Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | ||
Sep. 30, 2014 | Oct. 30, 2014 | Oct. 30, 2014 | |
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 Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 200,742,455 | 0 |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Document Type | '10-Q | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Sep-14 | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ' | ' |
Investment in Hotel Properties, Net of Accumulated Depreciation, Including Consolidation of Variable Interest Entity Assets of $84,624 and $85,759 | $1,752,115 | $1,535,835 |
Investment in Unconsolidated Joint Ventures | 11,642 | 12,044 |
Cash and Cash Equivalents | 37,868 | 36,213 |
Escrow Deposits | 20,045 | 25,938 |
Hotel Accounts Receivable, Net of Allowance for Doubtful Accounts of $121 and $43 | 10,637 | 9,141 |
Deferred Financing Costs, Net of Accumulated Amortization of $7,064 and $7,070 | 8,226 | 7,570 |
Due from Related Parties | 6,803 | 11,124 |
Intangible Assets, Net of Accumulated Amortization of $3,406 and $3,227 | 7,412 | 7,603 |
Deposits on Hotel Acquisitions | ' | 18,586 |
Other Assets | 30,861 | 27,460 |
Hotel Assets Held for Sale | ' | 56,583 |
Total Assets | 1,885,609 | 1,748,097 |
Liabilities and Equity: | ' | ' |
Line of Credit | 27,000 | ' |
Unsecured Term Loan | 250,000 | 150,000 |
Unsecured Notes Payable | 51,548 | 51,548 |
Mortgages Payable, including Net Unamortized Premium and Consolidation of Variable Interest Entity Debt of $54,535 and $55,714 | 613,668 | 571,953 |
Accounts Payable, Accrued Expenses and Other Liabilities | 56,069 | 40,852 |
Dividends and Distributions Payable | 17,905 | 15,955 |
Due to Related Parties | 3,096 | 4,815 |
Liabilities Related To Hotel Assets Held for Sale | ' | 45,835 |
Total Liabilities | 1,019,286 | 880,958 |
Shareholders' Equity: | ' | ' |
Preferred Shares: $.01 Par Value, 29,000,000 Shares Authorized, 4,600,000 Series B and 3,000,000 Series C Shares Issued and Outstanding at September 30, 2014 and December 31, 2013, with Liquidation Preferences of $25 Per Share (Note 1) | 76 | 76 |
Accumulated Other Comprehensive Loss | -90 | -376 |
Additional Paid-in Capital | 1,191,924 | 1,200,798 |
Distributions in Excess of Net Income | -356,567 | -364,568 |
Total Shareholders' Equity | 837,351 | 837,958 |
Noncontrolling Interests (Note 1): | ' | ' |
Noncontrolling Interests - Common Units | 29,871 | 29,523 |
Noncontrolling Interest - Consolidated Variable Interest Entity | -899 | -342 |
Total Noncontrolling Interests | 28,972 | 29,181 |
Total Equity | 866,323 | 867,139 |
Total Liabilities and Equity | 1,885,609 | 1,748,097 |
Class A Common Shares [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common Shares | 2,008 | 2,028 |
Class B Common Shares [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Common Shares | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ' | ' |
Consolidation of variable interest entity assets | $84,624 | $85,759 |
Hotel Accounts Receivable, Allowance for Doubtful Accounts | 121 | 43 |
Deferred Financing Costs, Accumulated Amortization | 7,064 | 7,070 |
Intangible Assets, Accumulated Amortization | 3,406 | 3,227 |
Liabilities and Equity: | ' | ' |
Consolidation of variable interest entity debt | $54,535 | $55,714 |
Shareholders' Equity: | ' | ' |
Preferred Shares - Outstanding (in shares) | 7,600,000 | 7,600,000 |
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 - Liquidation Preference Value (in dollars per share) | $25 | $25 |
Series B Preferred Shares [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred Shares - Issued (in shares) | 4,600,000 | 4,600,000 |
Preferred Shares - Outstanding (in shares) | 4,600,000 | 4,600,000 |
Series C Preferred Shares [Member] | ' | ' |
Shareholders' Equity: | ' | ' |
Preferred Shares - Par Value (in dollars per share) | $0.01 | ' |
Preferred Shares - Issued (in shares) | 3,000,000 | 3,000,000 |
Preferred Shares - Outstanding (in shares) | 3,000,000 | 3,000,000 |
Preferred Shares - Liquidation Preference Value (in dollars per share) | $25 | ' |
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) | 200,729,931 | 202,759,419 |
Common Shares - Outstanding (in shares) | 200,729,931 | 202,759,419 |
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_Statements_Of_Ope
Consolidated Statements Of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Revenue: | ' | ' | ' | ' | ||||
Hotel Operating Revenues | $112,927 | $90,251 | $304,331 | $246,019 | ||||
Interest Income from Development Loans | ' | ' | ' | 158 | ||||
Other Revenues | 50 | 80 | 149 | 174 | ||||
Total Revenues | 112,977 | 90,331 | 304,480 | 246,351 | ||||
Operating Expenses: | ' | ' | ' | ' | ||||
Hotel Operating Expenses | 60,648 | 50,298 | 166,372 | 137,551 | ||||
Insurance Recoveries | ' | ' | -4,602 | -403 | ||||
Hotel Ground Rent | 710 | 245 | 1,715 | 739 | ||||
Real Estate and Personal Property Taxes and Property Insurance | 8,034 | 6,331 | 22,020 | 17,754 | ||||
General and Administrative (including Share Based Payments of $1,595 and $1,992 for the three months ended September 30, 2014 and 2013, respectively, and $4,156 and $6,819 for the nine months ended September 30, 2014 and 2013, respectively) | 5,670 | 5,257 | 14,310 | 16,098 | ||||
Acquisition and Terminated Transaction Costs | 338 | 27 | 2,144 | 803 | ||||
Depreciation and Amortization | 18,565 | 14,572 | 52,365 | 41,156 | ||||
Contingent Consideration Related to Acquisition of Hotel Property | 1,000 | ' | 1,000 | ' | ||||
Total Operating Expenses | 94,965 | 76,730 | 255,324 | 213,698 | ||||
Operating Income | 18,012 | 13,601 | 49,156 | 32,653 | ||||
Interest Income | 71 | 450 | 746 | 1,375 | ||||
Interest Expense | -11,456 | -10,711 | -32,249 | -30,293 | ||||
Other Expense | -346 | -112 | -476 | ' | ||||
Gain on Disposition of Hotel Properties | ' | ' | 7,184 | ' | ||||
Gain on Hotel Acquisitions, net | ' | ' | 13,594 | 12,108 | ||||
Development Loan Recovery | ' | ' | 22,494 | ' | ||||
Loss on Debt Extinguishment | ' | ' | -644 | -545 | ||||
Income Before Income (Loss) from Unconsolidated Joint Venture Investments, Income Taxes and Discontinued Operations | 6,281 | 3,228 | 59,805 | 15,298 | ||||
Income (Loss) from Unconsolidated Joint Venture Investments | 607 | 227 | 606 | -21 | ||||
Income Before Income Taxes | 6,888 | 3,455 | 60,411 | 15,277 | ||||
Income Tax Benefit | 699 | 2,375 | 806 | 2,282 | ||||
Income from Continuing Operations | 7,587 | [1] | 5,830 | [1] | 61,217 | [1] | 17,559 | [1] |
Discontinued Operations (Note 11): | ' | ' | ' | ' | ||||
(Loss) Gain on Disposition of Discontinued Assets | ' | -11 | -45 | 1,032 | ||||
Impairment of Discontinued Assets | ' | -6,591 | -1,800 | -10,314 | ||||
Income from Discontinued Operations, Net of Income Taxes | ' | 3,071 | 288 | 4,432 | ||||
Loss from Discontinued Operations | ' | -3,531 | [1] | -1,557 | [1] | -4,850 | [1] | |
Net Income | 7,587 | 2,299 | 59,660 | 12,709 | ||||
Loss (Income) Allocated to Noncontrolling Interests | 49 | 164 | -1,100 | 628 | ||||
Preferred Distributions | -3,589 | [1] | -3,589 | [1] | -10,767 | [1] | -11,022 | [1] |
Less: Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | ' | ' | ' | -2,250 | [1] | |||
Net Income (Loss) Applicable to Common Shareholders | $4,047 | ($1,126) | $47,793 | $65 | ||||
BASIC | ' | ' | ' | ' | ||||
Income from Continuing Operations Applicable to Common Shareholders | $0.02 | $0.01 | $0.25 | $0.02 | ||||
Loss from Discontinued Operations Applicable to Common Shareholders | $0 | ($0.02) | ($0.01) | ($0.02) | ||||
Net Income (Loss) Applicable to Common Shareholders | $0.02 | ($0.01) | $0.24 | $0 | ||||
DILUTED | ' | ' | ' | ' | ||||
Income from Continuing Operations Applicable to Common Shareholders | $0.02 | $0.01 | $0.25 | $0.02 | ||||
Loss from Discontinued Operations Applicable to Common Shareholders | $0 | ($0.02) | ($0.01) | ($0.02) | ||||
Net Income (Loss) Applicable to Common Shareholders | $0.02 | ($0.01) | $0.24 | $0 | ||||
Weighted Average Common Shares Outstanding: | ' | ' | ' | ' | ||||
Basic | 198,597,517 | 198,878,496 | 199,270,719 | 198,186,963 | ||||
Diluted | 200,621,986 | [1] | 201,644,633 | [1] | 201,105,852 | [1] | 201,488,088 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and units of limited partnership interest in HHLP have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact.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_Statements_Of_Ope1
Consolidated Statements Of Operations (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Potentially dilutive securities that have been excluded from earnings per share: | ' | ' | ' | ' |
Share Based Payments | $1,595 | $1,992 | $4,156 | $6,819 |
Potentially Dilutive Securities Excluded from the Denominator | 6,914,716 | 6,914,716 | 6,914,716 | 6,986,004 |
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 | 6,914,716 | 6,914,716 | 6,986,004 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Consolidated Statements Of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net Income | $7,587 | $2,299 | $59,660 | $12,709 | ||||
Other Comprehensive Income (Loss) | ' | ' | ' | ' | ||||
Change in Fair Value of Derivative Instruments | 1,173 | -669 | 1,427 | 2,302 | ||||
Less: Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income | -368 | -331 | -1,141 | -938 | ||||
Other Comprehensive (Loss) Income | 805 | -1,000 | 286 | 1,364 | ||||
Comprehensive Income | 8,392 | 1,299 | 59,946 | 14,073 | ||||
Less: Comprehensive Loss (Income) Attributable to Noncontrolling Interests | 49 | 164 | -1,100 | 628 | ||||
Less: Preferred Distributions | -3,589 | [1] | -3,589 | [1] | -10,767 | [1] | -11,022 | [1] |
Less: Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | ' | ' | ' | -2,250 | [1] | |||
Comprehensive Income (Loss) Attributable to Common Shareholders | $4,852 | ($2,126) | $48,079 | $1,429 | ||||
[1] | Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and units of limited partnership interest in HHLP have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact.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_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Common Shares [Member] | Common Shares [Member] | Preferred Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Distributions in Excess of Net Earnings [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests Common Units [Member] | Noncontrolling Interests Consolidated Joint Ventures [Member] | Noncontrolling Interests Consolidated Variable Interest Entity [Member] | Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests Shares [Member] | Total |
In Thousands, except Share data, unless otherwise specified | Class A Common Shares [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |
USD ($) | |||||||||||||
Balance at Dec. 31, 2012 | $1,986 | ' | $70 | $1,178,292 | ($1,786) | ($348,734) | $829,828 | $15,484 | $476 | $15,960 | $845,788 | $15,321 | ' |
Balance (in shares) at Dec. 31, 2012 | ' | 198,672,356 | 7,000,000 | ' | ' | ' | ' | 4,048,254 | ' | ' | ' | 3,064,252 | ' |
Unit Conversion/Redemption | 1 | ' | ' | -234 | ' | ' | -233 | -767 | ' | -767 | -1,000 | ' | ' |
Unit Conversion/Redemption (in shares) | ' | 27,790 | ' | ' | ' | ' | ' | -197,790 | ' | ' | ' | ' | ' |
Reallocation of Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | 15,321 | ' | 15,321 | 15,321 | -15,321 | ' |
Reallocation of Noncontrolling Interest (in shares) | ' | ' | ' | ' | ' | ' | ' | 3,064,252 | ' | ' | ' | -3,064,252 | ' |
Preferred Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Shares Offering, net of costs | ' | ' | 30 | 72,340 | ' | ' | 72,370 | ' | ' | ' | 72,370 | ' | ' |
Preferred Shares Offering, net of costs (in shares) | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred Shares Redemption | ' | ' | -24 | -59,976 | ' | ' | -60,000 | ' | ' | ' | -60,000 | ' | ' |
Preferred Shares Redemption (in shares) | ' | ' | -2,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends and Distributions declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Shares | ' | ' | ' | ' | ' | -37,572 | -37,572 | ' | ' | ' | -37,572 | ' | ' |
Preferred Shares | ' | ' | ' | ' | ' | -11,022 | -11,022 | ' | ' | ' | -11,022 | ' | ' |
Common Units | ' | ' | ' | ' | ' | ' | ' | -1,254 | ' | -1,254 | -1,254 | ' | ' |
Dividend Reinvestment Plan | ' | ' | ' | 27 | ' | ' | 27 | ' | ' | ' | 27 | ' | 27 |
Dividend Reinvestment Plan (in shares) | ' | 5,122 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants | 40 | ' | ' | 285 | ' | ' | 325 | ' | ' | ' | 325 | ' | ' |
Grants (in shares) | ' | 3,968,534 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization | ' | ' | ' | 8,026 | ' | ' | 8,026 | ' | ' | ' | 8,026 | ' | ' |
Change in Fair Value of Derivative Instruments | ' | ' | ' | ' | 1,364 | ' | 1,364 | ' | ' | ' | 1,364 | ' | ' |
Net Income | ' | ' | ' | ' | ' | 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 | ' | ' |
Balance (in shares) at Sep. 30, 2013 | ' | 202,673,802 | 7,600,000 | ' | ' | ' | ' | 6,914,716 | ' | ' | ' | ' | ' |
Balance at Dec. 31, 2013 | 2,028 | ' | 76 | 1,200,798 | -376 | -364,568 | 837,958 | 29,523 | -342 | 29,181 | 867,139 | ' | 867,139 |
Balance (in shares) at Dec. 31, 2013 | ' | 202,759,419 | 7,600,000 | ' | ' | ' | ' | 6,914,716 | ' | ' | ' | ' | ' |
Repurchase of Common Shares | -26 | ' | ' | -13,637 | ' | -1,621 | -15,284 | ' | ' | ' | -15,284 | ' | -15,284 |
Repurchase of Common Shares (in shares) | ' | -2,626,854 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,626,854 |
Dividends and Distributions declared: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Shares | ' | ' | ' | ' | ' | -38,171 | -38,171 | ' | ' | ' | -38,171 | ' | ' |
Preferred Shares | ' | ' | ' | ' | ' | -10,767 | -10,767 | ' | ' | ' | -10,767 | ' | ' |
Common Units | ' | ' | ' | ' | ' | ' | ' | -1,309 | ' | -1,309 | -1,309 | ' | ' |
Dividend Reinvestment Plan | ' | ' | ' | 34 | ' | ' | 34 | ' | ' | ' | 34 | ' | 34 |
Dividend Reinvestment Plan (in shares) | ' | 6,123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants | 6 | ' | ' | 403 | ' | ' | 409 | ' | ' | ' | 409 | ' | ' |
Grants (in shares) | ' | 591,243 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization | ' | ' | ' | 4,326 | ' | ' | 4,326 | ' | ' | ' | 4,326 | ' | ' |
Change in Fair Value of Derivative Instruments | ' | ' | ' | ' | 286 | ' | 286 | ' | ' | ' | 286 | ' | ' |
Net Income | ' | ' | ' | ' | ' | 58,560 | 58,560 | 1,657 | -557 | 1,100 | 59,660 | ' | ' |
Balance at Sep. 30, 2014 | $2,008 | ' | $76 | $1,191,924 | ($90) | ($356,567) | $837,351 | $29,871 | ($899) | $28,972 | $866,323 | ' | $866,323 |
Balance (in shares) at Sep. 30, 2014 | ' | 200,729,931 | 7,600,000 | ' | ' | ' | ' | 6,914,716 | ' | ' | ' | ' | ' |
Consolidated_Statements_Of_Equ1
Consolidated Statements Of Equity (Parenthetical) (USD $) | 9 Months Ended | |
Sep. 30, 2014 | Sep. 30, 2013 | |
Dividends and Distributions declared: | ' | ' |
Common Stock, Dividends declared (in dollars per share) | $0.19 | $0.18 |
Common Units, Distributions declared (in dollars per share) | $0.19 | $0.18 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Operating Activities: | ' | ' |
Net Income | $59,660 | $12,709 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | ' | ' |
Gain on Hotel Acquisitions, net | -13,594 | -12,108 |
Contingent Consideration | 1,000 | ' |
Development Loan Recovery | -22,494 | ' |
Gain on Disposition of Hotel Properties | -7,139 | -1,032 |
Impairment of Hotel Assets | 1,800 | 10,314 |
Deferred Taxes | -806 | -2,205 |
Depreciation | 52,056 | 47,153 |
Amortization | 1,468 | 1,930 |
Loss on Debt Extinguishment | 644 | 471 |
Equity in Loss of Unconsolidated Joint Ventures | -606 | 21 |
Distributions from Unconsolidated Joint Ventures | 911 | 313 |
Loss Recognized on Change in Fair Value of Derivative Instrument | 68 | 18 |
Share Based Compensation Expense | 4,156 | 6,819 |
(Increase) Decrease in: | ' | ' |
Hotel Accounts Receivable | -1,624 | 194 |
Escrows | -537 | -895 |
Other Assets | -844 | -1,672 |
Due from Related Parties | 4,321 | 2,170 |
Increase (Decrease) in: | ' | ' |
Due to Related Parties | -1,719 | 2,821 |
Accounts Payable, Accrued Expenses and Other Liabilities | 1,782 | 3,172 |
Net Cash Provided by Operating Activities | 78,503 | 70,193 |
Investing Activities: | ' | ' |
Purchase of Hotel Property Assets | -175,309 | -166,388 |
Deposits on Hotel Acquisitions, Net | ' | 1,264 |
Capital Expenditures | -29,297 | -35,984 |
Cash Paid for Hotel Development Projects | -3,375 | -16,862 |
Proceeds from Disposition of Hotel Properties | 30,128 | 12,000 |
Net Changes in Capital Expenditure Escrows | 3,282 | -1,601 |
Proceeds from Insurance Claims | 1,881 | 2,189 |
Repayment of Development Loans Receivable | ' | 15,122 |
Distributions from Unconsolidated Joint Venture | 96 | 1,422 |
Net Cash Used in Investing Activities | -172,594 | -188,838 |
Financing Activities: | ' | ' |
Proceeds from (Repayments of) Borrowings Under Line of Credit, Net | 27,000 | 79,700 |
Proceeds from Unsecured Term Loan Borrowing | 100,000 | 50,000 |
Principal Repayment of Mortgages and Notes Payable | -18,775 | -52,589 |
Proceeds from Mortgages and Notes Payable | 54,500 | 60,000 |
Cash Paid for Deferred Financing Costs | -3,338 | -2,237 |
