Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 | Feb. 19, 2015 |
Entity Registrant Name | HERSHA HOSPITALITY TRUST | ||
Entity Central Index Key | 1063344 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1.30 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Class A Common Shares [Member] | |||
Entity Common Stock, Shares Outstanding | 198,837,454 | ||
Class B Common Shares [Member] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 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 $84,247 and $85,759 | $1,745,483 | $1,535,835 |
Investment in Unconsolidated Joint Ventures | 11,150 | 12,044 |
Cash and Cash Equivalents | 21,675 | 36,213 |
Escrow Deposits | 16,941 | 25,938 |
Hotel Accounts Receivable, Net of Allowance for Doubtful Accounts of $39 and $43 | 9,363 | 9,141 |
Deferred Financing Costs, Net of Accumulated Amortization of $6,938 and $7,070 | 8,605 | 7,570 |
Due from Related Parties | 6,580 | 11,124 |
Intangible Assets, Net of Accumulated Amortization of $3,514 and $3,227 | 7,316 | 7,603 |
Deposits on Hotel Acquisitions | 18,586 | |
Other Assets | 28,426 | 27,460 |
Hotel Assets Held for Sale | 56,583 | |
Total Assets | 1,855,539 | 1,748,097 |
Liabilities and Equity: | ||
Line of Credit | ||
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 $54,132 and $55,714 | 617,375 | 571,953 |
Accounts Payable, Accrued Expenses and Other Liabilities | 54,115 | 40,852 |
Dividends and Distributions Payable | 17,909 | 15,955 |
Due to Related Parties | 7,203 | 4,815 |
Liabilities Related To Hotel Assets Held for Sale | 45,835 | |
Total Liabilities | 998,150 | 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 December 31, 2014 and December 31, 2013, with Liquidation Preferences of $25 Per Share (Note 1) | 76 | 76 |
Accumulated Other Comprehensive Loss | -358 | -376 |
Additional Paid-in Capital | 1,193,056 | 1,200,798 |
Distributions in Excess of Net Income | -365,381 | -364,568 |
Total Shareholders' Equity | 829,382 | 837,958 |
Noncontrolling Interests (Note 1): | ||
Noncontrolling Interests - Common Units | 29,082 | 29,523 |
Noncontrolling Interest - Consolidated Variable Interest Entity | -1,075 | -342 |
Total Noncontrolling Interests | 28,007 | 29,181 |
Total Equity | 857,389 | 867,139 |
Total Liabilities and Equity | 1,855,539 | 1,748,097 |
Class A Common Shares [Member] | ||
Shareholders' Equity: | ||
Common Shares | 1,989 | 2,028 |
Class B Common Shares [Member] | ||
Shareholders' Equity: | ||
Common Shares |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Assets: | ||
Consolidation of variable interest entity assets | $84,247 | $85,759 |
Hotel Accounts Receivable, Allowance for Doubtful Accounts | 39 | 43 |
Deferred Financing Costs, Accumulated Amortization | 6,938 | 7,070 |
Intangible Assets, Accumulated Amortization | 3,514 | 3,227 |
Liabilities and Equity: | ||
Consolidation of variable interest entity debt | $54,132 | $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 Stock [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 - Issued (in shares) | 3,000,000 | 3,000,000 |
Preferred Shares - Outstanding (in shares) | 3,000,000 | 3,000,000 |
Class A Common Shares [Member] | ||
Shareholders' Equity: | ||
Common Shares - Par Value (in dollars per share) | $0.01 | $0.01 |
Common Shares - Authorized (in shares) | 300,000,000 | 300,000,000 |
Common Shares - Issued (in shares) | 198,835,083 | 202,759,419 |
Common Shares - Outstanding (in shares) | 198,835,083 | 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_Statement_Of_Oper
Consolidated Statement Of Operations (USD $) | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Revenue: | ||||||
Hotel Operating Revenues | $417,226 | $338,064 | $299,005 | |||
Interest Income from Development Loans | 158 | 1,998 | ||||
Other Revenues | 180 | 191 | 212 | |||
Total Revenues | 417,406 | 338,413 | 301,215 | |||
Operating Expenses: | ||||||
Hotel Operating Expenses | 227,324 | 188,431 | 161,982 | |||
Insurance Recoveries | -4,604 | -403 | ||||
Hotel Ground Rent | 2,433 | 985 | 835 | |||
Real Estate and Personal Property Taxes and Property Insurance | 30,342 | 24,083 | 19,341 | |||
General and Administrative (including Share Based Payments of $6,028, $9,746, and $9,678 for the year ended December 31, 2014, 2013 and 2012, respectively) | 20,363 | 23,869 | 23,377 | |||
Acquisition and Terminated Transaction Costs | 2,472 | 974 | 1,179 | |||
Depreciation and Amortization | 69,167 | 55,784 | 48,243 | |||
Contingent Consideration Related to Acquisition of Hotel Property | 2,000 | |||||
Total Operating Expenses | 349,497 | 293,723 | 254,957 | |||
Operating Income | 67,909 | 44,690 | 46,258 | |||
Interest Income | 805 | 1,784 | 1,311 | |||
Interest Expense | -43,357 | -40,935 | -38,070 | |||
Other Expense | 485 | 102 | 43 | |||
Gain on Disposition of Hotel Properties | 7,195 | |||||
Gain on Hotel Acquisitions, Net | 12,667 | 12,096 | ||||
Development Loan Recovery | 22,494 | |||||
Loss on Debt Extinguishment | -670 | -545 | -3,189 | |||
Income Before Income (Loss) from Unconsolidated Joint Venture Investments, Income Taxes and Discontinued Operations | 66,558 | 16,988 | 6,267 | |||
Income (Loss) from Unconsolidated Joint Ventures | 693 | -22 | -232 | |||
Impairment of Investment in Unconsolidated Joint Venture | -1,813 | |||||
Loss from Remeasurement of Investment in Unconsolidated Joint Venture | -1,892 | |||||
Income (Loss) from Unconsolidated Joint Venture Investments | 693 | -1,835 | -2,124 | |||
Income Before Income Taxes | 67,251 | 15,153 | 4,143 | |||
Income Tax Benefit | 2,685 | 5,600 | 3,355 | |||
Income from Continuing Operations | 69,936 | 20,753 | 7,498 | |||
Discontinued Operations (Note 11): | ||||||
(Loss) Gain on Disposition of Discontinued Assets | -128 | 32,121 | 11,231 | |||
Impairment of Discontinued Assets | -1,800 | -10,314 | ||||
Income from Discontinued Operations, Net of Income Taxes | 263 | 7,388 | 3,489 | |||
(Loss) Income from Discontinued Operations | -1,665 | 29,195 | 14,720 | |||
Net Income | 68,271 | 49,948 | 22,218 | |||
(Income) Loss Allocated to Noncontrolling Interests | -1,016 | -335 | 158 | |||
Preferred Distributions | -14,356 | -14,611 | -14,000 | |||
Less: Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | -2,250 | |||||
Net Income Applicable to Common Shareholders | $52,899 | $32,752 | $8,376 | |||
BASIC | ||||||
Income (Loss) from Continuing Operations Applicable to Common Shareholders | $0.27 | $0.02 | ($0.03) | |||
Income (Loss) from Discontinued Operations Applicable to Common Shareholders | ($0.01) | $0.14 | $0.07 | |||
Net Income (Loss) Applicable to Common Shareholders | $0.26 | $0.16 | $0.04 | |||
DILUTED | ||||||
Income (Loss) from Continuing Operations Applicable to Common Shareholders | $0.27 | $0.02 | ($0.03) | |||
Income (Loss) from Discontinued Operations Applicable to Common Shareholders | ($0.01) | $0.14 | $0.07 | |||
Net Income (Loss) Applicable to Common Shareholders | $0.26 | $0.16 | $0.04 | |||
Weighted Average Common Shares Outstanding: | ||||||
Basic | 199,109,209 | 198,390,450 | 187,415,270 | |||
Diluted | 201,197,310 | [1] | 201,918,177 | [1] | 187,415,270 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the bOperating Partnershipb or bHHLPb) has been excluded from the numerator and common units of limited partnership interest (bCommon Unitsb) in the Operating Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these shares and units in the numerator and denominator would have no impact.B B In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders. |
Consolidated_Statement_Of_Oper1
Consolidated Statement Of Operations (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Potentially dilutive securities that have been excluded from earnings per share: | |||
Share Based Payments | $6,028 | $9,746 | $9,678 |
Potentially Dilutive Securities Excluded from the Denominator | 6,942,360 | 6,968,035 | 10,695,345 |
Common Units [Member] | |||
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator | 6,909,649 | 6,968,035 | 7,208,123 |
LTIP Units [Member] | |||
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator | 32,711 | ||
Unvested Stock Awards Outstanding [Member] | |||
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator | 433,097 | ||
Contingently Issuable Share Awards [Member] | |||
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator | 2,778,545 | ||
Options To Acquire Common Shares Outstanding [Member] | |||
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator | 275,580 |
Consolidated_Statements_Of_Com
Consolidated Statements Of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Consolidated Statements Of Comprehensive Income (Loss) [Abstract] | |||
Net Income | $68,271 | $49,948 | $22,218 |
Other Comprehensive Income (Loss) | |||
Change in Fair Value of Derivative Instruments | 1,527 | 2,694 | 1,073 |
Less: Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income | -1,509 | -1,284 | -1,708 |
Comprehensive Income | 68,289 | 51,358 | 21,583 |
Less: Comprehensive Loss (Income) Attributable to Noncontrolling Interests | -1,016 | -335 | 158 |
Less: Preferred Distributions | -14,356 | -14,611 | -14,000 |
Less: Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | -2,250 | ||
Comprehensive Income Attributable to Common Shareholders | $52,917 | $34,162 | $7,741 |
Consolidated_Statements_Of_Equ
Consolidated Statements Of Equity (USD $) | Common Shares [Member] | Common Shares [Member] | Preferred Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Distributions in Excess of Net Earnings [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests Shares [Member] | Noncontrolling Interests Common Units [Member] | Noncontrolling Interests Consolidated Joint Ventures [Member] | Noncontrolling Interests Consolidated Variable Interest Entity [Member] | Total Noncontrolling Interests [Member] | Redeemable Noncontrolling Interests Shares [Member] | Redeemable Noncontrolling Interests Common Units [Member] | Total |
Class A Common Shares [Member] | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||
USD ($) | |||||||||||||||
Balance at Dec. 31, 2011 | $1,699,000 | $70,000 | $1,041,027,000 | ($1,151,000) | ($310,972,000) | $730,673,000 | $16,862,000 | $307,000 | $17,169,000 | $14,955,000 | $747,842,000 | ||||
Balance (in shares) at Dec. 31, 2011 | 169,969,973 | 7,000,000 | 4,206,064 | 3,064,252 | |||||||||||
Unit Conversion | 1,000 | 571,000 | 572,000 | -572,000 | -572,000 | ||||||||||
Unit Conversion (in shares) | 157,810 | -157,810 | 157,810 | ||||||||||||
Reclassification / Reallocation of Noncontrolling Interest | -966,000 | -966,000 | 966,000 | -966,000 | |||||||||||
Common Stock Issuance | |||||||||||||||
Common Stock Offering, net of costs | 240,000 | 128,318,000 | 128,558,000 | 128,558,000 | |||||||||||
Common Stock Offering, net of costs (in shares) | 24,000,000 | ||||||||||||||
Common Stock Option Cancellation | 25,000 | -25,000 | |||||||||||||
Common Stock Option Cancellation (in shares) | 2,521,561 | ||||||||||||||
Dividends and Distributions declared: | |||||||||||||||
Common Shares | -46,138,000 | -46,138,000 | -46,138,000 | ||||||||||||
Preferred Shares | -14,000,000 | -14,000,000 | -14,000,000 | ||||||||||||
Common Units | -991,000 | -991,000 | -736,000 | -991,000 | |||||||||||
Dividend Reinvestment Plan | 24,000 | 24,000 | 24,000 | ||||||||||||
Dividend Reinvestment Plan (in shares) | 5,117 | ||||||||||||||
Stock Based Compensation | |||||||||||||||
Grants | 21,000 | 2,616,000 | 2,637,000 | 2,637,000 | |||||||||||
Grants (in shares) | 2,017,895 | ||||||||||||||
Amortization | 6,727,000 | 6,727,000 | 6,727,000 | ||||||||||||
Consolidation of Variable Interest Entity | 956,000 | 956,000 | 956,000 | ||||||||||||
Deconsolidation of Consolidated Joint Ventures | -307,000 | -307,000 | -307,000 | ||||||||||||
Change in Fair Value of Derivative Instruments | -635,000 | -635,000 | -635,000 | ||||||||||||
Net Income (Loss) | 22,376,000 | 22,376,000 | 185,000 | -480,000 | -295,000 | 136,000 | 22,081,000 | ||||||||
Balance at Dec. 31, 2012 | 1,986,000 | 70,000 | 1,178,292,000 | -1,786,000 | -348,734,000 | 829,828,000 | 15,484,000 | 476,000 | 15,960,000 | 15,321,000 | 845,788,000 | ||||
Balance (in shares) at Dec. 31, 2012 | 198,672,356 | 7,000,000 | 4,048,254 | 3,064,252 | 3,064,252 | ||||||||||
Unit Conversion | 1,000 | -234,000 | -233,000 | -766,000 | -766,000 | -999,000 | |||||||||
Unit Conversion (in shares) | 27,790 | -197,790 | 27,790 | ||||||||||||
Reclassification / Reallocation of Noncontrolling Interest | 3,064,252 | 15,365,000 | 15,365,000 | -15,365,000 | 15,365,000 | ||||||||||
Reclassification / Reallocation of Noncontrolling Interest (in shares) | -3,064,252 | ||||||||||||||
Preferred Stock Issuance | |||||||||||||||
Preferred Stock Offering, net of costs | 30,000 | 72,340,000 | 72,370,000 | 72,370,000 | |||||||||||
Preferred Stock Offering, net of costs (in shares) | 3,000,000 | ||||||||||||||
Preferred Stock Redemption | -24,000 | -59,976,000 | -60,000,000 | -60,000,000 | |||||||||||
Preferred Stock Redemption (in shares) | -2,400,000 | ||||||||||||||
Dividends and Distributions declared: | |||||||||||||||
Common Shares | -50,836,000 | -50,836,000 | -50,836,000 | ||||||||||||
Preferred Shares | -14,611,000 | -14,611,000 | -14,611,000 | ||||||||||||
Common Units | -1,669,000 | -1,669,000 | -1,669,000 | ||||||||||||
Dividend Reinvestment Plan | 38,000 | 38,000 | 38,000 | ||||||||||||
Dividend Reinvestment Plan (in shares) | 7,206 | ||||||||||||||
Stock Based Compensation | |||||||||||||||
Grants | 41,000 | 467,000 | 508,000 | 508,000 | |||||||||||
Grants (in shares) | 4,052,067 | ||||||||||||||
Amortization | 9,871,000 | 9,871,000 | 9,871,000 | ||||||||||||
Change in Fair Value of Derivative Instruments | 1,410,000 | 1,410,000 | 1,410,000 | ||||||||||||
Net Income (Loss) | 49,613,000 | 49,613,000 | 1,109,000 | -818,000 | 291,000 | 44,000 | 49,904,000 | ||||||||
Balance at Dec. 31, 2013 | 2,028,000 | 76,000 | 1,200,798,000 | -376,000 | -364,568,000 | 837,958,000 | 29,523,000 | -342,000 | 29,181,000 | 867,139,000 | |||||
Balance (in shares) at Dec. 31, 2013 | 202,759,419 | 7,600,000 | 6,914,716 | ||||||||||||
Unit Conversion | -77,000 | -77,000 | -65,304 | -261,000 | -261,000 | -338,000 | |||||||||
Unit Conversion (in shares) | 18,900 | 18,900 | |||||||||||||
Restricted Shares Forfeiture/LTIP Unit Issuance | -19,000 | 19,000 | |||||||||||||
Restricted Shares Forfeiture (in shares) | 1,948,324 | 1,948,324 | |||||||||||||
LTIP Unit Issuance (in shares) | 1,948,324 | 1,948,324 | |||||||||||||
Repurchase of Common Shares | -26,000 | -13,771,000 | -1,621,000 | -15,418,000 | -15,418,000 | ||||||||||
Repurchase of Common Shares (in shares) | 2,626,854 | -2,626,854 | |||||||||||||
Dividends and Distributions declared: | |||||||||||||||
Common Shares | -52,091,000 | -52,091,000 | -52,091,000 | ||||||||||||
Preferred Shares | -14,356,000 | -14,356,000 | -14,356,000 | ||||||||||||
Common Units | -1,793,000 | -1,793,000 | -1,793,000 | ||||||||||||
LTIP Units | -136,000 | -136,000 | -136,000 | ||||||||||||
Dividend Reinvestment Plan | 50,000 | 50,000 | 50,000 | ||||||||||||
Dividend Reinvestment Plan (in shares) | 8,647 | ||||||||||||||
Stock Based Compensation | |||||||||||||||
Grants | 6,000 | 641,000 | 647,000 | 647,000 | |||||||||||
Grants (in shares) | 641,295 | ||||||||||||||
Amortization | 5,396,000 | 5,396,000 | 5,396,000 | ||||||||||||
Change in Fair Value of Derivative Instruments | 18,000 | 18,000 | 18,000 | ||||||||||||
Net Income (Loss) | 67,255,000 | 67,255,000 | 1,749,000 | -733,000 | 1,016,000 | 68,271,000 | |||||||||
Balance at Dec. 31, 2014 | $1,989,000 | $76,000 | $1,193,056,000 | ($358,000) | ($365,381,000) | $829,382,000 | $29,082,000 | ($1,075,000) | $28,007,000 | $857,389,000 | |||||
Balance (in shares) at Dec. 31, 2014 | 198,853,083 | 7,600,000 | 8,797,736 |
Consolidated_Statements_Of_Equ1
Consolidated Statements Of Equity (Parenthetical) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Dividends and Distributions declared: | |||
Common Stock, Dividends declared (in dollars per share) | $0.26 | $0.24 | $0.24 |
Common Units, Distributions declared (in dollars per share) | $0.26 | $0.24 | $0.24 |
Incentive Distribution, Distribution Per Unit | $0.07 |
Consolidated_Statements_Of_Cas
Consolidated Statements Of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating Activities: | |||
Net income | $68,271 | $49,948 | $22,218 |
Adjustments to Reconcile Net Loss to Net Cash Provided by Operating Activities: | |||
Gain on Hotel Acquisitions, Net | -12,667 | -12,096 | |
Contingent Consideration | 2,000 | ||
Development Loan Recovery | -22,494 | ||
Gain on Disposition of Hotel Properties | -7,067 | -32,121 | -11,231 |
Impairment of Hotel Assets | 1,800 | 10,314 | |
Deferred Taxes | -2,685 | -5,500 | -3,355 |
Depreciation | 68,753 | 61,801 | 56,071 |
Amortization | 1,979 | 2,545 | 3,680 |
Loss on Debt Extinguishment | 673 | 471 | 2,261 |
Development Loan Interest Added to Principal | -678 | ||
Equity in Loss of Unconsolidated Joint Ventures | -693 | 1,835 | 2,124 |
Distributions from Unconsolidated Joint Ventures | 1,262 | 568 | 1,387 |
Loss Recognized on Change in Fair Value of Derivative Instrument | 71 | 22 | 658 |
Stock Based Compensation Expense | 6,028 | 9,746 | 9,678 |
(Increase) Decrease in: | |||
Hotel Accounts Receivable | -350 | 2,419 | -235 |
Escrows | 1,272 | 476 | -1,944 |
Other Assets | 2,182 | -4,269 | -2,683 |
Due from Related Parties | 4,544 | -2,636 | -5,500 |
Increase (Decrease) in: | |||
Due to Related Parties | 2,388 | 412 | 1,541 |
Accounts Payable, Accrued Expenses and Other Liabilities | -2,373 | 6,326 | -2,236 |
Net Cash Provided by Operating Activities | 112,894 | 90,261 | 71,756 |
Investing Activities: | |||
Purchase of Hotel Property Assets | -175,236 | -217,142 | -67,637 |
Deposits on Hotel Acquisitions, Net | -1,836 | -18,750 | |
Capital Expenditures | -38,342 | -42,854 | -28,443 |
Cash Paid for Hotel Development Projects | -3,764 | -20,054 | -10,171 |
Proceeds from Disposition of Hotel Properties | 30,056 | 136,015 | 63,722 |
Net Changes in Capital Expenditure Escrows | 4,577 | -1,287 | -4,454 |
Investment in Notes Receivable | -150 | ||
Repayment of Notes Receivable | 1,720 | ||
Proceeds from Insurance Claims | 1,881 | 5,001 | |
Repayment of Development Loans Receivable | 15,122 | 8,000 | |
Distributions from Unconsolidated Joint Venture | 324 | 1,711 | 476 |
Advances and Capital Contributions to Unconsolidated Joint Ventures | -150 | -130 | |
Net Cash Used in Investing Activities | -180,504 | -125,474 | -55,817 |
Financing Activities: | |||
Proceeds from (Repayments of) Borrowings Under Line of Credit, Net | -51,000 | ||
Proceeds from Unsecured Term Loan Borrowing | 100,000 | 50,000 | 100,000 |
Principal Repayment of Mortgages and Notes Payable | -61,348 | -54,398 | -187,478 |
Proceeds from Mortgages and Notes Payable | 101,000 | 65,000 | 98,695 |
Cash Paid for Deferred Financing Costs | -4,450 | -2,283 | -96 |
Proceeds from Issuance of Preferred Stock, Net | 72,370 | ||
Proceeds from Issuance of Common Shares, Net | 128,558 | ||
Redemption of Series A Preferred Stock | -60,000 | ||
Repurchase of Common Shares | 15,418 | ||
Redemption of Common Partnership Units | -338 | -1,000 | |
Settlement of Interest Rate Cap | -8 | -565 | |
Dividends Paid on Common Shares | -50,286 | -50,553 | -44,391 |
Dividends Paid on Preferred Shares | -14,356 | -14,522 | -14,000 |
Distributions Paid on Common Partnership Units | -1,724 | -1,682 | -1,736 |
Net Cash Provided by Financing Activities | 53,072 | 2,367 | 28,552 |
Net Increase (Decrease) in Cash and Cash Equivalents | -14,538 | -32,846 | 44,491 |
Cash and Cash Equivalents - Beginning of Period | 36,213 | 69,059 | 24,568 |
Cash and Cash Equivalents - End of Period | $21,675 | $36,213 | $69,059 |
Organization_And_Summary_Of_Si
Organization And Summary Of Significant Accounting Policies | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Organization And Summary Of Significant Accounting Policies [Abstract] | ||||||||||||||||
Organization And Summary Of Significant Accounting Policies | NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||
Hersha Hospitality Trust (“we” or the “Company”) was formed in May 1998 as a self-administered, Maryland real estate investment trust. We have elected to be taxed and expect to continue to elect to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. | ||||||||||||||||
The Company owns a controlling general partnership interest in Hersha Hospitality Limited Partnership (“HHLP” or the “Partnership”), which owns a 99% limited partnership interest in various subsidiary partnerships. Hersha Hospitality, LLC (“HHLLC”), a Virginia limited liability company, owns a 1% general partnership interest in the subsidiary partnerships and the Partnership is the sole member of HHLLC. | ||||||||||||||||
The Partnership owns a taxable REIT subsidiary (“TRS”), 44 New England Management Company (“44 New England” or “TRS Lessee”), which leases certain of the Company’s hotels. | ||||||||||||||||
Hersha’s common shares of beneficial interest trade on the New York Stock Exchange (“the NYSE”) under the ticker symbol "HT", its 8.0% Series B preferred shares of beneficial interest trade on the NYSE under the ticker symbol “HT PR B” and its 6.875% Series C preferred shares of beneficial interest trade on the NYSE under the ticker symbol “HT PR C.” | ||||||||||||||||
As of December 31, 2014, the Company, through the Partnership and subsidiary partnerships, wholly owned 46 limited and full service hotels. All of the wholly owned hotel facilities are leased to the Company’s TRS, 44 New England. | ||||||||||||||||
In addition to the wholly owned hotel properties, as of December 31, 2014, the Company owned joint venture interests in another five properties. The properties owned by the joint ventures are leased to a TRS owned by the joint venture or to an entity owned by the joint venture partners and 44 New England. The following table lists the properties owned by these joint ventures: | ||||||||||||||||
Joint Venture | Ownership | Property | Location | Lessee/Sublessee | ||||||||||||
Unconsolidated Joint Ventures | ||||||||||||||||
Mystic Partners, LLC | 66.70% | Marriott | Mystic, CT | Mystic Partners Leaseco, LLC | ||||||||||||
8.80% | Hilton | Hartford, CT | Mystic Partners Leaseco, LLC | |||||||||||||
15.00% | Marriott | Hartford, CT | Mystic Partners Leaseco, LLC | |||||||||||||
SB Partners, LLC | 50.00% | Holiday Inn Express | South Boston, MA | South Bay Sandeep, LLC | ||||||||||||
Hiren Boston, LLC | 50.00% | Courtyard | South Boston, MA | South Bay Boston, LLC | ||||||||||||
Mystic Partners, LLC owns an interest in three hotel properties. Our interest in Mystic Partners, LLC is relative to our interest in each of the three properties owned by the joint venture as defined in the joint venture’s governing documents. Each of the three properties owned by Mystic Partners, LLC is leased to a separate entity that is consolidated in Mystic Partners Leaseco, LLC which is owned by 44 New England and our joint venture partner in Mystic Partners, LLC. | ||||||||||||||||
The properties are managed by eligible independent management companies, including Hersha Hospitality Management, LP (“HHMLP”). HHMLP is owned in part by certain of our trustees and executive officers and other unaffiliated third party investors. | ||||||||||||||||
Principles of Consolidation and Presentation | ||||||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include all of our accounts as well as accounts of the Partnership, subsidiary partnerships and our wholly owned TRS Lessee. All significant inter-company amounts have been eliminated. | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
Consolidated properties are either wholly owned or owned less than 100% by the Partnership and are controlled by the Company as general partner of the Partnership. Properties owned in joint ventures are also consolidated if the determination is made that we are the primary beneficiary in a variable interest entity (VIE) or we maintain control of the asset through our voting interest in the entity. Control can be demonstrated when the general partner has the power to impact the economic performance of the partnership, which includes the ability of the general partner to manage day-to-day operations, refinance debt and sell the assets of the partnerships without the consent of the limited partners and the inability of the limited partners to replace the general partner. Control can be demonstrated by the limited partners if the limited partners have the right to dissolve or liquidate the partnership or otherwise remove the general partner without cause or have rights to participate in the significant decisions made in the ordinary course of the partnership’s business. | ||||||||||||||||
We evaluate each of our investments and contractual relationships to determine whether they meet the guidelines of consolidation. Entities are consolidated if the determination is made that we are the primary beneficiary in a VIE or we maintain control of the asset through our voting interest or other rights in the operation of the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have a controlling financial interest in that VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. Control can also be demonstrated by the ability of a member to manage day-to-day operations, refinance debt and sell the assets of the partnerships without the consent of the other member and the inability of the members to replace the managing member. Based on our examination, the following entities were determined to be VIE’s: Mystic Partners, LLC; Mystic Partners Leaseco, LLC; South Bay Boston, LLC; Brisam Management DE, LLC; Hersha Statutory Trust I; and Hersha Statutory Trust II. Mystic Partners, LLC is a VIE entity, however because we are not the primary beneficiary it is not consolidated by the Company. Our maximum exposure to losses due to our investment in Mystic Partners, LLC is limited to our investment in the joint venture which is $5,556 as of December 31, 2014. Also, Mystic Partners Leaseco, LLC; and South Bay Boston, LLC lease hotel properties from our joint venture interests and are VIEs. These entities are consolidated by the lessors, the primary beneficiaries of each entity. Brisam Management DE, LLC is consolidated in our financial statements, as we are considered to be the primary beneficiary. Hersha Statutory Trust I and Hersha Statutory Trust II are VIEs but HHLP is not the primary beneficiary in these entities. Accordingly, the accounts of Hersha Statutory Trust I and Hersha Statutory Trust II are not consolidated with and into HHLP. | ||||||||||||||||
We allocate resources and assess operating performance based on individual hotels and consider each one of our hotels to be an operating segment. All of our individual operating segments meet the aggregation criteria. All of our other real estate investment activities are immaterial and meet the aggregation criteria, and thus, we report one segment: investment in hotel properties. | ||||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (US GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||
Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions and changes in market conditions could impact our future operating results. | ||||||||||||||||
Investment in Hotel Properties | ||||||||||||||||
The Company allocates the purchase price of hotel properties acquired based on the fair value of the acquired real estate, furniture, fixtures and equipment, and intangible assets and the fair value of liabilities assumed, including debt. The fair value allocations were determined using Level 3 inputs, which are typically unobservable and are based on our own assumptions, as there is little, if any, related market activity. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the following estimated useful lives: | ||||||||||||||||
Building and Improvements 7 to 40 Years | ||||||||||||||||
Furniture, Fixtures and Equipment 2 to 7 Years | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
The Company periodically reviews the carrying value of each hotel to determine if circumstances indicate impairment to the carrying value of the investment in the hotel or that depreciation periods should be modified. If facts or circumstances support the possibility of impairment, the Company will prepare an estimate of the undiscounted future cash flows, without interest charges, of the specific hotel. Based on the properties undiscounted future cash flows, the Company will determine if the investment in such hotel is recoverable. If impairment is indicated, an adjustment will be made to reduce the carrying value of the hotel to reflect the hotel at fair value. | ||||||||||||||||
We consider a hotel to be held for sale when management and our independent trustees commit to a plan to sell the property, the property is available for sale, management engages in an active program to locate a buyer for the property and it is probable the sale will be completed within a year of the initiation of the plan to sell. | ||||||||||||||||
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. | ||||||||||||||||
Investment in Unconsolidated Joint Ventures | ||||||||||||||||
If it is determined that we do not have a controlling interest in a joint venture, either through our financial interest in a VIE or our voting interest in a voting interest entity, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, limited to the extent of our investment in, advances to and commitments for the investee. Pursuant to our joint venture agreements, allocations of profits and losses of some of our investments in unconsolidated joint ventures may be allocated disproportionately as compared to nominal ownership percentages due to specified preferred return rate thresholds. | ||||||||||||||||
The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, we will estimate the fair value of the investment. Our estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and the impairment is considered other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of our investment in the unconsolidated joint venture. | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and cash equivalents represent cash on hand and in banks plus short-term investments with an initial maturity of three months or less when purchased. | ||||||||||||||||
Escrow Deposits | ||||||||||||||||
Escrow deposits include reserves for debt service, real estate taxes, and insurance and reserves for furniture, fixtures, and equipment replacements, as required by certain mortgage debt agreement restrictions and provisions. | ||||||||||||||||
Hotel Accounts Receivable | ||||||||||||||||
Hotel accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. The Company generally does not require collateral. Ongoing credit evaluations are performed and an allowance for potential losses from uncollectible accounts is provided against the portion of accounts receivable that is estimated to be uncollectible. | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
Deferred Financing Costs | ||||||||||||||||
Deferred financing costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. | ||||||||||||||||
Due from/to Related Parties | ||||||||||||||||
Due from/to Related Parties represents current receivables and payables resulting from transactions related to hotel management and project management with affiliated entities. Due from related parties results primarily from advances of shared costs incurred and interest receivable on development loans made to related parties. Due to affiliates results primarily from hotel management and project management fees incurred. Both due to and due from related parties are generally settled within a period not to exceed one year. | ||||||||||||||||
Intangible Assets and Liabilities | ||||||||||||||||
Intangible assets consist of leasehold intangibles for above-market value of in-place leases and deferred franchise fees. The leasehold intangibles are amortized over the remaining lease term. Deferred franchise fees are amortized using the straight-line method over the life of the franchise agreement. | ||||||||||||||||
Intangible liabilities consist of leasehold intangibles for below-market value of in-place leases. The leasehold intangibles are amortized over the remaining lease term. Intangible liabilities are included in the accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. | ||||||||||||||||
Development Project Capitalization | ||||||||||||||||
We have opportunistically engaged in the development and re-development of hotel assets. 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. | ||||||||||||||||
Noncontrolling Interest | ||||||||||||||||
Noncontrolling interest in the Partnership represents the limited partner’s proportionate share of the equity of the Partnership. Income (loss) is allocated to noncontrolling interest in accordance with the weighted average percentage ownership of the Partnership during the period. At the end of each reporting period the appropriate adjustments to the income (loss) are made based upon the weighted average percentage ownership of the Partnership during the period. Our ownership interest in the Partnership as of December 31, 2014, 2013 and 2012 was 95.8%, 96.7%, and 96.5%, respectively. | ||||||||||||||||
We define a noncontrolling interest as the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Such noncontrolling interests are reported on the consolidated balance sheets within equity, but separately from the shareholders’ equity. Revenues, expenses and net income or loss attributable to both the Company and noncontrolling interests are reported on the consolidated statements of operations. | ||||||||||||||||
In accordance with US GAAP, we classify securities that are redeemable for cash or other assets at the option of the holder, or not solely within the control of the issuer, outside of permanent equity in the consolidated balance sheet. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considers the guidance in US GAAP to evaluate whether the Company controls the actions or events necessary to issue the maximum number of common shares that could be required to be delivered at the time of settlement of the contract. | ||||||||||||||||
We classify the noncontrolling interests of our consolidated joint ventures, consolidated variable interest entity, and certain Common Units (“Nonredeemable Common Units”) as equity. The noncontrolling interests of Nonredeemable Common Units totaled $29,082 as of December 31, 2014 and $29,523 as of December 31, 2013. As of December 31, 2014, there were 8,797,736 Nonredeemable Common Units outstanding with a fair market value of $61,848, based on the price per share of our common shares on the NYSE on such date. | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
In accordance with the partnership agreement of the Partnership, holders of these units may redeem them for cash unless we, in our sole and absolute discretion, elect to issue common shares on a one-for-one basis in lieu of paying cash. | ||||||||||||||||
