Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 22, 2017 | Jun. 30, 2016 | |
Entity Registrant Name | HERSHA HOSPITALITY TRUST | ||
Entity Central Index Key | 1,063,344 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 727.6 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Class A Common Shares [Member] | |||
Entity Common Stock, Shares Outstanding | 41,771,966 | ||
Class B Common Shares [Member] | |||
Entity Common Stock, Shares Outstanding | 0 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Investment in Hotel Properties, Net of Accumulated Depreciation, Including Consolidation of Variable Interest Entity Assets of $0 and $82,787 (Note 1) | $ 1,767,570 | $ 1,831,119 |
Investment in Unconsolidated Joint Ventures | 11,441 | 10,316 |
Cash and Cash Equivalents | 185,644 | 27,955 |
Escrow Deposits | 8,993 | 19,204 |
Hotel Accounts Receivable, Net of Allowance for Doubtful Accounts of $91 and $12 | 8,769 | 9,465 |
Due from Related Parties | 18,332 | 6,243 |
Intangible Assets, Net of Accumulated Amortization of $4,532 and $3,951 | 16,944 | 13,389 |
Deposits on Hotel Acquisitions | 5,000 | |
Other Assets | 39,370 | 39,958 |
Hotel Assets Held for Sale | 98,473 | |
Total Assets | 2,155,536 | 1,962,649 |
Liabilities and Equity: | ||
Line of Credit | 27,000 | |
Unsecured Term Loans, Net of Unamortized Deferred Financing Costs (Note 5) | 663,500 | 547,780 |
Unsecured Notes Payable, Net of Unamortized Deferred Financing Costs (Note 5) | 50,578 | 50,525 |
Mortgages Payable, including Net Unamortized Premium and Unamortized Deferred Financing Costs, and Consolidation of Variable Interest Entity Debt of $0 and $52,509 (Note 1, Note 5) | 337,821 | 544,659 |
Accounts Payable, Accrued Expenses and Other Liabilities | 65,106 | 59,226 |
Dividends and Distributions Payable | 26,050 | 16,515 |
Due to Related Parties | 8,789 | |
Liabilities Related To Hotel Assets Held for Sale | 51,428 | |
Deferred Gain on Disposition of Hotel Assets | 81,314 | |
Total Liabilities | 1,275,797 | 1,254,494 |
Shareholders' Equity: | ||
Preferred Shares: $.01 Par Value, 29,000,000 Shares Authorized, 3,000,000 Series C, 7,700,000 Series D and 4,000,000 Series E Shares Issued and Outstanding at December 31, 2016 and 4,600,000 Series B and 3,000,000 Series C Shares Issued and Outstanding at December 31, 2015, with Liquidation Preferences of $25 Per Share (Note 1) | 147 | 76 |
Accumulated Other Comprehensive Income (Loss) | 1,373 | (466) |
Additional Paid-in Capital | 1,198,311 | 1,086,259 |
Distributions in Excess of Net Income | (364,831) | (408,274) |
Total Shareholders' Equity | 835,418 | 678,039 |
Noncontrolling Interests (Note 1): | ||
Noncontrolling Interests - Common Units and LTIP Units | 44,321 | 31,876 |
Noncontrolling Interest - Consolidated Variable Interest Entity | (1,760) | |
Total Noncontrolling Interests | 44,321 | 30,116 |
Total Equity | 879,739 | 708,155 |
Total Liabilities and Equity | 2,155,536 | 1,962,649 |
Class A Common Shares [Member] | ||
Shareholders' Equity: | ||
Common Shares | 418 | 444 |
Class B Common Shares [Member] | ||
Shareholders' Equity: | ||
Common Shares |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Assets: | ||
Consolidation of variable interest entity assets | $ 0 | $ 82,787 |
Hotel Accounts Receivable, Allowance for Doubtful Accounts | 91 | 12 |
Intangible Assets, Accumulated Amortization | 4,532 | 3,951 |
Liabilities and Equity: | ||
Consolidation of variable interest entity debt | $ 0 | $ 52,509 |
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 - Outstanding (in shares) | 14,700,000 | 7,600,000 |
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 | |
Preferred Shares - Outstanding (in shares) | 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 |
Series D Preferred Shares [Member] | ||
Shareholders' Equity: | ||
Preferred Shares - Issued (in shares) | 7,700,000 | |
Preferred Shares - Outstanding (in shares) | 7,700,000 | |
Series E Preferred Shares [Member] | ||
Shareholders' Equity: | ||
Preferred Shares - Issued (in shares) | 4,000,000 | |
Preferred Shares - Outstanding (in shares) | 4,000,000 | |
Class A Common Shares [Member] | ||
Shareholders' Equity: | ||
Common Shares - Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Shares - Authorized (in shares) | 75,000,000 | 300,000,000 |
Common Shares - Issued (in shares) | 41,770,514 | 44,457,368 |
Common Shares - Outstanding (in shares) | 41,770,514 | 44,457,368 |
Class B Common Shares [Member] | ||
Shareholders' Equity: | ||
Common Shares - Par Value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Shares - Authorized (in shares) | 1,000,000 | 1,000,000 |
Common Shares - Issued (in shares) | 0 | 0 |
Common Shares - Outstanding (in shares) | 0 | 0 |
Consolidated Statements Of Oper
Consolidated Statements Of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Revenue from Hotels [Abstract] | ||||
Hotel Operating Revenues | $ 466,370 | $ 470,272 | $ 417,226 | |
Other Revenues | 259 | 113 | 180 | |
Total Revenues | 466,629 | 470,385 | 417,406 | |
Hotel Operating Expenses: | ||||
Hotel Operating Expenses | 262,956 | 254,313 | 227,324 | |
Insurance Recoveries | (4,604) | |||
Hotel Ground Rent | 3,600 | 3,137 | 2,433 | |
Real Estate and Personal Property Taxes and Property Insurance | 32,157 | 34,518 | 30,342 | |
General and Administrative (including Share Based Payments of $8,048, $6,523, and $6,028 for the years ended December 31, 2016, 2015, and 2014, respectively) | 24,444 | 20,515 | 20,363 | |
Acquisition and Terminated Transaction Costs | 2,560 | 1,119 | 2,472 | |
Depreciation and Amortization | 75,390 | 74,390 | 69,167 | |
Contingent Consideration Related to Acquisition of Hotel Property | 2,000 | |||
Total Operating Expenses | 401,107 | 387,992 | 349,497 | |
Operating Income | 65,522 | 82,393 | 67,909 | |
Interest Income | 362 | 193 | 805 | |
Interest Expense | (44,352) | (43,557) | (43,357) | |
Other Expense | (961) | (367) | (485) | |
Gain on Disposition of Hotel Properties | 115,839 | 7,195 | ||
Gain on Hotel Acquisitions, net | 12,667 | |||
Development Loan Recovery | 22,494 | |||
Lease Buyout | (16,831) | |||
Loss on Debt Extinguishment | (1,187) | (561) | (670) | |
Income Before Income from Unconsolidated Joint Venture Investments and Income Taxes | 118,392 | 38,101 | 66,558 | |
(Loss) Income from Unconsolidated Joint Venture Investments | (1,823) | 965 | 693 | |
Income Before Income Taxes | 116,569 | 39,066 | 67,251 | |
Income Tax Benefit | 4,888 | 3,141 | 2,685 | |
Income from Continuing Operations | 121,457 | 42,207 | 69,936 | |
Discontinued Operations: | ||||
Loss on Disposition of Discontinued Assets | (128) | |||
Impairment of Discontinued Assets | (1,800) | |||
Income from Discontinued Operations, Net of Income Taxes | 263 | |||
Loss from Discontinued Operations | (1,665) | |||
Net Income | 121,457 | 42,207 | 68,271 | |
Income Allocated to Noncontrolling Interests | (4,477) | (411) | (1,016) | |
Preferred Distributions | (17,380) | (14,356) | (14,356) | |
Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares | (4,021) | |||
Net Income Applicable to Common Shareholders | $ 95,579 | $ 27,440 | $ 52,899 | |
BASIC | ||||
Income from Continuing Operations Applicable to Common Shareholders | $ 2.21 | $ 0.56 | $ 1.08 | |
(Loss) Income from Discontinued Operations Applicable to Common Shareholders | 0 | 0 | (0.03) | |
Net Income Applicable to Common Shareholders | 2.21 | 0.56 | 1.05 | |
DILUTED | ||||
Income from Continuing Operations Applicable to Common Shareholders | 2.18 | 0.56 | 1.07 | |
(Loss) Income from Discontinued Operations Applicable to Common Shareholders | 0 | 0 | (0.03) | |
Net Income Applicable to Common Shareholders | $ 2.18 | $ 0.56 | $ 1.04 | |
Weighted Average Common Shares Outstanding: | ||||
Basic | 42,957,199 | 47,786,811 | 49,777,302 | |
Diluted | [1] | 43,530,731 | 48,369,658 | 50,307,506 |
[1] | Income allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the "Operating Partnership" or "HHLP") has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership's common units of limited partnership interest ("Common Units") and the Operating Partnership's vested LTIP units ("Vested LTIP Units") have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units 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 applicable to common shareholders. |
Consolidated Statements Of Ope5
Consolidated Statements Of Operations (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Potentially dilutive securities that have been excluded from earnings per share: | |||
Share Based Payments | $ 8,048 | $ 6,523 | $ 6,028 |
Common Units of Limited Partnership Interest [Member] | |||
Potentially dilutive securities that have been excluded from earnings per share: | |||
Potentially Dilutive Securities Excluded from the Denominator | 2,209,496 | 1,907,209 | 1,727,750 |
Consolidated Statements Of Comp
Consolidated Statements Of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Consolidated Statements Of Comprehensive Income [Abstract] | |||
Net Income | $ 121,457 | $ 42,207 | $ 68,271 |
Other Comprehensive Income (Loss) | |||
Change in Fair Value of Derivative Instruments | 2,449 | 1,459 | 1,527 |
Less: Reclassification Adjustment for Change in Fair Value of Derivative Instruments Included in Net Income | (610) | (1,567) | (1,509) |
Other Comprehensive Income (Loss), Net of Tax, Total | 1,839 | (108) | 18 |
Comprehensive Income | 123,296 | 42,099 | 68,289 |
Less: Comprehensive Income Attributable to Noncontrolling Interests | (4,567) | (411) | (1,016) |
Less: Preferred Distributions | (17,380) | (14,356) | (14,356) |
Less: Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares | (4,021) | ||
Comprehensive Income Attributable to Common Shareholders | $ 97,328 | $ 27,332 | $ 52,917 |
Consolidated Statements Of Equi
Consolidated Statements Of Equity - USD ($) | Common Shares [Member]Class A Common Shares [Member] | Common Shares [Member] | Preferred Shares [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Loss [Member] | Distributions in Excess of Net Income [Member] | Total Shareholders' Equity [Member] | Noncontrolling Interests Common Units And LTIP Units [Member] | Noncontrolling Interests Shares [Member] | Noncontrolling Interests Common Units [Member] | Noncontrolling Interests Consolidated Variable Interest Entity [Member] | Total Noncontrolling Interests [Member] | Total |
Balance at Dec. 31, 2013 | $ 507,000 | $ 76,000 | $ 1,202,316,000 | $ (376,000) | $ (364,568,000) | $ 837,955,000 | $ 29,523,000 | $ (342,000) | $ 29,181,000 | $ 867,136,000 | |||
Balance (in shares) at Dec. 31, 2013 | 50,689,868 | 7,600,000 | 1,728,679 | ||||||||||
Unit Conversion/Redemption | (77,000) | (77,000) | (261,000) | (261,000) | $ (338,000) | ||||||||
Unit Conversion/Redemption (in shares) | 4,725 | (16,326) | 4,725 | ||||||||||
Restricted Shares Forfeiture/LTIP Unit Issuance | (5,000) | 5,000 | |||||||||||
Restricted Shares Forfeiture (in shares) | (487,081) | (1,948,324) | |||||||||||
LTIP Unit Issuance (in shares) | 487,081 | ||||||||||||
Repurchase of Common Shares | (7,000) | (13,791,000) | (1,621,000) | (15,419,000) | $ (15,419,000) | ||||||||
Repurchase of Common Shares (in shares) | (656,714) | ||||||||||||
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) | 2,162 | ||||||||||||
Stock Based Compensation | |||||||||||||
Grants | 2,000 | 647,000 | 649,000 | 649,000 | |||||||||
Grants (in shares) | 155,811 | ||||||||||||
Amortization | 5,397,000 | 5,397,000 | 5,397,000 | ||||||||||
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 | 497,000 | $ 76,000 | 1,194,547,000 | (358,000) | (365,381,000) | 829,381,000 | $ 29,082,000 | $ 29,082,000 | (1,075,000) | 28,007,000 | $ 857,388,000 | ||
Balance (in shares) at Dec. 31, 2014 | 49,708,771 | 7,600,000 | 2,199,434 | 2,199,434 | |||||||||
Unit Conversion/Redemption | 132,000 | 132,000 | $ (132,000) | (132,000) | |||||||||
Unit Conversion/Redemption (in shares) | 8,965 | (8,965) | 8,965 | ||||||||||
Repurchase of Common Shares | (53,000) | (110,517,000) | (17,669,000) | (128,239,000) | $ (128,239,000) | ||||||||
Repurchase of Common Shares (in shares) | (5,310,371) | ||||||||||||
Dividends and Distributions declared: | |||||||||||||
Common Shares | (52,664,000) | (52,664,000) | (52,664,000) | ||||||||||
Preferred Shares | (14,356,000) | (14,356,000) | (14,356,000) | ||||||||||
Common Units | $ (1,913,000) | $ (1,913,000) | $ (1,913,000) | ||||||||||
LTIP Units | (694,000) | (694,000) | (694,000) | ||||||||||
Dividend Reinvestment Plan | 50,000 | 50,000 | $ 50,000 | ||||||||||
Dividend Reinvestment Plan (in shares) | 2,018 | ||||||||||||
Stock Based Compensation | |||||||||||||
Grants | 620,000 | 620,000 | $ 128,832 | 620,000 | |||||||||
Grants (in shares) | 47,985 | ||||||||||||
Amortization | 1,427,000 | 1,427,000 | 4,437,000 | $ 4,437,000 | 5,864,000 | ||||||||
Change in Fair Value of Derivative Instruments | (108,000) | (108,000) | (108,000) | ||||||||||
Net Income (Loss) | 41,796,000 | 41,796,000 | 1,096,000 | (685,000) | 411,000 | 42,207,000 | |||||||
Balance at Dec. 31, 2015 | 444,000 | $ 76,000 | 1,086,259,000 | (466,000) | (408,274,000) | 678,039,000 | $ 31,876,000 | (1,760,000) | 30,116,000 | 708,155,000 | |||
Balance (in shares) at Dec. 31, 2015 | 44,457,368 | 7,600,000 | 2,319,301 | ||||||||||
Common Units issued | $ 4,430,000 | 4,430,000 | $ 4,430,000 | ||||||||||
Common Units issued (in shares) | 225,000 | ||||||||||||
Unit Conversion/Redemption (in shares) | 0 | ||||||||||||
LTIP Unit Issuance (in shares) | 294,245 | ||||||||||||
Repurchase of Common Shares | (27,000) | (52,028,000) | (52,055,000) | $ (52,055,000) | |||||||||
Repurchase of Common Shares (in shares) | (2,772,710) | ||||||||||||
Preferred Stock Issuance | |||||||||||||
Preferred Stock Offering, net of costs | $ 117,000 | 282,467,000 | 282,584,000 | 282,584,000 | |||||||||
Preferred Stock Offering, net of costs (in shares) | 11,700,000 | ||||||||||||
Preferred Stock Redemption | $ (46,000) | (114,954,000) | (115,000,000) | (115,000,000) | |||||||||
Preferred Stock Redemption (in shares) | (4,600,000) | ||||||||||||
Dividends and Distributions declared: | |||||||||||||
Common Shares | (56,157,000) | (56,157,000) | (56,157,000) | ||||||||||
Preferred Shares | (17,380,000) | (17,380,000) | (17,380,000) | ||||||||||
Common Units | $ (2,356,000) | $ (2,356,000) | $ (2,356,000) | ||||||||||
LTIP Units | (1,574,000) | (1,574,000) | (1,574,000) | ||||||||||
Dividend Reinvestment Plan | 63,000 | 63,000 | $ 63,000 | ||||||||||
Dividend Reinvestment Plan (in shares) | 3,518 | ||||||||||||
Stock Based Compensation | |||||||||||||
Grants | 1,000 | (398,000) | (397,000) | $ 1,060,000 | $ 1,060,000 | 663,000 | |||||||
Grants (in shares) | 82,338 | 294,245 | |||||||||||
Amortization | 1,417,000 | 1,417,000 | $ 5,971,000 | 5,971,000 | 7,388,000 | ||||||||
Change in Fair Value of Derivative Instruments | 1,839,000 | 1,839,000 | 1,839,000 | ||||||||||
Exercise of Option to Acquire Noncontrolling Interest | (4,515,000) | (4,515,000) | 2,197,000 | 2,197,000 | (2,318,000) | ||||||||
Net Income (Loss) | 116,980,000 | 116,980,000 | 4,914,000 | $ (437,000) | 4,477,000 | 121,457,000 | |||||||
Balance at Dec. 31, 2016 | $ 418,000 | $ 147,000 | $ 1,198,311,000 | $ 1,373,000 | $ (364,831,000) | $ 835,418,000 | $ 44,321,000 | $ 44,321,000 | $ 879,739,000 | ||||
Balance (in shares) at Dec. 31, 2016 | 41,770,514 | 14,700,000 | 2,838,546 |
Consolidated Statements Of Equ8
Consolidated Statements Of Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends and Distributions declared: | |||
Common Stock, Dividends declared (in dollars per share) | $ 1.32 | $ 1.12 | $ 1.04 |
Common Units, Distributions declared (in dollars per share) | 1.32 | 1.12 | 1.04 |
LTIP Units, Distributions declared (in dollars per share) | $ 1.32 | $ 1.12 | $ 0.28 |
Consolidated Statements Of Cash
Consolidated Statements Of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Net income | $ 121,457 | $ 42,207 | $ 68,271 |
Adjustments to Reconcile Net Income to Net Cash Provided by Operating Activities: | |||
Gain on Disposition of Hotel Properties, Net | (115,839) | (7,067) | |
Gain on Hotel Acquisitions, Net | (12,667) | ||
Contingent Consideration | 2,000 | ||
Development Loan Recovery | (22,494) | ||
Impairment of Hotel Assets | 1,800 | ||
Lease Buyout | 11,845 | ||
Deferred Taxes | (4,888) | (3,141) | (2,685) |
Depreciation | 74,644 | 74,007 | 68,753 |
Amortization | 2,022 | 1,492 | 1,979 |
Loss on Debt Extinguishment | 1,187 | 324 | 673 |
Equity in Loss (Income) of Unconsolidated Joint Ventures | 1,823 | (965) | (693) |
Distributions from Unconsolidated Joint Ventures | 1,574 | 1,446 | 1,262 |
Loss Recognized on Change in Fair Value of Derivative Instrument | 50 | 107 | 71 |
Stock Based Compensation Expense | 8,048 | 6,523 | 6,028 |
(Increase) Decrease in: | |||
Hotel Accounts Receivable | 1,024 | 993 | (350) |
Escrows | 4,991 | (14) | 1,272 |
Other Assets | 1,286 | (6,973) | 2,182 |
Due from Related Parties | (12,089) | 337 | 4,544 |
(Decrease) Increase in: | |||
Due to Related Parties | (8,789) | 1,586 | 2,388 |
Accounts Payable, Accrued Expenses and Other Liabilities | (1,788) | 3,888 | (2,373) |
Net Cash Provided by Operating Activities | 86,558 | 121,817 | 112,894 |
Investing Activities: | |||
Purchase of Hotel Property Assets | (321,995) | (110,176) | (175,236) |
Deposits on Hotel Acquisitions | (5,000) | ||
Capital Expenditures | (33,267) | (27,366) | (38,342) |
Cash Paid for Hotel Development Projects | (952) | (950) | (3,764) |
Proceeds from Disposition of Hotel Properties | 67,430 | 30,056 | |
Net Changes in Capital Expenditure Escrows | 6,476 | (779) | 4,577 |
Proceeds from Contribution of Hotel Property Assets to Unconsolidated Joint Venture | 429,221 | ||
Proceeds from Insurance Claims | 1,881 | ||
Distributions from Unconsolidated Joint Ventures | 3,011 | 362 | 324 |
Net Cash Provided by (Used in) Investing Activities | 149,924 | (143,909) | (180,504) |
Financing Activities: | |||
Repayment of Borrowings Under Line of Credit, Net | (27,000) | 27,000 | |
Proceeds of Unsecured Term Loan Borrowing | 156,100 | 300,000 | 100,000 |
Repayment of Borrowings Under Unsecured Term Loan Borrowing | (39,480) | ||
Principal Repayment of Mortgages and Notes Payable | (210,379) | (184,356) | (61,348) |
Proceeds from Mortgages and Notes Payable | 87,750 | 101,000 | |
Cash Paid for Deferred Financing Costs | (2,467) | (2,362) | (4,450) |
Cash Paid for Debt Extinguishment | (1,024) | ||
Proceeds from Issuance of Preferred Shares, Net | 282,686 | ||
Redemption of Series B Preferred Shares | (115,000) | ||
Repurchase of Common Shares | (52,055) | (128,239) | (15,418) |
Redemption of Common Partnership Units | (338) | ||
Settlement of Interest Rate Cap | (450) | (8) | |
Exercise of Option to Acquire Noncontrolling Interest | (2,318) | ||
Dividends Paid on Common Shares | (48,523) | (54,041) | (50,286) |
Dividends Paid on Preferred Shares | (16,116) | (14,356) | (14,356) |
Distributions Paid on Common Units and LTIP Units | (3,217) | (2,574) | (1,724) |
Net Cash (Used in) Provided by Financing Activities | (78,793) | 28,372 | 53,072 |
Net Increase in Cash and Cash Equivalents | 157,689 | 6,280 | (14,538) |
Cash and Cash Equivalents - Beginning of Period | 27,955 | 21,675 | 36,213 |
Cash and Cash Equivalents - End of Period | $ 185,644 | $ 27,955 | $ 21,675 |
Organization And Summary Of Sig
Organization And Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 6.875% Series C Cumulative Redeemable P referred S hares of B eneficial I nterest trade on the NY SE under the ticker symbol “HT PR C”, its 6.500% Series D Cumulative Redeemable P referred S hares of Be neficial I nterest trade on the NYSE under the ticker symbol “HT PR D”, and it’s 6.500% Series E Cumulative Redeemable P referred S hares of Beneficial I nterest trade on the NYSE under the ticker symbol “HT PR E.” As of December 31, 2016, the Company, through the Partnership and subsidiary partnerships, wholly owned 43 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, 2016, the Company owned joint venture interests in another twelve 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 66.7% Marriott Mystic, CT Mystic Partners Leaseco, LLC 8.8% Hilton Hartford, CT Mystic Partners Leaseco, LLC 15.0% Marriott Hartford, CT Mystic Partners Leaseco, LLC Cindat Hersha Owner JV, LLC (1) 30.0% Hampton Inn Herald Square, NY Cindat Hersha Lessee JV, LLC 30.0% Hampton Inn Chelsea, NY Cindat Hersha Lessee JV, LLC 30.0% Hampton Inn Times Square, NY Cindat Hersha Lessee JV, LLC 30.0% Holiday Inn Express Times Square, NY Cindat Hersha Lessee JV, LLC 30.0% Candlewood Suites Times Square, NY Cindat Hersha Lessee JV, LLC 30.0% Holiday Inn Wall Street, NY Cindat Hersha Lessee JV, LLC 30.0% Holiday Inn Express Water Street, NY Cindat Hersha Lessee JV, LLC SB Partners, LLC 50.0% Holiday Inn Express South Boston, MA South Bay Sandeep, LLC Hiren Boston, LLC 50.0% Courtyard South Boston, MA South Bay Boston, LLC (1) The percentages shown for the CINDAT JV represent our common ownership interest. As of December 31, 2016, we owned a $43,194 preferred equity interest in the joint venture. See Note 3 – Investment in Unconsolidated Joint Ventures for a more detailed explanation of our ownership interest and the related distribution of earnings within the venture. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) At December 31, 2016, Mystic Partners, LLC own ed 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. On January 3, 2017, we transferred to our joint venture partner all of our partnership interests in the Hartford Marriott and the Hartford Hilton for $8.5 million, which represents a 100% recovery of our equity investment in these assets. We also simultaneously assumed full ownership of the Mystic Marriott Hotel & Spa without any additional cash payment to the joint venture partner. 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. 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; Cindat Hersha Owner JV, LLC; Cindat Hersha Lessee JV, LLC; South Bay Bo ston, 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 $4,699 as of December 31, 2016. Cindat Hersha Owner JV, 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 Cindat Hersha Owner JV, LLC is limited to our investment in the joint venture which is $3,717 as of December 31, 2016. Also, Mystic Partners Leaseco, LLC; and South Bay Boston, LLC lease hotel properties are VIEs. These entities are consolidated by the lessors, the primary beneficiaries of each entity. 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. On September 2, 2016, we exercised our option to acquire the non-controlling equity interests in Brisam Management DE, LLC (“Brisam”), the entity which owns the real estate assets of the Holiday Inn Express, New York, NY. We paid approximately $2,318 to exercise this option. Prior to the exercise of this option, we had consolidated Brisam, a variable interest entity, in our financial statements as we determined we were the primary beneficiary. 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 NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 records the value 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 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 modif ied. If facts or circumstances indicate 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 its 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. See Note 3 – Investment in Unconsolidated Joint Ventures for a more detailed explanation of the methodology used in determining the allocation of profits and losses within our joint ventures. 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 NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) o ther 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. 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. 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, 2016, 2015 and 2014 was 93.6% , 95.0% , and 95.8% , respectively. We define a noncontrolling interest as the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 $44,321 as of December 31, 2016 and $31,876 as of December 31, 2015. As of December 31, 2016, there were 2,838,546 Nonredeemable Common Units outstanding with a fair market value of $61,029 , based on the price per share of our common shares on the NYSE on such date. 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. 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 May 31, 2016, we completed a public offering of 7,700,000 (including 700,000 overallotment shares sold on June 14, 2016) 6.50% Series D 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 $185,999 . We utilized the net proceeds of the offering to redeem all outstanding 8.00% Series B Cumulative Redeemable Preferred Shares on June 8, 2016, and for general corporate purposes. Share s of o ur 8.00% Series B Cumulative Redeemable 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 $25.3722 . Dividends ceased accruing on the Series B Preferred Shares on June 8, 2016. On November 7, 2016, we completed a public offering of 4,000,000 6.50% Series E 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 $96,585 . We utilized the net proceeds of the offering for general corporate purposes. Terms of the Series B, Series C, Series D and Series E Preferred Shares outstanding at December 31, 2016 and 2015 are summarized as follows: NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Dividend Per Share Shares Outstanding Year Ended December 31, Series December 31, 2016 December 31, 2015 Aggregate Liquidation Preference Distribution Rate 2016 2015 Series B - 4,600,000 $ 115,000 8.000% $ 0.8722 $ 2.0000 Series C 3,000,000 3,000,000 $ 75,000 6.875% $ 1.7188 $ 1.7188 Series D 7,700,000 - $ 192,500 6.500% $ 1.0157 - Series E 4,000,000 - $ 100,000 6.500% $ 0.3069 - Total 14,700,000 7,600,000 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 U nits contain restricted stock awards that were forfeited and replaced with LTIP U nit awards with similar terms. The total number of Restricted Stock Awards forfeited and LTIP Units awarded was 1,948,324 . In February 2015, our Board of Trustees authorized us to repurchase from time to time up to an aggregate of $100,000 of our outstanding shares. In October 2015, our Board of Trustees authorized a new share repurchase program for $100,000 which would commence up on the completion of the previous program. For the year ended December 31, 2016, the Company repurchased 2,772,710 common shares for an aggregate purchase price of $52,055 under the October 2015 repurchase programs. