2-4 years | 25-50%/year | 22,480 | - | 139 | 228 | ||||||||||||
28-Jun-13 | 48,600 | 5.64 | 2-4 years | 25-50%/year | - | - | 231 | - | ||||||||||||
20-Sep-13 | 4,605 | 5.52 | 2-4 years | 25-50%/year | - | - | 26 | - | ||||||||||||
Total | 2,085,631 | 958,835 | 702,785 | $ | 4,449 | $ | 5,420 | |||||||||||||
(1)On April 18, 2012, the Company entered into amended and restated employment agreements with the Company’s executive officers. To induce the executives to agree to the substantial reduction in benefits upon certain terminations following a change of control as described in the agreements, the Company awarded an aggregate of 1,035,595 restricted common shares to the executives pursuant to the 2012 Plan. None of these restricted common shares will vest prior to the third anniversary of the date of issuance. Thereafter, 33.3% of each award of restricted common shares will vest on each of the third, fourth and fifth anniversaries of the date of issuance. Vesting will accelerate upon a change of control or if the relevant executive’s employment with the Company were to terminate for any reason other than for cause (as defined in the agreements). | ||||||||||||||||||||
Trustees | ||||||||||||||||||||
Annual Retainer | ||||||||||||||||||||
The Compensation Committee approved a program that allows the Company’s trustees to make a voluntary election to receive any portion of the annual cash retainer in the form of common equity valued at a 25% premium to the cash that would have been received. On December 28, 2012, we issued 32,417 shares which do not fully vest until December 31,2013. Compensation expense incurred for the three and nine months ended September 30, 2013 and 2012, respectively, was $40 and $27 and $120 and $82, respectively. The following table is a summary of all unvested share awards issued to trustees in lieu of annual cash retainer: | ||||||||||||||||||||
NOTE 9 – SHARE BASED PAYMENTS (CONTINUED) | ||||||||||||||||||||
Unearned Compensation | ||||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on date of grant | Vesting Period | Vesting Schedule | 30-Sep-13 | 31-Dec-12 | ||||||||||||||
28-Dec-12 | 32,417 | $ | 4.93 | 1 year | 100% | $ | 40 | $ | 160 | |||||||||||
Multi-Year Long-Term Equity Incentives | ||||||||||||||||||||
On March 30, 2011, the Company issued an aggregate of 12,600 restricted common shares, 1,800 to each non-management trustee, one-third of which vest on each of December 31, 2011, 2012 and 2013. On June 5, 2012, the Company issued an aggregate of 12,600 restricted common shares, 1,800 to each non-management trustee, one-third of which vest on each of December 31, 2012, 2013 and 2014. On December 28, 2012, the Company issued an aggregate of 12,000 restricted common shares, 2,000 to each non-management trustee, one-third of which will vest on each of December 31, 2013, 2014 and 2015. Compensation expense for 2011 multi-year long term equity incentives, 2012 multi-year long-term equity incentives, and 2013 multi-year long-term equity incentives incurred for the three and nine months ended September 30, 2013 and 2012, respectively, was $14 and $10 and $42 and $36. Unearned compensation related to the multi-year long term equity incentives was $71 and $113 as of September 30, 2013 and December 31, 2012, respectively. | ||||||||||||||||||||
Share Awards | ||||||||||||||||||||
Compensation expense related to share awards issued to the Board of Trustees of $314 and $172 was incurred during the nine months ended September 30, 2013 and 2012, respectively and is recorded in general and administrative expense on the statement of operations. Share awards issued to the Board of Trustees are immediately vested. On June 3, 2013 an aggregate 54,422 shares were issued to the Board of Trustees at a price per share on the date of grant of $5.78. | ||||||||||||||||||||
Non-employees | ||||||||||||||||||||
The Company issues share based awards as compensation to non-employees for services provided to the Company consisting primarily of restricted common shares. The Company recorded stock based compensation expense of $21 and $16 and $153 and $122, for the three and nine months ended September 30, 2013 and 2012, respectively. Unearned compensation related to the restricted share awards as of September 30, 2013 and December 31, 2012 was $81 and $74, respectively. The following table is a summary of all unvested share awards issued to non-employees under the Company’s 2008 Equity Incentive Plan and the 2012 Plan: | ||||||||||||||||||||
Shares Vested | Unearned Compensation | |||||||||||||||||||
Shares | Share Price on | Vesting | Vesting | September 30, | December 31, | September 30, | December 31, | |||||||||||||
Original Issuance Date | Issued | date of grant | Period | Schedule | 2013 | 2012 | 2013 | 2012 | ||||||||||||
1-Feb-13 | 30,000 | $ | 5.41 | 2 years | 50%/year | 14,999 | - | $ | 81 | $ | - | |||||||||
26-Mar-12 | 28,500 | $ | 5.45 | 2 years | 50%/year | 28,500 | 15,000 | - | 74 | |||||||||||
Total | 58,500 | 43,499 | 15,000 | $ | 81 | $ | 74 | |||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
NOTE 10 – EARNINGS PER SHARE | ||||||||||||||
The following table is a reconciliation of the income or loss (numerator) and the weighted average shares (denominator) used in the calculation of basic and diluted earnings per common share. The computation of basic and diluted earnings per share is presented below. | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
NUMERATOR: | ||||||||||||||
Basic and Diluted* | ||||||||||||||
Income from Continuing Operations | $ | 5,831 | $ | 3,139 | $ | 17,560 | $ | 1,309 | ||||||
Loss from Continuing Operations allocated to Noncontrolling Interests | 46 | 376 | 462 | 753 | ||||||||||
Distributions to Preferred Shareholders | -3,589 | -3,500 | -11,022 | -10,500 | ||||||||||
Dividends Paid on Unvested Restricted Shares | -228 | -130 | -697 | -344 | ||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | - | - | -2,250 | - | ||||||||||
Income (Loss) from Continuing Operations attributable to Common Shareholders | 2,060 | -115 | 4,053 | -8,782 | ||||||||||
Discontinued Operations | ||||||||||||||
(Loss) Income from Discontinued Operations | -3,532 | 2,755 | -4,851 | 14,060 | ||||||||||
Loss (Income) from Discontinued Operations allocated to Noncontrolling Interests | 118 | -97 | 166 | -530 | ||||||||||
(Loss) Income from Discontinued Operations attributable to Common Shareholders | -3,414 | 2,658 | -4,685 | 13,530 | ||||||||||
Net (Loss) Income attributable to Common Shareholders | $ | -1,354 | $ | 2,543 | $ | -632 | $ | 4,748 | ||||||
DENOMINATOR: | ||||||||||||||
Weighted average number of common shares - basic | 198,878,496 | 196,360,325 | 198,186,963 | 184,394,561 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Restricted Stock Awards | 2,498,237 | - | 2,027,128 | - | * | |||||||||
Contingently Issued Shares | 267,900 | - | 1,273,997 | - | * | |||||||||
Option to acquire common shares | - | - | - | - | * | |||||||||
Weighted average number of common shares - diluted | 201,644,633 | 196,360,325 | 201,488,088 | 184,394,561 | ||||||||||
*Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership has been excluded from the numerator and units of limited partnership interest in Hersha Hospitality Limited Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders. | ||||||||||||||
NOTE 10 – EARNINGS PER SHARE (CONTINUED) | ||||||||||||||
The following table summarizes potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Common Units of Limited Partnership Interest | 6,914,716 | 7,172,832 | 6,986,004 | 7,231,104 | ||||||||||
Unvested Stock Awards Outstanding | - | 687,551 | - | 308,654 | ||||||||||
Contingently Issuable Share Awards | - | 2,345,079 | - | 2,364,550 | ||||||||||
Options to Acquire Common Shares Outstanding | - | - | - | 368,111 | ||||||||||
Total potentially dilutive securities | 6,914,716 | 10,205,462 | 6,986,004 | 10,272,419 | ||||||||||
excluded from the denominator | ||||||||||||||
Cash_Flow_Disclosures_And_Non_
Cash Flow Disclosures And Non Cash Investing And Financing Activities | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | ' | ||||||
Cash Flow Disclosures And Non Cash Investing And Financing Activities | ' | ||||||
NOTE 11 – CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES | |||||||
Interest paid during the nine months ended September 30, 2013 and 2012 totaled $31,774 and $32,238, respectively. The following non-cash investing and financing activities occurred during 2013 and 2012: | |||||||
2013 | 2012 | ||||||
Common Shares issued as part of the Dividend Reinvestment Plan | $ | 27 | $ | 16 | |||
Acquisition of hotel properties and consolidation of variable interest entities: | |||||||
Debt assumed, net of discount | - | 85,913 | |||||
Development loan accrued interest revenue receivable paid in-kind by adding balance to development loan principal | - | 678 | |||||
Settlement of development loan receivable principal and accrued interest revenue receivable | 13,303 | - | |||||
Disposition of hotel properties | |||||||
Investment in hotel properties, net, conveyed to mortgage lender | - | 1,938 | |||||
Debt conveyed to mortgage lender | - | 2,940 | |||||
Debt assumed by purchaser | - | 54,217 | |||||
Conversion of Common Units to Common Shares | 106 | 376 | |||||
Reallocation of noncontrolling interest | - | -528 | |||||
Discontinued_Operations
Discontinued Operations | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Discontinued Operations | ' | ||||||||||||
NOTE 12 – DISCONTINUED OPERATIONS | |||||||||||||
The operating results of certain real estate assets which have been sold or otherwise qualify as held for sale are included in discontinued operations in the statements of operations for all periods presented. | |||||||||||||
Disposed Assets | |||||||||||||
On September 17, 2013, the Company closed on the sale of the Holiday Inn Express Camp Springs, MD to an unaffiliated buyer for a total sale price of $8,500 with a gain on sale of approximately $149 recognized in the three months ended September 30, 2013. This hotel was acquired by the Company in June 2008. The operating results for this hotel were reclassified to discontinued operations in the statements of operations for the three and nine months ended September 30, 2013 and 2012. We previously recorded an impairment loss of approximately $3,723 during the second quarter of 2013 as the net proceeds were not expected to exceed the carrying value. | |||||||||||||
On June 12, 2013, the Company closed on the sale of the Comfort Inn Harrisburg, PA to an unaffiliated buyer for a total sale price of $3,700 with a gain on sale of approximately $883 as of June 30, 2013. This hotel was acquired by the Company in September 1999. The operating results for this hotel were reclassified to discontinued operations in the statements of operations for the three and nine months ended September 30, 2013 and 2012. | |||||||||||||
On April 30, 2012, we closed on the sale of the land parcel and improvements located at 585 Eighth Avenue, New York, NY, to an unaffiliated buyer for a total sale price of $19,250 with a gain on sale of approximately $5,143. This land parcel was acquired by the Company in June 2006. The operating results were reclassified to discontinued operations in the statement of operations for the three and nine months ended September 30, 2012. | |||||||||||||
On March 30, 2012, we transferred the title to the Comfort Inn, located in North Dartmouth, to the lender. Previously, we had ceased operations at this property on March 31, 2011. The operating results were reclassified to discontinued operations in the statements of operations for the three and nine months ended September 30, 2012. The transfer of the title resulted in a gain of approximately $1,216 as of September 30, 2012, since the outstanding mortgage loan payable exceeded the net book value of the property. | |||||||||||||
On August 15, 2011, the Company entered into two purchase and sale agreements to dispose of a portfolio of 18 non-core hotel properties, four of which are owned in part by the Company through an unconsolidated joint venture, for an aggregate purchase price of approximately $155,000. In May 2011, our Board of Trustees authorized management of the Company to sell this portfolio. The 18 non-core hotel properties in the portfolio were acquired by the Company between 1998 and 2006. On February 23, 2012, the Company closed on the sale of 14 of these non-core hotel properties, including three hotel properties owned in part by the Company through an unconsolidated joint venture, and closed on the remaining 4 properties on May 8, 2012, including one hotel property owned in part by the Company through an unconsolidated joint venture. The operating results for the consolidated assets were reclassified to discontinued operations in the statement of operations for the nine months ended September 30, 2012. The 18 assets were sold for a total sales price of $155,000, reduced the Company’s consolidated mortgage debt by $61,298 and recorded a gain on sale of approximately $4,910 as of September 30, 2012. | |||||||||||||
Assets Held for Sale | |||||||||||||