Prior to February 1, 2013, certain Common Units (“Redeemable Common Units”) had been pledged as collateral in connection with a pledge and security agreement entered into by the Company and the holders of the Redeemable Common Units. The redemption feature contained in the pledge and security agreement where the Redeemable Common Units served as collateral contains a provision that could result in a net cash settlement outside of the control of the Company. As a result, prior to February 1, 2013, the Redeemable Common Units were classified in the mezzanine section of the consolidated balance sheets as they did not meet the requirements for equity classification under US GAAP. Effective February 1, 2013, the aforementioned pledge and security agreement is no longer in place and therefore these Common Units have been treated as Nonredeemable Common Units. The carrying value of the Redeemable Common Units equals the greater of carrying value based on the accumulation of historical cost or the redemption value. As of December 31, 2014 and 2013, there were no outstanding Common Units designated as Redeemable Common Units. | ||||||||||||||||
Net income or loss attributed to Nonredeemable Common Units and Redeemable Common Units (collectively, “Common Units”), as well as the net income or loss related to the noncontrolling interests of our consolidated joint venture and consolidated variable interest entity, is included in net income or loss in the consolidated statements of operations. Net income or loss attributed to the Common Units and the noncontrolling interests of our consolidated joint ventures and consolidated variable interest entity is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations. | ||||||||||||||||
Shareholders’ Equity | ||||||||||||||||
On February 25, 2013, we completed a public offering of 3,000,000 6.875% Series C Cumulative Redeemable Preferred Shares. These shares have a par value of $0.01 per share with a $25.00 liquidation preference per share. Net proceeds of the offering, after deducting the underwriting discount and the offering expenses payable by us, were approximately $72,370. | ||||||||||||||||
We utilized the net proceeds of the offering to redeem all outstanding 8.00% Series A Cumulative Redeemable Preferred Shares on March 28, 2013, and for general corporate purposes. The Series A Preferred Shares were redeemed at a per share redemption price of $25.00 together with accrued and unpaid dividends to the redemption date for an aggregate per share redemption price of $25.4056. Dividends ceased accruing on the Series A Preferred Shares on March 28, 2013. | ||||||||||||||||
Terms of the Series B and Series C Preferred Shares outstanding at December 31, 2014 and 2013 are summarized as follows: | ||||||||||||||||
Dividend Per Share | ||||||||||||||||
Shares Outstanding | Year Ended December 31, | |||||||||||||||
Series | 31-Dec-14 | 31-Dec-13 | Aggregate Liquidation Preference | Distribution Rate | 2014 | 2013 | ||||||||||
Series B | 4,600,000 | 4,600,000 | $ | 115,000 | 8.000% | $ | 2.0000 | $ | 2.0000 | |||||||
Series C | 3,000,000 | 3,000,000 | 75,000 | 6.875% | 1.7188 | 1.4753 | ||||||||||
Total | 7,600,000 | 7,600,000 | ||||||||||||||
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. In February 2015, our Board of Trustees again authorized us to repurchase from time to time up to an aggregate of $100,000 of our outstanding shares. The current share repurchase program will expire on December 31, 2015. For the year ended December 31, 2014, the Company repurchased 2,626,854 common shares for an aggregate purchase price of $15,418. As of February 20, 2015, we have not repurchased any common shares pursuant to the newly reauthorized share repurchase program. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
On May 8, 2012, we closed on a public offering in which we issued and sold 24,000,000 common shares through several underwriters for net proceeds to us of approximately $128,558. Immediately upon the closing the offering, we contributed all of the net proceeds of the offering to HHLP in exchange for additional Common Units. HHLP used the net proceeds of this offering to reduce some of the indebtedness outstanding under our revolving line of credit facility and for general corporate purposes, including the funding of future acquisitions. | ||||||||||||||||
On August 4, 2009, we entered into a purchase agreement with Real Estate Investment Group L.P. (“REIG”), pursuant to which we sold 5,700,000 common shares at a price of $2.50 per share to REIG for gross proceeds of $14,250. We also granted REIG the option to buy up to an additional 5,700,000 common shares at a price of $3.00 per share, which was exercisable through August 4, 2014. On February 13, 2012, pursuant to the terms of the original option, we called in and canceled the option granted to REIG in exchange for the issuance of 2,521,561 common shares with an aggregate value equal to $13,566. This amount equals the volume weighted average price per common share for the 20 trading days prior to the exercise of the option, less the $3.00 option price, multiplied by the 5,700,000 common shares remaining under the option. | ||||||||||||||||
On December 23, 2014, we amended our partnership agreement to allow for the issuance of profits interests in HHLP in the form of LTIP Units, a new class of limited partnership units in HHLP, and to establish the terms of the LTIP Units. The LTIP Units vest on December 31 and June 1 of each year, beginning on December 31, 2014 and ending on June 1, 2017. The LTIP units contain restricted stock awards that were forfeited and replaced with LTIP unit awards with similar terms. The total number of Restricted Stock Awards forfeited and LTIP Units awarded was 1,948,324. | ||||||||||||||||
Stock Based Compensation | ||||||||||||||||
We measure the cost of employee service received in exchange for an award of equity instruments based on the grant-date fair value of the award. The compensation cost is amortized on a straight line basis over the period during which an employee is required to provide service in exchange for the award. The compensation cost related to performance awards that are contingent upon market based criteria being met is recorded at the fair value of the award on the date of the grant and amortized over the performance period. | ||||||||||||||||
Derivatives and Hedging | ||||||||||||||||
The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. Interest rate caps designated as cash flow hedges limit the Company’s exposure to increased cash payments due to increases in variable interest rates. | ||||||||||||||||
Revenue Recognition | ||||||||||||||||
We recognize revenue and expense for all consolidated hotels as hotel operating revenue and hotel operating expense when earned and incurred. These revenues are recorded net of any sales or occupancy taxes collected from our guests. We participate in frequent guest programs sponsored by the brand owners of our hotels and we expense the charges associated with those programs, as incurred. | ||||||||||||||||
Interest income on development loan financing is recorded in the period earned based on the interest rate of the loan and outstanding balance during the period. Development loans receivable and accrued interest on the development loans receivable are evaluated to determine if outstanding balances are collectible. Interest is recorded only if it is determined the outstanding loan balance and accrued interest balance are collectible. | ||||||||||||||||
Other revenues consist primarily of fees earned for asset management services provided to hotels we own through unconsolidated joint ventures. Fees are earned as a percentage of hotel revenue and are recorded in the period earned to the extent of the noncontrolling interest ownership. | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
Income Taxes | ||||||||||||||||
The Company qualifies as a REIT under applicable provisions of the Internal Revenue Code, as amended, and intends to continue to qualify as a REIT. In general, under such provisions, a trust which has made the required election and, in the taxable year, meets certain requirements and distributes to its shareholders at least 90% of its REIT taxable income will not be subject to Federal income tax to the extent of the income which it distributes. Earnings and profits, which determine the taxability of dividends to shareholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation of hotel properties for Federal income tax purposes. | ||||||||||||||||
Deferred income taxes relate primarily to the TRS Lessee and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of the TRS Lessee and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. | ||||||||||||||||
The Company may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite the Company’s belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. The Company recognizes interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. The Company recognizes unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. For the years ended December 31, 2014, 2013 and 2012, the Company did not record any uncertain tax positions. As of December 31, 2014, with few exceptions, the Company is subject to tax examinations by U.S. federal, state, and local income tax authorities for years 2003 through 2014. | ||||||||||||||||
Reclassification | ||||||||||||||||
Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation. | ||||||||||||||||
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. | ||||||||||||||||
Investment_In_Hotel_Properties
Investment In Hotel Properties | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 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 December 31, 2014 and December 31, 2013: | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Land | $ | 439,540 | $ | 339,027 | ||||||||||||||||||||
Buildings and Improvements | 1,424,842 | 1,222,639 | ||||||||||||||||||||||
Furniture, Fixtures and Equipment | 203,275 | 171,116 | ||||||||||||||||||||||
Construction in Progress | - | 63,168 | ||||||||||||||||||||||
2,067,657 | 1,795,950 | |||||||||||||||||||||||
Less Accumulated Depreciation | -322,174 | -260,115 | ||||||||||||||||||||||
Total Investment in Hotel Properties | $ | 1,745,483 | $ | 1,535,835 | ||||||||||||||||||||
Depreciation expense was $68,418, $61,500 and $55,956 (including depreciation on assets held for sale) for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||||||||||||||||||||||
During the year ended December 31, 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 | ||||||||||||||||||||||||
TOTAL | $ | 103,369 | $ | 149,801 | $ | 13,877 | $ | -14,230 | $ | 1,396 | $ | 254,213 | $ | 24,924 | ||||||||||
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 year ended December 31, 2014, we paid $2,178 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 December 31, 2014, a liability was recorded as the fair market value of the contingent consideration was determined to be $2,000. | ||||||||||||||||||||||||
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 significant price appreciation 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 gain of approximately $13,594, which is net of preopening expenses of $927 on the statement of operations, 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 year ended December 31, 2014 are total revenues of $28,239 and a total net income of $6,219 for hotels we have acquired and consolidated since the date of acquisition. These amounts represent the results of operations for these hotels since the date of acquisition: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Hotel | Revenue | Net | ||||||||||||||||||||||
Income | ||||||||||||||||||||||||
Hotel Milo, Santa Barbara, CA | $ | 8,655 | $ | 668 | ||||||||||||||||||||
Parrot Key Resort, Key West, FL | 9,145 | 2,978 | ||||||||||||||||||||||
Hilton Garden Inn 52nd Street, New York, NY | 10,439 | 2,573 | ||||||||||||||||||||||
Total | $ | 28,239 | $ | 6,219 | ||||||||||||||||||||
During the year ended December 31, 2013, we acquired the following wholly-owned hotel properties: | ||||||||||||||||||||||||
Hotel | Acquisition Date | Land | Buildings and Improvements | Furniture Fixtures and Equipment | Franchise Fees and Loan Costs | Total Purchase Price | ||||||||||||||||||
Hyatt Union Square, | 4/9/13 | $ | 32,940 | $ | 79,300 | $ | 9,760 | $ | 1,945 | $ | 123,945 | |||||||||||||
New York, NY* | ||||||||||||||||||||||||
Courtyard by Marriott, | 5/30/13 | 15,656 | 51,674 | 3,671 | 183 | 71,184 | ||||||||||||||||||
San Diego, CA | ||||||||||||||||||||||||
Residence Inn, | 6/12/13 | 4,146 | 17,456 | 218 | 75 | 21,895 | ||||||||||||||||||
Coconut Grove, FL | ||||||||||||||||||||||||
Blue Moon, | 12/20/13 | 4,874 | 20,354 | 1,125 | - | 26,353 | ||||||||||||||||||
Miami Beach, FL | ||||||||||||||||||||||||
Winter Haven, | 12/20/13 | 5,400 | 18,147 | 1,050 | - | 24,597 | ||||||||||||||||||
Miami Beach, FL | ||||||||||||||||||||||||
Total | $ | 63,016 | $ | 186,931 | $ | 15,824 | $ | 2,203 | $ | 267,974 | ||||||||||||||
NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) | ||||||||||||||||||||||||
*On April 9, 2013, we completed the acquisition of the Hyatt Union Square hotel in New York, NY from Risingsam Union Square LLC. Consideration given in exchange for the property included $36,000 paid in cash to the seller and our cancellation of a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan. In addition, we paid off the existing construction financing and entered into a new mortgage loan of $55,000. We recognized a net gain of approximately $12,108 on the purchase of the Hyatt Union Square hotel as the fair value of the assets acquired less any liabilities assumed exceeded the consideration transferred. | ||||||||||||||||||||||||
During the year ended December 31, 2013, we paid $855 in acquisition costs related to the above acquired assets. | ||||||||||||||||||||||||
As shown in the table below, included in the consolidated statements of operations for the year ended December 31, 2013 are total revenues of $22,889 and a total net income of $1,412 for hotels we have acquired and consolidated since the date of acquisition. These amounts represent the results of operations for these hotels since the date of acquisition: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Hotel | Revenue | Net | ||||||||||||||||||||||
(Loss) Income | ||||||||||||||||||||||||
Hyatt Union Square, New York, NY | $ | 11,272 | $ | -1,466 | ||||||||||||||||||||
Courtyard by Marriott, San Diego, CA | 8,350 | 1,914 | ||||||||||||||||||||||
Residence Inn, Coconut Grove, FL | 2,889 | 713 | ||||||||||||||||||||||
Blue Moon, Miami Beach, FL | 175 | 111 | ||||||||||||||||||||||
Winter Haven, Miami Beach, FL | 203 | 140 | ||||||||||||||||||||||
Total | $ | 22,889 | $ | 1,412 | ||||||||||||||||||||
Pro Forma Results (Unaudited) | ||||||||||||||||||||||||
The following condensed pro forma financial data are presented as if all acquisitions completed since January 1, 2014 and 2013 had been completed on January 1, 2013 and 2012. Properties acquired without any operating history are excluded from the condensed pro forma operating results. The condensed pro forma financial data is not necessarily indicative of what actual results of operations of the Company would have been assuming the acquisitions had been consummated on January 1, 2014 and 2013 at the beginning of the year presented, nor do they purport to represent the results of operations for future periods. | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pro Forma Total Revenues | $ | 425,029 | $ | 376,767 | ||||||||||||||||||||
Pro Forma Income from Continuing Operations | $ | 72,864 | $ | 27,859 | ||||||||||||||||||||
(Loss) from Discontinued Operations | -1,665 | 29,195 | ||||||||||||||||||||||
Pro Forma Net Income | 71,199 | 57,054 | ||||||||||||||||||||||
Income (Loss) Allocated to Noncontrolling Interest | -1,016 | -335 | ||||||||||||||||||||||
Preferred Distributions | -14,356 | -14,611 | ||||||||||||||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | - | -2,250 | ||||||||||||||||||||||
Pro Forma Net Income (Loss) Applicable to Common Shareholders | $ | 55,827 | $ | 39,858 | ||||||||||||||||||||
Pro Forma Income Applicable to Common Shareholders per Common Share | ||||||||||||||||||||||||
Basic | $ | 0.28 | $ | 0.20 | ||||||||||||||||||||
Diluted | $ | 0.28 | $ | 0.20 | ||||||||||||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||||||||||
Basic | 199,109,209 | 198,390,450 | ||||||||||||||||||||||
Diluted | 201,197,310 | 201,918,177 | ||||||||||||||||||||||
NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) | ||||||||||||||||||||||||
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 $9,564, which equates to a total carrying value of approximately | ||||||||||||||||||||||||
$37,864 when 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. | ||||||||||||||||||||||||
We have capitalized the following indirect development costs for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Property Tax | $ | 223 | $ | 388 | $ | 296 | ||||||||||||||||||
Interest Expense | 458 | 1,320 | 1,542 | |||||||||||||||||||||
Utilities | 73 | 3 | 9 | |||||||||||||||||||||
Total | $ | 754 | $ | 1,711 | $ | 1,847 | ||||||||||||||||||
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 reopened 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 $4,604, which included business interruption claims. | ||||||||||||||||||||||||
Investment_In_Unconsolidated_J
Investment In Unconsolidated Joint Ventures | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Investment In Unconsolidated Joint Ventures [Abstract] | |||||||||||||
Investment In Unconsolidated Joint Ventures | NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES | ||||||||||||
As of December 31, 2014 and December 31, 2013 our investment in unconsolidated joint ventures consisted of the following: | |||||||||||||
Percent | Preferred | December 31, | December 31, | ||||||||||
Joint Venture | Hotel Properties | Owned | Return | 2014 | 2013 | ||||||||
SB Partners, LLC | Holiday Inn Express, South Boston, MA | 50.0% | N/A | $ | 913 | $ | 1,057 | ||||||
Hiren Boston, LLC | Courtyard by Marriott, South Boston, MA | 50.0% | N/A | 4,680 | 4,777 | ||||||||
Mystic Partners, LLC | Hilton and Marriott branded hotels in CT | 8.8%-66.7% | 8.5% non-cumulative | 5,556 | 6,210 | ||||||||
$ | 11,150 | $ | 12,044 | ||||||||||
In 2013, we recorded an impairment loss of $1,813 related to the Courtyard, Norwich, CT, one of the properties owned by Mystic Partners, LLC. Mystic Partners, LLC transferred the title to the property to the lender during the year ended December 31, 2014. As we did not anticipate recovering our investment balance in this asset, we reduced the portion of our Mystic Partners, LLC investment related to this property to $0 as of December 31, 2013. | |||||||||||||
On February 1, 2013, the Company closed on the sale of its interest in one of the unconsolidated joint venture properties owned in part by Mystic Partners, LLC to its joint venture partner. As our investment in this unconsolidated joint venture equated the net proceeds distributed to us, we did not record a gain or loss in connection with the sale of this hotel. | |||||||||||||
As noted in “Note 2 – Investment in Hotel Properties,” on August 13, 2012, the Company purchased the remaining 50% ownership interest in Inn America Hospitality at Ewing, the lessee of the Courtyard by Marriot, Ewing, NJ. As such, we ceased to account for our investment in Inn America Hospitality at Ewing under the equity method of accounting as of August 13, 2012 because it became a consolidated subsidiary. Our interest in Inn America Hospitality at Ewing, which consisted of our investment in Inn America Hospitality at Ewing and a receivable, was remeasured and as a result based on the appraised value of the hotel, we recorded a loss of approximately $1,668 during the twelve months ended December 31, 2012. | |||||||||||||
As noted in “Note 2 – Investment in Hotel Properties,” on June 18, 2012, the Company purchased the remaining 50% ownership interest in Metro 29th, the lessee of the Holiday Inn Express, Manhattan, New York, NY. As such, we ceased to account for our investment in Metro 29th under the equity method of accounting as of June 18, 2012 because it became a consolidated subsidiary. Our interest in Metro 29th was remeasured, and as a result, we recorded a loss of approximately $224. | |||||||||||||
Fair value for our previously held investments in Inn America Hospitality at Ewing and Metro 29th was determined through the use of an income approach and was measured using Level 3 inputs. The income approach estimates an income stream for a hotel property (typically 5 years) and discounts this income plus a reversion (presumed sale) into a present value at a risk adjusted rate. RevPAR growth assumptions utilized in this approach are derived from market transactions as well as other financial and industry data. The terminal cap rate and discount rate are significant inputs to this valuation. The fair value measurements determined during the year included RevPAR growth assumptions ranging between 3% and 8%, terminal cap rates ranging between 8.5% and 9.5%, and a discount rate of 10.5%. Changes in these inputs could result in a significant change in the valuation of our original joint venture investments and a change in the loss from remeasurement of investment in unconsolidated joint venture recognized during the period. | |||||||||||||
On February 23, 2012, the Company closed on the sale of 14 non-core hotel properties, including three of the unconsolidated joint venture hotel properties. On May 8, 2012, the Company closed on the remaining four non-core hotel properties, including one of the unconsolidated joint venture hotel properties. As our investment in these unconsolidated joint ventures equated the net proceeds distributed to us, we did not record a gain or loss in connection with the sale of these hotel properties. See “Note 11 – Hotel Dispositions” for more information. | |||||||||||||
NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (CONTINUED) | |||||||||||||
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 years ended December 31, 2014, 2013, and 2012, for our investments in unconsolidated joint ventures is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
SB Partners, LLC | $ | 407 | $ | 264 | $ | 85 | |||||||
Hiren Boston, LLC | 603 | 113 | 230 | ||||||||||
Mystic Partners, LLC | -317 | -399 | -433 | ||||||||||
Metro 29th Street Associates, LLC | - | - | -114 | ||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | 693 | -22 | -232 | ||||||||||
Impairment from Unconsolidated Joint Ventures | - | -1,813 | - | ||||||||||
Loss from Remeasurement of Investment in Unconsolidated Joint Ventures | - | - | -1,892 | ||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | $ | 693 | $ | -1,835 | $ | -2,124 | |||||||
The Mystic Partners, LLC joint venture agreement provides for an 8.5% non-cumulative preferred return based on our contributed equity interest in the venture. Cash distributions will be made from cash available for distribution, first, to us to provide an 8.5% annual non-compounded return on our unreturned capital contributions and then to our joint venture partner to provide an 8.5% annual non-compounded return of their unreturned contributions. Any remaining cash available for distribution will be distributed to us 10.5% with respect to the net cash flow from the Hartford Marriott, 7.0% with respect to the Hartford Hilton and 56.7%, with respect to the remaining property. Mystic Partners, LLC allocates income to us and our joint venture partner consistent with the allocation of cash distributions in accordance with the joint venture agreements. | |||||||||||||
Each of the Mystic Partners, LLC hotel properties, except the Hartford Hilton, is under an Asset Management Agreement with 44 New England to provide asset management services. Fees for these services are paid monthly to 44 New England and recognized as income in the amount of 1% of operating revenues, except for the Hartford Marriott which is 0.25% of operating revenues. | |||||||||||||
The Company and our joint venture partner in Mystic Partners, LLC jointly and severally guarantee the performance of the terms of a loan to Adriaen’s Landing Hotel, LLC, owner of the Hartford Marriott, in the amount of $50,000, and 315 Trumbull Street Associates, LLC, owner of the Hartford Hilton, in the amount of $27,000, if at any time during the term of the note and during such time as the net worth of Mystic Partners falls below the amount of the guarantee. We have determined that the probability of incurring loss under this guarantee is remote and the value attributed to the guarantee is de minimis. | |||||||||||||
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 December 31, 2014 and December 31, 2013 and for the years ended December 31, 2014, 2013, and 2012. | |||||||||||||
Balance Sheets | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Investment in Hotel Properties, Net | $ | 106,430 | $ | 114,221 | |||||||||
Other Assets | 19,032 | 19,146 | |||||||||||
Total Assets | $ | 125,462 | $ | 133,367 | |||||||||
Liabilities and Equity | |||||||||||||
Mortgages and Notes Payable | $ | 115,446 | $ | 112,654 | |||||||||
Other Liabilities | 30,832 | 37,464 | |||||||||||
Equity: | |||||||||||||
Hersha Hospitality Trust | 23,060 | 26,230 | |||||||||||
Joint Venture Partner(s) | -43,876 | -42,981 | |||||||||||
Total Equity | -20,816 | -16,751 | |||||||||||
Total Liabilities and Equity | $ | 125,462 | $ | 133,367 | |||||||||
Statements of Operations | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Room Revenue | $ | 59,135 | $ | 58,273 | $ | 62,058 | |||||||
Other Revenue | 21,725 | 22,606 | 22,306 | ||||||||||
Operating Expenses | -54,831 | -55,179 | -57,131 | ||||||||||
Lease Expense | -1,063 | -996 | -3,729 | ||||||||||
Property Taxes and Insurance | -2,934 | -3,034 | -3,438 | ||||||||||
General and Administrative | -5,783 | -5,794 | -5,904 | ||||||||||
Depreciation and Amortization | -6,376 | -6,697 | -6,533 | ||||||||||
Interest Expense | -11,995 | -7,526 | -7,650 | ||||||||||
Debt Extinguishment and Gain on Debt Forgiveness | 3,016 | - | - | ||||||||||
Gain (Loss) allocated to Noncontrolling Interests | 115 | -179 | -2,614 | ||||||||||
Net Income from Continuing Operations | 1,009 | 1,474 | -2,635 | ||||||||||
(Loss) Income from Discontinued Operations | - | -55 | 121 | ||||||||||
Gain on Disposition of Hotel Properties | - | 1,161 | 25,131 | ||||||||||
Net Income | $ | 1,009 | $ | 2,580 | $ | 22,617 | |||||||
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 December 31, 2014 and December 31, 2013. | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Company's share of equity recorded on the joint ventures' financial statements | $ | 23,060 | $ | 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) | -11,910 | -14,186 | |||||||||||
Investment in Unconsolidated Joint Ventures | $ | 11,150 | $ | 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 | 12 Months Ended | ||||||
Dec. 31, 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 December 31, 2014 and December 31, 2013: | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Transaction Costs | $ | - | $ | 115 | |||
Investment in Statutory Trusts | 1,548 | 1,548 | |||||
Prepaid Expenses | 7,883 | 9,256 | |||||
Insurance Claims Receivable | 64 | 1,706 | |||||
Deferred Tax Asset, Net of Valuation Allowance of $804 | 11,448 | 8,766 | |||||
Other | 7,483 | 6,069 | |||||
$ | 28,426 | $ | 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 which 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 December 31, 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 $11,448 of net deferred tax assets as of December 31, 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 $11,448 of net deferred tax assets in the future. | |||||||
Deposits on Hotel Acquisitions | |||||||
As of December 31, 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 and 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 | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Debt [Abstract] | ||||
Debt | NOTE 5 – DEBT | |||
Mortgages | ||||
We had total mortgages payable at December 31, 2014 and December 31, 2013 of $617,375 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 2.47% to 6.50% as of December 31, 2014. Included in these balances are net premiums of $1,584 and $2,466 as of December 31, 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 $31,046, $34,854, and $38,343 during the years ended December 31, 2014, 2013, and 2012, respectively. | ||||
Our mortgage indebtedness contains various financial and non-financial covenants customarily found in secured, non-recourse financing arrangements. Our mortgage loans payable typically require that specified debt service coverage ratios be maintained with respect to the financed properties before we can exercise certain rights under the loan agreements relating to such properties. If the specified criteria are not satisfied, the lender may be able to escrow cash flow generated by the property securing the applicable mortgage loan. We have determined that certain debt service coverage ratio covenants contained in the loan agreements securing four of our hotel properties were not met as of December 31, 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 loans. | ||||
As of December 31, 2014, the maturity dates for the outstanding mortgage loans ranged from January 2015 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 notes issued to Hersha Statutory Trust I and Hersha Statutory Trust II, bear interest at a variable rate of LIBOR plus 3% per annum. This rate resets two business days prior to each quarterly payment. The weighted average interest rate on our two junior subordinated notes payable during the years ended December 31, 2014, 2013, and 2012 was 3.28%, 3.32%, and 3.51%, respectively. Interest expense in the amount of $1,690, $1,712, and $1,810 was recorded for the years ended December 31, 2014, 2013, and 2012, 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 credit facility is governed by certain operating metrics of designated unencumbered hotel properties known as borrowing base assets. As of December 31, 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 | |||
- Residence Inn, Greenbelt, MD | ||||
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 December 31, 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, which is calculated by adding back accumulated depreciation to the recorded value of our investment in hotel properties and subtracting certain intangible assets and debt and is subject to increases under certain circumstances; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following: | ||||
·a fixed charge coverage ratio of not less than 1.45 to 1.00, which increases to 1.50 to 1.00 as of January 1, 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 December 31, 2014. As of December 31, 2014, our remaining borrowing capacity under the $500,000 unsecured credit facility was $245,745, based on the borrowing base assets at December 31, 2014. | ||||
As of December 31, 2014, the outstanding unsecured term loan balance under the $500,000 unsecured credit facility was $250,000 and we had outstanding borrowings of $0 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 $6,218, $5,413, and $2,405 related to borrowings drawn on each of the aforementioned credit facilities, for the years ended December 31, 2014, 2013, and 2012, respectively. The weighted average interest rate on our credit facilities was 2.82%, 3.08%, and 4.57% for the years ended December 31, 2014, 2013, and 2012, respectively. | ||||
NOTE 5 – DEBT (CONTINUED) | ||||
Aggregate annual principal payments for the Company’s credit facility and mortgages and subordinated notes payable for the five years following December 31, 2015 and thereafter are as follows: | ||||
Year Ending December 31, | Amount | |||
2015 | $ | 69,063 | ||
2016 | 273,824 | |||
2017 | 204,219 | |||
2018 | 1,564 | |||
2019 | 294,892 | |||
Thereafter | 73,777 | |||
Net Unamortized Premium | 1,584 | |||
$ | 918,923 | |||
Capitalized Interest | ||||
We utilize mortgage debt and our $500,000 revolving credit facility to finance on-going capital improvement projects at our hotels. Interest incurred on mortgages and the revolving credit facility that relates to our capital improvement projects is capitalized through the date when the assets are placed in service. For the years ended December 31, 2014, 2013, and 2012, we capitalized $458, $1,320, and $1,542 respectively, of interest expense related to these projects. | ||||
Deferred Financing Costs | ||||
Costs associated with entering into mortgages and notes payable and our revolving line of credit are deferred and amortized over the life of the debt instruments. Amortization of deferred financing costs is recorded in interest expense. As of December 31, 2014, deferred costs were $8,605, net of accumulated amortization of $6,938. Amortization of deferred costs for the years ended December 31, 2014, 2013, and 2012 was $2,768, $2,886, and $2,991 respectively. | ||||
Debt Payoff | ||||
On October 27, 2014, we repaid $10,179 on our mortgage with Berkadia Commercial Mortgage, LLC for the Residence Inn, Greenbelt, MD property. The loan was due to mature in October 2014, and we incurred no loss on debt extinguishment in paying off the loan. | ||||
On June 30, 2013, we repaid $7,928 on our mortgage with Berkadia Commercial Mortgage, LLC for the Residence Inn, Tysons Corner, VA property. The loan was due to mature in July 2013, and we incurred no loss on debt extinguishment in paying off the loan. | ||||
On January 3, 2013, we funded an additional $50,000 in unsecured term loan borrowings under our then $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 on January 7, 2013. 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 year ended December 31, 2013. Due to the timing of this transaction, the hedge relationship on our interest rate swap was derecognized as of December 31, 2012. Therefore, the accumulated other comprehensive loss on this swap as of December 31, 2012, was reclassified to income and we recorded $530 in the Loss on Debt Extinguishment on the statement of operations for the year ended December 31, 2012. | ||||
As previously mentioned, we replaced our previous $250,000 secured credit facility with a new $400,000 unsecured credit facility with Citigroup Global Markets Inc. and various other lenders on November 5, 2012. Concurrently with this closing, we funded $100,000 in unsecured term loan borrowings. These borrowings were used to pay off in full the balance on seven mortgage loans on hotel properties. As a result of terminating our previous $250,000 secured credit facility and extinguishing the debt on these seven properties, we expensed $2,410 in unamortized deferred financing costs and fees, which are included in the Loss of Debt Extinguishment caption on the consolidated statements of operations for the year ended December 31, 2012. | ||||
NOTE 5 – DEBT (CONTINUED) | ||||
New Debt/Refinance | ||||
On November 13, 2014, we repaid outstanding mortgage debt on with an original principal balance of $32,000 secured by the Hilton Garden Inn, Tribeca, NY and simultaneously entered into a new mortgage obligation of $46,500 with a new lender. The new mortgage debt bears interest at a variable rate of one month U.S. dollar LIBOR plus 2.30% and matures on November 1, 2019. | ||||