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. In May 2015, our Board of Trustees approved a reverse share split of our issued and outstanding common shares and Common Units and LTIP units at a ratio of 1 -for-4. This reverse share split converted every four issued and outstanding common shares into one common share. The reverse share split was effective as of 5:00 PM Eastern time on June 22, 2015. As a result of the reverse share split, the number of outstanding Common Units and LTIP Units was reduced from 9,313,063 to 2,328,276 units. In addition, the second quarter dividend was adjusted to $0.28 per common share from the previously announced $0.07 per common share. All common share, Common Unit and LTIP Unit and per share data related to these classes of equity have been updated in the accompanying consolidated financial statements to reflect this share split for all periods presented. In October 2016, our Board of Trustees authorized a new share repurchase program for up to $100,000 of common shares which will commence upon the completion of the existing repurchase program. We expect to complete the new repurchase program prior to December 31, 2017, unless extended by our Board of Trustees. 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. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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. 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 The Company has elected to be taxed as a REIT under applicable provisions of the Internal Revenue Code of 1986, as amended, or the Code, 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, determined without regard to the deduction for dividends paid and excluding net capital gains, will not be subject to f ederal 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 deprec iation of hotel properties for f ederal 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, 2016, 2015 and 2014, the Company did not record any uncertain tax positions. As of December 31, 2016, with few exceptions, the Company is subject to tax examinations by federal, state, and local income tax authorities for years 2003 through 2016. Reclassification Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation . In accordance with the adoption of the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , on January 1, 2016, the Company recorded certain reclassifications of deferred financing costs. The Company reclassified deferred financing costs historically presented within Assets to now present them as a direct deduction from the associated debt liability. The table below summarizes the balances as of December 31, 2015, that were affected by this reclassification. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) As Reported in the Reclassification As Reported in the Balance Sheet Caption 2015 Form 10-K Amount 2016 Form 10-K Assets: Deferred Financing Costs, Net $ 8,971 $ (8,971) $ - Other Assets 38,110 1,848 39,958 Total Assets 1,969,772 (7,123) 1,962,649 Liabilities: Unsecured Term Loan 550,000 (2,220) 547,780 Unsecured Notes Payable 51,548 (1,023) 50,525 Mortgages Payable 548,539 (3,880) 544,659 Total Liabilities 1,261,617 (7,123) 1,254,494 New Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business as it relates to acquisitions and business combinations. The update adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect most of our hotel property acquisitions to qualify as asset acquisitions under the standard which permits the capitalization of acquisition costs to the underlying assets . This standard is effective for periods beginning after December 31, 2017, however early adoption is permitted . The Com pany is evaluating the ultimate effect that ASU No. 2017-01 will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Award Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold a percentage of the shares issuable upon settlement of an award up to the maximum individual statutory tax rate without causing the award to be classified as a liability. The new standard is effective for the Company on January 1, 2017. The Company has determined that ASU No. 2016-09 will have no material impact on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which provides the principles for the recognition, measurement, presentation and disclosure of leases . The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires the certain initial direct costs be expensed rather than capitalized. Under the standard, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 mo |
Investment In Hotel Properties
Investment In Hotel Properties | 12 Months Ended |
Dec. 31, 2016 | |
Investment In Hotel Properties [Abstract] | |
Investment In Hotel Properties | NOTE 2 – INVESTMENT IN HOTEL PROPERTIES Investment in hotel properties c onsists of the following at December 31 , 201 6 and December 31, 201 5 : December 31, 2016 December 31, 2015 Land $ 499,484 $ 480,874 Buildings and Improvements 1,383,266 1,518,565 Furniture, Fixtures and Equipment 205,162 227,527 2,087,912 2,226,966 Less Accumulated Depreciation (320,342) (395,847) Total Investment in Hotel Properties $ 1,767,570 $ 1,831,119 Depreciation expense on hotel properties was $74,288 , $73,672 and $68,418 (including depreciation on assets held for sale) for the years ended December 31, 2016, 2015 and 2014, respectively. During the year ended December 31, 2016, we acquired the following wholly-owned hotel properties: Hotel Acquisition Date Land Buildings and Improvements Furniture, Fixtures and Equipment Other Intangibles Loan Costs Total Purchase Price Assumption of Debt Sanctuary Beach Resort, Marina, CA 1/28/2016 $ 20,278 $ 17,319 $ 2,369 $ - $ 198 $ 40,164 $ 14,750 * Hilton Garden Inn M Street, Washington, DC 3/9/2016 30,793 67,420 9,621 874 ** - 108,708 - Envoy Hotel, Boston, MA 7/21/2016 25,264 75,979 11,251 131 *** - 112,625 - Courtyard, Sunnyvale, CA 10/20/2016 17,694 53,272 4,034 150 **** 537 75,687 40,600 The Ambrose, Santa Monica, CA 12/1/2016 18,750 26,839 1,911 - - 47,500 - TOTAL $ 112,779 $ 240,829 $ 29,186 $ 1,155 $ 735 $ 384,684 $ 55,350 *Assumption of debt includes a $50 premium resulting from the determination that the stated rate of interest is above market rates on the date of acquisition. **Includes an intangible asset for a lease-in-place of $648 , advance bookings of $76 and franchise fees of $150 . ***Includes a lease-in-place intangible asset of $126 , below market lease liability of $319 , advance bookings asset of $199 , and franchise fees asset of $125 . ****Includes a franchise fees asset of $150 . Acquisition-related cost s , 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, 201 6 , we incurred $2,560 in acquisition costs related to acquired assets and costs related to terminated transactions . NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) Included in the consolidated statements of operations for the year ended December 31, 2016 are total revenues of $30,991 and a total net income of $5,638 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 as presented in the table below: Year Ended December 31, 2016 Hotel Revenue Net Income Sanctuary Beach Resort, Marina, CA $ 6,367 $ 933 Hilton Garden Inn M Street, Washington, DC 13,565 3,283 Envoy Hotel, Boston, MA 8,862 1,277 Courtyard, Sunnyvale, CA 1,768 22 The Ambrose, Santa Monica, CA 429 123 Total $ 30,991 $ 5,638 Purchase and Sale Agreement s On February 2, 2017, we purchase d the Ritz- Carlton, Coconut Grove, FL from an unaffiliated seller for a total purchase price of $36,000 and received seller financing in the amount of $3,200 . Accounting for this acquisition requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The purchase price allo cations are estimated based on current available information; however, we still are in the process of obtaining appraisals and fi nalizing the accounting for the acquisition, which was acquired subsequent to year-end. On February 21, 2017, we purchased the Pan Pacific, Seattle, WA from an unaffiliated seller for a total purchase price of $79,000 . Accounting for this acquisition requires an allocation of the purchase price to the assets acquired and the liabilities assumed in the transaction at their respective estimated fair values. The purchase price allocations are estimated based on current available information; however, we still are in the process of obtaining appraisals and finalizing the accounting for the acquisition, which was acquired subsequent to year-end. Lease Buyout During November 2016, we signed an agreement with our restaurant lessee at the Courtyard Miami Beach to buyout the remainder of their current lease. The agreement was made in conjunction with our overall property improvement plan, which will also include room and common area upgrades, with the intention to rebrand the hotel to a more upscale Marriott brand. As defined by terms of the agreement, we will pay total consideration to complete the buyout of $10,000 and issue 450,000 operating partnership units. During the fourth quarter of 2016, we paid $5,000 and issued 225,000 units valued at $4 ,400 with the remainder of the consideration due upon completion of the buyout. The lease buyout is expected to be completed by the second quarter of 2017. We accounted for this transaction in accordance with ASU 420 “Exit or Disposal Cost Obligations,” recording the entire amount of consideration as an expense at the time of agreement execution, resulting in a total expense of $18,8 31 . This recorded expense was partially offset by the write-off of an intangible liability related to the lease of $2,000 . 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 re presents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. As a result of t he early adoption of ASU Update No. 2014-08, we anticipate that most of our hotel dispositions will not be classified as discontin ued operations as most will not fit this definition. For transactions that had been classified as held for sale or as discontinued operations for periods prior to our adoption of ASU Update No. 2014-08, we have continue d to present the operating results as discontinued operations in the statements of operations for all applicable periods presented. NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) During the years ended December 31, 2016, 2015 and 2014, we had the following hotel dispositions: Hotel Acquisition Date Disposition Date Consideration Gain (Loss) on Disposition Cindat Hotel Portfolio (7) April 2005 - March 2011 April 2016 $ 543,500 $ 89,892 Hyatt Place, King of Prussia, PA August 2010 May 2016 13,000 5,375 Hawthorn Suites, Franklin, MA April 2006 September 2016 8,900 (438) Residence Inn, Framingham, MA March 2004 November 2016 25,000 11,467 Residence Inn, Norwood, MA July 2006 November 2016 22,000 9,543 2016 Total $ 115,839 Hotel 373 June 2007 April 2014 $ 37,000 $ 7,195 2014 Total $ 7,195 On November 4, 2016, the Company closed on the sale of the Residence Inn Framingham, MA and Residence Inn, Norwood, MA to an unaffiliated buyer for a total sales price of $47,000 with a gain on sale of approximately $21,023 . These hotels were acquired by the Company in March 2004 and July 2006, respectively. The operating results for these hotels are included in operating income until the date of sale as shown in the consolidated statements of operations for the years ended December 31, 2016 and 2015 as disposition of these hotels does not represent a strategic shift in our business. On September 7, 2016, the Company closed on the sale of Hawthorn Suites, Franklin, MA to an unaffiliated buyer for a total sales price of $8,900 with a loss on sale of approximately $437 . This hotel was acquired by the Company in April 2006. The operating results for this hotel are included in operating income until the date of sale as shown in the consolidated statements of operaations for the years ended December 31, 2016 and 2015 as disposition of this hotel does not represent a strategic shift in our business. On May 3, 2016, the Company closed on the sale of Hyatt Place, King of Prussia, PA to an unaffiliated buyer for a total sales price of $13,000 with a gain on sale of approximately $5,402 . This hotel was acquired by the Company in August 2010. The operating results for this hotel are included in operating income until the date of sale as shown in the consolidated statements of operations for the years ended December 31, 2016 and 2015 as disposition of this hotel does not represent a strategic shift in our business. On February 4, 2016, we announced the signing of asset purchase and contribution agreements (the “Contribution Agreements”) with Cindat Manhattan Hotel Portfolio (US) LLC (“Cindat”) to form a joint venture, Cindat Hersha Owner JV, LLC (the “Owner JV”), which initially invested in seven of our limited service hotels in Manhattan (the “JV Properties”). This transaction was consummated on April 29, 2016. The Contribution Agreements valued the JV Properties at $543,500 . Cindat contributed $354,550 and received a 70% senior common equity interest in Owner JV. We contributed the JV Properties to Owner JV and received $354,550 in cash and a preferred equity interest initially valued at $37,000 . In addition, we retained a 30% junior common equity interest in Owner JV. We contributed $12,239 and Cindat contributed an aggregate of $14,105 in working capital and closing costs for the formation of Owner JV, and finance costs related to debt originated on the JV Properties by Owner JV. In addition, we incurred additional closing costs associated with the contribution of the JV Properties to Owner JV of $10,653 . Prior to the contribution to Owner JV, our basis in the JV Properties was $264,658 . Our preferred equity and junior common equity interest in Owner JV was initially recorded at $104,248 which represents our retained interest in the JV Properties at our basis prior to contribution and additional contributions made for the formation of Owner JV. Please refer to “Note 3 –Investment in Unconsolidated Joint Ventures” more information about the joint venture with Cindat. NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) Due to our continuing interest in the JV Properties, gain recognized on the properties is limited to cash received less the basis of the properties contributed. As a result, we recognized a gain on the disposition of hotel properties of $89,892 and recorded a deferred gain of $81, 314 , which is recorded as a liability in the consolidated balance sheets. The deferred gain will be recognized as income in a future period if an event occurs that changes our retained interest in the JV Properties. Proceeds received from the contribution of the JV Properties were used to reduce our consolidated mortgage debt by $55,103 , our line of credit balance by $194,550 and our unsecured term loan balance by $39,480 . Any remaining proceeds are to be used for general corporate purposes, including, but not limited to, the acquisition of hotel properties, the repurchase of our common shares and future distributions to shareholders. Assets Held For Sale In July 2016, we entered into a purchase and sale agreement to sell the Residence Inn, Greenbelt, MD, Courtyard, Alexandria, VA, Hyatt House, Scottsdale, AZ, Hyatt House, Pleasant Hill, CA, and Hyatt House, Pleasanton, CA to an unaffiliated buyer for a sales price of $185,000 . The Residence Inn, Greenbelt, MD and Courtyard, Alexandria, VA were sold in January 2017 for a combined sale price of $62,000 . The purchase and sale agreement was amended, increasing the sales price by $7,500 . The remainder of the transaction is expected to close in the third quarter of 2017 with an adjusted purchase price of $130,500 , subject to customary closing conditions. We have classified the assets and mortgage indebtedness related to these hotels as held for sale as of December 31, 2016: December 31, 2016 Land $ 22,208 Buildings and Improvements 105,663 Furniture, Fixtures and Equipment 24,187 152,058 Less: Accumulated Depreciation & Amortization (53,585) Assets Held for Sale $ 98,473 Liabilities Related to Assets Held for Sale $ 51,428 We did not have any assets or liabilities related to assets held for sale as of December 31, 2015. NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) During the year ended December 31, 2015, we acquired the following wholly-owned hotel properties: Hotel Acquisition Date Land Buildings and Improvements Furniture Fixtures and Equipment Other Intangibles Loan Costs Total Purchase Price Assumption of Debt St. Gregory Hotel, Washington, DC 6/16/2015 23,764 33,005 3,240 45 978 61,032 28,902* TownePlace Suites, Sunnyvale, CA 8/25/2015 - 18,999 2,348 6,453 ** - 27,800 - Ritz-Carlton Georgetown, DC 12/29/2015 17,825 29,584 3,270 - - 50,679 - Total $ 41,589 $ 81,588 $ 8,858 $ 6,498 $ 978 $ 139,511 $ 28,902 *Includes a $3,050 premium as we determined that the stated rate of interest on the assumed mortgage debt was above market. **Acquired ground lease asset of $6,353 and intangible asset related to the franchise agreement of $100 with purchase of the property. Acquisition-related costs, 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, 2015, we incurred $1,119 in acquisition costs related to the above acquired assets and costs related to terminated transactions. Included in the consolidated statement of operations for the year ended December 31, 201 5 are total revenues of $ 7,150 and a total net income of $ 548 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 as presented in the table below : Year Ended December 31, 2015 Hotel Revenue Net Income St. Gregory Hotel, Washington, DC $ 5,257 $ 164 TownePlace Suites, Sunnyvale, CA 1,744 364 Ritz-Carlton Georgetown, DC 149 20 Total $ 7,150 $ 548 NOTE 2 – INVESTMENT IN HOTEL PROPERTIES (CONTINUED) Pro Forma Results (Unaudited) The following condensed pro forma financial data are presented as if all acquisitions completed since January 1, 201 6 and 201 5 had been completed on January 1, 2015 and 2014, respectively. 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, 2016 and 2015 at the beginning of the year presented, nor do they purport to represent the results of operations for future periods. Years Ended December 31, 2016 2015 Pro Forma Total Revenues $ 493,791 $ 551,584 Pro Forma Income from Continuing Operations 127,328 44,419 Loss from Discontinued Operations - - Pro Forma Net Income 127,328 44,419 Income Allocated to Noncontrolling Interest (4,764) (496) Preferred Distributions (17,380) (14,356) Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares (4,021) - Pro Forma Income Applicable to Common Shareholders $ 101,163 $ 29,567 Pro Forma Income Applicable to Common Shareholders per Common Share Basic $ 2.35 $ 0.62 Diluted $ 2.32 $ 0.61 Weighted Average Common Shares Outstanding Basic 42,957,199 47,786,811 Diluted 43,530,731 48,369,658 |
Investment In Unconsolidated Jo
Investment In Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2016 | |
Investment In Unconsolidated Joint Ventures [Abstract] | |
Investment In Unconsolidated Joint Ventures | NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES As of December 31, 201 6 and December 31, 201 5 our investment in unconsolidated joint ventures consisted of the following: Percent Preferred Joint Venture Hotel Properties Owned Return December 31, 2016 December 31, 2015 SB Partners, LLC Holiday Inn Express, South Boston, MA 50.0% N/A $ 913 $ 795 Hiren Boston, LLC Courtyard by Marriott, South Boston, MA 50.0% N/A 2,112 4,499 Mystic Partners, LLC Hilton and Marriott branded hotels in CT 8.8% -66.7% 8.5% non-cumulative 4,699 5,022 Cindat Hersha Owner JV, LLC Hilton and IHG branded hotels in NYC 30.0% * 3,717 - $ 11,441 $ 10,316 *See explanation below of the Cindat Hersha Owner JV, LLC (“Owner JV”) for more information on the preferred return provisions of this joint venture. Cindat Hersha Owner JV, LLC On April 29, 2016, we entered into two limited liability company agreements with Cindat, which formed Owner JV and Cindat Hersha Lessee JV, LLC (“Lessee JV”), for the purpose of owning and operating hotel properties initially consisting of the JV Properties. All hotel properties owned by Owner JV are leased to Lessee JV. Our interest in Owner JV is held by our operating partnership, HHLP, while our interest in Lessee JV is held by our wholly owned taxable REIT subsidiary (“TRS”), 44 New England Management Company (“44 New England”). As described in “Note 2 – Investment in Hotel Properties” the Contribution Agreements valued the JV Properties at $543,500. In accordance with the Contribution Agreements, Cindat contributed $354,550 in cash, in exchange for a 70.0% senior common equity interest in Owner JV. We contributed the JV Properties to Owner JV and received $354,550 in cash, a preferred equity interest initially valued at $37,000, and a 30.0% junior common equity interest in Owner JV. In addition, Cindat contributed $14,105 and we contributed $12,239 for working capital and closing costs for the formation of Owner JV and for finance costs related to debt originated on the JV Properties by Owner JV. Of the $12,239 in additional funds contributed by us, $6,045 was attributed to our junior common equity interest and $6,194 was attributed to our preferred equity interest. We also incurred $361 of costs related to our contribution which is included in our investment in unconsolidated joint ventures as outside basis and will be amortized over the life of the venture. Prior to the contribution to Owner JV, our basis in the JV Properties was $264,658. Our preferred equity and junior common equity interest in Owner JV was initially recorded at $104,248 which represents our retained interest in the JV Properties at our basis prior to contribution and additional contributions made for the formation of Owner JV. The difference between our interest in the fair value of the assets contributed to Owner JV and our basis prior to contribution is $96,941 , which will be amortized over the life of the underlying assets. At closing, mortgage debt of $285,000 and mezzanine debt of $50,000 (collectively, the “Cindat JV Financings)” was placed on the JV Properties. Owner JV distributed proceeds of $323,793 from the debt originated, of which $226,655 was distributed to Cindat and $97,138 was distributed to us, reducing our investment in Owner JV accordingly. Subject to the terms of the Cindat JV Financings, cash available for distribution will be distributed (1) to us until we receive a 9% annual rate of return on our $43,194 preferred equity interest, (2) then to Cindat until they receive a 10% return on their remaining $142,000 senior common equity interest and (3) then to us until we receive an 8% return on our $60,857 junior common equity interest. Any cash available for distribution remaining will be split 30% to us and 70% to Cindat. Cindat’s senior common equity return is reduced by 0.5% annually for 4 years following the closing until it is set at a rate of 8% for the remainder of the life of the joint venture. Pursuant to the terms of agreements governing the Cindat JV Financings, a lender determined that certain debt coverage ratio covenants contained therein were not met as of June 30, 2016. Pursuant to these agreements, the lender has elected to escrow the operating cash flow for the Owner JV. However, the failure to meet these covenants does not constitute an event of default under the Cindat JV Financings. NOTE 3 – INVESTMENT IN UNCONSOLIDATED JOINT VENTURES (CONTINUED) The Owner JV is under an Asset Management Agreement with us and Cindat whereby it is provided asset management services. Fees for these services are calculated as 1.0% of operating revenues, of which we are entitled to 30% which we recognize as income in other revenues on the consolidated statement of operations. Mystic Partners, LLC On January 3, 2017, we redeemed our joint venture interest in Mystic Partners, LLC by acquiring 100% ownership interest in the Mystic Marriott Hotel & Spa and transferring our minority ownership interests in the Hartford Marriott and Hartford Hilton to the joint venture partner. We received $8,500 as part of this redemption and transfer of minority interest. Prior to the 2017 transaction, t he 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. The Hartford Marriott, part of the Mystic Partners, LLC joint venture, 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 0.25% of operating revenues. Income/Loss Allocation For SB Partners, LLC and Hiren Boston, LLC, income or loss is allocated to us and our joint venture partners consistent with the allocation of cash distributions in accordance with the joint venture agreements. This results in an income allocation consistent with our percentage of ownership interests. For Mystic Partners, LLC and Owner JV, LLC, income or loss is allocated using Hypothetical Liquidation at Book Value (“HLBV method”) as the liquidation rights and priorities, as defined by each venture’s governing agreements, differ from the underlying percentage ownership interests in the ventures. The Company applies the HLBV method using a balance sheet approach. A calculation is prepared at each balance sheet date to determine the amount that we would receive if the venture entity were to liquidate all of its assets at carrying value and distribute that cash to the joint venture partners based on the contractually defined liquidation priorities. The difference between the calculated liquidation distribution amounts at the beginning and the end of the reporting period, after adjusting for capital contributions and distributions, is our share of the earnings or losses from the unconsolidated joint venture investment for the period. Any difference between the carrying amount of any of our investments noted above and the underlying equity in net assets is amortized over the expected useful lives of the properties and other intangible assets. Income recognized during the years ended December 3 1 , 201 6, 2015 and 201 4 , for our investments in unconsolidated joint ventures is as follows: Twelve Months Ended December 31, 2016 2015 2014 SB Partners, LLC $ 618 $ 582 $ 407 Hiren Boston, LLC 839 694 603 Mystic Partners, LLC (137) (311) (317) Cindat Hersha Owner JV, LLC (3,143) - - (Loss) Income from Unconsolidated Joint Venture Investments $ (1,823) $ 965 $ 693 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 disc ussed above as of December 31 , 201 6 and December 31 , 2015 and for the years ended December 31, 2016, 2015 and 2014 . Balance Sheets December 31, 2016 December 31, 2015 Assets Investment in Hotel Properties, Net $ 647,548 $ 105,354 Other Assets 45,576 15,558 Total Assets $ 693,124 $ 120,912 Liabilities and Equity Mortgages and Notes Payable $ 432,173 $ 113,532 Other Liabilities 36,275 30,575 Equity: Hersha Hospitality Trust 119,892 22,698 Joint Venture Partner(s) 104,784 (45,893) Total Equity 224,676 (23,195) Total Liabilities and Equity $ 693,124 $ 120,912 Statements of Operations Twelve Months Ended December 31, 2016 2015 2014 Room Revenue $ 118,645 $ 57,927 $ 59,135 Other Revenue 24,424 22,776 21,725 Operating Expenses (80,091) (55,178) (54,831) Lease Expense (1,143) (1,115) (1,063) Property Taxes and Insurance (9,512) (2,948) (2,934) General and Administrative (8,976) (5,609) (5,783) Depreciation and Amortization (13,286) (6,549) (6,376) Interest Expense (18,568) (6,677) (11,995) Acquisition Costs (1,468) - Other Income 2,466 - - Debt Extinguishment and Gain on Debt Forgiveness - - 3,016 (Loss) Gain allocated to Noncontrolling Interests (46) (341) 115 Net Income $ 12,445 $ 2,286 $ 1,009 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 Com pany’s balance sheets as of December 31, 201 6 and December 31, 201 5 . December 31, 2016 December 31, 2015 Our share of equity recorded on the joint ventures' financial statements $ 119,892 $ 22,698 Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures (1) (108,451) (12,382) Investment in Unconsolidated Joint Ventures $ 11,441 $ 10,316 (1) Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following: · cumulative impairment of our investment in joint ventures not reflected on the joint ventures' financial statements; · the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements; and · accumulated amortization of our equity in joint ventures that reflects the difference in our portion of the fair value of joint ventures' assets on the date of our investment when compared to the carrying value of the assets recorded on the joint ventures’ financial statements (this excess or deficit investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on our consolidated statement of operations). |