On September 20, 2013, the Company entered into a purchase and sale agreement to dispose of a portfolio of 16 non-core hotel properties, for an aggregate purchase price of approximately $217,000. In September 2013, our Board of Trustees authorized management of the Company to sell this portfolio. The 16 non-core hotel properties in the portfolio were acquired by the Company between 1999 and 2010. The operating results for the consolidated assets were reclassified to discontinued operations in the statement of operations for the three and nine months ended September 30, 2013 and 2012. The Company expects to complete the sale of the portfolio by the first quarter of 2014. We recorded an impairment loss of approximately $6,591 for those assets for which the anticipated net proceeds do not exceed the carrying value. | |||||||||||||
NOTE 12 – DISCONTINUED OPERATIONS (CONTINUED) | |||||||||||||
Assets held for sale or liabilities related to assets held for sale consisted of the following as of September 30, 2013: | |||||||||||||
30-Sep-13 | |||||||||||||
Land | $ | 26,591 | |||||||||||
Buildings and Improvements | 183,827 | ||||||||||||
Furniture, Fixtures and Equipment | 31,341 | ||||||||||||
241,759 | |||||||||||||
Less Accumulated Depreciation & Amortization | -63,064 | ||||||||||||
Assets Held for Sale | $ | 178,695 | |||||||||||
Liabilities Related to Assets Held for Sale | $ | 79,291 | |||||||||||
The following table sets forth the components of discontinued operations for the three and nine months ended September 30, 2013 and 2012: | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Revenue: | |||||||||||||
Hotel Operating Revenues | $ | 17,583 | $ | 17,456 | $ | 45,797 | $ | 49,185 | |||||
Other Revenue | - | - | - | 11 | |||||||||
Total Revenues | 17,583 | 17,456 | 45,797 | 49,196 | |||||||||
Expenses: | |||||||||||||
Hotel Operating Expenses | 10,123 | 9,737 | 27,755 | 30,400 | |||||||||
Hotel Ground Rent | - | - | - | 72 | |||||||||
Real Estate and Personal Property Taxes and Property Insurance | 865 | 789 | 2,592 | 2,753 | |||||||||
General and Administrative | 67 | - | 22 | 16 | |||||||||
Depreciation and Amortization | 2,238 | 2,231 | 7,037 | 6,719 | |||||||||
Interest Expense | 1,266 | 1,762 | 3,779 | 6,411 | |||||||||
Other Expense | 3 | -1 | 14 | 1 | |||||||||
Loss on Debt Extinguishment | - | - | - | 33 | |||||||||
Income Tax Expense | -49 | - | 167 | - | |||||||||
Total Expenses | 14,513 | 14,518 | 41,366 | 46,405 | |||||||||
Income from Discontinued Operations | $ | 3,070 | $ | 2,938 | $ | 4,431 | $ | 2,791 | |||||
We allocate to income or loss from discontinued operations interest expense related to debt that is to be assumed or that is required to be repaid as a result of the disposal transaction. | |||||||||||||
Basis_Of_Presentation_Policies
Basis Of Presentation (Policies) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Basis Of Presentation [Abstract] | ' | |||||||||||||||
Noncontrolling Interest | ' | |||||||||||||||
Noncontrolling Interest | ||||||||||||||||
We classify the noncontrolling interests of our consolidated joint ventures and consolidated variable interest entity and certain common units of limited partnership interest in HHLP (“Common Units”) that are nonredeemable (“Nonredeemable Common Units”) as equity. The noncontrolling interest of Nonredeemable Common Units totaled $28,786 as of September 30, 2013 and $15,484 as of December 31, 2012. As of September 30, 2013, there were 6,914,716 Nonredeemable Common Units outstanding with a fair market value of $38,653, based on the price per share of our common shares on the NYSE on such date. In accordance with the partnership agreement of HHLP, holders of these units may redeem them for cash unless we, in our sole and absolute discretion, elect to issue common shares on a one-for-one basis in lieu of paying cash. | ||||||||||||||||
Prior to February 1, 2013, certain Common Units (“Redeemable Common Units”) had been pledged as collateral in connection with a pledge and security agreement entered into by the Company and the holders of the Redeemable Common Units. The redemption feature contained in the pledge and security agreement where the Redeemable Common Units served as collateral contained a provision that could have resulted in a net cash settlement outside of the control of the Company. As a result, prior to February 1, 2013, the Redeemable Common Units were classified in the mezzanine section of the consolidated balance sheets as Redeemable Noncontrolling Interest because these units did not meet the requirements for equity classification under US GAAP. The carrying value of the Redeemable Common Units equaled the greater of carrying value based on the accumulation of historical cost or the redemption value. As of February 1, 2013, the aforementioned pledge and security agreement is no longer in effect, the Common Units subject to the pledge and security agreement have been released and such Common Units are treated as Nonredeemable Common Units. As of September 30, 2013, there were no outstanding Common Units designated as Redeemable Common Units. As of December 31, 2012, the Redeemable Common Units were valued on the consolidated balance sheets at redemption value because the Redeemable Common Units redemption value was greater than historical cost of $11,753. | ||||||||||||||||
Net income or loss attributed to Nonredeemable Common Units and Redeemable Common Units, as well as the net income or loss related to the noncontrolling interests of our consolidated joint ventures and consolidated variable interest entity, is included in net income or loss in the consolidated statements of operations. Net income or loss attributed to the Common Units and the noncontrolling interests of our consolidated joint ventures and consolidated variable interest entity is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations. | ||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||
On February 25, 2013, we completed a public offering of 3,000,000 6.875% Series C Cumulative Redeemable Preferred Shares. These shares have a par value of $0.01 per share with a $25.00 liquidation preference per share. Net proceeds of the offering, after deducting the underwriting discount and the offering expenses payable by us, were approximately $72,370. | ||||||||||||||||
We utilized the net proceeds of the offering to redeem all outstanding 8.00% Series A Cumulative Redeemable Preferred Shares on March 28, 2013, and for general corporate purposes. The Series A Preferred Shares were redeemed at a per share redemption price of $25.00 together with accrued and unpaid dividends to the redemption date for an aggregate per share redemption price of $25.4056. Dividends ceased accruing on the Series A Preferred Shares on March 28, 2013. | ||||||||||||||||
Terms of the Series B and Series C Preferred Shares outstanding at September 30, 2013 and the Series A and Series B Preferred Shares outstanding at December 31, 2012 are summarized as follows: | ||||||||||||||||
Dividend Per Share | ||||||||||||||||
Shares Outstanding | Nine Months Ended September 30, | |||||||||||||||
Series | 30-Sep-13 | 31-Dec-12 | Aggregate Liquidation Preference | Distribution Rate | 2013 | 2012 | ||||||||||
Series A | - | 2,400,000 | $ | 60,000 | 8.000% | $ | 0.5000 | $ | 1.5000 | |||||||
Series B | 4,600,000 | 4,600,000 | $ | 115,000 | 8.000% | $ | 1.5000 | $ | 1.5000 | |||||||
Series C | 3,000,000 | - | $ | 75,000 | 6.875% | $ | 1.0456 | $ | - | |||||||
7,600,000 | 7,000,000 | |||||||||||||||
Basis_Of_Presentation_Tables
Basis Of Presentation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Basis Of Presentation [Abstract] | ' | |||||||||||||||
Schedule Of Preferred Stock | ' | |||||||||||||||
Dividend Per Share | ||||||||||||||||
Shares Outstanding | Nine Months Ended September 30, | |||||||||||||||
Series | 30-Sep-13 | 31-Dec-12 | Aggregate Liquidation Preference | Distribution Rate | 2013 | 2012 | ||||||||||
Series A | - | 2,400,000 | $ | 60,000 | 8.000% | $ | 0.5000 | $ | 1.5000 | |||||||
Series B | 4,600,000 | 4,600,000 | $ | 115,000 | 8.000% | $ | 1.5000 | $ | 1.5000 | |||||||
Series C | 3,000,000 | - | $ | 75,000 | 6.875% | $ | 1.0456 | $ | - | |||||||
7,600,000 | 7,000,000 | |||||||||||||||
Investment_In_Hotel_Properties1
Investment In Hotel Properties (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Investment In Hotel Properties [Abstract] | ' | ||||||||||||||||||
Investment In Hotel Properties | ' | ||||||||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||||||||
Land | $ | 328,753 | $ | 305,286 | |||||||||||||||
Buildings and Improvements | 1,180,842 | 1,214,865 | |||||||||||||||||
Furniture, Fixtures and Equipment | 166,238 | 171,892 | |||||||||||||||||
Construction in Progress | 57,434 | 40,572 | |||||||||||||||||
1,733,267 | 1,732,615 | ||||||||||||||||||
Less Accumulated Depreciation | -245,662 | -265,902 | |||||||||||||||||
Total Investment in Hotel Properties | $ | 1,487,605 | $ | 1,466,713 | |||||||||||||||
Wholly Owned Hotel Properties Acquired | ' | ||||||||||||||||||
Hotel | Acquisition Date | Land | Buildings and Improvements | Furniture Fixtures and Equipment | Franchise Fees and Loan Costs | Total Purchase Price | |||||||||||||
Hyatt Union Square, | 4/9/13 | $ | 32,940 | $ | 79,300 | $ | 9,760 | $ | 1,945 | $ | 123,945 | ||||||||
New York, NY | |||||||||||||||||||
Courtyard by Marriott, | 5/30/13 | 15,656 | 51,674 | 3,671 | 183 | 71,184 | |||||||||||||
San Diego, CA | |||||||||||||||||||
Residence Inn, | 6/12/13 | 4,146 | 17,456 | 218 | 75 | 21,895 | |||||||||||||
Coconut Grove, FL | |||||||||||||||||||
Total | $ | 52,742 | $ | 148,430 | $ | 13,649 | $ | 2,203 | $ | 217,024 | |||||||||
Results Of Operations For Hotels Acquired With 100% Interest | ' | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2013 | ||||||||||||||||||
Hotel | Revenue | Net | Revenue | Net | |||||||||||||||
(Loss) Income | (Loss) Income | ||||||||||||||||||
Hyatt Union Square, New York, NY | $ | 3,976 | $ | -448 | $ | 6,178 | $ | -2,195 | |||||||||||
Courtyard by Marriott, San Diego, CA | 3,807 | 949 | 5,121 | 1,292 | |||||||||||||||
Residence Inn, Coconut Grove, FL | 1,169 | 217 | 1,430 | 132 | |||||||||||||||
Total | $ | 8,952 | $ | 718 | $ | 12,729 | $ | -771 | |||||||||||
Condensed Pro Forma Financial Data | ' | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Pro Forma Total Revenues | $ | 90,291 | $ | 84,359 | $ | 254,112 | $ | 242,196 | |||||||||||
Pro Forma Income from Continuing Operations | $ | 5,831 | $ | 3,378 | $ | 18,775 | $ | 2,336 | |||||||||||
(Loss) Income from Discontinued Operations | -3,532 | 2,755 | -4,851 | 14,060 | |||||||||||||||
Pro Forma Net Income | 2,299 | 6,133 | 13,924 | 16,396 | |||||||||||||||
Loss Allocated to Noncontrolling Interest | 164 | 271 | 587 | 184 | |||||||||||||||
Preferred Distributions | -3,589 | -3,500 | -11,022 | -10,500 | |||||||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | - | - | -2,250 | - | |||||||||||||||
Pro Forma Net (Loss) Income Applicable to Common Shareholders | $ | -1,126 | $ | 2,904 | $ | 1,239 | $ | 6,080 | |||||||||||
Pro Forma Income Applicable to Common Shareholders per Common Share | |||||||||||||||||||
Basic | $ | -0.01 | $ | 0.01 | $ | 0.01 | $ | 0.03 | |||||||||||
Diluted | $ | -0.01 | $ | 0.01 | $ | 0.01 | $ | 0.03 | |||||||||||
Weighted Average Common Shares Outstanding | |||||||||||||||||||
Basic | 198,878,496 | 196,360,325 | 198,186,963 | 184,394,561 | |||||||||||||||
Diluted | 201,644,633 | 196,360,325 | 201,488,088 | 184,394,561 | |||||||||||||||
Schedule Of Capitalized Expenditures Related To Hotel Development Projects And Renovations | ' | ||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Property Tax | $ | 110 | $ | 81 | $ | 277 | $ | 215 | |||||||||||
Interest Expense | 337 | 418 | 930 | 1,182 | |||||||||||||||
Utility | 1 | 1 | 3 | 3 | |||||||||||||||
Total | $ | 448 | $ | 500 | $ | 1,210 | $ | 1,400 | |||||||||||
Investment_In_Unconsolidated_J1
Investment In Unconsolidated Joint Ventures (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Investment In Unconsolidated Joint Ventures [Abstract] | ' | ||||||||||||
Investment In Unconsolidated Joint Ventures | ' | ||||||||||||
Percent | Preferred | September 30, | December 31, | ||||||||||
Joint Venture | Hotel Properties | Owned | Return | 2013 | 2012 | ||||||||
SB Partners, LLC | Holiday Inn Express, South Boston, MA | 50.0% | N/A | $ | 1,282 | $ | 1,292 | ||||||
Hiren Boston, LLC | Courtyard by Marriott, South Boston, MA | 50.0% | N/A | 4,955 | 4,964 | ||||||||
Mystic Partners, LLC | Hilton and Marriott branded hotels in CT | 8.8%-66.7% | 8.5% non-cumulative | 8,014 | 9,751 | ||||||||
$ | 14,251 | $ | 16,007 | ||||||||||
Income Or Loss From Unconsolidated Joint Ventures | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
SB Partners, LLC | $ | 188 | $ | 200 | $ | 190 | $ | 105 | |||||
Hiren Boston, LLC | 141 | 145 | 90 | 249 | |||||||||
Mystic Partners, LLC | -102 | -108 | -301 | -319 | |||||||||
Metro 29th Street Associates, LLC | - | - | - | -114 | |||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | 227 | 237 | -21 | -79 | |||||||||