Proceeds from Issuance of Preferred Shares, Net | -86 | 72,370 |
Redemption of Series A Preferred Shares | ' | -60,000 |
Repurchase of Common Shares | -15,284 | ' |
Redemption of Common Partnership Units | ' | -1,000 |
Settlement of Interest Rate Cap | -8 | -565 |
Dividends Paid on Common Shares | -36,251 | -37,305 |
Dividends Paid on Preferred Shares | -10,767 | -10,933 |
Distributions Paid on Common Partnership Units | -1,245 | -1,267 |
Net Cash Provided by Financing Activities | 95,746 | 96,174 |
Net Increase (Decrease) in Cash and Cash Equivalents | 1,655 | -22,471 |
Cash and Cash Equivalents - Beginning of Period | 36,213 | 69,059 |
Cash and Cash Equivalents - End of Period | $37,868 | $46,588 |
Basis_Of_Presentation
Basis Of Presentation | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
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, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014 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, 2013, which are included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013, 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-administered 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, 2014, 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 variable interest entity and common units of limited partnership interest in HHLP (“Common Units”) that are nonredeemable as equity. The noncontrolling interest of Common Units totaled $29,871 as of September 30, 2014 and $29,523 as of December 31, 2013. As of September 30, 2014, there were 6,914,716 Common Units outstanding with a fair market value of $44,047, 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. | ||||||||||||||||
Net income or loss attributed to Common Units, as well as the net income or loss related to the noncontrolling interests of our 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 variable interest entity is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations. | ||||||||||||||||
Shareholders’ Equity | ||||||||||||||||
Terms of the Series B and Series C Preferred Shares outstanding at September 30, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Dividend Per Share | ||||||||||||||||
Shares Outstanding | Nine Months Ended September 30, | |||||||||||||||
Series | 30-Sep-14 | 31-Dec-13 | Aggregate Liquidation Preference | Distribution Rate | 2014 | 2013 | ||||||||||
Series B | 4,600,000 | 4,600,000 | $ | 115,000 | 8.000% | $ | 1.5000 | $ | 1.5000 | |||||||
Series C | 3,000,000 | 3,000,000 | 75,000 | 6.875% | 1.2891 | 1.0456 | ||||||||||
Total | 7,600,000 | 7,600,000 | ||||||||||||||
NOTE 1 – BASIS OF PRESENTATION (CONTINUED) | ||||||||||||||||
In December 2012, our Board of Trustees authorized us to repurchase from time to time up to an aggregate of $75,000 of our outstanding common shares through December 31, 2013. We did not repurchase any common shares prior to the expiration of the share repurchase program. In January 2014, our Board of Trustees again authorized us to repurchase from time to time up to an aggregate of $75,000 of our outstanding common shares. The current share repurchase program will expire on December 31, 2014. For the nine months ended September 30, 2014, the Company repurchased 2,626,854 common shares for an aggregate purchase price of $15,284. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. | ||||||||||||||||
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. | ||||||||||||||||
New Accounting Pronouncements | ||||||||||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | ||||||||||||||||
Reclassification | ||||||||||||||||
Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. | ||||||||||||||||
Investment_In_Hotel_Properties
Investment In Hotel Properties | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
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, 2014 and December 31, 2013: | ||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Land | $ | 439,540 | $ | 339,027 | ||||||||||||||||||||
Buildings and Improvements | 1,419,963 | 1,222,639 | ||||||||||||||||||||||
Furniture, Fixtures and Equipment | 198,173 | 171,116 | ||||||||||||||||||||||
Construction in Progress | - | 63,168 | ||||||||||||||||||||||
2,057,676 | 1,795,950 | |||||||||||||||||||||||
Less Accumulated Depreciation | -305,561 | -260,115 | ||||||||||||||||||||||
Total Investment in Hotel Properties | $ | 1,752,115 | $ | 1,535,835 | ||||||||||||||||||||
During the nine months ended September 30, 2014, we acquired the following wholly-owned hotel properties: | ||||||||||||||||||||||||
Hotel | Acquisition Date | Land | Buildings and Improvements | Furniture Fixtures and Equipment | Ground Lease Intangible | Franchise Fees and Loan Costs | Total Purchase Price | Assumption of Debt | ||||||||||||||||
Hotel Milo, | 2/28/14 | $ | - | $ | 55,080 | $ | 805 | $ | -14,230 | $ | 273 | $ | 41,928 | $ | 24,924 | |||||||||
Santa Barbara, CA | ||||||||||||||||||||||||
Parrot Key Resort, | 5/7/14 | 57,889 | 33,959 | 8,152 | - | - | 100,000 | - | ||||||||||||||||
Key West, FL | ||||||||||||||||||||||||
Hilton Garden Inn 52nd Street, | 5/27/14 | 45,480 | 60,762 | 4,920 | - | 1,123 | 112,285 | - | ||||||||||||||||
New York, NY | ||||||||||||||||||||||||
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, 2014, we paid $2,152 in acquisition costs related to the above acquired assets. | ||||||||||||||||||||||||
The purchase agreement for the acquisition of the Parrot Key Resort in Key West, FL, contains a provision that entitles the seller to additional consideration of $2,000 contingent upon the hotel achieving certain net operating income thresholds within twelve months of acquisition. At the time of acquisition, no liability was recorded as the fair market value of the contingent consideration was determined to be $0. Upon remeasurement at September 30, 2014, a liability was recorded as the fair market value of the contingent consideration was determined to be $1,000. | ||||||||||||||||||||||||
On May 27, 2014, we completed the acquisition of the Hilton Garden Inn 52nd Street hotel in New York, NY from an unaffiliated seller. Previously, we had entered into a purchase and sale agreement to acquire this property for total consideration of $84,000. The purchase price for this property was contractually fixed on August 23, 2012, the date we entered into the purchase and sale agreement. During the 21-month period of time between entering in the purchase and sale agreement on August 23, 2012 and the closing date, the real estate market for hotels located in Manhattan experienced an increase in valuations due to improved economic conditions in the market and in the overall economy. This resulted in an increase in the fair value of the property at the time of closing the acquisition and, as such, we recognized a net gain of approximately $13,594 as the fair value of the asset acquired less any liabilities assumed exceeded the consideration transferred. | ||||||||||||||||||||||||
NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) | ||||||||||||||||||||||||
Consideration given in exchange for the property included $27,500 paid in cash to the seller and our reinstatement and cancellation of a development loan receivable in the original principal amount of $10,000 and $12,494 of accrued interest and late fees. This development loan receivable had previously been fully impaired in 2009, but was recovered as part of this acquisition. As a result, we recognized a gain of $22,494 on the recovery of the previously impaired development loan. In addition, we paid off the existing construction financing and entered into a new mortgage loan of $45,000. Concurrent with our entry into the new mortgage loan, we entered into an interest rate cap and swap – see “Note 7 – Fair Measurements and Derivative Instruments” for more information on this derivative. No other consideration was exchanged in connection with the acquisition of this property. Below is a tabular reference to illustrate the components of the consideration and fair value of the property: | ||||||||||||||||||||||||
Hotel | Initial Purchase Price | Interest and Late Fees on Development Loan | Non-Cash Fair Market Value Gain on Acquisition | Other | Fair Market Value At Acquisition | Franchise Fees and Loan Costs | Asset Value Upon Acquisition | |||||||||||||||||
Hilton Garden Inn 52nd Street, | $ | 84,000 | $ | 12,494 | $ | 13,594 | $ | 1,074 | $ | 111,162 | $ | 1,123 | $ | 112,285 | ||||||||||
New York, NY | ||||||||||||||||||||||||
Included in the consolidated statement of operations for the three and nine months ended September 30, 2014 are total revenues of $10,840 and $17,473, respectively, and total net income of $2,543 and $3,687, respectively, for the hotels we acquired during the nine months ended September 30, 2014 and consolidated since the date of acquisition of each hotel. | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
Hotel | Revenue | Net | Revenue | Net | ||||||||||||||||||||
Income | Income | |||||||||||||||||||||||
Hotel Milo, Santa Barbara, CA | $ | 3,277 | $ | 667 | $ | 6,577 | $ | 958 | ||||||||||||||||
Parrot Key Resort, Key West, FL | 3,222 | 884 | 5,412 | 1,600 | ||||||||||||||||||||
Hilton Garden Inn 52nd Street, New York, NY | 4,341 | 992 | 5,484 | 1,129 | ||||||||||||||||||||
Total | $ | 10,840 | $ | 2,543 | $ | 17,473 | $ | 3,687 | ||||||||||||||||
NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) | ||||||||||||||||||||||||
Pro Forma Results (Unaudited) | ||||||||||||||||||||||||
The following condensed pro forma financial data for the three and nine months ended September 30, 2014 and 2013, are presented as if the hotels acquired by the Company in 2014 (excluding the Hilton Garden Inn 52nd Street hotel, which did not have any operating history prior to acquisition) had been acquired as of January 1, 2013 and the four hotels acquired by the Company in 2013 (other than the Hyatt Union Square, which did not have any operating history prior to acquisition) had been acquired as of January 1, 2012. The condensed pro forma financial data is not necessarily indicative of what actual results of operations of the Company would have been for the periods presented assuming the acquisitions had been consummated on January 1, 2013 and January 1, 2012, nor do they purport to represent the results of operations for future periods. | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pro Forma Total Revenues | $ | 112,977 | $ | 98,331 | $ | 312,103 | $ | 278,534 | ||||||||||||||||
Pro Forma Income from Continuing Operations | $ | 7,587 | $ | 6,971 | $ | 64,119 | $ | 23,321 | ||||||||||||||||
(Loss) from Discontinued Operations | - | -3,531 | -1,557 | -4,850 | ||||||||||||||||||||
Pro Forma Net Income | 7,587 | 3,440 | 62,562 | 18,471 | ||||||||||||||||||||
Income (Loss) Allocated to Noncontrolling Interest | 49 | 126 | -1,197 | 432 | ||||||||||||||||||||
Preferred Distributions | -3,589 | -3,589 | -10,767 | -11,022 | ||||||||||||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | - | - | - | -2,250 | ||||||||||||||||||||
Pro Forma Net Income (Loss) Applicable to Common Shareholders | $ | 4,047 | $ | -23 | $ | 50,598 | $ | 5,631 | ||||||||||||||||
Pro Forma Income Applicable to Common Shareholders per Common Share | ||||||||||||||||||||||||
Basic | $ | 0.02 | $ | - | $ | 0.25 | $ | 0.03 | ||||||||||||||||
Diluted | $ | 0.02 | $ | - | $ | 0.25 | $ | 0.03 | ||||||||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||||||||||
Basic | 198,597,517 | 198,878,496 | 199,270,719 | 198,186,963 | ||||||||||||||||||||
Diluted | 200,621,986 | 201,644,633 | 201,105,852 | 201,488,088 | ||||||||||||||||||||
Asset Development and Renovation | ||||||||||||||||||||||||
The Company has opportunistically engaged in the 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, from an unaffiliated seller for a total purchase price of $28,300. On June 23, 2014, this property opened as a Hampton Inn. The total construction costs spent on this property since acquisition were $9,247, which equates to a total carrying value of approximately $37,547 since the property opened. | ||||||||||||||||||||||||
In January 2014, the Company completed the construction of an additional oceanfront tower, additional meeting space and structured parking on a land parcel adjacent to the Courtyard by Marriott, Miami, FL, 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. | ||||||||||||||||||||||||
NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) | ||||||||||||||||||||||||
We have capitalized the following indirect development costs for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Property Tax | $ | - | $ | 110 | $ | 223 | $ | 277 | ||||||||||||||||
Interest Expense | - | 337 | 458 | 930 | ||||||||||||||||||||
Utilities | 2 | 1 | 73 | 3 | ||||||||||||||||||||
Total | $ | 2 | $ | 448 | $ | 754 | $ | 1,210 | ||||||||||||||||
During the second quarter of 2014, we finalized our settlement of the insurance claim we had for losses incurred as a result of Hurricane Sandy. 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, which was subsequently completed on June 23, 2014, incurred delays in construction (Hampton Inn, Pearl Street, New York, NY). Prior to March 31, 2014, we had 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 also had recorded estimated property losses of $1,997 on the Hampton Inn Pearl Street and a corresponding insurance claim receivable of $1,897. This hotel opened in June 2014. As a result of the claim settlement, we recorded a gain on insurance settlements of approximately $4,602, which included business interruption claims. | ||||||||||||||||||||||||
Investment_In_Unconsolidated_J
Investment In Unconsolidated Joint Ventures | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Investment In Unconsolidated Joint Ventures [Abstract] | ' | |||||||||||||
Investment In Unconsolidated Joint Ventures | ' | |||||||||||||
NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||||||||||
As of September 30, 2014 and December 31, 2013, our investment in unconsolidated joint ventures consisted of the following: | ||||||||||||||
Percent | Preferred | September 30, | December 31, | |||||||||||
Joint Venture | Hotel Properties | Owned | Return | 2014 | 2013 | |||||||||
SB Partners, LLC | Holiday Inn Express, South Boston, MA | 50.0% | N/A | $ | 1,028 | $ | 1,057 | |||||||
Hiren Boston, LLC | Courtyard by Marriott, South Boston, MA | 50.0% | N/A | 4,808 | 4,777 | |||||||||
Mystic Partners, LLC | Hilton and Marriott branded hotels in CT | 8.8%-66.7% | 8.5% non-cumulative | 5,806 | 6,210 | |||||||||
$ | 11,642 | $ | 12,044 | |||||||||||
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, 2014 and 2013, for our investments in unconsolidated joint ventures is as follows: | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
SB Partners, LLC | $ | 238 | $ | 188 | $ | 322 | $ | 190 | ||||||
Hiren Boston, LLC | 332 | 141 | 480 | 90 | ||||||||||
Mystic Partners, LLC | 37 | -102 | -196 | -301 | ||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | $ | 607 | $ | 227 | $ | 606 | $ | -21 | ||||||
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, 2014 and December 31, 2013 and for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||
Balance Sheets | ||||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Assets | ||||||||||||||
Investment in Hotel Properties, Net | $ | 106,944 | $ | 114,221 | ||||||||||
Other Assets | 20,826 | 19,146 | ||||||||||||
Total Assets | $ | 127,770 | $ | 133,367 | ||||||||||
Liabilities and Equity | ||||||||||||||
Mortgages and Notes Payable | $ | 115,831 | $ | 112,654 | ||||||||||
Other Liabilities | 31,777 | 37,464 | ||||||||||||
Equity: | ||||||||||||||
Hersha Hospitality Trust | 23,380 | 26,230 | ||||||||||||
Joint Venture Partner(s) | -43,218 | -42,981 | ||||||||||||
Total Equity | -19,838 | -16,751 | ||||||||||||
Total Liabilities and Equity | $ | 127,770 | $ | 133,367 | ||||||||||
Statements of Operations | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Room Revenue | $ | 16,952 | $ | 16,080 | $ | 45,489 | $ | 43,920 | ||||||
Other Revenue | 4,860 | 4,960 | 15,532 | 16,204 | ||||||||||
Operating Expenses | -14,188 | -14,222 | -41,357 | -41,315 | ||||||||||
Lease Expense | -270 | -250 | -793 | -745 | ||||||||||
Property Taxes and Insurance | -723 | -740 | -2,222 | -2,260 | ||||||||||
General and Administrative | -1,493 | -1,276 | -4,385 | -4,205 | ||||||||||
Depreciation and Amortization | -1,655 | -1,630 | -4,849 | -4,862 | ||||||||||
Interest Expense | -1,742 | -1,866 | -5,273 | -5,590 | ||||||||||
Debt Extinguishment and Gain on Debt Forgiveness | 3,027 | - | -2,057 | - | ||||||||||
(Loss) Income Allocated to Noncontrolling Interests | -27 | -26 | 149 | -121 | ||||||||||
Net Income from Continuing Operations | 4,741 | 1,030 | 234 | 1,026 | ||||||||||
Loss from Discontinued Operations | - | - | -55 | |||||||||||
Gain on Disposition of Hotel Properties | - | - | - | 1,162 | ||||||||||
Net Income | $ | 4,741 | $ | 1,030 | $ | 234 | $ | 2,133 | ||||||
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, 2014 and December 31, 2013. | ||||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Company's share of equity recorded on the joint ventures' financial statements | $ | 23,380 | $ | 26,230 | ||||||||||
Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1) | -11,738 | -14,186 | ||||||||||||
Investment in Unconsolidated Joint Ventures | $ | 11,642 | $ | 12,044 | ||||||||||
(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). | |||||||||||||
Other_Assets_And_Deposits_On_H
Other Assets And Deposits On Hotel Acquisitions | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Other Assets And Deposits On Hotel Acquisitions [Abstract] | ' | ||||||
Other Assets And Deposits On Hotel Acquisitions | ' | ||||||
NOTE 4 – OTHER ASSETS AND DEPOSITS ON HOTEL ACQUISITIONS | |||||||
Other Assets | |||||||
Other Assets consisted of the following at September 30, 2014 and December 31, 2013: | |||||||
30-Sep-14 | 31-Dec-13 | ||||||
Transaction Costs | $ | - | $ | 115 | |||
Investment in Statutory Trusts | 1,548 | 1,548 | |||||
Prepaid Expenses | 10,932 | 9,256 | |||||
Insurance Claims Receivable | 258 | 1,706 | |||||
Deferred Tax Asset, Net of Valuation Allowance of $804 | 9,571 | 8,766 | |||||
Other | 8,552 | 6,069 | |||||
$ | 30,861 | $ | 27,460 | ||||
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 that are recorded in other assets prior to the closing of the respective transactions. | |||||||
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. This claim was settled in June 2014, and we received our final claim payment in July 2014 in the amount of $2,498. The remaining balance in insurance claims receivable as of September 30, 2014 is comprised of claims that arose from property damage at hotel properties as a result of other events. | |||||||
Deferred Tax Asset - We have approximately $9,571 of net deferred tax assets as of September 30, 2014. 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 $9,571 of net deferred tax assets in the future. | |||||||
Deposits on Hotel Acquisitions | |||||||
As of September 30, 2014, we had no deposits on hotel acquisitions. As of December 31, 2013, deposits on hotel acquisitions consisted of $15,486 in interest bearing deposits related to the acquisition of the Hilton Garden Inn 52nd Street, New York, NY and $3,100 in non-interest bearing deposits related to the acquisition of the Hotel Milo, located in Santa Barbara, California. The acquisition of the Hotel Milo closed in the first quarter of 2014, and the acquisition of the Hilton Garden Inn 52nd Street closed in the second quarter of 2014. See “Note 2 – Investment in Hotel Properties” for more information. | |||||||
Debt
Debt | 9 Months Ended | |
Sep. 30, 2014 | ||
Debt [Abstract] | ' | |
Debt | ' | |
NOTE 5 – DEBT | ||
Mortgages | ||
We had total mortgages payable at September 30, 2014 and December 31, 2013 of $613,668 and $617,788 (including $45,835 in outstanding mortgage indebtedness related to assets held for sale at December 31, 2013), respectively. These balances consisted of mortgages with fixed and variable interest rates, which ranged from 3.05% to 8.25% as of September 30, 2014. Included in these balances are net premiums of $1,805 and $2,466 as of September 30, 2014 and December 31, 2013, respectively, which are amortized over the remaining life of the loans. Aggregate interest expense incurred under the mortgage loans payable totaled $7,908 and $8,900 and $23,428 and $26,110 during the three and nine months ended September 30, 2014 and 2013, 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 four of our hotel properties were not met as of September 30, 2014. 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 loan agreements. | ||
As of September 30, 2014, the maturity dates for the outstanding mortgage loans ranged from October 2014 to April 2023. | ||
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 of 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 was 3.30% and 3.34% and 3.26% and 3.32% during the three and nine months ended September 30, 2014 and 2013, respectively. Interest expense in the amount of $426 and $431 and $1,264 and $1,284 was recorded for the three and nine months ended September 30, 2014 and 2013, respectively. | ||
Credit Facilities | ||
On February 28, 2014, we entered into a senior unsecured credit agreement with Citigroup Global Markets Inc. and various other lenders. The credit agreement provides for a $500,000 senior unsecured credit facility consisting of a $250,000 senior unsecured revolving line of credit and a $250,000 senior unsecured term loan. This new facility amended and restated the existing $400,000 senior unsecured credit facility. The $500,000 unsecured credit facility expires on February 28, 2018 and, provided no event of default has occurred, we may request that the lenders renew the credit facility for an additional one-year period. The credit facility is also expandable to $850,000 at our request, subject to the satisfaction of certain conditions. | ||
Prior to February 28, 2014, we maintained a senior unsecured credit agreement with Citigroup Global Markets Inc. and various other lenders. The credit agreement provided 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. | ||
NOTE 5 – DEBT (CONTINUED) | ||
The amount that we can borrow at any given time on our $500,000 unsecured credit facility is governed by certain operating metrics of designated unencumbered hotel properties known as borrowing base assets. As of September 30, 2014, the following hotel properties were borrowing base assets: | ||
- Holiday Inn Express, Cambridge, MA | - Hampton Inn, Philadelphia, PA | |
- Holiday Inn, Wall Street, NY | - Hampton Inn, Washington, DC | |
- Holiday Inn Express, Times Square, NY | - Hyatt Place, King of Prussia, PA | |
- Residence Inn, Norwood, MA | - Nu Hotel, Brooklyn, NY | |
- Residence Inn, Framingham, MA | - The Rittenhouse Hotel, Philadelphia, PA | |
- Sheraton, Wilmington South, DE | - The Boxer, Boston, MA | |
- Sheraton Hotel, JFK Airport, New York, NY | - Holiday Inn Express (Water Street), New York, NY | |
- Candlewood Suites, Times Square, NY | - Courtyard, San Diego, CA | |
- Hampton Inn, Times Square, NY | - Residence Inn, Coconut Grove, FL | |
- Winter Haven, Miami, FL | - Blue Moon, Miami, FL | |
- Hampton Inn, Pearl Street, NY | - Parrot Key Resort, Key West, FL | |
The interest rate for the $500,000 unsecured credit facility is based on a pricing grid with a range of one month U.S. LIBOR plus 1.70% to 2.45% for the revolving line of credit and 1.60% to 2.35% for the unsecured term loan. | ||
As of September 30, 2014, we had borrowed $250,000 in unsecured term loans under the unsecured credit facility, $150,000 for which we had entered into interest rate swaps which effectively fix the interest rate on these term loans at a blended rate of 3.217%. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information. | ||
The credit agreement providing for the $500,000 unsecured credit facility includes certain financial covenants and requires that we maintain: (1) a minimum tangible net worth of $803,711, plus an amount equal to 75% of the net cash proceeds of all issuances and primary sales of equity interests of the parent guarantor or any of its subsidiaries consummated following the closing date; (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, 2016; | ||
·a maximum leverage ratio of not more than 60%; and | ||
·a maximum secured debt leverage ratio of 50%, which decreases to 45% as of January 1, 2016. | ||
The Company is in compliance with each of the covenants listed above as of September 30, 2014. As of September 30, 2014, our remaining borrowing capacity under the $500,000 unsecured credit facility was $218,745, based on the borrowing base assets at September 30, 2014. | ||
As of September 30, 2014, the outstanding unsecured term loan balance under the $500,000 unsecured credit facility was $250,000 and we had outstanding borrowings of $27,000 on the revolving line of credit. As of December 31, 2013, the outstanding unsecured term loan under the prior $400,000 unsecured credit facility was $150,000 and the revolving line of credit had no balance outstanding. | ||
The Company recorded interest expense of $1,809 and $1,707 and $4,461 and $3,804 related to borrowings drawn on each of the aforementioned credit facilities for the three and nine months ended September 30, 2014 and 2013, respectively. The weighted average interest rate on our credit facilities was 2.73% and 3.18% and 2.85% and 3.04% for the three and nine months ended September 30, 2014 and 2013, respectively. | ||
NOTE 5 – DEBT (CONTINUED) | ||
Capitalized Interest | ||
We utilize mortgage debt and our $500,000 unsecured credit facility to finance on-going capital improvement projects at our hotels. Interest incurred on mortgages and the unsecured credit facility that relates to our capital improvement projects is capitalized through the date when the assets are placed in service. For the three and nine months ended September 30, 2014 and 2013, we capitalized $0 and $337 and $458 and $934, respectively, of interest expense related to these projects. | ||
Deferred Financing Costs | ||
Costs associated with entering into mortgages and notes payable and our credit facilities 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, 2014, deferred costs were $8,226, net of accumulated amortization of $7,064. Amortization of deferred costs for the three and nine months ended September 30, 2014 and 2013 was $710 and $756 and $2,064 and $2,133, 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. | ||
New Debt/Refinance | ||
As previously mentioned, we refinanced our previous $400,000 unsecured credit facility with a $500,000 unsecured credit facility with Citigroup Global Markets Inc. and various other lenders. As a result of this refinance, we expensed $579 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, 2014. | ||
On January 31, 2014, we paid down $5,175 of the outstanding debt and modified the mortgage loan on the Duane Street Hotel, New York, NY. In connection with this, we entered into a $9,500 mortgage loan with a maturity date of February 1, 2017. The modified mortgage loan bears interest at a variable rate of one month U.S. dollar LIBOR plus 4.50%. The modification also includes an interest rate swap, which effectively fixes the interest rate at 5.433%. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information on the interest rate swap. As a result of this modification, we expensed $65 in unamortized deferred financial costs and fees during the nine months ended September 30, 2014. | ||
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 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 7 – Fair Value Measurements and Derivative Instruments” for more information. | ||
Commitments_And_Contingencies_
Commitments And Contingencies And Related Party Transactions | 9 Months Ended |
Sep. 30, 2014 | |
Commitments And Contingencies And Related Party Transactions [Abstract] | ' |
Commitments And Contingencies And Related Party Transactions | ' |
NOTE 6 – 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, 2014 and 2013, base management fees incurred totaled $3,271 and $3,199 and $8,998 and $8,637, respectively, and are recorded as Hotel Operating Expenses. For the three and nine months ended September 30, 2014 and 2013, 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 expenses for the three and nine months ended September 30, 2014 and 2013 were $7,041 and $7,224 and $19,033 and $19,514, 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, 2014 and 2013, the Company incurred accounting fees of $354 and $447 and $1,056 and $1,310, respectively. For the three and nine months ended September 30, 2014 and 2013, the Company incurred information technology fees of $104 and $131 and $312 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, 2014 and 2013, we incurred fees of $119 and $309 and $565 and $1,150, respectively, which were capitalized with the cost of fixed asset additions. | |
NOTE 6 – COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS (CONTINUED) | |
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. | |
Hotel Supplies | |
For the three and nine months ended September 30, 2014 and 2013, we incurred charges for hotel supplies of $57 and $46 and $166 and $147, respectively. For the three and nine months ended September 30, 2014 and 2013, we incurred charges for capital expenditure purchases of $2,818 and $5,744 and $8,342 and $17,331, 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 $2 is included in accounts payable at both September 30, 2014 and December 31, 2013, respectively. | |
Due From Related Parties | |
The due from related parties balance as of September 30, 2014 and December 31, 2013 was approximately $6,803 and $11,124, 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, 2014 and December 31, 2013 was approximately $3,096 and $4,815, 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, 2014 and 2013, we incurred $710 and $245 and $1,715 and $739, respectively, of rent expense payable pursuant to ground leases related to certain hotel properties. | |
Contingent Liability | |
As noted in “Note 2 – Investment in Hotel Properties”, the purchase agreement for the acquisition of the Parrot Key Resort in Key West, FL, contains a provision that entitles the seller to additional consideration of $2,000 contingent upon the hotel achieving certain net operating income thresholds within twelve months of acquisition. At the time of acquisition, no liability was recorded as the fair market value of the contingent consideration was determined to be $0 and upon remeasurement at September 30, 2014, a liability was recorded as the fair market value of the contingent consideration was determined to be $1,000. The maximum cash payment under this arrangement is $2,000 in 2015. | |
Fair_Value_Measurements_And_De
Fair Value Measurements And Derivative Instruments | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
Fair Value Measurements And Derivative Instruments [Abstract] | ' | |||||||||||||||||
Fair Value Measurements And Derivative Instruments | ' | |||||||||||||||||
NOTE 7 – 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, 2014, 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, 2014 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 7 – 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-14 | 31-Dec-13 | ||||||||||
Courtyard, LA Westside, Culver City, LA | Swap | 1.097% | 1-Month LIBOR + 3.85% | 29-Sep-11 | 29-Sep-15 | $ 30,000 | $ | -228 | $ | -374 | ||||||||
Capitol Hill Hotel, Washington, DC | Swap | 0.540% | 1-Month LIBOR + 3.25% | 1-Feb-12 | 1-Feb-15 | 26,763 | -36 | -88 | ||||||||||
Hotel 373, New York, NY * | Cap | 2.000% | 1-Month LIBOR + 3.85% | 24-May-12 | 1-Jun-15 | 18,356 | - | 1 | ||||||||||
Courtyard, Miami, FL | Swap | 0.820% | 1-Month LIBOR + 3.50% | 2-Jul-12 | 1-Jul-16 | 60,000 | -213 | -354 | ||||||||||
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 | 398 | 430 | ||||||||||
Unsecured Term Loan | Swap | 0.600% | 1-Month LIBOR + 2.40% | 18-Dec-12 | 5-Nov-16 | 50,000 | 141 | 137 | ||||||||||
Hyatt, Union Square, New York, NY | Cap | 2.000% | 1-Month LIBOR + 4.19% | 9-Apr-13 | 9-Apr-16 | 55,000 | 24 | 76 | ||||||||||
Duane Street Hotel, New York, NY | Swap | 0.933% | 1-Month LIBOR + 4.50% | 1-Feb-14 | 1-Feb-17 | 9,397 | -21 | - | ||||||||||
Hilton Garden Inn 52nd Street, New York, NY | Cap | 1.100% | 1-Month LIBOR + 2.90% | 27-May-14 | 1-Jun-15 | 45,000 | - | - | ||||||||||
Hilton Garden Inn 52nd Street, New York, NY | Swap | 1.152% | 1-Month LIBOR + 2.90% | 1-Jun-15 | 21-Feb-17 | 45,000 | -10 | - | ||||||||||
$ | 55 | $ | -172 | |||||||||||||||
*On April 30, 2014, we sold Hotel 373, New York, NY, and therefore, terminated the interest rate cap associated with the mortgage on this property. As a result of this termination, we expensed $55 in fees, which are included in the gain on disposition of hotel properties. | ||||||||||||||||||
On January 31, 2014, we entered into an interest rate swap that effectively fixes interest payments at 5.433% on a variable rate mortgage on the Duane Street Hotel. See “Note 5 – Debt” for more information on the interest rate swap. | ||||||||||||||||||
On May 27, 2014, we entered into an interest rate cap that effectively fixes interest payments when 1 month-U.S. dollar LIBOR exceeds 1.10% on a variable rate mortgage on the Hilton Garden Inn 52nd Street, New York, NY. The notional amount of the interest rate cap is $45,000 and equals the principal of the variable rate mortgage being hedged. This interest rate cap matures on June 1, 2015. Upon maturity of the interest rate cap, an interest rate swap will go into effect that effectively fixes the interest payment at 4.052%. | ||||||||||||||||||
The fair value of certain swaps and our interest rate caps is included in other assets at September 30, 2014 and December 31, 2013 and the fair value of certain of our interest rate swaps is included in accounts payable, accrued expenses and other liabilities at September 30, 2014 and December 31, 2013. | ||||||||||||||||||