Other Assets And Deposits On Ho
Other Assets And Deposits On Hotel Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
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 co nsisted of the following at December 31 , 201 6 and December 31, 201 5 : December 31, 2016 December 31, 2015 Investment in Statutory Trusts 1,548 1,548 Prepaid Expenses 9,217 14,434 Deferred Tax Asset, Net of Valuation Allowance of $804 16,197 14,590 Other 12,408 9,386 $ 39,370 $ 39,958 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. Deferred Tax Asset - We have approximately $16,197 of net deferred tax assets as of December 31, 201 6 . 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 $16,197 o f net deferred tax assets in the future. Deposits on Hotel Acquisitions As of December 31, 2015 , we had $5,000 in interest bearing deposits related to the future acquisition of the Sanctuary Beach Resort , located in Marina , California . We completed the acquisition of this property on January 28, 2016 (See “Note 2 – Investment in Hotel Properties” for more information) . As of December 31, 201 6 , we had no deposits on hotel acquisitions . |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Debt | NOTE 5 – DEBT Mortgages Mortgages payable at December 31, 2016 and December 31, 2015 consisted of the following: December 31, 2016 December 31, 2015 Mortgage Indebtedness $ 338,529 $ 545,036 Net Unamortized Premium 2,313 3,503 Net Unamortized Deferred Financing Costs (3,021) (3,880) $ 337,821 $ 544,659 Liabilities Related to Hotel Assets Held for Sale $ 51,428 $ - Net Unamortized Deferred Financing Costs associated with entering into mortgage indebtedness are deferred and amortized over the life of the mortgages. Net Unamortized Premiums are also amortized over the remaining life of the loans. Mortgage indebtedness balances are subject to fixed and variable interest rates, which ranged from 2.97% to 6.30% as of December 31, 2016. Aggregate interest expense incurred under the mortgage loans payable totaled $20,916, $26,581 and $31,046 during the years ended December 31, 2016, 2015, and 2014 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 one of our hotel properties was not met as of December 31, 2016. Pursuant to this loan agreement, the lender has the option to escrow the operating cash flow. However, these covenants do not constitute an event of default for these loans. As of December 31, 201 6 , the maturity dates for the outstanding mortgage loans ranged from January 2017 to September 2025 . 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 face value of the notes payable is offset by $970 and $1,023 as of December 31, 2016 and 2015, respectively, in net deferred financing costs incurred as a result of entering into these indentures. The deferred financing costs are amortized over the life of the notes payable. The weighted average interest rate on our two junior subordinated notes payable during the years ended December 31, 201 6 , 201 5 and 201 4 was 3.75% , 3.33% and 3.28% , respectively. Interest expense in the amount of $1, 931 , $1,715 and $1,690 was recorded for the years ended December 31, 201 6 , 201 5 and 201 4 , respectively. Credit Facilities We maintain three unsecured credit agreements which aggregate $1,000,000 with Citigroup Global Markets Inc., Wells Fargo Bank, Inc. and various other lenders. The first credit agreement provides for a $500,000 senior unsecured credit facility (“Credit Facility”) consisting of a $250,000 senior unsecured revolving line of credit (“Line of Credit”), and a $250,000 senior unsecured term loan (“First Term Loan”). The 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. Our second credit agreement provides for a $300,000 senior unsecured term loan agreement (“Second Term Loan”) and expires on August 10, 2020 . On August 2, 2016, we entered into our third credit agreement which provides for a $200,000 senior unsecured term loan agreement (“Third Term Loan”) and expires on August 2, 2021 . NOTE 5 – DEBT (CONTINUED) The amount that we can borrow at any given time under our Line of Credit, and the First, Second and Third Term Loan (each a “Term Loan” and together the “Term Loans”) is governed by certain operating metrics of designated unencumbered hotel properties known as borrowing base assets. As of December 31, 2016, the following hotel properties were borrowing base assets: - Holiday Inn Express, Cambridge, MA - Hampton Inn, Washington, DC - Hyatt House White Plains, NY - Nu Hotel, Brooklyn, NY - Hyatt House Gaithersburg, MD - The Rittenhouse Hotel, Philadelphia, PA - Sheraton, Wilmington South, DE - The Boxer, Boston, MA - Sheraton Hotel, JFK Airport, New York, NY - Courtyard, San Diego, CA - Winter Haven, Miami, FL - Residence Inn, Coconut Grove, FL - Hampton Inn, Pearl Street, NY - Blue Moon, Miami, FL - Residence Inn, Greenbelt, MD - Parrot Key Resort, Key West, FL - Courtyard, Miami, FL - Courtyard, Brookline, MA - Residence Inn, Tyson's Corner, VA - TownePlace Suites, Sunnyvale, CA - Ritz Carlton, Washington, DC - Hilton Garden Inn, M Street, Washington, DC - Hampton Inn, Philadelphia, PA - Courtyard, Alexandria, VA - Hampton Inn, Seaport, NY - Holiday Inn Express, 29th Street, NY - Envoy Hotel, Boston, MA - Holiday Inn Express Chester, NY The interest rate for borrowings under the Line of Credit and Term Loans are based on a pricing grid with a range of one month U.S. LIBOR plus a spread. The following table summarizes the balances outstanding and interest rate spread for each borrowing: Outstanding Balance Borrowing Spread December 31, 2016 December 31, 2015 Line of Credit 1.70% to 2.45% $ - $ 27,000 First Term Loan 1.60% to 2.35% 210,520 250,000 Second Term Loan 1.50% to 2.25% 300,000 300,000 Third Term Loan 1.45% to 2.20% 156,100 - From December 2012 to November 5, 2016, we maintained an interest rate swap, with a $150,000 notional amount, which effectively fixes the interest rate on $150,000 of the First Term Loan at a blended rate of 2.914% . This interest rate swap agreement matured on November 5, 2016. On October 7, 2016 we entered into an interest rate swap associated with $150,000 of our $200,000 Third Term Loan. This swap effectively fixes the interest rate of the Third Term Loan at 3.211% and matures on October 3, 2019. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information regarding interest rate hedging strategies we employ. The balance of the Term Loans is offset by $3,120 and $2,220 in net deferred financing costs as of December 31, 2016 and December 31, 2015, respectively. These costs were incurred as a result of originating the term loan borrowings and are amortized over the life of these loans. The Credit Facility and the Term Loans include certain financial covenants and require that we maintain: (1) a minimum tangible net worth (calculated as total assets, plus accumulated depreciation, less total liabilities, intangibles and other defined adjustments) of $900,000 , plus an amount equal to 75% of the net cash proceeds of all issuances and primary sales of equity interests of the parent guarantor or any of its subsidiaries consummated following the closing date; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following: · a fixed charge coverage ratio of not less than 1.50 to 1.00, · a maximum leverage ratio of not more than 60%; and · a maximum secured debt leverage ratio of 45% NOTE 5 – DEBT (CONTINUED) The Company is in compliance with each of the covenants listed above as of December 31, 201 6 . As of December 31, 201 6 , our remaining borrowing capacity under the Credit Facility and Term Loans was approximately $99,822 based on the borrowing base assets at December 31, 201 6 . As of February 21, 2017, our borrowing capacity under the Credit Facility and Term Loans was approximately $197,998 as we added seven and removed two borrowing base assets subsequent to December 31, 2016. The Company recorded interest expense of $ 17,332 , $10,147 and $6,218 related to borrowings drawn on each of the aforementioned credit facilities, for the years ended December 31, 201 6 , 201 5 and 201 4 , respectively. The weighted average interest rate on our credit facilities was 2.82% , 2.69% and 2.82% for the years ended December 31, 201 6 , 201 5 and 201 4 , respectively. Aggregate annual principal payments for the Company’s credit facility , unsecured term loan and mortgages and subordinated notes payable for the five years following December 31, 201 7 and thereafter are as follows: Year Ending December 31, Amount 2017 $ 160,908 2018 27,237 2019 312,084 2020 301,694 2021 179,704 Thereafter 126,498 Net Unamortized Premium 2,313 $ 1,110,438 Capitalized Interest We utilize cash, mortgage debt and our unsecured 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, 201 6 , 201 5 and 201 4 , we capitalized $0 , $ 0 and $458 respectively, of interest expense related to these projects. Deferred Financing Costs As noted above, c osts associated w ith entering into mortgages, notes payable , unsecured term loan and our credit facilities are deferred and amortized over the life of the debt instruments. The deferred costs related to mortgages, term loans and unsecured notes payable are presented as reduction in the respective debt balances. Amortization of deferred costs for the years ended December 31, 201 6 , 201 5 and 201 4 was $2,632 , $2 ,650 and $2,768 respectively. New Debt/Refinance On November 30 , 2016, we repaid in full outstanding mortgage debt with an original principal balance of $6,700 secured by the Holiday Inn Express, Chester, NY. The loan was due to mature on March 1, 2017 , and we incurred approximately $94 in expense related to unamortized deferred financing costs and fees. On October 6 , 2016, we repaid in full outstanding mortgage debt with an original principal balance of $13,720 secured by the Hyatt House, Gaithersburg, MD . The loan was due to mature on January 6, 2017 , and we incurred approximately $5 in expense related to unamortized deferred financing costs and fees. On October 6 , 2016, we repaid in full outstanding mortgage debt with an original principal balance of $33,030 secured by the Hyatt House, White Plains, NY . The loan was due to mature on January 6, 2017 , and we incurred approximately $12 in expense related to unamortized deferred financing costs and fees. On September 5, 2016, we repaid outstanding mortgage debt with an original principal balance of $55,000 secured by the Holiday Inn Express 29th Street, NY. The loan was due to mature on November 5, 2016 , and we incurred approximately $42 in expense related to unamortized deferred financing costs and fees. We also recognized $133 of gain in unamortized original issue premiums related to the property. NOTE 5 – DEBT (CONTINUED) On August 2, 2016, we repaid in full outstanding mortgage debt with an original principal balance of $19,250 secured by the Hampton Inn Seaport, NY. The loan was due to mature on October 8, 2016, and we incurred approximately $67 in expense related to unamortized deferred financing costs and fees. On August 2, 2016, we repaid in full outstanding mortgage debt with an original principal balance of $25,000 secured by the Courtyard Alexandria, VA. The loan was due to mature on October 5, 2016, and we incurred approximately $9 in expense related to unamortized deferred financing costs and fees. As previously mentioned in “Note 3 – Investment in Unconsolidated Joint Ventures,” we repaid in full the two mortgages related to the Hampton Inn Herald Square, NY and Hampton Inn Chelsea, NY, two properties contributed to the joint venture with Cindat. The mortgage debt secured by Hampton Inn Herald Square had an original balance of $26,500 and was due to mature on May 1, 2016. The mortgage debt secured by Hampton Inn Chelsea had an original balance of $36,000 and was due to mature on October 1, 2016. In addition, due to our contribution of certain of the borrowing base properties to the Cindat joint venture we were required to pay down $39,480 of the First Term Loan. We incurred a total of $1,049 in expense related to the payment of fees to extinguish debt and related to unamortized deferred financing costs associated with the mortgage debt and term loan repayments. On February 29, 2016, we repaid in full outstanding mortgage debt with an original principal balance of $8,500 secured by the Hawthorn Suites, Franklin, MA. The loan was due to mature on May 1, 2016, and we incurred approximately $42 in expense related to unamortized deferred financing costs and fees. On October 27, 2015 , we refinanced the outstanding mortgage debt with an original balance of $30,000 secured by the Courtyard by Marriott, Los Angeles, California and simultaneously entered into a new mortgage obligation of $35,000 , incurring a loss on debt extinguishment of approximately $10 . The new mortgage debt bears interest at a variable rate of one month U.S. dollar LIBOR plus 3.00% and matures on September 29, 2017 . Also on October 27, 2015, we entered into an interest rate cap that matures on September 27, 2017 that effectively limits the interest at 3.00% per annum. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information on the interest rate cap. On August 10, 2015, we repaid in full outstanding mortgage debt with an original principal balance of $60,000 secured by the Courtyard by Marriott, Miami, FL. In connection with this transaction, we terminated the interest rate swap associated with the mortgage on this property. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information on this transaction. The loan was due to mature on July 1, 2016, and we incurred approximately $329 in expense in unamortized deferred financing costs and fees. On June 10, 2015, we refinanced the outstanding mortgage debt with an original principal balance of $55,000 secured by the Hyatt Union Square, New York, NY and simultaneously entered into a new mortgage obligation of $55,750 , incurring a loss on debt extinguishment of approximately $212 . The new mortgage debt bears interest at a variable rate of one month U.S dollar LIBOR plus 2.30% and matures on June 10, 2019 . Also on June 10, 2015, we entered into an interest rate cap that matures on June 10, 2016 that effectively limits the interest at 3.00% per annum. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information on the interest rate cap. On April 10, 2015, we refinanced the outstanding mortgage debt with an original principal balance of $38,913 secured by the Courtyard by Marriott, Brookline, MA. The loan was due to mature in July 2015 , and we incurred approximately $10 in expense in unamortized deferred financing costs and fees. On January 30, 2015, we repaid in full outstanding mortgage debt with an original principal balance of $27,500 secured by the Capitol Hill Hotel, Washington, DC and simultaneously entered into a new mortgage obligation of $25,000 . The new mortgage debt bears interest at a variable rate of one month U.S. dollar LIBOR plus 2.25% and matures on January 30, 2018 . The loan was due to mature in January 2015, and we incurred no loss on debt extinguishment in paying off the loan. We had previously entered into an interest rate swap with respect to the $27,500 mortgage loan that matured on February 1, 2015. In connection with this transaction, we did not enter into a new derivative instrument to fix or cap the rate of interest payable on the $25,000 mortgage loan. See “Note 7 – Fair Value Measurements and Derivative Instruments” for more information on this transaction. NOTE 5 – DEBT (CONTINUED) 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 . 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 February 28, 2014 , we refinanced our previous $400,000 unsecured credit facility with a $500,000 unsecured credit facility with Citigroup Global Markets Inc. and various other lenders. As a result of this refinance, we expensed $579 in unamortized deferred financing costs and fees, which are included in the Loss on Debt Extinguishment caption of the consolidated statements of operations for the 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. |
Commitments And Contingencies A
Commitments And Contingencies And Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
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 and our joint venture partnerships , engage eligible independent contractors in accordance with the requirements for qualification as a REIT under the Code , including HHMLP, as the property managers for hotels leased 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, 201 6 , 201 5 and 201 4 , base management fees incurred totaled $ 13,048 , $13,675 and $12,263 respectively , and are recorded as Hotel Operating Expenses. For the years ended December 31, 201 6 , 201 5 and 201 4 , we did no t 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, 201 6 , 201 5 and 201 4 were $24,477 , $27,998 and $26,015 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, 201 6 , 201 5 and 201 4 , the Company incurred accounting fees of $1, 423 , $1,484 and $1,410 respectively. For the years ended December 31, 201 6 , 201 5 and 201 4 , the Company incurred information technology fees of $ 458 , $441 and $416 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, 201 6 , 201 5 and 201 4 , we incurred fees of $1,255 , $996 and $742 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, 201 6 , 201 5 and 201 4 , we incurred charges for hotel supplies of $ 144 , $ 189 and $163 respectively. For the years ended December 31, 201 6 , 201 5 and 201 4 , we incurred charges for capital expenditure purchases of $2,166 , $4,542 and $10,610 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. Approximatel y $ 1 is included in accounts payable at both December 31, 201 6 and December 31, 201 5. Due From Related Parties The due from related parties balance as of December 31, 201 6 and December 31, 201 5 was approximately $18,332 and $6,243 , respectively. The balances primarily consisted of working capital deposits made to HHMLP and other entities owned, in part, by certain executives and trustees of the Company . Due to Related Parties The balance due to related parties as of December 31, 201 6 and December 31, 201 5 was approximately $0 and $8,789 , 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, 201 6 , 201 5 and 201 4 we incurred $ 3,600 , $3,137 and $2,433 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 2017 $ 2,706 2018 2,714 2019 2,719 2020 2,744 2021 2,782 Thereafter 246,578 $ 260,243 Contingent Consideration The purchase agreement for the acquisition of the Parrot Key Resort in Key West, FL, which we acquired in the second quarter of 2014, contained a provision that entitled 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 the twelve months after acquisition, it was determined that the hotel achieved a net operating income within the agreed upon threshold and the liability of the contingent consideration was determined to be $2,000 ; and thus was paid to the seller in June 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 Der
Fair Value Measurements And Derivative Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016, 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, 2016 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 Asset / (Liability) Balance Hedged Debt Type Strike Rate Index Effective Date Derivative Contract Maturity Date Notional Amount December 31, 2016 December 31, 2015 Term Loan Instruments: First Term Loan Swap 0.545% 1-Month LIBOR + 2.35% November 5, 2012 November 5, 2016 100,000 - 84 Second Term Loan Swap 0.600% 1-Month LIBOR + 2.35% December 18, 2012 November 5, 2016 50,000 - 18 Third Term Loan *** Swap 1.011% 1-Month LIBOR + 2.20% November 3, 2016 October 3, 2019 150,000 1,773 - Mortgages: Duane Street Hotel, New York, NY Swap 0.933% 1-Month LIBOR + 4.50% February 1, 2014 February 1, 2017 8,973 (1) (21) Hilton Garden Inn 52nd Street, New York, NY Swap 1.152% 1-Month LIBOR + 2.90% June 1, 2015 February 21, 2017 44,325 (26) (215) Courtyard, LA Westside, Culver City, CA ** Cap 3.000% 1-Month LIBOR + 3.00% October 27, 2015 September 29, 2017 35,000 8 19 Hyatt, Union Square, New York, NY * Cap 3.000% 1-Month LIBOR + 2.30% June 10, 2015 June 10, 2019 55,750 54 136 $ 1,808 $ 21 * On June 10, 2015, we refinanced the debt associated with Hyatt Union Square. As a result, we entered into an interest rate cap with a strike rate of 3.000%. The original interest rate cap matured on April 9, 2016. See “Note 5 – Debt” for more information regarding this refinance. ** On October 27, 2015, we refinanced the debt associated with Courtyard, LA Westside. As a result, we entered into an interest rate cap with a strike rate of 3.000%. The original interest rate swap matured on September 29, 2015. See “Note 5 – Debt” for more information regarding this refinance. *** On October 7, 2016, we entered into an interest rate swap associated with $150,000 of our $200,000 Third Term Loan. This swap effectively fixes the interest rate of the Third Term Loan at 3.211%. This swap matures on October 3, 2019. NOTE 7 – FAIR VALUE MEASUREMENTS AND DERIVATIVE INSTRUMENTS (CONTINUED) The fair value of certain swaps and our interest rate caps is included in other assets at December 31, 2016 and December 31, 2015 and the fair value of certain of our interest rate swaps is included in accounts payable, accrued expenses and other liabilities at December 31, 2016 and December 31, 2015. The net change in fair value of derivative instruments designated as cash flow hedges was a gain of $1,839 , a loss of $108 , and a gain of $18 for the years ended December 31, 2016, 2015 and 2014, 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 $610 of net unrealized gains/losses from accumulated other comprehensive income as an increase to interest expense during 2016. During 2017, the Company estimates that an additional $161 will be reclassified as an increase to interest expense. Fair Value of Debt The Company estimates the fair value of its fixed rate debt and the credit spreads over variable market rates on its variable rate debt by discounting the future cash flows of each instrument at estimated market rates or credit spreads consistent with the maturity of the debt obligation with similar credit policies. Credit spreads take into consideration general market conditions and maturity. The inputs utilized in estimating the fair value of debt are classified in Level 2 of the fair value hierarchy. As of December 31, 2016, the carrying value and estimated fair value of the Company’s debt were $1,103,327 and $1,098,248 , respectively. As of December 31, 2015, the carrying value and estimated fair value of the Company’s debt were $1,169,964 and $1,170,901 , respectively. |