Loss from Remeasurement of Investment in Unconsolidated Joint Ventures | - | -1,668 | - | -1,892 | |||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | $ | 227 | $ | -1,431 | $ | -21 | $ | -1,971 | |||||
Summary Financial Information Related To Unconsolidated Joint Ventures | ' | ||||||||||||
Balance Sheets | |||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Assets | |||||||||||||
Investment in Hotel Properties, Net | $ | 115,297 | $ | 118,506 | |||||||||
Other Assets | 20,525 | 20,709 | |||||||||||
Assets Held For Sale | - | 5,875 | |||||||||||
Total Assets | $ | 135,822 | $ | 145,090 | |||||||||
Liabilities and Equity | |||||||||||||
Mortgages and Notes Payable | $ | 118,049 | $ | 119,236 | |||||||||
Other Liabilities | 34,889 | 36,292 | |||||||||||
Liabilities Related to Assets Held For Sale | - | 6,071 | |||||||||||
Equity: | |||||||||||||
Hersha Hospitality Trust | 26,481 | 28,581 | |||||||||||
Joint Venture Partner(s) | -43,597 | -45,090 | |||||||||||
Total Equity | -17,116 | -16,509 | |||||||||||
Total Liabilities and Equity | $ | 135,822 | $ | 145,090 | |||||||||
Statements of Operations | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | 30-Sep | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Room Revenue | $ | 16,080 | $ | 14,898 | $ | 43,920 | $ | 48,845 | |||||
Other Revenue | 4,960 | 4,807 | 16,204 | 16,151 | |||||||||
Operating Expenses | -14,222 | -13,425 | -41,315 | -43,526 | |||||||||
Interest Expense | -1,866 | -1,873 | -5,590 | -5,761 | |||||||||
Lease Expense | -250 | -266 | -745 | -3,482 | |||||||||
Property Taxes and Insurance | -740 | -700 | -2,260 | -2,679 | |||||||||
General and Administrative | -1,276 | -1,359 | -4,205 | -4,525 | |||||||||
Depreciation and Amortization | -1,630 | -1,538 | -4,862 | -4,759 | |||||||||
Loss Allocated to Noncontrolling Interests | -26 | 25 | -121 | -2,616 | |||||||||
Net Income from Continuing Operations | 1,030 | 569 | 1,026 | -2,352 | |||||||||
Income (Loss) from Discontinued Operations | - | 181 | -55 | 85 | |||||||||
Gain on Disposition of Hotel Properties | - | - | 1,162 | 25,130 | |||||||||
Net Income | $ | 1,030 | $ | 750 | $ | 2,133 | $ | 22,863 | |||||
Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures | ' | ||||||||||||
September 30, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Company's share of equity recorded on the joint ventures' financial statements | $ | 26,481 | $ | 28,581 | |||||||||
Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1) | -12,230 | -12,574 | |||||||||||
Investment in Unconsolidated Joint Ventures | $ | 14,251 | $ | 16,007 | |||||||||
(1) Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following: | |||||||||||||
· | cumulative impairment of the Company’s investment in joint ventures not reflected on the joint ventures' financial statements; | ||||||||||||
· | the Company’s basis in the investment in joint ventures not recorded on the joint ventures' financial statements; and | ||||||||||||
accumulated amortization of the Company’s equity in joint ventures that reflects the Company’s portion of the excess of the fair value of joint ventures' assets on the date of our investment over the carrying value of the assets recorded on the joint ventures financial statements (this excess investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on the Company’s consolidated statement of operations). | |||||||||||||
Development_Loans_Receivable_T
Development Loans Receivable (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Development Loans Receivable [Abstract] | ' | |||||||||||||
Development Loans Receivable | ' | |||||||||||||
Hotel Property | Borrower | Principal Outstanding September 30, 2013 | Principal Outstanding December 31, 2012 | Interest Rate | Maturity Date | |||||||||
Operational Hotels | ||||||||||||||
Hyatt 48Lex - New York, NY* | 44 Lexington Holding, LLC | $ | - | $ | 15,122 | 9% | -1 | N/A | ||||||
Construction Hotels | ||||||||||||||
Hyatt Union Square - New York, NY (2) | Risingsam Union Square, LLC | - | 13,303 | 10% | N/A | |||||||||
Total Development Loans Receivable | $ | - | $ | 28,425 | ||||||||||
*Indicates borrower is a related party | ||||||||||||||
(1)Prior to June 1, 2012, the development loan to 44 Lexington Holding LLC allowed the borrower to elect, quarterly, to pay accrued interest in-kind by adding the accrued interest to the principal balance of the loan. Effective June 1, 2012, we amended the development loan with 44 Lexington Holding LLC to cease the buyer’s election to pay accrued interest in-kind. Interest of $678 was added to principal during the nine months ended September 30, 2012. | ||||||||||||||
(2)On April 9, 2013, we completed the acquisition of the real property and improvements for the Hyatt Union Square hotel in New York, NY from Risingsam Union Square, LLC. Consideration given in exchange for the property including $36,000 paid in cash to the seller and ourcancellationof a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan. In addition, we paid off the existing construction financing and entered into a new mortgage loan. See “Note 2 –Investment In Hotel Properties” for additional discussion of this transaction. | ||||||||||||||
Other_Assets_Deposits_On_Hotel1
Other Assets, Deposits On Hotel Acquisitions, And Intangible Assets And Liabilities (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Other Assets, Deposits On Hotel Acquisitions, And Intangible Assets And Liabilities [Abstract] | ' | ||||||
Other Assets | ' | ||||||
30-Sep-13 | 31-Dec-12 | ||||||
Transaction Costs | $ | 120 | $ | 339 | |||
Acquisition of Hyatt Union Square | - | 3,120 | |||||
Investment in Statutory Trusts | 1,548 | 1,548 | |||||
Prepaid Expenses | 8,058 | 8,654 | |||||
Insurance Claims Receivable | 4,816 | 3,883 | |||||
Deferred Tax Asset | 5,883 | 3,355 | |||||
Other | 4,502 | 4,615 | |||||
$ | 24,927 | $ | 25,514 | ||||
Fair_Value_Measurements_And_De1
Fair Value Measurements And Derivative Instruments (Tables) | 9 Months Ended | ||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||
Fair Value Measurements And Derivative Instruments [Abstract] | ' | ||||||||||||||||||
Fair Value Of Interest Rate Swaps And Caps | ' | ||||||||||||||||||
Estimated Fair Value | |||||||||||||||||||
Hedged Debt | Type | Strike Rate | Index | Effective Date | Maturity Date | Notional Amount | 30-Sep-13 | 31-Dec-12 | |||||||||||
Holiday Inn Express Times Square, New York, NY* | Swap | 1.240% | 1-Month LIBOR + 4.00% | 31-May-11 | 1-Jun-14 | $ | - | $ | - | $ | -530 | ||||||||
Courtyard, LA Westside, Culver City, LA | Swap | 1.097% | 1-Month LIBOR + 3.85% | 29-Sep-11 | 29-Sep-15 | 30,000 | -421 | -559 | |||||||||||
Capitol Hill Hotel, Washington, DC | Swap | 0.540% | 1-Month LIBOR + 3.25% | 1-Feb-12 | 1-Feb-15 | 27,235 | -100 | -143 | |||||||||||
Hotel 373, New York, NY | Cap | 2.000% | 1-Month LIBOR + 3.85% | 24-May-12 | 1-Jun-15 | 18,568 | 3 | 6 | |||||||||||
Courtyard, Miami, FL | Swap | 0.820% | 1-Month LIBOR + 3.50% | 2-Jul-12 | 1-Jul-16 | 60,000 | -373 | -658 | |||||||||||
Subordinated Notes Payable | Cap | 2.000% | 1-Month LIBOR + 3.00% | 30-Jul-12 | 30-Jul-14 | 51,548 | - | - | |||||||||||
Unsecured Term Loan | Swap | 0.545% | 1-Month LIBOR + 2.40% | 5-Nov-12 | 5-Nov-16 | 100,000 | 439 | -135 | |||||||||||
Unsecured Term Loan | Swap | 0.600% | 1-Month LIBOR + 2.40% | 18-Dec-12 | 5-Nov-16 | 50,000 | 136 | -167 | |||||||||||
Hyatt, Union Square, New York, NY | Cap | 2.000% | 1-Month LIBOR + 4.19% | 9-Apr-13 | 9-Apr-16 | 55,000 | 105 | - | |||||||||||
$ | -211 | $ | -2,186 | ||||||||||||||||
*On January 3, 2013, the Company repaid the mortgage secured by the Holiday Inn Express Times Square in New York, NY and paid $565 to settle its obligation under the swap. Due to the timing of this transaction, the hedge relationship on our interest rate swap was derecognized as of December 31, 2012. | |||||||||||||||||||
Share_Based_Payments_Tables
Share Based Payments (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||
Share Based Payments [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||
Summary Of Unvested Share Awards Issued To Executives | ' | ||||||||||||||||||||||||||||||||||||||
Shares Vested | Unearned Compensation | ||||||||||||||||||||||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on date of grant | Vesting Period | Vesting Schedule | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
20-Mar-13 | |||||||||||||||||||||||||||||||||||||||
(2012 Annual LTIP) | 779,045 | $ | 5.95 | 3 years | 25%/year (1) | 194,759 | - | $ | 1,388 | $ | - | ||||||||||||||||||||||||||||
26-Mar-12 | |||||||||||||||||||||||||||||||||||||||
(2011 Annual LTIP) | 748,927 | $ | 5.45 | 3 years | 25%/year (1) | 374,462 | 374,462 | 423 | 892 | ||||||||||||||||||||||||||||||
30-Mar-11 | |||||||||||||||||||||||||||||||||||||||
(2010 Annual LTIP) | 440,669 | $ | 5.98 | 3 years | 25%/year (1) | 330,500 | 330,500 | 45 | 180 | ||||||||||||||||||||||||||||||
899,721 | 704,962 | $ | 1,856 | $ | 1,072 | ||||||||||||||||||||||||||||||||||
(1)25% of the issued shares vested immediately upon issuance. In general, the remaining shares vest 25% on the first through third anniversaries of the date of issuance (subject to continuous employment through the applicable vesting date). | |||||||||||||||||||||||||||||||||||||||
Shares Vested | Unearned Compensation | ||||||||||||||||||||||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on date of grant | Vesting Period | Vesting Schedule | 30-Sep-13 | 31-Dec-12 | 30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
1-Jun-09 | 744,128 | $ | 2.80 | 4 years | 25%/year | 744,128 | 558,305 | $ | - | $ | 217 | ||||||||||||||||||||||||||||
1-Jun-10 | 182,308 | 4.63 | 2-3 years | 25-50%/year | 182,308 | 139,522 | - | 82 | |||||||||||||||||||||||||||||||
30-Jun-11 | 17,692 | 5.57 | 2-4 years | 25-50%/year | 9,919 | 4,958 | 33 | 51 | |||||||||||||||||||||||||||||||
18-Apr-12 | 1,035,595 | 5.47 | 5 years | 33% Year 3, 4, 5 (1) | - | - | 4,020 | 4,842 | |||||||||||||||||||||||||||||||
29-Jun-12 | 52,703 | 5.28 | 2-4 years | 25-50%/year | 22,480 | - | 139 | 228 | |||||||||||||||||||||||||||||||
28-Jun-13 | 48,600 | 5.64 | 2-4 years | 25-50%/year | - | - | 231 | - | |||||||||||||||||||||||||||||||
20-Sep-13 | 4,605 | 5.52 | 2-4 years | 25-50%/year | - | - | 26 | - | |||||||||||||||||||||||||||||||
Total | 2,085,631 | 958,835 | 702,785 | $ | 4,449 | $ | 5,420 | ||||||||||||||||||||||||||||||||
(1)On April 18, 2012, the Company entered into amended and restated employment agreements with the Company’s executive officers. To induce the executives to agree to the substantial reduction in benefits upon certain terminations following a change of control as described in the agreements, the Company awarded an aggregate of 1,035,595 restricted common shares to the executives pursuant to the 2012 Plan. None of these restricted common shares will vest prior to the third anniversary of the date of issuance. Thereafter, 33.3% of each award of restricted common shares will vest on each of the third, fourth and fifth anniversaries of the date of issuance. Vesting will accelerate upon a change of control or if the relevant executive’s employment with the Company were to terminate for any reason other than for cause (as defined in the agreements). | |||||||||||||||||||||||||||||||||||||||
Summary Of Unvested Share Awards Issued To Trustees | ' | ||||||||||||||||||||||||||||||||||||||
Unearned Compensation | |||||||||||||||||||||||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on date of grant | Vesting Period | Vesting Schedule | 30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||
28-Dec-12 | 32,417 | $ | 4.93 | 1 year | 100% | $ | 40 | $ | 160 | ||||||||||||||||||||||||||||||
Summary Of Unvested Share Awards Issued To Nonemployees | ' | ||||||||||||||||||||||||||||||||||||||
Shares Vested | Unearned Compensation | ||||||||||||||||||||||||||||||||||||||
Shares | Share Price on | Vesting | Vesting | September 30, | December 31, | September 30, | December 31, | ||||||||||||||||||||||||||||||||
Original Issuance Date | Issued | date of grant | Period | Schedule | 2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||
1-Feb-13 | 30,000 | $ | 5.41 | 2 years | 50%/year | 14,999 | - | $ | 81 | $ | - | ||||||||||||||||||||||||||||
26-Mar-12 | 28,500 | $ | 5.45 | 2 years | 50%/year | 28,500 | 15,000 | - | 74 | ||||||||||||||||||||||||||||||
Total | 58,500 | 43,499 | 15,000 | $ | 81 | $ | 74 | ||||||||||||||||||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Reconciliation Of Earnings Per Share | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
NUMERATOR: | ||||||||||||||
Basic and Diluted* | ||||||||||||||
Income from Continuing Operations | $ | 5,831 | $ | 3,139 | $ | 17,560 | $ | 1,309 | ||||||
Loss from Continuing Operations allocated to Noncontrolling Interests | 46 | 376 | 462 | 753 | ||||||||||
Distributions to Preferred Shareholders | -3,589 | -3,500 | -11,022 | -10,500 | ||||||||||
Dividends Paid on Unvested Restricted Shares | -228 | -130 | -697 | -344 | ||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | - | - | -2,250 | - | ||||||||||
Income (Loss) from Continuing Operations attributable to Common Shareholders | 2,060 | -115 | 4,053 | -8,782 | ||||||||||
Discontinued Operations | ||||||||||||||