The net change in fair value of derivative instruments designated as cash flow hedges was a gain of $805 and a loss of $1,000 for the three months ended September 30, 2014 and 2013, respectively, and a gain of $286 and $1,364 for the nine months ended September 30, 2014 and 2013, 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 $368 and $1,141 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, 2014, respectively. For the next twelve months ending September 30, 2015, the Company estimates that an additional $1,252 will be reclassified as an increase to interest expense. | ||||||||||||||||||
NOTE 7 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED) | ||||||||||||||||||
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, 2014, the carrying value and estimated fair value of the Company’s debt were $942,216 and $938,778, respectively. As of December 31, 2013, the carrying value and estimated fair value of the Company’s debt were $819,336 and $828,974, respectively. | ||||||||||||||||||
Share_Based_Payments
Share Based Payments | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Share Based Payments [Abstract] | ' | |||||||||||||||||||
Share Based Payments | ' | |||||||||||||||||||
NOTE 8 – 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.” | ||||||||||||||||||||
Stock based compensation expense related to the Annual LTIP Plans of $942 and $682 and $1,921 and $2,333 was incurred during the three and nine months ended September 30, 2014 and 2013, respectively. Unearned compensation related to the Annual LTIPs as of September 30, 2014 and December 31, 2013 was $1,336 and $1,305, respectively. The following table is a summary of all unvested share awards issued to executives under the Annual LTIPs: | ||||||||||||||||||||
Shares Vested | Unearned Compensation | |||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on date of grant | Vesting Period | Vesting Schedule | 30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||
21-Mar-14 | ||||||||||||||||||||
(2013 Annual LTIP) | 447,959 | $ | 5.80 | 3 years | 25%/year (1) | 111,988 | - | $ | 778 | $ | - | |||||||||
20-Mar-13 | ||||||||||||||||||||
(2012 Annual LTIP) | 779,045 | $ | 5.95 | 3 years | 25%/year (1) | 389,520 | 389,520 | 492 | 1,039 | |||||||||||
26-Mar-12 | ||||||||||||||||||||
(2011 Annual LTIP) | 748,927 | $ | 5.45 | 3 years | 25%/year (1) | 561,694 | 561,694 | 66 | 266 | |||||||||||
1,063,202 | 951,214 | $ | 1,336 | $ | 1,305 | |||||||||||||||
-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 end of the performance period (subject to continuous employment through the applicable vesting date). | |||||||||||||||||||
Multi-Year LTIP | ||||||||||||||||||||
On April 11, 2014, the Compensation Committee approved the 2014 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 (37.50% of the award), (2) relative total shareholder return as compared to the Company’s peer group (37.50% 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, 2014 and ends December 31, 2016. As of September 30, 2014 no common shares have been issued in accordance with the 2014 Plan to the executive officers in settlement of 2014 Multi-Year LTIP awards. | ||||||||||||||||||||
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, 2014 no common shares have been issued in accordance with the 2013 Plan to the executive officers in settlement of 2013 Multi-Year LTIP awards. | ||||||||||||||||||||
NOTE 8 – SHARE BASED PAYMENTS (CONTINUED) | ||||||||||||||||||||
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 $167 and $894 and $431 and $2,587 was recorded for the three and nine months ended September 30, 2014 and 2013, respectively, for the Multi-Year LTIPs. Unearned compensation related to the multi-year program as of September 30, 2014 and December 31, 2013, respectively, was $1,788 and $1,157. | ||||||||||||||||||||
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 $393 and $341 and $1,113 and $1,270 was incurred during the three and nine months ended September 30, 2014 and 2013, respectively. Unearned compensation related to the restricted share awards as of September 30, 2014 and December 31, 2013 was $3,425 and $4,102, 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-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||
15-Jul-14 | 52,077 | 6.75 | 2 years | 50% /year | - | - | 293 | - | ||||||||||||
23-Jun-14 | 4,411 | 6.50 | 2 years | 50% /year | - | - | 24 | - | ||||||||||||
24-Mar-14 | 8,184 | 5.69 | 2 years | 50% /year | 4,091 | - | 16 | - | ||||||||||||
13-Feb-14 | 1,846 | 5.44 | 2 years | 50% /year | 923 | - | 3 | - | ||||||||||||
20-Sep-13 | 4,605 | 5.52 | 2-4 years | 25-50% /year | 4,605 | - | - | 19 | ||||||||||||
28-Jun-13 | 48,600 | 5.64 | 2-4 years | 25-50% /year | 22,895 | - | 101 | 199 | ||||||||||||
29-Jun-12 | 52,703 | 5.28 | 2-4 years | 25-50% /year | 44,967 | 22,480 | 51 | 110 | ||||||||||||
18-Apr-12 | 1,035,595 | 5.47 | 5 years | 33% Year 3, 4, 5 (1) | - | - | 2,924 | 3,746 | ||||||||||||
30-Jun-11 | 17,692 | 5.57 | 2-4 years | 25-50% /year | 13,804 | 9,919 | 13 | 28 | ||||||||||||
Total | 1,225,713 | 91,285 | 32,399 | $ | 3,425 | $ | 4,102 | |||||||||||||
-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 27, 2013, we issued 39,133 shares which do not fully vest until December 31, 2014. Compensation expense incurred for the three and nine months ended September 30, 2014 and 2013, respectively, was $55 and $40 and $165 and $120. The following table is a summary of all unvested share awards issued to trustees in lieu of annual cash retainer: | ||||||||||||||||||||
Unearned Compensation | ||||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on Date of Grant | Vesting Period | Vesting Schedule | 30-Sep-14 | 31-Dec-13 | ||||||||||||||
27-Dec-13 | 39,133 | $ | 5.63 | 1 year | 100% | $ | 55 | $ | 220 | |||||||||||
NOTE 8 – SHARE BASED PAYMENTS (CONTINUED) | ||||||||||||||||||||
Multi-Year Long-Term Equity Incentives | ||||||||||||||||||||
Compensation expense for the multi-year long term incentive plans for the Company’s trustees incurred for the three and nine months ended September 30, 2014 and 2013, respectively, was $15 and $14 and $45 and $42. Unearned compensation related to the multi-year long term equity incentives was $80 and $124 as of September 30, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
The following table is a summary of all unvested share awards issued to trustees under the 2012 Plan and prior to equity incentive plans: | ||||||||||||||||||||
Shares Vested | Unearned Compensation | |||||||||||||||||||
Original Issuance Date | Shares Issued | Vesting Period | Vesting Schedule | 30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | |||||||||||||
27-Dec-13 | 12,000 | 3 years | 33% /year | - | - | $ | 51 | $ | 67 | |||||||||||
28-Dec-12 | 12,000 | 3 years | 33% /year | 4,002 | 4,002 | 25 | 39 | |||||||||||||
5-Jun-12 | 10,800 | 3 years | 33% /year | 7,200 | 7,200 | 4 | 18 | |||||||||||||
11,202 | 11,202 | $ | 80 | $ | 124 | |||||||||||||||
Share Awards | ||||||||||||||||||||
Compensation expense related to share awards issued to the Board of Trustees of $309 and $314 was incurred during the nine months ended September 30, 2014 and 2013, respectively, and is recorded in general and administrative expense on the statement of operations. Share grants issued to the Board of Trustees are immediately vested. On June 23, 2014, an aggregate of 47,475 shares were issued to the Board of Trustees at a price per share on the date of grant of $6.50. | ||||||||||||||||||||
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 $23 and $21 and $172 and $153, for the three and nine months ended September 30, 2014 and 2013, respectively. Unearned compensation related to the restricted share awards as of September 30, 2014 and December 31, 2013 was $83 and $81, 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 | |||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on Date of Grant | Vesting Period | Vesting Schedule | 30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||
24-Mar-14 | 30,000 | $ | 5.69 | 2 years | 50% /year | 15,000 | - | $ | 83 | $ | - | |||||||||
1-Feb-13 | 30,000 | $ | 5.41 | 2 years | 50% /year | 30,000 | 14,999 | - | 81 | |||||||||||
Total | 60,000 | 45,000 | 14,999 | $ | 83 | $ | 81 | |||||||||||||
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Earnings Per Share | ' | ||||||||||||
NOTE 9 – 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, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
NUMERATOR: | |||||||||||||
Basic and Diluted* | |||||||||||||
Income from Continuing Operations | $ | 7,587 | $ | 5,830 | $ | 61,217 | $ | 17,559 | |||||
Loss (Income) from Continuing Operations allocated to Noncontrolling Interests | 49 | 45 | -1,152 | 463 | |||||||||
Distributions to Preferred Shareholders | -3,589 | -3,589 | -10,767 | -11,022 | |||||||||
Dividends Paid on Unvested Restricted Shares | -149 | -228 | -403 | -697 | |||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | - | - | - | -2,250 | |||||||||
Income from Continuing Operations attributable to Common Shareholders | 3,898 | 2,058 | 48,895 | 4,053 | |||||||||
Discontinued Operations | |||||||||||||
(Loss) from Discontinued Operations | - | -3,531 | -1,557 | -4,850 | |||||||||
Loss from Discontinued Operations allocated to Noncontrolling Interests | - | 119 | 52 | 165 | |||||||||
(Loss) from Discontinued Operations attributable to Common Shareholders | - | -3,412 | -1,505 | -4,685 | |||||||||
Net Income (Loss) attributable to Common Shareholders | $ | 3,898 | $ | -1,354 | $ | 47,390 | $ | -632 | |||||
DENOMINATOR: | |||||||||||||
Weighted average number of common shares - basic | 198,597,517 | 198,878,496 | 199,270,719 | 198,186,963 | |||||||||
Effect of dilutive securities: | |||||||||||||
Restricted Stock Awards (unvested) | 1,387,462 | 2,498,237 | 1,205,386 | 2,027,128 | |||||||||
Contingently Issued Shares | 637,007 | 267,900 | 629,747 | 1,273,997 | |||||||||
Weighted average number of common shares - diluted | 200,621,986 | 201,644,633 | 201,105,852 | 201,488,088 | |||||||||
*Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and units of limited partnership interest in HHLP have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. 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. | |||||||||||||
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, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Common Units of Limited Partnership Interest | 6,914,716 | 6,914,716 | 6,914,716 | 6,986,004 | |||||||||
Total potentially dilutive securities | 6,914,716 | 6,914,716 | 6,914,716 | 6,986,004 | |||||||||
excluded from the denominator | |||||||||||||
Cash_Flow_Disclosures_And_Non_
Cash Flow Disclosures And Non Cash Investing And Financing Activities | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | ' | ||||||
Cash Flow Disclosures And Non Cash Investing And Financing Activities | ' | ||||||
NOTE 10 – CASH FLOW DISCLOSURES AND NON CASH INVESTING AND FINANCING ACTIVITIES | |||||||
Interest paid during the nine months ended September 30, 2014 and 2013 totaled $30,538 and $31,774, respectively. The following non-cash investing and financing activities occurred during 2014 and 2013: | |||||||
2014 | 2013 | ||||||
Common Shares issued as part of the Dividend Reinvestment Plan | $ | 34 | $ | 27 | |||
Acquisition of hotel properties: | |||||||
Debt assumed | 24,924 | - | |||||
Settlement of development loan receivable principal and accrued interest revenue receivable | 22,494 | 13,303 | |||||
Disposition of hotel properties: | |||||||
Debt assumed by purchaser | 45,710 | - | |||||
Conversion of Common Units to Common Shares | - | 106 | |||||
Hotel_Dispositions
Hotel Dispositions | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Hotel Dispositions [Abstract] | ' | ||||||||||||
Hotel Dispositions | ' | ||||||||||||
NOTE 11 – HOTEL DISPOSITIONS | |||||||||||||
Effective January 1, 2014, we early adopted ASU Update No. 2014-08 concerning the classification and reporting of discontinued operations. This amendment defines discontinued operations as a component of an entity that represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. As a result of the early adoption of ASU Update No. 2014-08, we anticipate that most of our hotel dispositions will not be classified as discontinued operations as most will not fit this definition. | |||||||||||||
For transactions that have been classified as held for sale or as discontinued operations for periods prior to our adoption of ASU Update No. 2014-08, we will continue to present the operating results as discontinued operations in the statements of operations for all applicable periods presented. | |||||||||||||
Disposed Assets | |||||||||||||
On April 30, 2014, the Company closed on the sale of Hotel 373, New York, NY to an unaffiliated buyer for a total sales price of $37,000 with a gain on sale of approximately $7,184 and reduction of the Company’s mortgage debt by $18,356. This hotel was acquired by the Company in June 2007. The operating results for this hotel are included in income from continuing operations as shown in the consolidated statements of operations for the three and nine months ended September 30, 2014 and 2013 as disposition of this hotel does not represent a strategic shift in our business. The operations from this property included income of $17 and a loss of $133 for the three and nine months ended September 30, 2014, respectively, and income of $245 and $567 for the three and nine months ended September 30, 2013, respectively. | |||||||||||||
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. On December 20, 2013, the Company closed on the sale of 12 of these non-core hotel properties and closed on the remaining four properties in February 2014. The operating results for the 16 assets were reclassified to discontinued operations in the statement of operations for three and nine months ended September 30, 2014 and 2013. The 16 assets were sold for a total sales price of $217,000, reduced the Company’s consolidated mortgage debt by $78,754 and generated a gain on sale of approximately $31,697, including a loss of $45 recorded during the nine months ended September 30, 2014 from the closing of the remaining 4 properties. We also recorded an impairment loss for this transaction of approximately $6,591 in 2013 and $1,800 in the first quarter of 2014, as the net proceeds did not exceed the carrying value for certain of these properties. | |||||||||||||
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 $120 recognized in 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. 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 $912 recognized for the nine months ended September 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. | |||||||||||||
NOTE 11 –HOTEL DISPOSITIONS (CONTINUED) | |||||||||||||
Assets held for sale or liabilities related to assets held for sale consisted of the following as of December 31, 2013: | |||||||||||||
31-Dec-13 | |||||||||||||
Land | $ | 9,517 | |||||||||||
Buildings and Improvements | 58,129 | ||||||||||||
Furniture, Fixtures and Equipment | 9,198 | ||||||||||||
76,844 | |||||||||||||
Less: Accumulated Depreciation & Amortization | -20,261 | ||||||||||||
Assets Held for Sale | $ | 56,583 | |||||||||||
Liabilities Related to Assets Held for Sale | $ | 45,835 | |||||||||||
The following table sets forth the components of discontinued operations for the three and nine months ended September 30, 2014 and 2013. Discontinued operations include the results of operations for hotels sold in 2013 and the first quarter of 2014 (which were held for sale as of December 31, 2013). | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Revenue: | |||||||||||||
Hotel Operating Revenues | $ | - | $ | 17,582 | $ | 1,940 | $ | 45,797 | |||||
Total Revenues | - | 17,582 | 1,940 | 45,797 | |||||||||
Expenses: | |||||||||||||
Hotel Operating Expenses | - | 10,122 | 1,148 | 27,754 | |||||||||
Gain on Insurance Settlements | - | - | 74 | - | |||||||||
Real Estate and Personal Property Taxes and Property Insurance | - | 865 | 91 | 2,592 | |||||||||
General and Administrative | - | 66 | -15 | 22 | |||||||||
Depreciation and Amortization | - | 2,238 | - | 7,037 | |||||||||
Interest Expense | - | 1,266 | 354 | 3,779 | |||||||||
Other Expense | - | 3 | - | 14 | |||||||||
Income Tax Expense | - | -49 | - | 167 | |||||||||
Total Expenses | - | 14,511 | 1,652 | 41,365 | |||||||||
Income from Discontinued Operations | $ | - | $ | 3,071 | $ | 288 | $ | 4,432 | |||||
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, 2014 | ||||||||||||||||
Basis Of Presentation [Abstract] | ' | |||||||||||||||
Noncontrolling Interest | ' | |||||||||||||||
Noncontrolling Interest | ||||||||||||||||
We classify the noncontrolling interests of our consolidated variable interest entity and common units of limited partnership interest in HHLP (“Common Units”) that are nonredeemable as equity. The noncontrolling interest of Common Units totaled $29,871 as of September 30, 2014 and $29,523 as of December 31, 2013. As of September 30, 2014, there were 6,914,716 Common Units outstanding with a fair market value of $44,047, 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. | ||||||||||||||||