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 on February 28, 2014. 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 year ended December 31, 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. As a result, we entered into a $9,500 loan with a maturity date of February 1, 2017. The modified 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%. As a result of this modification, we expensed $91 in unamortized deferred financial costs and fees during the year ended December 31, 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 had effectively fixed the interest at 4.947%, and now effectively fixes the interest at 4.10% through September 29, 2015. After the maturity date of the swap, the loan will bear interest at the stated variable rate of one-month U.S. dollar LIBOR plus 3.00%, with a LIBOR floor of 0.75%. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information. | ||||
On May 23, 2012, we repaid outstanding mortgage debt with an original principal balance of $22,000 secured by the Hotel 373, Fifth Avenue, NY, and on May 24, 2012 entered into a new mortgage obligation of $19,000, incurring a loss on debt extinguishment of approximately $66. The new mortgage debt bears interest at a variable rate of one month U.S. dollar LIBOR plus 3.85% and matures on June 1, 2017. In conjunction with this refinance, we entered into an interest rate cap that matures on June 1, 2015 that effectively limits interest to 5.85% per annum. | ||||
On May 9, 2012, we repaid outstanding mortgage debt with a principal balance of $29,730 secured by the Courtyard by Marriott, Miami, FL. On July 2, 2012, we entered into a new mortgage with an initial obligation of $45,000, with three additional draws of $5,000 every 90 days to fund the construction of the new oceanfront tower as described in “Note 2 – Investment in Hotel Properties”. The new mortgage debt bears interest at a variable rate of one month U.S. LIBOR plus 3.50% and matures on July 1, 2016. Also on July 2, 2012, we entered into an interest rate cap that effectively limits interest to 4.32% per annum. | ||||
On January 31, 2012, we repaid outstanding mortgage debt with an original principal balance of $32,500 secured by the Capitol Hill Suites, Washington, D.C., incurring a loss on debt extinguishment of approximately $7 and simultaneously entered into a new mortgage obligation of $27,500. The new mortgage debt bears interest at a variable rate of one month U.S. dollar LIBOR plus 3.25% and matures on February 1, 2015. On the same date, we entered into an interest rate swap that effectively fixes the interest at 3.79% per annum. | ||||
As a result of our acquisition of Metro 29th, first mortgage debt with a principal balance of $54,602 secured by the Holiday Inn Express, New York, NY is included on our consolidated balance sheet. This debt bears interest at a fixed rate of 6.50% and matures on November 5, 2016. In addition, we consolidated mezzanine debt with a principal balance of $15,000. We repaid this mezzanine debt on June 29, 2012 and incurred a loss on debt extinguishment of approximately $176. | ||||
Commitments_And_Contingencies_
Commitments And Contingencies And Related Party Transactions | 12 Months Ended | |||
Dec. 31, 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 years ended December 31, 2014, 2013, and 2012, base management fees incurred totaled $12,263, $11,713, and $10,781 respectively, and are recorded as Hotel Operating Expenses. For the years ended December 31, 2014, 2013, and 2012, we did not incur incentive management fees. | ||||
Franchise Agreements | ||||
Our branded hotel properties are operated under franchise agreements assumed by the hotel property lessee. The franchise agreements have 10 to 20 year terms, but may be terminated by either the franchisee or franchisor on certain anniversary dates specified in the agreements. The franchise agreements require annual payments for franchise royalties, reservation, and advertising services, and such payments are based upon percentages of gross room revenue. These payments are paid by the hotels and charged to expense as incurred. Franchise fee expense for the years ended December 31, 2014, 2013, and 2012 were $26,015, $26,247, and $24,278 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 years ended December 31, 2014, 2013, and 2012, the Company incurred accounting fees of $1,410, $1,739, and $1,741 respectively. For the years ended December 31, 2014, 2013, and 2012, the Company incurred information technology fees of $416, $510, and $509 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 years ended December 31, 2014, 2013, and 2012, we incurred fees of $742, $1,459, and $1,076 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 years ended December 31, 2014, 2013, and 2012, we incurred charges for hotel supplies of $163, $222, and $149 respectively. For the years ended December 31, 2014, 2013, and 2012, we incurred charges for capital expenditure purchases of $10,610, $19,783, and $11,809 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 December 31, 2014 and December 31, 2013, respectively. | ||||
Due From Related Parties | ||||
The due from related parties balance as of December 31, 2014 and December 31, 2013 was approximately $6,580 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 December 31, 2014 and December 31, 2013 was approximately $7,203 and $4,815, respectively. The balances consisted of amounts payable to HHMLP for administrative, management, and benefit related fees. | ||||
Hotel Ground Rent | ||||
For the years ended December 31, 2014, 2013, and 2012 we incurred $2,433, $985, and $835 respectively, of rent expense payable pursuant to ground leases related to certain hotel properties. | ||||
Future minimum lease payments (without reflecting future applicable Consumer Price Index increases) under these agreements are as follows: | ||||
Year Ending December 31, | Amount | |||
2015 | $ | 2,342 | ||
2016 | 2,374 | |||
2017 | 2,374 | |||
2018 | 2,374 | |||
2019 | 2,374 | |||
Thereafter | 229,028 | |||
$ | 240,866 | |||
Contingent Consideration | ||||
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. Since the time of acquisition and upon measurement at December 31, 2014, a liability of $2,000 was recorded as the fair value of the contingent consideration was determined to be $2,000. The maximum cash payment under this arrangement is $2,000 in 2015. | ||||
NOTE 6 – COMMITMENTS AND CONTINGENCIES AND RELATED PARTY TRANSACTIONS (CONTINUED) | ||||
Litigation | ||||
We are not presently subject to any material litigation nor, to our knowledge, is any other litigation threatened against us, other than routine actions for negligence or other claims and administrative proceedings arising in the ordinary course of business, some of which are expected to be covered by liability insurance and all of which collectively are not expected to have a material adverse effect on our liquidity, results of operations or business or financial condition. | ||||
Fair_Value_Measurements_And_De
Fair Value Measurements And Derivative Instruments | 12 Months Ended | |||||||||||||||||
Dec. 31, 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 December 31, 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 December 31, 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 | 31-Dec-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 | $ | -174 | $ | -374 | ||||||||
Capitol Hill Hotel, Washington, DC | Swap | 0.540% | 1-Month LIBOR + 3.25% | 1-Feb-12 | 1-Feb-15 | 26,639 | -8 | -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 | -218 | -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 | 272 | 430 | ||||||||||
Unsecured Term Loan | Swap | 0.600% | 1-Month LIBOR + 2.40% | 18-Dec-12 | 5-Nov-16 | 50,000 | 85 | 137 | ||||||||||
Hyatt, Union Square, New York, NY | Cap | 2.000% | 1-Month LIBOR + 4.19% | 9-Apr-13 | 9-Apr-16 | 55,000 | 9 | 76 | ||||||||||
Duane Street Hotel, New York, NY | Swap | 0.933% | 1-Month LIBOR + 4.50% | 1-Feb-14 | 1-Feb-17 | 9,352 | -29 | - | ||||||||||
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 | -149 | - | ||||||||||
$ | -212 | $ | -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 December 31, 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 December 31, 2014 and December 31, 2013. | ||||||||||||||||||
The net change in fair value of derivative instruments designated as cash flow hedges was a gain of $18 and a gain of $1,410, and a loss of $635 for the years ended December 31, 2014, 2013, and 2012, respectively. These unrealized gains and losses 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 $1,509 of net unrealized gains/losses from accumulated other comprehensive income as an increase to interest expense during 2014. During 2015, the Company estimates that an additional $1,113 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 December 31, 2014, the carrying value and estimated fair value of the Company’s debt were $918,923 and $916,877, 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. | ||||||||||||||||||
Impaired Hotel Property | ||||||||||||||||||
As discussed in “Note 12-Discontinued Operations,” the Company recorded an impairment loss for the year ended December 31, 2013 of approximately $3,723 for the Holiday Inn Express Camp Springs, MD for which the anticipated net proceeds from the sale of the hotel did not exceed the carrying value. The fair value of the hotel was estimated using level 2 inputs. | ||||||||||||||||||
As discussed in “Note 12-Discontinued Operations,” the Company recorded an impairment loss for the year ended December 31, 2013 of approximately $6,591 for the non-core hotel portfolio the Company was under contract to sell for which the anticipated net proceeds did not exceed the carrying value. The fair value of the non-core hotel portfolio was estimated using level 2 inputs. | ||||||||||||||||||
Share_Based_Payments
Share Based Payments | 12 Months Ended | |||||||||||||||||||
Dec. 31, 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.” The following table is a summary of all share awards issued to executives under the Annual LTIPs: | ||||||||||||||||||||
Shares Vested (2) | Unearned Compensation (2) | |||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on date of grant | Vesting Period | Vesting Schedule | 23-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||
21-Mar-14 | ||||||||||||||||||||
(2013 Annual LTIP) | 447,959 | $ | 5.80 | 3 years | 25%/year (1) | 111,988 | - | $ | - | $ | - | |||||||||
20-Mar-13 | ||||||||||||||||||||
(2012 Annual LTIP) | 779,045 | $ | 5.95 | 3 years | 25%/year (1) | 389,520 | 389,520 | - | 1,039 | |||||||||||
26-Mar-12 | ||||||||||||||||||||
(2011 Annual LTIP) | 748,927 | $ | 5.45 | 3 years | 25%/year (1) | 561,694 | 561,694 | - | 266 | |||||||||||
1,063,202 | 951,214 | $ | - | $ | 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 date of effective issuance (subject to continuous employment through the applicable vesting date). | ||||||||||||||||||||
(2)All of the unvested shares issued as part of the Annual LTIP plans noted above were forfeited on December 23, 2014, and concurrently issued as LTIP Units. See below for more information. | ||||||||||||||||||||
Stock based compensation expense related to the Annual LTIP Plans of $2,987, $3,762, and $3,925 was incurred during the years ended December 31, 2014, 2013, and 2012, respectively. Unearned compensation related to the Annual LTIPs as of December 31, 2014 and December 31, 2013 was $0 and $1,305, respectively. | ||||||||||||||||||||
LTIP Units | ||||||||||||||||||||
On December 23, 2014, the 2012 Plan was amended and restated to add LTIP Units as a type of award available under the 2012 Plan. On this date, the Compensation Committee approved an aggregate of 1,948,324 LTIP Units to certain executive officers. These executive officers forfeited an aggregate of 1,948,324 Class A Common Shares, all of which were unvested as of the grant date of the LTIP Units and previously awarded to the executive officers under the 2012 Plan as restricted stock awards. The LTIP Units granted on December 23, 2014 are subject to the same time-based vesting conditions that applied to the forfeited restricted stock awards. | ||||||||||||||||||||
NOTE 8 – SHARE BASED PAYMENTS (CONTINUED) | ||||||||||||||||||||
The following table is a summary of the LTIP Units issued to executive officers as of December 31, 2014.: | ||||||||||||||||||||
31-Dec-14 | ||||||||||||||||||||
Issuance Date | LTIP Units Issued | Vesting Period | Vesting Schedule | Units Vested | Unearned Compensation | |||||||||||||||
23-Dec-14 | ||||||||||||||||||||
(2013 Annual LTIP) | 335,972 | 3 years | 25%/year (1) | 111,991 | $ | 582 | ||||||||||||||
23-Dec-14 | ||||||||||||||||||||
(2012 Annual LTIP) | 389,524 | 3 years | 25%/year (1) | 194,761 | 309 | |||||||||||||||
23-Dec-14 | ||||||||||||||||||||
(2011 Annual LTIP) | 187,233 | 3 years | 25%/year (1) | 187,233 | - | |||||||||||||||
23-Dec-14 | 1,035,595 | 5 years | 33% Year 3, 4, 5 (2) | - | 2,650 | |||||||||||||||
1,948,324 | 493,985 | $ | 3,541 | |||||||||||||||||
(1)As noted above, the vesting schedule for each of the Annual LTIP Plans remains intact with the conversion to LTIP Units. | ||||||||||||||||||||
(2)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). | ||||||||||||||||||||
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 December 31, 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 December 31, 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. | ||||||||||||||||||||
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 $598, $3,481 and $3,192 was recorded for the years ended December 31, 2014, 2013, and 2012, respectively, for the Multi-Year LTIPs. Unearned compensation related to the Multi Year LTIPs as of December 31, 2014 and December 31, 2013, respectively, was $1,621 and $1,157. | ||||||||||||||||||||
NOTE 8 – SHARE BASED PAYMENTS (CONTINUED) | ||||||||||||||||||||
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 $1,495, $1,618, and $1,911 was incurred during the years ended December 31, 2014, 2013, and 2012 respectively. Unearned compensation related to the restricted share awards as of December 31, 2014 and December 31, 2013 was $322 and $4,102, respectively. The following table is a summary of all unvested share awards issued to executives under the 2012 Plan and prior | ||||||||||||||||||||
equity incentive plans: | ||||||||||||||||||||
Shares Vested | Unearned Compensation | |||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on Date of Grant | Vesting Period | Vesting Schedule | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||
15-Jul-14 | 52,077 | 6.75 | 2 years | 50% /year | 6,126 | - | 177 | - | ||||||||||||
23-Jun-14 | 4,411 | 6.50 | 2 years | 50% /year | - | - | 20 | - | ||||||||||||
24-Mar-14 | 8,184 | 5.69 | 2 years | 50% /year | 4,091 | - | 10 | - | ||||||||||||
13-Feb-14 | 1,846 | 5.44 | 2 years | 50% /year | 923 | - | 2 | - | ||||||||||||
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 | - | 69 | 199 | ||||||||||||
29-Jun-12 | 52,703 | 5.28 | 2-4 years | 25-50% /year | 44,967 | 22,480 | 36 | 110 | ||||||||||||
18-Apr-12 | 1,035,595 | 5.47 | 5 years | 33% Year 3, 4, 5 (1) | - | - | - | 3,746 | ||||||||||||
30-Jun-11 | 17,692 | 5.57 | 2-4 years | 25-50% /year | 13,804 | 9,919 | 8 | 28 | ||||||||||||
Total | 1,225,713 | 97,411 | 32,399 | $ | 322 | $ | 4,102 | |||||||||||||
(1)As noted above, the unvested shares associated with this issuance were forfeited and immediately issued as LTIP Units on December 23, 2014. The historical information pertaining to the unvested shares before the conversion is shown this table. | ||||||||||||||||||||
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 30, 2014, we issued 12,860 shares which do not fully vest until December 31, 2015. Compensation expense incurred for the years ended December 31, 2014, 2013, and 2012, respectively, was $220, $160, and $66. | ||||||||||||||||||||
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 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||
30-Dec-14 | 12,860 | $ | 7.25 | 1 year | 100% | $ | 93 | $ | - | |||||||||||
27-Dec-13 | 39,133 | 5.63 | 1 year | 100% | - | 220 | ||||||||||||||
Total | 51,993 | 93 | 220 | |||||||||||||||||
Multi-Year Long-Term Equity Incentives | ||||||||||||||||||||
Compensation expense for the multi-year long term incentive plans for the Company’s trustees incurred for the years ended December 31, 2014, 2013, and 2012, respectively, was $71, $55, and $43. Unearned compensation related to the multi-year long term equity incentives was $127 and $124 as of December 31, 2014 and December 31, 2013, respectively. | ||||||||||||||||||||
NOTE 8 – SHARE BASED PAYMENTS (CONTINUED) | ||||||||||||||||||||
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 | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | |||||||||||||
30-Dec-14 | 10,000 | 3 years | 33% /year | - | - | $ | 73 | $ | - | |||||||||||
27-Dec-13 | 12,000 | 3 years | 33% /year | 5,335 | - | 38 | 67 | |||||||||||||
28-Dec-12 | 12,000 | 3 years | 33% /year | 8,670 | 4,002 | 16 | 39 | |||||||||||||
5-Jun-12 | 10,800 | 3 years | 33% /year | 10,800 | 7,200 | - | 18 | |||||||||||||
24,805 | 11,202 | $ | 127 | $ | 124 | |||||||||||||||
Share Awards | ||||||||||||||||||||
Compensation expense related to share awards issued to the Board of Trustees of $457, $496 and $402 was incurred during the years ended December 31, 2014, 2013, and 2012, respectively and is recorded in general and administrative expense on the statement of operations. Share awards issued to the Board of Trustees are immediately vested. On June 23, 2014 an aggregate 47,475 shares were issued to the Board of Trustees at a price per share on the date of grant of $6.50. On December 30, 2014, an aggregate 20,500 shares were issued to the Board of Trustees at a price per share on the date of grant of $7.25. | ||||||||||||||||||||
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 $200, $174, and $139 for the years ended December 31, 2014, 2013, and 2012, respectively. Unearned compensation related to the restricted share awards as of December 31, 2014 and December 31, 2013 was $81 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 | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||
24-Mar-14 | 30,000 | $ | 5.69 | 2 years | 50% /year | 15,000 | - | $ | 81 | $ | - | |||||||||
1-Feb-13 | 30,000 | $ | 5.41 | 2 years | 50% /year | 30,000 | 14,999 | - | 81 | |||||||||||
Total | 60,000 | 45,000 | 14,999 | $ | 81 | $ | 81 | |||||||||||||
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||||
Dec. 31, 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. | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
NUMERATOR: | ||||||||||||
Basic and Diluted* | ||||||||||||
Income from Continuing Operations | $ | 69,936 | $ | 20,753 | $ | 7,498 | ||||||
(Income) Loss from Continuing Operations allocated to Noncontrolling Interests | -1,069 | 658 | 703 | |||||||||
Distributions to Preferred Shareholders | -14,356 | -14,611 | -14,000 | |||||||||
Dividends Paid on Unvested Restricted Shares and LTIP Units | -515 | -804 | -459 | |||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | - | -2,250 | - | |||||||||
Income (Loss) from Continuing Operations attributable to Common Shareholders | 53,996 | 3,746 | -6,258 | |||||||||
Discontinued Operations | ||||||||||||
(Loss) Income from Discontinued Operations | -1,665 | 29,195 | 14,720 | |||||||||
Loss (Income) from Discontinued Operations allocated to Noncontrolling Interests | 53 | -993 | -545 | |||||||||
(Loss) from Discontinued Operations attributable to Common Shareholders | -1,612 | 28,202 | 14,175 | |||||||||
Net Income attributable to Common Shareholders | $ | 52,384 | $ | 31,948 | $ | 7,917 | ||||||
DENOMINATOR: | ||||||||||||
Weighted average number of common shares - basic | 199,109,209 | 198,390,450 | 187,415,270 | |||||||||
Effect of dilutive securities: | ||||||||||||
Restricted Stock Awards (unvested) | 1,358,603 | 2,384,165 | - | * | ||||||||
Contingently Issued Shares | 729,498 | 1,143,562 | - | * | ||||||||
Weighted average number of common shares - diluted | 201,197,310 | 201,918,177 | 187,415,270 | |||||||||
*Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership has been excluded from the numerator and units of limited partnership interest in Hersha Hospitality Limited Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders. | ||||||||||||
NOTE 9 – EARNINGS PER SHARE (CONTINUED) | ||||||||||||
The following table summarizes potentially dilutive securities that have been excluded from the denominator for the purpose of computing diluted earnings per share: | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Common Units | 6,909,649 | 6,968,035 | 7,208,123 | |||||||||
LTIP Units | 32,711 | - | - | |||||||||
Unvested Stock Awards Outstanding | - | - | 433,097 | |||||||||
Contingently Issuable Share Awards | - | - | 2,778,545 | |||||||||
Options to Acquire Common Shares Outstanding | - | - | 275,580 | |||||||||
Total potentially dilutive securities | 6,942,360 | 6,968,035 | 10,695,345 | |||||||||
excluded from the denominator | ||||||||||||
Cash_Flow_Disclosures_And_Non_
Cash Flow Disclosures And Non Cash Investing And Financing Activities | 12 Months Ended | |||||||||
Dec. 31, 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 2014, 2013, and 2012 totaled $40,760, $42,984, and $41,744 respectively. The following non-cash investing and financing activities occurred during 2014, 2013 and 2012: | ||||||||||
2014 | 2013 | 2012 | ||||||||
Common Shares issued as part of the Dividend Reinvestment Plan | $ | 50 | $ | 38 | $ | 24 | ||||
Acquisition of hotel properties: | ||||||||||
Debt assumed | 24,924 | - | 85,913 | |||||||
Development loan accrued interest revenue receivable paid in-kind by adding balance to development loan principal | - | - | 678 | |||||||
Settlement of development loan receivable principal and accrued interest revenue receivable | 22,494 | 13,303 | - | |||||||
Disposition of hotel properties: | ||||||||||
Investment in hotel properties, net, conveyed to mortgage lender | - | - | 1,938 | |||||||
Debt conveyed to mortgage lender | - | - | 2,940 | |||||||
Debt assumed by purchaser | 45,710 | - | 54,217 | |||||||
Conversion of Common Units to Common Shares | 72 | 106 | 572 | |||||||
Reallocation of noncontrolling interest | - | - | -966 | |||||||
Accrued payables for fixed assets placed into service | 1,312 | 2,572 | - | |||||||
Hotel_Dispositions
Hotel Dispositions | 12 Months Ended | |||||||||||
Dec. 31, 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 | ||||||||||||
Hotel | Acquisition | Disposition | Consideration | Gain on | ||||||||
Date | Date | Disposition | ||||||||||
Hotel 373 | Jun-07 | Apr-14 | $ | 37,000 | $ | 7,195 | ||||||
2014 Total | $ | 7,195 | -1 | |||||||||
Non-Core Portfolio II (12) | January 1999 - July 2010 | Dec-13 | $ | 158,600 | $ | 31,559 | -2 | |||||
Holiday Inn Express, Camp Springs, MD | Jun-08 | Sep-13 | 8,500 | 120 | -3 | |||||||
Comfort Inn, Harrisburg, PA | Jan-99 | Jun-13 | 3,700 | 442 | ||||||||
2013 Total | 32,121 | |||||||||||
Non-Core Hotel Portfolio (18) | January 1999 - July 2007 | February 2012 & May 2012 | $ | 155,000 | $ | 4,978 | -4 | |||||
Land Parcel, Eighth Ave, Manhattan, NY | Jun-06 | Apr-12 | 19,250 | 5,037 | ||||||||
Comfort Inn, North Dartmouth, MA | May-06 | Mar-12 | - | 1,216 | -5 | |||||||
2012 Total | $ | 11,231 | ||||||||||
-1 | The operations from this property included (loss) income of ($137), $858, $546 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||
-2 | In September 2013, our Board of Trustees authorized management of the Company to sell this portfolio. 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. The 16 non-core hotel properties in the portfolio were acquired by the Company between 1999 and 2010. We recorded an impairment loss of approximately $6,591 for those assets for which the anticipated net proceeds do not exceed the carrying value. | |||||||||||
On December 20, 2013, the Company closed on the sale of 12 of these non-core hotel properties. As a result of entering into these purchase and sale agreements for the 16 non-core assets mentioned above, the operating results for the consolidated assets were reclassified to discontinued operations in the statement of operations for the years ended December 31, 2014, 2013, and 2012. The 12 assets were sold for a total sales price of $158,600, reduced the Company’s consolidated mortgage debt by $33,044 and generated a gain on sale of approximately $31,559. In February 2014, the remaining 4 assets were sold for a total sales price of $58,400 and reduced the Company’s consolidated mortgage debt by $45,710. We recorded an impairment loss of approximately $1,800 for those assets for which the anticipated net proceeds did not exceed the carrying value. | ||||||||||||
-3 | We recorded an impairment loss for this property of approximately $3,723 as the net proceeds did not exceed the carrying value. | |||||||||||
NOTE 11 – HOTEL DISPOSITIONS (CONTINUED) | ||||||||||||
-4 | On February 23, 2012, the Company closed on the sale of 14 non-core hotel properties, including three hotel properties owned in part by the Company through an unconsolidated joint venture, and closed on the remaining four properties, on May 8, 2012, including one hotel property owned in part by the Company through an unconsolidated joint venture. The operating results for the consolidated assets were reclassified to discontinued operations in the statement of operations for the year ended December 31, 2012. The 18 assets were sold for a total sales price of $155,000, reduced the Company’s consolidated mortgage debt by $61,298 and generated a gain on sale of approximately $4,978. | |||||||||||
-5 | On March 30, 2012, we transferred the title to the Comfort Inn, located in North Dartmouth, to the lender. Previously, we had ceased operations at this property on March 31, 2011. The operating results were reclassified to discontinued operations in the statements of operations for the year ended December 31, 2012. The transfer of the title resulted in a gain of approximately $1,216, since the outstanding mortgage loan payable exceeded the net book value of the property. | |||||||||||
Assets Held for Sale | ||||||||||||
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 | ||||||||||
NOTE 11 – HOTEL DISPOSITIONS (CONTINUED) | ||||||||||||
The following table sets forth the components of discontinued operations for the years ended December 31, 2014, 2013, and 2012. 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). | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue: | ||||||||||||
Hotel Operating Revenues | $ | 1,940 | $ | 58,045 | $ | 63,465 | ||||||
Other Revenue | - | - | 11 | |||||||||
Total Revenues | 1,940 | 58,045 | 63,476 | |||||||||
Expenses: | ||||||||||||
Hotel Operating Expenses | 1,151 | 35,158 | 39,046 | |||||||||
Gain on Insurance Settlements | 74 | - | - | |||||||||
Hotel Ground Rent | - | - | 72 | |||||||||
Real Estate and Personal Property Taxes and Property Insurance | 91 | 3,316 | 3,636 | |||||||||
General and Administrative | 4 | 36 | 27 | |||||||||
Acquisition and Termination Transaction Costs | - | - | 8 | |||||||||
Depreciation and Amortization | 1 | 7,050 | 9,148 | |||||||||
Interest Expense | 354 | 4,863 | 7,872 | |||||||||
Other Expense | - | 44 | 10 | |||||||||
Loss on Debt Extinguishment | - | - | 168 | |||||||||
Income Tax Expense | 2 | 190 | - | |||||||||
Total Expenses | 1,677 | 50,657 | 59,987 | |||||||||
Income from Discontinued Operations | $ | 263 | $ | 7,388 | $ | 3,489 | ||||||
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. | ||||||||||||
Shareholders_Equity_And_Noncon
Shareholders' Equity And Noncontrolling Interests In Partnership | 12 Months Ended |
Dec. 31, 2014 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity And Noncontrolling Interests In Partnership | NOTE 12 – SHAREHOLDERS’ EQUITY AND NONCONTROLLING INTERESTS IN PARTNERSHIP |
Common Shares | |
The Company’s outstanding common shares have been duly authorized, and are fully paid and non-assessable. Common shareholders are entitled to receive dividends if and when authorized and declared by the Board of Trustees of the Company out of assets legally available and to share ratably in the assets of the Company legally available for distribution to its shareholders in the event of its liquidation, dissolution or winding up after payment of, or adequate provision for, all known debts and liabilities of the Company. | |
Preferred Shares | |
The Declaration of Trust authorizes our Board of Trustees to classify any unissued preferred shares and to reclassify any previously classified but unissued preferred shares of any series from time to time in one or more series, as authorized by the Board of Trustees. Prior to issuance of shares of each series, the Board of Trustees is required by Maryland REIT Law and our Declaration of Trust to set for each such series, subject to the provisions of our Declaration of Trust regarding the restriction on transfer of shares of beneficial interest, the terms, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each such series. Thus, our Board of Trustees could authorize the issuance of additional preferred shares with terms and conditions which could have the effect of delaying, deferring or preventing a transaction or a change in control in us that might involve a premium price for holders of common shares or otherwise be in their best interest. | |
Common Units | |
Common Units are issued in connection with the acquisition of wholly owned hotels and joint venture interests in hotel properties. The total number of Common Units outstanding as of December 31, 2014, 2013 and 2012 was 6,849,412, 6,914,716, and 7,112,506, respectively. These units can be redeemed for cash or converted to common shares, at the Company’s option, on a one-for-one basis. The number of common shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidation or similar pro rata share transactions, that otherwise would have the effect of diluting the ownership interest of the limited partners or our shareholders. During 2014, 2013 and 2012, 18,900, 27,790, and 157,810 Common Units were converted to common shares, respectively. The Company redeemed 46,404 Common Units for $338 during 2014. In addition, as noted in “Note 8 – Share Based Payments,” during 2014, the Company issued 1,948,324 of LTIP Units. | |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Income Taxes | ||||||||||
NOTE 13 – INCOME TAXES | ||||||||||
The Company elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code commencing with its taxable year ended December 31, 1999. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it currently distribute at least 90% of its REIT taxable income to its shareholders. It is the Company’s current intention to adhere to these requirements and maintain the Company’s qualification for taxation as a REIT. As a REIT, the Company generally will not be subject to federal corporate income tax on that portion of its net income that is currently distributed to shareholders. If the Company fails to qualify for taxation as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not be able to qualify as a REIT for four subsequent taxable years. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and to federal income and excise taxes on its undistributed taxable income. | ||||||||||
Taxable income from non-REIT activities managed through taxable REIT subsidiaries is subject to federal, state and local income taxes. 44 New England is subject to income taxes at the applicable federal, state and local tax rates. | ||||||||||
The provision for income taxes differs from the amount of income tax determined by applying the applicable U.S. statutory federal income tax rate to pretax income from continuing operations as a result of the following differences: | ||||||||||
For the year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Statutory federal income tax provision | $ | 22,865 | $ | 5,152 | $ | 1,409 | ||||
Adjustment for nontaxable loss | -25,274 | -7,472 | -623 | |||||||
State income taxes, net of federal income tax effect | -367 | -1,317 | 151 | |||||||
Recognition of deferred tax assets | 91 | -1,963 | - | |||||||
Changes in valuation allowance | - | - | -4,292 | |||||||
Total income tax benefit | $ | -2,685 | $ | -5,600 | $ | -3,355 | ||||
The components of the Company’s income tax expense (benefit) from continuing operations for the years ended December 31, 2014, 2013 and 2012 were as follows: | ||||||||||
For the year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income tax expense (benefit): | ||||||||||
Current: | ||||||||||
Federal | $ | - | $ | - | $ | - | ||||
State | - | - | 229 | |||||||
Deferred: | ||||||||||
Federal | $ | -2,130 | -3,604 | -3,584 | ||||||
State | -555 | -1,996 | - | |||||||
Total | -2,685 | $ | -5,600 | $ | -3,355 | |||||
Income tax expense (benefit): | ||||||||||
From continuing operations | $ | -2,685 | -5,600 | -3,355 | ||||||
From discontinued operations | 2 | 190 | - | |||||||
Total | -2,683 | $ | -5,410 | $ | -3,355 | |||||
NOTE 13 – INCOME TAXES (CONTINUED) | ||||||||||
The components of consolidated TRS’s net deferred tax asset as of December 31, 2014 and 2013 were as follows: | ||||||||||
As of December 31, | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Net operating loss carryforwards | $ | 11,387 | $ | 8,605 | ||||||
Accrued expenses and other | 616 | 685 | ||||||||
Tax credit carryforwards | 481 | 280 | ||||||||
Total gross deferred tax assets | 12,484 | 9,570 | ||||||||
Valuation allowance | -804 | -804 | ||||||||
Total net deferred tax assets | $ | 11,680 | $ | 8,766 | ||||||
Deferred tax liabilities: | ||||||||||
Depreciation and amortization | 232 | - | ||||||||
Total Net deferred tax assets (liabilities) | $ | 11,448 | $ | 8,766 | ||||||
In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. Based on limitations related to the utilization of certain tax attribute carryforwards, the Company recorded a valuation allowance of approximately $804 as these attributes are not more likely than not to be realized prior to their expiration. Based on the level of historical taxable income, tax planning strategies and projections for future taxable income over the periods in which the remaining deferred tax assets are deductible, Management believes it is more likely than not that the remaining deferred tax assets will be realized. | ||||||||||
As of December 31, 2014, we have gross federal net operating loss carryforwards of $28,732 which expire over various periods from 2023 through 2034. As of December 31, 2014, we have gross state net operating loss carryforwards of $30,868 which expire over various periods from 2014 to 2034. The Company has tax credits of $481 available which begin to expire in 2028. | ||||||||||
Earnings and profits, which will determine the taxability of distributions to shareholders, will differ from net income reported for financial reporting purposes due to the differences for federal tax purposes in the estimated useful lives and methods used to compute depreciation. The following table sets forth certain per share information regarding the Company’s common and preferred share distributions for the years ended December 31, 2014, 2013 and 2012. | ||||||||||