Share Based Payments
Share Based Payments | 12 Months Ended |
Dec. 31, 2016 | |
Share Based Payments [Abstract] | |
Share Based Payments | NOTE 8 – SHARE BASED PAYMENTS In May 2011, the Company established and our shareholders approved the Amended and Restated Hersha Hospitality Trust 2012 Equity Incentive Plan (the “2012 Plan”) for the purpose of attracting and retaining executive officers, employees, trustees and other persons and entities that provide services to the Company. Executives & Employees Annual Long Term Equity Incentive Programs To further align the interests of the Company’s executives with those of shareholders, the Compensation Committee grants annual long term equity incentive awards that are both “performance based” and “time based.” On March 17, 2016, the Compensation Committee approved the 2016 Annual Long Term Equity Incentive Program (“2016 Annual EIP”) for the executive officers, pursuant to which the executive officers are eligible to earn equity awards in the form of stock awards, LTIP Units, or performance share awards issuable pursuant to the 2012 Plan. These awards are earned under the 2016 Annual EIP based on achieving a threshold, target or maximum level of performance in the performance of RevPAR growth in certain defined areas. The Company accounts for these grants as performance awards for which the Company assesses the probability of achievement of the performance conditions at the end of each period. As of December 31, 2016 , no shares or LT IP Units have been issued in accordance with the 2012 Plan to the executive officers in settlement of 2016 Annual EIP awards. The following table is a summary of all unvested LTIP Units issued to executives: Units Vested Unearned Compensation Issuance Date LTIP Units Issued Vesting Period Vesting Schedule December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 March 30, 2016 (2015 Annual EIP) 183,396 3 years 25%/year (1) 91,696 - $ 868 $ - March 30, 2015 (2014 Annual EIP) 128,832 3 years 25%/year (1) 96,623 64,415 225 758 December 23, 2014 (2013 Annual EIP) (3) 83,993 3 years 25%/year (1) 83,993 55,994 - 173 December 23, 2014 (3) 258,899 5 years 33% Year 3, 4, 5 (2) 172,599 86,299 457 1,553 655,120 444,911 206,708 $ 1,550 $ 2,484 (1) 25% of the issued shares or LTIP Units vested immediately upon issuance. In general, the remaining shares or LTIP Units vest 25% on the first through third anniversaries of the end of the performance period (subject to continuous employment through the applicable vesting date). (2) On April 18, 2012, the Company entered into amended and restated employment agreements with the 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 258,899 restricted common shares to the executives pursuant to the 2012 Plan, which were subsequently forfeited and replaced with LTIP Units. One-third of each award of LTIP Units vested or will vest on each of the third, fourth and fifth anniversaries of the original 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 employment agreements). (3) 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 487,081 LTIP Units to certain executive officers. These executive officers forfeited an aggregate of 487,081 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. These LTIP Units are subject to the same time-based vesting conditions that applied to the forfeited restricted stock awards. NOTE 8 – SHARE BASED PAYMENTS (CONTINUED) Stock based compensation expense related to the Annual Long Term Equity Incentive Prog ram of $4,800 , $4,490 and $4,083 was incurred during the years ended December 31, 201 6 , 201 5 and 201 4 , respectively. Unearned compens ation related to the Annual Long Term Equity Incentive Program as of December 31, 201 6 and December 31, 201 5 was $1,550 and $2,484 , respectively. Unearned compensation related to the grants and amortization of LTIP Units is included in Noncontrolling Interests on the Company’s Consolidated Balance Sheets and Consolidated Statements of Equity. Multi-Year Long Term Equity Incentive Programs On March 17, 2016, the Compensation Committee approved the 2016 Multi-Year Long Term Equity Incentive Program (“2016 Multi-Year EIP”). This program has a three-year performance period which commenced on January 1, 2016 and ends December 31, 2018. As of December 31, 2016 , no shares or LTIP Units have been issued to the executive officers in settlement of 2016 Multi-Year EIP awards. The following table is a summary of the approved Multi-Year Long Term Equity Incentive Programs: Units Vested Unearned Compensation Compensation Committee Approval Date LTIP Units Issued LTIP Issuance Date Performance Period December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 March 17, 2016 (2016 Multi-Year EIP) - N/A 1/1/2016 to 12/31/2018 - - $ 888 $ - March 18, 2015 (2015 Multi-Year EIP) - N/A 1/1/2015 to 12/31/2017 - - 397 596 April 11, 2014 (2014 Multi-Year EIP) - N/A 1/1/2014 to 12/31/2016 - - 283 567 April 15, 2013 (2013 Multi-Year EIP) 110,849 3/30/2016 1/1/2013 to 12/31/2015 110,849 - - 385 110,849 110,849 - $ 1,568 $ 1,548 The shares or LTIP Units issuable under the Multi-Year Long Term Incentive Programs, including the 2016 Multi-Year EIP, 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 (RevPar) compared to the Company’s peer group ( 25% of the award). 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 for which the Company assesses the probable achievement of the performance conditions at the end of the reporting period. Stock based compensation expense of $ 1,869 , $ 818 and $ 598 was recorded for the years ended December 31, 201 6 , 201 5 and 201 4 , respe ctively, for the Multi-Year Long Term Equity Incentive Programs . Unearned compensation related to the multi-year program as of December 31, 201 6 and December 31, 201 5 , respectively, was $ 1,568 and $1, 548 . NOTE 8 – SHARE BASED PAYMENTS (CONTINUED) Restricted Share Awards In addition to share based compensation expense related to awards to executives under the Multi-Year and Annual Long Term Equity Incentive Programs, share based compensation expense related to restricted common shares issued to employees of the Company of $541 , $455 and $399 was incurred during the years ended December 31, 2016, 2015 and 2014 respectively. Unearned compensation related to the restricted share awards as of December 31, 2016 and December 31, 2015 was $505 and $491 , respectively. The following table is a summary of all unvested share awards issued to employees under the 2012 Plan and prior equity incentive plans: Shares Vested Unearned Compensation Original Year of Issuance Date Original Shares Issued Range of Share Price on Date of Grant* Vesting Period Vesting Schedule December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 2016 30,070 $ 18.02- 21.11 2 years 50% /year 497 - $ 348 $ - 2015 23,492 21.76- 28.09 2- 4 years 25- 50% /year 13,733 600 157 419 2014 11,455 26.00- 27.00 2 years 50% /year 11,455 6,619 - 54 2013 11,899 22.56 2 - 4 years 25 - 50% /year 11,899 11,199 - 7 2012 13,646 21.12 2 - 4 years 25 - 50% /year 13,646 12,445 - 11 Total 90,562 51,230 30,863 $ 505 $ 491 *Original share price on date of grants prior to June 22, 2015 were multiplied by four to account for the reverse share split which occurred on June 22, 2015. See “Note 1 – Basis of Presentation” for more information. 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, 2016, we issued 4,395 shares which do not fully vest until December 31, 2017. Compensation expense incurred for the years ended December 31, 201 6 , 201 5 and 201 4 , respectively, was $ 112 , $ 93 and $ 220 . 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 December 31, 2016 December 31, 2015 December 30, 2016 4,395 $ 21.50 12 months 100% $ 94 $ - March 30, 2016 5,289 21.11 9 months 100% - - Total 9,684 $ 94 $ - 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, 201 6 , 201 5 and 201 4 , respectively, was $ 61 , $ 59 and $ 71 . Unearned compensation related to the multi-year long term equity incentives was $ 167 and $ 67 as of December 31, 201 6 and December 31, 201 5 , respectively. NOTE 8 – SHARE BASED PAYMENTS (CONTINUED) The following table is a summary of all unvested share awards issued to trustees u nder the 2012 Plan and prior equity incentive plans: Shares Vested Unearned Compensation Original Issuance Date Shares Issued Vesting Period Vesting Schedule December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 December 30, 2016 5,000 3 years 33% /year - - $ 108 $ - March 30, 2016 2,500 3 years 33% /year 835 - 35 - December 30, 2014 2,500 3 years 33% /year 1,670 835 24 48 December 27, 2013 3,000 3 years 33% /year 3,000 2,170 - 19 5,505 3,005 $ 167 $ 67 Share Awards Compensation expense related to share awards issued to the Board of Trust ees of $535 , $434 and $457 w as incurred during the years ended December 31, 201 6 , 201 5 and 201 4 , 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 6, 2016, an aggregate of 17,795 shares were issued to the Board of Trustees at a price per share on the date of grant of $17.96 . On December 30, 2016, an aggregate of 10,000 shares were issued to the Board of Trustees at a price per share on the date of grant of $21.50 . Non-employees The Company issues share based awards as compensation to non-employees for services provided to the Company consisting primarily of restricted common shares. The Company recorded stock based compensation expe nse of $ 130 , $ 174 an d $200 for the years ended December 31, 201 6 , 201 5 and 201 4 , respectively. Unearned compensation related to the restricted share awards as of December 31, 201 6 and December 31, 201 5 w as $ 79 and $ 90 , respectiv ely. The following table is a summary of all unvested share awards issued to non-employees under the Company’s 2012 Plan: Shares Vested Unearned Compensation Original Issuance Date Shares Issued Share Price on Date of Grant* Vesting Period Vesting Schedule December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 March 30, 2016 7,500 $ 21.11 2 years 50% /year 3,750 - $ 79 $ - March 27, 2015 7,238 $ 25.88 2 years 50% /year 7,238 3,762 - 90 Total 14,738 10,988 3,762 $ 79 $ 90 *Original share price on date of grant prior to June 22, 2015 was multiplied by four to account for the reverse share split which occurred on June 22, 2015. See “Note 1 – Basis of Presentation” for more information. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 2015 2014 NUMERATOR: Basic and Diluted* Net Income from Continuing Operations $ 121,457 $ 42,207 $ 69,936 Income allocated to Noncontrolling Interests (4,477) (411) (1,069) Distributions to Preferred Shareholders (17,380) (14,356) (14,356) Dividends Paid on Unvested Restricted Shares and LTIP Units (503) (453) (515) Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares (4,021) - - Net Income from Continuing Operations attributable to Common Shareholders $ 95,076 $ 26,987 $ 53,996 Discontinued Operations Loss from Discontinued Operations - - (1,665) Loss from Discontinued Operations allocated to Noncontrolling Interests - - 53 Loss from Discontinued Operations attributable to Common Shareholders - - (1,612) Net Income attributable to Common Shareholders $ 95,076 $ 26,987 $ 52,384 DENOMINATOR: Weighted average number of common shares - basic 42,957,199 47,786,811 49,777,302 Effect of dilutive securities: Restricted Stock Awards and LTIP Units (unvested) 278,588 303,949 347,829 Contingently Issued Shares 294,944 278,898 182,375 Weighted average number of common shares - diluted 43,530,731 48,369,658 50,307,506 * Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and Common Units and Vested LTIP Units have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) applicable to common shareholders. |
Cash Flow Disclosures And Non C
Cash Flow Disclosures And Non Cash Investing And Financing Activities | 12 Months Ended |
Dec. 31, 2016 | |
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 2016, 2015 and 201 4 totaled $42,449 , $40,240 and $40,760 respectively . Cash paid for income taxes during 2016, 2015 and 2014 were $772 , $0 and $0 , respectively. The following non-cash investing and financing acti vities occurred during 2016, 201 5 and 2014 : 2016 2015 2014 Common Shares issued as part of the Dividend Reinvestment Plan $ 63 $ 50 $ 50 Acquisition of hotel properties: Debt assumed, including premium 55,350 28,902 24,924 Deposit paid in prior period towards acquisition which closed in current period 5,000 - - Deferred Tax Liability 3,281 - - Settlement of development loan receivable principal and accrued interest revenue receivable - - 22,494 Disposition of hotel properties: Debt assumed by purchaser - - 45,710 Conversion of Common Units to Common Shares - 132 - Issuance of Common Units 4,430 - - Accrued payables for fixed assets placed into service 1,689 992 1,312 Contribution of fixed assets to joint venture 264,658 - - |
Shareholders' Equity And Noncon
Shareholders' Equity And Noncontrolling Interests In Partnership | 12 Months Ended |
Dec. 31, 2016 | |
Shareholders' Equity And Noncontrolling Interests In Partnership [Abstract] | |
Shareholders' Equity And Noncontrolling Interests In Partnership | NOTE 11 – 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, 201 6 , 201 5 and 201 4 was 1,928,386 , 1,7 03,386 and 1,7 12,353 , 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 201 6 , 201 5 and 201 4 , 0 , 8,965 and 4,725 Common Units were converted to common shares, respectively. In addition, as noted in “Note 8 – Share Based Payments,” during 201 6 , the Company issued 294,245 LTIP Units. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 1 2 – INCOME TAXES The Company elected to be taxed as a REIT under Sections 856 through 860 of the 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 , determined without regard to the deduction for dividends paid and excluding net capital gain, 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 TRSs is subject to federal, state and local income taxes. As a TRS, 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 statutory federal income tax rate to pretax income from continuing operations as a result of the following differences: For the year ended December 31, 2016 2015 2014 Statutory federal income tax provision $ 39,633 $ 13,282 $ 22,865 Adjustment for nontaxable income for Hersha Hospitality Trust (44,078) (15,853) (25,274) State income taxes, net of federal income tax effect (725) (581) (367) Recognition of deferred tax assets 282 11 91 Total income tax benefit $ (4,888) $ (3,141) $ (2,685) The components of the Company’s income tax expense (benefit) from continuing operations for the years ended December 31, 201 6 , 201 5 and 201 4 were as follows: For the year ended December 31, 2016 2015 2014 Income tax expense (benefit): Current: Federal $ - $ - $ - State - - - Deferred: Federal $ (3,790) (2,261) (2,130) State (1,098) (880) (555) Total (4,888) $ (3,141) $ (2,685) Income tax expense (benefit): From continuing operations $ (4,888) (3,141) (2,685) From discontinued operations - - 2 Total (4,888) $ (3,141) $ (2,683) NOTE 12 – INCOME TAXES (CONTINUED) The components of consolidated TRS’s net deferred tax asset as of December 31, 201 6 and 201 5 were as follows: As of December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 18,448 $ 14,168 Accrued expenses and other 1,494 1,292 Tax credit carryforwards 567 558 Total gross deferred tax assets 20,509 16,018 Valuation allowance (804) (804) Total net deferred tax assets $ 19,705 $ 15,214 Deferred tax liabilities: Depreciation and amortization 3,508 624 Total Net deferred tax assets $ 16,197 $ 14,590 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, 201 6 , we have gross federal net operating loss carryforwards of $ 46,125 which expire over various periods from 2023 through 203 6 . As of December 31, 201 6 , we have gross state net operating loss carryforwards of $ 54,281 which expire over various periods from 201 6 to 203 6 . The Company has tax credits of $ 567 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, 201 6 , 201 5 and 201 4 . 2016 2015 2014 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% 100.00% Return of Capital 0.00% 0.00% 0.00% Capital Gain Distribution 0.00% 0.00% 0.00% Preferred Shares - 6.5% Series D Ordinary income 100.00% N/A N/A Return of Capital 0.00% N/A N/A Capital Gain Distribution 0.00% N/A N/A Common Shares - Class A Ordinary income 100.00% 79.49% 76.34% Return of Capital 0.00% 20.51% 23.66% Capital Gain Distribution 0.00% 0.00% 0.00% There were no Preferred Shares Series E dividends paid during 2016. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data | NOTE 1 3 – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 106,916 $ 223,077 $ 120,702 $ 132,135 Total Expenses 115,121 112,709 110,223 126,385 (Loss) Income from Unconsolidated Joint Ventures (214) 1,521 (3,717) 587 (Loss) Income from Continuing Operations (8,419) 111,889 6,762 6,337 Income Tax Benefit - 3,070 1,443 375 Net (Loss) Income (8,419) 114,959 8,205 6,712 (Loss) Income Allocated to Noncontrolling Interests in Continuing Operations (687) 4,748 211 205 Issuance Costs of Redeemed Preferred Stock - 4,021 - - Preferred Distributions 3,589 4,000 4,417 5,374 Net (Loss) Income applicable to Common Shareholders $ (11,321) $ 102,190 $ 3,577 $ 1,133 Earnings per share: Basic Net (Loss) Income applicable to Common Shareholders $ (0.26) $ 2.35 $ 0.08 $ 0.04 Diluted Net (Loss) Income applicable to Common Shareholders $ (0.26) $ 2.33 $ 0.08 $ 0.03 Weighted Average Common Shares Outstanding Basic 44,379,327 43,427,726 42,309,044 41,733,272 Diluted 44,379,327 43,863,577 42,745,864 42,307,583 Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 95,760 $ 127,081 $ 124,560 $ 123,177 Total Expenses 99,875 108,090 111,396 113,116 (Loss) Income from Unconsolidated Joint Ventures (274) 526 608 105 (Loss) Income from Continuing Operations (4,389) 19,517 13,772 10,166 Income Tax Benefit - 109 631 2,401 Net (Loss) Income (4,389) 19,626 14,403 12,567 (Loss) Income Allocated to Noncontrolling Interests in Continuing Operations (443) 405 244 205 Preferred Distributions 3,589 3,589 3,589 3,589 Net (Loss) Income applicable to Common Shareholders $ (7,535) $ 15,632 $ 10,570 $ 8,773 Basic and diluted earnings per share: Net (Loss) Income applicable to Common Shareholders $ (0.16) $ 0.32 $ 0.22 $ 0.19 Weighted Average Common Shares Outstanding Basic 49,582,790 48,530,716 47,417,452 45,663,416 Diluted 49,582,790 49,043,914 47,909,549 46,211,104 |
Schedule III - Real Estate And
Schedule III - Real Estate And Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
Schedule III - Real Estate And Accumulated Depreciation [Abstract] | |
Schedule III - Real Estate And Accumulated Depreciation | Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried 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 Courtyard, Brookline, MA - 47,414 - 4,754 - 52,168 52,168 (15,567) 36,601 06/16/05 Residence Inn, Tyson's Corner, VA 4,283 14,475 - 1,962 4,283 16,437 20,720 (5,315) 15,405 02/02/06 Hilton Garden Inn, JFK Airport, NY (19,034) - 25,018 - 2,892 - 27,910 27,910 (8,659) 19,251 02/16/06 Holiday Inn Exp, Cambridge, MA 1,956 9,793 - 2,461 1,956 12,254 14,210 (4,467) 9,743 05/03/06 Hyatt House, Gaithersburg, MD 2,912 16,001 - 4,165 2,912 20,166 23,078 (6,475) 16,603 12/28/06 Hyatt House, White Plains, NY 8,823 30,273 - 2,807 8,823 33,080 41,903 (9,761) 32,142 12/28/06 Holiday Inn Exp & Suites, Chester, NY 1,500 6,671 - 322 1,500 6,993 8,493 (1,807) 6,686 01/25/07 Hampton Inn, Seaport, NY 7,816 19,040 - 1,355 7,816 20,395 28,211 (5,271) 22,940 02/01/07 Sheraton Hotel, JFK Airport, NY - 27,315 - 2,313 - 29,628 29,628 (6,807) 22,821 06/13/08 Hampton Inn, Philadelphia, PA 3,490 24,382 - 5,972 3,490 30,354 33,844 (12,839) 21,005 02/15/06 Duane Street, Tribeca, NY (8,973) 8,213 12,869 - 1,940 8,213 14,809 23,022 (3,887) 19,135 01/04/08 NU Hotel, Brooklyn, NY - 22,042 - 1,650 - 23,692 23,692 (5,496) 18,196 01/14/08 Hilton Garden Inn, Tribeca, NY (46,500) 21,077 42,955 - 935 21,077 43,890 64,967 (8,614) 56,353 05/01/09 Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried 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, Washington, DC 9,335 58,048 - 1,256 9,335 59,304 68,639 (9,906) 58,733 09/01/10 Sheraton, Wilmington South, DE 1,765 16,929 - 1,400 1,765 18,329 20,094 (4,880) 15,214 12/21/10 Capitol Hill Suites Washington, DC (25,000) 8,095 35,141 - 4,261 8,095 39,402 47,497 (7,218) 40,279 04/15/11 Courtyard, LA Westside, CA (35,000) 13,489 27,025 - 4,834 13,489 31,859 45,348 (5,830) 39,518 05/19/11 Hampton Inn, Pearl Street, NY 11,384 23,432 - 580 11,384 24,012 35,396 (1,637) 33,759 07/22/11 Courtyard, Miami, FL 35,699 55,805 - 23,119 35,699 78,924 114,623 (9,483) 105,140 11/16/11 The Rittenhouse Hotel, PA 7,108 29,556 - 16,428 7,108 45,984 53,092 (10,501) 42,591 03/01/12 Bulfinch, Boston, MA 1,456 14,954 - 1,511 1,456 16,465 17,921 (2,510) 15,411 05/07/12 Holiday Inn Express, Manhattan, NY 30,329 57,016 - 905 30,329 57,921 88,250 (6,887) 81,363 06/18/12 Hyatt, Union Square, NY (55,750) 32,940 79,300 - 2,253 32,940 81,553 114,493 (7,769) 106,724 04/09/13 Courtyard, San Diego, CA 15,656 51,674 - 1,786 15,656 53,460 69,116 (5,048) 64,068 05/30/13 Residence Inn, Coconut Grove, FL 4,146 17,456 - 7,140 4,146 24,596 28,742 (3,761) 24,981 06/12/13 Hotel Milo, Santa Barbara, CA (23,701) - 55,080 - 2,795 - 57,875 57,875 (4,408) 53,467 02/28/14 Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried 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 Hilton Garden Inn, Midtown East, NY (44,325) 45,480 60,762 - 180 45,480 60,942 106,422 (3,982) 102,440 05/27/14 Parrot Key Hotel, Key West, FL 57,889 33,959 - 560 57,889 34,519 92,408 (2,369) 90,039 05/07/14 Winter Haven Hotel, Miami Beach, FL 5,400 18,147 - 611 5,400 18,758 24,158 (1,512) 22,646 12/20/13 Blue Moon Hotel, Miami Beach, FL 4,874 20,354 - 806 4,874 21,160 26,034 (1,694) 24,340 12/20/13 St. Gregory Hotel, Washington D.C. (24,946) 23,764 33,005 - 2,889 23,764 35,894 59,658 (1,421) 58,237 06/16/15 TownePlace Suites, Sunnyvale, CA - 18,999 - 327 - 19,326 19,326 (647) 18,679 08/25/15 Ritz Carlton Georgetown, Washington D.C. 17,825 29,584 - 260 17,825 29,844 47,669 (746) 46,923 12/29/15 Sanctuary Beach Resort, Marina, CA (14,700) 20,278 17,319 - 430 20,278 17,749 38,027 (409) 37,618 01/28/16 Hilton Garden Inn M Street, Washington D.C. 30,793 67,420 - 16 30,793 67,436 98,229 (1,341) 96,888 03/09/16 Envoy Hotel, Boston, MA 25,264 75,979 - - 25,264 75,979 101,243 (849) 100,394 07/21/16 Courtyard, Sunnyvale, CA (40,600) 17,694 53,272 - - 17,694 53,272 70,966 (266) 70,700 10/20/16 The Ambrose, Santa Monica, CA 18,750 26,839 - 89 18,750 26,928 45,678 (56) 45,622 12/01/16 Total Investment in Real Estate $ ($338,529) $499,483 $1,275,303 $ $0 $107,964 $499,483 $1,383,267 $1,882,750 $ ($190,095) $1,692,655 Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried 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, Greenbelt, MD 2,615 14,815 - 2,290 2,615 17,105 19,720 (6,131) 13,589 07/16/04 Hyatt House, Pleasant Hill, CA (20,160) 6,216 17,229 - 3,025 6,216 20,254 26,470 (5,611) 20,859 12/28/06 Hyatt House, Pleasanton, CA (14,490) 3,941 12,560 - 3,530 3,941 16,090 20,031 (5,138) 14,893 12/28/06 Hyatt House, Scottsdale, AZ (16,778) 3,060 19,968 - 3,535 3,060 23,503 26,563 (7,200) 19,363 12/28/06 Courtyard, Alexandria, VA 6,376 26,089 - 2,622 6,376 28,711 35,087 (8,337) 26,750 09/29/06 Total Assets Held For Sale $ (51,428) 22,208 90,661 $ - 15,002 22,208 105,663 127,871 $ (32,417) 95,454 Total Real Estate $ (389,957) 521,691 1,365,964 $ - 122,966 521,691 1,488,930 2,010,621 $ (222,512) 1,788,109 * 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, 2016, 2015 and 2014 is approximate ly $1,926,585 , $1,848,773 and $1,836,861 , 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 2016 2015 2014 Reconciliation of Real Estate Balance at beginning of year $ 1,999,438 $ 1,864,382 $ 1,629,312 Additions during the year 372,011 135,056 333,889 Dispositions/Deconsolidation of consolidated joint venture during the year (360,828) - (98,819) Total Real Estate $ 2,010,621 $ 1,999,438 $ 1,864,382 Reconciliation of Accumulated Depreciation Balance at beginning of year $ 237,129 $ 189,889 $ 162,189 Depreciation for year 46,078 47,240 43,218 Accumulated depreciation on assets sold (60,695) - (15,518) Balance at the end of year $ 222,512 $ 237,129 $ 189,889 |
Organization And Summary Of S24