Net income or loss attributed to Common Units, as well as the net income or loss related to the noncontrolling interests of our 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 variable interest entity is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations. | ||||||||||||||||
Shareholders' Equity | ' | |||||||||||||||
Shareholders’ Equity | ||||||||||||||||
Terms of the Series B and Series C Preferred Shares outstanding at September 30, 2014 and December 31, 2013 are summarized as follows: | ||||||||||||||||
Dividend Per Share | ||||||||||||||||
Shares Outstanding | Nine Months Ended September 30, | |||||||||||||||
Series | 30-Sep-14 | 31-Dec-13 | Aggregate Liquidation Preference | Distribution Rate | 2014 | 2013 | ||||||||||
Series B | 4,600,000 | 4,600,000 | $ | 115,000 | 8.000% | $ | 1.5000 | $ | 1.5000 | |||||||
Series C | 3,000,000 | 3,000,000 | 75,000 | 6.875% | 1.2891 | 1.0456 | ||||||||||
Total | 7,600,000 | 7,600,000 | ||||||||||||||
NOTE 1 – BASIS OF PRESENTATION (CONTINUED) | ||||||||||||||||
In December 2012, our Board of Trustees authorized us to repurchase from time to time up to an aggregate of $75,000 of our outstanding common shares through December 31, 2013. We did not repurchase any common shares prior to the expiration of the share repurchase program. In January 2014, our Board of Trustees again authorized us to repurchase from time to time up to an aggregate of $75,000 of our outstanding common shares. The current share repurchase program will expire on December 31, 2014. For the nine months ended September 30, 2014, the Company repurchased 2,626,854 common shares for an aggregate purchase price of $15,284. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. | ||||||||||||||||
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. | ||||||||||||||||
New Accounting Pronouncements | ' | |||||||||||||||
New Accounting Pronouncements | ||||||||||||||||
On May 28, 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early adoption is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor has it determined the effect of the standard on its ongoing financial reporting. | ||||||||||||||||
Reclassification | ' | |||||||||||||||
Reclassification | ||||||||||||||||
Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. | ||||||||||||||||
Basis_Of_Presentation_Tables
Basis Of Presentation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Basis Of Presentation [Abstract] | ' | |||||||||||||||
Schedule Of Preferred Stock | ' | |||||||||||||||
Dividend Per Share | ||||||||||||||||
Shares Outstanding | Nine Months Ended September 30, | |||||||||||||||
Series | 30-Sep-14 | 31-Dec-13 | Aggregate Liquidation Preference | Distribution Rate | 2014 | 2013 | ||||||||||
Series B | 4,600,000 | 4,600,000 | $ | 115,000 | 8.000% | $ | 1.5000 | $ | 1.5000 | |||||||
Series C | 3,000,000 | 3,000,000 | 75,000 | 6.875% | 1.2891 | 1.0456 | ||||||||||
Total | 7,600,000 | 7,600,000 | ||||||||||||||
Investment_In_Hotel_Properties1
Investment In Hotel Properties (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||
Investment In Hotel Properties | ' | |||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | |||||||||||||||||||||||
Land | $ | 439,540 | $ | 339,027 | ||||||||||||||||||||
Buildings and Improvements | 1,419,963 | 1,222,639 | ||||||||||||||||||||||
Furniture, Fixtures and Equipment | 198,173 | 171,116 | ||||||||||||||||||||||
Construction in Progress | - | 63,168 | ||||||||||||||||||||||
2,057,676 | 1,795,950 | |||||||||||||||||||||||
Less Accumulated Depreciation | -305,561 | -260,115 | ||||||||||||||||||||||
Total Investment in Hotel Properties | $ | 1,752,115 | $ | 1,535,835 | ||||||||||||||||||||
Wholly Owned Hotel Properties Acquired | ' | |||||||||||||||||||||||
Hotel | Acquisition Date | Land | Buildings and Improvements | Furniture Fixtures and Equipment | Ground Lease Intangible | Franchise Fees and Loan Costs | Total Purchase Price | Assumption of Debt | ||||||||||||||||
Hotel Milo, | 2/28/14 | $ | - | $ | 55,080 | $ | 805 | $ | -14,230 | $ | 273 | $ | 41,928 | $ | 24,924 | |||||||||
Santa Barbara, CA | ||||||||||||||||||||||||
Parrot Key Resort, | 5/7/14 | 57,889 | 33,959 | 8,152 | - | - | 100,000 | - | ||||||||||||||||
Key West, FL | ||||||||||||||||||||||||
Hilton Garden Inn 52nd Street, | 5/27/14 | 45,480 | 60,762 | 4,920 | - | 1,123 | 112,285 | - | ||||||||||||||||
New York, NY | ||||||||||||||||||||||||
Results Of Operations For Hotels Acquired With 100% Interest | ' | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2014 | |||||||||||||||||||||||
Hotel | Revenue | Net | Revenue | Net | ||||||||||||||||||||
Income | Income | |||||||||||||||||||||||
Hotel Milo, Santa Barbara, CA | $ | 3,277 | $ | 667 | $ | 6,577 | $ | 958 | ||||||||||||||||
Parrot Key Resort, Key West, FL | 3,222 | 884 | 5,412 | 1,600 | ||||||||||||||||||||
Hilton Garden Inn 52nd Street, New York, NY | 4,341 | 992 | 5,484 | 1,129 | ||||||||||||||||||||
Total | $ | 10,840 | $ | 2,543 | $ | 17,473 | $ | 3,687 | ||||||||||||||||
Condensed Pro Forma Financial Data | ' | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Pro Forma Total Revenues | $ | 112,977 | $ | 98,331 | $ | 312,103 | $ | 278,534 | ||||||||||||||||
Pro Forma Income from Continuing Operations | $ | 7,587 | $ | 6,971 | $ | 64,119 | $ | 23,321 | ||||||||||||||||
(Loss) from Discontinued Operations | - | -3,531 | -1,557 | -4,850 | ||||||||||||||||||||
Pro Forma Net Income | 7,587 | 3,440 | 62,562 | 18,471 | ||||||||||||||||||||
Income (Loss) Allocated to Noncontrolling Interest | 49 | 126 | -1,197 | 432 | ||||||||||||||||||||
Preferred Distributions | -3,589 | -3,589 | -10,767 | -11,022 | ||||||||||||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | - | - | - | -2,250 | ||||||||||||||||||||
Pro Forma Net Income (Loss) Applicable to Common Shareholders | $ | 4,047 | $ | -23 | $ | 50,598 | $ | 5,631 | ||||||||||||||||
Pro Forma Income Applicable to Common Shareholders per Common Share | ||||||||||||||||||||||||
Basic | $ | 0.02 | $ | - | $ | 0.25 | $ | 0.03 | ||||||||||||||||
Diluted | $ | 0.02 | $ | - | $ | 0.25 | $ | 0.03 | ||||||||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||||||||||
Basic | 198,597,517 | 198,878,496 | 199,270,719 | 198,186,963 | ||||||||||||||||||||
Diluted | 200,621,986 | 201,644,633 | 201,105,852 | 201,488,088 | ||||||||||||||||||||
Schedule Of Capitalized Expenditures Related To Hotel Development Projects And Renovations | ' | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||
Property Tax | $ | - | $ | 110 | $ | 223 | $ | 277 | ||||||||||||||||
Interest Expense | - | 337 | 458 | 930 | ||||||||||||||||||||
Utilities | 2 | 1 | 73 | 3 | ||||||||||||||||||||
Total | $ | 2 | $ | 448 | $ | 754 | $ | 1,210 | ||||||||||||||||
Hilton Garden Inn 52nd Street, New York, NY [Member] | ' | |||||||||||||||||||||||
Wholly Owned Hotel Properties Acquired | ' | |||||||||||||||||||||||
Hotel | Initial Purchase Price | Interest and Late Fees on Development Loan | Non-Cash Fair Market Value Gain on Acquisition | Other | Fair Market Value At Acquisition | Franchise Fees and Loan Costs | Asset Value Upon Acquisition | |||||||||||||||||
Hilton Garden Inn 52nd Street, | $ | 84,000 | $ | 12,494 | $ | 13,594 | $ | 1,074 | $ | 111,162 | $ | 1,123 | $ | 112,285 | ||||||||||
New York, NY | ||||||||||||||||||||||||
Investment_In_Unconsolidated_J1
Investment In Unconsolidated Joint Ventures (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Investment In Unconsolidated Joint Ventures [Abstract] | ' | |||||||||||||
Investment In Unconsolidated Joint Ventures | ' | |||||||||||||
Percent | Preferred | September 30, | December 31, | |||||||||||
Joint Venture | Hotel Properties | Owned | Return | 2014 | 2013 | |||||||||
SB Partners, LLC | Holiday Inn Express, South Boston, MA | 50.0% | N/A | $ | 1,028 | $ | 1,057 | |||||||
Hiren Boston, LLC | Courtyard by Marriott, South Boston, MA | 50.0% | N/A | 4,808 | 4,777 | |||||||||
Mystic Partners, LLC | Hilton and Marriott branded hotels in CT | 8.8%-66.7% | 8.5% non-cumulative | 5,806 | 6,210 | |||||||||
$ | 11,642 | $ | 12,044 | |||||||||||
Income Or Loss From Unconsolidated Joint Ventures | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
SB Partners, LLC | $ | 238 | $ | 188 | $ | 322 | $ | 190 | ||||||
Hiren Boston, LLC | 332 | 141 | 480 | 90 | ||||||||||
Mystic Partners, LLC | 37 | -102 | -196 | -301 | ||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | $ | 607 | $ | 227 | $ | 606 | $ | -21 | ||||||
Summary Financial Information Related To Unconsolidated Joint Ventures | ' | |||||||||||||
Balance Sheets | ||||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Assets | ||||||||||||||
Investment in Hotel Properties, Net | $ | 106,944 | $ | 114,221 | ||||||||||
Other Assets | 20,826 | 19,146 | ||||||||||||
Total Assets | $ | 127,770 | $ | 133,367 | ||||||||||
Liabilities and Equity | ||||||||||||||
Mortgages and Notes Payable | $ | 115,831 | $ | 112,654 | ||||||||||
Other Liabilities | 31,777 | 37,464 | ||||||||||||
Equity: | ||||||||||||||
Hersha Hospitality Trust | 23,380 | 26,230 | ||||||||||||
Joint Venture Partner(s) | -43,218 | -42,981 | ||||||||||||
Total Equity | -19,838 | -16,751 | ||||||||||||
Total Liabilities and Equity | $ | 127,770 | $ | 133,367 | ||||||||||
Statements of Operations | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Room Revenue | $ | 16,952 | $ | 16,080 | $ | 45,489 | $ | 43,920 | ||||||
Other Revenue | 4,860 | 4,960 | 15,532 | 16,204 | ||||||||||
Operating Expenses | -14,188 | -14,222 | -41,357 | -41,315 | ||||||||||
Lease Expense | -270 | -250 | -793 | -745 | ||||||||||
Property Taxes and Insurance | -723 | -740 | -2,222 | -2,260 | ||||||||||
General and Administrative | -1,493 | -1,276 | -4,385 | -4,205 | ||||||||||
Depreciation and Amortization | -1,655 | -1,630 | -4,849 | -4,862 | ||||||||||
Interest Expense | -1,742 | -1,866 | -5,273 | -5,590 | ||||||||||
Debt Extinguishment and Gain on Debt Forgiveness | 3,027 | - | -2,057 | - | ||||||||||
(Loss) Income Allocated to Noncontrolling Interests | -27 | -26 | 149 | -121 | ||||||||||
Net Income from Continuing Operations | 4,741 | 1,030 | 234 | 1,026 | ||||||||||
Loss from Discontinued Operations | - | - | -55 | |||||||||||
Gain on Disposition of Hotel Properties | - | - | - | 1,162 | ||||||||||
Net Income | $ | 4,741 | $ | 1,030 | $ | 234 | $ | 2,133 | ||||||
Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures | ' | |||||||||||||
September 30, | December 31, | |||||||||||||
2014 | 2013 | |||||||||||||
Company's share of equity recorded on the joint ventures' financial statements | $ | 23,380 | $ | 26,230 | ||||||||||
Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures(1) | -11,738 | -14,186 | ||||||||||||
Investment in Unconsolidated Joint Ventures | $ | 11,642 | $ | 12,044 | ||||||||||
(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). | ||||||||||||||
Other_Assets_And_Deposits_On_H1
Other Assets And Deposits On Hotel Acquisitions (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Other Assets And Deposits On Hotel Acquisitions [Abstract] | ' | ||||||
Other Assets | ' | ||||||
30-Sep-14 | 31-Dec-13 | ||||||
Transaction Costs | $ | - | $ | 115 | |||
Investment in Statutory Trusts | 1,548 | 1,548 | |||||
Prepaid Expenses | 10,932 | 9,256 | |||||
Insurance Claims Receivable | 258 | 1,706 | |||||
Deferred Tax Asset, Net of Valuation Allowance of $804 | 9,571 | 8,766 | |||||
Other | 8,552 | 6,069 | |||||
$ | 30,861 | $ | 27,460 | ||||
Fair_Value_Measurements_And_De1
Fair Value Measurements And Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||
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-14 | 31-Dec-13 | ||||||||||
Courtyard, LA Westside, Culver City, LA | Swap | 1.097% | 1-Month LIBOR + 3.85% | 29-Sep-11 | 29-Sep-15 | $ 30,000 | $ | -228 | $ | -374 | ||||||||
Capitol Hill Hotel, Washington, DC | Swap | 0.540% | 1-Month LIBOR + 3.25% | 1-Feb-12 | 1-Feb-15 | 26,763 | -36 | -88 | ||||||||||
Hotel 373, New York, NY * | Cap | 2.000% | 1-Month LIBOR + 3.85% | 24-May-12 | 1-Jun-15 | 18,356 | - | 1 | ||||||||||
Courtyard, Miami, FL | Swap | 0.820% | 1-Month LIBOR + 3.50% | 2-Jul-12 | 1-Jul-16 | 60,000 | -213 | -354 | ||||||||||
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 | 398 | 430 | ||||||||||
Unsecured Term Loan | Swap | 0.600% | 1-Month LIBOR + 2.40% | 18-Dec-12 | 5-Nov-16 | 50,000 | 141 | 137 | ||||||||||
Hyatt, Union Square, New York, NY | Cap | 2.000% | 1-Month LIBOR + 4.19% | 9-Apr-13 | 9-Apr-16 | 55,000 | 24 | 76 | ||||||||||
Duane Street Hotel, New York, NY | Swap | 0.933% | 1-Month LIBOR + 4.50% | 1-Feb-14 | 1-Feb-17 | 9,397 | -21 | - | ||||||||||
Hilton Garden Inn 52nd Street, New York, NY | Cap | 1.100% | 1-Month LIBOR + 2.90% | 27-May-14 | 1-Jun-15 | 45,000 | - | - | ||||||||||
Hilton Garden Inn 52nd Street, New York, NY | Swap | 1.152% | 1-Month LIBOR + 2.90% | 1-Jun-15 | 21-Feb-17 | 45,000 | -10 | - | ||||||||||
$ | 55 | $ | -172 | |||||||||||||||
*On April 30, 2014, we sold Hotel 373, New York, NY, and therefore, terminated the interest rate cap associated with the mortgage on this property. As a result of this termination, we expensed $55 in fees, which are included in the gain on disposition of hotel properties. | ||||||||||||||||||
Share_Based_Payments_Tables
Share Based Payments (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
Summary Of Unvested Share Awards Issued To Nonemployees | ' | |||||||||||||||||||
Shares Vested | Unearned Compensation | |||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on Date of Grant | Vesting Period | Vesting Schedule | 30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||
24-Mar-14 | 30,000 | $ | 5.69 | 2 years | 50% /year | 15,000 | - | $ | 83 | $ | - | |||||||||
1-Feb-13 | 30,000 | $ | 5.41 | 2 years | 50% /year | 30,000 | 14,999 | - | 81 | |||||||||||
Total | 60,000 | 45,000 | 14,999 | $ | 83 | $ | 81 | |||||||||||||
Annual LTIP Plans [Member] | ' | |||||||||||||||||||
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-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||
21-Mar-14 | ||||||||||||||||||||
(2013 Annual LTIP) | 447,959 | $ | 5.80 | 3 years | 25%/year (1) | 111,988 | - | $ | 778 | $ | - | |||||||||
20-Mar-13 | ||||||||||||||||||||
(2012 Annual LTIP) | 779,045 | $ | 5.95 | 3 years | 25%/year (1) | 389,520 | 389,520 | 492 | 1,039 | |||||||||||
26-Mar-12 | ||||||||||||||||||||
(2011 Annual LTIP) | 748,927 | $ | 5.45 | 3 years | 25%/year (1) | 561,694 | 561,694 | 66 | 266 | |||||||||||
1,063,202 | 951,214 | $ | 1,336 | $ | 1,305 | |||||||||||||||
-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 end of the performance period (subject to continuous employment through the applicable vesting date). | |||||||||||||||||||
Restricted Share Awards [Member] | ' | |||||||||||||||||||
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-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | ||||||||||||
15-Jul-14 | 52,077 | 6.75 | 2 years | 50% /year | - | - | 293 | - | ||||||||||||
23-Jun-14 | 4,411 | 6.50 | 2 years | 50% /year | - | - | 24 | - | ||||||||||||
24-Mar-14 | 8,184 | 5.69 | 2 years | 50% /year | 4,091 | - | 16 | - | ||||||||||||
13-Feb-14 | 1,846 | 5.44 | 2 years | 50% /year | 923 | - | 3 | - | ||||||||||||
20-Sep-13 | 4,605 | 5.52 | 2-4 years | 25-50% /year | 4,605 | - | - | 19 | ||||||||||||
28-Jun-13 | 48,600 | 5.64 | 2-4 years | 25-50% /year | 22,895 | - | 101 | 199 | ||||||||||||
29-Jun-12 | 52,703 | 5.28 | 2-4 years | 25-50% /year | 44,967 | 22,480 | 51 | 110 | ||||||||||||
18-Apr-12 | 1,035,595 | 5.47 | 5 years | 33% Year 3, 4, 5 (1) | - | - | 2,924 | 3,746 | ||||||||||||
30-Jun-11 | 17,692 | 5.57 | 2-4 years | 25-50% /year | 13,804 | 9,919 | 13 | 28 | ||||||||||||
Total | 1,225,713 | 91,285 | 32,399 | $ | 3,425 | $ | 4,102 | |||||||||||||
-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). | |||||||||||||||||||
Annual Retainer [Member] | ' | |||||||||||||||||||
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-14 | 31-Dec-13 | ||||||||||||||
27-Dec-13 | 39,133 | $ | 5.63 | 1 year | 100% | $ | 55 | $ | 220 | |||||||||||
Multi-year LTIP Trustee [Member] | ' | |||||||||||||||||||
Summary Of Unvested Share Awards Issued To Trustees | ' | |||||||||||||||||||
Shares Vested | Unearned Compensation | |||||||||||||||||||
Original Issuance Date | Shares Issued | Vesting Period | Vesting Schedule | 30-Sep-14 | 31-Dec-13 | 30-Sep-14 | 31-Dec-13 | |||||||||||||
27-Dec-13 | 12,000 | 3 years | 33% /year | - | - | $ | 51 | $ | 67 | |||||||||||
28-Dec-12 | 12,000 | 3 years | 33% /year | 4,002 | 4,002 | 25 | 39 | |||||||||||||
5-Jun-12 | 10,800 | 3 years | 33% /year | 7,200 | 7,200 | 4 | 18 | |||||||||||||
11,202 | 11,202 | $ | 80 | $ | 124 | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Reconciliation Of Earnings Per Share | ' | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
NUMERATOR: | |||||||||||||
Basic and Diluted* | |||||||||||||
Income from Continuing Operations | $ | 7,587 | $ | 5,830 | $ | 61,217 | $ | 17,559 | |||||
Loss (Income) from Continuing Operations allocated to Noncontrolling Interests | 49 | 45 | -1,152 | 463 | |||||||||
Distributions to Preferred Shareholders | -3,589 | -3,589 | -10,767 | -11,022 | |||||||||
Dividends Paid on Unvested Restricted Shares | -149 | -228 | -403 | -697 | |||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | - | - | - | -2,250 | |||||||||