(Loss) Income from Discontinued Operations | -3,532 | 2,755 | -4,851 | 14,060 | ||||||||||
Loss (Income) from Discontinued Operations allocated to Noncontrolling Interests | 118 | -97 | 166 | -530 | ||||||||||
(Loss) Income from Discontinued Operations attributable to Common Shareholders | -3,414 | 2,658 | -4,685 | 13,530 | ||||||||||
Net (Loss) Income attributable to Common Shareholders | $ | -1,354 | $ | 2,543 | $ | -632 | $ | 4,748 | ||||||
DENOMINATOR: | ||||||||||||||
Weighted average number of common shares - basic | 198,878,496 | 196,360,325 | 198,186,963 | 184,394,561 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Restricted Stock Awards | 2,498,237 | - | 2,027,128 | - | * | |||||||||
Contingently Issued Shares | 267,900 | - | 1,273,997 | - | * | |||||||||
Option to acquire common shares | - | - | - | - | * | |||||||||
Weighted average number of common shares - diluted | 201,644,633 | 196,360,325 | 201,488,088 | 184,394,561 | ||||||||||
*Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership has been excluded from the numerator and units of limited partnership interest in Hersha Hospitality Limited Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders. | ||||||||||||||
Potentially Dilutive Shares Excluded From The Denominator For The Purpose Of Computing Diluted Earnings Per Share | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Common Units of Limited Partnership Interest | 6,914,716 | 7,172,832 | 6,986,004 | 7,231,104 | ||||||||||
Unvested Stock Awards Outstanding | - | 687,551 | - | 308,654 | ||||||||||
Contingently Issuable Share Awards | - | 2,345,079 | - | 2,364,550 | ||||||||||
Options to Acquire Common Shares Outstanding | - | - | - | 368,111 | ||||||||||
Total potentially dilutive securities | 6,914,716 | 10,205,462 | 6,986,004 | 10,272,419 | ||||||||||
excluded from the denominator | ||||||||||||||
Cash_Flow_Disclosures_And_Non_1
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Tables) | 9 Months Ended | ||||||
Sep. 30, 2013 | |||||||
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | ' | ||||||
Non-cash Investing And Financing Activities | ' | ||||||
2013 | 2012 | ||||||
Common Shares issued as part of the Dividend Reinvestment Plan | $ | 27 | $ | 16 | |||
Acquisition of hotel properties and consolidation of variable interest entities: | |||||||
Debt assumed, net of discount | - | 85,913 | |||||
Development loan accrued interest revenue receivable paid in-kind by adding balance to development loan principal | - | 678 | |||||
Settlement of development loan receivable principal and accrued interest revenue receivable | 13,303 | - | |||||
Disposition of hotel properties | |||||||
Investment in hotel properties, net, conveyed to mortgage lender | - | 1,938 | |||||
Debt conveyed to mortgage lender | - | 2,940 | |||||
Debt assumed by purchaser | - | 54,217 | |||||
Conversion of Common Units to Common Shares | 106 | 376 | |||||
Reallocation of noncontrolling interest | - | -528 | |||||
Discontinued_Operations_Tables
Discontinued Operations (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Discontinued Operations [Abstract] | ' | ||||||||||||
Assets Held For Sale | ' | ||||||||||||
30-Sep-13 | |||||||||||||
Land | $ | 26,591 | |||||||||||
Buildings and Improvements | 183,827 | ||||||||||||
Furniture, Fixtures and Equipment | 31,341 | ||||||||||||
241,759 | |||||||||||||
Less Accumulated Depreciation & Amortization | -63,064 | ||||||||||||
Assets Held for Sale | $ | 178,695 | |||||||||||
Liabilities Related to Assets Held for Sale | $ | 79,291 | |||||||||||
Components Of Discontinued Operations | ' | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Revenue: | |||||||||||||
Hotel Operating Revenues | $ | 17,583 | $ | 17,456 | $ | 45,797 | $ | 49,185 | |||||
Other Revenue | - | - | - | 11 | |||||||||
Total Revenues | 17,583 | 17,456 | 45,797 | 49,196 | |||||||||
Expenses: | |||||||||||||
Hotel Operating Expenses | 10,123 | 9,737 | 27,755 | 30,400 | |||||||||
Hotel Ground Rent | - | - | - | 72 | |||||||||
Real Estate and Personal Property Taxes and Property Insurance | 865 | 789 | 2,592 | 2,753 | |||||||||
General and Administrative | 67 | - | 22 | 16 | |||||||||
Depreciation and Amortization | 2,238 | 2,231 | 7,037 | 6,719 | |||||||||
Interest Expense | 1,266 | 1,762 | 3,779 | 6,411 | |||||||||
Other Expense | 3 | -1 | 14 | 1 | |||||||||
Loss on Debt Extinguishment | - | - | - | 33 | |||||||||
Income Tax Expense | -49 | - | 167 | - | |||||||||
Total Expenses | 14,513 | 14,518 | 41,366 | 46,405 | |||||||||
Income from Discontinued Operations | $ | 3,070 | $ | 2,938 | $ | 4,431 | $ | 2,791 | |||||
Basis_Of_Presentation_Narrativ
Basis Of Presentation (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Mar. 28, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Mar. 28, 2013 | Feb. 25, 2013 | Sep. 30, 2013 |
Noncontrolling Interests Common Units [Member] | Noncontrolling Interests Common Units [Member] | Series A Preferred Shares [Member] | Series A Preferred Shares [Member] | Series C Preferred Shares [Member] | Series C Preferred Shares [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Approximate ownership percentage in the Partnership (in hundredths) | 96.70% | ' | ' | ' | ' | ' | ' | ' | ' |
General partnership interest (in hundredths) | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interests in Nonredeemable Common Units | $28,786 | ' | $15,484 | $28,786 | $15,484 | ' | ' | ' | ' |
Nonredeemable common units outstanding (in shares) | ' | ' | ' | 6,914,716 | ' | ' | ' | ' | ' |
Fair market value of nonredeemable common units | ' | ' | ' | 38,653 | ' | ' | ' | ' | ' |
Redeemable Common Units outstanding (in shares) | ' | ' | ' | 0 | ' | ' | ' | ' | ' |
Historical cost of Redeemable Common Units outstanding | ' | ' | ' | ' | 11,753 | ' | ' | ' | ' |
Shareholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cumulative Redeemable Preferred shares sold (in shares) | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Distribution Rate | ' | ' | ' | ' | ' | 8.00% | ' | ' | 6.88% |
Preferred Shares - Par Value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $0.01 | ' |
Preferred Shares - Liquidation Preference Value (in dollars per share) | $25 | ' | $25 | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Preferred Stock, Net | $72,370 | ' | ' | ' | ' | ' | ' | $72,370 | ' |
Preferred Stock, Redemption Price (in dollars per share) | ' | $25.41 | ' | ' | ' | ' | $25 | ' | ' |
Basis_Of_Presentation_Schedule
Basis Of Presentation (Schedule Of Preferred Stock) (Details) (USD $) | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Class of Stock [Line Items] | ' | ' | ' |
Shares Outstanding | 7,600,000 | ' | 7,000,000 |
Series A Preferred Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Outstanding | ' | ' | 2,400,000 |
Aggregate Liquidation Preference | $60,000 | ' | ' |
Distribution Rate | 8.00% | ' | ' |
Dividend Per Share | $0.50 | $1.50 | ' |
Series B Preferred Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Outstanding | 4,600,000 | ' | 4,600,000 |
Aggregate Liquidation Preference | 115,000 | ' | ' |
Distribution Rate | 8.00% | ' | ' |
Dividend Per Share | $1.50 | $1.50 | ' |
Series C Preferred Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Shares Outstanding | 3,000,000 | ' | ' |
Aggregate Liquidation Preference | $75,000 | ' | ' |
Distribution Rate | 6.88% | ' | ' |
Dividend Per Share | $1.05 | ' | ' |
Investment_In_Hotel_Properties2
Investment In Hotel Properties (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Apr. 09, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 22, 2011 | Sep. 30, 2013 | Sep. 30, 2013 | Oct. 16, 2013 | Sep. 20, 2013 | Aug. 15, 2011 |
Hyatt Union Square, New York, NY [Member] | Hyatt Union Square, New York, NY [Member] | Hyatt Union Square, New York, NY [Member] | 32 Pearl Street, New York, NY [Member] | Holiday Inn Express, New York, NY [Member] | Hampton Inn, Pearl Street, New York, NY [Member] | Hotel Oceana, Santa Barbara, California [Member] | Non-core Hotel Properties [Member] | Non-core Hotel Properties [Member] | |||
Subsequent Event [Member] | property | property | |||||||||
Acquisitions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition costs | ' | $713 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development loan, principal amount | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cancellation of accrued interest receivable | ' | ' | 3,303 | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan | ' | ' | 55,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on hotel acquisition | ' | ' | 12,108 | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | 8,952 | 12,729 | ' | 3,976 | 6,178 | ' | ' | ' | ' | ' | ' |
Net Income (Loss) | 718 | -771 | ' | -448 | -2,195 | ' | ' | ' | ' | ' | ' |
Asset Development and Renovation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Date | ' | ' | ' | ' | 9-Apr-13 | 22-Jul-11 | ' | ' | ' | ' | ' |
Business acquisition, cash paid | ' | ' | 36,000 | ' | ' | 28,300 | ' | ' | 42,000 | ' | ' |
Estimated impairment charge | ' | ' | ' | ' | ' | ' | 1,586 | 1,997 | ' | ' | ' |
Corresponding insurance claim | ' | ' | ' | ' | ' | ' | 1,486 | 1,897 | ' | ' | ' |
Estimated receiveable from the property insurance claim | 3,383 | 3,383 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property insurance received | ' | 2,189 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase And Sale Agreement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | 18 |
Mortgage debt assumed | ' | ' | ' | ' | ' | ' | ' | ' | $25,250 | ' | ' |
Investment_In_Hotel_Properties3
Investment In Hotel Properties (Investment In Hotel Properties) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | $1,733,267 | $1,732,615 |
Less accumulated depreciation | -245,662 | -265,902 |
Total investment in hotel properties, net | 1,487,605 | 1,466,713 |
Land [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | 328,753 | 305,286 |
Building And Improvements [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | 1,180,842 | 1,214,865 |
Furniture, Fixtures And Equipment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | 166,238 | 171,892 |
Construction In Progress [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | $57,434 | $40,572 |
Investment_In_Hotel_Properties4
Investment In Hotel Properties (Wholly Owned Hotel Properties Acquired) (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' |
Total Purchase Price | $217,024 |
Franchise Fees Loan Costs And Leasehold Intangibles [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 2,203 |
Land [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 52,742 |
Building And Improvements [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 148,430 |
Furniture, Fixtures And Equipment [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 13,649 |
Hyatt Union Square, New York, NY [Member] | ' |
Business Acquisition [Line Items] | ' |
Acquisition Date | 9-Apr-13 |
Total Purchase Price | 123,945 |
Hyatt Union Square, New York, NY [Member] | Franchise Fees Loan Costs And Leasehold Intangibles [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 1,945 |
Hyatt Union Square, New York, NY [Member] | Land [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 32,940 |
Hyatt Union Square, New York, NY [Member] | Building And Improvements [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 79,300 |
Hyatt Union Square, New York, NY [Member] | Furniture, Fixtures And Equipment [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 9,760 |
Courtyard By Marriott, San Deigo, CA [Member] | ' |
Business Acquisition [Line Items] | ' |
Acquisition Date | 30-May-13 |
Total Purchase Price | 71,184 |
Courtyard By Marriott, San Deigo, CA [Member] | Franchise Fees Loan Costs And Leasehold Intangibles [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 183 |
Courtyard By Marriott, San Deigo, CA [Member] | Land [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 15,656 |
Courtyard By Marriott, San Deigo, CA [Member] | Building And Improvements [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 51,674 |
Courtyard By Marriott, San Deigo, CA [Member] | Furniture, Fixtures And Equipment [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 3,671 |
Residence Inn, Coconut Grove, FL [Member] | ' |
Business Acquisition [Line Items] | ' |
Acquisition Date | 12-Jun-13 |
Total Purchase Price | 21,895 |
Residence Inn, Coconut Grove, FL [Member] | Franchise Fees Loan Costs And Leasehold Intangibles [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 75 |
Residence Inn, Coconut Grove, FL [Member] | Land [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 4,146 |
Residence Inn, Coconut Grove, FL [Member] | Building And Improvements [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | 17,456 |
Residence Inn, Coconut Grove, FL [Member] | Furniture, Fixtures And Equipment [Member] | ' |
Business Acquisition [Line Items] | ' |
Total Purchase Price | $218 |
Investment_In_Hotel_Properties5
Investment In Hotel Properties (Results of Operations for Hotels Acquired With 100% Interest) (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 |
Business Acquisition [Line Items] | ' | ' |
Revenue | $8,952 | $12,729 |