Organization And Summary Of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 6.875% Series C Cumulative Redeemable P referred S hares of B eneficial I nterest trade on the NY SE under the ticker symbol “HT PR C”, its 6.500% Series D Cumulative Redeemable P referred S hares of Be neficial I nterest trade on the NYSE under the ticker symbol “HT PR D”, and it’s 6.500% Series E Cumulative Redeemable P referred S hares of Beneficial I nterest trade on the NYSE under the ticker symbol “HT PR E.” As of December 31, 2016, the Company, through the Partnership and subsidiary partnerships, wholly owned 43 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, 2016, the Company owned joint venture interests in another twelve 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 66.7% Marriott Mystic, CT Mystic Partners Leaseco, LLC 8.8% Hilton Hartford, CT Mystic Partners Leaseco, LLC 15.0% Marriott Hartford, CT Mystic Partners Leaseco, LLC Cindat Hersha Owner JV, LLC (1) 30.0% Hampton Inn Herald Square, NY Cindat Hersha Lessee JV, LLC 30.0% Hampton Inn Chelsea, NY Cindat Hersha Lessee JV, LLC 30.0% Hampton Inn Times Square, NY Cindat Hersha Lessee JV, LLC 30.0% Holiday Inn Express Times Square, NY Cindat Hersha Lessee JV, LLC 30.0% Candlewood Suites Times Square, NY Cindat Hersha Lessee JV, LLC 30.0% Holiday Inn Wall Street, NY Cindat Hersha Lessee JV, LLC 30.0% Holiday Inn Express Water Street, NY Cindat Hersha Lessee JV, LLC SB Partners, LLC 50.0% Holiday Inn Express South Boston, MA South Bay Sandeep, LLC Hiren Boston, LLC 50.0% Courtyard South Boston, MA South Bay Boston, LLC (1) The percentages shown for the CINDAT JV represent our common ownership interest. As of December 31, 2016, we owned a $43,194 preferred equity interest in the joint venture. See Note 3 – Investment in Unconsolidated Joint Ventures for a more detailed explanation of our ownership interest and the related distribution of earnings within the venture. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) At December 31, 2016, Mystic Partners, LLC own ed 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. On January 3, 2017, we transferred to our joint venture partner all of our partnership interests in the Hartford Marriott and the Hartford Hilton for $8.5 million, which represents a 100% recovery of our equity investment in these assets. We also simultaneously assumed full ownership of the Mystic Marriott Hotel & Spa without any additional cash payment to the joint venture partner. 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. 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; Cindat Hersha Owner JV, LLC; Cindat Hersha Lessee JV, LLC; South Bay Bo ston, 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 $4,699 as of December 31, 2016. Cindat Hersha Owner JV, 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 Cindat Hersha Owner JV, LLC is limited to our investment in the joint venture which is $3,717 as of December 31, 2016. Also, Mystic Partners Leaseco, LLC; and South Bay Boston, LLC lease hotel properties are VIEs. These entities are consolidated by the lessors, the primary beneficiaries of each entity. 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. On September 2, 2016, we exercised our option to acquire the non-controlling equity interests in Brisam Management DE, LLC (“Brisam”), the entity which owns the real estate assets of the Holiday Inn Express, New York, NY. We paid approximately $2,318 to exercise this option. Prior to the exercise of this option, we had consolidated Brisam, a variable interest entity, in our financial statements as we determined we were the primary beneficiary. 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 NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 records the value 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 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 modif ied. If facts or circumstances indicate 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 its 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. See Note 3 – Investment in Unconsolidated Joint Ventures for a more detailed explanation of the methodology used in determining the allocation of profits and losses within our joint ventures. 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 |
Cash And Cash Equivalents | NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) o ther 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 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 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. |
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. 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 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, 2016, 2015 and 2014 was 93.6% , 95.0% , and 95.8% , respectively. We define a noncontrolling interest as the portion of equity in a subsidiary not attributable, directly or indirectly, to a parent. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) 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 $44,321 as of December 31, 2016 and $31,876 as of December 31, 2015. As of December 31, 2016, there were 2,838,546 Nonredeemable Common Units outstanding with a fair market value of $61,029 , based on the price per share of our common shares on the NYSE on such date. 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. 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 May 31, 2016, we completed a public offering of 7,700,000 (including 700,000 overallotment shares sold on June 14, 2016) 6.50% Series D 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 $185,999 . We utilized the net proceeds of the offering to redeem all outstanding 8.00% Series B Cumulative Redeemable Preferred Shares on June 8, 2016, and for general corporate purposes. Share s of o ur 8.00% Series B Cumulative Redeemable 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 $25.3722 . Dividends ceased accruing on the Series B Preferred Shares on June 8, 2016. On November 7, 2016, we completed a public offering of 4,000,000 6.50% Series E 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 $96,585 . We utilized the net proceeds of the offering for general corporate purposes. Terms of the Series B, Series C, Series D and Series E Preferred Shares outstanding at December 31, 2016 and 2015 are summarized as follows: NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) Dividend Per Share Shares Outstanding Year Ended December 31, Series December 31, 2016 December 31, 2015 Aggregate Liquidation Preference Distribution Rate 2016 2015 Series B - 4,600,000 $ 115,000 8.000% $ 0.8722 $ 2.0000 Series C 3,000,000 3,000,000 $ 75,000 6.875% $ 1.7188 $ 1.7188 Series D 7,700,000 - $ 192,500 6.500% $ 1.0157 - Series E 4,000,000 - $ 100,000 6.500% $ 0.3069 - Total 14,700,000 7,600,000 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 U nits contain restricted stock awards that were forfeited and replaced with LTIP U nit awards with similar terms. The total number of Restricted Stock Awards forfeited and LTIP Units awarded was 1,948,324 . In February 2015, our Board of Trustees authorized us to repurchase from time to time up to an aggregate of $100,000 of our outstanding shares. In October 2015, our Board of Trustees authorized a new share repurchase program for $100,000 which would commence up on the completion of the previous program. For the year ended December 31, 2016, the Company repurchased 2,772,710 common shares for an aggregate purchase price of $52,055 under the October 2015 repurchase programs. Upon repurchase by the Company, these common shares ceased to be outstanding and became authorized but unissued common shares. In May 2015, our Board of Trustees approved a reverse share split of our issued and outstanding common shares and Common Units and LTIP units at a ratio of 1 -for-4. This reverse share split converted every four issued and outstanding common shares into one common share. The reverse share split was effective as of 5:00 PM Eastern time on June 22, 2015. As a result of the reverse share split, the number of outstanding Common Units and LTIP Units was reduced from 9,313,063 to 2,328,276 units. In addition, the second quarter dividend was adjusted to $0.28 per common share from the previously announced $0.07 per common share. All common share, Common Unit and LTIP Unit and per share data related to these classes of equity have been updated in the accompanying consolidated financial statements to reflect this share split for all periods presented. In October 2016, our Board of Trustees authorized a new share repurchase program for up to $100,000 of common shares which will commence upon the completion of the existing repurchase program. We expect to complete the new repurchase program prior to December 31, 2017, unless extended by our Board of Trustees. |
Stock Based Compensation | 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. 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 | Income Taxes The Company has elected to be taxed as a REIT under applicable provisions of the Internal Revenue Code of 1986, as amended, or the Code, 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, determined without regard to the deduction for dividends paid and excluding net capital gains, will not be subject to f ederal 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 deprec iation of hotel properties for f ederal 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, 2016, 2015 and 2014, the Company did not record any uncertain tax positions. As of December 31, 2016, with few exceptions, the Company is subject to tax examinations by federal, state, and local income tax authorities for years 2003 through 2016. |
Reclassification | Reclassification Certain amounts in the prior year financial statements have been reclassified to conform to the current year presentation . In accordance with the adoption of the FASB issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , on January 1, 2016, the Company recorded certain reclassifications of deferred financing costs. The Company reclassified deferred financing costs historically presented within Assets to now present them as a direct deduction from the associated debt liability. The table below summarizes the balances as of December 31, 2015, that were affected by this reclassification. NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) As Reported in the Reclassification As Reported in the Balance Sheet Caption 2015 Form 10-K Amount 2016 Form 10-K Assets: Deferred Financing Costs, Net $ 8,971 $ (8,971) $ - Other Assets 38,110 1,848 39,958 Total Assets 1,969,772 (7,123) 1,962,649 Liabilities: Unsecured Term Loan 550,000 (2,220) 547,780 Unsecured Notes Payable 51,548 (1,023) 50,525 Mortgages Payable 548,539 (3,880) 544,659 Total Liabilities 1,261,617 (7,123) 1,254,494 |
New Accounting Pronouncements | New Accounting Pronouncements In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business as it relates to acquisitions and business combinations. The update adds further guidance that assists preparers in evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. We expect most of our hotel property acquisitions to qualify as asset acquisitions under the standard which permits the capitalization of acquisition costs to the underlying assets . This standard is effective for periods beginning after December 31, 2017, however early adoption is permitted . The Com pany is evaluating the ultimate effect that ASU No. 2017-01 will have on its consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Award Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold a percentage of the shares issuable upon settlement of an award up to the maximum individual statutory tax rate without causing the award to be classified as a liability. The new standard is effective for the Company on January 1, 2017. The Company has determined that ASU No. 2016-09 will have no material impact on the consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which provides the principles for the recognition, measurement, presentation and disclosure of leases . The accounting for lessors will remain largely unchanged from current GAAP; however, the standard requires the certain initial direct costs be expensed rather than capitalized. Under the standard, lessees apply a dual approach, classifying leases as either finance or operating leases. A lessee is required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months, regardless of their lease classification. Based on our real estate leases, we are a lessee on ground leases in certain markets and office space leases. This standard will be effective for the first annual reporting period beginning after December 15, 2018. The Com pany is evaluating the effect that ASU No. 2016-02 will have on its consolidated financial statements and related disclosures. We adopted ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs , on January 1, 2016. This standard requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. Previously, debt issuance costs were recorded as an asset. The issuance costs will continue to be amortized over the life of the debt instrument and recorded in interest expense, as they were prior to the new standard. As part of this adoption, debt issuance costs are now included as an offset to the mortgages, unsecured term loan and unsecured notes payable line items on the consolidated balance sheets for all periods presented. For full reclassification amounts, see “Note 5 – Debt”. On Januar y 1, 2016, we adopted ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis . We evaluated the application of ASU No. 2015-02 and concluded that no change was required to our accounting of our interests in less than wholly owned joint ventures. However, HHLP, our operating partnership, now meets the criteria as a variable NOTE 1 – ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) interest entity. The Company’s most significant asset is its investment in HHLP, and consequently, substantially all for the Company’s assets and liabilities represent those assets and liabilities of HHLP. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , which provides guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. This update is effective for the Company as of December 31, 2016. The adoption of this update had no material impact to our financial statements and related disclosures. 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. We are evaluating each of our revenue streams and related accounting policy under the standard. The new standard is effective for the Company on January 1, 2018. Early adoption is permitted, but not prior to the original effective date of January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method. Based on our analysis to date, we do not expect t he new revenue recognition model to have a material impact on our hotel operating revenue, including room revenue, food and beverage, and other revenue, however, our final evaluation has not been concluded. Our evaluation under the standard also include s sales to third parties, primarily a result of dispositions of real estate. Our evaluation over sales of real estate will be partially dependent on how the FASB defines a business with regard to sales of assets, which is currently under deliberation. The Company continues to evaluate the ultimate effect that ASU No. 2014-09 will have on its consolidated financial statements and related disclosures . |
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Organization And Summary Of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization And Summary Of Significant Accounting Policies [Abstract] | |
Joint Venture Properties | Joint Venture Ownership Property Location Lessee/Sublessee Unconsolidated Joint Ventures Mystic Partners, LLC 66.7% Marriott Mystic, CT Mystic Partners Leaseco, LLC 8.8% Hilton Hartford, CT Mystic Partners Leaseco, LLC 15.0% Marriott Hartford, CT Mystic Partners Leaseco, LLC Cindat Hersha Owner JV, LLC (1) 30.0% Hampton Inn Herald Square, NY Cindat Hersha Lessee JV, LLC 30.0% Hampton Inn Chelsea, NY Cindat Hersha Lessee JV, LLC 30.0% Hampton Inn Times Square, NY Cindat Hersha Lessee JV, LLC 30.0% Holiday Inn Express Times Square, NY Cindat Hersha Lessee JV, LLC 30.0% Candlewood Suites Times Square, NY Cindat Hersha Lessee JV, LLC 30.0% Holiday Inn Wall Street, NY Cindat Hersha Lessee JV, LLC 30.0% Holiday Inn Express Water Street, NY Cindat Hersha Lessee JV, LLC SB Partners, LLC 50.0% Holiday Inn Express South Boston, MA South Bay Sandeep, LLC Hiren Boston, LLC 50.0% Courtyard South Boston, MA South Bay Boston, LLC (1) The percentages shown for the CINDAT JV represent our common ownership interest. As of December 31, 2016, we owned a $43,194 preferred equity interest in the joint venture. See Note 3 – Investment in Unconsolidated Joint Ventures for a more detailed explanation of our ownership interest and the related distribution of earnings within the venture. |
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 December 31, 2016 December 31, 2015 Aggregate Liquidation Preference Distribution Rate 2016 2015 Series B - 4,600,000 $ 115,000 8.000% $ 0.8722 $ 2.0000 Series C 3,000,000 3,000,000 $ 75,000 6.875% $ 1.7188 $ 1.7188 Series D 7,700,000 - $ 192,500 6.500% $ 1.0157 - Series E 4,000,000 - $ 100,000 6.500% $ 0.3069 - Total 14,700,000 7,600,000 |
Summary Of Balances Affected By Reclassification In Accordance With FASB ASU No. 2015-03 | As Reported in the Reclassification As Reported in the Balance Sheet Caption 2015 Form 10-K Amount 2016 Form 10-K Assets: Deferred Financing Costs, Net $ 8,971 $ (8,971) $ - Other Assets 38,110 1,848 39,958 Total Assets 1,969,772 (7,123) 1,962,649 Liabilities: Unsecured Term Loan 550,000 (2,220) 547,780 Unsecured Notes Payable 51,548 (1,023) 50,525 Mortgages Payable 548,539 (3,880) 544,659 Total Liabilities 1,261,617 (7,123) 1,254,494 |
Investment In Hotel Properties
Investment In Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment In Hotel Properties | December 31, 2016 December 31, 2015 Land $ 499,484 $ 480,874 Buildings and Improvements 1,383,266 1,518,565 Furniture, Fixtures and Equipment 205,162 227,527 2,087,912 2,226,966 Less Accumulated Depreciation (320,342) (395,847) Total Investment in Hotel Properties $ 1,767,570 $ 1,831,119 |
Real Estate Assets Sold | Hotel Acquisition Date Disposition Date Consideration Gain (Loss) on Disposition Cindat Hotel Portfolio (7) April 2005 - March 2011 April 2016 $ 543,500 $ 89,892 Hyatt Place, King of Prussia, PA August 2010 May 2016 13,000 5,375 Hawthorn Suites, Franklin, MA April 2006 September 2016 8,900 (438) Residence Inn, Framingham, MA March 2004 November 2016 25,000 11,467 Residence Inn, Norwood, MA July 2006 November 2016 22,000 9,543 2016 Total $ 115,839 Hotel 373 June 2007 April 2014 $ 37,000 $ 7,195 2014 Total $ 7,195 |
Assets Held For Sale | December 31, 2016 Land $ 22,208 Buildings and Improvements 105,663 Furniture, Fixtures and Equipment 24,187 152,058 Less: Accumulated Depreciation & Amortization (53,585) Assets Held for Sale $ 98,473 Liabilities Related to Assets Held for Sale $ 51,428 |
Condensed Pro Forma Financial Data | Years Ended December 31, 2016 2015 Pro Forma Total Revenues $ 493,791 $ 551,584 Pro Forma Income from Continuing Operations 127,328 44,419 Loss from Discontinued Operations - - Pro Forma Net Income 127,328 44,419 Income Allocated to Noncontrolling Interest (4,764) (496) Preferred Distributions (17,380) (14,356) Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares (4,021) - Pro Forma Income Applicable to Common Shareholders $ 101,163 $ 29,567 Pro Forma Income Applicable to Common Shareholders per Common Share Basic $ 2.35 $ 0.62 Diluted $ 2.32 $ 0.61 Weighted Average Common Shares Outstanding Basic 42,957,199 47,786,811 Diluted 43,530,731 48,369,658 |
Aquisitions In 2016 [Member] | |
Wholly Owned Hotel Properties Acquired | During the year ended December 31, 2016, we acquired the following wholly-owned hotel properties: Hotel Acquisition Date Land Buildings and Improvements Furniture, Fixtures and Equipment Other Intangibles Loan Costs Total Purchase Price Assumption of Debt Sanctuary Beach Resort, Marina, CA 1/28/2016 $ 20,278 $ 17,319 $ 2,369 $ - $ 198 $ 40,164 $ 14,750 * Hilton Garden Inn M Street, Washington, DC 3/9/2016 30,793 67,420 9,621 874 ** - 108,708 - Envoy Hotel, Boston, MA 7/21/2016 25,264 75,979 11,251 131 *** - 112,625 - Courtyard, Sunnyvale, CA 10/20/2016 17,694 53,272 4,034 150 **** 537 75,687 40,600 The Ambrose, Santa Monica, CA 12/1/2016 18,750 26,839 1,911 - - 47,500 - TOTAL $ 112,779 $ 240,829 $ 29,186 $ 1,155 $ 735 $ 384,684 $ 55,350 *Assumption of debt includes a $50 premium resulting from the determination that the stated rate of interest is above market rates on the date of acquisition. **Includes an intangible asset for a lease-in-place of $648 , advance bookings of $76 and franchise fees of $150 . ***Includes a lease-in-place intangible asset of $126 , below market lease liability of $319 , advance bookings asset of $199 , and franchise fees asset of $125 . ****Includes a franchise fees asset of $150 . |
Results Of Operations For Hotels Acquired With 100% Interest | Year Ended December 31, 2016 Hotel Revenue Net Income Sanctuary Beach Resort, Marina, CA $ 6,367 $ 933 Hilton Garden Inn M Street, Washington, DC 13,565 3,283 Envoy Hotel, Boston, MA 8,862 1,277 Courtyard, Sunnyvale, CA 1,768 22 The Ambrose, Santa Monica, CA 429 123 Total $ 30,991 $ 5,638 |
Aquisitions In 2015 [Member] | |
Wholly Owned Hotel Properties Acquired | During the year ended December 31, 2015, we acquired the following wholly-owned hotel properties: Hotel Acquisition Date Land Buildings and Improvements Furniture Fixtures and Equipment Other Intangibles Loan Costs Total Purchase Price Assumption of Debt St. Gregory Hotel, Washington, DC 6/16/2015 23,764 33,005 3,240 45 978 61,032 28,902* TownePlace Suites, Sunnyvale, CA 8/25/2015 - 18,999 2,348 6,453 ** - 27,800 - Ritz-Carlton Georgetown, DC 12/29/2015 17,825 29,584 3,270 - - 50,679 - Total $ 41,589 $ 81,588 $ 8,858 $ 6,498 $ 978 $ 139,511 $ 28,902 *Includes a $3,050 premium as we determined that the stated rate of interest on the assumed mortgage debt was above market. **Acquired ground lease asset of $6,353 and intangible asset related to the franchise agreement of $100 with purchase of the property. |
Results Of Operations For Hotels Acquired With 100% Interest | Year Ended December 31, 2015 Hotel Revenue Net Income St. Gregory Hotel, Washington, DC $ 5,257 $ 164 TownePlace Suites, Sunnyvale, CA 1,744 364 Ritz-Carlton Georgetown, DC 149 20 Total $ 7,150 $ 548 |
Investment In Unconsolidated 27
Investment In Unconsolidated Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Investment In Unconsolidated Joint Ventures [Abstract] | |
Investment In Unconsolidated Joint Ventures | Percent Preferred Joint Venture Hotel Properties Owned Return December 31, 2016 December 31, 2015 SB Partners, LLC Holiday Inn Express, South Boston, MA 50.0% N/A $ 913 $ 795 Hiren Boston, LLC Courtyard by Marriott, South Boston, MA 50.0% N/A 2,112 4,499 Mystic Partners, LLC Hilton and Marriott branded hotels in CT 8.8% -66.7% 8.5% non-cumulative 4,699 5,022 Cindat Hersha Owner JV, LLC Hilton and IHG branded hotels in NYC 30.0% * 3,717 - $ 11,441 $ 10,316 *See explanation below of the Cindat Hersha Owner JV, LLC (“Owner JV”) for more information on the preferred return provisions of this joint venture. |
Income Or Loss From Unconsolidated Joint Ventures | Twelve Months Ended December 31, 2016 2015 2014 SB Partners, LLC $ 618 $ 582 $ 407 Hiren Boston, LLC 839 694 603 Mystic Partners, LLC (137) (311) (317) Cindat Hersha Owner JV, LLC (3,143) - - (Loss) Income from Unconsolidated Joint Venture Investments $ (1,823) $ 965 $ 693 |
Summary Financial Information Related To Unconsolidated Joint Ventures | Balance Sheets December 31, 2016 December 31, 2015 Assets Investment in Hotel Properties, Net $ 647,548 $ 105,354 Other Assets 45,576 15,558 Total Assets $ 693,124 $ 120,912 Liabilities and Equity Mortgages and Notes Payable $ 432,173 $ 113,532 Other Liabilities 36,275 30,575 Equity: Hersha Hospitality Trust 119,892 22,698 Joint Venture Partner(s) 104,784 (45,893) Total Equity 224,676 (23,195) Total Liabilities and Equity $ 693,124 $ 120,912 Statements of Operations Twelve Months Ended December 31, 2016 2015 2014 Room Revenue $ 118,645 $ 57,927 $ 59,135 Other Revenue 24,424 22,776 21,725 Operating Expenses (80,091) (55,178) (54,831) Lease Expense (1,143) (1,115) (1,063) Property Taxes and Insurance (9,512) (2,948) (2,934) General and Administrative (8,976) (5,609) (5,783) Depreciation and Amortization (13,286) (6,549) (6,376) Interest Expense (18,568) (6,677) (11,995) Acquisition Costs (1,468) - Other Income 2,466 - - Debt Extinguishment and Gain on Debt Forgiveness - - 3,016 (Loss) Gain allocated to Noncontrolling Interests (46) (341) 115 Net Income $ 12,445 $ 2,286 $ 1,009 |
Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures | December 31, 2016 December 31, 2015 Our share of equity recorded on the joint ventures' financial statements $ 119,892 $ 22,698 Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures (1) (108,451) (12,382) Investment in Unconsolidated Joint Ventures $ 11,441 $ 10,316 (1) Adjustment to reconcile our share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures consists of the following: · cumulative impairment of our investment in joint ventures not reflected on the joint ventures' financial statements; · the difference between our basis in the investment in joint ventures and the equity recorded on the joint ventures' financial statements; and accumulated amortization of our equity in joint ventures that reflects the difference in our portion of the fair value of joint ventures' assets on the date of our investment when compared to the carrying value of the assets recorded on the joint ventures’ financial statements (this excess or deficit investment is amortized over the life of the properties, and the amortization is included in Income (Loss) from Unconsolidated Joint Venture Investments on our consolidated statement of operations). |
Other Assets And Deposits On 28
Other Assets And Deposits On Hotel Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Assets And Deposits On Hotel Acquisitions [Abstract] | |
Other Assets | December 31, 2016 December 31, 2015 Investment in Statutory Trusts 1,548 1,548 Prepaid Expenses 9,217 14,434 Deferred Tax Asset, Net of Valuation Allowance of $804 16,197 14,590 Other 12,408 9,386 $ 39,370 $ 39,958 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Schedule of Mortagages Payable | December 31, 2016 December 31, 2015 Mortgage Indebtedness $ 338,529 $ 545,036 Net Unamortized Premium 2,313 3,503 Net Unamortized Deferred Financing Costs (3,021) (3,880) $ 337,821 $ 544,659 Liabilities Related to Hotel Assets Held for Sale $ 51,428 $ - |