Income from Continuing Operations attributable to Common Shareholders | 3,898 | 2,058 | 48,895 | 4,053 | |||||||||
Discontinued Operations | |||||||||||||
(Loss) from Discontinued Operations | - | -3,531 | -1,557 | -4,850 | |||||||||
Loss from Discontinued Operations allocated to Noncontrolling Interests | - | 119 | 52 | 165 | |||||||||
(Loss) from Discontinued Operations attributable to Common Shareholders | - | -3,412 | -1,505 | -4,685 | |||||||||
Net Income (Loss) attributable to Common Shareholders | $ | 3,898 | $ | -1,354 | $ | 47,390 | $ | -632 | |||||
DENOMINATOR: | |||||||||||||
Weighted average number of common shares - basic | 198,597,517 | 198,878,496 | 199,270,719 | 198,186,963 | |||||||||
Effect of dilutive securities: | |||||||||||||
Restricted Stock Awards (unvested) | 1,387,462 | 2,498,237 | 1,205,386 | 2,027,128 | |||||||||
Contingently Issued Shares | 637,007 | 267,900 | 629,747 | 1,273,997 | |||||||||
Weighted average number of common shares - diluted | 200,621,986 | 201,644,633 | 201,105,852 | 201,488,088 | |||||||||
*Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and units of limited partnership interest in HHLP have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. 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, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Common Units of Limited Partnership Interest | 6,914,716 | 6,914,716 | 6,914,716 | 6,986,004 | |||||||||
Total potentially dilutive securities | 6,914,716 | 6,914,716 | 6,914,716 | 6,986,004 | |||||||||
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, 2014 | |||||||
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | ' | ||||||
Non-cash Investing And Financing Activities | ' | ||||||
2014 | 2013 | ||||||
Common Shares issued as part of the Dividend Reinvestment Plan | $ | 34 | $ | 27 | |||
Acquisition of hotel properties: | |||||||
Debt assumed | 24,924 | - | |||||
Settlement of development loan receivable principal and accrued interest revenue receivable | 22,494 | 13,303 | |||||
Disposition of hotel properties: | |||||||
Debt assumed by purchaser | 45,710 | - | |||||
Conversion of Common Units to Common Shares | - | 106 | |||||
Hotel_Dispositions_Tables
Hotel Dispositions (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Hotel Dispositions [Abstract] | ' | ||||||||||||
Assets Held For Sale | ' | ||||||||||||
31-Dec-13 | |||||||||||||
Land | $ | 9,517 | |||||||||||
Buildings and Improvements | 58,129 | ||||||||||||
Furniture, Fixtures and Equipment | 9,198 | ||||||||||||
76,844 | |||||||||||||
Less: Accumulated Depreciation & Amortization | -20,261 | ||||||||||||
Assets Held for Sale | $ | 56,583 | |||||||||||
Liabilities Related to Assets Held for Sale | $ | 45,835 | |||||||||||
Components Of Discontinued Operations | ' | ||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
Revenue: | |||||||||||||
Hotel Operating Revenues | $ | - | $ | 17,582 | $ | 1,940 | $ | 45,797 | |||||
Total Revenues | - | 17,582 | 1,940 | 45,797 | |||||||||
Expenses: | |||||||||||||
Hotel Operating Expenses | - | 10,122 | 1,148 | 27,754 | |||||||||
Gain on Insurance Settlements | - | - | 74 | - | |||||||||
Real Estate and Personal Property Taxes and Property Insurance | - | 865 | 91 | 2,592 | |||||||||
General and Administrative | - | 66 | -15 | 22 | |||||||||
Depreciation and Amortization | - | 2,238 | - | 7,037 | |||||||||
Interest Expense | - | 1,266 | 354 | 3,779 | |||||||||
Other Expense | - | 3 | - | 14 | |||||||||
Income Tax Expense | - | -49 | - | 167 | |||||||||
Total Expenses | - | 14,511 | 1,652 | 41,365 | |||||||||
Income from Discontinued Operations | $ | - | $ | 3,071 | $ | 288 | $ | 4,432 | |||||
Basis_Of_Presentation_Narrativ
Basis Of Presentation (Narrative) (Details) (USD $) | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Mar. 28, 2013 |
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 | $29,871 | ' | $29,523 | ' |
Shareholders' Equity [Abstract] | ' | ' | ' | ' |
Aggregate Liquidation Preference | ' | ' | 75,000 | ' |
Repurchase of Common Shares | 15,284 | ' | ' | ' |
Repurchase of Common Stock (in shares) | 2,626,854 | ' | ' | ' |
Preferred Shares - Outstanding (in shares) | 7,600,000 | ' | 7,600,000 | ' |
Proceeds from Issuance of Preferred Stock, Net | -86 | 72,370 | ' | ' |
Preferred Stock, Redemption Price (in dollars per share) | ' | ' | ' | $25.41 |
Noncontrolling Interests Common Units [Member] | ' | ' | ' | ' |
Noncontrolling Interest [Abstract] | ' | ' | ' | ' |
Noncontrolling interests in Nonredeemable Common Units | 29,871 | ' | 29,523 | ' |
Nonredeemable common units outstanding (in shares) | 6,914,716 | ' | ' | ' |
Fair market value of nonredeemable common units | 44,047 | ' | ' | ' |
Shareholders' Equity [Abstract] | ' | ' | ' | ' |
Common units converted to Class A Common Shares (in shares) | ' | -197,790 | ' | ' |
Series A Preferred Shares [Member] | ' | ' | ' | ' |
Shareholders' Equity [Abstract] | ' | ' | ' | ' |
Distribution Rate | 8.00% | ' | ' | ' |
Preferred Stock, Redemption Price (in dollars per share) | ' | ' | ' | $25 |
Series C Preferred Shares [Member] | ' | ' | ' | ' |
Shareholders' Equity [Abstract] | ' | ' | ' | ' |
Aggregate Liquidation Preference | $75,000 | ' | ' | ' |
Preferred Shares - Outstanding (in shares) | 3,000,000 | ' | 3,000,000 | ' |
Distribution Rate | 6.88% | ' | ' | ' |
Preferred Shares - Par Value (in dollars per share) | $0.01 | ' | ' | ' |
Preferred Shares - Liquidation Preference Value (in dollars per share) | $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, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Class of Stock [Line Items] | ' | ' | ' |
Shares Outstanding | 7,600,000 | ' | 7,600,000 |
Aggregate Liquidation Preference | ' | ' | 75,000 |
Series A Preferred Shares [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Distribution Rate | 8.00% | ' | ' |
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 | ' | 3,000,000 |
Aggregate Liquidation Preference | $75,000 | ' | ' |
Distribution Rate | 6.88% | ' | ' |
Dividend Per Share | $1.29 | $1.05 | ' |
Investment_In_Hotel_Properties2
Investment In Hotel Properties (Narrative) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Sep. 30, 2014 | Aug. 23, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Jul. 22, 2011 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 7-May-14 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
property | Hurricane Sandy [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | Holiday Inn Express, New York, NY [Member] | Holiday Inn Express, New York, NY [Member] | Hampton Inn, Pearl Street, New York, NY [Member] | Hampton Inn, Pearl Street, New York, NY [Member] | Hampton Inn, Pearl Street, New York, NY [Member] | Hotel Milo, Santa Barbara, California [Member] | Parrot Key Hotel And Resort, Key West, FL [Member] | Parrot Key Hotel And Resort, Key West, FL [Member] | 2014 Acquisition Activity [Member] | 2014 Acquisition Activity [Member] | 2014 Acquisition Activity [Member] | 2014 Acquisition Activity [Member] | 2014 Acquisition Activity [Member] | 2014 Acquisition Activity [Member] | ||||
property | Hurricane Sandy [Member] | Hurricane Sandy [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | Hotel Milo, Santa Barbara, California [Member] | Hotel Milo, Santa Barbara, California [Member] | |||||||||||||||
property | property | ||||||||||||||||||||
Acquisitions [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2,000 | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 | 0 | ' | ' | ' | ' | ' | ' |
Total Purchase Price | ' | ' | ' | ' | ' | 84,000 | 112,285 | ' | ' | ' | ' | ' | 41,928 | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Hotel Acquisitions, net | 13,594 | 12,108 | ' | ' | ' | ' | 13,594 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development loan, principal amount | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cancellation of accrued interest receivable | ' | ' | ' | ' | ' | ' | 12,494 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Development Loan Impairment Recovery | 22,494 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan | ' | ' | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | 4 | 2 | ' | ' | ' | 1 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition costs | 2,152 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,840 | 17,473 | 4,341 | 5,484 | 3,277 | 6,577 |
Net Income (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,543 | 3,687 | 992 | 1,129 | 667 | 958 |
Asset Development and Renovation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition Date | ' | ' | ' | ' | ' | ' | 27-May-14 | ' | ' | 22-Jul-11 | ' | ' | 28-Feb-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Business acquisition, cash paid | ' | ' | ' | ' | ' | ' | 27,500 | ' | ' | 28,300 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,247 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in hotel properties | 1,752,115 | ' | 1,535,835 | ' | ' | ' | ' | ' | ' | ' | 37,547 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated impairment charge | ' | ' | ' | ' | ' | ' | ' | 1,586 | ' | ' | 1,997 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Corresponding insurance claim | ' | ' | ' | ' | ' | ' | ' | 1,486 | ' | ' | 1,897 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on Business Interruption Insurance Recovery | $4,602 | $403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_In_Hotel_Properties3
Investment In Hotel Properties (Investment In Hotel Properties) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | $2,057,676 | $1,795,950 |
Less accumulated depreciation | -305,561 | -260,115 |
Total investment in hotel properties, net | 1,752,115 | 1,535,835 |
Land [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | 439,540 | 339,027 |
Building and Improvements [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | 1,419,963 | 1,222,639 |
Furniture, Fixtures And Equipment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | 198,173 | 171,116 |
Construction In Progress [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total investment in hotel properties, gross | ' | $63,168 |
Investment_In_Hotel_Properties4
Investment In Hotel Properties (Wholly Owned Hotel Properties Acquired) (Details) (USD $) | 0 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Aug. 23, 2012 | Sep. 30, 2014 |
Hotel Milo, Santa Barbara, California [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 28-Feb-14 |
Total Purchase Price | ' | $41,928 |
Assumption of Debt | ' | 24,924 |
Hotel Milo, Santa Barbara, California [Member] | Ground Lease Intangible [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | -14,230 |
Hotel Milo, Santa Barbara, California [Member] | Franchise Fees And Loan Costs [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | 273 |
Hotel Milo, Santa Barbara, California [Member] | Building and Improvements [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | 55,080 |
Hotel Milo, Santa Barbara, California [Member] | Furniture, Fixtures And Equipment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | 805 |
Parrot Key Resort, Key West, FL [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 7-May-14 |
Total Purchase Price | ' | 100,000 |
Parrot Key Resort, Key West, FL [Member] | Land [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | 57,889 |
Parrot Key Resort, Key West, FL [Member] | Building and Improvements [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | 33,959 |
Parrot Key Resort, Key West, FL [Member] | Furniture, Fixtures And Equipment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | 8,152 |
Hilton Garden Inn 52nd Street, New York, NY [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Acquisition Date | ' | 27-May-14 |
Total Purchase Price | 84,000 | 112,285 |
Hilton Garden Inn 52nd Street, New York, NY [Member] | Franchise Fees And Loan Costs [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | 1,123 |
Hilton Garden Inn 52nd Street, New York, NY [Member] | Land [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | 45,480 |
Hilton Garden Inn 52nd Street, New York, NY [Member] | Building and Improvements [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | 60,762 |
Hilton Garden Inn 52nd Street, New York, NY [Member] | Furniture, Fixtures And Equipment [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Total Purchase Price | ' | $4,920 |
Investment_In_Hotel_Properties5
Investment In Hotel Properties (Wholly Owned Hotel Properties Acquired-Hilton Garden Inn 52nd Street) (Details) (USD $) | 9 Months Ended | 0 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Aug. 23, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Hilton Garden Inn 52nd Street, New York, NY [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | |||
Franchise Fees And Loan Costs [Member] | Initial Purchase Price [Member] | Other Components Of Consideration [Member] | Fair Market Value At Acquisition [Member] | |||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Total Purchase Price | ' | ' | $84,000 | $112,285 | $1,123 | $84,000 | $1,074 | $111,162 |
Interest and Late Fees on Development Loan | ' | ' | ' | 12,494 | ' | ' | ' | ' |
Non-Cash Fair Market Value Gain on Acquisition | $13,594 | $12,108 | ' | $13,594 | ' | ' | ' | ' |
Investment_In_Hotel_Properties6
Investment In Hotel Properties (Results of Operations for Hotels Acquired With 100% Interest) (Details) (2014 Acquisition Activity [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Business Acquisition [Line Items] | ' | ' |
Revenue | $10,840 | $17,473 |
Net (Loss) Income | 2,543 | 3,687 |
Hotel Milo, Santa Barbara, California [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenue | 3,277 | 6,577 |
Net (Loss) Income | 667 | 958 |
Parrot Key Resort, Key West, FL [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenue | 3,222 | 5,412 |
Net (Loss) Income | 884 | 1,600 |
Hilton Garden Inn 52nd Street, New York, NY [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Revenue | 4,341 | 5,484 |
Net (Loss) Income | $992 | $1,129 |
Investment_In_Hotel_Properties7
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
Investment In Hotel Properties [Abstract] | ' | ' | ' | ' | ||||
Pro Forma Total Revenues | $112,977 | $98,331 | $312,103 | $278,534 | ||||
Pro Forma Income from Continuing Operations | 7,587 | 6,971 | 64,119 | 23,321 | ||||
(Loss) from Discontinued Operations | ' | -3,531 | -1,557 | -4,850 | ||||
Pro Forma Net Income | 7,587 | 3,440 | 62,562 | 18,471 | ||||
Income (Loss) Allocated to Noncontrolling Interest | 49 | 126 | -1,197 | 432 | ||||
Preferred Distributions | -3,589 | [1] | -3,589 | [1] | -10,767 | [1] | -11,022 | [1] |
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | ' | ' | ' | -2,250 | [1] | |||
Pro Forma Net Income (Loss) Applicable to Common Shareholders | $4,047 | ($23) | $50,598 | $5,631 | ||||
Pro Forma Income Applicable to Common Shareholders per Common Share: Basic | $0.02 | ' | $0.25 | $0.03 | ||||
Pro Forma Income Applicable to Common Shareholders per Common Share: Diluted | $0.02 | ' | $0.25 | $0.03 | ||||
Weighted Average Common Shares Outstanding: Basic | 198,597,517 | 198,878,496 | 199,270,719 | 198,186,963 | ||||
Weighted Average Common Shares Outstanding: Diluted | 200,621,986 | [1] | 201,644,633 | [1] | 201,105,852 | [1] | 201,488,088 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and units of limited partnership interest in HHLP have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact.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_Properties8
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Capitalized Expenditures Related To Development Costs [Line Items] | ' | ' | ' | ' |
Development costs | $2 | $448 | $754 | $1,210 |
Property Tax [Member] | ' | ' | ' | ' |
Capitalized Expenditures Related To Development Costs [Line Items] | ' | ' | ' | ' |
Development costs | ' | 110 | 223 | 277 |
Interest Expense [Member] | ' | ' | ' | ' |
Capitalized Expenditures Related To Development Costs [Line Items] | ' | ' | ' | ' |
Development costs | ' | 337 | 458 | 930 |
Utilities [Member] | ' | ' | ' | ' |
Capitalized Expenditures Related To Development Costs [Line Items] | ' | ' | ' | ' |
Development costs | $2 | $1 | $73 | $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, 2014 | Dec. 31, 2013 |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' |
Investment in unconsolidated joint ventures | $11,642 | $12,044 |
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 | 1,028 | 1,057 |
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 | 4,808 | 4,777 |
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 | $5,806 | $6,210 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' | ' | ' |
Income (Loss) from Unconsolidated Joint Venture Investments | $607 | $227 | $606 | ($21) |
SB Partners, LLC [Member] | ' | ' | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' | ' | ' |
Loss from Unconsolidated Joint Venture Investments | 238 | 188 | 322 | 190 |
Hiren Boston, LLC [Member] | ' | ' | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' | ' | ' |
Loss from Unconsolidated Joint Venture Investments | 332 | 141 | 480 | 90 |
Mystic Partners, LLC [Member] | ' | ' | ' | ' |