Net (Loss) Income | 718 | -771 |
Hyatt Union Square, New York, NY [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenue | 3,976 | 6,178 |
Net (Loss) Income | -448 | -2,195 |
Courtyard By Marriott, San Deigo, CA [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenue | 3,807 | 5,121 |
Net (Loss) Income | 949 | 1,292 |
Residence Inn, Coconut Grove, FL [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenue | 1,169 | 1,430 |
Net (Loss) Income | $217 | $132 |
Investment_In_Hotel_Properties6
Investment In Hotel Properties (Condensed Pro Forma Financial Data) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
Investment In Hotel Properties [Abstract] | ' | ' | ' | ' | ||||
Pro Forma Total Revenues | $90,291 | $84,359 | $254,112 | $242,196 | ||||
Pro Forma Income from Continuing Operations | 5,831 | 3,378 | 18,775 | 2,336 | ||||
(Loss) Income from Discontinued Operations | -3,532 | 2,755 | -4,851 | 14,060 | ||||
Pro Forma Net Income | 2,299 | 6,133 | 13,924 | 16,396 | ||||
Loss allocated to Noncontrolling Interest | 164 | 271 | 587 | 184 | ||||
Preferred Distributions | -3,589 | -3,500 | -11,022 | -10,500 | ||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | ' | ' | -2,250 | ' | ||||
Pro Forma Net (Loss) Income applicable to Common Shareholders | ($1,126) | $2,904 | $1,239 | $6,080 | ||||
Pro Forma Income applicable to Common Shareholders: Basic | ($0.01) | $0.01 | $0.01 | $0.03 | ||||
Pro Forma Income applicable to Common Shareholders: Diluted | ($0.01) | $0.01 | $0.01 | $0.03 | ||||
Weighted Average Common Shares Outstanding: Basic | 198,878,496 | 196,360,325 | 198,186,963 | 184,394,561 | ||||
Weighted Average Common Shares Outstanding: Diluted | 201,644,633 | [1] | 196,360,325 | [1] | 201,488,088 | [1] | 184,394,561 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership has been excluded from the numerator and units of limited partnership interest in Hersha Hospitality Limited Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact.B B In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders. |
Investment_In_Hotel_Properties7
Investment In Hotel Properties (Schedule Of Capitalized Expenditures Related To Hotel Development Projects And Renovations) (Details) (Hampton Inn, Pearl Street, New York, NY [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Capitalized Expenditures Related To Development Costs [Line Items] | ' | ' | ' | ' |
Development costs | $448 | $500 | $1,210 | $1,400 |
Property Tax [Member] | ' | ' | ' | ' |
Capitalized Expenditures Related To Development Costs [Line Items] | ' | ' | ' | ' |
Development costs | 110 | 81 | 277 | 215 |
Interest Expense [Member] | ' | ' | ' | ' |
Capitalized Expenditures Related To Development Costs [Line Items] | ' | ' | ' | ' |
Development costs | 337 | 418 | 930 | 1,182 |
Utility [Member] | ' | ' | ' | ' |
Capitalized Expenditures Related To Development Costs [Line Items] | ' | ' | ' | ' |
Development costs | $1 | $1 | $3 | $3 |
Investment_In_Unconsolidated_J2
Investment In Unconsolidated Joint Ventures (Investment In Unconsolidated Joint Ventures) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' |
Investment in unconsolidated joint ventures | $14,251 | $16,007 |
SB Partners, LLC [Member] | Holiday Inn Express, Boston, MA [Member] | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' |
Percent Owned | 50.00% | ' |
Investment in unconsolidated joint ventures | 1,282 | 1,292 |
Hiren Boston, LLC [Member] | Courtyard by Marriott, Boston, MA [Member] | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' |
Percent Owned | 50.00% | ' |
Investment in unconsolidated joint ventures | 4,955 | 4,964 |
Mystic Partners, LLC [Member] | Hilton and Marriott branded hotels in CT and RI [Member] | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' |
Preferred Return | 8.50% | ' |
Investment in unconsolidated joint ventures | $8,014 | $9,751 |
Mystic Partners, LLC [Member] | Hilton and Marriott branded hotels in CT and RI [Member] | Minimum [Member] | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' |
Percent Owned | 8.80% | ' |
Mystic Partners, LLC [Member] | Hilton and Marriott branded hotels in CT and RI [Member] | Maximum [Member] | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' |
Percent Owned | 66.70% | ' |
Investment_In_Unconsolidated_J3
Investment In Unconsolidated Joint Ventures (Income Or Loss From Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' | ' | ' |
Income (Loss) from Unconsolidated Joint Ventures | $227 | $237 | ($21) | ($79) |
Loss from Remeasurement of Investment in Unconsolidated Joint Venture | ' | -1,668 | ' | -1,892 |
Income (Loss) from Unconsolidated Joint Venture Investments | 227 | -1,431 | -21 | -1,971 |
SB Partners, LLC [Member] | ' | ' | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' | ' | ' |
Income (Loss) from Unconsolidated Joint Ventures | 188 | 200 | 190 | 105 |
Hiren Boston, LLC [Member] | ' | ' | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' | ' | ' |
Income (Loss) from Unconsolidated Joint Ventures | 141 | 145 | 90 | 249 |
Mystic Partners, LLC [Member] | ' | ' | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' | ' | ' |
Income (Loss) from Unconsolidated Joint Ventures | -102 | -108 | -301 | -319 |
Metro 29th Street Associates, LLC [Member] | ' | ' | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' | ' | ' |
Income (Loss) from Unconsolidated Joint Ventures | ' | ' | ' | ($114) |
Investment_In_Unconsolidated_J4
Investment In Unconsolidated Joint Ventures (Summary Financial Information Related To Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Assets [Abstract] | ' | ' | ' | ' | ' |
Investment in hotel properties, net | $115,297 | ' | $115,297 | ' | $118,506 |
Other Assets | 20,525 | ' | 20,525 | ' | 20,709 |
Assets Held For Sale | ' | ' | ' | ' | 5,875 |
Total Assets | 135,822 | ' | 135,822 | ' | 145,090 |
Liabilities and Equity [Abstract] | ' | ' | ' | ' | ' |
Mortgages and notes payable | 118,049 | ' | 118,049 | ' | 119,236 |
Other liabilities | 34,889 | ' | 34,889 | ' | 36,292 |
Liabilities Related to Assets Held For Sale | ' | ' | ' | ' | 6,071 |
Equity [Abstract] | ' | ' | ' | ' | ' |
Hersha Hospitality Trust | 26,481 | ' | 26,481 | ' | 28,581 |
Joint Venture Partner(s) | -43,597 | ' | -43,597 | ' | -45,090 |
Total Equity | -17,116 | ' | -17,116 | ' | -16,509 |
Total Liabilities and Equity | 135,822 | ' | 135,822 | ' | 145,090 |
Statements of Operations [Abstract] | ' | ' | ' | ' | ' |
Room Revenue | 16,080 | 14,898 | 43,920 | 48,845 | ' |
Other Revenue | 4,960 | 4,807 | 16,204 | 16,151 | ' |
Operating Expenses | -14,222 | -13,425 | -41,315 | -43,526 | ' |
Interest Expense | -1,866 | -1,873 | -5,590 | -5,761 | ' |
Lease Expense | -250 | -266 | -745 | -3,482 | ' |
Property Taxes and Insurance | -740 | -700 | -2,260 | -2,679 | ' |
General and Administrative | -1,276 | -1,359 | -4,205 | -4,525 | ' |
Depreciation and Amortization | -1,630 | -1,538 | -4,862 | -4,759 | ' |
Loss Allocated to Noncontrolling Interests | -26 | 25 | -121 | -2,616 | ' |
Net Income from Continuing Operations | 1,030 | 569 | 1,026 | -2,352 | ' |
Income (Loss) from Discontinued Operations | ' | 181 | -55 | 85 | ' |
Gain on Disposition of Hotel Properties | ' | ' | 1,162 | 25,130 | ' |
Net Income | $1,030 | $750 | $2,133 | $22,863 | ' |
Investment_In_Unconsolidated_J5
Investment In Unconsolidated Joint Ventures (Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | ||
In Thousands, unless otherwise specified | ||||
Investment In Unconsolidated Joint Ventures [Abstract] | ' | ' | ||
Company's share of equity recorded on the joint ventures' financial statements | $26,481 | $28,581 | ||
Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures | -12,230 | [1] | -12,574 | [1] |
Investment in Unconsolidated Joint Ventures | $14,251 | $16,007 | ||
[1] | Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following:cumulative impairment of the Companybs investment in joint ventures not reflected on the joint ventures' financial statements;the Companybs basis in the investment in joint ventures not recorded on the joint ventures' financial statements; andaccumulated amortization of the Companybs equity in joint ventures that reflects the Companybs portion of the excess of the fair value of joint ventures' assets on the date of our investment over the carrying value of the assets recorded on the joint ventures financial statements (this excess investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on the Companybs consolidated statement of operations). |
Development_Loans_Receivable_N
Development Loans Receivable (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Development Loans Receivable [Abstract] | ' | ' | ' | ' | ' |
Interest income from development loans | $0 | $463 | $158 | $1,602 | ' |
Accrued interest on development loans receivable | $0 | ' | $0 | ' | $348 |
Development_Loans_Receivable_D
Development Loans Receivable (Development Loans Receivable) (Details) (USD $) | Dec. 31, 2012 | Apr. 09, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 09, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | ||||
In Thousands, unless otherwise specified | Hyatt Union Square, New York, NY [Member] | Operational Hotels [Member] | Operational Hotels [Member] | Operational Hotels [Member] | Construction Hotels [Member] | Construction Hotels [Member] | Construction Hotels [Member] | |||||
Hyatt 48Lex, New York, NY [Member] | Hyatt 48Lex, New York, NY [Member] | Hyatt 48Lex, New York, NY [Member] | Hyatt Union Square, New York, NY [Member] | Hyatt Union Square, New York, NY [Member] | Hyatt Union Square, New York, NY [Member] | |||||||
44 Lexington Holding, LLC [Member] | 44 Lexington Holding, LLC [Member] | 44 Lexington Holding, LLC [Member] | Risingsam Union Square, LLC [Member] | Risingsam Union Square, LLC [Member] | Risingsam Union Square, LLC [Member] | |||||||
Receivables, Loans, Notes Receivable, and Others, Schedule of Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Principal Outstanding | $28,425 | ' | ' | ' | $15,122 | [1] | ' | ' | $13,303 | [2] | ||
Interest Rate | ' | ' | ' | 9.00% | [1],[3] | ' | ' | 10.00% | [2] | ' | ||
Cumulative interest income paid in kind | ' | ' | 678 | ' | ' | ' | ' | ' | ||||
Acquisition Date | ' | 9-Apr-13 | ' | ' | ' | 9-Apr-13 | ' | ' | ||||
Business acquisition, cash paid | ' | ' | ' | ' | ' | 36,000 | ' | ' | ||||
Development loan on the re-development project cancelled | ' | ' | ' | ' | ' | 10,000 | ' | ' | ||||
Business acquisition, cancellation of accrued interest receivable | ' | ' | ' | ' | ' | $3,303 | ' | ' | ||||
[1] | Indicates borrower is a related party | |||||||||||
[2] | On April 9, 2013, we completed the acquisition of the real property and improvements for the Hyatt Union Square hotel in New York, NY from Risingsam Union Square, LLC.B B Consideration given in exchange for the property including $36,000 paid in cash to the seller and ourcancellationof a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan.B B In addition, we paid off the existing construction financing and entered into a new mortgage loan.B B See bNote 2 -Investment In Hotel Propertiesb for additional discussion of this transaction. | |||||||||||
[3] | Prior to June 1, 2012, the development loan to 44 Lexington Holding LLC allowed the borrower to elect, quarterly, to pay accrued interest in-kind by adding the accrued interest to the principal balance of the loan.B B Effective June 1, 2012, we amended the development loan with 44 Lexington Holding LLC to cease the buyerbs election to pay accrued interest in-kind.B B Interest of $678 was added to principal during the nine months ended September 30, 2012. |
Other_Assets_Deposits_On_Hotel2
Other Assets, Deposits On Hotel Acquisitions, And Intangible Assets And Liabilities (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | Apr. 09, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Oct. 24, 2012 |
Hyatt Union Square, New York, NY [Member] | Hyatt Union Square, New York, NY [Member] | Hilton Garden Inn - 52nd St NY [Member] | Hilton Garden Inn - 52nd St NY [Member] | Hilton Garden Inn - 52nd St NY [Member] | |||
Receivables, Loans, Notes Receivable, and Others, Schedule of Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Acquisition Date | ' | ' | 9-Apr-13 | ' | ' | ' | ' |
Deferred Tax Asset | $5,883 | $3,355 | ' | ' | ' | ' | ' |
Interest bearing deposits related to acquisition of other hotel properties | ' | 1,750 | ' | ' | 15,486 | 15,000 | 17,000 |
Non-interest bearing deposits related to the acquisition of hotel properties | ' | ' | ' | 21,000 | ' | ' | ' |
Business Combination, Consideration Transferred | 217,024 | ' | ' | ' | ' | 74,000 | ' |
Interest bearing deposit (in hundredths) | ' | ' | ' | ' | 10.00% | ' | ' |
Additional deposit for interest bearing deposit to acquire hotel property | ' | ' | ' | ' | 1,514 | ' | ' |
Business acquisition, consideration, cash paid | ' | ' | ' | ' | 15,000 | ' | ' |
Business acquisition, mortgage debt assumed, principal balance | ' | ' | ' | ' | $42,000 | ' | ' |
Other_Assets_Deposits_On_Hotel3
Other Assets, Deposits On Hotel Acquisitions, And Intangible Assets And Liabilities (Other Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Assets, Deposits On Hotel Acquisitions, And Intangible Assets And Liabilities [Abstract] | ' | ' |