2014 | 2013 | 2012 | ||||||||
Preferred Shares - 8% Series A | ||||||||||
Ordinary income | N/A | 100.00% | 100.00% | |||||||
Return of Capital | N/A | 0.00% | 0.00% | |||||||
Capital Gain Distribution | N/A | 0.00% | 0.00% | |||||||
Preferred Shares - 8% Series B | ||||||||||
Ordinary income | 100.00% | 100.00% | 100.00% | |||||||
Return of Capital | 0.00% | 0.00% | 0.00% | |||||||
Capital Gain Distribution | 0.00% | 0.00% | 0.00% | |||||||
Preferred Shares - 6.875% Series C | ||||||||||
Ordinary income | 100.00% | 100.00% | N/A | |||||||
Return of Capital | 0.00% | 0.00% | N/A | |||||||
Capital Gain Distribution | 0.00% | 0.00% | N/A | |||||||
Common Shares - Class A | ||||||||||
Ordinary income | 76.34% | 45.15% | 1.28% | |||||||
Return of Capital | 23.66% | 54.85% | 98.72% | |||||||
Capital Gain Distribution | 0.00% | 0.00% | 0.00% | |||||||
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||
Selected Quarterly Financial Data (Unaudited) | NOTE 14 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) | ||||||||||||
Year Ended December 31, 2014 | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Total Revenues | $ | 80,348 | $ | 111,830 | $ | 113,048 | $ | 112,985 | |||||
Total Expenses | 85,203 | 53,593 | 106,625 | 106,232 | |||||||||
(Loss) Income from Unconsolidated Joint Ventures | -420 | 419 | 607 | 87 | |||||||||
(Loss) Income from Continuing Operations | -5,275 | 58,656 | 7,030 | 6,840 | |||||||||
Income Tax Benefit | 108 | -1 | 699 | 1,879 | |||||||||
Income (Loss) from Discontinued Operations (including Gain on Disposition of Discontinued Assets)* | -1,346 | -69 | -142 | -108 | |||||||||
Net (Loss) Income | -6,513 | 58,586 | 7,587 | 8,611 | |||||||||
(Loss) Income Allocated to Noncontrolling Interests in Continuing Operations | -507 | 1,655 | -49 | -83 | |||||||||
Issuance Costs of Redeemed Preferred Stock | - | - | - | - | |||||||||
Preferred Distributions | 3,589 | 3,589 | 3,589 | 3,589 | |||||||||
Net (Loss) Income applicable to Common Shareholders | $ | -9,595 | $ | 53,342 | $ | 4,047 | $ | 5,105 | |||||
Basic and diluted earnings per share: | |||||||||||||
(Loss) Income from continuing operations applicable to common shareholders | $ | -0.04 | $ | 0.27 | $ | 0.02 | $ | 0.03 | |||||
Discontinued Operations | -0.01 | 0.00 | 0.00 | 0.00 | |||||||||
Net (Loss) Income applicable to Common Shareholders | $ | -0.05 | $ | 0.27 | $ | 0.02 | $ | 0.03 | |||||
Weighted Average Common Shares Outstanding | |||||||||||||
Basic | 200,743,751 | 198,494,473 | 198,597,517 | 198,629,945 | |||||||||
Diluted | 200,743,751 | 200,213,554 | 200,621,986 | 200,779,472 | |||||||||
Year Ended December 31, 2013 | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Total Revenues | $ | 65,878 | $ | 91,068 | $ | 90,741 | $ | 92,510 | |||||
Total Expenses | 73,174 | 71,703 | 87,512 | 90,820 | |||||||||
(Loss) Income from Unconsolidated Joint Ventures | -396 | 148 | 227 | -1,814 | |||||||||
(Loss) Income from Continuing Operations | -7,692 | 19,513 | 3,456 | -124 | |||||||||
Income Tax Benefit | 1,129 | -1,222 | 2,375 | 3,318 | |||||||||
(Loss) Income from Discontinued Operations (including Gain on Disposition of Discontinued Assets) | -1,113 | -206 | -3,532 | 34,046 | |||||||||
Net (Loss) Income | -7,676 | 18,085 | 2,299 | 37,240 | |||||||||
(Loss) Income Allocated to Noncontrolling Interests in Continuing Operations | -673 | 210 | -164 | 962 | |||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | 2,250 | - | - | - | |||||||||
Preferred Distributions | 3,844 | 3,589 | 3,589 | 3,589 | |||||||||
Net (Loss) Income applicable to Common Shareholders | $ | -13,097 | $ | 14,286 | $ | -1,126 | $ | 32,689 | |||||
Basic and diluted earnings per share: | |||||||||||||
(Loss) Income from continuing operations applicable to common shareholders | $ | -0.07 | $ | 0.08 | $ | 0.01 | $ | 0.00 | |||||
Discontinued Operations | 0.00 | -0.01 | -0.02 | 0.16 | |||||||||
Net Loss (Income) applicable to Common Shareholders | $ | -0.07 | $ | 0.07 | $ | -0.01 | $ | 0.16 | |||||
Weighted Average Common Shares Outstanding | |||||||||||||
Basic | 197,029,017 | 198,633,051 | 198,878,496 | 198,944,277 | |||||||||
Diluted | 197,029,017 | 201,201,337 | 201,644,633 | 198,944,277 | |||||||||
*Effective January 1, 2014, we early adopted ASU Update No. 2014-08 concerning the classification and reporting of discontinued operations. As such, this line item for quarterly results presented for 2014 will not be comparable. | |||||||||||||
Schedule_III_Real_Estate_And_A
Schedule III - Real Estate And Accumulated Depreciation | 12 Months Ended | ||||||||||||||
Dec. 31, 2014 | |||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||
Schedule III - Real Estate And Accumulated Depreciation | |||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amounts at which Carrried at Close of Period | Accumulated Depreciation | Net Book Value | |||||||||||
Description | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Buildings & Improvements* | Land, Buildings & Improvements | Date of Acquisition | ||||
Residence Inn, | 1,325 | 12,737 | - | 4,844 | 1,325 | 17,581 | 18,906 | ($4,860) | 14,046 | 3/26/04 | |||||
Framingham, MA | |||||||||||||||
Hampton Inn, | -23,026 | 5,472 | 23,280 | - | 1,458 | 5,472 | 24,738 | 30,210 | -6,703 | 23,507 | 4/1/05 | ||||
New York, NY | |||||||||||||||
Residence Inn, | 2,615 | 14,815 | - | 2,250 | 2,615 | 17,065 | 19,680 | -5,021 | 14,659 | 7/16/04 | |||||
Greenbelt, MD | |||||||||||||||
Courtyard, | -36,453 | - | 47,414 | - | 1,554 | - | 48,968 | 48,968 | -12,438 | 36,530 | 6/16/05 | ||||
Brookline, MA | |||||||||||||||
Residence Inn, | 4,283 | 14,475 | - | 1,920 | 4,283 | 16,395 | 20,678 | -4,113 | 16,565 | 2/2/06 | |||||
Tyson's Corner, VA | |||||||||||||||
Hilton Garden Inn, | -19,707 | - | 25,018 | - | 2,618 | - | 27,636 | 27,636 | -6,770 | 20,866 | 2/16/06 | ||||
JFK Airport, NY | |||||||||||||||
Hawthorne Suites, | -7,520 | 1,872 | 8,968 | - | 505 | 1,872 | 9,473 | 11,345 | -2,211 | 9,134 | 4/25/06 | ||||
Franklin, MA | |||||||||||||||
Holiday Inn Exp, | 1,956 | 9,793 | - | 2,352 | 1,956 | 12,145 | 14,101 | -3,469 | 10,632 | 5/3/06 | |||||
Cambridge, MA | |||||||||||||||
Residence Inn, | 1,970 | 11,761 | - | 1,482 | 1,970 | 13,243 | 15,213 | -2,904 | 12,309 | 7/27/06 | |||||
Norwood, MA | |||||||||||||||
Hampton Inn, | -33,696 | 8,905 | 33,500 | - | 1,944 | 8,905 | 35,444 | 44,349 | -8,215 | 36,134 | 9/29/06 | ||||
Chelsea, NY | |||||||||||||||
Hyatt House, | -13,720 | 2,912 | 16,001 | - | 3,812 | 2,912 | 19,813 | 22,725 | -4,616 | 18,109 | 12/28/06 | ||||
Gaithersburg, MD | |||||||||||||||
Hyatt House, | -20,160 | 6,216 | 17,229 | - | 2,996 | 6,216 | 20,225 | 26,441 | -4,200 | 22,241 | 12/28/06 | ||||
Pleasant Hills, CA | |||||||||||||||
Hyatt House, | -14,490 | 3,941 | 12,560 | - | 3,497 | 3,941 | 16,057 | 19,998 | -3,815 | 16,183 | 12/28/06 | ||||
Pleasanton, CA | |||||||||||||||
Hyatt House, | -16,778 | 3,060 | 19,968 | - | 3,408 | 3,060 | 23,376 | 26,436 | -5,575 | 20,861 | 12/28/06 | ||||
Scottsdale, AZ | |||||||||||||||
Hyatt House, | -33,030 | 8,823 | 30,273 | - | 2,700 | 8,823 | 32,973 | 41,796 | -7,501 | 34,295 | 12/28/06 | ||||
White Plains, NY | |||||||||||||||
Holiday Inn Exp & Suites, | -6,264 | 1,500 | 6,671 | - | 242 | 1,500 | 6,913 | 8,413 | -1,404 | 7,009 | 1/25/07 | ||||
Chester, NY | |||||||||||||||
(1) Costs capitalized subsequent to acquisition include reductions of asset value due to impairment. | |||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amounts at which Carrried at Close of Period | Accumulated Depreciation | Net Book Value | |||||||||||
Description | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Buildings & Improvements* | Land, Buildings & Improvements | Date of Acquisition | ||||
Hampton Inn, | -17,764 | 7,816 | 19,040 | - | 811 | 7,816 | 19,851 | 27,667 | -4,049 | 23,618 | 2/1/07 | ||||
Seaport, NY | |||||||||||||||
Sheraton Hotel, | - | 27,315 | - | 1,430 | - | 28,745 | 28,745 | -4,877 | 23,868 | 6/13/08 | |||||
JFK Airport, NY | |||||||||||||||
Hampton Inn, | 3,490 | 24,382 | - | 5,914 | 3,490 | 30,296 | 33,786 | -10,619 | 23,167 | 2/15/06 | |||||
Philadelphia, PA | |||||||||||||||
Duane Street, | -9,352 | 8,213 | 12,869 | - | 1,276 | 8,213 | 14,145 | 22,358 | -2,883 | 19,475 | 1/4/08 | ||||
Tribeca, NY | |||||||||||||||
NU Hotel, | - | 22,042 | - | 1,515 | - | 23,557 | 23,557 | -3,947 | 19,610 | 1/14/08 | |||||
Brooklyn, NY | |||||||||||||||
Hilton Garden Inn, | -46,500 | 21,077 | 42,955 | - | 583 | 21,077 | 43,538 | 64,615 | -6,222 | 58,393 | 5/1/09 | ||||
Tribeca, NY | |||||||||||||||
Hampton Inn, | 10,691 | 41,637 | - | 316 | 10,691 | 41,953 | 52,644 | -5,163 | 47,481 | 2/9/10 | |||||
Times Square, NY | |||||||||||||||
Holiday Inn Express, | 11,075 | 43,113 | - | 54 | 11,075 | 43,167 | 54,242 | -5,288 | 48,954 | 2/9/10 | |||||
Times Square, NY | |||||||||||||||
Candlewood Suites, | 10,281 | 36,687 | - | 44 | 10,281 | 36,731 | 47,012 | -4,491 | 42,521 | 2/9/10 | |||||
Times Square, NY | |||||||||||||||
Hyatt Place, | 1,133 | 7,267 | - | 4,012 | 1,133 | 11,279 | 12,412 | -4,436 | 7,976 | 8/17/10 | |||||
KOP, PA | |||||||||||||||
Holiday Inn Express, | 12,152 | 21,100 | - | 323 | 12,152 | 21,423 | 33,575 | -2,526 | 31,049 | 5/9/10 | |||||
Wall Street, NY | |||||||||||||||
Hampton Inn, | 9,335 | 58,048 | - | 1,191 | 9,335 | 59,239 | 68,574 | -6,651 | 61,923 | 9/1/10 | |||||
Washington, DC | |||||||||||||||
Courtyard, | -23,403 | 6,376 | 26,089 | - | 2,555 | 6,376 | 28,644 | 35,020 | -6,701 | 28,319 | 9/29/06 | ||||
Alexandria, VA | |||||||||||||||
Sheraton, | 1,765 | 16,929 | - | 1,187 | 1,765 | 18,116 | 19,881 | -2,902 | 16,979 | 12/21/10 | |||||
Wilmington South, DE | |||||||||||||||
Holiday Inn, | 7,341 | 28,591 | - | 326 | 7,341 | 28,917 | 36,258 | -2,415 | 33,843 | 3/25/11 | |||||
Water Street, NY | |||||||||||||||
(1) Costs capitalized subsequent to acquisition include reductions of asset value due to impairment. | |||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amounts at which Carrried at Close of Period | Accumulated Depreciation | Net Book Value | |||||||||||
Description | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Buildings & Improvements* | Land, Buildings & Improvements | Date of Acquisition | ||||
Capitol Hill Suites | -26,639 | 8,095 | 35,141 | - | 3,874 | 8,095 | 39,015 | 47,110 | -4,318 | 42,792 | 4/15/11 | ||||
Washington, DC | |||||||||||||||
Courtyard, | -30,000 | 13,489 | 27,025 | - | 4,531 | 13,489 | 31,556 | 45,045 | -3,142 | 41,903 | 5/19/11 | ||||
LA Westside, CA | |||||||||||||||
Hampton Inn, | 11,384 | 23,432 | - | 480 | 11,384 | 23,912 | 35,296 | -295 | 35,001 | 7/22/11 | |||||
Pearl Street, NY | |||||||||||||||
Courtyard, | -60,000 | 35,699 | 55,805 | - | 22,163 | 35,699 | 77,968 | 113,667 | -5,080 | 108,587 | 11/16/11 | ||||
Miami, FL | |||||||||||||||
The Rittenhouse | 7,108 | 29,556 | - | 13,661 | 7,108 | 43,217 | 50,325 | -4,819 | 45,506 | 3/1/12 | |||||
Hotel, PA | |||||||||||||||
Bulfinch, | 1,456 | 14,954 | - | 1,448 | 1,456 | 16,402 | 17,858 | -1,338 | 16,520 | 5/7/12 | |||||
Boston, MA | |||||||||||||||
Holiday Inn Express, | 30,329 | 57,016 | - | 731 | 30,329 | 57,747 | 88,076 | -3,805 | 84,271 | 6/18/12 | |||||
Manhattan, NY | |||||||||||||||
Hyatt, | -55,000 | 32,940 | 79,300 | - | 759 | 32,940 | 80,059 | 112,999 | -3,499 | 109,500 | 4/9/13 | ||||
Union Square, NY | |||||||||||||||
Courtyard, | 15,656 | 51,674 | - | 274 | 15,656 | 51,948 | 67,604 | -2,061 | 65,543 | 5/30/13 | |||||
San Diego, CA | |||||||||||||||
Residence Inn, | 4,146 | 17,456 | - | 5,107 | 4,146 | 22,563 | 26,709 | -953 | 25,756 | 6/12/13 | |||||
Coconut Grove, FL | |||||||||||||||
Hotel Milo, | -24,577 | - | 55,080 | - | 193 | - | 55,273 | 55,273 | -1,156 | 54,117 | 2/28/14 | ||||
Santa Barbara, CA | |||||||||||||||
Hilton Garden Inn, | -45,000 | 45,480 | 60,762 | - | 21 | 45,480 | 60,783 | 106,263 | -908 | 105,355 | 5/27/14 | ||||
Midtown East, NY | |||||||||||||||
(1) Costs capitalized subsequent to acquisition include reductions of asset value due to impairment. | |||||||||||||||
Initial Costs | Costs Capitalized Subsequent to Acquisition | Gross Amounts at which Carrried at Close of Period | Accumulated Depreciation | Net Book Value | |||||||||||
Description | Encumbrances | Land | Buildings & Improvements | Land | Buildings & Improvements | Land | Buildings & Improvements | Total | Buildings & Improvements* | Land, Buildings & Improvements | Date of Acquisition | ||||
Parrot Key Hotel, | 57,889 | 33,959 | - | 54 | 57,889 | 34,014 | 91,903 | -555 | 91,348 | 5/7/14 | |||||
Key West, FL | |||||||||||||||
Winter Haven Hotel, | 5,400 | 18,147 | - | 110 | 5,400 | 18,258 | 23,658 | -477 | 23,181 | 12/20/13 | |||||
Miami Beach, FL | |||||||||||||||
Blue Moon Hotel, | 4,874 | 20,354 | - | 127 | 4,873 | 20,482 | 25,354 | -498 | 24,856 | 12/20/13 | |||||
Miami Beach, FL | |||||||||||||||
Total Investment in Real Estate | $ | -563,079 | 439,540 | 1,312,189 | $ | - | 112,653 | 439,540 | 1,424,842 | 1,864,382 | $ | ($189,889) | 1,674,493 | ||
*Assets are depreciated over a 7 to 40 year life, upon which the latest income statement is computed | |||||||||||||||
The aggregate cost of land, buildings and improvements for Federal income tax purposes for the years ended December 31, 2014, 2013 and 2012 is approximately $1,836,861, $1,575,555, and $1,278,318 respectively. | |||||||||||||||
Depreciation is computed for buildings and improvements using a useful life for these assets of 7 to 40 years. | |||||||||||||||
See Accompanying Report of Independent Registered Public Accounting Firm | |||||||||||||||
2014 | 2013 | 2012 | |||||||||||||
Reconciliation of Real Estate | |||||||||||||||
Balance at beginning of year | $ | 1,629,312 | $ | 1,520,151 | $ | 1,481,433 | |||||||||
Additions during the year | 333,889 | 275,032 | 167,916 | ||||||||||||
Dispositions/Deconsolidation of consolidated joint venture during the year | -98,819 | -156,504 | -127,992 | ||||||||||||
Changes/Impairments in Assets Held for Sale | - | -9,367 | -1,206 | ||||||||||||
Total Real Estate | $ | 1,864,382 | $ | 1,629,312 | $ | 1,520,151 | |||||||||
Reconciliation of Accumulated Depreciation | |||||||||||||||
Balance at beginning of year | $ | 162,189 | $ | 150,353 | $ | 139,057 | |||||||||
Depreciation for year | 43,218 | 39,771 | 35,597 | ||||||||||||
Changes/Impairments in Assets Held for Sale | - | 51 | - | ||||||||||||
Accumulated depreciation on assets sold | -15,518 | -27,986 | -24,301 | ||||||||||||
Balance at the end of year | $ | 189,889 | $ | 162,189 | $ | 150,353 | |||||||||
Organization_And_Summary_Of_Si1
Organization And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Organization And Summary Of Significant Accounting Policies [Abstract] | ||||||||||||||||
Collaborative Arrangement, Accounting Policy | Hersha Hospitality Trust (“we” or the “Company”) was formed in May 1998 as a self-administered, Maryland real estate investment trust. We have elected to be taxed and expect to continue to elect to be taxed as a real estate investment trust, or REIT, for federal income tax purposes. | |||||||||||||||
The Company owns a controlling general partnership interest in Hersha Hospitality Limited Partnership (“HHLP” or the “Partnership”), which owns a 99% limited partnership interest in various subsidiary partnerships. Hersha Hospitality, LLC (“HHLLC”), a Virginia limited liability company, owns a 1% general partnership interest in the subsidiary partnerships and the Partnership is the sole member of HHLLC. | ||||||||||||||||
The Partnership owns a taxable REIT subsidiary (“TRS”), 44 New England Management Company (“44 New England” or “TRS Lessee”), which leases certain of the Company’s hotels. | ||||||||||||||||
Hersha’s common shares of beneficial interest trade on the New York Stock Exchange (“the NYSE”) under the ticker symbol "HT", its 8.0% Series B preferred shares of beneficial interest trade on the NYSE under the ticker symbol “HT PR B” and its 6.875% Series C preferred shares of beneficial interest trade on the NYSE under the ticker symbol “HT PR C.” | ||||||||||||||||
As of December 31, 2014, the Company, through the Partnership and subsidiary partnerships, wholly owned 46 limited and full service hotels. All of the wholly owned hotel facilities are leased to the Company’s TRS, 44 New England. | ||||||||||||||||
In addition to the wholly owned hotel properties, as of December 31, 2014, the Company owned joint venture interests in another five properties. The properties owned by the joint ventures are leased to a TRS owned by the joint venture or to an entity owned by the joint venture partners and 44 New England. The following table lists the properties owned by these joint ventures: | ||||||||||||||||
Joint Venture | Ownership | Property | Location | Lessee/Sublessee | ||||||||||||
Unconsolidated Joint Ventures | ||||||||||||||||
Mystic Partners, LLC | 66.70% | Marriott | Mystic, CT | Mystic Partners Leaseco, LLC | ||||||||||||
8.80% | Hilton | Hartford, CT | Mystic Partners Leaseco, LLC | |||||||||||||
15.00% | Marriott | Hartford, CT | Mystic Partners Leaseco, LLC | |||||||||||||
SB Partners, LLC | 50.00% | Holiday Inn Express | South Boston, MA | South Bay Sandeep, LLC | ||||||||||||
Hiren Boston, LLC | 50.00% | Courtyard | South Boston, MA | South Bay Boston, LLC | ||||||||||||
Mystic Partners, LLC owns an interest in three hotel properties. Our interest in Mystic Partners, LLC is relative to our interest in each of the three properties owned by the joint venture as defined in the joint venture’s governing documents. Each of the three properties owned by Mystic Partners, LLC is leased to a separate entity that is consolidated in Mystic Partners Leaseco, LLC which is owned by 44 New England and our joint venture partner in Mystic Partners, LLC. | ||||||||||||||||
The properties are managed by eligible independent management companies, including Hersha Hospitality Management, LP (“HHMLP”). HHMLP is owned in part by certain of our trustees and executive officers and other unaffiliated third party investors. | ||||||||||||||||
Principles Of Consolidation And Presentation | Principles of Consolidation and Presentation | |||||||||||||||
The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and include all of our accounts as well as accounts of the Partnership, subsidiary partnerships and our wholly owned TRS Lessee. All significant inter-company amounts have been eliminated. | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
Consolidated properties are either wholly owned or owned less than 100% by the Partnership and are controlled by the Company as general partner of the Partnership. Properties owned in joint ventures are also consolidated if the determination is made that we are the primary beneficiary in a variable interest entity (VIE) or we maintain control of the asset through our voting interest in the entity. Control can be demonstrated when the general partner has the power to impact the economic performance of the partnership, which includes the ability of the general partner to manage day-to-day operations, refinance debt and sell the assets of the partnerships without the consent of the limited partners and the inability of the limited partners to replace the general partner. Control can be demonstrated by the limited partners if the limited partners have the right to dissolve or liquidate the partnership or otherwise remove the general partner without cause or have rights to participate in the significant decisions made in the ordinary course of the partnership’s business. | ||||||||||||||||
We evaluate each of our investments and contractual relationships to determine whether they meet the guidelines of consolidation. Entities are consolidated if the determination is made that we are the primary beneficiary in a VIE or we maintain control of the asset through our voting interest or other rights in the operation of the entity. To determine if we are the primary beneficiary of a VIE, we evaluate whether we have a controlling financial interest in that VIE. An enterprise is deemed to have a controlling financial interest if it has i) the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance, and ii) the obligation to absorb losses of the VIE that could be significant to the VIE or the rights to receive benefits from the VIE that could be significant to the VIE. Control can also be demonstrated by the ability of a member to manage day-to-day operations, refinance debt and sell the assets of the partnerships without the consent of the other member and the inability of the members to replace the managing member. Based on our examination, the following entities were determined to be VIE’s: Mystic Partners, LLC; Mystic Partners Leaseco, LLC; South Bay Boston, LLC; Brisam Management DE, LLC; Hersha Statutory Trust I; and Hersha Statutory Trust II. Mystic Partners, LLC is a VIE entity, however because we are not the primary beneficiary it is not consolidated by the Company. Our maximum exposure to losses due to our investment in Mystic Partners, LLC is limited to our investment in the joint venture which is $5,556 as of December 31, 2014. Also, Mystic Partners Leaseco, LLC; and South Bay Boston, LLC lease hotel properties from our joint venture interests and are VIEs. These entities are consolidated by the lessors, the primary beneficiaries of each entity. Brisam Management DE, LLC is consolidated in our financial statements, as we are considered to be the primary beneficiary. Hersha Statutory Trust I and Hersha Statutory Trust II are VIEs but HHLP is not the primary beneficiary in these entities. Accordingly, the accounts of Hersha Statutory Trust I and Hersha Statutory Trust II are not consolidated with and into HHLP. | ||||||||||||||||
We allocate resources and assess operating performance based on individual hotels and consider each one of our hotels to be an operating segment. All of our individual operating segments meet the aggregation criteria. All of our other real estate investment activities are immaterial and meet the aggregation criteria, and thus, we report one segment: investment in hotel properties. | ||||||||||||||||
Use Of Estimates | Use of Estimates | |||||||||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States (US GAAP) requires management to make estimates and assumptions that affect the reported amount of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | ||||||||||||||||
Although we believe the assumptions and estimates we made are reasonable and appropriate, as discussed in the applicable sections throughout these Consolidated Financial Statements, different assumptions and estimates could materially impact our reported results. The current economic environment has increased the degree of uncertainty inherent in these estimates and assumptions and changes in market conditions could impact our future operating results. | ||||||||||||||||
Investment In Hotel Properties | Investment in Hotel Properties | |||||||||||||||
The Company allocates the purchase price of hotel properties acquired based on the fair value of the acquired real estate, furniture, fixtures and equipment, and intangible assets and the fair value of liabilities assumed, including debt. The fair value allocations were determined using Level 3 inputs, which are typically unobservable and are based on our own assumptions, as there is little, if any, related market activity. The Company’s investments in hotel properties are carried at cost and are depreciated using the straight-line method over the following estimated useful lives: | ||||||||||||||||
Building and Improvements 7 to 40 Years | ||||||||||||||||
Furniture, Fixtures and Equipment 2 to 7 Years | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
The Company periodically reviews the carrying value of each hotel to determine if circumstances indicate impairment to the carrying value of the investment in the hotel or that depreciation periods should be modified. If facts or circumstances support the possibility of impairment, the Company will prepare an estimate of the undiscounted future cash flows, without interest charges, of the specific hotel. Based on the properties undiscounted future cash flows, the Company will determine if the investment in such hotel is recoverable. If impairment is indicated, an adjustment will be made to reduce the carrying value of the hotel to reflect the hotel at fair value. | ||||||||||||||||
We consider a hotel to be held for sale when management and our independent trustees commit to a plan to sell the property, the property is available for sale, management engages in an active program to locate a buyer for the property and it is probable the sale will be completed within a year of the initiation of the plan to sell. | ||||||||||||||||
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. | ||||||||||||||||
Investment In Unconsolidated Joint Ventures | Investment in Unconsolidated Joint Ventures | |||||||||||||||
If it is determined that we do not have a controlling interest in a joint venture, either through our financial interest in a VIE or our voting interest in a voting interest entity, the equity method of accounting is used. Under this method, the investment, originally recorded at cost, is adjusted to recognize our share of net earnings or losses of the affiliates as they occur rather than as dividends or other distributions are received, limited to the extent of our investment in, advances to and commitments for the investee. Pursuant to our joint venture agreements, allocations of profits and losses of some of our investments in unconsolidated joint ventures may be allocated disproportionately as compared to nominal ownership percentages due to specified preferred return rate thresholds. | ||||||||||||||||
The Company periodically reviews the carrying value of its investment in unconsolidated joint ventures to determine if circumstances indicate impairment to the carrying value of the investment that is other than temporary. When an impairment indicator is present, we will estimate the fair value of the investment. Our estimate of fair value takes into consideration factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. This determination requires significant estimates by management, including the expected cash flows to be generated by the assets owned and operated by the joint venture. To the extent impairment has occurred and the impairment is considered other than temporary, the loss will be measured as the excess of the carrying amount over the fair value of our investment in the unconsolidated joint venture. | ||||||||||||||||
Cash And Cash Equivalents | ||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||
Cash and cash equivalents represent cash on hand and in banks plus short-term investments with an initial maturity of three months or less when purchased. | ||||||||||||||||
Escrow Deposits | ||||||||||||||||
Escrow Deposits | ||||||||||||||||
Escrow deposits include reserves for debt service, real estate taxes, and insurance and reserves for furniture, fixtures, and equipment replacements, as required by certain mortgage debt agreement restrictions and provisions. | ||||||||||||||||
Hotel Accounts Receivable | ||||||||||||||||
Hotel accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. The Company generally does not require collateral. Ongoing credit evaluations are performed and an allowance for potential losses from uncollectible accounts is provided against the portion of accounts receivable that is estimated to be uncollectible. | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
Deferred Financing Costs | Deferred Financing Costs | |||||||||||||||
Deferred financing costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. | ||||||||||||||||
Due From/To Related Parties | ||||||||||||||||
Due from/to Related Parties | ||||||||||||||||
Due from/to Related Parties represents current receivables and payables resulting from transactions related to hotel management and project management with affiliated entities. Due from related parties results primarily from advances of shared costs incurred and interest receivable on development loans made to related parties. Due to affiliates results primarily from hotel management and project management fees incurred. Both due to and due from related parties are generally settled within a period not to exceed one year. | ||||||||||||||||
Intangible Assets | Intangible Assets and Liabilities | |||||||||||||||
Intangible assets consist of leasehold intangibles for above-market value of in-place leases and deferred franchise fees. The leasehold intangibles are amortized over the remaining lease term. Deferred franchise fees are amortized using the straight-line method over the life of the franchise agreement. | ||||||||||||||||
Intangible liabilities consist of leasehold intangibles for below-market value of in-place leases. The leasehold intangibles are amortized over the remaining lease term. Intangible liabilities are included in the accounts payable, accrued expenses and other liabilities on the Company’s consolidated balance sheets. | ||||||||||||||||
Development Project Capitalization | Development Project Capitalization | |||||||||||||||
We have opportunistically engaged in the development and re-development of hotel assets. 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. | ||||||||||||||||
Noncontrolling Interest | Noncontrolling Interest | |||||||||||||||
Noncontrolling interest in the Partnership represents the limited partner’s proportionate share of the equity of the Partnership. Income (loss) is allocated to noncontrolling interest in accordance with the weighted average percentage ownership of the Partnership during the period. At the end of each reporting period the appropriate adjustments to the income (loss) are made based upon the weighted average percentage ownership of the Partnership during the period. Our ownership interest in the Partnership as of December 31, 2014, 2013 and 2012 was 95.8%, 96.7%, and 96.5%, respectively. | ||||||||||||||||
We define a noncontrolling interest as the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. Such noncontrolling interests are reported on the consolidated balance sheets within equity, but separately from the shareholders’ equity. Revenues, expenses and net income or loss attributable to both the Company and noncontrolling interests are reported on the consolidated statements of operations. | ||||||||||||||||
In accordance with US GAAP, we classify securities that are redeemable for cash or other assets at the option of the holder, or not solely within the control of the issuer, outside of permanent equity in the consolidated balance sheet. The Company makes this determination based on terms in applicable agreements, specifically in relation to redemption provisions. Additionally, with respect to noncontrolling interests for which the Company has a choice to settle the contract by delivery of its own shares, the Company considers the guidance in US GAAP to evaluate whether the Company controls the actions or events necessary to issue the maximum number of common shares that could be required to be delivered at the time of settlement of the contract. | ||||||||||||||||
We classify the noncontrolling interests of our consolidated joint ventures, consolidated variable interest entity, and certain Common Units (“Nonredeemable Common Units”) as equity. The noncontrolling interests of Nonredeemable Common Units totaled $29,082 as of December 31, 2014 and $29,523 as of December 31, 2013. As of December 31, 2014, there were 8,797,736 Nonredeemable Common Units outstanding with a fair market value of $61,848, based on the price per share of our common shares on the NYSE on such date. | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
In accordance with the partnership agreement of the Partnership, holders of these units may redeem them for cash unless we, in our sole and absolute discretion, elect to issue common shares on a one-for-one basis in lieu of paying cash. | ||||||||||||||||
Prior to February 1, 2013, certain Common Units (“Redeemable Common Units”) had been pledged as collateral in connection with a pledge and security agreement entered into by the Company and the holders of the Redeemable Common Units. The redemption feature contained in the pledge and security agreement where the Redeemable Common Units served as collateral contains a provision that could result in a net cash settlement outside of the control of the Company. As a result, prior to February 1, 2013, the Redeemable Common Units were classified in the mezzanine section of the consolidated balance sheets as they did not meet the requirements for equity classification under US GAAP. Effective February 1, 2013, the aforementioned pledge and security agreement is no longer in place and therefore these Common Units have been treated as Nonredeemable Common Units. The carrying value of the Redeemable Common Units equals the greater of carrying value based on the accumulation of historical cost or the redemption value. As of December 31, 2014 and 2013, there were no outstanding Common Units designated as Redeemable Common Units. | ||||||||||||||||
Net income or loss attributed to Nonredeemable Common Units and Redeemable Common Units (collectively, “Common Units”), as well as the net income or loss related to the noncontrolling interests of our consolidated joint venture and consolidated variable interest entity, is included in net income or loss in the consolidated statements of operations. Net income or loss attributed to the Common Units and the noncontrolling interests of our consolidated joint ventures and consolidated variable interest entity is excluded from net income or loss applicable to common shareholders in the consolidated statements of operations. | ||||||||||||||||
Shareholders' Equity | Shareholders’ Equity | |||||||||||||||
On February 25, 2013, we completed a public offering of 3,000,000 6.875% Series C Cumulative Redeemable Preferred Shares. These shares have a par value of $0.01 per share with a $25.00 liquidation preference per share. Net proceeds of the offering, after deducting the underwriting discount and the offering expenses payable by us, were approximately $72,370. | ||||||||||||||||
We utilized the net proceeds of the offering to redeem all outstanding 8.00% Series A Cumulative Redeemable Preferred Shares on March 28, 2013, and for general corporate purposes. The Series A Preferred Shares were redeemed at a per share redemption price of $25.00 together with accrued and unpaid dividends to the redemption date for an aggregate per share redemption price of $25.4056. Dividends ceased accruing on the Series A Preferred Shares on March 28, 2013. | ||||||||||||||||
Terms of the Series B and Series C Preferred Shares outstanding at December 31, 2014 and 2013 are summarized as follows: | ||||||||||||||||
Dividend Per Share | ||||||||||||||||
Shares Outstanding | Year Ended December 31, | |||||||||||||||
Series | 31-Dec-14 | 31-Dec-13 | Aggregate Liquidation Preference | Distribution Rate | 2014 | 2013 | ||||||||||