Investments in Unconsolidated Joint Ventures [Line Items] | ' | ' | ' | ' |
Loss from Unconsolidated Joint Venture Investments | $37 | ($102) | ($196) | ($301) |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Assets | ' | ' | ' | ' | ' |
Investment in Hotel Properties, Net | $106,944 | ' | $106,944 | ' | $114,221 |
Other Assets | 20,826 | ' | 20,826 | ' | 19,146 |
Total Assets | 127,770 | ' | 127,770 | ' | 133,367 |
Liabilities and Equity | ' | ' | ' | ' | ' |
Mortgages and Notes Payable | 115,831 | ' | 115,831 | ' | 112,654 |
Other Liabilities | 31,777 | ' | 31,777 | ' | 37,464 |
Equity: | ' | ' | ' | ' | ' |
Hersha Hospitality Trust | 23,380 | ' | 23,380 | ' | 26,230 |
Joint Venture Partner(s) | -43,218 | ' | -43,218 | ' | -42,981 |
Total Equity | -19,838 | ' | -19,838 | ' | -16,751 |
Total Liabilities and Equity | 127,770 | ' | 127,770 | ' | 133,367 |
Statements of Operations | ' | ' | ' | ' | ' |
Room Revenue | 16,952 | 16,080 | 45,489 | 43,920 | ' |
Other Revenue | 4,860 | 4,960 | 15,532 | 16,204 | ' |
Operating Expenses | -14,188 | -14,222 | -41,357 | -41,315 | ' |
Lease Expense | -270 | -250 | -793 | -745 | ' |
Property Taxes and Insurance | -723 | -740 | -2,222 | -2,260 | ' |
General and Administrative | -1,493 | -1,276 | -4,385 | -4,205 | ' |
Depreciation and Amortization | -1,655 | -1,630 | -4,849 | -4,862 | ' |
Interest Expense | -1,742 | -1,866 | -5,273 | -5,590 | ' |
Debt Extinguishment and Gain on Debt Forgiveness | 3,027 | ' | -2,057 | ' | ' |
(Loss) Income Allocated to Noncontrolling Interests | -27 | -26 | 149 | -121 | ' |
Net Income from Continuing Operations | 4,741 | 1,030 | 234 | 1,026 | ' |
Loss from Discontinued Operations | ' | ' | ' | -55 | ' |
Gain on Disposition of Hotel Properties | ' | ' | ' | 1,162 | ' |
Net Income | $4,741 | $1,030 | $234 | $2,133 | ' |
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, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Investment In Unconsolidated Joint Ventures [Abstract] | ' | ' | ||
Company's share of equity recorded on the joint ventures' financial statements | $23,380 | $26,230 | ||
Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures | -11,738 | [1] | -14,186 | [1] |
Investment in Unconsolidated Joint Ventures | $11,642 | $12,044 | ||
[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). |
Other_Assets_And_Deposits_On_H2
Other Assets And Deposits On Hotel Acquisitions (Narrative) (Details) (USD $) | 1 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Receivables, Loans, Notes Receivable, and Others, Schedule of Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Final claim payment | $2,498 | $1,881 | $2,189 | ' |
Deferred tax assets | ' | 9,571 | ' | 8,766 |
Interest bearing deposits related to acquisition of other hotel properties | ' | ' | ' | 3,100 |
Hilton Garden Inn - 52nd St NY [Member] | ' | ' | ' | ' |
Receivables, Loans, Notes Receivable, and Others, Schedule of Accounts, Notes, Loans and Financing Receivable [Line Items] | ' | ' | ' | ' |
Interest bearing deposits related to acquisition of other hotel properties | ' | $0 | ' | $15,486 |
Other_Assets_And_Deposits_On_H3
Other Assets And Deposits On Hotel Acquisitions (Other Assets) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Assets And Deposits On Hotel Acquisitions [Abstract] | ' | ' |
Transaction Costs | ' | $115 |
Investment in Statutory Trusts | 1,548 | 1,548 |
Prepaid Expenses | 10,932 | 9,256 |
Insurance Claims Receivable | 258 | 1,706 |
Deferred Tax Asset, Net of Valuation Allowance of $804 | 9,571 | 8,766 |
Other | 8,552 | 6,069 |
Total Other Assets | 30,861 | 27,460 |
Valuation allowance | $804 | $804 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Jan. 03, 2013 | Dec. 31, 2013 | Jan. 31, 2014 | Apr. 24, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 |
Assets Held-for-sale [Member] | Duane Street Hotel, New York, NY [Member] | Courtyard by Marriott, Westside, Los Angeles, CA [Member] | Holiday Inn Express, New York, NY [Member] | Citigroup Global Markets Inc. [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] | |||||||
property | 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 | ' | ' | ' | ' | ' | ' | $45,835 | ' | ' | ' | ' | $613,668 | ' | $613,668 | ' | $617,788 | ' | ' | ' | ' | ' | ' |
Interest rate range, minimum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.05% | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate range, maximum (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.25% | ' | ' | ' | ' | ' | ' | ' | ' |
Net unamortizaed premiums | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,805 | ' | -1,805 | ' | -2,466 | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,908 | 8,900 | 23,428 | 26,110 | ' | 426 | 431 | 1,264 | 1,284 | ' | ' |
Debt covenant compliance status | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'We have determined that certain debt service coverage ratio covenants contained in the loan agreements securing four of our hotel properties were not met as of September 30, 2014. 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 loan agreements. | ' | ' | ' | ' | ' | ' | ' | ' |
Number of properties with unmet debt service coverage ratio convenants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date range, start | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Oct-14 | ' | ' | ' | ' | ' | ' | ' | ' |
Maturity date range, end | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Apr-23 | ' | ' | ' | ' | ' | ' | ' | ' |
Subordinated Notes Payable [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of debt instruments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ' | ' | ' |
Subordinated notes payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,548 | ' | 51,548 | ' | 25,774 | 25,774 |
Maturity date | ' | ' | ' | ' | ' | ' | ' | 1-Feb-17 | 29-Sep-17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30-Jul-35 | ' | ' | ' |
Debt instrument, description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR |
Debt instrument, basis spread on variable rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | 4.50% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | 3.00% |
Number of business days prior to quarterly interest payments for resetting rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 days | ' | ' | ' |
Debt instrument, interest rate during period (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.30% | 3.34% | 3.26% | 3.32% | ' | ' |
Capitalized Interest [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capitalized interest | 0 | 337 | 458 | 934 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Financing Costs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred costs, net of accumulated amortization | 8,226 | ' | 8,226 | ' | 7,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated amortization | 7,064 | ' | 7,064 | ' | 7,070 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of deferred costs | 710 | 756 | 2,064 | 2,133 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
New Debt/Refinance and Payoffs [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company funded remaining tranche of the unsecured portion of the credit facility | ' | ' | ' | ' | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan extinguishment | ' | ' | ' | ' | ' | ' | ' | 5,175 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Mortgage loan | ' | ' | ' | ' | ' | ' | ' | 9,500 | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advance in principal | ' | ' | ' | ' | ' | ' | ' | ' | 5,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | 5.43% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized deferred costs and defeasance premiums expensed | ' | ' | 644 | 545 | ' | ' | ' | 65 | 284 | 261 | 579 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured Term Loan | $250,000 | ' | $250,000 | ' | $150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Effective interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 4.10% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest variable rate, floor | ' | ' | ' | ' | ' | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Continued_Narrative_Detai
Debt, Continued (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Feb. 27, 2014 | Sep. 30, 2014 | Feb. 27, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Feb. 27, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Minimum [Member] | Maximum [Member] | Senior Unsecured Credit Agreement [Member] | Senior Unsecured Credit Agreement [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [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] | Revolving Line Of Credit [Member] | |||
Minimum [Member] | Maximum [Member] | Minimum [Member] | Maximum [Member] | |||||||||||||||
Revolving Line of Credit [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving line of credit, current borrowing capacity | ' | ' | ' | ' | $500,000 | $400,000 | $250,000 | $150,000 | ' | ' | ' | $250,000 | ' | $250,000 | ' | $250,000 | ' | ' |
Revolving line of credit, maximum borrowing capacity | ' | ' | ' | ' | 850,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, expiration date | ' | ' | ' | ' | 28-Feb-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Renewal period of line of credit | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on loans provided under line of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The interest rate for the $500,000 unsecured credit facility is based on a pricing grid with a range of one month U.S. LIBOR plus 1.70% to 2.45% for the revolving line of credit and 1.60% to 2.35% for the unsecured term loan. | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'one month U.S. LIBOR | ' | ' | ' | ' |
Fixed interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.22% | ' |
Basis spread on variable rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.60% | 2.35% | ' | ' | ' | ' | ' | 1.70% | 2.45% |
Line of credit, financial covenant terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'The credit agreement providing for the $500,000 unsecured credit facility includes certain financial covenants and requires that we maintain: (1) a minimum tangible net worth of $803,711, plus an amount equal to 75% of the net cash proceeds of all issuances and primary sales of equity interests of the parent guarantor or any of its subsidiaries consummated following the closing date; (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, 2016;B7 a maximum leverage ratio of not more than 60%; andB7 a maximum secured debt leverage ratio of 50%, which decreases to 45% as of January 1, 2016.The Company is in compliance with each of the covenants listed above as of September 30, 2014. | ' | ' | ' | ' |
Line of credit facility covenant minimum tangible net worth | 803,711 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility covenant percentage of net cash proceeds of issuances and sales of equity interests (in hundredths) | 75.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility covenant maximum annual distributions (in hundredths) | 95.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit facility covenant fixed charge coverage ratio | 1.45 | 1.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of credit, remaining borrowing capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 218,745 | ' | 218,745 | ' | ' | ' | ' |
Line of credit, outstanding principal balance | ' | ' | ' | ' | ' | ' | 250,000 | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowings on revoloving line of credit | 27,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Expense, on credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,809 | $1,707 | $4,461 | $3,804 | ' | ' | ' |
Line of credit, weighted average interest rate (in hundredths) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.73% | 3.18% | 2.85% | 3.04% | ' | ' | ' |
Commitments_And_Contingencies_1
Commitments And Contingencies And Related Party Transactions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | 7-May-14 |
Parrot Key Hotel And Resort, Key West, FL [Member] | Parrot Key Hotel And Resort, Key West, FL [Member] | ||||||
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 | $3,271 | $3,199 | $8,998 | $8,637 | ' | ' | ' |
Franchise Agreements [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Terms of franchise agreements, minimum | ' | ' | '10 years | ' | ' | ' | ' |
Terms of franchise agreements, maximum | ' | ' | '20 years | ' | ' | ' | ' |
Franchise fee expense | 7,041 | 7,224 | 19,033 | 19,514 | ' | ' | ' |
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 | 354 | 447 | 1,056 | 1,310 | ' | ' | ' |
Information technology fees | 104 | 131 | 312 | 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 | 119 | 309 | 565 | 1,150 | ' | ' | ' |
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 | 57 | 46 | 166 | 147 | ' | ' | ' |
Charges for capital expenditure purchases | 2,818 | 5,744 | 8,342 | 17,331 | ' | ' | ' |
Capital expenditures included in accounts payable | ' | ' | 2 | ' | ' | ' | ' |
Due From Related Parties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Due from related parties | 6,803 | ' | 6,803 | ' | 11,124 | ' | ' |
Due to Related Parties [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Due to related parties | 3,096 | ' | 3,096 | ' | 4,815 | ' | ' |
Hotel Ground Rent [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Rent expense related to ground leases | 710 | 245 | 1,715 | 739 | ' | ' | ' |
Contingent Liability [Abstract] | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | ' | ' | ' | ' | ' | 2,000 | ' |
Business Combination, Contingent Consideration, Liability | ' | ' | ' | ' | ' | $1,000 | $0 |
Fair_Value_Measurements_And_De2
Fair Value Measurements And Derivative Instruments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | 27-May-14 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
Interest Rate Cap: Hyatt Union Square, New York, NY [Member] | Interest Rate Swap: Duane Street Hotel, New York, NY [Member] | Interest Rate Swap: Duane Street Hotel, New York, NY [Member] | Interest Rate Swap: Hilton Garden Inn 52nd Street, New York, NY [Member] | Interest Rate Swap: Hilton Garden Inn 52nd Street, 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] | |||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed interest payment, percentage | ' | ' | ' | ' | 2.00% | 0.93% | 5.43% | 1.15% | 4.05% | ' | ' | ' | ' |
Unrealized gain (loss) recognized in accumulated other comprehensive income | $805 | ($1,000) | $286 | $1,364 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) reclassified from accumulated other comprehensive income to interest expense | 368 | ' | 1,141 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (loss) to be reclassified to interest expense during next 12 months | 1,252 | ' | 1,252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value and estimated fair value of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | $942,216 | $819,336 | $938,778 | $828,974 |
Fair_Value_Measurements_And_De3
Fair Value Measurements And Derivative Instruments (Fair Value Of Interest Rate Swaps And Caps) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Jan. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | 27-May-14 | ||
In Thousands, unless otherwise specified | 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 for Hotel 373, New York, NY [Member] | Interest Rate Cap for Hotel 373, New York, NY [Member] | Interest Rate Courtyard by Marriott, Miami, FL [Member] | Interest Rate 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] | Interest Rate Swap: Duane Street Hotel, New York, NY [Member] | Interest Rate Swap: Duane Street Hotel, New York, NY [Member] | Interest Rate Cap: Hilton Garden Inn 52nd Street, New York, NY [Member] | Interest Rate Swap: Hilton Garden Inn 52nd Street, New York, NY [Member] | Interest Rate Swap: Hilton Garden Inn 52nd Street, New York, NY [Member] | ||||
Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | Unsecured Term Loan [Member] | |||||||||||||||||||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Strike Rate | ' | ' | 1.10% | ' | 0.54% | ' | 2.00% | [1] | ' | 0.82% | ' | 2.00% | 0.55% | ' | 0.60% | ' | 2.00% | ' | 0.93% | 5.43% | 1.10% | 1.15% | 4.05% | |
Index: Variable interest rate basis | ' | ' | '1-Month LIBOR + 3.85% | ' | '1-Month LIBOR + 3.25% | ' | '1-Month LIBOR + 3.85% | [1] | ' | '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% | ' | '1-Month LIBOR + 4.50% | ' | '1-Month LIBOR + 2.90% | '1-Month LIBOR + 2.90% | ' | |
Index: Basis spread on variable rate basis (in hundredths) | ' | ' | 3.85% | ' | 3.25% | ' | 3.85% | [1] | ' | 3.50% | ' | 3.00% | 2.40% | ' | 2.40% | ' | 4.19% | ' | 4.50% | ' | 2.90% | 2.90% | ' | |
Effective Date | ' | ' | 29-Sep-11 | ' | 1-Feb-12 | ' | 24-May-12 | [1] | ' | 2-Jul-12 | ' | 30-Jul-12 | 5-Nov-12 | ' | 18-Dec-12 | ' | 9-Apr-13 | ' | 1-Feb-14 | ' | 27-May-14 | 1-Jun-15 | ' | |
Maturity Date | ' | ' | 29-Sep-15 | ' | 1-Feb-15 | ' | 1-Jun-15 | [1] | ' | 1-Jul-16 | ' | 30-Jul-14 | 5-Nov-16 | ' | 5-Nov-16 | ' | 9-Apr-16 | ' | 1-Feb-17 | ' | 1-Jun-15 | 21-Feb-17 | ' | |