Transaction Costs | $120 | $339 |
Acquisition of Hyatt Union Square | ' | 3,120 |
Investment in Statutory Trusts | 1,548 | 1,548 |
Prepaid Expenses | 8,058 | 8,654 |
Insurance Claims Receivable | 4,816 | 3,883 |
Deferred Tax Asset | 5,883 | 3,355 |
Other | 4,502 | 4,615 |
Total Other Assets | $24,927 | $25,514 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jan. 03, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 24, 2013 | Jan. 31, 2012 | 9-May-12 | Jul. 02, 2012 | 23-May-12 | Jun. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
Residence Inn, Tysons Corner, VA [Member] | Courtyard by Marriott, Westside, Los Angeles, CA [Member] | Capitol Hill Suites, Washington, D.C. [Member] | Courtyard by Marriott, Miami, FL [Member] | Courtyard by Marriott, Miami, FL [Member] | Hotel 373, Fifth Avenue, NY [Member] | Holiday Inn Express, New York, NY [Member] | Holiday Inn Express, New York, NY [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Mortgages [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Debt [Member] | Junior Subordinated Debt [Member] | |||||||
Hersha Statutory Trust I and Hersha Statutory Trust II [Member] | Hersha Statutory Trust I and Hersha Statutory Trust II [Member] | Hersha Statutory Trust I and Hersha Statutory Trust II [Member] | Hersha Statutory Trust I and Hersha Statutory Trust II [Member] | Hersha Statutory Trust I [Member] | Hersha Statutory Trust II [Member] | ||||||||||||||||||||
loan | loan | ||||||||||||||||||||||||
Mortgages and Notes Payable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $647,787 | ' | $647,787 | ' | $641,160 | ' | ' | ' | ' | ' | ' |
Interest rate range, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.79% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate range, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Net unamortized premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,613 | ' | 2,613 | ' | 3,245 | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,900 | 9,718 | 26,110 | 29,101 | ' | 431 | 455 | 1,284 | 1,368 | ' | ' |
Debt covenant compliance status | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'We have determined that certain debt service coverage ratio covenants contained in the loan agreements securing five of our hotel properties were not met as of September 30, 2013. Pursuant to these loan agreements, the lender has elected to escrow the operating cash flow for a number of these properties. However, these covenants do not constitute an event of default for these loans. | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date range, start | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Aug-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date range, end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated Notes Payable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of debt instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ' | ' | ' |
Subordinated notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,548 | ' | 51,548 | ' | 25,774 | 25,774 |
Maturity date | ' | ' | ' | ' | ' | ' | ' | 29-Sep-17 | 1-Feb-15 | 1-Jul-16 | ' | 1-Jun-17 | ' | 5-Nov-16 | ' | ' | ' | ' | ' | ' | ' | 30-Jul-35 | ' | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR |
Debt instrument, basis spread on variable rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.25% | 3.50% | ' | 3.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% |
Number of business days prior to quarterly interest payments for resetting rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 days | ' | '2 days | ' | ' | ' |
Debt instrument, interest rate during period (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.34% | 3.53% | 3.32% | 3.54% | ' | ' |
Capitalized Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | 337 | 418 | 934 | 1,182 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Financing Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred costs, net of accumulated amortization | 8,344 | ' | 8,344 | ' | ' | 8,695 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | 6,701 | ' | 6,701 | ' | ' | 4,841 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred costs | 756 | 824 | 2,133 | 2,325 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New Debt/Refinance and Payoffs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company funded remaining tranche of the unsecured portion of the credit facility | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan extinguishment | ' | ' | ' | ' | ' | ' | 7,928 | ' | 32,500 | 29,730 | ' | 22,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan | ' | ' | ' | ' | ' | ' | ' | 30,000 | 27,500 | 45,000 | ' | 19,000 | ' | 54,602 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance in principal | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional draw on mortgage loan, amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of days between additional draw on mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | '90 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | 4.95% | ' | ' | ' | ' | ' | 6.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mezzanine debt, principal | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized deferred costs and defeasance premiums expensed | ' | $3 | $545 | $249 | ' | ' | ' | $284 | $7 | ' | ' | $66 | $176 | $261 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | 4.10% | 3.79% | ' | 4.32% | 5.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest variable rate, floor | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Continued_Details
Debt, Continued (Details) (USD $) | Oct. 01, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
In Thousands, unless otherwise specified | Minimum [Member] | Maximum [Member] | Senior Unsecured Credit Agreement [Member] | Unsecured Revolving Line Of Credit [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | Secured Credit Facility [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | Revolving Line Of Credit [Member] | Financial Standby Letter of Credit [Member] | Swing Line Loan [Member] | |||
Minimum [Member] | Maximum [Member] | |||||||||||||||||
Revolving Line of Credit [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit, current borrowing capacity | ' | ' | ' | ' | ' | $400,000 | $250,000 | $150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit, maximum borrowing capacity | ' | ' | ' | ' | ' | 550,000 | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | 25,000 | 10,000 |
Line of credit, expiration date | ' | ' | ' | ' | ' | 5-Nov-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Renewal period of line of credit | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on loans provided under line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The interest rate for the $400,000 unsecured credit facility is based on a pricing grid with a range of one month U.S. LIBOR plus 1.75% to 2.65%. | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one month U.S. LIBOR | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.19% | 3.25% | ' | ' |
Basis spread on variable rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | 2.65% | ' | ' |
Line of credit, financial covenant terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The credit agreement providing for the $400,000 unsecured credit facility includes certain financial covenants and requires that we maintain: (1) a minimum tangible net worth of $1,000,000, which is calculated by adding back accumulated depreciation to the recorded value of our investment in hotel properties and subtracting certain intangible assets and debt and is subject to increases under certain circumstances; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following:B7 a fixed charge coverage ratio of not less than 1.45 to 1.00, which increases to 1.50 to 1.00 as of January 1, 2014;B7 a maximum leverage ratio of not more than 60%; andB7 a maximum secured debt leverage ratio of 55%, which decreased to 50% as of October 1, 2013 and further decreases to 45% as of October 1, 2014.The Company is in compliance with each of the covenants listed above as of September 30, 2013. | ' | ' | ' | ' | ' |
Line of credit facility covenant minimum tangible net worth | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility covenant maximum annual distributions (in hundredths) | ' | ' | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility covenant fixed charge coverage ratio | ' | 1.5 | 1.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility covenant maximum leverage ratio (in hundredths) | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility covenant maximum secured debt leverage ratio (in hundredths) | 45.00% | ' | ' | 50.00% | 55.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164,475 | ' | 164,475 | ' | ' | ' | ' | ' |
Line of credit, outstanding principal balance | ' | ' | ' | ' | ' | ' | ' | 150,000 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings on revoloving line of credit | ' | ' | 79,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, on credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,707 | $305 | $3,804 | $1,818 | ' | ' | ' | ' |
Line of credit, weighted average interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.18% | 4.31% | 3.04% | 4.55% | ' | ' | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies And Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Management Agreements [Abstract] | ' | ' | ' | ' | ' |
Term of management agreements with HHMLP | ' | ' | '5 years | ' | ' |
Base management fee as percentage of gross revenues (in hundredths) | ' | ' | 3.00% | ' | ' |
Base management fees incurred | $3,199 | $2,875 | $8,637 | $7,859 | ' |
Franchise Agreements [Abstract] | ' | ' | ' | ' | ' |
Terms of franchise agreements, minimum | ' | ' | '10 years | ' | ' |
Terms of franchise agreements, maximum | ' | ' | '20 years | ' | ' |
Franchise fee expense | 7,224 | 6,477 | 19,514 | 17,694 | ' |
Accounting and Information Technology Fees [Abstract] | ' | ' | ' | ' | ' |
Monthly fees for accounting services per property for hotels managed by HHMLP, minimum | ' | ' | 2 | ' | ' |
Monthly fees for accounting services per property for hotels managed by HHMLP, maximum | ' | ' | 3 | ' | ' |
Monthly information technology fees per property for hotels managed by HHMLP, minimum | ' | ' | 1 | ' | ' |
Monthly information technology fees per property for hotels managed by HHMLP, maximum | ' | ' | 2 | ' | ' |
Accounting fees | 447 | 423 | 1,310 | 1,314 | ' |
Information technology fees | 131 | 124 | 384 | 384 | ' |
Capital Expenditure Fees [Abstract] | ' | ' | ' | ' | ' |
Fee on all capital expenditures and pending renovation projects at the properties (in hundredths) | ' | ' | 5.00% | ' | ' |
Fees incurred on capital expenditures | 309 | 151 | 1,150 | 885 | ' |
Acquisitions From Affiliates [Abstract] | ' | ' | ' | ' | ' |
Period of right of first refusal per option agreement with officers and affiliated trustees after termination | ' | ' | '1 year | ' | ' |
Hotel Supplies [Abstract] | ' | ' | ' | ' | ' |
Hotel supplies | 46 | 50 | 147 | 109 | ' |
Charges for capital expenditure purchases | 5,744 | 2,164 | 17,331 | 9,585 | ' |
Capital expenditures included in accounts payable | ' | 74 | ' | ' | 5 |
Due From Related Parties [Abstract] | ' | ' | ' | ' | ' |
Due from related parties | 6,318 | ' | 6,318 | ' | 8,488 |
Due to Related Parties [Abstract] | ' | ' | ' | ' | ' |
Due to related parties | 7,224 | ' | 7,224 | ' | 4,403 |
Hotel Ground Rent [Abstract] | ' | ' | ' | ' | ' |
Rent expense related to ground leases | $245 | $214 | $739 | $622 | ' |
Fair_Value_Measurements_And_De2
Fair Value Measurements And Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Apr. 09, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 17, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Interest Rate Cap Hyatt Union Square, New York, NY [Member] | Interest Rate Cap Hyatt Union Square, New York, NY [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | Holiday Inn Express Camp Springs, MD [Member] | Holiday Inn Express Camp Springs, MD [Member] | Non-core Hotel Properties [Member] | Non-core Hotel Properties [Member] | |||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Index: Basis spread on variable rate basis (in hundredths) | ' | ' | ' | ' | 4.19% | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount | ' | ' | ' | ' | $55,000 | $55,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity Date | ' | ' | ' | ' | 9-Apr-16 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) recognized in accumulated other comprehensive income | -1,000 | -922 | 1,364 | -1,096 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) reclassified from accumulated other comprehensive income to interest expense | 331 | ' | 938 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) to be reclassified to interest expense during next 12 months | 1,233 | ' | 1,233 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value and estimated fair value of debt | ' | ' | ' | ' | ' | ' | 929,035 | 792,708 | 938,709 | 814,451 | ' | ' | ' | ' |