Series B | 4,600,000 | 4,600,000 | $ | 115,000 | 8.000% | $ | 2.0000 | $ | 2.0000 | |||||||
Series C | 3,000,000 | 3,000,000 | 75,000 | 6.875% | 1.7188 | 1.4753 | ||||||||||
Total | 7,600,000 | 7,600,000 | ||||||||||||||
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. In February 2015, our Board of Trustees again authorized us to repurchase from time to time up to an aggregate of $100,000 of our outstanding shares. The current share repurchase program will expire on December 31, 2015. For the year ended December 31, 2014, the Company repurchased 2,626,854 common shares for an aggregate purchase price of $15,418. As of February 20, 2015, we have not repurchased any common shares pursuant to the newly reauthorized share repurchase program. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. | ||||||||||||||||
NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | ||||||||||||||||
On May 8, 2012, we closed on a public offering in which we issued and sold 24,000,000 common shares through several underwriters for net proceeds to us of approximately $128,558. Immediately upon the closing the offering, we contributed all of the net proceeds of the offering to HHLP in exchange for additional Common Units. HHLP used the net proceeds of this offering to reduce some of the indebtedness outstanding under our revolving line of credit facility and for general corporate purposes, including the funding of future acquisitions. | ||||||||||||||||
On August 4, 2009, we entered into a purchase agreement with Real Estate Investment Group L.P. (“REIG”), pursuant to which we sold 5,700,000 common shares at a price of $2.50 per share to REIG for gross proceeds of $14,250. We also granted REIG the option to buy up to an additional 5,700,000 common shares at a price of $3.00 per share, which was exercisable through August 4, 2014. On February 13, 2012, pursuant to the terms of the original option, we called in and canceled the option granted to REIG in exchange for the issuance of 2,521,561 common shares with an aggregate value equal to $13,566. This amount equals the volume weighted average price per common share for the 20 trading days prior to the exercise of the option, less the $3.00 option price, multiplied by the 5,700,000 common shares remaining under the option. | ||||||||||||||||
Stock Based Compensation | On December 23, 2014, we amended our partnership agreement to allow for the issuance of profits interests in HHLP in the form of LTIP Units, a new class of limited partnership units in HHLP, and to establish the terms of the LTIP Units. The LTIP Units vest on December 31 and June 1 of each year, beginning on December 31, 2014 and ending on June 1, 2017. The LTIP units contain restricted stock awards that were forfeited and replaced with LTIP unit awards with similar terms. The total number of Restricted Stock Awards forfeited and LTIP Units awarded was 1,948,324. | |||||||||||||||
Stock Based Compensation | ||||||||||||||||
We measure the cost of employee service received in exchange for an award of equity instruments based on the grant-date fair value of the award. The compensation cost is amortized on a straight line basis over the period during which an employee is required to provide service in exchange for the award. The compensation cost related to performance awards that are contingent upon market based criteria being met is recorded at the fair value of the award on the date of the grant and amortized over the performance period. | ||||||||||||||||
Derivatives And Hedging | Derivatives and Hedging | |||||||||||||||
The Company’s objective in using derivatives is to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate swaps and interest rate caps as part of its cash flow hedging strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts in exchange for fixed-rate payments over the life of the agreements without exchange of the underlying principal amount. Interest rate caps designated as cash flow hedges limit the Company’s exposure to increased cash payments due to increases in variable interest rates. | ||||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||
We recognize revenue and expense for all consolidated hotels as hotel operating revenue and hotel operating expense when earned and incurred. These revenues are recorded net of any sales or occupancy taxes collected from our guests. We participate in frequent guest programs sponsored by the brand owners of our hotels and we expense the charges associated with those programs, as incurred. | ||||||||||||||||
Interest income on development loan financing is recorded in the period earned based on the interest rate of the loan and outstanding balance during the period. Development loans receivable and accrued interest on the development loans receivable are evaluated to determine if outstanding balances are collectible. Interest is recorded only if it is determined the outstanding loan balance and accrued interest balance are collectible. | ||||||||||||||||
Other revenues consist primarily of fees earned for asset management services provided to hotels we own through unconsolidated joint ventures. Fees are earned as a percentage of hotel revenue and are recorded in the period earned to the extent of the noncontrolling interest ownership. | ||||||||||||||||
Income Taxes | NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) | |||||||||||||||
Income Taxes | ||||||||||||||||
The Company qualifies as a REIT under applicable provisions of the Internal Revenue Code, as amended, and intends to continue to qualify as a REIT. In general, under such provisions, a trust which has made the required election and, in the taxable year, meets certain requirements and distributes to its shareholders at least 90% of its REIT taxable income will not be subject to Federal income tax to the extent of the income which it distributes. Earnings and profits, which determine the taxability of dividends to shareholders, differ from net income reported for financial reporting purposes due primarily to differences in depreciation of hotel properties for Federal income tax purposes. | ||||||||||||||||
Deferred income taxes relate primarily to the TRS Lessee and are accounted for using the asset and liability method. Under this method, deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities of the TRS Lessee and their respective tax bases and for their operating loss and tax credit carry forwards based on enacted tax rates expected to be in effect when such amounts are realized or settled. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of available evidence, including tax planning strategies and other factors. | ||||||||||||||||
The Company may recognize a tax benefit from an uncertain tax position when it is more-likely-than-not (defined as a likelihood of more than 50%) that the position will be sustained upon examination, including resolutions of any related appeals or litigation processes, based on the technical merits. If a tax position does not meet the more-likely-than-not recognition threshold, despite the Company’s belief that its filing position is supportable, the benefit of that tax position is not recognized in the statements of operations. The Company recognizes interest and penalties, as applicable, related to unrecognized tax benefits as a component of income tax expense. The Company recognizes unrecognized tax benefits in the period that the uncertainty is eliminated by either affirmative agreement of the uncertain tax position by the applicable taxing authority, or by expiration of the applicable statute of limitation. For the years ended December 31, 2014, 2013 and 2012, the Company did not record any uncertain tax positions. As of December 31, 2014, with few exceptions, the Company is subject to tax examinations by U.S. federal, state, and local income tax authorities for years 2003 through 2014. | ||||||||||||||||
Reclassification | Reclassification | |||||||||||||||
Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation | ||||||||||||||||
Recent 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 | ||||||||||||||||
Organization_And_Summary_Of_Si2
Organization And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Organization And Summary Of Significant Accounting Policies [Abstract] | ||||||||||||||||
Joint Venture Properties | ||||||||||||||||
Joint Venture | Ownership | Property | Location | Lessee/Sublessee | ||||||||||||
Unconsolidated Joint Ventures | ||||||||||||||||
Mystic Partners, LLC | 66.70% | Marriott | Mystic, CT | Mystic Partners Leaseco, LLC | ||||||||||||
8.80% | Hilton | Hartford, CT | Mystic Partners Leaseco, LLC | |||||||||||||
15.00% | Marriott | Hartford, CT | Mystic Partners Leaseco, LLC | |||||||||||||
SB Partners, LLC | 50.00% | Holiday Inn Express | South Boston, MA | South Bay Sandeep, LLC | ||||||||||||
Hiren Boston, LLC | 50.00% | Courtyard | South Boston, MA | South Bay Boston, LLC | ||||||||||||
Schedule Of Major Asset Depreciation | Building and Improvements 7 to 40 Years | |||||||||||||||
Furniture, Fixtures and Equipment 2 to 7 Years | ||||||||||||||||
Schedule Of Preferred Stock | ||||||||||||||||
Dividend Per Share | ||||||||||||||||
Shares Outstanding | Year Ended December 31, | |||||||||||||||
Series | 31-Dec-14 | 31-Dec-13 | Aggregate Liquidation Preference | Distribution Rate | 2014 | 2013 | ||||||||||
Series B | 4,600,000 | 4,600,000 | $ | 115,000 | 8.000% | $ | 2.0000 | $ | 2.0000 | |||||||
Series C | 3,000,000 | 3,000,000 | 75,000 | 6.875% | 1.7188 | 1.4753 | ||||||||||
Total | 7,600,000 | 7,600,000 | ||||||||||||||
Investment_In_Hotel_Properties1
Investment In Hotel Properties (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Investment In Hotel Properties | ||||||||||||||||||||||||
31-Dec-14 | 31-Dec-13 | |||||||||||||||||||||||
Land | $ | 439,540 | $ | 339,027 | ||||||||||||||||||||
Buildings and Improvements | 1,424,842 | 1,222,639 | ||||||||||||||||||||||
Furniture, Fixtures and Equipment | 203,275 | 171,116 | ||||||||||||||||||||||
Construction in Progress | - | 63,168 | ||||||||||||||||||||||
2,067,657 | 1,795,950 | |||||||||||||||||||||||
Less Accumulated Depreciation | -322,174 | -260,115 | ||||||||||||||||||||||
Total Investment in Hotel Properties | $ | 1,745,483 | $ | 1,535,835 | ||||||||||||||||||||
Condensed Pro Forma Financial Data | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||||
Pro Forma Total Revenues | $ | 425,029 | $ | 376,767 | ||||||||||||||||||||
Pro Forma Income from Continuing Operations | $ | 72,864 | $ | 27,859 | ||||||||||||||||||||
(Loss) from Discontinued Operations | -1,665 | 29,195 | ||||||||||||||||||||||
Pro Forma Net Income | 71,199 | 57,054 | ||||||||||||||||||||||
Income (Loss) Allocated to Noncontrolling Interest | -1,016 | -335 | ||||||||||||||||||||||
Preferred Distributions | -14,356 | -14,611 | ||||||||||||||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | - | -2,250 | ||||||||||||||||||||||
Pro Forma Net Income (Loss) Applicable to Common Shareholders | $ | 55,827 | $ | 39,858 | ||||||||||||||||||||
Pro Forma Income Applicable to Common Shareholders per Common Share | ||||||||||||||||||||||||
Basic | $ | 0.28 | $ | 0.20 | ||||||||||||||||||||
Diluted | $ | 0.28 | $ | 0.20 | ||||||||||||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||||||||||||
Basic | 199,109,209 | 198,390,450 | ||||||||||||||||||||||
Diluted | 201,197,310 | 201,918,177 | ||||||||||||||||||||||
Schedule Of Capitalized Expenditures Related To Hotel Development Projects And Renovations | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Property Tax | $ | 223 | $ | 388 | $ | 296 | ||||||||||||||||||
Interest Expense | 458 | 1,320 | 1,542 | |||||||||||||||||||||
Utilities | 73 | 3 | 9 | |||||||||||||||||||||
Total | $ | 754 | $ | 1,711 | $ | 1,847 | ||||||||||||||||||
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 | ||||||||||||||||||||||||
Aquisitions In 2014 [Member] | ||||||||||||||||||||||||
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 | ||||||||||||||||||||||||
TOTAL | $ | 103,369 | $ | 149,801 | $ | 13,877 | $ | -14,230 | $ | 1,396 | $ | 254,213 | $ | 24,924 | ||||||||||
Results Of Operations For Hotels Acquired With 100% Interest | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2014 | ||||||||||||||||||||||||
Hotel | Revenue | Net | ||||||||||||||||||||||
Income | ||||||||||||||||||||||||
Hotel Milo, Santa Barbara, CA | $ | 8,655 | $ | 668 | ||||||||||||||||||||
Parrot Key Resort, Key West, FL | 9,145 | 2,978 | ||||||||||||||||||||||
Hilton Garden Inn 52nd Street, New York, NY | 10,439 | 2,573 | ||||||||||||||||||||||
Total | $ | 28,239 | $ | 6,219 | ||||||||||||||||||||
Aquisitions In 2013 [Member] | ||||||||||||||||||||||||
Wholly Owned Hotel Properties Acquired | Hotel | Acquisition Date | Land | Buildings and Improvements | Furniture Fixtures and Equipment | Franchise Fees and Loan Costs | Total Purchase Price | |||||||||||||||||
Hyatt Union Square, | 4/9/13 | $ | 32,940 | $ | 79,300 | $ | 9,760 | $ | 1,945 | $ | 123,945 | |||||||||||||
New York, NY* | ||||||||||||||||||||||||
Courtyard by Marriott, | 5/30/13 | 15,656 | 51,674 | 3,671 | 183 | 71,184 | ||||||||||||||||||
San Diego, CA | ||||||||||||||||||||||||
Residence Inn, | 6/12/13 | 4,146 | 17,456 | 218 | 75 | 21,895 | ||||||||||||||||||
Coconut Grove, FL | ||||||||||||||||||||||||
Blue Moon, | 12/20/13 | 4,874 | 20,354 | 1,125 | - | 26,353 | ||||||||||||||||||
Miami Beach, FL | ||||||||||||||||||||||||
Winter Haven, | 12/20/13 | 5,400 | 18,147 | 1,050 | - | 24,597 | ||||||||||||||||||
Miami Beach, FL | ||||||||||||||||||||||||
Total | $ | 63,016 | $ | 186,931 | $ | 15,824 | $ | 2,203 | $ | 267,974 | ||||||||||||||
NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) | ||||||||||||||||||||||||
*On April 9, 2013, we completed the acquisition of the Hyatt Union Square hotel in New York, NY from Risingsam Union Square LLC. Consideration given in exchange for the property included $36,000 paid in cash to the seller and our cancellation of a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan. In addition, we paid off the existing construction financing and entered into a new mortgage loan of $55,000. We recognized a net gain of approximately $12,108 on the purchase of the Hyatt Union Square hotel as the fair value of the assets acquired less any liabilities assumed exceeded the consideration transferred. | ||||||||||||||||||||||||
Results Of Operations For Hotels Acquired With 100% Interest | ||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||
2013 | ||||||||||||||||||||||||
Hotel | Revenue | Net | ||||||||||||||||||||||
(Loss) Income | ||||||||||||||||||||||||
Hyatt Union Square, New York, NY | $ | 11,272 | $ | -1,466 | ||||||||||||||||||||
Courtyard by Marriott, San Diego, CA | 8,350 | 1,914 | ||||||||||||||||||||||
Residence Inn, Coconut Grove, FL | 2,889 | 713 | ||||||||||||||||||||||
Blue Moon, Miami Beach, FL | 175 | 111 | ||||||||||||||||||||||
Winter Haven, Miami Beach, FL | 203 | 140 | ||||||||||||||||||||||
Total | $ | 22,889 | $ | 1,412 | ||||||||||||||||||||
Investment_In_Unconsolidated_J1
Investment In Unconsolidated Joint Ventures (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Investment In Unconsolidated Joint Ventures [Abstract] | |||||||||||||
Investment In Unconsolidated Joint Ventures | |||||||||||||
Percent | Preferred | December 31, | December 31, | ||||||||||
Joint Venture | Hotel Properties | Owned | Return | 2014 | 2013 | ||||||||
SB Partners, LLC | Holiday Inn Express, South Boston, MA | 50.0% | N/A | $ | 913 | $ | 1,057 | ||||||
Hiren Boston, LLC | Courtyard by Marriott, South Boston, MA | 50.0% | N/A | 4,680 | 4,777 | ||||||||
Mystic Partners, LLC | Hilton and Marriott branded hotels in CT | 8.8%-66.7% | 8.5% non-cumulative | 5,556 | 6,210 | ||||||||
$ | 11,150 | $ | 12,044 | ||||||||||
Income Or Loss From Unconsolidated Joint Ventures | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
SB Partners, LLC | $ | 407 | $ | 264 | $ | 85 | |||||||
Hiren Boston, LLC | 603 | 113 | 230 | ||||||||||
Mystic Partners, LLC | -317 | -399 | -433 | ||||||||||
Metro 29th Street Associates, LLC | - | - | -114 | ||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | 693 | -22 | -232 | ||||||||||
Impairment from Unconsolidated Joint Ventures | - | -1,813 | - | ||||||||||
Loss from Remeasurement of Investment in Unconsolidated Joint Ventures | - | - | -1,892 | ||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | $ | 693 | $ | -1,835 | $ | -2,124 | |||||||
Summary Financial Information Related To Unconsolidated Joint Ventures | |||||||||||||
Balance Sheets | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
Investment in Hotel Properties, Net | $ | 106,430 | $ | 114,221 | |||||||||
Other Assets | 19,032 | 19,146 | |||||||||||
Total Assets | $ | 125,462 | $ | 133,367 | |||||||||
Liabilities and Equity | |||||||||||||
Mortgages and Notes Payable | $ | 115,446 | $ | 112,654 | |||||||||
Other Liabilities | 30,832 | 37,464 | |||||||||||
Equity: | |||||||||||||
Hersha Hospitality Trust | 23,060 | 26,230 | |||||||||||
Joint Venture Partner(s) | -43,876 | -42,981 | |||||||||||
Total Equity | -20,816 | -16,751 | |||||||||||
Total Liabilities and Equity | $ | 125,462 | $ | 133,367 | |||||||||
Statements of Operations | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Room Revenue | $ | 59,135 | $ | 58,273 | $ | 62,058 | |||||||
Other Revenue | 21,725 | 22,606 | 22,306 | ||||||||||
Operating Expenses | -54,831 | -55,179 | -57,131 | ||||||||||
Lease Expense | -1,063 | -996 | -3,729 | ||||||||||
Property Taxes and Insurance | -2,934 | -3,034 | -3,438 | ||||||||||
General and Administrative | -5,783 | -5,794 | -5,904 | ||||||||||
Depreciation and Amortization | -6,376 | -6,697 | -6,533 | ||||||||||
Interest Expense | -11,995 | -7,526 | -7,650 | ||||||||||
Debt Extinguishment and Gain on Debt Forgiveness | 3,016 | - | - | ||||||||||
Gain (Loss) allocated to Noncontrolling Interests | 115 | -179 | -2,614 | ||||||||||
Net Income from Continuing Operations | 1,009 | 1,474 | -2,635 | ||||||||||
(Loss) Income from Discontinued Operations | - | -55 | 121 | ||||||||||
Gain on Disposition of Hotel Properties | - | 1,161 | 25,131 | ||||||||||
Net Income | $ | 1,009 | $ | 2,580 | $ | 22,617 | |||||||
Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures | |||||||||||||
December 31, | December 31, | ||||||||||||
2014 | 2013 | ||||||||||||
Company's share of equity recorded on the joint ventures' financial statements | $ | 23,060 | $ | 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) | -11,910 | -14,186 | |||||||||||
Investment in Unconsolidated Joint Ventures | $ | 11,150 | $ | 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) | 12 Months Ended | ||||||
Dec. 31, 2014 | |||||||
Other Assets And Deposits On Hotel Acquisitions [Abstract] | |||||||
Other Assets | |||||||
31-Dec-14 | 31-Dec-13 | ||||||
Transaction Costs | $ | - | $ | 115 | |||
Investment in Statutory Trusts | 1,548 | 1,548 | |||||
Prepaid Expenses | 7,883 | 9,256 | |||||
Insurance Claims Receivable | 64 | 1,706 | |||||
Deferred Tax Asset, Net of Valuation Allowance of $804 | 11,448 | 8,766 | |||||
Other | 7,483 | 6,069 | |||||
$ | 28,426 | $ | 27,460 | ||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Debt [Abstract] | ||||
Aggregate Annual Principal Payments For Mortgages And Notes Payable | ||||
Year Ending December 31, | Amount | |||
2015 | $ | 69,063 | ||
2016 | 273,824 | |||
2017 | 204,219 | |||
2018 | 1,564 | |||
2019 | 294,892 | |||
Thereafter | 73,777 | |||
Net Unamortized Premium | 1,584 | |||
$ | 918,923 | |||
Commitments_And_Contingencies_1
Commitments And Contingencies And Related Party Transactions (Tables) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Commitments And Contingencies And Related Party Transactions [Abstract] | ||||
Future Minimum Lease Payments | ||||
Year Ending December 31, | Amount | |||
2015 | $ | 2,342 | ||
2016 | 2,374 | |||
2017 | 2,374 | |||
2018 | 2,374 | |||
2019 | 2,374 | |||
Thereafter | 229,028 | |||
$ | 240,866 | |||
Fair_Value_Measurements_And_De1
Fair Value Measurements And Derivative Instruments (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 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 | 31-Dec-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 | $ | -174 | $ | -374 | ||||||||
Capitol Hill Hotel, Washington, DC | Swap | 0.540% | 1-Month LIBOR + 3.25% | 1-Feb-12 | 1-Feb-15 | 26,639 | -8 | -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 | -218 | -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 | 272 | 430 | ||||||||||
Unsecured Term Loan | Swap | 0.600% | 1-Month LIBOR + 2.40% | 18-Dec-12 | 5-Nov-16 | 50,000 | 85 | 137 | ||||||||||
Hyatt, Union Square, New York, NY | Cap | 2.000% | 1-Month LIBOR + 4.19% | 9-Apr-13 | 9-Apr-16 | 55,000 | 9 | 76 | ||||||||||
Duane Street Hotel, New York, NY | Swap | 0.933% | 1-Month LIBOR + 4.50% | 1-Feb-14 | 1-Feb-17 | 9,352 | -29 | - | ||||||||||
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 | -149 | - | ||||||||||
$ | -212 | $ | -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) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||
Summary Of The LTIP Units Issued To Executive Officers | 31-Dec-14 | |||||||||||||||||||
Issuance Date | LTIP Units Issued | Vesting Period | Vesting Schedule | Units Vested | Unearned Compensation | |||||||||||||||
23-Dec-14 | ||||||||||||||||||||
(2013 Annual LTIP) | 335,972 | 3 years | 25%/year (1) | 111,991 | $ | 582 | ||||||||||||||
23-Dec-14 | ||||||||||||||||||||
(2012 Annual LTIP) | 389,524 | 3 years | 25%/year (1) | 194,761 | 309 | |||||||||||||||
23-Dec-14 | ||||||||||||||||||||
(2011 Annual LTIP) | 187,233 | 3 years | 25%/year (1) | 187,233 | - | |||||||||||||||
23-Dec-14 | 1,035,595 | 5 years | 33% Year 3, 4, 5 (2) | - | 2,650 | |||||||||||||||
1,948,324 | 493,985 | $ | 3,541 | |||||||||||||||||
(1)As noted above, the vesting schedule for each of the Annual LTIP Plans remains intact with the conversion to LTIP Units. | ||||||||||||||||||||
(2)On April 18, 2012, the Company entered into amended and restated employment agreements with the Company’s executive officers. To induce the executives to agree to the substantial reduction in benefits upon certain terminations following a change of control as described in the agreements, the Company awarded an aggregate of 1,035,595 restricted common shares to the executives pursuant to the 2012 Plan. None of these restricted common shares will vest prior to the third anniversary of the date of issuance. Thereafter, 33.3% of each award of restricted common shares will vest on each of the third, fourth and fifth anniversaries of the date of issuance. Vesting will accelerate upon a change of control or if the relevant executive’s employment with the Company were to terminate for any reason other than for cause (as defined in the agreements). | ||||||||||||||||||||
Summary Of Unvested Share Awards Issued To Nonemployees | ||||||||||||||||||||
Shares Vested | Unearned Compensation | |||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on Date of Grant | Vesting Period | Vesting Schedule | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||
24-Mar-14 | 30,000 | $ | 5.69 | 2 years | 50% /year | 15,000 | - | $ | 81 | $ | - | |||||||||
1-Feb-13 | 30,000 | $ | 5.41 | 2 years | 50% /year | 30,000 | 14,999 | - | 81 | |||||||||||
Total | 60,000 | 45,000 | 14,999 | $ | 81 | $ | 81 | |||||||||||||
2011, 2012 and 2013 Annual LTIP [Member] | ||||||||||||||||||||
Summary Of Unvested Share Awards Issued To Executives | Shares Vested (2) | Unearned Compensation (2) | ||||||||||||||||||
Original Issuance Date | Shares Issued | Share Price on date of grant | Vesting Period | Vesting Schedule | 23-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||
21-Mar-14 | ||||||||||||||||||||
(2013 Annual LTIP) | 447,959 | $ | 5.80 | 3 years | 25%/year (1) | 111,988 | - | $ | - | $ | - | |||||||||
20-Mar-13 | ||||||||||||||||||||
(2012 Annual LTIP) | 779,045 | $ | 5.95 | 3 years | 25%/year (1) | 389,520 | 389,520 | - | 1,039 | |||||||||||
26-Mar-12 | ||||||||||||||||||||
(2011 Annual LTIP) | 748,927 | $ | 5.45 | 3 years | 25%/year (1) | 561,694 | 561,694 | - | 266 | |||||||||||
1,063,202 | 951,214 | $ | - | $ | 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 date of effective issuance (subject to continuous employment through the applicable vesting date). | ||||||||||||||||||||
(2)All of the unvested shares issued as part of the Annual LTIP plans noted above were forfeited on December 23, 2014, and concurrently issued as LTIP Units. See below for more information. | ||||||||||||||||||||
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 | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | ||||||||||||
15-Jul-14 | 52,077 | 6.75 | 2 years | 50% /year | 6,126 | - | 177 | - | ||||||||||||
23-Jun-14 | 4,411 | 6.50 | 2 years | 50% /year | - | - | 20 | - | ||||||||||||
24-Mar-14 | 8,184 | 5.69 | 2 years | 50% /year | 4,091 | - | 10 | - | ||||||||||||
13-Feb-14 | 1,846 | 5.44 | 2 years | 50% /year | 923 | - | 2 | - | ||||||||||||
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 | - | 69 | 199 | ||||||||||||
29-Jun-12 | 52,703 | 5.28 | 2-4 years | 25-50% /year | 44,967 | 22,480 | 36 | 110 | ||||||||||||
18-Apr-12 | 1,035,595 | 5.47 | 5 years | 33% Year 3, 4, 5 (1) | - | - | - | 3,746 | ||||||||||||
30-Jun-11 | 17,692 | 5.57 | 2-4 years | 25-50% /year | 13,804 | 9,919 | 8 | 28 | ||||||||||||
Total | 1,225,713 | 97,411 | 32,399 | $ | 322 | $ | 4,102 | |||||||||||||
(1)As noted above, the unvested shares associated with this issuance were forfeited and immediately issued as LTIP Units on December 23, 2014. The historical information pertaining to the unvested shares before the conversion is shown this table. | ||||||||||||||||||||
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 | 31-Dec-14 | 31-Dec-13 | ||||||||||||||
30-Dec-14 | 12,860 | $ | 7.25 | 1 year | 100% | $ | 93 | $ | - | |||||||||||
27-Dec-13 | 39,133 | 5.63 | 1 year | 100% | - | 220 | ||||||||||||||
Total | 51,993 | 93 | 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 | 31-Dec-14 | 31-Dec-13 | 31-Dec-14 | 31-Dec-13 | |||||||||||||
30-Dec-14 | 10,000 | 3 years | 33% /year | - | - | $ | 73 | $ | - | |||||||||||
27-Dec-13 | 12,000 | 3 years | 33% /year | 5,335 | - | 38 | 67 | |||||||||||||
28-Dec-12 | 12,000 | 3 years | 33% /year | 8,670 | 4,002 | 16 | 39 | |||||||||||||
5-Jun-12 | 10,800 | 3 years | 33% /year | 10,800 | 7,200 | - | 18 | |||||||||||||
24,805 | 11,202 | $ | 127 | $ | 124 | |||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Reconciliation Of Earnings Per Share | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
NUMERATOR: | ||||||||||||
Basic and Diluted* | ||||||||||||
Income from Continuing Operations | $ | 69,936 | $ | 20,753 | $ | 7,498 | ||||||
(Income) Loss from Continuing Operations allocated to Noncontrolling Interests | -1,069 | 658 | 703 | |||||||||
Distributions to Preferred Shareholders | -14,356 | -14,611 | -14,000 | |||||||||
Dividends Paid on Unvested Restricted Shares and LTIP Units | -515 | -804 | -459 | |||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | - | -2,250 | - | |||||||||
Income (Loss) from Continuing Operations attributable to Common Shareholders | 53,996 | 3,746 | -6,258 | |||||||||
Discontinued Operations | ||||||||||||
(Loss) Income from Discontinued Operations | -1,665 | 29,195 | 14,720 | |||||||||
Loss (Income) from Discontinued Operations allocated to Noncontrolling Interests | 53 | -993 | -545 | |||||||||
(Loss) from Discontinued Operations attributable to Common Shareholders | -1,612 | 28,202 | 14,175 | |||||||||
Net Income attributable to Common Shareholders | $ | 52,384 | $ | 31,948 | $ | 7,917 | ||||||
DENOMINATOR: | ||||||||||||
Weighted average number of common shares - basic | 199,109,209 | 198,390,450 | 187,415,270 | |||||||||
Effect of dilutive securities: | ||||||||||||
Restricted Stock Awards (unvested) | 1,358,603 | 2,384,165 | - | * | ||||||||
Contingently Issued Shares | 729,498 | 1,143,562 | - | * | ||||||||
Weighted average number of common shares - diluted | 201,197,310 | 201,918,177 | 187,415,270 | |||||||||
*Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership has been excluded from the numerator and units of limited partnership interest in Hersha Hospitality Limited Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) from continuing operations applicable to common shareholders. | ||||||||||||
Potentially Dilutive Shares Excluded From The Denominator For The Purpose Of Computing Diluted Earnings Per Share | ||||||||||||
For the Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Common Units | 6,909,649 | 6,968,035 | 7,208,123 | |||||||||
LTIP Units | 32,711 | - | - | |||||||||
Unvested Stock Awards Outstanding | - | - | 433,097 | |||||||||
Contingently Issuable Share Awards | - | - | 2,778,545 | |||||||||
Options to Acquire Common Shares Outstanding | - | - | 275,580 | |||||||||
Total potentially dilutive securities | 6,942,360 | 6,968,035 | 10,695,345 | |||||||||
excluded from the denominator | ||||||||||||
Cash_Flow_Disclosures_And_Non_1
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | ||||||||||
Non-cash Investing And Financing Activities | ||||||||||
2014 | 2013 | 2012 | ||||||||
Common Shares issued as part of the Dividend Reinvestment Plan | $ | 50 | $ | 38 | $ | 24 | ||||
Acquisition of hotel properties: | ||||||||||
Debt assumed | 24,924 | - | 85,913 | |||||||
Development loan accrued interest revenue receivable paid in-kind by adding balance to development loan principal | - | - | 678 | |||||||
Settlement of development loan receivable principal and accrued interest revenue receivable | 22,494 | 13,303 | - | |||||||
Disposition of hotel properties: | ||||||||||
Investment in hotel properties, net, conveyed to mortgage lender | - | - | 1,938 | |||||||
Debt conveyed to mortgage lender | - | - | 2,940 | |||||||
Debt assumed by purchaser | 45,710 | - | 54,217 | |||||||
Conversion of Common Units to Common Shares | 72 | 106 | 572 | |||||||
Reallocation of noncontrolling interest | - | - | -966 | |||||||
Accrued payables for fixed assets placed into service | 1,312 | 2,572 | - | |||||||
Hotel_Dispositions_Tables
Hotel Dispositions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Hotel Dispositions [Abstract] | ||||||||||||
Real Estate Assets Sold | ||||||||||||
Hotel | Acquisition | Disposition | Consideration | Gain on | ||||||||
Date | Date | Disposition | ||||||||||
Hotel 373 | Jun-07 | Apr-14 | $ | 37,000 | $ | 7,195 | ||||||
2014 Total | $ | 7,195 | -1 | |||||||||
Non-Core Portfolio II (12) | January 1999 - July 2010 | Dec-13 | $ | 158,600 | $ | 31,559 | -2 | |||||
Holiday Inn Express, Camp Springs, MD | Jun-08 | Sep-13 | 8,500 | 120 | -3 | |||||||
Comfort Inn, Harrisburg, PA | Jan-99 | Jun-13 | 3,700 | 442 | ||||||||
2013 Total | 32,121 | |||||||||||
Non-Core Hotel Portfolio (18) | January 1999 - July 2007 | February 2012 & May 2012 | $ | 155,000 | $ | 4,978 | -4 | |||||
Land Parcel, Eighth Ave, Manhattan, NY | Jun-06 | Apr-12 | 19,250 | 5,037 | ||||||||
Comfort Inn, North Dartmouth, MA | May-06 | Mar-12 | - | 1,216 | -5 | |||||||
2012 Total | $ | 11,231 | ||||||||||
-1 | The operations from this property included (loss) income of ($137), $858, $546 for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||
-2 | In September 2013, our Board of Trustees authorized management of the Company to sell this portfolio. 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. The 16 non-core hotel properties in the portfolio were acquired by the Company between 1999 and 2010. We recorded an impairment loss of approximately $6,591 for those assets for which the anticipated net proceeds do not exceed the carrying value. | |||||||||||
On December 20, 2013, the Company closed on the sale of 12 of these non-core hotel properties. As a result of entering into these purchase and sale agreements for the 16 non-core assets mentioned above, the operating results for the consolidated assets were reclassified to discontinued operations in the statement of operations for the years ended December 31, 2014, 2013, and 2012. The 12 assets were sold for a total sales price of $158,600, reduced the Company’s consolidated mortgage debt by $33,044 and generated a gain on sale of approximately $31,559. In February 2014, the remaining 4 assets were sold for a total sales price of $58,400 and reduced the Company’s consolidated mortgage debt by $45,710. We recorded an impairment loss of approximately $1,800 for those assets for which the anticipated net proceeds did not exceed the carrying value. | ||||||||||||
-3 | We recorded an impairment loss for this property of approximately $3,723 as the net proceeds did not exceed the carrying value. | |||||||||||
NOTE 11 – HOTEL DISPOSITIONS (CONTINUED) | ||||||||||||
-4 | On February 23, 2012, the Company closed on the sale of 14 non-core hotel properties, including three hotel properties owned in part by the Company through an unconsolidated joint venture, and closed on the remaining four properties, on May 8, 2012, including one hotel property owned in part by the Company through an unconsolidated joint venture. The operating results for the consolidated assets were reclassified to discontinued operations in the statement of operations for the year ended December 31, 2012. The 18 assets were sold for a total sales price of $155,000, reduced the Company’s consolidated mortgage debt by $61,298 and generated a gain on sale of approximately $4,978. | |||||||||||
-5 | On March 30, 2012, we transferred the title to the Comfort Inn, located in North Dartmouth, to the lender. Previously, we had ceased operations at this property on March 31, 2011. The operating results were reclassified to discontinued operations in the statements of operations for the year ended December 31, 2012. The transfer of the title resulted in a gain of approximately $1,216, since the outstanding mortgage loan payable exceeded the net book value of the property. | |||||||||||
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 | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Revenue: | ||||||||||||
Hotel Operating Revenues | $ | 1,940 | $ | 58,045 | $ | 63,465 | ||||||
Other Revenue | - | - | 11 | |||||||||
Total Revenues | 1,940 | 58,045 | 63,476 | |||||||||
Expenses: | ||||||||||||
Hotel Operating Expenses | 1,151 | 35,158 | 39,046 | |||||||||
Gain on Insurance Settlements | 74 | - | - | |||||||||
Hotel Ground Rent | - | - | 72 | |||||||||
Real Estate and Personal Property Taxes and Property Insurance | 91 | 3,316 | 3,636 | |||||||||
General and Administrative | 4 | 36 | 27 | |||||||||
Acquisition and Termination Transaction Costs | - | - | 8 | |||||||||
Depreciation and Amortization | 1 | 7,050 | 9,148 | |||||||||
Interest Expense | 354 | 4,863 | 7,872 | |||||||||
Other Expense | - | 44 | 10 | |||||||||
Loss on Debt Extinguishment | - | - | 168 | |||||||||
Income Tax Expense | 2 | 190 | - | |||||||||
Total Expenses | 1,677 | 50,657 | 59,987 | |||||||||
Income from Discontinued Operations | $ | 263 | $ | 7,388 | $ | 3,489 | ||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Income Tax Disclosure [Abstract] | ||||||||||
Effective Income Tax Reconciliation | ||||||||||
For the year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Statutory federal income tax provision | $ | 22,865 | $ | 5,152 | $ | 1,409 | ||||