Summary Of Borrowing Base Assets | - Holiday Inn Express, Cambridge, MA - Hampton Inn, Washington, DC - Hyatt House White Plains, NY - Nu Hotel, Brooklyn, NY - Hyatt House Gaithersburg, MD - The Rittenhouse Hotel, Philadelphia, PA - Sheraton, Wilmington South, DE - The Boxer, Boston, MA - Sheraton Hotel, JFK Airport, New York, NY - Courtyard, San Diego, CA - Winter Haven, Miami, FL - Residence Inn, Coconut Grove, FL - Hampton Inn, Pearl Street, NY - Blue Moon, Miami, FL - Residence Inn, Greenbelt, MD - Parrot Key Resort, Key West, FL - Courtyard, Miami, FL - Courtyard, Brookline, MA - Residence Inn, Tyson's Corner, VA - TownePlace Suites, Sunnyvale, CA - Ritz Carlton, Washington, DC - Hilton Garden Inn, M Street, Washington, DC - Hampton Inn, Philadelphia, PA - Courtyard, Alexandria, VA - Hampton Inn, Seaport, NY - Holiday Inn Express, 29th Street, NY - Envoy Hotel, Boston, MA - Holiday Inn Express Chester, NY |
Summary Of Balances Outstanding And Interest Rate Spread | Outstanding Balance Borrowing Spread December 31, 2016 December 31, 2015 Line of Credit 1.70% to 2.45% $ - $ 27,000 First Term Loan 1.60% to 2.35% 210,520 250,000 Second Term Loan 1.50% to 2.25% 300,000 300,000 Third Term Loan 1.45% to 2.20% 156,100 - |
Aggregate Annual Principal Payments For Mortgages And Notes Payable | Year Ending December 31, Amount 2017 $ 160,908 2018 27,237 2019 312,084 2020 301,694 2021 179,704 Thereafter 126,498 Net Unamortized Premium 2,313 $ 1,110,438 |
Commitments And Contingencies30
Commitments And Contingencies And Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies And Related Party Transactions [Abstract] | |
Future Minimum Lease Payments | Year Ending December 31, Amount 2017 $ 2,706 2018 2,714 2019 2,719 2020 2,744 2021 2,782 Thereafter 246,578 $ 260,243 |
Fair Value Measurements And D31
Fair Value Measurements And Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Fair Value Measurements And Derivative Instruments [Abstract] | |
Fair Value Of Interest Rate Swaps And Caps | Estimated Fair Value Asset / (Liability) Balance Hedged Debt Type Strike Rate Index Effective Date Derivative Contract Maturity Date Notional Amount December 31, 2016 December 31, 2015 Term Loan Instruments: First Term Loan Swap 0.545% 1-Month LIBOR + 2.35% November 5, 2012 November 5, 2016 100,000 - 84 Second Term Loan Swap 0.600% 1-Month LIBOR + 2.35% December 18, 2012 November 5, 2016 50,000 - 18 Third Term Loan *** Swap 1.011% 1-Month LIBOR + 2.20% November 3, 2016 October 3, 2019 150,000 1,773 - Mortgages: Duane Street Hotel, New York, NY Swap 0.933% 1-Month LIBOR + 4.50% February 1, 2014 February 1, 2017 8,973 (1) (21) Hilton Garden Inn 52nd Street, New York, NY Swap 1.152% 1-Month LIBOR + 2.90% June 1, 2015 February 21, 2017 44,325 (26) (215) Courtyard, LA Westside, Culver City, CA ** Cap 3.000% 1-Month LIBOR + 3.00% October 27, 2015 September 29, 2017 35,000 8 19 Hyatt, Union Square, New York, NY * Cap 3.000% 1-Month LIBOR + 2.30% June 10, 2015 June 10, 2019 55,750 54 136 $ 1,808 $ 21 * On June 10, 2015, we refinanced the debt associated with Hyatt Union Square. As a result, we entered into an interest rate cap with a strike rate of 3.000%. The original interest rate cap matured on April 9, 2016. See “Note 5 – Debt” for more information regarding this refinance. ** On October 27, 2015, we refinanced the debt associated with Courtyard, LA Westside. As a result, we entered into an interest rate cap with a strike rate of 3.000%. The original interest rate swap matured on September 29, 2015. See “Note 5 – Debt” for more information regarding this refinance. *** On October 7, 2016, we entered into an interest rate swap associated with $150,000 of our $200,000 Third Term Loan. This swap effectively fixes the interest rate of the Third Term Loan at 3.211%. This swap matures on October 3, 2019. |
Share Based Payments (Tables)
Share Based Payments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 March 30, 2016 7,500 $ 21.11 2 years 50% /year 3,750 - $ 79 $ - March 27, 2015 7,238 $ 25.88 2 years 50% /year 7,238 3,762 - 90 Total 14,738 10,988 3,762 $ 79 $ 90 *Original share price on date of grant prior to June 22, 2015 was multiplied by four to account for the reverse share split which occurred on June 22, 2015. See “Note 1 – Basis of Presentation” for more information. |
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 December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 December 30, 2016 5,000 3 years 33% /year - - $ 108 $ - March 30, 2016 2,500 3 years 33% /year 835 - 35 - December 30, 2014 2,500 3 years 33% /year 1,670 835 24 48 December 27, 2013 3,000 3 years 33% /year 3,000 2,170 - 19 5,505 3,005 $ 167 $ 67 |
Multi-Year LTIP [Member] | |
Summary Of Unvested Share Awards Issued To Executives | Units Vested Unearned Compensation Compensation Committee Approval Date LTIP Units Issued LTIP Issuance Date Performance Period December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 March 17, 2016 (2016 Multi-Year EIP) - N/A 1/1/2016 to 12/31/2018 - - $ 888 $ - March 18, 2015 (2015 Multi-Year EIP) - N/A 1/1/2015 to 12/31/2017 - - 397 596 April 11, 2014 (2014 Multi-Year EIP) - N/A 1/1/2014 to 12/31/2016 - - 283 567 April 15, 2013 (2013 Multi-Year EIP) 110,849 3/30/2016 1/1/2013 to 12/31/2015 110,849 - - 385 110,849 110,849 - $ 1,568 $ 1,548 |
LTIP Units [Member] | |
Summary Of Unvested Share Awards Issued To Executives | Units Vested Unearned Compensation Issuance Date LTIP Units Issued Vesting Period Vesting Schedule December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 March 30, 2016 (2015 Annual EIP) 183,396 3 years 25%/year (1) 91,696 - $ 868 $ - March 30, 2015 (2014 Annual EIP) 128,832 3 years 25%/year (1) 96,623 64,415 225 758 December 23, 2014 (2013 Annual EIP) (3) 83,993 3 years 25%/year (1) 83,993 55,994 - 173 December 23, 2014 (3) 258,899 5 years 33% Year 3, 4, 5 (2) 172,599 86,299 457 1,553 655,120 444,911 206,708 $ 1,550 $ 2,484 (1) 25% of the issued shares or LTIP Units vested immediately upon issuance. In general, the remaining shares or LTIP Units vest 25% on the first through third anniversaries of the end of the performance period (subject to continuous employment through the applicable vesting date). (2) On April 18, 2012, the Company entered into amended and restated employment agreements with the 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 258,899 restricted common shares to the executives pursuant to the 2012 Plan, which were subsequently forfeited and replaced with LTIP Units. One-third of each award of LTIP Units vested or will vest on each of the third, fourth and fifth anniversaries of the original 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 employment agreements). (3) 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 487,081 LTIP Units to certain executive officers. These executive officers forfeited an aggregate of 487,081 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. These LTIP Units are subject to the same time-based vesting conditions that applied to the forfeited restricted stock awards. |
Restricted Share Awards [Member] | |
Summary Of Unvested Share Awards Issued To Executives | Shares Vested Unearned Compensation Original Year of Issuance Date Original Shares Issued Range of Share Price on Date of Grant* Vesting Period Vesting Schedule December 31, 2016 December 31, 2015 December 31, 2016 December 31, 2015 2016 30,070 $ 18.02- 21.11 2 years 50% /year 497 - $ 348 $ - 2015 23,492 21.76- 28.09 2- 4 years 25- 50% /year 13,733 600 157 419 2014 11,455 26.00- 27.00 2 years 50% /year 11,455 6,619 - 54 2013 11,899 22.56 2 - 4 years 25 - 50% /year 11,899 11,199 - 7 2012 13,646 21.12 2 - 4 years 25 - 50% /year 13,646 12,445 - 11 Total 90,562 51,230 30,863 $ 505 $ 491 *Original share price on date of grants prior to June 22, 2015 were multiplied by four to account for the reverse share split which occurred on June 22, 2015. See “Note 1 – Basis of Presentation” for more information. |
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 December 31, 2016 December 31, 2015 December 30, 2016 4,395 $ 21.50 12 months 100% $ 94 $ - March 30, 2016 5,289 21.11 9 months 100% - - Total 9,684 $ 94 $ - |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Reconciliation Of Earnings Per Share | For the Year Ended December 31, 2016 2015 2014 NUMERATOR: Basic and Diluted* Net Income from Continuing Operations $ 121,457 $ 42,207 $ 69,936 Income allocated to Noncontrolling Interests (4,477) (411) (1,069) Distributions to Preferred Shareholders (17,380) (14,356) (14,356) Dividends Paid on Unvested Restricted Shares and LTIP Units (503) (453) (515) Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares (4,021) - - Net Income from Continuing Operations attributable to Common Shareholders $ 95,076 $ 26,987 $ 53,996 Discontinued Operations Loss from Discontinued Operations - - (1,665) Loss from Discontinued Operations allocated to Noncontrolling Interests - - 53 Loss from Discontinued Operations attributable to Common Shareholders - - (1,612) Net Income attributable to Common Shareholders $ 95,076 $ 26,987 $ 52,384 DENOMINATOR: Weighted average number of common shares - basic 42,957,199 47,786,811 49,777,302 Effect of dilutive securities: Restricted Stock Awards and LTIP Units (unvested) 278,588 303,949 347,829 Contingently Issued Shares 294,944 278,898 182,375 Weighted average number of common shares - diluted 43,530,731 48,369,658 50,307,506 * Income (loss) allocated to noncontrolling interest in HHLP has been excluded from the numerator and Common Units and Vested LTIP Units have been omitted from the denominator for the purpose of computing diluted earnings per share since including these amounts in the numerator and denominator would have no impact. In addition, potentially dilutive common shares, if any, have been excluded from the denominator if they are anti-dilutive to income (loss) applicable to common shareholders. |
Cash Flow Disclosures And Non34
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | |
Non-cash Investing And Financing Activities | 2016 2015 2014 Common Shares issued as part of the Dividend Reinvestment Plan $ 63 $ 50 $ 50 Acquisition of hotel properties: Debt assumed, including premium 55,350 28,902 24,924 Deposit paid in prior period towards acquisition which closed in current period 5,000 - - Deferred Tax Liability 3,281 - - Settlement of development loan receivable principal and accrued interest revenue receivable - - 22,494 Disposition of hotel properties: Debt assumed by purchaser - - 45,710 Conversion of Common Units to Common Shares - 132 - Issuance of Common Units 4,430 - - Accrued payables for fixed assets placed into service 1,689 992 1,312 Contribution of fixed assets to joint venture 264,658 - - |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Effective Income Tax Reconciliation | For the year ended December 31, 2016 2015 2014 Statutory federal income tax provision $ 39,633 $ 13,282 $ 22,865 Adjustment for nontaxable income for Hersha Hospitality Trust (44,078) (15,853) (25,274) State income taxes, net of federal income tax effect (725) (581) (367) Recognition of deferred tax assets 282 11 91 Total income tax benefit $ (4,888) $ (3,141) $ (2,685) |
Components Of The Company's Income Tax Expense (Benefit) | For the year ended December 31, 2016 2015 2014 Income tax expense (benefit): Current: Federal $ - $ - $ - State - - - Deferred: Federal $ (3,790) (2,261) (2,130) State (1,098) (880) (555) Total (4,888) $ (3,141) $ (2,685) Income tax expense (benefit): From continuing operations $ (4,888) (3,141) (2,685) From discontinued operations - - 2 Total (4,888) $ (3,141) $ (2,683) |
Components Of Consolidated TRS's Deferred Tax Assets | As of December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 18,448 $ 14,168 Accrued expenses and other 1,494 1,292 Tax credit carryforwards 567 558 Total gross deferred tax assets 20,509 16,018 Valuation allowance (804) (804) Total net deferred tax assets $ 19,705 $ 15,214 Deferred tax liabilities: Depreciation and amortization 3,508 624 Total Net deferred tax assets $ 16,197 $ 14,590 |
Taxability Of Common And Preferred Share Distributions | 2016 2015 2014 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% 100.00% Return of Capital 0.00% 0.00% 0.00% Capital Gain Distribution 0.00% 0.00% 0.00% Preferred Shares - 6.5% Series D Ordinary income 100.00% N/A N/A Return of Capital 0.00% N/A N/A Capital Gain Distribution 0.00% N/A N/A Common Shares - Class A Ordinary income 100.00% 79.49% 76.34% Return of Capital 0.00% 20.51% 23.66% Capital Gain Distribution 0.00% 0.00% 0.00% |
Selected Quarterly Financial 36
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Selected Quarterly Financial Data [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Year Ended December 31, 2016 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 106,916 $ 223,077 $ 120,702 $ 132,135 Total Expenses 115,121 112,709 110,223 126,385 (Loss) Income from Unconsolidated Joint Ventures (214) 1,521 (3,717) 587 (Loss) Income from Continuing Operations (8,419) 111,889 6,762 6,337 Income Tax Benefit - 3,070 1,443 375 Net (Loss) Income (8,419) 114,959 8,205 6,712 (Loss) Income Allocated to Noncontrolling Interests in Continuing Operations (687) 4,748 211 205 Issuance Costs of Redeemed Preferred Stock - 4,021 - - Preferred Distributions 3,589 4,000 4,417 5,374 Net (Loss) Income applicable to Common Shareholders $ (11,321) $ 102,190 $ 3,577 $ 1,133 Earnings per share: Basic Net (Loss) Income applicable to Common Shareholders $ (0.26) $ 2.35 $ 0.08 $ 0.04 Diluted Net (Loss) Income applicable to Common Shareholders $ (0.26) $ 2.33 $ 0.08 $ 0.03 Weighted Average Common Shares Outstanding Basic 44,379,327 43,427,726 42,309,044 41,733,272 Diluted 44,379,327 43,863,577 42,745,864 42,307,583 Year Ended December 31, 2015 First Quarter Second Quarter Third Quarter Fourth Quarter Total Revenues $ 95,760 $ 127,081 $ 124,560 $ 123,177 Total Expenses 99,875 108,090 111,396 113,116 (Loss) Income from Unconsolidated Joint Ventures (274) 526 608 105 (Loss) Income from Continuing Operations (4,389) 19,517 13,772 10,166 Income Tax Benefit - 109 631 2,401 Net (Loss) Income (4,389) 19,626 14,403 12,567 (Loss) Income Allocated to Noncontrolling Interests in Continuing Operations (443) 405 244 205 Preferred Distributions 3,589 3,589 3,589 3,589 Net (Loss) Income applicable to Common Shareholders $ (7,535) $ 15,632 $ 10,570 $ 8,773 Basic and diluted earnings per share: Net (Loss) Income applicable to Common Shareholders $ (0.16) $ 0.32 $ 0.22 $ 0.19 Weighted Average Common Shares Outstanding Basic 49,582,790 48,530,716 47,417,452 45,663,416 Diluted 49,582,790 49,043,914 47,909,549 46,211,104 |
Organization And Summary Of S37
Organization And Summary Of Significant Accounting Policies (Narrative) (Details) | Jan. 03, 2017USD ($) | Jun. 30, 2015$ / sharesshares | Jun. 21, 2015$ / sharesshares | Dec. 31, 2016USD ($)segmentproperty$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Oct. 31, 2016USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2013shares |
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) | property | 43 | ||||||||
Exercise of Option to Acquire Noncontrolling Interest | $ | $ 2,318,000 | ||||||||
Number of hotels in each reporting sements | segment | 1 | ||||||||
Related party dues, settlement, period | 1 year | ||||||||
Weighted average ownership percentage in the Partnership (in hundredths) | 93.60% | 95.00% | 95.80% | ||||||
Noncontrolling interests in Nonredeemable Common Units | $ | $ 44,321,000 | $ 31,876,000 | |||||||
Preferred Shares - Outstanding (in shares) | 14,700,000 | 7,600,000 | |||||||
Preferred Shares - Par Value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||
Preferred shares, liquidation preference (in dollars per share) | $ / shares | $ 25 | $ 25 | |||||||
Proceeds from issuance of preferred stock, net | $ | $ 282,686,000 | ||||||||
Restricted Shares Forfeiture (in shares) | 1,948,324 | ||||||||
Aggregate amount authorized to be repurchased | $ | $ 100,000,000 | $ 100,000,000 | |||||||
Repurchase of Common Shares (in shares) | 2,772,710 | ||||||||
Repurchase of Common Shares | $ | $ 52,055,000 | $ 128,239,000 | $ 15,419,000 | ||||||
Reverse share split | 0.25 | ||||||||
Common Stock, Dividends declared (in dollars per share) | $ / shares | $ 1.32 | $ 1.12 | $ 1.04 | ||||||
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 And LTIP Units [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Nonredeemable common units outstanding (in shares) | 2,838,546 | ||||||||
Shares, Outstanding | 2,838,546 | 2,319,301 | 2,199,434 | ||||||
Fair market value of nonredeemable common units | $ | $ 61,029,000 | ||||||||
Common Shares - Outstanding (in shares) | 2,328,276 | 9,313,063 | |||||||
Common Stock, Dividends declared (in dollars per share) | $ / shares | $ 0.28 | $ 0.07 | |||||||
Preferred Shares [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Shares, Outstanding | 14,700,000 | 7,600,000 | 7,600,000 | 7,600,000 | |||||
Common shares sold (in shares) | 11,700,000 | ||||||||
Series B Preferred Stock [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 8.00% | ||||||||
Preferred Shares - Outstanding (in shares) | 4,600,000 | ||||||||
Preferred Stock, Redemption Price (in dollars per share) | $ / shares | $ 25 | ||||||||
Aggregate per share redemption price | $ / shares | $ 25.3722 | ||||||||
Series C Preferred Shares [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 6.875% | ||||||||
Preferred Shares - Outstanding (in shares) | 3,000,000 | 3,000,000 | |||||||
Series D Preferred Shares [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 6.50% | ||||||||
Preferred Shares - Outstanding (in shares) | 7,700,000 | ||||||||
Proceeds from issuance of preferred stock, net | $ | $ 185,999,000 | ||||||||
Series D Preferred Shares Overallotment [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred Shares - Outstanding (in shares) | 700,000 | ||||||||
Series E Preferred Shares [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Preferred stock, dividend rate, percentage (in hundredths) | 6.50% | ||||||||
Preferred Shares - Outstanding (in shares) | 4,000,000 | ||||||||
Proceeds from issuance of preferred stock, net | $ | $ 96,585,000 | ||||||||
Joint Venture [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Number of hotel properties (in hotels) | property | 12 | ||||||||
Mystic Partners, LLC [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Number of hotel properties (in hotels) | property | 3 | ||||||||
Maximum exposure to losses due to investment in Joint Venture | $ | $ 4,699,000 | ||||||||
Cindat Hersha Owner JV, LLC [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Maximum exposure to losses due to investment in Joint Venture | $ | $ 3,717,000 | ||||||||
Hartford Marriott And Hartford Hilton [Member] | Mystic Partners, LLC [Member] | Subsequent Event [Member] | |||||||||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | |||||||||
Proceeds from sale of equity method investments | $ | $ 8,500,000 | ||||||||
Percent recovery of equity method investment | 100.00% |
Organization And Summary Of S38
Organization And Summary Of Significant Accounting Policies (Joint Venture Properties) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Feb. 03, 2016 | |
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% | |
Cindat Hersha Owner JV, LLC [Member] | Hampton Inn, Herald Square, NY [Member] | Cindat Hersha Lessee JV, LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership percentage (in hundredths) | 30.00% | |
Cindat Hersha Owner JV, LLC [Member] | Hampton Inn, Chelsea, NY [Member] | Cindat Hersha Lessee JV, LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership percentage (in hundredths) | 30.00% | |
Cindat Hersha Owner JV, LLC [Member] | Hampton Inn, Times Square, NY [Member] | Cindat Hersha Lessee JV, LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership percentage (in hundredths) | 30.00% | |
Cindat Hersha Owner JV, LLC [Member] | Holiday Inn Express, Times Square, NY [Member] | Cindat Hersha Lessee JV, LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership percentage (in hundredths) | 30.00% | |
Cindat Hersha Owner JV, LLC [Member] | Candlewood Suites, Times Square, NY [Member] | Cindat Hersha Lessee JV, LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership percentage (in hundredths) | 30.00% | |
Cindat Hersha Owner JV, LLC [Member] | Holiday Inn, Wall Street, NY [Member] | Cindat Hersha Lessee JV, LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership percentage (in hundredths) | 30.00% | |
Cindat Hersha Owner JV, LLC [Member] | Holiday Inn Express, Water Street, NY [Member] | Cindat Hersha Lessee JV, LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Ownership percentage (in hundredths) | 30.00% | |
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% | |
Hersha Hospitality Limited Partnership [Member] | Cindat Hersha Owner JV, LLC [Member] | ||
Subsidiary of Limited Liability Company or Limited Partnership [Line Items] | ||
Redeemable Noncontrolling Interest, Equity, Preferred, Carrying Amount | $ 43,194 | $ 104,248 |
Organization And Summary Of S39
Organization And Summary Of Significant Accounting Policies (Schedule Of Major Asset Depreciation) (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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 S40
Organization And Summary Of Significant Accounting Policies (Schedule Of Preferred Stock) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||
Shares Outstanding | 14,700,000 | 7,600,000 |
Series B Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Shares Outstanding | 4,600,000 | |
Aggregate Liquidation Preference | $ 115,000 | |
Distribution Rate | 8.00% | |
Dividend Per Share | $ 0.8722 | $ 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 | 6.875% | |
Dividend Per Share | $ 1.7188 | $ 1.7188 |
Series D Preferred Shares [Member] | ||
Class of Stock [Line Items] | ||
Shares Outstanding | 7,700,000 | |
Aggregate Liquidation Preference | $ 192,500 | |
Distribution Rate | 6.50% | |
Dividend Per Share | $ 1.0157 | |
Series E Preferred Shares [Member] | ||
Class of Stock [Line Items] | ||
Shares Outstanding | 4,000,000 | |
Aggregate Liquidation Preference | $ 100,000 | |
Distribution Rate | 6.50% | |
Dividend Per Share | $ 0.3069 |
Organization And Summary Of S41
Organization And Summary Of Significant Accounting Policies (Table) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets | $ 39,370 | $ 39,958 |
Total Assets | 2,155,536 | 1,962,649 |
Unsecured Term Loans | 663,500 | 547,780 |
Unsecured Notes Payable | 50,578 | 50,525 |
Mortgages Payable | 337,821 | 544,659 |
Total Liabilities | $ 1,275,797 | 1,254,494 |
As Reported In The 2015 Form 10-K [Member] | ||
Deferred Financing Costs, Net of Accumulated Amortization of $8,024 and $6,938 | 8,971 | |
Other Assets | 38,110 | |
Total Assets | 1,969,772 | |
Unsecured Term Loans | 550,000 | |
Unsecured Notes Payable | 51,548 | |
Mortgages Payable | 548,539 | |
Total Liabilities | 1,261,617 | |
Reclassification Amount [Member] | ||
Deferred Financing Costs, Net of Accumulated Amortization of $8,024 and $6,938 | (8,971) | |
Other Assets | 1,848 | |
Total Assets | (7,123) | |
Unsecured Term Loans | (2,220) | |
Unsecured Notes Payable | (1,023) | |
Mortgages Payable | (3,880) | |
Total Liabilities | $ (7,123) |
Investment In Hotel Propertie42
Investment In Hotel Properties (Narrative) (Details) $ in Thousands | Feb. 02, 2017USD ($) | Jan. 31, 2017USD ($) | Dec. 31, 2016USD ($)propertyshares | Dec. 31, 2016USD ($)propertyshares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2017USD ($) | Feb. 21, 2017USD ($) | Feb. 03, 2016USD ($) |
Business Acquisition [Line Items] | |||||||||
Depreciation expense | $ 74,288 | $ 73,672 | $ 68,418 | ||||||
Acquisition costs | 2,560 | 1,119 | |||||||
Total Purchase Price | 384,684 | 139,511 | |||||||
Assumption of Debt | $ 55,350 | 55,350 | 28,902 | ||||||
Proceeds from Contribution of Hotel Property Assets to Unconsolidated Joint Venture | 429,221 | ||||||||
Investment in hotel properties | $ 1,767,570 | 1,767,570 | 1,831,119 | ||||||
Reduction of consolidated mortgage debt | 210,379 | 184,356 | $ 61,348 | ||||||
Reduction to line of credit and unsecured term loan balance | 27,000 | (27,000) | |||||||
Repayments of Unsecured Debt | $ 39,480 | ||||||||
Cindat Capital Management Limited [Member] | Cindat Hersha Owner JV, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Preferred Joint Venture Partner, Ownership Percentage | 70.00% | ||||||||
Cash contribution by Cindat | $ 354,550 | ||||||||
Working capital and closing costs | $ 14,105 | ||||||||
Hersha Hospitality Limited Partnership [Member] | Cindat Hersha Owner JV, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Percent owned (in hundredths) | 30.00% | 30.00% | |||||||
Proceeds from Contribution of Hotel Property Assets to Unconsolidated Joint Venture | $ 354,550 | ||||||||
Preferred equity interest | $ 43,194 | 43,194 | $ 104,248 | ||||||
Working capital and closing costs | 12,239 | ||||||||
Contribution Of Closing Costs | 10,653 | ||||||||
Reduction of consolidated mortgage debt | 55,103 | ||||||||
Reduction to line of credit and unsecured term loan balance | 194,550 | ||||||||
Repayments of Unsecured Debt | $ 39,480 | ||||||||
Limited Service Hotels In Manhattan (The "JV Properties") [Member] | Cindat Hersha Owner JV, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of Real Estate Properties | property | 7 | 7 | |||||||
Sale Agreement, Total Purchase Price | $ 543,500 | $ 543,500 | |||||||
Limited Service Hotels In Manhattan (The "JV Properties") [Member] | Hersha Hospitality Limited Partnership [Member] | Cindat Hersha Owner JV, LLC [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Approximate gain (loss) on sale | 89,892 | ||||||||