Impairment of Discontinued Assets | $6,591 | ' | $10,314 | ' | ' | ' | ' | ' | ' | ' | $3,723 | $3,723 | $6,591 | $6,591 |
Fair_Value_Measurements_And_De3
Fair Value Measurements And Derivative Instruments (Fair Value Of Interest Rate Swaps And Caps) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Apr. 09, 2013 | ||
Interest Rate Swap: Holiday Inn Express Times Square, New York, NY [Member] | Interest Rate Swap: Holiday Inn Express Times Square, New York, NY [Member] | Interest Rate Swap: CY Westside, Culver City, LA [Member] | Interest Rate Swap: CY Westside, Culver City, LA [Member] | Interest Rate Swap: Capitol Hill Suites, Washington, DC [Member] | Interest Rate Swap: Capitol Hill Suites, Washington, DC [Member] | Interest Rate Cap: Hotel 373, New York, NY [Member] | Interest Rate Cap: Hotel 373, New York, NY [Member] | Interest Rate Swap: Courtyard by Marriott, Miami, FL [Member] | Interest Rate Swap: Courtyard by Marriott, Miami, FL [Member] | Subordinated Notes Payable [Member] | Corporate Credit Facility - I [Member] | Corporate Credit Facility - I [Member] | Corporate Credit Facility - II [Member] | Corporate Credit Facility - II [Member] | Interest Rate Cap Hyatt Union Square, New York, NY [Member] | Interest Rate Cap Hyatt Union Square, New York, NY [Member] | ||||||
Unsecured Revolving Line Of Credit [Member] | Unsecured Revolving Line Of Credit [Member] | Unsecured Revolving Line Of Credit [Member] | Unsecured Revolving Line Of Credit [Member] | |||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Strike Rate | ' | ' | ' | 1.24% | [1] | ' | 1.10% | ' | 0.54% | ' | 2.00% | ' | 0.82% | ' | 2.00% | 0.55% | ' | 0.60% | ' | 2.00% | ' | |
Index: Variable interest rate basis | ' | ' | ' | '1-Month LIBOR + 4.00% | [1] | ' | '1-Month LIBOR + 3.85% | ' | '1-Month LIBOR + 3.25% | ' | '1-Month LIBOR + 3.85% | ' | '1-Month LIBOR + 3.50% | ' | '1-Month LIBOR + 3.00% | '1-Month LIBOR + 2.40% | ' | '1-Month LIBOR + 2.40% | ' | '1-Month LIBOR + 4.19% | ' | |
Index: Basis spread on variable rate basis (in hundredths) | ' | ' | ' | 4.00% | ' | 3.85% | ' | 3.25% | ' | 3.85% | ' | 3.50% | ' | 3.00% | 2.40% | ' | 2.40% | ' | 4.19% | 2.00% | ||
Effective Date | ' | ' | ' | 31-May-11 | [1] | ' | 29-Sep-11 | ' | 1-Feb-12 | ' | 24-May-12 | ' | 2-Jul-12 | ' | 30-Jul-12 | 5-Nov-12 | ' | 18-Dec-12 | ' | 9-Apr-13 | ' | |
Maturity Date | ' | ' | ' | 1-Jun-14 | [1] | ' | 29-Sep-15 | ' | 1-Feb-15 | ' | 1-Jun-15 | ' | 1-Jul-16 | ' | 30-Jul-14 | 5-Nov-16 | ' | 5-Nov-16 | ' | 9-Apr-16 | ' | |
Notional amount | ' | ' | ' | ' | ' | $30,000 | ' | $27,235 | ' | $18,568 | ' | $60,000 | ' | $51,548 | $100,000 | ' | $50,000 | ' | $55,000 | $55,000 | ||
Estimated Fair Value | -211 | ' | -2,186 | ' | -530 | [1] | -421 | -559 | -100 | -143 | 3 | 6 | -373 | -658 | ' | 439 | -135 | 136 | -167 | 105 | ' | |
Settlement of interest rate cap | $565 | $96 | ' | $565 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | On January 3, 2013, the Company repaid the mortgage secured by the Holiday Inn Express Times Square in New York, NY and paid $565 to settle its obligation under the swap. Due to the timing of this transaction, the hedge relationship on our interest rate swap was derecognized as of December 31, 2012. |
Share_Based_Payments_Narrative
Share Based Payments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Jun. 03, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | |
2013 Annual LTIP [Member] | 2013 Annual LTIP [Member] | 2010, 2011 and 2012 Annual LTIP [Member] | 2010, 2011 and 2012 Annual LTIP [Member] | 2010, 2011 and 2012 Annual LTIP [Member] | 2010, 2011 and 2012 Annual LTIP [Member] | Multi-Year LTIP [Member] | Multi-Year LTIP [Member] | Multi-Year LTIP [Member] | Multi-Year LTIP [Member] | Multi-Year LTIP [Member] | Multi-Year LTIP [Member] | Restricted Common Shares [Member] | Restricted Common Shares [Member] | Restricted Common Shares [Member] | Restricted Common Shares [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Restricted Share Awards [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Multi-year LTIP Trustee [Member] | Non-management Trustee [Member] | Non-management Trustee [Member] | Non-management Trustee [Member] | Board Of Trustees [Member] | Board Of Trustees [Member] | Board Of Trustees [Member] | Board Of Trustees [Member] | Board Of Trustees [Member] | Non-employees [Member] | Non-employees [Member] | Non-employees [Member] | Non-employees [Member] | Non-employees [Member] | Non-employees [Member] | Non-employees [Member] | Non-employees [Member] | |||||||
Issued 03-30-2011 [Member] | Issued 06-01-2009 [Member] | Issued 06-01-2009 [Member] | Issued 06-01-2010 [Member] | Issued 06-01-2010 [Member] | Issued 06-30-2011 [Member] | Issued 06-30-2011 [Member] | Issued 04-18-2012 [Member] | Issued 04-18-2012 [Member] | Issued 06-29-2012 [Member] | Issued 06-29-2012 [Member] | Annual Retainer [Member] | Annual Retainer [Member] | Annual Retainer [Member] | Annual Retainer [Member] | Issued 12-28-2012 [Member] | Issued 12-28-2012 [Member] | Issued 06-05-2012 [Member] | Issued 12-28-2012 [Member] | Issued 03-30-2011 [Member] | Issued 06-05-2012 [Member] | Issued 03-26-2012 [Member] | Issued 03-26-2012 [Member] | Issued 02-01-2013 [Member] | |||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Stock based compensation expense | $1,992 | $1,923 | $6,819 | $6,322 | ' | $132 | $266 | $550 | $581 | $2,067 | $2,095 | $894 | $798 | $2,587 | $2,394 | ' | ' | $341 | $491 | $1,270 | $1,421 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $14 | $10 | $42 | $36 | ' | $40 | $27 | $120 | $82 | ' | ' | ' | ' | ' | ' | ' | $314 | $172 | $314 | $172 | $21 | $16 | $153 | $122 | ' | ' | ' | ' | |
Unearned Compensation | $1,856 | ' | $1,856 | ' | $1,072 | ' | ' | ' | ' | ' | ' | $2,051 | ' | $2,051 | ' | $3,192 | ' | ' | ' | ' | ' | $4,449 | $5,420 | ' | $217 | ' | $82 | $33 | $51 | $4,020 | $4,842 | $139 | $228 | $71 | ' | $71 | ' | $113 | ' | ' | ' | ' | $40 | $160 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $81 | ' | $81 | ' | $74 | ' | $74 | $81 | |
Terms of Share-based payment awards | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'On May 7, 2010, the Compensation Committee adopted the 2010 Multi-Year LTIP.B B This program had a three-year performance period, which commenced on January 1, 2010 and ended on December 31, 2012.B B The common shares issuable under this program were based upon the Company's achievement of a certain level of (1) absolute total shareholder return (75% of the award), and (2) relative total shareholder return as compared to the Company's peer group (25% of the award).B B The Compensation Committee of the Board of Trustees concluded that the performance criteria for this program had been met and 3,051,862 common shares were issued under this program during the nine months ended September 30, 2013, of which 1,525,931 vested immediately with the remaining shares to vest on December 31, 2013. The share price on the date of grant was $5.95.B B NOTE 9 b SHARE BASED PAYMENTS (CONTINUED)On April 15, 2013, the Compensation Committee approved the 2013 Multi-Year LTIP. The common shares issuable under this program are based on the Company's achievement of a certain level of (1) absolute total shareholder return (50% of the award), (2) relative total shareholder return as compared to the Company's peer group (25% of the award), and (3) relative growth in revenue per available room compared to the Company's peer group (25% of the award). This program has a three-year performance period which commenced on January 1, 2013 and ends December 31, 2015. As of September 30, 2013 no common shares have been issued in accordance with the 2013 Plan to the executive officers in settlement of Multi-Year LTIP 2013 awards. The Company accounts for the total shareholder return components of these grants as market based awards where the Company estimates unearned compensation at the grant date fair value which is then amortized into compensation cost over the vesting period of each individual plan. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shareholders return as percentage of award for achievement level one (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75.00% | ' | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shareholders return as percentage of award for achievement level two (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Shares Issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,051,862 | ' | ' | 12,600 | ' | ' | ' | ' | 2,085,631 | ' | 744,128 | ' | 182,308 | ' | 17,692 | ' | 1,035,595 | ' | 52,703 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 32,417 | 12,000 | 12,600 | 2,000 | 1,800 | 1,800 | 54,422 | ' | ' | ' | ' | ' | ' | 58,500 | ' | ' | 28,500 | ' | 30,000 | |
Shares Vested (in shares) | 899,721 | ' | 899,721 | ' | 704,962 | ' | ' | ' | ' | ' | ' | 1,525,931 | ' | 1,525,931 | ' | ' | ' | ' | ' | ' | ' | 958,835 | 702,785 | 744,128 | 558,305 | 182,308 | 139,522 | 9,919 | 4,958 | ' | ' | 22,480 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 43,499 | ' | 43,499 | ' | 15,000 | 28,500 | 15,000 | 14,999 | |
Share Price on date of grant (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.95 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.80 | ' | $4.63 | ' | $5.57 | ' | $5.47 | ' | $5.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.93 | ' | ' | ' | ' | ' | $5.78 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5.45 | ' | $5.41 | |
Percentage premium on retainer equity option (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Vesting Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | '2 years | |
Vesting Schedule (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | 33.30% | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | 50.00% |
[1] | On April 18, 2012, the Company entered into amended and restated employment agreements with the Companybs executive officers.B B To induce the executives to agree to the substantial reduction in benefits upon certain terminations following a change of control as described in the agreements, the Company awarded an aggregate of 1,035,595 restricted common shares to the executives pursuant to the 2012 Plan.B B None of these restricted common shares will vest prior to the third anniversary of the date of issuance.B B Thereafter, 33.3% of each award of restricted common shares will vest on each of the third, fourth and fifth anniversaries of the date of issuance.B B Vesting will accelerate upon a change of control or if the relevant executivebs employment with the Company were to terminate for any reason other than for cause (as defined in the agreements). |
Share_Based_Payments_Summary_O
Share Based Payments (Summary Of Unvested Share Awards Issued To Executives) (Details) (USD $) | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Vested (in shares) | 899,721 | 704,962 | |
Unearned Compensation | $1,856 | $1,072 | |
2012 Annual LTIP [Member] | Issued 03-20-2013 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 779,045 | ' | |
Share Price on date of grant (in dollars per share) | $5.95 | ' | |
Vesting Period | '3 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | [1] | ' |
Shares Vested (in shares) | 194,759 | ' | |
Unearned Compensation | 1,388 | ' | |
2011 Annual LTIP [Member] | Issued 03-26-2012 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 748,927 | ' | |
Share Price on date of grant (in dollars per share) | $5.45 | ' | |
Vesting Period | '3 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | [1] | ' |
Shares Vested (in shares) | 374,462 | 374,462 | |
Unearned Compensation | 423 | 892 | |
2010 Annual LTIP [Member] | Issued 03-30-2011 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 440,669 | ' | |
Share Price on date of grant (in dollars per share) | $5.98 | ' | |
Vesting Period | '3 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | [1] | ' |
Shares Vested (in shares) | 330,500 | 330,500 | |
Unearned Compensation | 45 | 180 | |
Restricted Share Awards [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 2,085,631 | ' | |
Shares Vested (in shares) | 958,835 | 702,785 | |
Unearned Compensation | 4,449 | 5,420 | |
Restricted Share Awards [Member] | Issued 06-01-2009 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 744,128 | ' | |
Share Price on date of grant (in dollars per share) | $2.80 | ' | |
Vesting Period | '4 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | ' | |
Shares Vested (in shares) | 744,128 | 558,305 | |
Unearned Compensation | ' | 217 | |
Restricted Share Awards [Member] | Issued 06-01-2010 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 182,308 | ' | |
Share Price on date of grant (in dollars per share) | $4.63 | ' | |
Shares Vested (in shares) | 182,308 | 139,522 | |
Unearned Compensation | ' | 82 | |
Restricted Share Awards [Member] | Issued 06-30-2011 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 17,692 | ' | |
Share Price on date of grant (in dollars per share) | $5.57 | ' | |
Shares Vested (in shares) | 9,919 | 4,958 | |
Unearned Compensation | 33 | 51 | |
Restricted Share Awards [Member] | Issued 04-18-2012 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 1,035,595 | ' | |
Share Price on date of grant (in dollars per share) | $5.47 | ' | |