Adjustment for nontaxable loss | -25,274 | -7,472 | -623 | |||||||
State income taxes, net of federal income tax effect | -367 | -1,317 | 151 | |||||||
Recognition of deferred tax assets | 91 | -1,963 | - | |||||||
Changes in valuation allowance | - | - | -4,292 | |||||||
Total income tax benefit | $ | -2,685 | $ | -5,600 | $ | -3,355 | ||||
Components Of The Company's Income Tax Expense (Benefit) | ||||||||||
For the year ended December 31, | ||||||||||
2014 | 2013 | 2012 | ||||||||
Income tax expense (benefit): | ||||||||||
Current: | ||||||||||
Federal | $ | - | $ | - | $ | - | ||||
State | - | - | 229 | |||||||
Deferred: | ||||||||||
Federal | $ | -2,130 | -3,604 | -3,584 | ||||||
State | -555 | -1,996 | - | |||||||
Total | -2,685 | $ | -5,600 | $ | -3,355 | |||||
Income tax expense (benefit): | ||||||||||
From continuing operations | $ | -2,685 | -5,600 | -3,355 | ||||||
From discontinued operations | 2 | 190 | - | |||||||
Total | -2,683 | $ | -5,410 | $ | -3,355 | |||||
Components Of Consolidated TRS's Deferred Tax Assets | ||||||||||
As of December 31, | ||||||||||
2014 | 2013 | |||||||||
Deferred tax assets: | ||||||||||
Net operating loss carryforwards | $ | 11,387 | $ | 8,605 | ||||||
Accrued expenses and other | 616 | 685 | ||||||||
Tax credit carryforwards | 481 | 280 | ||||||||
Total gross deferred tax assets | 12,484 | 9,570 | ||||||||
Valuation allowance | -804 | -804 | ||||||||
Total net deferred tax assets | $ | 11,680 | $ | 8,766 | ||||||
Deferred tax liabilities: | ||||||||||
Depreciation and amortization | 232 | - | ||||||||
Total Net deferred tax assets (liabilities) | $ | 11,448 | $ | 8,766 | ||||||
Taxability Of Common And Preferred Share Distributions | ||||||||||
2014 | 2013 | 2012 | ||||||||
Preferred Shares - 8% Series A | ||||||||||
Ordinary income | N/A | 100.00% | 100.00% | |||||||
Return of Capital | N/A | 0.00% | 0.00% | |||||||
Capital Gain Distribution | N/A | 0.00% | 0.00% | |||||||
Preferred Shares - 8% Series B | ||||||||||
Ordinary income | 100.00% | 100.00% | 100.00% | |||||||
Return of Capital | 0.00% | 0.00% | 0.00% | |||||||
Capital Gain Distribution | 0.00% | 0.00% | 0.00% | |||||||
Preferred Shares - 6.875% Series C | ||||||||||
Ordinary income | 100.00% | 100.00% | N/A | |||||||
Return of Capital | 0.00% | 0.00% | N/A | |||||||
Capital Gain Distribution | 0.00% | 0.00% | N/A | |||||||
Common Shares - Class A | ||||||||||
Ordinary income | 76.34% | 45.15% | 1.28% | |||||||
Return of Capital | 23.66% | 54.85% | 98.72% | |||||||
Capital Gain Distribution | 0.00% | 0.00% | 0.00% | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Selected Quarterly Financial Information [Abstract] | |||||||||||||
Selected Quarterly Financial Data (Unaudited) | |||||||||||||
Year Ended December 31, 2014 | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Total Revenues | $ | 80,348 | $ | 111,830 | $ | 113,048 | $ | 112,985 | |||||
Total Expenses | 85,203 | 53,593 | 106,625 | 106,232 | |||||||||
(Loss) Income from Unconsolidated Joint Ventures | -420 | 419 | 607 | 87 | |||||||||
(Loss) Income from Continuing Operations | -5,275 | 58,656 | 7,030 | 6,840 | |||||||||
Income Tax Benefit | 108 | -1 | 699 | 1,879 | |||||||||
Income (Loss) from Discontinued Operations (including Gain on Disposition of Discontinued Assets)* | -1,346 | -69 | -142 | -108 | |||||||||
Net (Loss) Income | -6,513 | 58,586 | 7,587 | 8,611 | |||||||||
(Loss) Income Allocated to Noncontrolling Interests in Continuing Operations | -507 | 1,655 | -49 | -83 | |||||||||
Issuance Costs of Redeemed Preferred Stock | - | - | - | - | |||||||||
Preferred Distributions | 3,589 | 3,589 | 3,589 | 3,589 | |||||||||
Net (Loss) Income applicable to Common Shareholders | $ | -9,595 | $ | 53,342 | $ | 4,047 | $ | 5,105 | |||||
Basic and diluted earnings per share: | |||||||||||||
(Loss) Income from continuing operations applicable to common shareholders | $ | -0.04 | $ | 0.27 | $ | 0.02 | $ | 0.03 | |||||
Discontinued Operations | -0.01 | 0.00 | 0.00 | 0.00 | |||||||||
Net (Loss) Income applicable to Common Shareholders | $ | -0.05 | $ | 0.27 | $ | 0.02 | $ | 0.03 | |||||
Weighted Average Common Shares Outstanding | |||||||||||||
Basic | 200,743,751 | 198,494,473 | 198,597,517 | 198,629,945 | |||||||||
Diluted | 200,743,751 | 200,213,554 | 200,621,986 | 200,779,472 | |||||||||
Year Ended December 31, 2013 | |||||||||||||
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | ||||||||||
Total Revenues | $ | 65,878 | $ | 91,068 | $ | 90,741 | $ | 92,510 | |||||
Total Expenses | 73,174 | 71,703 | 87,512 | 90,820 | |||||||||
(Loss) Income from Unconsolidated Joint Ventures | -396 | 148 | 227 | -1,814 | |||||||||
(Loss) Income from Continuing Operations | -7,692 | 19,513 | 3,456 | -124 | |||||||||
Income Tax Benefit | 1,129 | -1,222 | 2,375 | 3,318 | |||||||||
(Loss) Income from Discontinued Operations (including Gain on Disposition of Discontinued Assets) | -1,113 | -206 | -3,532 | 34,046 | |||||||||
Net (Loss) Income | -7,676 | 18,085 | 2,299 | 37,240 | |||||||||
(Loss) Income Allocated to Noncontrolling Interests in Continuing Operations | -673 | 210 | -164 | 962 | |||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | 2,250 | - | - | - | |||||||||
Preferred Distributions | 3,844 | 3,589 | 3,589 | 3,589 | |||||||||
Net (Loss) Income applicable to Common Shareholders | $ | -13,097 | $ | 14,286 | $ | -1,126 | $ | 32,689 | |||||
Basic and diluted earnings per share: | |||||||||||||
(Loss) Income from continuing operations applicable to common shareholders | $ | -0.07 | $ | 0.08 | $ | 0.01 | $ | 0.00 | |||||
Discontinued Operations | 0.00 | -0.01 | -0.02 | 0.16 | |||||||||
Net Loss (Income) applicable to Common Shareholders | $ | -0.07 | $ | 0.07 | $ | -0.01 | $ | 0.16 | |||||
Weighted Average Common Shares Outstanding | |||||||||||||
Basic | 197,029,017 | 198,633,051 | 198,878,496 | 198,944,277 | |||||||||
Diluted | 197,029,017 | 201,201,337 | 201,644,633 | 198,944,277 | |||||||||
*Effective January 1, 2014, we early adopted ASU Update No. 2014-08 concerning the classification and reporting of discontinued operations. As such, this line item for quarterly results presented for 2014 will not be comparable | |||||||||||||
Organization_And_Summary_Of_Si3
Organization And Summary Of Significant Accounting Policies (Narrative) (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 12 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Mar. 08, 2012 | Feb. 28, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 25, 2013 | Feb. 13, 2012 | Feb. 13, 2012 | Dec. 31, 2009 | Mar. 28, 2013 | Aug. 04, 2009 |
segment | |||||||||||
property | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Various subsidiary limited partnership interest (in hundredths) | 99.00% | ||||||||||
General partnership interest (in hundredths) | 1.00% | ||||||||||
Number of hotel properties (in hotels) | 46 | ||||||||||
Our maximum exposure to losses due to our investment in Mystic Partners, LLC | $5,556 | ||||||||||
Number of hotels in each reporting sements | 1 | ||||||||||
Related party dues, settlement, period | 1 year | ||||||||||
Weighted average ownership percentage in the Partnership (in hundredths) | 95.80% | 96.70% | 96.50% | ||||||||
Noncontrolling interests in Nonredeemable Common Units | 29,082 | 29,523 | |||||||||
Number of shares authorized to repurchase | 100,000 | 75,000 | 75,000 | ||||||||
Repurchase of Common Shares (in shares) | -2,626,854 | ||||||||||
Repurchase of Common Shares | 15,418 | ||||||||||
Common shares sold (in shares) | 24,000,000 | ||||||||||
Proceeds from issuance of preferred stock, net | 72,370 | ||||||||||
Preferred Stock, Redemption Price (in dollars per share) | $25.41 | ||||||||||
Net proceeds | 128,558 | ||||||||||
Offering price per share (in dollars per share) | 2.5 | ||||||||||
Option terms | We also granted REIG the option to buy up to an additional 5,700,000 common shares at a price of $3.00 per share, which was exercisable through August 4, 2014. On February 13, 2012, pursuant to the terms of the original option, we called in and canceled the option granted to REIG in exchange for the issuance of 2,521,561 common shares with an aggregate value equal to $13,566. This amount equals the volume weighted average price per common share for the 20 trading days prior to the exercise of the option, less the $3.00 option price, multiplied by the 5,700,000 common shares remaining under the option. | ||||||||||
Restricted Shares Forfeiture (in shares) | 1,948,324 | ||||||||||
Distribution of REIT taxable income to shareholders' (in hundredths) | 90.00% | ||||||||||
Recognize a tax benefit from an uncertain tax position (in hundredths) | 50.00% | ||||||||||
Noncontrolling Interests Common Units [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Nonredeemable common units outstanding (in shares) | 8,797,736 | ||||||||||
Fair market value of nonredeemable common units | 61,848 | ||||||||||
Series A Preferred Stock [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 8.00% | ||||||||||
Preferred Stock, Redemption Price (in dollars per share) | $25 | ||||||||||
Series B Preferred [Member} | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 8.00% | ||||||||||
Series C Preferred [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 6.88% | ||||||||||
Common shares sold (in shares) | 3,000,000 | ||||||||||
Preferred Shares - Par Value (in dollars per share) | $0.01 | ||||||||||
Proceeds from issuance of preferred stock, net | 72,370 | ||||||||||
Preferred shares, liquidation preference (in dollars per share) | $25 | ||||||||||
Joint Venture [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Number of hotel properties (in hotels) | 5 | ||||||||||
Mystic Partners, LLC [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Number of hotel properties (in hotels) | 3 | ||||||||||
Option to Real Estate Investment Group L.P. [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Net proceeds | 13,566 | ||||||||||
Option granted to REIG to buy additional shares (in shares) | 5,700,000 | ||||||||||
Option price (in dollars per share) | 3 | ||||||||||
Common shares issued to REIG (in shares) | 2,521,561 | 2,521,561 | |||||||||
Consecutive trading days above threshold price for canceling option to purchase common shares (in days) | 20 days | ||||||||||
Private Placement Real Estate Investment Group L.P. [Member] | |||||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||||
Net proceeds | $14,250 |
Organization_And_Summary_Of_Si4
Organization And Summary Of Significant Accounting Policies (Joint Venture Properties) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Mystic Partners, LLC [Member] | Marriott Mystic, CT [Member] | Mystic Partners Leaseco, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 66.70% |
Mystic Partners, LLC [Member] | Hilton, Hartford, CT [Member] | Mystic Partners Leaseco, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 8.80% |
Mystic Partners, LLC [Member] | Marriott, Hartford, CT [Member] | Mystic Partners Leaseco, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 15.00% |
SB Partners, LLC [Member] | Holiday Inn Express South Boston, MA [Member] | South Bay Sandeep, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 50.00% |
Hiren Boston, LLC [Member] | Courtyard South Boston, MA [Member] | South Bay Boston, LLC [Member] | |
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |
Ownership percentage (in hundredths) | 50.00% |
Organization_And_Summary_Of_Si5
Organization And Summary Of Significant Accounting Policies (Schedule Of Major Asset Depreciation) (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Minimum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Minimum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 2 years |
Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Building and Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 40 years |
Maximum [Member] | Furniture, Fixtures And Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Organization_And_Summary_Of_Si6
Organization And Summary Of Significant Accounting Policies (Schedule Of Preferred Stock) (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | ||
Shares Outstanding | 7,600,000 | 7,600,000 |
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 | $2 | $2 |
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 | $1.72 | $1.48 |
Investment_In_Hotel_Properties2
Investment In Hotel Properties (Narrative) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 23, 2012 | Apr. 09, 2013 | Jul. 22, 2011 | 7-May-14 | 8-May-12 | |
property | |||||||||
Acquisitions [Abstract] | |||||||||
Depreciation expense | $68,418 | $61,500 | $55,956 | ||||||
Acquisition costs | 2,178 | 855 | |||||||
Total Purchase Price | 254,213 | 267,974 | |||||||
Gain on Hotel Acquisitions, Net | -12,667 | -12,096 | |||||||
Gain Loss On Development Loan Impairment Recovery | 22,494 | ||||||||
Asset Development and Renovation [Abstract] | |||||||||
Investment in hotel properties | 1,745,483 | 1,535,835 | |||||||
Insurance Recoveries | 4,604 | 403 | |||||||
Hurricane Sandy [Member] | |||||||||
Asset Development and Renovation [Abstract] | |||||||||
Number of Real Estate Properties | 2 | ||||||||
Parrot Key Resort, Key West, FL [Member] | |||||||||
Acquisitions [Abstract] | |||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 2,000 | ||||||||
Business Combination, Contingent Consideration, Liability | 2,000 | 0 | |||||||
Total Purchase Price | 100,000 | ||||||||
Revenue | 9,145 | ||||||||
Net Income (Loss) | 2,978 | ||||||||
Asset Development and Renovation [Abstract] | |||||||||
Acquisition Date | 7-May-14 | ||||||||
Hilton Garden Inn 52nd Street, New York, NY [Member] | |||||||||
Acquisitions [Abstract] | |||||||||
Total Purchase Price | 112,285 | 84,000 | |||||||
Gain on Hotel Acquisitions, Net | 13,594 | ||||||||
Preopening exepenses | 927 | ||||||||
Development loan, principal amount | 10,000 | ||||||||
Business acquisition, cancellation of accrued interest receivable | 12,494 | ||||||||
Gain Loss On Development Loan Impairment Recovery | 22,494 | ||||||||
Mortgage loan | 45,000 | ||||||||
Revenue | 10,439 | ||||||||
Net Income (Loss) | 2,573 | ||||||||
Asset Development and Renovation [Abstract] | |||||||||
Acquisition Date | 27-May-14 | ||||||||
Business acquisition, cash paid | 27,500 | ||||||||
Hyatt Union Square, New York, NY [Member] | |||||||||
Acquisitions [Abstract] | |||||||||
Total Purchase Price | 123,945 | [1] | |||||||
Development loan, principal amount | 10,000 | ||||||||
Business acquisition, cancellation of accrued interest receivable | 3,303 | ||||||||
Mortgage loan | 55,000 | ||||||||
Gain on hotel acquisition | 12,108 | ||||||||
Revenue | 11,272 | ||||||||
Net Income (Loss) | -1,466 | ||||||||
Asset Development and Renovation [Abstract] | |||||||||
Acquisition Date | 9-Apr-13 | [1] | |||||||
Business acquisition, cash paid | 36,000 | ||||||||
32 Pearl Street, New York, NY [Member] | |||||||||
Asset Development and Renovation [Abstract] | |||||||||
Acquisition Date | 22-Jul-11 | ||||||||
Business acquisition, cash paid | 28,300 | ||||||||
Development costs | 9,564 | ||||||||
Investment in hotel properties | 37,864 | ||||||||
Holiday Inn Express, New York, NY [Member] | Hurricane Sandy [Member] | |||||||||
Asset Development and Renovation [Abstract] | |||||||||
Number of Real Estate Properties | 1 | ||||||||
Estimated impairment charge | 1,586 | ||||||||
Corresponding insurance claim | 1,486 | ||||||||
Hampton Inn, Pearl Street, New York, NY [Member] | Hurricane Sandy [Member] | |||||||||
Asset Development and Renovation [Abstract] | |||||||||
Number of Real Estate Properties | 1 | ||||||||
Estimated impairment charge | 1,997 | ||||||||
Corresponding insurance claim | 1,897 | ||||||||
Aquisitions In 2014 [Member] | |||||||||
Acquisitions [Abstract] | |||||||||
Revenue | 28,239 | ||||||||
Net Income (Loss) | 6,219 | ||||||||
Aquisitions In 2013 [Member] | |||||||||
Acquisitions [Abstract] | |||||||||
Revenue | 22,889 | ||||||||
Net Income (Loss) | $1,412 | ||||||||
Non-core Hotel Properties [Member] | |||||||||
Asset Development and Renovation [Abstract] | |||||||||
Number of Real Estate Properties | 18 | 4 | |||||||
[1] | On April 9, 2013, we completed the acquisition of the Hyatt Union Square hotel in New York, NY from Risingsam Union Square LLC.B B Consideration given in exchange for the property included $36,000 paid in cash to the seller and our cancellation of a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan. In addition, we paid off the existing construction financing and entered into a new mortgage loan of $55,000. We recognized a net gain of approximately $12,108 on the purchase of the Hyatt Union Square hotel as the fair value of the assets acquired less any liabilities assumed exceeded the consideration transferred. |
Investment_In_Hotel_Properties3
Investment In Hotel Properties (Investment In Hotel Properties) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | $2,067,657 | $1,795,950 |
Less accumulated depreciation | -322,174 | -260,115 |
Total investment in hotel properties, net | 1,745,483 | 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 | 1,424,842 | 1,222,639 |
Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | 203,275 | 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 $) | 12 Months Ended | 1 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 23, 2012 | |
Business Acquisition [Line Items] | ||||
Total Purchase Price | $254,213 | $267,974 | ||
Assumption of Debt | 24,924 | |||
Franchise Fees Loan Costs And Leasehold Intangibles [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 1,396 | 2,203 | ||
Land [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 103,369 | 63,016 | ||
Building and Improvements [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 149,801 | 186,931 | ||
Furniture, Fixtures And Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 13,877 | 15,824 | ||
Ground Lease Intangible [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | -14,230 | |||
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] | Franchise Fees Loan Costs And Leasehold Intangibles [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 | |||
Hotel Milo, Santa Barbara, California [Member] | Ground Lease Intangible [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | -14,230 | |||
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 | 112,285 | 84,000 | ||
Hilton Garden Inn 52nd Street, New York, NY [Member] | Franchise Fees Loan Costs And Leasehold Intangibles [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 | |||
Hyatt Union Square, New York, NY [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 9-Apr-13 | [1] | ||
Total Purchase Price | 123,945 | [1] | ||
Hyatt Union Square, New York, NY [Member] | Franchise Fees Loan Costs And Leasehold Intangibles [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 1,945 | [1] | ||
Hyatt Union Square, New York, NY [Member] | Land [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 32,940 | [1] | ||
Hyatt Union Square, New York, NY [Member] | Building and Improvements [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 79,300 | [1] | ||
Hyatt Union Square, New York, NY [Member] | Furniture, Fixtures And Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 9,760 | [1] | ||
Courtyard By Marriott, San Deigo, CA [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 30-May-13 | |||
Total Purchase Price | 71,184 | |||
Courtyard By Marriott, San Deigo, CA [Member] | Franchise Fees Loan Costs And Leasehold Intangibles [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 183 | |||
Courtyard By Marriott, San Deigo, CA [Member] | Land [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 15,656 | |||
Courtyard By Marriott, San Deigo, CA [Member] | Building and Improvements [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 51,674 | |||
Courtyard By Marriott, San Deigo, CA [Member] | Furniture, Fixtures And Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 3,671 | |||
Residence Inn, Coconut Grove, FL [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 12-Jun-13 | |||
Total Purchase Price | 21,895 | |||
Residence Inn, Coconut Grove, FL [Member] | Franchise Fees Loan Costs And Leasehold Intangibles [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 75 | |||
Residence Inn, Coconut Grove, FL [Member] | Land [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 4,146 | |||
Residence Inn, Coconut Grove, FL [Member] | Building and Improvements [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 17,456 | |||
Residence Inn, Coconut Grove, FL [Member] | Furniture, Fixtures And Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 218 | |||
Blue Moon, Miami Beach, FL [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 20-Dec-13 | |||
Total Purchase Price | 26,353 | |||
Blue Moon, Miami Beach, FL [Member] | Land [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 4,874 | |||
Blue Moon, Miami Beach, FL [Member] | Building and Improvements [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 20,354 | |||
Blue Moon, Miami Beach, FL [Member] | Furniture, Fixtures And Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 1,125 | |||
Winter Haven, Miami Beach, FL [Member] | ||||
Business Acquisition [Line Items] | ||||
Acquisition Date | 20-Dec-13 | |||
Total Purchase Price | 24,597 | |||
Winter Haven, Miami Beach, FL [Member] | Land [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 5,400 | |||
Winter Haven, Miami Beach, FL [Member] | Building and Improvements [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | 18,147 | |||
Winter Haven, Miami Beach, FL [Member] | Furniture, Fixtures And Equipment [Member] | ||||
Business Acquisition [Line Items] | ||||
Total Purchase Price | $1,050 | |||
[1] | On April 9, 2013, we completed the acquisition of the Hyatt Union Square hotel in New York, NY from Risingsam Union Square LLC.B B Consideration given in exchange for the property included $36,000 paid in cash to the seller and our cancellation of a development loan receivable in the original principal amount of $10,000 and $3,303 of accrued interest on the loan. In addition, we paid off the existing construction financing and entered into a new mortgage loan of $55,000. We recognized a net gain of approximately $12,108 on the purchase of the Hyatt Union Square hotel as the fair value of the assets acquired less any liabilities assumed exceeded the consideration transferred. |
Investment_In_Hotel_Properties5
Investment In Hotel Properties (Wholly Owned Hotel Properties Acquired-Hilton Garden Inn 52nd Street) (Details) (USD $) | 12 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 23, 2012 |
Business Acquisition [Line Items] | |||
Total Purchase Price | $254,213 | $267,974 | |
Non-Cash Fair Market Value Gain on Acquisition | -12,667 | -12,096 | |
Hilton Garden Inn 52nd Street, New York, NY [Member] | |||
Business Acquisition [Line Items] | |||
Total Purchase Price | 112,285 | 84,000 | |
Interest and Late Fees on Development Loan | 12,494 | ||
Non-Cash Fair Market Value Gain on Acquisition | 13,594 | ||
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] | Initial Purchase Price [Member] | |||
Business Acquisition [Line Items] | |||
Total Purchase Price | 84,000 | ||
Hilton Garden Inn 52nd Street, New York, NY [Member] | Other Components Of Consideration [Member] | |||
Business Acquisition [Line Items] | |||
Total Purchase Price | 1,074 | ||
Hilton Garden Inn 52nd Street, New York, NY [Member] | Fair Market Value At Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Total Purchase Price | $111,162 |
Investment_In_Hotel_Properties6
Investment In Hotel Properties (Results of Operations for Hotels Acquired With 100% Interest) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Hotel Milo, Santa Barbara, California [Member] | |
Business Acquisition [Line Items] | |
Revenue | $8,655 |
Net (Loss) Income | 668 |
Parrot Key Resort, Key West, FL [Member] | |
Business Acquisition [Line Items] | |
Revenue | 9,145 |
Net (Loss) Income | 2,978 |
Hilton Garden Inn 52nd Street, New York, NY [Member] | |
Business Acquisition [Line Items] | |
Revenue | 10,439 |
Net (Loss) Income | 2,573 |
Hyatt Union Square, New York, NY [Member] | |
Business Acquisition [Line Items] | |
Revenue | 11,272 |
Net (Loss) Income | -1,466 |
Courtyard By Marriott, San Deigo, CA [Member] | |
Business Acquisition [Line Items] | |
Revenue | 8,350 |
Net (Loss) Income | 1,914 |
Residence Inn, Coconut Grove, FL [Member] | |
Business Acquisition [Line Items] | |
Revenue | 2,889 |
Net (Loss) Income | 713 |
Blue Moon, Miami Beach, FL [Member] | |
Business Acquisition [Line Items] | |
Revenue | 175 |
Net (Loss) Income | 111 |
Winter Haven, Miami Beach, FL [Member] | |
Business Acquisition [Line Items] | |
Revenue | 203 |
Net (Loss) Income | 140 |
Aquisitions In 2014 [Member] | |
Business Acquisition [Line Items] | |
Revenue | 28,239 |
Net (Loss) Income | 6,219 |
Aquisitions In 2013 [Member] | |
Business Acquisition [Line Items] | |
Revenue | 22,889 |
Net (Loss) Income | $1,412 |
Investment_In_Hotel_Properties7
Investment In Hotel Properties (Condensed Pro Forma Financial Data) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Investment In Hotel Properties [Abstract] | ||||||||||||||
Pro Forma Total Revenues | $425,029 | $376,767 | ||||||||||||
Pro Forma Income from Continuing Operations | 72,864 | 27,859 | ||||||||||||
(Loss) Income from Discontinued Operations | -1,665 | 29,195 | ||||||||||||
Pro Forma Net Income | 71,199 | 57,054 | ||||||||||||
Loss allocated to Noncontrolling Interest | -1,016 | -335 | ||||||||||||
Preferred Distributions | -3,589 | -3,589 | -3,589 | -3,589 | -3,589 | -3,589 | -3,589 | -3,844 | -14,356 | -14,611 | -14,000 | |||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | -2,250 | -2,250 | ||||||||||||
Pro Forma Net (Loss) Income applicable to Common Shareholders | $55,827 | $39,858 | ||||||||||||
Pro Forma Income applicable to Common Shareholders: Basic | $0.28 | $0.20 | ||||||||||||
Pro Forma Income applicable to Common Shareholders: Diluted | $0.28 | $0.20 | ||||||||||||
Weighted Average Common Shares Outstanding: Basic | 198,629,945 | 198,597,517 | 198,494,473 | 200,743,751 | 198,944,277 | 198,878,496 | 198,633,051 | 197,029,017 | 199,109,209 | 198,390,450 | 187,415,270 | |||
Weighted Average Common Shares Outstanding: Diluted | 200,779,472 | 200,621,986 | 200,213,554 | 200,743,751 | 198,944,277 | 201,644,633 | 201,201,337 | 197,029,017 | 201,197,310 | [1] | 201,918,177 | [1] | 187,415,270 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the bOperating Partnershipb or bHHLPb) has been excluded from the numerator and common units of limited partnership interest (bCommon Unitsb) in the Operating Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these shares and units 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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Capitalized Expenditures Related To Development Costs [Line Items] | |||
Development costs | $754 | $1,711 | $1,847 |
Property Tax [Member] | |||
Capitalized Expenditures Related To Development Costs [Line Items] | |||
Development costs | 223 | 388 | 296 |
Interest Expense [Member] | |||
Capitalized Expenditures Related To Development Costs [Line Items] | |||
Development costs | 458 | 1,320 | 1,542 |
Utility [Member] | |||
Capitalized Expenditures Related To Development Costs [Line Items] | |||
Development costs | $73 | $3 | $9 |
Investment_In_Unconsolidated_J2
Investment In Unconsolidated Joint Ventures (Narrative) (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 8-May-12 | Feb. 23, 2012 | Feb. 01, 2013 |
property | property | property | property | property | ||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Investment in hotel properties | $1,745,483 | $1,535,835 | ||||
Preferred Return Terms | The Mystic Partners, LLC joint venture agreement provides for an 8.5% non-cumulative preferred return based on our contributed equity interest in the venture. Cash distributions will be made from cash available for distribution, first, to us to provide an 8.5% annual non-compounded return on our unreturned capital contributions and then to our joint venture partner to provide an 8.5% annual non-compounded return of their unreturned contributions. Any remaining cash available for distribution will be distributed to us 10.5% with respect to the net cash flow from the Hartford Marriott, 7.0% with respect to the Hartford Hilton and 56.7%, with respect to the remaining property. Mystic Partners, LLC allocates income to us and our joint venture partner consistent with the allocation of cash distributions in accordance with the joint venture agreements. | |||||
Marriott, Hartford, CT [Member] | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Joint Venture cash distribution percentage | 10.50% | |||||
Fees for asset management services as percentage of operating revenues (in hundredths) | 0.25% | |||||
Face amount of loan under performance guarantee | 50,000 | |||||
Hilton, Hartford, CT [Member] | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Joint Venture cash distribution percentage | 7.00% | |||||
Face amount of loan under performance guarantee | 27,000 | |||||
Marriott, Mystic, CT And Courtyard, Norwich, CT [Member] | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Joint Venture cash distribution percentage | 56.70% | |||||
All Hotel Properties Except Hartford Marriot [Member] | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Fees for asset management services as percentage of operating revenues (in hundredths) | 1.00% | |||||
Mystic Partners, LLC [Member] | Courtyard, Norwich, CT [Member] | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Impairment loss | 1,813 | |||||
Number of Real Estate Properties | 1 | |||||
Investment in hotel properties | 0 | |||||
Mystic Partners, LLC [Member] | Hilton and Marriott branded hotels in CT and RI [Member] | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Preferred units, dividend rate, percentage (in hundredths) | 8.50% | |||||
Inn American Hospitality at Ewing, LLC [Member | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Percentage of interest acquired | 50.00% | |||||
Loss on conversion from equity method investment to subsidiary | 1,668 | |||||
Metro 29th Street Associates, LLC [Member] | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Percentage of interest acquired | 50.00% | |||||
Loss on conversion from equity method investment to subsidiary | $224 | |||||
Non-core Hotel Properties [Member] | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Number of Real Estate Properties | 18 | 4 | ||||
Sales closed on hotel properties | 14 | |||||
Non-core Hotel Properties of Unconsolidated Joint Venture [Member] | ||||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||||
Sales closed on hotel properties | 1 | 3 | 1 |
Investment_In_Unconsolidated_J3
Investment In Unconsolidated Joint Ventures (Investment In Unconsolidated Joint Ventures) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Investments in Unconsolidated Joint Ventures [Line Items] | ||
Investment in unconsolidated joint ventures | $11,150 | $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 | 913 | 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 | 4,680 | 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 | $5,556 | $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_J4
Investment In Unconsolidated Joint Ventures (Income Or Loss From Unconsolidated Joint Ventures) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
Income (Loss) from Unconsolidated Joint Ventures | $693 | ($22) | ($232) | ||||||||
Impairment from Unconsolidated Joint Ventures | -1,813 | ||||||||||
Loss from Remeasurement of Investment in Unconsolidated Joint Venture | -1,892 | ||||||||||
Income (Loss) from Unconsolidated Joint Venture Investments | 87 | 607 | 419 | -420 | -1,814 | 227 | 148 | -396 | 693 | -1,835 | -2,124 |
SB Partners, LLC [Member] | |||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
Income (Loss) from Unconsolidated Joint Ventures | 407 | 264 | 85 | ||||||||
Hiren Boston, LLC [Member] | |||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
Income (Loss) from Unconsolidated Joint Ventures | 603 | 113 | 230 | ||||||||
Mystic Partners, LLC [Member] | |||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
Income (Loss) from Unconsolidated Joint Ventures | -317 | -399 | -433 | ||||||||
Metro 29th Street Associates, LLC [Member] | |||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
Income (Loss) from Unconsolidated Joint Ventures | ($114) |
Investment_In_Unconsolidated_J5
Investment In Unconsolidated Joint Ventures (Summary Financial Information Related To Unconsolidated Joint Ventures) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets [Abstract] | |||
Investment in hotel properties, net | $106,430 | $114,221 | |
Other Assets | 19,032 | 19,146 | |
Total Assets | 125,462 | 133,367 | |
Liabilities and Equity [Abstract] | |||
Mortgages and notes payable | 115,446 | 112,654 | |
Other liabilities | 30,832 | 37,464 | |
Equity [Abstract] | |||
Hersha Hospitality Trust | 23,060 | 26,230 | |
Joint Venture Partner(s) | -43,876 | -42,981 | |
Total Equity | -20,816 | -16,751 | |
Total Liabilities and Equity | 125,462 | 133,367 | |
Statements of Operations [Abstract] | |||
Room Revenue | 59,135 | 58,273 | 62,058 |
Other Revenue | 21,725 | 22,606 | 22,306 |
Operating Expenses | -54,831 | -55,179 | -57,131 |
Lease Expense | -1,063 | -996 | -3,729 |
Property Taxes and Insurance | -2,934 | -3,034 | -3,438 |
General and Administrative | -5,783 | -5,794 | -5,904 |
Depreciation and Amortization | -6,376 | -6,697 | -6,533 |
Interest Expense | -11,995 | -7,526 | -7,650 |
Debt Extinguishment and Gain on Debt Forgiveness | 3,016 | ||
Gain (Loss) allocated to Noncontrolling Interests | 115 | -179 | -2,614 |
Net Income from Continuing Operations | 1,009 | 1,474 | -2,635 |
Income (Loss) from Discontinued Operations | -55 | 121 | |
Gain on Disposition of Hotel Properties | 1,161 | 25,131 | |
Net Income | $1,009 | $2,580 | $22,617 |
Investment_In_Unconsolidated_J6
Investment In Unconsolidated Joint Ventures (Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures) (Details) (USD $) | Dec. 31, 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 | $23,060 | $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 | -11,910 | [1] | -14,186 | [1] |
Investment in Unconsolidated Joint Ventures | $11,150 | $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 | 12 Months Ended | |
In Thousands, unless otherwise specified | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 |
Receivables, Loans, Notes Receivable, and Others, Schedule of Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Deferred Tax Assets, Net | $11,448 | $8,766 | |
Property insurance received | 2,498 | 1,881 | 5,001 |
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 | 15,486 | ||
Hotel Milo, Santa Barbara, California [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 | $3,100 |
Other_Assets_And_Deposits_On_H3
Other Assets And Deposits On Hotel Acquisitions (Other Assets) (Details) (USD $) | Dec. 31, 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 | 7,883 | 9,256 |
Insurance Claims Receivable | 64 | 1,706 |
Deferred Tax Asset, Net of Valuation Allowance of $804 | 11,448 | 8,766 |
Other | 7,483 | 6,069 |