Preferred equity interest | 37,000 | 37,000 | |||||||
Investment in hotel properties | $ 264,658 | ||||||||
Additional deferred gain | 81,314 | 81,314 | |||||||
Courtyard Miami Beach Lease Buyout [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, cash paid | $ 5,000 | ||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 225,000 | ||||||||
Stock Issued During Period, Value, Acquisitions | $ 4,400 | ||||||||
Write-off of an intangible liability related to the lease | 2,000 | ||||||||
Courtyard Miami Beach Lease Buyout [Member] | Scenario Plan [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Business acquisition, cash paid | $ 10,000 | ||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 450,000 | ||||||||
Total Purchase Price | $ 18,831 | ||||||||
Residence Inn Framingham, MA and Residence Inn, Norwood, MA [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total sales price | 47,000 | 47,000 | |||||||
Approximate gain (loss) on sale | 21,023 | ||||||||
Hawthorn Suites Franklin, MA [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total sales price | 8,900 | 8,900 | |||||||
Approximate gain (loss) on sale | (437) | ||||||||
Hyatt Place, King of Prussia, PA [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total sales price | 13,000 | 13,000 | |||||||
Approximate gain (loss) on sale | 5,402 | ||||||||
Aquisitions In 2016 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue | 30,991 | ||||||||
Net Income (Loss) | 5,638 | ||||||||
Aquisitions In 2015 [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Revenue | 7,150 | ||||||||
Net Income (Loss) | $ 548 | ||||||||
Residence Inn Greenbelt, MD; Courtyard Alexandria, VA; Hyatt House Scottsdale, AZ; Hyatt House Pleasant Hill, CA And Hyatt House Pleasanton, CA [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Sale Agreement, Total Purchase Price | $ 185,000 | $ 185,000 | |||||||
Residence Inn Greenbelt, MD; Courtyard Alexandria, VA; Hyatt House Scottsdale, AZ; Hyatt House Pleasant Hill, CA And Hyatt House Pleasanton, CA [Member] | Subsequent Event [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Sale Agreement, Total Purchase Price | $ 130,500 | ||||||||
Sale Agreement Increase Decrease In Total Purchase Price | $ 7,500 | ||||||||
Ritz-Carlton, Coconut Grove, FL [Member] | Subsequent Event [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Total Purchase Price | $ 36,000 | ||||||||
Seller financing | $ 3,200 | ||||||||
Pan Pacific, Seattle, WA [Member] | Subsequent Event [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Sale Agreement, Total Purchase Price | $ 79,000 | ||||||||
Residence Inn Greenbelt, MD; Courtyard Alexandria, VA [Member] | Subsequent Event [Member] | |||||||||
Business Acquisition [Line Items] | |||||||||
Sale Agreement, Total Purchase Price | $ 62,000 |
Investment In Hotel Propertie43
Investment In Hotel Properties (Investment In Hotel Properties) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | $ 2,087,912 | $ 2,226,966 |
Less accumulated depreciation | (320,342) | (395,847) |
Total investment in hotel properties, net | 1,767,570 | 1,831,119 |
Land [Member] | ||
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | 499,484 | 480,874 |
Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | 1,383,266 | 1,518,565 |
Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total investment in hotel properties, gross | $ 205,162 | $ 227,527 |
Investment In Hotel Propertie44
Investment In Hotel Properties (Wholly Owned Hotel Properties Acquired) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 384,684 | $ 139,511 |
Assumption of Debt | 55,350 | 28,902 |
Land [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 112,779 | 41,589 |
Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 240,829 | 81,588 |
Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 29,186 | 8,858 |
Other Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 1,155 | 6,498 |
Loan Costs [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 735 | $ 978 |
Sanctuary Beach Resort, Marina, CA [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Jan. 28, 2016 | |
Total Purchase Price | $ 40,164 | |
Assumption of Debt | 14,750 | |
Premium on debt assumed | 50 | |
Sanctuary Beach Resort, Marina, CA [Member] | Land [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 20,278 | |
Sanctuary Beach Resort, Marina, CA [Member] | Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 17,319 | |
Sanctuary Beach Resort, Marina, CA [Member] | Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 2,369 | |
Sanctuary Beach Resort, Marina, CA [Member] | Loan Costs [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 198 | |
Hilton Garden Inn M Street, Washington, DC [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Mar. 9, 2016 | |
Total Purchase Price | $ 108,708 | |
Hilton Garden Inn M Street, Washington, DC [Member] | Land [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 30,793 | |
Hilton Garden Inn M Street, Washington, DC [Member] | Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 67,420 | |
Hilton Garden Inn M Street, Washington, DC [Member] | Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 9,621 | |
Hilton Garden Inn M Street, Washington, DC [Member] | Other Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 874 | |
Lease-in-place intangible asset | 648 | |
Intangible asset, advanced bookings | 76 | |
Intangible asset, franchise fees | $ 150 | |
Envoy Hotel, Boston, MA [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Jul. 21, 2016 | |
Total Purchase Price | $ 112,625 | |
Envoy Hotel, Boston, MA [Member] | Land [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 25,264 | |
Envoy Hotel, Boston, MA [Member] | Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 75,979 | |
Envoy Hotel, Boston, MA [Member] | Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 11,251 | |
Envoy Hotel, Boston, MA [Member] | Other Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 131 | |
Lease-in-place intangible asset | 126 | |
Intangible asset, below market lease liability | 319 | |
Intangible asset, advanced bookings | 199 | |
Intangible asset, franchise fees | $ 125 | |
Courtyard, Sunnyvale, CA [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Oct. 20, 2016 | |
Total Purchase Price | $ 75,687 | |
Assumption of Debt | 40,600 | |
Courtyard, Sunnyvale, CA [Member] | Land [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 17,694 | |
Courtyard, Sunnyvale, CA [Member] | Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 53,272 | |
Courtyard, Sunnyvale, CA [Member] | Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 4,034 | |
Courtyard, Sunnyvale, CA [Member] | Other Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 150 | |
Intangible asset, franchise fees | 150 | |
Courtyard, Sunnyvale, CA [Member] | Loan Costs [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 537 | |
The Ambrose, Santa Monica, CA [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Dec. 1, 2016 | |
Total Purchase Price | $ 47,500 | |
The Ambrose, Santa Monica, CA [Member] | Land [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 18,750 | |
The Ambrose, Santa Monica, CA [Member] | Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 26,839 | |
The Ambrose, Santa Monica, CA [Member] | Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 1,911 | |
St. Gregory Hotel, Washington, DC [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Jun. 16, 2015 | |
Total Purchase Price | $ 61,032 | |
Assumption of Debt | 28,902 | |
Premium on debt assumed | 3,050 | |
St. Gregory Hotel, Washington, DC [Member] | Land [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 23,764 | |
St. Gregory Hotel, Washington, DC [Member] | Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 33,005 | |
St. Gregory Hotel, Washington, DC [Member] | Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 3,240 | |
St. Gregory Hotel, Washington, DC [Member] | Other Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 45 | |
St. Gregory Hotel, Washington, DC [Member] | Loan Costs [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 978 | |
TownePlace Suites, Sunnyvale, CA [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Aug. 25, 2015 | |
Total Purchase Price | $ 27,800 | |
TownePlace Suites, Sunnyvale, CA [Member] | Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 18,999 | |
TownePlace Suites, Sunnyvale, CA [Member] | Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 2,348 | |
TownePlace Suites, Sunnyvale, CA [Member] | Other Intangibles [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 6,453 | |
Intangible asset, ground lease | 6,353 | |
Intangible asset, franchise fees | $ 100 | |
Ritz-Carlton Georgetown, DC [Member] | ||
Business Acquisition [Line Items] | ||
Acquisition Date | Dec. 29, 2015 | |
Total Purchase Price | $ 50,679 | |
Ritz-Carlton Georgetown, DC [Member] | Land [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 17,825 | |
Ritz-Carlton Georgetown, DC [Member] | Building and Improvements [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | 29,584 | |
Ritz-Carlton Georgetown, DC [Member] | Furniture, Fixtures And Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total Purchase Price | $ 3,270 |
Investment In Hotel Propertie45
Investment In Hotel Properties (Results of Operations for Hotels Acquired With 100% Interest) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Sanctuary Beach Resort, Marina, CA [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | $ 6,367 | |
Net (Loss) Income | 933 | |
Hilton Garden Inn M Street, Washington, DC [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 13,565 | |
Net (Loss) Income | 3,283 | |
Envoy Hotel, Boston, MA [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 8,862 | |
Net (Loss) Income | 1,277 | |
Courtyard, Sunnyvale, CA [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 1,768 | |
Net (Loss) Income | 22 | |
The Ambrose, Santa Monica, CA [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 429 | |
Net (Loss) Income | 123 | |
St. Gregory Hotel, Washington, DC [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | $ 5,257 | |
Net (Loss) Income | 164 | |
TownePlace Suites, Sunnyvale, CA [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 1,744 | |
Net (Loss) Income | 364 | |
Ritz-Carlton Georgetown, DC [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 149 | |
Net (Loss) Income | 20 | |
Aquisitions In 2016 [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 30,991 | |
Net (Loss) Income | $ 5,638 | |
Aquisitions In 2015 [Member] | ||
Business Acquisition [Line Items] | ||
Revenue | 7,150 | |
Net (Loss) Income | $ 548 |
Investment In Hotel Propertie46
Investment In Hotel Properties (Real Estate Assets Sold) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Gain (Loss) on Disposition | $ 115,839 | $ 7,195 |
Cindat Hotel Portfolio (7) [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposition Date | Apr. 1, 2016 | |
Consideration | $ 543,500 | |
Gain (Loss) on Disposition | $ 89,892 | |
Hyatt Place, King of Prussia, PA [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acquisition Date | Aug. 1, 2010 | |
Disposition Date | May 1, 2016 | |
Consideration | $ 13,000 | |
Gain (Loss) on Disposition | $ 5,375 | |
Hawthorne Suites, Franklin, MA [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acquisition Date | Apr. 1, 2006 | |
Disposition Date | Sep. 1, 2016 | |
Consideration | $ 8,900 | |
Gain (Loss) on Disposition | $ (438) | |
Residence Inn, Framingham, MA [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acquisition Date | Mar. 1, 2004 | |
Disposition Date | Nov. 1, 2016 | |
Consideration | $ 25,000 | |
Gain (Loss) on Disposition | $ 11,467 | |
Residence Inn, Norwood, MA [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acquisition Date | Jul. 1, 2006 | |
Disposition Date | Nov. 1, 2016 | |
Consideration | $ 22,000 | |
Gain (Loss) on Disposition | $ 9,543 | |
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 | Jun. 1, 2007 | |
Disposition Date | Apr. 1, 2014 | |
Consideration | $ 37,000 | |
Gain (Loss) on Disposition | $ 7,195 | |
Minimum [Member] | Cindat Hotel Portfolio (7) [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acquisition Date | Apr. 1, 2005 | |
Maximum [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Acquisition Date | Mar. 1, 2011 |
Investment In Hotel Propertie47
Investment In Hotel Properties (Assets Held For Sale ) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Long Lived Assets Held-for-sale [Line Items] | |
Assets Held-for-sale, Long Lived, Total | $ 98,473 |
Liabilities Related To Assets Held for Sale | 51,428 |
Assets Held-for-sale [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets Held for Sale, Gross | 152,058 |
Less Accumulated Depreciation & Amortization | (53,585) |
Assets Held-for-sale, Long Lived, Total | 98,473 |
Liabilities Related To Assets Held for Sale | 51,428 |
Land [Member] | Assets Held-for-sale [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets Held for Sale, Gross | 22,208 |
Building and Improvements [Member] | Assets Held-for-sale [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets Held for Sale, Gross | 105,663 |
Furniture, Fixtures And Equipment [Member] | Assets Held-for-sale [Member] | |
Long Lived Assets Held-for-sale [Line Items] | |
Assets Held for Sale, Gross | $ 24,187 |
Investment In Hotel Propertie48
Investment In Hotel Properties (Condensed Pro Forma Financial Data) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Investment In Hotel Properties [Abstract] | ||||||||||||||
Pro Forma Total Revenues | $ 493,791 | $ 551,584 | ||||||||||||
Pro Forma Income from Continuing Operations | 127,328 | 44,419 | ||||||||||||
Pro Forma Net Income | 127,328 | 44,419 | ||||||||||||
Income Allocated to Noncontrolling Interest | (4,764) | (496) | ||||||||||||
Preferred Distributions | $ (5,374) | $ (4,417) | $ (4,000) | $ (3,589) | $ (3,589) | $ (3,589) | $ (3,589) | $ (3,589) | (17,380) | (14,356) | $ (14,356) | |||
Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares | 4,021 | |||||||||||||
Pro Forma Income Applicable to Common Shareholders | $ 101,163 | $ 29,567 | ||||||||||||
Pro Forma Income applicable to Common Shareholders: Basic | $ 2.35 | $ 0.62 | ||||||||||||
Pro Forma Income applicable to Common Shareholders: Diluted | $ 2.32 | $ 0.61 | ||||||||||||
Weighted Average Common Shares Outstanding: Basic | 41,733,272 | 42,309,044 | 43,427,726 | 44,379,327 | 45,663,416 | 47,417,452 | 48,530,716 | 49,582,790 | 42,957,199 | 47,786,811 | 49,777,302 | |||
Weighted Average Common Shares Outstanding: Diluted | 42,307,583 | 42,745,864 | 43,863,577 | 44,379,327 | 46,211,104 | 47,909,549 | 49,043,914 | 49,582,790 | 43,530,731 | [1] | 48,369,658 | [1] | 50,307,506 | [1] |
[1] | Income allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the "Operating Partnership" or "HHLP") has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership's common units of limited partnership interest ("Common Units") and the Operating Partnership's vested LTIP units ("Vested LTIP Units") have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units 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 applicable to common shareholders. |
Investment In Unconsolidated 49
Investment In Unconsolidated Joint Ventures (Narrative) (Details) | Jan. 03, 2017USD ($) | Dec. 31, 2016USD ($)property | Feb. 03, 2016USD ($) | Dec. 31, 2015USD ($) |
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Investment in hotel properties | $ 1,767,570,000 | $ 1,831,119,000 | ||
Investment in Unconsolidated Joint Ventures | 11,441,000 | $ 10,316,000 | ||
Proceeds from Contribution of Hotel Property Assets to Unconsolidated Joint Venture | $ 429,221,000 | |||
Asset management fee, percentage | 3.00% | |||
Percent of asset management fee, Company is entitled | 30.00% | |||
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% | |||
Hilton, Hartford, CT [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Joint Venture cash distribution percentage | 7.00% | |||
Marriott, Mystic, CT And Courtyard, Norwich, CT [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Joint Venture cash distribution percentage | 56.70% | |||
Mystic Marriott Hotel & Spa [Member] | Subsequent Event [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Percent owned (in hundredths) | 100.00% | |||
Proceeds of redemption and transfer of minority interest | $ 8,500,000 | |||
Cindat Hersha Owner JV, LLC [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Proceeds from Issuance of Debt | $ 323,793,000 | |||
Cindat Capital Management Limited [Member] | Cindat Hersha Owner JV, LLC [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Cash contribution by Cindat | $ 354,550,000 | |||
Preferred Joint Venture Partner, Ownership Percentage | 70.00% | |||
Proceeds from Issuance of Debt | $ 226,655,000 | |||
Working capital and closing costs | 14,105,000 | |||
Common equity interest | $ 142,000,000 | |||
Common equity interest return | 10.00% | |||
Asset management fee, percentage | 1.00% | |||
Cindat Capital Management Limited [Member] | Cindat Hersha Owner JV, LLC [Member] | Scenario Plan [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Common equity interest return | 8.00% | |||
Common Equity Interest, Return, Annual Reduction | 0.50% | |||
Common Equity Interest, Return, Annual Reduction, Term | 4 years | |||
Hersha Hospitality Limited Partnership [Member] | Cindat Hersha Owner JV, LLC [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Proceeds from Contribution of Hotel Property Assets to Unconsolidated Joint Venture | $ 354,550,000 | |||
Difference Between Fair Value And Basis, Amortized Over Life Of Underlying | 96,941,000 | |||
Proceeds from Issuance of Debt | 97,138,000 | |||
Preferred equity interest | 43,194,000 | $ 104,248,000 | ||
Working capital and closing costs | 12,239,000 | |||
Contribution Of Closing Costs | 10,653,000 | |||
Contribution of closing costs, amortized | $ 361,000 | |||
Non-cumulative Return | 9.00% | |||
Hersha Hospitality Limited Partnership [Member] | Cindat Hersha Owner JV, LLC [Member] | Junior Common Equity Interest [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Working capital and closing costs | $ 6,045,000 | |||
Common equity interest | $ 60,857,000 | |||
Common equity interest return | 8.00% | |||
Hersha Hospitality Limited Partnership [Member] | Cindat Hersha Owner JV, LLC [Member] | Preferred Equity Interest [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Working capital and closing costs | $ 6,194,000 | |||
Limited Service Hotels In Manhattan (The "JV Properties") [Member] | Cindat Hersha Owner JV, LLC [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Number of Real Estate Properties | property | 7 | |||
Sale Agreement, Total Purchase Price | $ 543,500,000 | |||
Limited Service Hotels In Manhattan (The "JV Properties") [Member] | Hersha Hospitality Limited Partnership [Member] | Cindat Hersha Owner JV, LLC [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Investment in hotel properties | $ 264,658,000 | |||
Preferred equity interest | 37,000,000 | |||
Mortgages [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Debt Instrument, Face Amount | 285,000,000 | |||
Mezzanine Mortgages [Member] | ||||
Investments in Unconsolidated Joint Ventures [Line Items] | ||||
Debt Instrument, Face Amount | $ 50,000,000 |
Investment In Unconsolidated 50
Investment In Unconsolidated Joint Ventures (Investment In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Investments in Unconsolidated Joint Ventures [Line Items] | ||
Investment in unconsolidated joint ventures | $ 11,441 | $ 10,316 |
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 | 795 |
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 | $ 2,112 | 4,499 |
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 | $ 4,699 | $ 5,022 |
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% | |
Cindat Hersha Owner JV, LLC [Member] | Hilton and IHG branded hotels in NYC [Member] | ||
Investments in Unconsolidated Joint Ventures [Line Items] | ||
Percent Owned | 30.00% | |
Investment in unconsolidated joint ventures | $ 3,717 |
Investment In Unconsolidated 51
Investment In Unconsolidated Joint Ventures (Income Or Loss From Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
(Loss) Income from Unconsolidated Joint Venture Investments | $ 587 | $ (3,717) | $ 1,521 | $ (214) | $ 105 | $ 608 | $ 526 | $ (274) | $ (1,823) | $ 965 | $ 693 |
SB Partners, LLC [Member] | |||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
Income (Loss) from Unconsolidated Joint Ventures | 618 | 582 | 407 | ||||||||
Hiren Boston, LLC [Member] | |||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
Income (Loss) from Unconsolidated Joint Ventures | 839 | 694 | 603 | ||||||||
Mystic Partners, LLC [Member] | |||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
Income (Loss) from Unconsolidated Joint Ventures | (137) | $ (311) | $ (317) | ||||||||
Cindat Hersha Owner JV, LLC [Member] | |||||||||||
Investments in Unconsolidated Joint Ventures [Line Items] | |||||||||||
Income (Loss) from Unconsolidated Joint Ventures | $ (3,143) |
Investment In Unconsolidated 52
Investment In Unconsolidated Joint Ventures (Summary Financial Information Related To Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets [Abstract] | |||
Investment in hotel properties, net | $ 647,548 | $ 105,354 | |
Other Assets | 45,576 | 15,558 | |
Total Assets | 693,124 | 120,912 | |
Liabilities and Equity [Abstract] | |||
Mortgages and notes payable | 432,173 | 113,532 | |
Other liabilities | 36,275 | 30,575 | |
Equity [Abstract] | |||
Hersha Hospitality Trust | 119,892 | 22,698 | |
Joint Venture Partner(s) | 104,784 | (45,893) | |
Total Equity | 224,676 | (23,195) | |
Total Liabilities and Equity | 693,124 | 120,912 | |
Statements of Operations [Abstract] | |||
Room Revenue | 118,645 | 57,927 | $ 59,135 |
Other Revenue | 24,424 | 22,776 | 21,725 |
Operating Expenses | (80,091) | (55,178) | (54,831) |
Lease Expense | (1,143) | (1,115) | (1,063) |
Property Taxes and Insurance | (9,512) | (2,948) | (2,934) |
General and Administrative | (8,976) | (5,609) | (5,783) |
Depreciation and Amortization | (13,286) | (6,549) | (6,376) |
Interest Expense | (18,568) | (6,677) | (11,995) |
Acquisition Costs | (1,468) | ||
Other Income | 2,466 | ||
Debt Extinguishment and Gain on Debt Forgiveness | 3,016 | ||
(Loss) Gain allocated to Noncontrolling Interests | (46) | (341) | 115 |
Net Income | $ 12,445 | $ 2,286 | $ 1,009 |
Investment In Unconsolidated 53
Investment In Unconsolidated Joint Ventures (Reconciliation Of Share In Unconsolidated Joint Ventures' Equity In Investment In Unconsolidated Joint Ventures) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Investment In Unconsolidated Joint Ventures [Abstract] | ||
Our share of equity recorded on the joint ventures' financial statements | $ 119,892 | $ 22,698 |
Adjustment to reconcile the Company's share of equity recorded on the joint ventures' financial statements to our investment in unconsolidated joint ventures | (108,451) | (12,382) |
Investment in Unconsolidated Joint Ventures | $ 11,441 | $ 10,316 |
Other Assets And Deposits On 54
Other Assets And Deposits On Hotel Acquisitions (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets And Deposits On Hotel Acquisitions [Abstract] | ||
Deferred Tax Assets, Net | $ 16,197 | $ 14,590 |
Interest bearing deposits related to acquisition of other hotel properties | $ 0 | $ 5,000 |
Other Assets And Deposits On 55
Other Assets And Deposits On Hotel Acquisitions (Other Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Other Assets And Deposits On Hotel Acquisitions [Abstract] | ||
Investment in Statutory Trusts | $ 1,548 | $ 1,548 |
Prepaid Expenses | 9,217 | 14,434 |
Deferred Tax Asset, Net of Valuation Allowance of $804 | 16,197 | 14,590 |
Other | 12,408 | 9,386 |
Total Other Assets | 39,370 | 39,958 |
Valuation allowance | $ 804 | $ 804 |
Debt (Mortgages Narrative) (Det
Debt (Mortgages Narrative) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)property | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Mortgages and Notes Payable [Abstract] | |||
Net Unamortized Premium | $ 2,313 | ||
Long-term Debt, Total | 1,110,438 | ||
Liabilities Related To Assets Held for Sale | $ 51,428 | ||
Number of hotel properties impacted by unmet debt service coverage ratio | property | 1 | ||
Mortgages [Member] | |||
Mortgages and Notes Payable [Abstract] | |||
Mortgage Indebtedness | $ 338,529 | $ 545,036 | |
Net Unamortized Premium | 2,313 | 3,503 | |
Net Unamortized Deferred Financing Costs | (3,021) | (3,880) | |
Long-term Debt, Total | 337,821 | 544,659 | |
Liabilities Related To Assets Held for Sale | 51,428 | ||
Interest expense | $ 20,916 | $ 26,581 | $ 31,046 |
Debt covenant compliance status | We have determined that certain debt service coverage ratio covenants contained in the loan agreements securing one of our hotel properties was not met as of December 31, 2016. Pursuant to this loan agreement, the lender has the option to escrow the operating cash flow. However, these covenants do not constitute an event of default for these loans. | ||
Maturity date range, start | Jan. 1, 2017 | ||
Maturity date range, end | Sep. 1, 2025 | ||
Minimum [Member] | Mortgages [Member] | |||
Mortgages and Notes Payable [Abstract] | |||
Debt Instrument, Interest Rate, Effective Percentage | 2.97% | ||
Maximum [Member] | Mortgages [Member] | |||
Mortgages and Notes Payable [Abstract] | |||
Debt Instrument, Interest Rate, Effective Percentage | 6.30% |
Debt (Subordinated Notes Payabl
Debt (Subordinated Notes Payable Narrative) (Details) - Junior Subordinated Debt [Member] $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($)loan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Hersha Statutory Trust I and Hersha Statutory Trust II [Member] | |||