Vesting Period | '5 years | ' | |
Vesting Schedule (in hundredths) | 33.30% | [2] | ' |
Unearned Compensation | 4,020 | 4,842 | |
Restricted Share Awards [Member] | Issued 06-29-2012 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 52,703 | ' | |
Share Price on date of grant (in dollars per share) | $5.28 | ' | |
Shares Vested (in shares) | 22,480 | ' | |
Unearned Compensation | 139 | 228 | |
Restricted Share Awards [Member] | Issued 06-28-2013 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 48,600 | ' | |
Share Price on date of grant (in dollars per share) | $5.64 | ' | |
Unearned Compensation | 231 | ' | |
Restricted Share Awards [Member] | Issued 09-20-2013 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 4,605 | ' | |
Share Price on date of grant (in dollars per share) | $5.52 | ' | |
Unearned Compensation | $26 | ' | |
Minimum [Member] | Restricted Share Awards [Member] | Issued 06-01-2010 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | ' | |
Minimum [Member] | Restricted Share Awards [Member] | Issued 06-30-2011 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | ' | |
Minimum [Member] | Restricted Share Awards [Member] | Issued 06-29-2012 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | ' | |
Minimum [Member] | Restricted Share Awards [Member] | Issued 06-28-2013 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | ' | |
Minimum [Member] | Restricted Share Awards [Member] | Issued 09-20-2013 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | ' | |
Maximum [Member] | Restricted Share Awards [Member] | Issued 06-01-2010 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '3 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
Maximum [Member] | Restricted Share Awards [Member] | Issued 06-30-2011 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '4 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
Maximum [Member] | Restricted Share Awards [Member] | Issued 06-29-2012 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '4 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
Maximum [Member] | Restricted Share Awards [Member] | Issued 06-28-2013 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '4 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
Maximum [Member] | Restricted Share Awards [Member] | Issued 09-20-2013 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '4 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
[1] | 25% of the issued shares vested immediately upon issuance.B B In general, the remaining shares vest 25% on the first through third anniversaries of the date of issuance (subject to continuous employment through the applicable vesting date). | ||
[2] | On April 18, 2012, the Company entered into amended and restated employment agreements with the Companybs executive officers.B B To induce the executives to agree to the substantial reduction in benefits upon certain terminations following a change of control as described in the agreements, the Company awarded an aggregate of 1,035,595 restricted common shares to the executives pursuant to the 2012 Plan.B B None of these restricted common shares will vest prior to the third anniversary of the date of issuance.B B Thereafter, 33.3% of each award of restricted common shares will vest on each of the third, fourth and fifth anniversaries of the date of issuance.B B Vesting will accelerate upon a change of control or if the relevant executivebs employment with the Company were to terminate for any reason other than for cause (as defined in the agreements). |
Share_Based_Payments_Summary_O1
Share Based Payments (Summary Of Unvested Share Awards Issued To Trustees) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Unvested Share Awards [Abstract] | ' | ' |
Shares Vested (in shares) | 899,721 | 704,962 |
Unearned Compensation | $1,856 | $1,072 |
Multi-year LTIP Trustee [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Unearned Compensation | 71 | 113 |
Multi-year LTIP Trustee [Member] | Issued 12-28-2012 [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 32,417 | 12,000 |
Share Price on date of grant (in dollars per share) | $4.93 | ' |
Vesting Period | '1 year | ' |
Vesting Schedule (in hundredths) | 100.00% | ' |
Unearned Compensation | $40 | $160 |
Share_Based_Payments_Summary_O2
Share Based Payments (Summary Of Unvested Share Awards Issued To Nonemployees) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Unvested Share Awards [Abstract] | ' | ' |
Shares Vested (in shares) | 899,721 | 704,962 |
Unearned Compensation | $1,856 | $1,072 |
Non-employees [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 58,500 | ' |
Shares Vested (in shares) | 43,499 | 15,000 |
Unearned Compensation | 81 | 74 |
Non-employees [Member] | Issued 02-01-2013 [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 30,000 | ' |
Share Price on date of grant (in dollars per share) | $5.41 | ' |
Vesting Period | '2 years | ' |
Vesting Schedule (in hundredths) | 50.00% | ' |
Shares Vested (in shares) | 14,999 | ' |
Unearned Compensation | 81 | ' |
Non-employees [Member] | Issued 03-26-2012 [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 28,500 | ' |
Share Price on date of grant (in dollars per share) | $5.45 | ' |
Vesting Period | '2 years | ' |
Vesting Schedule (in hundredths) | 50.00% | ' |
Shares Vested (in shares) | 28,500 | 15,000 |
Unearned Compensation | ' | $74 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||||
BASIC AND DILUTED [Abstract] | ' | ' | ' | ' | ||||
Income from Continuing Operations | $5,831 | $3,139 | $17,560 | $1,309 | ||||
Loss from Continuing Operations allocated to Noncontrolling Interests | 46 | 376 | 462 | 753 | ||||
Distributions to Preferred Shareholders | -3,589 | -3,500 | -11,022 | -10,500 | ||||
Dividends Paid on Unvested Restricted Shares | -228 | -130 | -697 | -344 | ||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | ' | ' | -2,250 | ' | ||||
Income (Loss) from Continuing Operations attributable to Common Shareholders | 2,060 | -115 | 4,053 | -8,782 | ||||
Discontinued Operations [Abstract] | ' | ' | ' | ' | ||||
(Loss) Income from Discontinued Operations | -3,532 | 2,755 | -4,851 | 14,060 | ||||
Loss (Income) from Discontinued Operations allocated to Noncontrolling Interests | 118 | -97 | 166 | -530 | ||||
(Loss) Income from Discontinued Operations attributable to Common Shareholders | -3,414 | 2,658 | -4,685 | 13,530 | ||||
Net (Loss) Income attributable to Common Shareholders | ($1,354) | $2,543 | ($632) | $4,748 | ||||
Denominator [Abstract] | ' | ' | ' | ' | ||||
Weighted average number of common shares - basic (in shares) | 198,878,496 | 196,360,325 | 198,186,963 | 184,394,561 | ||||
Effect of dilutive securities [Abstract] | ' | ' | ' | ' | ||||
Restricted Stock Awards (in shares) | 2,498,237 | ' | 2,027,128 | ' | [1] | |||
Contingently Issued Shares (in shares) | 267,900 | ' | 1,273,997 | ' | [1] | |||
Option to acquire common shares (in shares) | ' | ' | ' | ' | [1] | |||
Weighted average number of common shares - diluted (in shares) | 201,644,633 | [1] | 196,360,325 | [1] | 201,488,088 | [1] | 184,394,561 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership has been excluded from the numerator and units of limited partnership interest in Hersha Hospitality Limited Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact.B B In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders. |
Earnings_Per_Share_Potentially
Earnings Per Share (Potentially Dilutive Shares Excluded From The Denominator For The Purpose Of Computing Diluted Earnings Per Share) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | 6,914,716 | 10,205,462 | 6,986,004 | 10,272,419 |
Common Units Of Limited Partnership Interest [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | 6,914,716 | 7,172,832 | 6,986,004 | 7,231,104 |
Unvested Stock Awards Outstanding [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | ' | 687,551 | ' | 308,654 |
Contingently Issuable Share Awards [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | ' | 2,345,079 | ' | 2,364,550 |
Options To Acquire Common Shares Outstanding [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | ' | ' | ' | 368,111 |
Cash_Flow_Disclosures_And_Non_2
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Narrative) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | ' | ' |
Interest paid | $31,774 | $32,238 |
Cash_Flow_Disclosures_And_Non_3
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Non-cash Investing And Financing Activities) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Non-cash Investing and Financing Activities [Abstract] | ' | ' |
Common Shares issued as part of the Dividend Reinvestment Plan | $27 | $16 |
Debt assumed, net of discount | ' | 85,913 |
Development loan accrued interest revenue receivable paid in-kind by adding balance to development loan principal | ' | 678 |
Settlement of development loan receivable principal and accrued interest revenue receivable | 13,303 | ' |
Disposition of hotel properties [Abstract] | ' | ' |
Investment in hotel properties, net, conveyed to mortgage lender | ' | 1,938 |
Debt conveyed to mortgage lender | ' | 2,940 |
Debt assumed by purchaser | ' | 54,217 |
Conversion of Common Units to Common Shares | 106 | 376 |
Reallocation of noncontrolling interest | ' | ($528) |
Discontinued_Operations_Narrat
Discontinued Operations (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 15, 2011 | Sep. 17, 2013 | Sep. 30, 2013 | Jun. 12, 2013 | Apr. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 20, 2013 | Feb. 23, 2012 | Aug. 15, 2011 | Sep. 20, 2013 | Feb. 23, 2012 | Aug. 15, 2011 | Sep. 30, 2013 |
agreement | Holiday Inn Express Camp Springs, MD [Member] | Holiday Inn Express Camp Springs, MD [Member] | Comfort Inn Harrisburg, PA [Member] | 585 Eighth Avenue, New York, NY [Member] | Non-core Hotel Properties [Member] | Non-core Hotel Properties [Member] | Non-core Hotel Properties [Member] | Non-core Hotel Properties [Member] | Non-core Hotel Properties [Member] | Non-core Hotel Properties II [Member] | Non-core Hotel Properties of Unconsolidated Joint Venture [Member] | Non-core Hotel Properties of Unconsolidated Joint Venture [Member] | Comfort Inn, North Dartmouth [Member] | |||
property | property | property | property | property | property | |||||||||||
Assets Held for Sale [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of purchase and sale agreements | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 | ' | 18 | 16 | ' | 4 | ' |
Disposal of portfolio, aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $155,000 | $217,000 | ' | ' | ' |
Number of hotel properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | ' | 3 | ' | ' |
Number of hotel properties held for sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | 1 | ' | ' |
Net proceeds from sale of non-core hotel properties | ' | ' | ' | ' | ' | ' | ' | ' | 155,000 | ' | ' | ' | ' | ' | ' | ' |
Net proceeds from sale of hotel property | ' | ' | ' | 8,500 | ' | 3,700 | 19,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reduction in mortgage debt resulting from sale of hotel properties sold | ' | ' | ' | ' | ' | ' | ' | ' | 61,298 | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of hotel properties | ' | ' | ' | 149 | ' | 883 | 5,143 | ' | 4,910 | ' | ' | ' | ' | ' | ' | ' |
Gain from transfer of title | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,216 |
Impairment of Discontinued Assets | $6,591 | $10,314 | ' | $3,723 | $3,723 | ' | ' | $6,591 | $6,591 | ' | ' | ' | $6,591 | ' | ' | ' |
Discontinued_Operations_Assets
Discontinued Operations (Assets Held For Sale) (Details) (USD $) | Sep. 30, 2013 |
In Thousands, unless otherwise specified | |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held for Sale, Gross | $241,759 |
Less Accumulated Depreciation & Amortization | -63,064 |
Assets Held for Sale | 178,695 |
Liabilities Related To Assets Held for Sale | 79,291 |
Land [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held for Sale, Gross | 26,591 |
Building And Improvements [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held for Sale, Gross | 183,827 |
Furniture, Fixtures And Equipment [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held for Sale, Gross | $31,341 |
Discontinued_Operations_Compon
Discontinued Operations (Components Of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue [Abstract] | ' | ' | ' | ' |
Hotel Operating Revenues | $17,583 | $17,456 | $45,797 | $49,185 |
Other Revenues | ' | ' | ' | 11 |
Total Revenues | 17,583 | 17,456 | 45,797 | 49,196 |
Expenses [Abstract] | ' | ' | ' | ' |
Hotel Operating Expenses | 10,123 | 9,737 | 27,755 | 30,400 |
Hotel Ground Rent | ' | ' | ' | 72 |
Real Estate and Personal Property Taxes and Property Insurance | 865 | 789 | 2,592 | 2,753 |
General and Administrative | 67 | ' | 22 | 16 |
Depreciation and Amortization | 2,238 | 2,231 | 7,037 | 6,719 |
Interest Expense | 1,266 | 1,762 | 3,779 | 6,411 |
Other Expense | 3 | -1 | 14 | 1 |
Loss on Debt Extinguishment | ' | ' | ' | 33 |
Income Tax Expense | -49 | ' | 167 | ' |
Total Expenses | 14,513 | 14,518 | 41,366 | 46,405 |
Income from Discontinued Operations | $3,070 | $2,938 | $4,431 | $2,791 |