Total Other Assets | 28,426 | 27,460 |
Valuation allowance | $804 | $804 |
Debt_Narrative_Details
Debt (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | |||||||
In Thousands, unless otherwise specified | Apr. 24, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | Jan. 31, 2012 | 9-May-12 | 23-May-12 | Jun. 29, 2012 | Jan. 03, 2013 | Jul. 02, 2012 |
loan | |||||||||||
Mortgages and Notes Payable [Abstract] | |||||||||||
Long-term debt | $918,923 | ||||||||||
Net unamortizaed premiums | 1,584 | ||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 3.00% | ||||||||||
Capitalized Interest [Abstract] | |||||||||||
Capitalized interest | 458 | 1,320 | 1,542 | ||||||||
Deferred Financing Costs [Abstract] | |||||||||||
Deferred costs, net of accumulated amortization | 8,605 | 7,570 | |||||||||
Accumulated amortization | 6,938 | 7,070 | |||||||||
Amortization of deferred costs | 2,768 | 2,886 | 2,991 | ||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Company funded remaining tranche of the unsecured portion of the credit facility | 50,000 | ||||||||||
Unamortized deferred costs and defeasance premiums expensed | 670 | 545 | 3,189 | ||||||||
Unsecured Term Loan | 250,000 | 150,000 | 100,000 | ||||||||
Number of mortgage loans paid off | 7 | ||||||||||
Residence Inn, Tysons Corner, VA [Member] | |||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Mortgage loan extinguishment | 7,928 | ||||||||||
Residence Inn, Greenbelt, MD [Member] | |||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Mortgage loan extinguishment | 10,179 | ||||||||||
Duane Street Hotel, New York, NY [Member] | |||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Maturity date | 1-Feb-17 | ||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 4.50% | ||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Mortgage loan extinguishment | 5,175 | ||||||||||
Mortgage loan | 9,500 | ||||||||||
Fixed interest rate | 5.43% | ||||||||||
Unamortized deferred costs and defeasance premiums expensed | 91 | ||||||||||
Courtyard by Marriott, Westside, Los Angeles, CA [Member] | |||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Maturity date | 29-Sep-17 | ||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 3.00% | ||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Mortgage loan | 30,000 | ||||||||||
Advance in principal | 5,000 | ||||||||||
Fixed interest rate | 4.95% | ||||||||||
Unamortized deferred costs and defeasance premiums expensed | 284 | ||||||||||
Effective interest rate | 4.10% | ||||||||||
Interest variable rate, floor | 0.75% | ||||||||||
Capitol Hill Suites, Washington, D.C. [Member] | |||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Maturity date | 1-Feb-15 | ||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 3.25% | ||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Mortgage loan extinguishment | 32,500 | ||||||||||
Mortgage loan | 27,500 | ||||||||||
Unamortized deferred costs and defeasance premiums expensed | 7 | ||||||||||
Effective interest rate | 3.79% | ||||||||||
Courtyard by Marriott, Miami, FL [Member] | |||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Maturity date | 1-Jul-16 | ||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 3.50% | ||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Mortgage loan extinguishment | 29,730 | ||||||||||
Mortgage loan | 45,000 | ||||||||||
Additional draw on mortgage loan, amount | 5,000 | ||||||||||
Number of days between additional draw on mortgage loan | 90 days | ||||||||||
Effective interest rate | 4.32% | ||||||||||
Hotel 373, Fifth Avenue, NY [Member] | |||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Maturity date | 1-Jun-17 | ||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 3.85% | ||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Mortgage loan extinguishment | 22,000 | ||||||||||
Mortgage loan | 19,000 | ||||||||||
Unamortized deferred costs and defeasance premiums expensed | 66 | ||||||||||
Effective interest rate | 5.85% | ||||||||||
Holiday Inn Express, New York, NY [Member] | |||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Maturity date | 5-Nov-16 | ||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Mortgage loan | 54,602 | ||||||||||
Fixed interest rate | 6.50% | ||||||||||
Mezzanine debt, principal | 15,000 | ||||||||||
Unamortized deferred costs and defeasance premiums expensed | 261 | 176 | |||||||||
Holiday Inn Express, Times Square, NY [Member] | |||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Unamortized deferred costs and defeasance premiums expensed | 530 | ||||||||||
Hilton Garden Inn, Tribeca, NY [Member] | |||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Maturity date | 1-Nov-19 | ||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 2.30% | ||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Mortgage loan extinguishment | 32,000 | ||||||||||
Mortgage loan | 46,500 | ||||||||||
Citigroup Global Markets Inc. [Member] | |||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Unamortized deferred costs and defeasance premiums expensed | 579 | ||||||||||
Mortgages [Member] | |||||||||||
Mortgages and Notes Payable [Abstract] | |||||||||||
Long-term debt | 617,375 | 617,788 | |||||||||
Interest rate range, minimum (in hundredths) | 2.47% | ||||||||||
Interest rate range, maximum (in hundredths) | 6.50% | ||||||||||
Net unamortizaed premiums | 1,584 | 2,466 | |||||||||
Interest expense | 31,046 | 34,854 | 38,343 | ||||||||
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 December 31, 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 loans. | ||||||||||
Maturity date range, end | 1-Apr-23 | ||||||||||
Mortgages [Member] | Assets Held-for-sale [Member] | |||||||||||
Mortgages and Notes Payable [Abstract] | |||||||||||
Long-term debt | 45,835 | ||||||||||
Junior Subordinated Debt [Member] | Hersha Statutory Trust I and Hersha Statutory Trust II [Member] | |||||||||||
Mortgages and Notes Payable [Abstract] | |||||||||||
Interest expense | 1,690 | 1,712 | 1,810 | ||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Number of debt instruments | 2 | ||||||||||
Subordinated notes payable | 51,548 | ||||||||||
Maturity date | 30-Jul-35 | ||||||||||
Number of business days prior to quarterly interest payments for resetting rates | 2 days | ||||||||||
Debt instrument, interest rate during period (in hundredths) | 3.28% | 3.32% | 3.51% | ||||||||
Junior Subordinated Debt [Member] | Hersha Statutory Trust I [Member] | |||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Subordinated notes payable | 25,774 | ||||||||||
Debt instrument, description of variable rate basis | LIBOR | ||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 3.00% | ||||||||||
Junior Subordinated Debt [Member] | Hersha Statutory Trust II [Member] | |||||||||||
Subordinated Notes Payable [Abstract] | |||||||||||
Subordinated notes payable | 25,774 | ||||||||||
Debt instrument, description of variable rate basis | LIBOR | ||||||||||
Debt instrument, basis spread on variable rate (in hundredths) | 3.00% | ||||||||||
Secured Credit Facility [Member] | |||||||||||
New Debt/Refinance and Payoffs [Abstract] | |||||||||||
Unamortized deferred costs and defeasance premiums expensed | $2,410 |
Debt_Continued_Narrative_Detai
Debt, Continued (Narrative) (Details) (USD $) | 0 Months Ended | 12 Months Ended | |||
In Thousands, unless otherwise specified | Apr. 24, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 27, 2014 |
Revolving Line of Credit [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 3.00% | ||||
Line of credit facility covenant minimum tangible net worth | $803,711 | ||||
Line of credit facility covenant maximum annual distributions (in hundredths) | 95.00% | ||||
Line of credit facility covenant fixed charge coverage ratio | 1.45 | ||||
Line of credit facility covenant maximum leverage ratio (in hundredths) | 60.00% | ||||
Outstanding borrowings on revoloving line of credit | |||||
Outstanding borrowings on term loans | 250,000 | 150,000 | 100,000 | ||
Scenario, Forecast [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Line of credit facility covenant fixed charge coverage ratio | 1.5 | ||||
Minimum [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Line of credit facility covenant maximum secured debt leverage ratio (in hundredths) | 45.00% | ||||
Maximum [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Line of credit facility covenant maximum secured debt leverage ratio (in hundredths) | 50.00% | ||||
Senior Unsecured Credit Agreement [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Revolving line of credit, current borrowing capacity | 500,000 | 400,000 | |||
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 | ||||
Unsecured Term Loan [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Revolving line of credit, current borrowing capacity | 250,000 | 150,000 | |||
Line of credit, outstanding principal balance | 250,000 | 150,000 | |||
Unsecured Term Loan [Member] | Minimum [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 1.60% | ||||
Unsecured Term Loan [Member] | Maximum [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 2.35% | ||||
Revolving Line Of Credit [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Revolving line of credit, current borrowing capacity | 250,000 | 250,000 | |||
Line of credit, financial covenant terms | 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. B B As of December 31, 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 ofB 3.217%. See "Note 7 b 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, which is calculated by adding back accumulated depreciation to the recorded value of our investment in hotel properties and subtracting certain intangible assets and debt and is subject to increases under certain circumstances; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following:B7 a fixed charge coverage ratio of not less than 1.45 to 1.00, which increases to 1.50 to 1.00 as of January 1, 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, 2016The Company is in compliance with each of the covenants listed above as of December 31, 2014.B As of December 31, 2014, our remaining borrowing capacity under the $500,000 unsecured credit facility was $245,745, based on the borrowing base assets at December 31, 2014. | ||||
Line of credit, remaining borrowing capacity | 245,745 | ||||
Interest Expense, on credit facilities | $6,218 | $5,413 | $2,405 | ||
Line of credit, weighted average interest rate (in hundredths) | 2.82% | 3.08% | 4.57% | ||
Revolving Line Of Credit [Member] | Minimum [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Fixed interest rate | 3.22% | ||||
Basis spread on variable rate (in hundredths) | 1.70% | ||||
Revolving Line Of Credit [Member] | Maximum [Member] | |||||
Revolving Line of Credit [Abstract] | |||||
Basis spread on variable rate (in hundredths) | 2.45% |
Debt_Aggregate_Annual_Principa
Debt (Aggregate Annual Principal Payments For Mortgages And Notes Payable) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Debt [Abstract] | |
2015 | $69,063 |
2016 | 273,824 |
2017 | 204,219 |
2018 | 1,564 |
2019 | 294,892 |
Thereafter | 73,777 |
Net Unamortized Premium | 1,584 |
Long-term Debt, Total | $918,923 |
Commitments_And_Contingencies_2
Commitments And Contingencies And Related Party Transactions (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Management Agreements [Abstract] | |||
Term of management agreements with HHMLP | 5 years | ||
Base management fee as percentage of gross revenues (in hundredths) | 3.00% | ||
Base management fees incurred | $12,263 | $11,713 | $10,781 |
Franchise Agreements [Abstract] | |||
Terms of franchise agreements, minimum | 10 years | ||
Terms of franchise agreements, maximum | 20 years | ||
Franchise fee expense | 26,015 | 26,247 | 24,278 |
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 | 1,410 | 1,739 | 1,741 |
Information technology fees | 416 | 510 | 509 |
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 | 742 | 1,459 | 1,076 |
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 | 163 | 222 | 149 |
Charges for capital expenditure purchases | 10,610 | 19,783 | 11,809 |
Capital expenditures included in accounts payable | 2 | ||
Due From Related Parties [Abstract] | |||
Due from related parties | 6,580 | 11,124 | |
Due to Related Parties [Abstract] | |||
Due to related parties | 7,203 | 4,815 | |
Hotel Ground Rent [Abstract] | |||
Rent expense related to ground leases | $2,433 | $985 | $835 |
Commitments_And_Contingencies_3
Commitments And Contingencies And Related Party Transactions (Future Minimum Lease Payments) (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies And Related Party Transactions [Abstract] | |
2015 | $2,342 |
2016 | 2,374 |
2017 | 2,374 |
2018 | 2,374 |
2019 | 2,374 |
Thereafter | 229,028 |
Future minimum lease payments | $240,866 |
Fair_Value_Measurements_And_De2
Fair Value Measurements And Derivative Instruments (Narrative) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2014 | 27-May-14 |
Derivatives, Fair Value [Line Items] | |||||
Unrealized gain (loss) recognized in accumulated other comprehensive income | $18 | $1,410 | ($635) | ||
Unrealized gain (loss) reclassified from accumulated other comprehensive income to interest expense | 1,509 | ||||
Gain (loss) to be reclassified to interest expense during next 12 months | 1,113 | ||||
Impairment of Discontinued Assets | 1,800 | 10,314 | |||
Interest Rate Cap Hyatt Union Square, New York, NY [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fixed interest payment, percentage | 2.00% | ||||
Index: Basis spread on variable rate basis (in hundredths) | 4.19% | ||||
Notional amount | 55,000 | ||||
Maturity Date | 9-Apr-16 | ||||
Interest Rate Swap: Duane Street Hotel, New York, NY [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fixed interest payment, percentage | 0.93% | 5.43% | |||
Index: Basis spread on variable rate basis (in hundredths) | 4.50% | ||||
Notional amount | 9,352 | ||||
Maturity Date | 1-Feb-17 | ||||
Interest Rate Swap: Hilton Garden Inn 52nd Street, New York, NY [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Fixed interest payment, percentage | 1.15% | 4.05% | |||
Index: Basis spread on variable rate basis (in hundredths) | 2.90% | ||||
Notional amount | 45,000 | ||||
Maturity Date | 21-Feb-17 | ||||
Carrying (Reported) Amount, Fair Value Disclosure [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Carrying value and estimated fair value of debt | 918,923 | 819,336 | |||
Estimate of Fair Value, Fair Value Disclosure [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Carrying value and estimated fair value of debt | 916,877 | 828,974 | |||
Holiday Inn Express Camp Springs, MD [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment of Discontinued Assets | 3,723 | ||||
Non-core Hotel Properties [Member] | |||||
Derivatives, Fair Value [Line Items] | |||||
Impairment of Discontinued Assets | $6,591 |
Fair_Value_Measurements_And_De3
Fair Value Measurements And Derivative Instruments (Fair Value Of Interest Rate Swaps And Caps) (Details) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | 27-May-14 |
Derivatives, Fair Value [Line Items] | ||||
Estimated Fair Value | ($212) | ($172) | ||
Settlement of interest rate cap | 8 | 565 | ||
Interest rate cap, termination fees | 55 | |||
Interest Rate Swap: CY Westside, Culver City, LA [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 1.10% | |||
Index: Variable interest rate basis | 1-Month LIBOR + 3.85% | |||
Index: Basis spread on variable rate basis (in hundredths) | 3.85% | |||
Effective Date | 29-Sep-11 | |||
Maturity Date | 29-Sep-15 | |||
Notional amount | 30,000 | |||
Estimated Fair Value | -174 | -374 | ||
Interest Rate Swap: Capitol Hill Suites, Washington, DC [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 0.54% | |||
Index: Variable interest rate basis | 1-Month LIBOR + 3.25% | |||
Index: Basis spread on variable rate basis (in hundredths) | 3.25% | |||
Effective Date | 1-Feb-12 | |||
Maturity Date | 1-Feb-15 | |||
Notional amount | 26,639 | |||
Estimated Fair Value | -8 | -88 | ||
Interest Rate Cap for Hotel 373, New York, NY [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 2.00% | |||
Index: Variable interest rate basis | 1-Month LIBOR + 3.85% | |||
Index: Basis spread on variable rate basis (in hundredths) | 3.85% | |||
Effective Date | 24-May-12 | |||
Maturity Date | 1-Jun-15 | |||
Notional amount | 18,356 | |||
Estimated Fair Value | 1 | |||
Interest Rate Courtyard by Marriott, Miami, FL [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 0.82% | |||
Index: Variable interest rate basis | 1-Month LIBOR + 3.50% | |||
Index: Basis spread on variable rate basis (in hundredths) | 3.50% | |||
Effective Date | 2-Jul-12 | |||
Maturity Date | 1-Jul-16 | |||
Notional amount | 60,000 | |||
Estimated Fair Value | -218 | -354 | ||
Subordinated Notes Payable [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 2.00% | |||
Index: Variable interest rate basis | 1-Month LIBOR + 3.00% | |||
Index: Basis spread on variable rate basis (in hundredths) | 3.00% | |||
Effective Date | 30-Jul-12 | |||
Maturity Date | 30-Jul-14 | |||
Notional amount | 51,548 | |||
Corporate Credit Facility - I [Member] | Unsecured Term Loan [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 0.55% | |||
Index: Variable interest rate basis | 1-Month LIBOR + 2.40% | |||
Index: Basis spread on variable rate basis (in hundredths) | 2.40% | |||
Effective Date | 5-Nov-12 | |||
Maturity Date | 5-Nov-16 | |||
Notional amount | 100,000 | |||
Estimated Fair Value | 272 | 430 | ||
Corporate Credit Facility - II [Member] | Unsecured Term Loan [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 0.60% | |||
Index: Variable interest rate basis | 1-Month LIBOR + 2.40% | |||
Index: Basis spread on variable rate basis (in hundredths) | 2.40% | |||
Effective Date | 18-Dec-12 | |||
Maturity Date | 5-Nov-16 | |||
Notional amount | 50,000 | |||
Estimated Fair Value | 85 | 137 | ||
Interest Rate Cap Hyatt Union Square, New York, NY [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 2.00% | |||
Index: Variable interest rate basis | 1-Month LIBOR + 4.19% | |||
Index: Basis spread on variable rate basis (in hundredths) | 4.19% | |||
Effective Date | 9-Apr-13 | |||
Maturity Date | 9-Apr-16 | |||
Notional amount | 55,000 | |||
Estimated Fair Value | 9 | 76 | ||
Interest Rate Swap: Duane Street Hotel, New York, NY [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 0.93% | 5.43% | ||
Index: Variable interest rate basis | 1-Month LIBOR + 4.50% | |||
Index: Basis spread on variable rate basis (in hundredths) | 4.50% | |||
Effective Date | 1-Feb-14 | |||
Maturity Date | 1-Feb-17 | |||
Notional amount | 9,352 | |||
Estimated Fair Value | -29 | |||
Interest Rate Cap: Hilton Garden Inn 52nd Street, New York, NY [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 1.10% | |||
Index: Variable interest rate basis | 1-Month LIBOR + 2.90% | |||
Index: Basis spread on variable rate basis (in hundredths) | 2.90% | |||
Effective Date | 27-May-14 | |||
Maturity Date | 1-Jun-15 | |||
Notional amount | 45,000 | |||
Interest Rate Swap: Hilton Garden Inn 52nd Street, New York, NY [Member] | ||||
Derivatives, Fair Value [Line Items] | ||||
Strike Rate | 1.15% | 4.05% | ||
Index: Variable interest rate basis | 1-Month LIBOR + 2.90% | |||
Index: Basis spread on variable rate basis (in hundredths) | 2.90% | |||
Effective Date | 1-Jun-15 | |||
Maturity Date | 21-Feb-17 | |||
Notional amount | 45,000 | |||
Estimated Fair Value | ($149) |
Share_Based_Payments_Narrative
Share Based Payments (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 23, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | $6,028,000 | $9,746,000 | $6,028,000 | $9,746,000 | $9,678,000 | |
Unearned Compensation | 0 | 1,305,000 | ||||
Restricted Shares Forfeiture (in shares) | 1,948,324 | |||||
LTIP Units Issued | 1,948,324 | |||||
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 December 31, 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 December 31, 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. | |||||
Shares Vested (in shares) | 1,063,202 | 951,214 | ||||
2011, 2012 and 2013 Annual LTIP [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 2,987,000 | 3,762,000 | 3,925,000 | |||
Multi-Year LTIP [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 598,000 | 3,481,000 | 3,192,000 | |||
Unearned Compensation | 1,621,000 | 1,157,000 | ||||
Restricted Common Shares [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 1,495,000 | 1,618,000 | 1,911,000 | |||
Restricted Share Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unearned Compensation | 322,000 | 4,102,000 | ||||
Shares Issued (in shares) | 1,225,713 | |||||
Shares Vested (in shares) | 97,411 | 32,399 | ||||
Multi-year LTIP Trustee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 71,000 | 55,000 | 43,000 | |||
Unearned Compensation | 127,000 | 124,000 | ||||
Shares Vested (in shares) | 24,805 | 11,202 | ||||
Multi-year LTIP Trustee [Member] | Annual Retainer [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 220,000 | 160,000 | 66,000 | |||
Shares Issued (in shares) | 12,860 | |||||
Percentage premium on retainer equity option (in hundredths) | 25.00% | |||||
Board Of Trustees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 457,000 | 496,000 | 402,000 | |||
Shares Issued (in shares) | 20,500 | 47,475 | ||||
Share Price on date of grant (in dollars per share) | $7.25 | $6.50 | ||||
Non-employees [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation expense | 200,000 | 174,000 | 139,000 | |||
Unearned Compensation | 81,000 | 81,000 | ||||
Shares Issued (in shares) | 60,000 | |||||
Shares Vested (in shares) | 45,000,000 | 14,999,000 | ||||
Non-employees [Member] | Issued 02-01-2013 [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unearned Compensation | $81,000 | |||||
Shares Issued (in shares) | 30,000 | |||||
Shares Vested (in shares) | 30,000 | 14,999 | ||||
Share Price on date of grant (in dollars per share) | $5.41 | |||||
Unvested Share Awards [Abstract] | ||||||
Vesting Period | 2 years | |||||
Vesting Schedule (in hundredths) | 50.00% |
Share_Based_Payments_Summary_O
Share Based Payments (Summary Of Unvested Share Awards Issued To Executives) (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | ||
Unvested Share Awards [Abstract] | |||
Shares Vested (in shares) | 1,063,202 | 951,214 | |
Unearned Compensation | $0 | $1,305,000 | |
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 | 81,000 | ||
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 | ||
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 | 1,039,000 | ||
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 | 266,000 | ||
Restricted Share Awards [Member] | |||
Unvested Share Awards [Abstract] | |||
Shares Issued (in shares) | 1,225,713 | ||
Shares Vested (in shares) | 97,411 | 32,399 | |
Unearned Compensation | 322,000 | 4,102,000 | |
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% | ||
Shares Vested (in shares) | 6,126 | ||
Unearned Compensation | 177,000 | ||
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 | 20,000 | ||
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 | 10,000 | ||
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 | 2,000 | ||
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 | 19,000 | ||
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 | 69,000 | 199,000 | |
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 | 36,000 | 110,000 | |
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) | 33.00% | ||
Unearned Compensation | 3,746,000 | ||
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 | $8,000 | $28,000 | |
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] | As noted above, the vesting schedule for each of the Annual LTIP Plans remains intact with the conversion to LTIP Units.(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 The LTIP Units Issued To Executive Officers) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Unvested Share Awards [Abstract] | |
LTIP Units Issued | 1,948,324 |
Units Vested (in units) | 493,985 |
Unearned Compensation | $3,541 |
Issued 12-23-2014 [Member] | |
Unvested Share Awards [Abstract] | |
LTIP Units Issued | 1,035,595 |
Vesting Period | 5 years |
Vesting Schedule (in hundredths) | 33.00% |
Unearned Compensation | 2,650 |
2013 Annual LTIP [Member] | Issued 12-23-2014 [Member] | |
Unvested Share Awards [Abstract] | |
LTIP Units Issued | 335,972 |
Vesting Period | 3 years |
Vesting Schedule (in hundredths) | 25.00% |
Units Vested (in units) | 111,991 |
Unearned Compensation | 582 |
2012 Annual LTIP [Member] | Issued 12-23-2014 [Member] | |
Unvested Share Awards [Abstract] | |
LTIP Units Issued | 389,524 |
Vesting Period | 3 years |
Vesting Schedule (in hundredths) | 25.00% |
Units Vested (in units) | 194,761 |
Unearned Compensation | $309 |
2011 Annual LTIP [Member] | Issued 12-23-2014 [Member] | |
Unvested Share Awards [Abstract] | |
LTIP Units Issued | 187,233 |
Vesting Period | 3 years |
Vesting Schedule (in hundredths) | 25.00% |
Units Vested (in units) | 187,233 |
Share_Based_Payments_Summary_O2
Share Based Payments (Summary Of Unvested Share Awards Issued To Trustees) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Unvested Share Awards [Abstract] | ||
Shares Vested (in shares) | 1,063,202 | 951,214 |
Unearned Compensation | $0 | $1,305,000 |
Multi-year LTIP Trustee [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Vested (in shares) | 24,805 | 11,202 |
Unearned Compensation | 127,000 | 124,000 |
Multi-year LTIP Trustee [Member] | Issued 12-30-2014 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 10,000 | |
Vesting Period | 3 years | |
Vesting Schedule (in hundredths) | 33.00% | |
Unearned Compensation | 73,000 | |
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% | |
Shares Vested (in shares) | 5,335 | |
Unearned Compensation | 38,000 | 67,000 |
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) | 8,670 | 4,002 |
Unearned Compensation | 16,000 | 39,000 |
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) | 10,800 | 7,200 |
Unearned Compensation | $18,000 | |
Annual Retainer [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 51,993 | |
Shares Vested (in shares) | 93,000 | 220,000 |
Annual Retainer [Member] | Issued 12-30-2014 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 12,860 | |
Share Price on date of grant (in dollars per share) | $7.25 | |
Vesting Period | 1 year | |
Vesting Schedule (in hundredths) | 100.00% | |
Shares Vested (in shares) | 93,000 | |
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% | |
Shares Vested (in shares) | 220,000 |
Share_Based_Payments_Summary_O3
Share Based Payments (Summary Of Unvested Share Awards Issued To Nonemployees) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Unvested Share Awards [Abstract] | ||
Shares Vested (in shares) | 1,063,202 | 951,214 |
Unearned Compensation | $0 | $1,305,000 |
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 | 81,000 | |
Non-employees [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 60,000 | |
Shares Vested (in shares) | 45,000,000 | 14,999,000 |
Unearned Compensation | 81,000 | 81,000 |
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 | $81,000 |
Earnings_Per_Share_Reconciliat
Earnings Per Share (Reconciliation Of Earnings Per Share) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
BASIC AND DILUTED [Abstract] | ||||||||||||||
Income from Continuing Operations | $6,840 | $7,030 | $58,656 | ($5,275) | ($124) | $3,456 | $19,513 | ($7,692) | $69,936 | $20,753 | $7,498 | |||
(Income) Loss from Continuing Operations allocated to Noncontrolling Interests | -1,069 | 658 | 703 | |||||||||||
Distributions to Preferred Shareholders | -3,589 | -3,589 | -3,589 | -3,589 | -3,589 | -3,589 | -3,589 | -3,844 | -14,356 | -14,611 | -14,000 | |||
Dividends Paid on Unvested Restricted Shares and LTIP Units | -515 | -804 | -459 | |||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Stock | -2,250 | -2,250 | ||||||||||||
Income (Loss) from Continuing Operations attributable to Common Shareholders | 53,996 | 3,746 | -6,258 | |||||||||||
Discontinued Operations [Abstract] | ||||||||||||||
(Loss) Income from Discontinued Operations | -108 | -142 | -69 | -1,346 | 34,046 | -3,532 | -206 | -1,113 | -1,665 | 29,195 | 14,720 | |||
Loss (Income) from Discontinued Operations allocated to Noncontrolling Interests | 53 | -993 | -545 | |||||||||||
(Loss) Income from Discontinued Operations attributable to Common Shareholders | -1,612 | 28,202 | 14,175 | |||||||||||
Net Income attributable to Common Shareholders | $52,384 | $31,948 | $7,917 | |||||||||||
Denominator [Abstract] | ||||||||||||||
Weighted average number of common shares - basic (in shares) | 198,629,945 | 198,597,517 | 198,494,473 | 200,743,751 | 198,944,277 | 198,878,496 | 198,633,051 | 197,029,017 | 199,109,209 | 198,390,450 | 187,415,270 | |||
Effect of dilutive securities [Abstract] | ||||||||||||||
Restricted Stock Awards (in shares) | 1,358,603 | 2,384,165 | ||||||||||||
Contingently Issued Shares (in shares) | 729,498 | 1,143,562 | ||||||||||||
Weighted average number of common shares - diluted (in shares) | 200,779,472 | 200,621,986 | 200,213,554 | 200,743,751 | 198,944,277 | 201,644,633 | 201,201,337 | 197,029,017 | 201,197,310 | [1] | 201,918,177 | [1] | 187,415,270 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the bOperating Partnershipb or bHHLPb) has been excluded from the numerator and common units of limited partnership interest (bCommon Unitsb) in the Operating Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these shares and units 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) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially Dilutive Securities Excluded from the Denominator | 6,942,360 | 6,968,035 | 10,695,345 |
Common Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially Dilutive Securities Excluded from the Denominator | 6,909,649 | 6,968,035 | 7,208,123 |
LTIP Units [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially Dilutive Securities Excluded from the Denominator | 32,711 | ||
Unvested Stock Awards Outstanding [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially Dilutive Securities Excluded from the Denominator | 433,097 | ||
Contingently Issuable Share Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially Dilutive Securities Excluded from the Denominator | 2,778,545 | ||
Options To Acquire Common Shares Outstanding [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potentially Dilutive Securities Excluded from the Denominator | 275,580 |
Cash_Flow_Disclosures_And_Non_2
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | |||
Interest paid | $40,760 | $42,984 | $41,744 |
Cash_Flow_Disclosures_And_Non_3
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Non-cash Investing And Financing Activities) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Non-cash Investing and Financing Activities [Abstract] | |||
Common Shares issued as part of the Dividend Reinvestment Plan | $50 | $38 | $24 |
Debt assumed | 24,924 | 85,913 | |
Development loan accrued interest revenue receivable paid in-kind by adding balance to development loan principal | 678 | ||
Settlement of development loan receivable principal and accrued interest revenue receivable | 22,494 | 13,303 | |
Disposition of hotel properties [Abstract] | |||
Investment in hotel properties, net, conveyed to mortgage lender | 1,938 | ||
Debt conveyed to mortgage lender | 2,940 | ||
Debt assumed by purchaser | 45,710 | 54,217 | |
Conversion of Common Units to Common Shares | 72 | 106 | 572 |
Reallocation of noncontrolling interest | -966 | ||
Accrued payables for fixed assets placed into service | $1,312 | $2,572 |
Hotel_Dispositions_Real_Estate
Hotel Dispositions (Real Estate Assets Sold) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 8-May-12 | Feb. 23, 2012 |
property | property | ||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Gain on Disposition | ($128) | $32,121 | $11,231 | ||||||||||
Gain on Disposition | 7,195 | ||||||||||||
Net (Loss) Income | 8,611 | 7,587 | 58,586 | -6,513 | 37,240 | 2,299 | 18,085 | -7,676 | 68,271 | 49,948 | 22,218 | ||
Hotel 373-5th Ave, New York, NY [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Acquisition Date | 1-Jun-07 | ||||||||||||
Disposition Date | 1-Apr-14 | ||||||||||||
Consideration | 37,000 | ||||||||||||
Gain on Disposition | 7,195 | ||||||||||||
Net (Loss) Income | -137 | 858 | 546 | ||||||||||
Non-Core Portfolio II [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Disposition Date | 1-Dec-13 | ||||||||||||
Consideration | 158,600 | ||||||||||||
Gain on Disposition | 31,559 | ||||||||||||
Number of Real Estate Properties | 16 | 16 | |||||||||||
Disposal Group, aggregate purchase price | 217,000 | 217,000 | |||||||||||
Number of hotel properties sold | 4 | 12 | 4 | 12 | |||||||||
Net proceeds from sale of non-core hotel properties | 58,400 | 158,600 | |||||||||||
Reduction in mortgage debt resulting from sale of hotel properties sold | 45,710 | 33,044 | |||||||||||
Gain on sale of hotel properties | 31,559 | ||||||||||||
Impairment loss related to purchase and sales agreements | 1,800 | 6,591 | |||||||||||
Holiday Inn Express Camp Springs, MD [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Acquisition Date | 1-Jun-08 | ||||||||||||
Disposition Date | 1-Sep-13 | ||||||||||||
Consideration | 8,500 | ||||||||||||
Gain on Disposition | 120 | ||||||||||||
Impairment loss related to purchase and sales agreements | 3,723 | ||||||||||||
Comfort Inn Harrisburg, PA [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Acquisition Date | 1-Jan-99 | ||||||||||||
Disposition Date | 1-Jun-13 | ||||||||||||
Consideration | 3,700 | ||||||||||||
Gain on Disposition | 442 | ||||||||||||
Non-core Hotel Properties [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Consideration | 155,000 | ||||||||||||
Gain on Disposition | 4,978 | ||||||||||||
Number of Real Estate Properties | 18 | 4 | |||||||||||
Number of hotel properties sold | 14 | ||||||||||||
Number of hotel properties held for sale | 4 | ||||||||||||
Net proceeds from sale of non-core hotel properties | 155,000 | ||||||||||||
Reduction in mortgage debt resulting from sale of hotel properties sold | 61,298 | ||||||||||||
Gain on sale of hotel properties | 4,978 | ||||||||||||
Non-core Hotel Properties of Unconsolidated Joint Venture [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Number of hotel properties sold | 3 | ||||||||||||
Number of hotel properties held for sale | 1 | ||||||||||||
Land Parcel, Eighth Ave, Manhattan, NY [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Acquisition Date | 1-Jun-06 | ||||||||||||
Disposition Date | 1-Apr-12 | ||||||||||||
Consideration | 19,250 | ||||||||||||
Gain on Disposition | 5,037 | ||||||||||||
Comfort Inn, North Dartmouth, MA [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Acquisition Date | 1-May-06 | ||||||||||||
Disposition Date | 1-Mar-12 | ||||||||||||
Gain on Disposition | 1,216 | ||||||||||||
Gain from transfer of title | $1,216 | ||||||||||||
Minimum [Member] | Non-Core Portfolio II [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Acquisition Date | 1-Jan-99 | ||||||||||||