Notional amount | ' | ' | $30,000 | ' | $26,763 | ' | $18,356 | [1] | ' | $60,000 | ' | $51,548 | $100,000 | ' | $50,000 | ' | $55,000 | ' | $9,397 | ' | $45,000 | $45,000 | ' | |
Estimated Fair Value | 55 | -172 | -228 | -374 | -36 | -88 | ' | 1 | [1] | -213 | -354 | ' | 398 | 430 | 141 | 137 | 24 | 76 | -21 | ' | ' | -10 | ' | |
Interest rate cap, termination fees | ' | ' | ' | ' | ' | ' | $55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
[1] | On April 30, 2014, we sold Hotel 373, New York, NY, and therefore, terminated the interest rate cap associated with the mortgage on this property. As a result of this termination, we expensed $55 in fees, which are included in the gain on disposition of hotel properties. |
Share_Based_Payments_Narrative
Share Based Payments (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | $1,595 | $1,992 | $4,156 | $6,819 | ' |
Unearned Compensation | 1,336 | ' | 1,336 | ' | 1,305 |
Shares Vested (in shares) | 1,063,202 | ' | 1,063,202 | ' | 951,214 |
Annual LTIP Plans [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | 942 | 682 | 1,921 | 2,333 | ' |
2014 Multi Year LTIP [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Terms of Share-based payment awards | ' | ' | 'On April 11, 2014, the Compensation Committee approved the 2014 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 (37.50% of the award), (2) relative total shareholder return as compared to the Company's peer group (37.50% 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, 2014 and ends December 31, 2016. As of September 30, 2014 no common shares have been issued in accordance with the 2014 Plan to the executive officers in settlement of 2014 Multi-Year LTIP awards. | ' | ' |
Performance period | ' | ' | '3 years | ' | ' |
Shareholders return as percentage of award for achievement level one (in hundredths) | 37.50% | ' | 37.50% | ' | ' |
Shareholders return as percentage of award for achievement level two (in hundredths) | 37.50% | ' | 37.50% | ' | ' |
Shareholders return as percentage of award for achievement level three (in hundredths) | 25.00% | ' | 25.00% | ' | ' |
2013 Multi Year LTIP [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Terms of Share-based payment awards | ' | ' | '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, 2014 no common shares have been issued in accordance with the 2013 Plan to the executive officers in settlement of 2013 Multi-Year LTIP awards. | ' | ' |
Performance period | ' | ' | '3 years | ' | ' |
Shareholders return as percentage of award for achievement level one (in hundredths) | 50.00% | ' | 50.00% | ' | ' |
Shareholders return as percentage of award for achievement level two (in hundredths) | 25.00% | ' | 25.00% | ' | ' |
Shareholders return as percentage of award for achievement level three (in hundredths) | 25.00% | ' | 25.00% | ' | ' |
Multi-Year LTIP [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | 167 | 894 | 431 | 2,587 | ' |
Unearned Compensation | 1,788 | ' | 1,788 | ' | 1,157 |
Multi-Year LTIP [Member] | Annual Retainer [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | ' | 40 | 165 | 120 | ' |
Restricted Common Shares [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | 393 | 341 | 1,113 | 1,270 | ' |
Restricted Share Awards [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Unearned Compensation | 3,425 | ' | 3,425 | ' | 4,102 |
Shares Issued (in shares) | ' | ' | 1,225,713 | ' | ' |
Shares Vested (in shares) | 91,285 | ' | 91,285 | ' | 32,399 |
Restricted Share Awards [Member] | Issued 06-23-2014 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Unearned Compensation | 24 | ' | 24 | ' | ' |
Shares Issued (in shares) | ' | ' | 4,411 | ' | ' |
Share Price on date of grant (in dollars per share) | ' | ' | $6.50 | ' | ' |
Unvested Share Awards [Abstract] | ' | ' | ' | ' | ' |
Vesting Period | ' | ' | '2 years | ' | ' |
Vesting Schedule (in hundredths) | ' | ' | 50.00% | ' | ' |
Multi-year LTIP Trustee [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | 15 | 14 | 45 | 42 | ' |
Unearned Compensation | 80 | ' | 80 | ' | 124 |
Shares Vested (in shares) | 11,202 | ' | 11,202 | ' | 11,202 |
Percentage premium on retainer equity option (in hundredths) | 25.00% | ' | 25.00% | ' | ' |
Multi-year LTIP Trustee [Member] | Annual Retainer [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | 55 | ' | ' | ' | ' |
Board Of Trustees [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | 309 | ' | 314 | ' | ' |
Board Of Trustees [Member] | Issued 06-23-2014 [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Shares Issued (in shares) | ' | ' | 47,475 | ' | ' |
Non-employees [Member] | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' |
Stock based compensation expense | 23 | 21 | 172 | 153 | ' |
Unearned Compensation | $83 | ' | $83 | ' | $81 |
Shares Issued (in shares) | ' | ' | 60,000 | ' | ' |
Shares Vested (in shares) | 45,000 | ' | 45,000 | ' | 14,999 |
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, 2014 | Dec. 31, 2013 | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Vested (in shares) | 1,063,202 | 951,214 | |
Unearned Compensation | $1,336 | $1,305 | |
Issued 03-24-2014 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 30,000 | ' | |
Share Price on date of grant (in dollars per share) | $5.69 | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
Shares Vested (in shares) | 15,000 | ' | |
Unearned Compensation | 83 | ' | |
2013 Annual LTIP [Member] | Issued 03-21-2014 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 447,959 | ' | |
Share Price on date of grant (in dollars per share) | $5.80 | ' | |
Vesting Period | '3 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | [1] | ' |
Shares Vested (in shares) | 111,988 | ' | |
Unearned Compensation | 778 | ' | |
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) | 389,520 | 389,520 | |
Unearned Compensation | 492 | 1,039 | |
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) | 561,694 | 561,694 | |
Unearned Compensation | 66 | 266 | |
Restricted Share Awards [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 1,225,713 | ' | |
Shares Vested (in shares) | 91,285 | 32,399 | |
Unearned Compensation | 3,425 | 4,102 | |
Restricted Share Awards [Member] | Issued 07-15-2014 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 52,077 | ' | |
Share Price on date of grant (in dollars per share) | $6.75 | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
Unearned Compensation | 293 | ' | |
Restricted Share Awards [Member] | Issued 06-23-2014 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 4,411 | ' | |
Share Price on date of grant (in dollars per share) | $6.50 | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
Unearned Compensation | 24 | ' | |
Restricted Share Awards [Member] | Issued 03-24-2014 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 8,184 | ' | |
Share Price on date of grant (in dollars per share) | $5.69 | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
Shares Vested (in shares) | 4,091 | ' | |
Unearned Compensation | 16 | ' | |
Restricted Share Awards [Member] | Issued 02-13-2014 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Shares Issued (in shares) | 1,846 | ' | |
Share Price on date of grant (in dollars per share) | $5.44 | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 50.00% | ' | |
Shares Vested (in shares) | 923 | ' | |
Unearned Compensation | 3 | ' | |
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 | ' | |
Shares Vested (in shares) | 4,605 | ' | |
Unearned Compensation | ' | 19 | |
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 | ' | |
Shares Vested (in shares) | 22,895 | ' | |
Unearned Compensation | 101 | 199 | |
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) | 44,967 | 22,480 | |
Unearned Compensation | 51 | 110 | |
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 | 2,924 | 3,746 | |
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) | 13,804 | 9,919 | |
Unearned Compensation | $13 | $28 | |
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% | ' | |
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 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 06-30-2011 [Member] | ' | ' | |
Unvested Share Awards [Abstract] | ' | ' | |
Vesting Period | '2 years | ' | |
Vesting Schedule (in hundredths) | 25.00% | ' | |
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% | ' | |
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 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 06-30-2011 [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 end of the performance period (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 | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Unvested Share Awards [Abstract] | ' | ' |
Shares Vested (in shares) | 1,063,202 | 951,214 |
Unearned Compensation | $1,336 | $1,305 |
Multi-year LTIP Trustee [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Vested (in shares) | 11,202 | 11,202 |
Unearned Compensation | 80 | 124 |
Multi-year LTIP Trustee [Member] | Issued 12-27-2013 [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 12,000 | ' |
Vesting Period | '3 years | ' |
Vesting Schedule (in hundredths) | 33.00% | ' |
Unearned Compensation | 51 | 67 |
Multi-year LTIP Trustee [Member] | Issued 12-28-2012 [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 12,000 | ' |
Vesting Period | '3 years | ' |
Vesting Schedule (in hundredths) | 33.00% | ' |
Shares Vested (in shares) | 4,002 | 4,002 |
Unearned Compensation | 25 | 39 |
Multi-year LTIP Trustee [Member] | Issued 06-05-2012 [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 10,800 | ' |
Vesting Period | '3 years | ' |
Vesting Schedule (in hundredths) | 33.00% | ' |
Shares Vested (in shares) | 7,200 | 7,200 |
Unearned Compensation | 4 | 18 |
Annual Retainer [Member] | Issued 12-27-2013 [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 39,133 | ' |
Share Price on date of grant (in dollars per share) | $5.63 | ' |
Vesting Period | '1 year | ' |
Vesting Schedule (in hundredths) | 100.00% | ' |
Unearned Compensation | $55 | $220 |
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, 2014 | Dec. 31, 2013 |
Unvested Share Awards [Abstract] | ' | ' |
Shares Vested (in shares) | 1,063,202 | 951,214 |
Unearned Compensation | $1,336 | $1,305 |
Issued 03-24-2014 [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 30,000 | ' |
Share Price on date of grant (in dollars per share) | $5.69 | ' |
Vesting Period | '2 years | ' |
Vesting Schedule (in hundredths) | 50.00% | ' |
Shares Vested (in shares) | 15,000 | ' |
Unearned Compensation | 83 | ' |
Non-employees [Member] | ' | ' |
Unvested Share Awards [Abstract] | ' | ' |
Shares Issued (in shares) | 60,000 | ' |
Shares Vested (in shares) | 45,000 | 14,999 |
Unearned Compensation | 83 | 81 |
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) | 30,000 | 14,999 |
Unearned Compensation | ' | $81 |
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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||||
BASIC AND DILUTED [Abstract] | ' | ' | ' | ' | ||||
Income from Continuing Operations | $7,587 | [1] | $5,830 | [1] | $61,217 | [1] | $17,559 | [1] |
Loss (Income) from Continuing Operations allocated to Noncontrolling Interests | 49 | [1] | 45 | [1] | -1,152 | [1] | 463 | [1] |
Distributions to Preferred Shareholders | -3,589 | [1] | -3,589 | [1] | -10,767 | [1] | -11,022 | [1] |
Dividends Paid on Unvested Restricted Shares | -149 | [1] | -228 | [1] | -403 | [1] | -697 | [1] |
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | ' | ' | ' | -2,250 | [1] | |||
Income from Continuing Operations attributable to Common Shareholders | 3,898 | [1] | 2,058 | [1] | 48,895 | [1] | 4,053 | [1] |
Discontinued Operations [Abstract] | ' | ' | ' | ' | ||||
(Loss) from Discontinued Operations | ' | -3,531 | [1] | -1,557 | [1] | -4,850 | [1] | |
Loss from Discontinued Operations allocated to Noncontrolling Interests | ' | 119 | [1] | 52 | [1] | 165 | [1] | |
(Loss) from Discontinued Operations attributable to Common Shareholders | ' | -3,412 | [1] | -1,505 | [1] | -4,685 | [1] | |
Net Income (Loss) attributable to Common Shareholders | $3,898 | [1] | ($1,354) | [1] | $47,390 | [1] | ($632) | [1] |
Denominator [Abstract] | ' | ' | ' | ' | ||||
Weighted average number of common shares - basic (in shares) | 198,597,517 | 198,878,496 | 199,270,719 | 198,186,963 | ||||
Effect of dilutive securities [Abstract] | ' | ' | ' | ' | ||||
Restricted Stock Awards (in shares) | 1,387,462 | 2,498,237 | 1,205,386 | 2,027,128 | ||||
Contingently Issued Shares (in shares) | 637,007 | 267,900 | 629,747 | 1,273,997 | ||||
Weighted average number of common shares - diluted (in shares) | 200,621,986 | [1] | 201,644,633 | [1] | 201,105,852 | [1] | 201,488,088 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and units of limited partnership interest in HHLP have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact.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, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Potentially Dilutive Securities Excluded from the Denominator | 6,914,716 | 6,914,716 | 6,914,716 | 6,986,004 |
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 | 6,914,716 | 6,914,716 | 6,986,004 |
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, 2014 | Sep. 30, 2013 |
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | ' | ' |
Interest paid | $30,538 | $31,774 |
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, 2014 | Sep. 30, 2013 |
Non-cash Investing and Financing Activities [Abstract] | ' | ' |
Common Shares issued as part of the Dividend Reinvestment Plan | $34 | $27 |
Debt assumed | 24,924 | ' |
Settlement of development loan receivable principal and accrued interest revenue receivable | 22,494 | 13,303 |
Disposition of hotel properties [Abstract] | ' | ' |
Debt assumed by purchaser | 45,710 | ' |
Conversion of Common Units to Common Shares | ' | $106 |
Hotel_Dispositions_Narrative_D
Hotel Dispositions (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2011 | Sep. 17, 2013 | Sep. 30, 2013 | Jun. 12, 2013 | Apr. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Dec. 20, 2013 | Sep. 20, 2013 |
property | Holiday Inn Express Camp Springs, MD [Member] | Holiday Inn Express Camp Springs, MD [Member] | Comfort Inn Harrisburg, PA [Member] | Hotel 373-5th Ave, New York, NY [Member] | Hotel 373-5th Ave, New York, NY [Member] | Hotel 373-5th Ave, New York, NY [Member] | Hotel 373-5th Ave, New York, NY [Member] | Hotel 373-5th Ave, 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] | |||||
property | property | property | |||||||||||||||||
Assets Held for Sale [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Disposal of portfolio, aggregate purchase price | ' | ' | ' | ' | ' | ' | ' | ' | $37,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $217,000 |
Gain on sale of hotel properties | ' | ' | ' | ' | ' | 120 | ' | 912 | 7,184 | ' | ' | ' | ' | ' | 31,697 | ' | ' | ' | ' |
(Loss) Gain on Disposition of Discontinued Assets | ' | -11 | -45 | 1,032 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' |
Reduction in mortgage debt resulting from sale of hotel properties sold | ' | ' | ' | ' | ' | ' | ' | ' | 18,356 | ' | ' | ' | ' | ' | 78,754 | ' | ' | ' | ' |
Operating Income (Loss) | 18,012 | 13,601 | 49,156 | 32,653 | ' | ' | ' | ' | ' | 17 | 245 | -133 | 567 | ' | ' | ' | ' | ' | ' |
Number of Real Estate Properties | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16 |
Number of hotel properties sold | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | 12 | ' |
Net proceeds from sale of hotel property | ' | ' | ' | ' | ' | 8,500 | ' | 3,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment of Discontinued Assets | ' | $6,591 | $1,800 | $10,314 | ' | ' | $3,723 | ' | ' | ' | ' | ' | ' | $1,800 | ' | $6,591 | ' | ' | ' |
Hotel_Dispositions_Assets_Held
Hotel Dispositions (Assets Held For Sale) (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held for Sale, Gross | $76,844 |
Less Accumulated Depreciation & Amortization | -20,261 |
Assets Held for Sale | 56,583 |
Liabilities Related To Assets Held for Sale | 45,835 |
Land [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held for Sale, Gross | 9,517 |
Building and Improvements [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held for Sale, Gross | 58,129 |
Furniture, Fixtures And Equipment [Member] | ' |
Long Lived Assets Held-for-sale [Line Items] | ' |
Assets Held for Sale, Gross | $9,198 |
Hotel_Dispositions_Components_
Hotel Dispositions (Components Of Discontinued Operations) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenue [Abstract] | ' | ' | ' |
Hotel Operating Revenues | $17,582 | $1,940 | $45,797 |
Total Revenues | 17,582 | 1,940 | 45,797 |
Expenses [Abstract] | ' | ' | ' |
Hotel Operating Expenses | 10,122 | 1,148 | 27,754 |
Gain on Insurance Settlements | ' | 74 | ' |
Real Estate and Personal Property Taxes and Property Insurance | 865 | 91 | 2,592 |
General and Administrative | 66 | -15 | 22 |
Depreciation and Amortization | 2,238 | ' | 7,037 |
Interest Expense | 1,266 | 354 | 3,779 |
Other Expense | 3 | ' | 14 |
Income Tax Expense | -49 | ' | 167 |
Total Expenses | 14,511 | 1,652 | 41,365 |
Income from Discontinued Operations | $3,071 | $288 | $4,432 |