Minimum [Member] | Non-core Hotel Properties [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Acquisition Date | 1-Jan-99 | ||||||||||||
Disposition Date | 1-Feb-12 | ||||||||||||
Maximum [Member] | Non-Core Portfolio II [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Acquisition Date | 1-Jul-10 | ||||||||||||
Maximum [Member] | Non-core Hotel Properties [Member] | |||||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||||
Acquisition Date | 1-Jul-07 | ||||||||||||
Disposition Date | 1-May-12 |
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 $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue | |||
Hotel Operating Revenues | $1,940 | $58,045 | $63,465 |
Other Revenues | 11 | ||
Total Revenues | 1,940 | 58,045 | 63,476 |
Expenses | |||
Hotel Operating Expenses | 1,151 | 35,158 | 39,046 |
Gain on Insurance Settlements | -74 | ||
Hotel Ground Rent | 72 | ||
Real Estate and Personal Property Taxes and Property Insurance | 91 | 3,316 | 3,636 |
General and Administrative | 4 | 36 | 27 |
Acquisition and Termination Transaction Costs | 8 | ||
Depreciation and Amortization | 1 | 7,050 | 9,148 |
Interest Expense | 354 | 4,863 | 7,872 |
Other Expense | 44 | 10 | |
Loss on Debt Extinguishment | 168 | ||
Income Tax Expense | 2 | 190 | |
Total Expenses | 1,677 | 50,657 | 59,987 |
Income from Discontinued Operations | $263 | $7,388 | $3,489 |
Shareholders_Equity_And_Noncon1
Shareholders' Equity And Noncontrolling Interests In Partnership (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Stockholders' Equity Note [Abstract] | |||
Total number of Common Units outstanding (in shares) | 6,849,412 | 6,914,716 | 7,112,506 |
Common units converted to Class A Common Shares (in shares) | 18,900 | 27,790 | 157,810 |
Common Units redeemed | 46,404 | ||
Common Units redeemed (in dollars) | $338 | ||
LTIP Unit Issuance (in shares) | 1,948,324 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Segment Reporting Information [Line Items] | |||||||||||
Minimum distribution requirement of its real estate investment trust taxable income to its shareholders (in hundredths) | 90.00% | ||||||||||
Net operating losses (income) | $67,909 | $44,690 | $46,258 | ||||||||
Total income tax expense | -1,879 | -699 | 1 | -108 | -3,318 | -2,375 | 1,222 | -1,129 | -2,685 | -5,600 | -3,355 |
Valuation allowance | 804 | 804 | 804 | 804 | |||||||
Tax Credits | 481 | ||||||||||
Federal [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net operating loss carryforwards | 28,732 | 28,732 | |||||||||
State [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net operating loss carryforwards | $30,868 | $30,868 |
Income_Taxes_Effective_Income_
Income Taxes (Effective Income Tax Reconciliation) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Statutory federal income tax provision | $22,865 | $5,152 | $1,409 | ||||||||
Adjustment for nontaxable loss | -25,274 | -7,472 | -623 | ||||||||
State income taxes, net of federal income tax effect | -367 | -1,317 | 151 | ||||||||
Recognition of deferred tax assets | 91 | -1,963 | |||||||||
Changes in valuation allowance | -4,292 | ||||||||||
Total income tax benefit | ($1,879) | ($699) | $1 | ($108) | ($3,318) | ($2,375) | $1,222 | ($1,129) | ($2,685) | ($5,600) | ($3,355) |
Income_Taxes_Components_Of_The
Income Taxes (Components Of The Company's Income Tax Expense (Benefit)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
Income tax expense (benefit): State: Current | $229 | ||||||||||
Income tax expense (benefit): Federal: Deferred | -2,130 | -3,604 | -3,584 | ||||||||
Income tax expense (benefit): State: Deferred | -555 | -1,996 | |||||||||
Total income tax benefit | -1,879 | -699 | 1 | -108 | -3,318 | -2,375 | 1,222 | -1,129 | -2,685 | -5,600 | -3,355 |
Income tax expense (benefit): From continuing operations | -2,685 | -5,600 | -3,355 | ||||||||
Income tax expense (benefit): From discontinued operations | 2 | 190 | |||||||||
Total income tax expense (benefit) | ($2,683) | ($5,410) | ($3,355) |
Income_Taxes_Components_Of_Con
Income Taxes (Components Of Consolidated TRS's Deferred Tax Assets) (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforward | $11,387 | $8,605 |
Accrued expenses and other | 616 | 685 |
Tax credit carryforwards | 481 | 280 |
Total gross deferred tax assets | 12,484 | 9,570 |
Valuation allowance | -804 | -804 |
Total net deferred tax assets | 11,680 | 8,766 |
Depreciation and amortization | 232 | |
Total Net deferred tax assets (liabilities) | 11,448 | 8,766 |
Deferred Tax Assets, Net | $11,448 | $8,766 |
Income_Taxes_Taxability_Of_Com
Income Taxes (Taxability Of Common And Preferred Share Distributions) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Series A Preferred Shares [Member] | |||
Ordinary income (in hundredths) | 100.00% | 100.00% | |
Return of Capital (in hundredths) | 0.00% | 0.00% | |
Capital Gain Distribution (in hundredths) | 0.00% | 0.00% | |
Series B Preferred Shares [Member] | |||
Ordinary income (in hundredths) | 100.00% | 100.00% | 100.00% |
Return of Capital (in hundredths) | 0.00% | 0.00% | 0.00% |
Capital Gain Distribution (in hundredths) | 0.00% | 0.00% | 0.00% |
Series C Preferred Shares [Member] | |||
Ordinary income (in hundredths) | 100.00% | 100.00% | |
Return of Capital (in hundredths) | 0.00% | 0.00% | |
Capital Gain Distribution (in hundredths) | 0.00% | 0.00% | |
Class A Common Shares [Member] | |||
Ordinary income (in hundredths) | 76.34% | 45.15% | 1.28% |
Return of Capital (in hundredths) | 23.66% | 54.85% | 98.72% |
Capital Gain Distribution (in hundredths) | 0.00% | 0.00% | 0.00% |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Narrative) (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Selected Quarterly Financial Information [Abstract] | ||
Gain on Disposition of Hotel Properties | $1,161 | $25,131 |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data (Unaudited) (Selected Quarterly Financial Data (Unaudited)) (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Selected Quarterly Financial Information [Abstract] | ||||||||||||||
Total Revenues | $112,985 | $113,048 | $111,830 | $80,348 | $92,510 | $90,741 | $91,068 | $65,878 | $417,406 | $338,413 | $301,215 | |||
Total Expenses | 106,232 | 106,625 | 53,593 | 85,203 | 90,820 | 87,512 | 71,703 | 73,174 | 349,497 | 293,723 | 254,957 | |||
(Loss) Income from Unconsolidated Joint Ventures | 87 | 607 | 419 | -420 | -1,814 | 227 | 148 | -396 | 693 | -1,835 | -2,124 | |||
(Loss) Income from Continuing Operations | 6,840 | 7,030 | 58,656 | -5,275 | -124 | 3,456 | 19,513 | -7,692 | 69,936 | 20,753 | 7,498 | |||
Income Tax Benefit | 1,879 | 699 | -1 | 108 | 3,318 | 2,375 | -1,222 | 1,129 | 2,685 | 5,600 | 3,355 | |||
Income (Loss) from Discontinued Operations (including Gain on Disposition of Discontinued Assets)* | -108 | -142 | -69 | -1,346 | 34,046 | -3,532 | -206 | -1,113 | -1,665 | 29,195 | 14,720 | |||
Net (Loss) Income | 8,611 | 7,587 | 58,586 | -6,513 | 37,240 | 2,299 | 18,085 | -7,676 | 68,271 | 49,948 | 22,218 | |||
(Loss) Income Allocated to Noncontrolling Interests in Continuing Operations | -83 | -49 | 1,655 | -507 | 962 | -164 | 210 | -673 | 1,016 | 335 | -158 | |||
Extinguishment of Issuance Costs Upon Redemption of Series A Preferred Shares | 2,250 | 2,250 | ||||||||||||
Preferred Distributions | 3,589 | 3,589 | 3,589 | 3,589 | 3,589 | 3,589 | 3,589 | 3,844 | 14,356 | 14,611 | 14,000 | |||
Net (Loss) Income applicable to Common Shareholders | $5,105 | $4,047 | $53,342 | ($9,595) | $32,689 | ($1,126) | $14,286 | ($13,097) | $52,899 | $32,752 | $8,376 | |||
Basic and diluted earnings per share [Abstract] | ||||||||||||||
(Loss) Income from continuing operations applicable to common shareholders ( in dollars per share) | $0.03 | $0.02 | $0.27 | ($0.04) | $0 | $0.01 | $0.08 | ($0.07) | ||||||
Discontinued Operations (in dollars per share) | $0 | $0 | $0 | ($0.01) | $0.16 | ($0.02) | ($0.01) | $0 | ||||||
Net (Loss) Income applicable to Common Shareholders (in dollars per share) | $0.03 | $0.02 | $0.27 | ($0.05) | $0.16 | ($0.01) | $0.07 | ($0.07) | ||||||
Weighted Average Common Shares Outstanding [Abstract] | ||||||||||||||
Basic (in shares) | 198,629,945 | 198,597,517 | 198,494,473 | 200,743,751 | 198,944,277 | 198,878,496 | 198,633,051 | 197,029,017 | 199,109,209 | 198,390,450 | 187,415,270 | |||
Diluted (in shares) | 200,779,472 | 200,621,986 | 200,213,554 | 200,743,751 | 198,944,277 | 201,644,633 | 201,201,337 | 197,029,017 | 201,197,310 | [1] | 201,918,177 | [1] | 187,415,270 | [1] |
[1] | Income (loss) allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the bOperating Partnershipb or bHHLPb) has been excluded from the numerator and common units of limited partnership interest (bCommon Unitsb) in the Operating Partnership have been omitted from the denominator for the purpose of computing diluted earnings per share since the effect of including these shares and units 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. |
Schedule_III_Real_Estate_And_A1
Schedule III - Real Estate And Accumulated Depreciation (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Aggregate cost of land, buildings and improvements | 1,836,861 | $1,575,555 | $1,278,318 |
Minimum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life of buildings and improvements | 7 years | ||
Maximum [Member] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Useful life of buildings and improvements | 40 years |
Schedule_III_Real_Estate_And_A2
Schedule III - Real Estate And Accumulated Depreciation (Real Estate And Accumulated Depreciation) (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | ($563,079) | ||||
Initial Costs [Abstract] | |||||
Land | 439,540 | ||||
Buildings & Improvements | 1,312,189 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 112,653 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 439,540 | ||||
Buildings & Improvements | 1,424,842 | ||||
Total Real Estate | 1,864,382 | 1,629,312 | 1,520,151 | 1,481,433 | |
Accumulated Depreciation Buildings & Improvements | -189,889 | -162,189 | -150,353 | -139,057 | |
Net Book Value Land, Buildings & Improvements | 1,674,493 | ||||
Residence Inn, Framingham, MA [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 1,325 | ||||
Buildings & Improvements | 12,737 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 4,844 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 1,325 | ||||
Buildings & Improvements | 17,581 | ||||
Total Real Estate | 18,906 | ||||
Accumulated Depreciation Buildings & Improvements | -4,860 | [1] | |||
Net Book Value Land, Buildings & Improvements | 14,046 | ||||
Date of Acquisition | 26-Mar-04 | ||||
Hampton Inn, New York, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -23,026 | ||||
Initial Costs [Abstract] | |||||
Land | 5,472 | ||||
Buildings & Improvements | 23,280 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,458 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 5,472 | ||||
Buildings & Improvements | 24,738 | ||||
Total Real Estate | 30,210 | ||||
Accumulated Depreciation Buildings & Improvements | -6,703 | [1] | |||
Net Book Value Land, Buildings & Improvements | 23,507 | ||||
Date of Acquisition | 1-Apr-05 | ||||
Residence Inn, Greenbelt, MD [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 2,615 | ||||
Buildings & Improvements | 14,815 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 2,250 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 2,615 | ||||
Buildings & Improvements | 17,065 | ||||
Total Real Estate | 19,680 | ||||
Accumulated Depreciation Buildings & Improvements | -5,021 | [1] | |||
Net Book Value Land, Buildings & Improvements | 14,659 | ||||
Date of Acquisition | 16-Jul-04 | ||||
Courtyard, Brookline, MA [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -36,453 | ||||
Initial Costs [Abstract] | |||||
Buildings & Improvements | 47,414 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,554 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Buildings & Improvements | 48,968 | ||||
Total Real Estate | 48,968 | ||||
Accumulated Depreciation Buildings & Improvements | -12,438 | [1] | |||
Net Book Value Land, Buildings & Improvements | 36,530 | ||||
Date of Acquisition | 16-Jun-05 | ||||
Residence Inn, Tyson's Corner, VA [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 4,283 | ||||
Buildings & Improvements | 14,475 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,920 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 4,283 | ||||
Buildings & Improvements | 16,395 | ||||
Total Real Estate | 20,678 | ||||
Accumulated Depreciation Buildings & Improvements | -4,113 | [1] | |||
Net Book Value Land, Buildings & Improvements | 16,565 | ||||
Date of Acquisition | 2-Feb-06 | ||||
Hilton Garden Inn, JFK Airport, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -19,707 | ||||
Initial Costs [Abstract] | |||||
Buildings & Improvements | 25,018 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 2,618 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Buildings & Improvements | 27,636 | ||||
Total Real Estate | 27,636 | ||||
Accumulated Depreciation Buildings & Improvements | -6,770 | [1] | |||
Net Book Value Land, Buildings & Improvements | 20,866 | ||||
Date of Acquisition | 16-Feb-06 | ||||
Hawthorne Suites, Franklin, MA [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -7,520 | ||||
Initial Costs [Abstract] | |||||
Land | 1,872 | ||||
Buildings & Improvements | 8,968 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 505 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 1,872 | ||||
Buildings & Improvements | 9,473 | ||||
Total Real Estate | 11,345 | ||||
Accumulated Depreciation Buildings & Improvements | -2,211 | [1] | |||
Net Book Value Land, Buildings & Improvements | 9,134 | ||||
Date of Acquisition | 25-Apr-06 | ||||
Holiday Inn Exp, Cambridge, MA [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 1,956 | ||||
Buildings & Improvements | 9,793 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 2,352 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 1,956 | ||||
Buildings & Improvements | 12,145 | ||||
Total Real Estate | 14,101 | ||||
Accumulated Depreciation Buildings & Improvements | -3,469 | [1] | |||
Net Book Value Land, Buildings & Improvements | 10,632 | ||||
Date of Acquisition | 3-May-06 | ||||
Residence Inn, Norwood, MA [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 1,970 | ||||
Buildings & Improvements | 11,761 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,482 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 1,970 | ||||
Buildings & Improvements | 13,243 | ||||
Total Real Estate | 15,213 | ||||
Accumulated Depreciation Buildings & Improvements | -2,904 | [1] | |||
Net Book Value Land, Buildings & Improvements | 12,309 | ||||
Date of Acquisition | 27-Jul-06 | ||||
Hampton Inn, Chelsea, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -33,696 | ||||
Initial Costs [Abstract] | |||||
Land | 8,905 | ||||
Buildings & Improvements | 33,500 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,944 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 8,905 | ||||
Buildings & Improvements | 35,444 | ||||
Total Real Estate | 44,349 | ||||
Accumulated Depreciation Buildings & Improvements | -8,215 | [1] | |||
Net Book Value Land, Buildings & Improvements | 36,134 | ||||
Date of Acquisition | 29-Sep-06 | ||||
Hyatt House, Gaithersburg, MD [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -13,720 | ||||
Initial Costs [Abstract] | |||||
Land | 2,912 | ||||
Buildings & Improvements | 16,001 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 3,812 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 2,912 | ||||
Buildings & Improvements | 19,813 | ||||
Total Real Estate | 22,725 | ||||
Accumulated Depreciation Buildings & Improvements | -4,616 | [1] | |||
Net Book Value Land, Buildings & Improvements | 18,109 | ||||
Date of Acquisition | 28-Dec-06 | ||||
Hyatt House, Pleasant Hills, CA [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -20,160 | ||||
Initial Costs [Abstract] | |||||
Land | 6,216 | ||||
Buildings & Improvements | 17,229 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 2,996 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 6,216 | ||||
Buildings & Improvements | 20,225 | ||||
Total Real Estate | 26,441 | ||||
Accumulated Depreciation Buildings & Improvements | -4,200 | [1] | |||
Net Book Value Land, Buildings & Improvements | 22,241 | ||||
Date of Acquisition | 28-Dec-06 | ||||
Hyatt House, Pleasanton, CA [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -14,490 | ||||
Initial Costs [Abstract] | |||||
Land | 3,941 | ||||
Buildings & Improvements | 12,560 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 3,497 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 3,941 | ||||
Buildings & Improvements | 16,057 | ||||
Total Real Estate | 19,998 | ||||
Accumulated Depreciation Buildings & Improvements | -3,815 | [1] | |||
Net Book Value Land, Buildings & Improvements | 16,183 | ||||
Date of Acquisition | 28-Dec-06 | ||||
Hyatt House, Scottsdale, AZ [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -16,778 | ||||
Initial Costs [Abstract] | |||||
Land | 3,060 | ||||
Buildings & Improvements | 19,968 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 3,408 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 3,060 | ||||
Buildings & Improvements | 23,376 | ||||
Total Real Estate | 26,436 | ||||
Accumulated Depreciation Buildings & Improvements | -5,575 | [1] | |||
Net Book Value Land, Buildings & Improvements | 20,861 | ||||
Date of Acquisition | 28-Dec-06 | ||||
Hyatt House, White Plains, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -33,030 | ||||
Initial Costs [Abstract] | |||||
Land | 8,823 | ||||
Buildings & Improvements | 30,273 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 2,700 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 8,823 | ||||
Buildings & Improvements | 32,973 | ||||
Total Real Estate | 41,796 | ||||
Accumulated Depreciation Buildings & Improvements | -7,501 | [1] | |||
Net Book Value Land, Buildings & Improvements | 34,295 | ||||
Date of Acquisition | 28-Dec-06 | ||||
Holiday Inn Exp & Suites, Chester, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -6,264 | ||||
Initial Costs [Abstract] | |||||
Land | 1,500 | ||||
Buildings & Improvements | 6,671 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 242 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 1,500 | ||||
Buildings & Improvements | 6,913 | ||||
Total Real Estate | 8,413 | ||||
Accumulated Depreciation Buildings & Improvements | -1,404 | [1] | |||
Net Book Value Land, Buildings & Improvements | 7,009 | ||||
Date of Acquisition | 25-Jan-07 | ||||
Hampton Inn, Seaport, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -17,764 | ||||
Initial Costs [Abstract] | |||||
Land | 7,816 | ||||
Buildings & Improvements | 19,040 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 811 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 7,816 | ||||
Buildings & Improvements | 19,851 | ||||
Total Real Estate | 27,667 | ||||
Accumulated Depreciation Buildings & Improvements | -4,049 | [1] | |||
Net Book Value Land, Buildings & Improvements | 23,618 | ||||
Date of Acquisition | 1-Feb-07 | ||||
Sheraton Hotel, JFK Airport, NY [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Buildings & Improvements | 27,315 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,430 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Buildings & Improvements | 28,745 | ||||
Total Real Estate | 28,745 | ||||
Accumulated Depreciation Buildings & Improvements | -4,877 | [1] | |||
Net Book Value Land, Buildings & Improvements | 23,868 | ||||
Date of Acquisition | 13-Jun-08 | ||||
Hampton Inn, Philadelphia, PA [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 3,490 | ||||
Buildings & Improvements | 24,382 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 5,914 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 3,490 | ||||
Buildings & Improvements | 30,296 | ||||
Total Real Estate | 33,786 | ||||
Accumulated Depreciation Buildings & Improvements | -10,619 | [1] | |||
Net Book Value Land, Buildings & Improvements | 23,167 | ||||
Date of Acquisition | 15-Feb-06 | ||||
Duane Street, Tribeca, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -9,352 | ||||
Initial Costs [Abstract] | |||||
Land | 8,213 | ||||
Buildings & Improvements | 12,869 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,276 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 8,213 | ||||
Buildings & Improvements | 14,145 | ||||
Total Real Estate | 22,358 | ||||
Accumulated Depreciation Buildings & Improvements | -2,883 | [1] | |||
Net Book Value Land, Buildings & Improvements | 19,475 | ||||
Date of Acquisition | 4-Jan-08 | ||||
NU Hotel, Brooklyn, NY [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Buildings & Improvements | 22,042 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,515 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Buildings & Improvements | 23,557 | ||||
Total Real Estate | 23,557 | ||||
Accumulated Depreciation Buildings & Improvements | -3,947 | [1] | |||
Net Book Value Land, Buildings & Improvements | 19,610 | ||||
Date of Acquisition | 14-Jan-08 | ||||
Hilton Garden Inn, Tribeca, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -46,500 | ||||
Initial Costs [Abstract] | |||||
Land | 21,077 | ||||
Buildings & Improvements | 42,955 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 583 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 21,077 | ||||
Buildings & Improvements | 43,538 | ||||
Total Real Estate | 64,615 | ||||
Accumulated Depreciation Buildings & Improvements | -6,222 | [1] | |||
Net Book Value Land, Buildings & Improvements | 58,393 | ||||
Date of Acquisition | 1-May-09 | ||||
Hampton Inn, Times Square, NY [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 10,691 | ||||
Buildings & Improvements | 41,637 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 316 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 10,691 | ||||
Buildings & Improvements | 41,953 | ||||
Total Real Estate | 52,644 | ||||
Accumulated Depreciation Buildings & Improvements | -5,163 | [1] | |||
Net Book Value Land, Buildings & Improvements | 47,481 | ||||
Date of Acquisition | 9-Feb-10 | ||||
Holiday Inn Express, Times Square, NY [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 11,075 | ||||
Buildings & Improvements | 43,113 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 54 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 11,075 | ||||
Buildings & Improvements | 43,167 | ||||
Total Real Estate | 54,242 | ||||
Accumulated Depreciation Buildings & Improvements | -5,288 | [1] | |||
Net Book Value Land, Buildings & Improvements | 48,954 | ||||
Date of Acquisition | 9-Feb-10 | ||||
Candlewood Suites, Times Square, NY [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 10,281 | ||||
Buildings & Improvements | 36,687 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 44 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 10,281 | ||||
Buildings & Improvements | 36,731 | ||||
Total Real Estate | 47,012 | ||||
Accumulated Depreciation Buildings & Improvements | -4,491 | [1] | |||
Net Book Value Land, Buildings & Improvements | 42,521 | ||||
Date of Acquisition | 9-Feb-10 | ||||
Hyatt Place, KOP, PA [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 1,133 | ||||
Buildings & Improvements | 7,267 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 4,012 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 1,133 | ||||
Buildings & Improvements | 11,279 | ||||
Total Real Estate | 12,412 | ||||
Accumulated Depreciation Buildings & Improvements | -4,436 | [1] | |||
Net Book Value Land, Buildings & Improvements | 7,976 | ||||
Date of Acquisition | 17-Aug-10 | ||||
Holiday Inn Express, Wall Street, NY [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 12,152 | ||||
Buildings & Improvements | 21,100 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 323 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 12,152 | ||||
Buildings & Improvements | 21,423 | ||||
Total Real Estate | 33,575 | ||||
Accumulated Depreciation Buildings & Improvements | -2,526 | [1] | |||
Net Book Value Land, Buildings & Improvements | 31,049 | ||||
Date of Acquisition | 9-May-10 | ||||
Hampton Inn, Washington, DC [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 9,335 | ||||
Buildings & Improvements | 58,048 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,191 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 9,335 | ||||
Buildings & Improvements | 59,239 | ||||
Total Real Estate | 68,574 | ||||
Accumulated Depreciation Buildings & Improvements | -6,651 | [1] | |||
Net Book Value Land, Buildings & Improvements | 61,923 | ||||
Date of Acquisition | 1-Sep-10 | ||||
Courtyard Inn, Alexandria, VA [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -23,403 | ||||
Initial Costs [Abstract] | |||||
Land | 6,376 | ||||
Buildings & Improvements | 26,089 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 2,555 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 6,376 | ||||
Buildings & Improvements | 28,644 | ||||
Total Real Estate | 35,020 | ||||
Accumulated Depreciation Buildings & Improvements | -6,701 | [1] | |||
Net Book Value Land, Buildings & Improvements | 28,319 | ||||
Date of Acquisition | 29-Sep-06 | ||||
Sheraton, Wilmington South, DE [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 1,765 | ||||
Buildings & Improvements | 16,929 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,187 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 1,765 | ||||
Buildings & Improvements | 18,116 | ||||
Total Real Estate | 19,881 | ||||
Accumulated Depreciation Buildings & Improvements | -2,902 | [1] | |||
Net Book Value Land, Buildings & Improvements | 16,979 | ||||
Date of Acquisition | 21-Dec-10 | ||||
Holiday Inn, Water Street, NY [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 7,341 | ||||
Buildings & Improvements | 28,591 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 326 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 7,341 | ||||
Buildings & Improvements | 28,917 | ||||
Total Real Estate | 36,258 | ||||
Accumulated Depreciation Buildings & Improvements | -2,415 | [1] | |||
Net Book Value Land, Buildings & Improvements | 33,843 | ||||
Date of Acquisition | 25-Mar-11 | ||||
Capitol Hill Suites, Washington, DC [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -26,639 | ||||
Initial Costs [Abstract] | |||||
Land | 8,095 | ||||
Buildings & Improvements | 35,141 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 3,874 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 8,095 | ||||
Buildings & Improvements | 39,015 | ||||
Total Real Estate | 47,110 | ||||
Accumulated Depreciation Buildings & Improvements | -4,318 | ||||
Net Book Value Land, Buildings & Improvements | 42,792 | ||||
Date of Acquisition | 15-Apr-11 | ||||
Courtyard, LA Westside, CA [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -30,000 | ||||
Initial Costs [Abstract] | |||||
Land | 13,489 | ||||
Buildings & Improvements | 27,025 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 4,531 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 13,489 | ||||
Buildings & Improvements | 31,556 | ||||
Total Real Estate | 45,045 | ||||
Accumulated Depreciation Buildings & Improvements | -3,142 | ||||
Net Book Value Land, Buildings & Improvements | 41,903 | ||||
Date of Acquisition | 19-May-11 | ||||
Hampton Inn, Pearl Street, New York, NY [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 11,384 | ||||
Buildings & Improvements | 23,432 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 480 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 11,384 | ||||
Buildings & Improvements | 23,912 | ||||
Total Real Estate | 35,296 | ||||
Accumulated Depreciation Buildings & Improvements | -295 | ||||
Net Book Value Land, Buildings & Improvements | 35,001 | ||||
Date of Acquisition | 22-Jul-11 | ||||
Courtyard, Miami, FL [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -60,000 | ||||
Initial Costs [Abstract] | |||||
Land | 35,699 | ||||
Buildings & Improvements | 55,805 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 22,163 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 35,699 | ||||
Buildings & Improvements | 77,968 | ||||
Total Real Estate | 113,667 | ||||
Accumulated Depreciation Buildings & Improvements | -5,080 | ||||
Net Book Value Land, Buildings & Improvements | 108,587 | ||||
Date of Acquisition | 16-Nov-11 | ||||
The Rittenhouse Hotel, Philadelphia, PA [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 7,108 | ||||
Buildings & Improvements | 29,556 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 13,661 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 7,108 | ||||
Buildings & Improvements | 43,217 | ||||
Total Real Estate | 50,325 | ||||
Accumulated Depreciation Buildings & Improvements | -4,819 | ||||
Net Book Value Land, Buildings & Improvements | 45,506 | ||||
Date of Acquisition | 1-Mar-12 | ||||
Bulfinch, Boston, MA [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 1,456 | ||||
Buildings & Improvements | 14,954 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 1,448 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 1,456 | ||||
Buildings & Improvements | 16,402 | ||||
Total Real Estate | 17,858 | ||||
Accumulated Depreciation Buildings & Improvements | -1,338 | ||||
Net Book Value Land, Buildings & Improvements | 16,520 | ||||
Date of Acquisition | 7-May-12 | ||||
Holiday Inn Express, Manhattan, NY [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 30,329 | ||||
Buildings & Improvements | 57,016 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 731 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 30,329 | ||||
Buildings & Improvements | 57,747 | ||||
Total Real Estate | 88,076 | ||||
Accumulated Depreciation Buildings & Improvements | -3,805 | ||||
Net Book Value Land, Buildings & Improvements | 84,271 | ||||
Date of Acquisition | 18-Jun-12 | ||||
Hyatt Union Square, New York, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -55,000 | ||||
Initial Costs [Abstract] | |||||
Land | 32,940 | ||||
Buildings & Improvements | 79,300 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 759 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 32,940 | ||||
Buildings & Improvements | 80,059 | ||||
Total Real Estate | 112,999 | ||||
Accumulated Depreciation Buildings & Improvements | -3,499 | ||||
Net Book Value Land, Buildings & Improvements | 109,500 | ||||
Date of Acquisition | 9-Apr-13 | ||||
Courtyard By Marriott, San Deigo, CA [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 15,656 | ||||
Buildings & Improvements | 51,674 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 274 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 15,656 | ||||
Buildings & Improvements | 51,948 | ||||
Total Real Estate | 67,604 | ||||
Accumulated Depreciation Buildings & Improvements | -2,061 | ||||
Net Book Value Land, Buildings & Improvements | 65,543 | ||||
Date of Acquisition | 30-May-13 | ||||
Residence Inn, Coconut Grove, FL [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 4,146 | ||||
Buildings & Improvements | 17,456 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 5,107 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 4,146 | ||||
Buildings & Improvements | 22,563 | ||||
Total Real Estate | 26,709 | ||||
Accumulated Depreciation Buildings & Improvements | -953 | ||||
Net Book Value Land, Buildings & Improvements | 25,756 | ||||
Date of Acquisition | 12-Jun-13 | ||||
Hotel Milo, Santa Barbara, California [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -24,577 | ||||
Initial Costs [Abstract] | |||||
Buildings & Improvements | 55,080 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 193 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Buildings & Improvements | 55,273 | ||||
Total Real Estate | 55,273 | ||||
Accumulated Depreciation Buildings & Improvements | -1,156 | ||||
Net Book Value Land, Buildings & Improvements | 54,117 | ||||
Date of Acquisition | 28-Feb-14 | ||||
Hilton Garden Inn, Midtown East, NY [Member] | Hotel [Member] | |||||
Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | -45,000 | ||||
Initial Costs [Abstract] | |||||
Land | 45,480 | ||||
Buildings & Improvements | 60,762 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 21 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 45,480 | ||||
Buildings & Improvements | 60,783 | ||||
Total Real Estate | 106,263 | ||||
Accumulated Depreciation Buildings & Improvements | -908 | ||||
Net Book Value Land, Buildings & Improvements | 105,355 | ||||
Date of Acquisition | 27-May-14 | ||||
Parrot Key Resort, Key West, FL [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 57,889 | ||||
Buildings & Improvements | 33,959 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 54 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 57,889 | ||||
Buildings & Improvements | 34,014 | ||||
Total Real Estate | 91,903 | ||||
Accumulated Depreciation Buildings & Improvements | -555 | ||||
Net Book Value Land, Buildings & Improvements | 91,348 | ||||
Date of Acquisition | 7-May-14 | ||||
Winter Haven, Miami Beach, FL [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 5,400 | ||||
Buildings & Improvements | 18,147 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 110 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 5,400 | ||||
Buildings & Improvements | 18,258 | ||||
Total Real Estate | 23,658 | ||||
Accumulated Depreciation Buildings & Improvements | -477 | ||||
Net Book Value Land, Buildings & Improvements | 23,181 | ||||
Date of Acquisition | 20-Dec-13 | ||||
Blue Moon, Miami Beach, FL [Member] | Hotel [Member] | |||||
Initial Costs [Abstract] | |||||
Land | 4,874 | ||||
Buildings & Improvements | 20,354 | ||||
Costs Capitalized Subsequent to Acquisition [Abstract] | |||||
Buildings & Improvements | 127 | ||||
Gross Amounts at which Carried at Close of Period [Abstract] | |||||
Land | 4,873 | ||||
Buildings & Improvements | 20,482 | ||||
Total Real Estate | 25,354 | ||||
Accumulated Depreciation Buildings & Improvements | -498 | ||||
Net Book Value Land, Buildings & Improvements | $24,856 | ||||
Date of Acquisition | 20-Dec-13 | ||||
[1] | Assets are depreciated over a 7 to 40 year life, upon which the latest income statement is computed |
Schedule_III_Real_Estate_And_A3
Schedule III - Real Estate And Accumulated Depreciation (Reconciliation Of Real Estate and Accumulated Depreciation) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Reconciliation of Real Estate [Roll Forward] | |||
Balance at beginning of year | $1,629,312 | $1,520,151 | $1,481,433 |
Additions during the year | 333,889 | 275,032 | 167,916 |
Dispositions / Deconsolidation of consolidated joint venture during the year | -98,819 | -156,504 | -127,992 |
Changes/Impairments in Assets Held for Sale | -9,367 | -1,206 | |
Investment in Real Estate | 1,864,382 | 1,629,312 | 1,520,151 |
Total Real Estate | 1,864,382 | 1,629,312 | 1,520,151 |
Reconciliation of Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | 162,189 | 150,353 | 139,057 |
Depreciation for year | 43,218 | 39,771 | 35,597 |
Changes/Impairments in Assets Held for Sale | 51 | ||
Accumulated depreciation on assets sold | -15,518 | -27,986 | -24,301 |
Balance at end of year | $189,889 | $162,189 | $150,353 |