Subordinated Notes Payable [Abstract] | |||
Number of debt instruments | loan | 2 | ||
Subordinated notes payable | $ 51,548 | ||
Maturity date | Jul. 30, 2035 | ||
Number of business days prior to quarterly interest payments for resetting rates | 2 days | ||
Net Unamortized Deferred Financing Costs | $ 970 | $ 1,023 | |
Debt instrument, interest rate during period (in hundredths) | 3.75% | 3.33% | 3.28% |
Interest expense | $ 1,931 | $ 1,715 | $ 1,690 |
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% | ||
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% |
Debt (Credit Facilities Narrati
Debt (Credit Facilities Narrative) (Details) | 12 Months Ended | |||
Dec. 31, 2016USD ($)agreement | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Feb. 21, 2017USD ($)item | |
Revolving Line of Credit [Abstract] | ||||
Long-term debt | $ 1,110,438,000 | |||
Outstanding borrowings on term loans | 663,500,000 | $ 547,780,000 | ||
Line of Credit | 27,000,000 | |||
Line of credit facility covenant minimum tangible net worth | $ 900,000,000 | |||
Line of credit facility covenant percentage of net cash proceeds of issuance and sales of equity interests (in hundredths) | 75.00% | |||
Line of credit, financial covenant terms | The Credit Facility and the Term Loans include certain financial covenants and require that we maintain: (1) a minimum tangible net worth (calculated as total assets, plus accumulated depreciation, less total liabilities, intangibles and other defined adjustments) of $900,000, plus an amount equal to 75% of the net cash proceeds of all issuances and primary sales of equity interests of the parent guarantor or any of its subsidiaries consummated following the closing date; (2) annual distributions not to exceed 95% of adjusted funds from operations; and (3) certain financial ratios, including the following:· a fixed charge coverage ratio of not less than 1.50 to 1.00, · a maximum leverage ratio of not more than 60%; and· a maximum secured debt leverage ratio of 45% | |||
Line of credit facility covenant maximum annual distributions (in hundredths) | 95.00% | |||
Line of credit facility covenant fixed charge coverage ratio | 1.50 | |||
Line of credit facility covenant maximum leverage ratio (in hundredths) | 60.00% | |||
Maximum [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Line of credit facility covenant maximum secured debt leverage ratio (in hundredths) | 45.00% | |||
Unsecured Credit Agreements [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Number of unsecured credit agreements | agreement | 3 | |||
Revolving line of credit, current borrowing capacity | $ 1,000,000,000 | |||
$500 Million Senior Unsecured Credit Agreement [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Maturity date | Feb. 28, 2018 | |||
Revolving line of credit, current borrowing capacity | $ 500,000,000 | |||
Revolving line of credit, maximum borrowing capacity | $ 850,000,000 | |||
Renewal period of line of credit | 1 year | |||
Revolving Line Of Credit [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Revolving line of credit, current borrowing capacity | $ 250,000,000 | |||
Interest Expense, on credit facilities | $ 17,332,000 | $ 10,147,000 | $ 6,218,000 | |
Line of credit, weighted average interest rate (in hundredths) | 2.82% | 2.69% | 2.82% | |
$250 Million Unsecured Term Loan [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Debt instrument, face amount | $ 250,000,000 | |||
$250 Million Unsecured Term Loan [Member] | Interest Rate Swap [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Fixed interest rate | 2.914% | |||
Notional amount | $ 150,000,000 | |||
$250 Million Unsecured Term Loan [Member] | Minimum [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Basis spread on variable rate (in hundredths) | 1.60% | |||
$250 Million Unsecured Term Loan [Member] | Maximum [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Basis spread on variable rate (in hundredths) | 2.35% | |||
$300 Million Senior Unsecured Term Loan Agreement ("Second Term Loan") [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Debt instrument, face amount | $ 300,000,000 | |||
Maturity date | Aug. 10, 2020 | |||
$300 Million Senior Unsecured Term Loan Agreement ("Second Term Loan") [Member] | Interest Rate Swap [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Fixed interest rate | 3.211% | |||
$300 Million Senior Unsecured Term Loan Agreement ("Second Term Loan") [Member] | Minimum [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Basis spread on variable rate (in hundredths) | 1.50% | |||
$300 Million Senior Unsecured Term Loan Agreement ("Second Term Loan") [Member] | Maximum [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Basis spread on variable rate (in hundredths) | 2.25% | |||
$200 Million Senior Unsecured Term Loan Agreement ("Third Term Loan") [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Debt instrument, face amount | $ 200,000,000 | |||
Maturity date | Aug. 2, 2021 | |||
$200 Million Senior Unsecured Term Loan Agreement ("Third Term Loan") [Member] | Interest Rate Swap [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Notional amount | $ 150,000,000 | |||
$200 Million Senior Unsecured Term Loan Agreement ("Third Term Loan") [Member] | Minimum [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Basis spread on variable rate (in hundredths) | 1.45% | |||
$200 Million Senior Unsecured Term Loan Agreement ("Third Term Loan") [Member] | Maximum [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Basis spread on variable rate (in hundredths) | 2.20% | |||
Term Loans [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Deferred costs, net of accumulated amortization | $ 3,120,000 | $ 2,220,000 | ||
$250 Million Senior Unsecured Revolving Line Of Credit [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Line of Credit | $ 27,000,000 | |||
$250 Million Senior Unsecured Revolving Line Of Credit [Member] | Minimum [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Basis spread on variable rate (in hundredths) | 1.70% | |||
$250 Million Senior Unsecured Revolving Line Of Credit [Member] | Maximum [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Basis spread on variable rate (in hundredths) | 2.45% | |||
$500 Million Senior Unsecured Credit Agreement And $300 Million Senior Unsecured Term Loan Agreement [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Line of credit, remaining borrowing capacity | $ 99,822,000 | |||
Subsequent Event [Member] | $500 Million Senior Unsecured Credit Agreement And $300 Million Senior Unsecured Term Loan Agreement [Member] | ||||
Revolving Line of Credit [Abstract] | ||||
Line of credit, remaining borrowing capacity | $ 197,998,000 | |||
Number of borrowing base assets added | item | 7 | |||
Number of borrowing base assets removed | item | 2 |
Debt (Summary Of The Balances O
Debt (Summary Of The Balances Outstanding And Interest Rate Spread) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Outstanding Balance, Line of credit | $ 27,000 | |
$250 Million Senior Unsecured Revolving Line Of Credit [Member] | ||
Outstanding Balance, Line of credit | 27,000 | |
$250 Million Unsecured Term Loan [Member] | ||
Outstanding Balance, term loans | 210,520 | 250,000 |
$300 Million Senior Unsecured Term Loan Agreement ("Second Term Loan") [Member] | ||
Outstanding Balance, term loans | 300,000 | $ 300,000 |
$200 Million Senior Unsecured Term Loan Agreement ("Third Term Loan") [Member] | ||
Outstanding Balance, term loans | $ 156,100 | |
Minimum [Member] | $250 Million Senior Unsecured Revolving Line Of Credit [Member] | ||
Basis spread on variable rate (in hundredths) | 1.70% | |
Minimum [Member] | $250 Million Unsecured Term Loan [Member] | ||
Basis spread on variable rate (in hundredths) | 1.60% | |
Minimum [Member] | $300 Million Senior Unsecured Term Loan Agreement ("Second Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 1.50% | |
Minimum [Member] | $200 Million Senior Unsecured Term Loan Agreement ("Third Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 1.45% | |
Maximum [Member] | $250 Million Senior Unsecured Revolving Line Of Credit [Member] | ||
Basis spread on variable rate (in hundredths) | 2.45% | |
Maximum [Member] | $250 Million Unsecured Term Loan [Member] | ||
Basis spread on variable rate (in hundredths) | 2.35% | |
Maximum [Member] | $300 Million Senior Unsecured Term Loan Agreement ("Second Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 2.25% | |
Maximum [Member] | $200 Million Senior Unsecured Term Loan Agreement ("Third Term Loan") [Member] | ||
Basis spread on variable rate (in hundredths) | 2.20% |
Debt (Aggregate Annual Principa
Debt (Aggregate Annual Principal Payments For Mortgages And Notes Payable) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt [Abstract] | |
2,017 | $ 160,908 |
2,018 | 27,237 |
2,019 | 312,084 |
2,020 | 301,694 |
2,021 | 179,704 |
Thereafter | 126,498 |
Net Unamortized Premium | 2,313 |
Long-term Debt, Total | $ 1,110,438 |
Debt (Capitalized Interest, Def
Debt (Capitalized Interest, Deferred Financing Costs and Debt Payoff Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Debt [Abstract] | |||
Capitalized interest | $ 0 | $ 0 | $ 458 |
Amortization of deferred costs | $ 2,632 | $ 2,650 | $ 2,768 |
Debt (New Debt_Refinance Narrat
Debt (New Debt/Refinance Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)propertyloan | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
New Debt/Refinance [Abstract] | |||
Unamortized deferred costs and defeasance premiums expensed | $ 1,187,000 | $ 561,000 | $ 670,000 |
Holiday Inn Exp & Suites, Chester, NY [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 6,700,000 | ||
Unamortized deferred costs and defeasance premiums expensed | 94,000 | ||
Hyatt House, Gaithersburg, MD [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 13,720,000 | ||
Unamortized deferred costs and defeasance premiums expensed | 5,000 | ||
Hyatt House, White Plains, NY [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 33,030,000 | ||
Unamortized deferred costs and defeasance premiums expensed | 12,000 | ||
Holiday Inn Express 29th Street Ny [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 55,000,000 | ||
Unamortized deferred costs and defeasance premiums expensed | 42,000 | ||
Gain on unamortized original issue premiums | 133,000 | ||
Hampton Inn, Seaport, NY [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 19,250,000 | ||
Unamortized deferred costs and defeasance premiums expensed | 67,000 | ||
Courtyard Inn, Alexandria, VA [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 25,000,000 | ||
Unamortized deferred costs and defeasance premiums expensed | $ 9,000 | ||
Hampton Inn Herald Square Ny And Hampton Inn Chelsea Ny [Member] | |||
New Debt/Refinance [Abstract] | |||
Number Of Mortgages | loan | 2 | ||
Number of Real Estate Properties | property | 2 | ||
Mortgage loan extinguishment | $ 39,480,000 | ||
Unamortized deferred costs and defeasance premiums expensed | 1,049,000 | ||
Hampton Inn, Herald Square, NY [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan | 26,500,000 | ||
Hampton Inn, Chelsea, NY [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan | 36,000,000 | ||
Hawthorn Suites Franklin, MA [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 8,500,000 | ||
Unamortized deferred costs and defeasance premiums expensed | $ 42,000 | ||
Courtyard by Marriott, Westside, Los Angeles, CA [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 30,000,000 | ||
Mortgage loan | $ 35,000,000 | ||
Debt instrument, basis spread on variable rate (in hundredths) | 3.00% | ||
Debt Instrument, Maturity Date | Sep. 29, 2017 | ||
Unamortized deferred costs and defeasance premiums expensed | $ 10,000 | ||
Effective interest rate | 3.00% | ||
Courtyard by Marriott, Miami, FL [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | $ 60,000,000 | ||
Unamortized deferred costs and defeasance premiums expensed | 329,000 | ||
Hyatt Union Square, New York, NY [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 55,000,000 | ||
Mortgage loan | $ 55,750,000 | ||
Debt instrument, basis spread on variable rate (in hundredths) | 2.30% | ||
Debt Instrument, Maturity Date | Jun. 10, 2019 | ||
Unamortized deferred costs and defeasance premiums expensed | $ 212,000 | ||
Effective interest rate | 3.00% | ||
Courtyard, Brookline, MA [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | $ 38,913,000 | ||
Debt Instrument, Maturity Date | Jul. 1, 2015 | ||
Unamortized deferred costs and defeasance premiums expensed | $ 10,000 | ||
Capitol Hill Hotel, Washington, DC [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 27,500,000 | ||
Mortgage loan | $ 25,000,000 | ||
Debt instrument, basis spread on variable rate (in hundredths) | 2.25% | ||
Debt Instrument, Maturity Date | Jan. 30, 2018 | ||
Unamortized deferred costs and defeasance premiums expensed | $ 0 | ||
Hilton Garden Inn, Tribeca, NY [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 32,000,000 | ||
Mortgage loan | $ 46,500,000 | ||
Debt instrument, basis spread on variable rate (in hundredths) | 2.30% | ||
Debt Instrument, Maturity Date | Nov. 1, 2019 | ||
Residence Inn, Greenbelt, MD [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | $ 10,179,000 | ||
Citigroup Global Markets Inc. [Member] | |||
New Debt/Refinance [Abstract] | |||
Unamortized deferred costs and defeasance premiums expensed | 579,000 | ||
Duane Street Hotel, New York, NY [Member] | |||
New Debt/Refinance [Abstract] | |||
Mortgage loan extinguishment | 5,175,000 | ||
Mortgage loan | $ 9,500,000 | ||
Debt instrument, basis spread on variable rate (in hundredths) | 4.50% | ||
Debt Instrument, Maturity Date | Feb. 1, 2017 | ||
Unamortized deferred costs and defeasance premiums expensed | $ 91,000 | ||
Fixed interest rate | 5.433% |
Commitments And Contingencies63
Commitments And Contingencies And Related Party Transactions (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 13,048,000 | $ 13,675,000 | $ 12,263,000 |
Incentive management fees incurred | $ 0 | 0 | 0 |
Franchise Agreements [Abstract] | |||
Terms of franchise agreements, minimum | 10 years | ||
Terms of franchise agreements, maximum | 20 years | ||
Franchise fee expense | $ 24,477,000 | 27,998,000 | 26,015,000 |
Accounting and Information Technology Fees [Abstract] | |||
Monthly fees for accounting services per property for hotels managed by HHMLP, minimum | 2,000 | ||
Monthly fees for accounting services per property for hotels managed by HHMLP, maximum | 3,000 | ||
Monthly information technology fees per property for hotels managed by HHMLP, minimum | 1,000 | ||
Monthly information technology fees per property for hotels managed by HHMLP, maximum | 2,000 | ||
Accounting fees | 1,423,000 | 1,484,000 | 1,410,000 |
Information technology fees | $ 458,000 | 441,000 | 416,000 |
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 | $ 1,255,000 | 996,000 | 742,000 |
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 | $ 144,000 | 189,000 | 163,000 |
Charges for capital expenditure purchases | 2,166,000 | 4,542,000 | 10,610,000 |
Capital expenditures included in accounts payable | 1,000 | ||
Due From Related Parties [Abstract] | |||
Due from related parties | 18,332,000 | 6,243,000 | |
Due to Related Parties [Abstract] | |||
Due to related parties | 8,789,000 | ||
Hotel Ground Rent [Abstract] | |||
Rent expense related to ground leases | $ 3,600,000 | 3,137,000 | 2,433,000 |
Parrot Key Resort, Key West, FL [Member] | |||
Hotel Ground Rent [Abstract] | |||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | 2,000,000 | ||
Business Combination, Contingent Consideration, Liability | $ 2,000,000 | $ 0 |
Commitments And Contingencies64
Commitments And Contingencies And Related Party Transactions (Future Minimum Lease Payments) (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies And Related Party Transactions [Abstract] | |
2,017 | $ 2,706 |
2,018 | 2,714 |
2,019 | 2,719 |
2,020 | 2,744 |
2,021 | 2,782 |
Thereafter | 246,578 |
Future minimum lease payments | $ 260,243 |
Fair Value Measurements And D65
Fair Value Measurements And Derivative Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Measurements And Derivative Instruments [Abstract] | |||
Unrealized gain (loss) recognized in accumulated other comprehensive income | $ 1,839 | $ (108) | $ 18 |
Unrealized gain (loss) reclassified from accumulated other comprehensive income to interest expense | 610 | ||
Gain (loss) to be reclassified to interest expense during next 12 months | 161 | ||
Carrying value of debt | 1,103,327 | 1,169,964 | |
Estimated fair value of debt | $ 1,098,248 | $ 1,170,901 | |
Impairment of Discontinued Assets | $ 1,800 |
Fair Value Measurements And D66
Fair Value Measurements And Derivative Instruments (Fair Value Of Interest Rate Swaps And Caps) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Derivatives, Fair Value [Line Items] | |||
Estimated Fair Value | $ 1,808 | $ 21 | |
Settlement of interest rate cap | 450 | $ 8 | |
Interest Rate Cap [Member] | Courtyard, LA Westside, Culver City, LA [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 3.00% | ||
Index: Basis spread on variable rate basis (in hundredths) | 3.00% | ||
Effective Date | Oct. 27, 2015 | ||
Derivative Contract Maturity Date | Sep. 29, 2017 | ||
Notional amount | $ 35,000 | ||
Estimated Fair Value | $ 8 | 19 | |
Interest Rate Cap [Member] | Hyatt Union Square, New York, NY [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 3.00% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.30% | ||
Effective Date | Jun. 10, 2015 | ||
Derivative Contract Maturity Date | Jun. 10, 2019 | ||
Notional amount | $ 55,750 | ||
Estimated Fair Value | $ 54 | 136 | |
Interest Rate Swap [Member] | Unsecured Term Loan [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 0.545% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.35% | ||
Effective Date | Nov. 5, 2012 | ||
Derivative Contract Maturity Date | Nov. 5, 2016 | ||
Notional amount | $ 100,000 | ||
Estimated Fair Value | 84 | ||
Interest Rate Swap [Member] | Unsecured Term Loan II [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 0.60% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.35% | ||
Effective Date | Dec. 18, 2012 | ||
Derivative Contract Maturity Date | Nov. 5, 2016 | ||
Notional amount | $ 50,000 | ||
Estimated Fair Value | 18 | ||
Interest Rate Swap [Member] | Third Term Loan [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.011% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.20% | ||
Effective Date | Nov. 3, 2016 | ||
Derivative Contract Maturity Date | Oct. 3, 2019 | ||
Notional amount | $ 150,000 | ||
Estimated Fair Value | $ 1,773 | ||
Interest Rate Swap [Member] | Duane Street Hotel, New York, NY [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 0.933% | ||
Index: Basis spread on variable rate basis (in hundredths) | 4.50% | ||
Effective Date | Feb. 1, 2014 | ||
Derivative Contract Maturity Date | Feb. 1, 2017 | ||
Notional amount | $ 8,973 | ||
Estimated Fair Value | $ (1) | (21) | |
Interest Rate Swap [Member] | Hilton Garden Inn 52nd Street, New York, NY [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Strike Rate | 1.152% | ||
Index: Basis spread on variable rate basis (in hundredths) | 2.90% | ||
Effective Date | Jun. 1, 2015 | ||
Derivative Contract Maturity Date | Feb. 21, 2017 | ||
Notional amount | $ 44,325 | ||
Estimated Fair Value | $ (26) | $ (215) |
Share Based Payments (Narrative
Share Based Payments (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
LTIP Unit Issuance (in shares) | 294,245 | ||||
Stock based compensation expense | $ 8,048,000 | $ 6,523,000 | $ 6,028,000 | ||
Unearned Compensation | $ 1,568,000 | $ 1,568,000 | 1,548,000 | ||
Shares Issued (in shares) | 110,849 | ||||
Shares Vested (in shares) | 110,849,000 | 110,849,000 | |||
Annual Long Term Equity Incentive Programs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 4,800,000 | 4,490,000 | 4,083,000 | ||
Unearned Compensation | $ 1,550,000 | $ 1,550,000 | 2,484,000 | ||
2016 Annual Long Term Equity Incentive Program (“2016 Annual EIP”) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
LTIP Unit Issuance (in shares) | 0 | ||||
2016 Multi-Year Long Term Equity Incentive Program (“2016 Multi-Year EIP”) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
LTIP Unit Issuance (in shares) | 0 | ||||
Terms of Share-based payment awards | On March 17, 2016, the Compensation Committee approved the 2016 Multi-Year Long Term Equity Incentive Program ("2016 Multi-Year EIP"). This program has a three-year performance period which commenced on January 1, 2016 and ends December 31, 2018. As of December 31, 2016 , no shares or LTIP Units have been issued to the executive officers in settlement of 2016 Multi-Year EIP awards. | ||||
Multi-Year LTIP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 1,869,000 | 818,000 | 598,000 | ||
Unearned Compensation | $ 1,568,000 | $ 1,568,000 | 1,548,000 | ||
Shareholders return as percentage of award for achievement level one (in hundredths) | 37.50% | 37.50% | |||
Shareholders return as percentage of award for achievement level two (in hundredths) | 37.50% | 37.50% | |||
Shareholders return as percentage of award for achievement level three (in hundredths) | 25.00% | 25.00% | |||
Multi-Year LTIP Trustee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 61,000 | 59,000 | 71,000 | ||
Unearned Compensation | $ 167,000 | $ 167,000 | $ 67,000 | ||
Shares Vested (in shares) | 5,505 | 5,505 | 3,005 | ||
Restricted Common Shares [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 541,000 | $ 455,000 | 399,000 | ||
Restricted Share Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unearned Compensation | $ 505,000 | $ 505,000 | $ 491,000 | ||
Shares Issued (in shares) | 90,562 | ||||
Shares Vested (in shares) | 51,230 | 51,230 | 30,863 | ||
Annual Retainer [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares Issued (in shares) | 9,684 | ||||
Shares Vested (in shares) | 94,000 | 94,000 | |||
Annual Retainer [Member] | Multi-Year LTIP Trustee [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 112,000 | $ 93,000 | 220,000 | ||
Percentage premium on retainer equity option (in hundredths) | 25.00% | 25.00% | |||
Board Of Trustees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 535,000 | 434,000 | 457,000 | ||
Shares Issued (in shares) | 10,000 | 17,795 | |||
Share Price on date of grant (in dollars per share) | $ 21.50 | $ 17.96 | |||
Non-employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | 130,000 | 174,000 | $ 200,000 | ||
Unearned Compensation | $ 79,000 | $ 79,000 | $ 90,000 | ||
Shares Issued (in shares) | 14,738 | ||||
Shares Vested (in shares) | 10,988,000 | 10,988,000 | 3,762,000 |
Share Based Payments (Summary O
Share Based Payments (Summary Of Unvested Share Awards Issued To Executives And Employees) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 110,849 | |
Shares Vested (in shares) | 110,849,000 | |
Unearned Compensation | $ 1,568,000 | $ 1,548,000 |
LTIP Units [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 655,120 | |
Shares Vested (in shares) | 444,911 | 206,708 |
Unearned Compensation | $ 1,550,000 | $ 2,484,000 |
LTIP Units [Member] | Issued 12-23-2014 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 258,899 | |
Vesting Period | 5 years | |
Vesting Schedule (in hundredths) | 33.30% | |
Shares Vested (in shares) | 172,599 | 86,299 |
Unearned Compensation | $ 457,000 | $ 1,553,000 |
Restricted Share Awards [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 90,562 | |
Shares Vested (in shares) | 51,230 | 30,863 |
Unearned Compensation | $ 505,000 | $ 491,000 |
Restricted Share Awards [Member] | Original Year Of Issuance Date 2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 30,070 | |
Vesting Period | 2 years | |
Vesting Schedule (in hundredths) | 50.00% | |
Shares Vested (in shares) | 497 | |
Unearned Compensation | $ 348,000 | |
Restricted Share Awards [Member] | Original Year Of Issuance Date 2015 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 23,492 | |
Shares Vested (in shares) | 13,733 | 600 |
Unearned Compensation | $ 157,000 | $ 419,000 |
Restricted Share Awards [Member] | Original Year Of Issuance Date 2014 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 11,455 | |
Vesting Period | 2 years | |
Vesting Schedule (in hundredths) | 50.00% | |
Shares Vested (in shares) | 11,455 | 6,619 |
Unearned Compensation | $ 54,000 | |
Restricted Share Awards [Member] | Original Year Of Issuance Date 2013 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 11,899 | |
Share Price on date of grant (in dollars per share) | $ 22.560 | |
Shares Vested (in shares) | 11,899 | 11,199 |
Unearned Compensation | $ 7,000 | |
Restricted Share Awards [Member] | Original Year Of Issuance Date 2012 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 13,646 | |
Share Price on date of grant (in dollars per share) | $ 21.120 | |
Shares Vested (in shares) | 13,646 | 12,445 |
Unearned Compensation | $ 11,000 | |
Minimum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Share Price on date of grant (in dollars per share) | $ 18.020 | |
Minimum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2015 [Member] | ||
Unvested Share Awards [Abstract] | ||
Share Price on date of grant (in dollars per share) | $ 21.760 | |
Vesting Period | 2 years | |
Vesting Schedule (in hundredths) | 25.00% | |
Minimum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2014 [Member] | ||
Unvested Share Awards [Abstract] | ||
Share Price on date of grant (in dollars per share) | $ 26 | |
Minimum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2013 [Member] | ||
Unvested Share Awards [Abstract] | ||
Vesting Period | 2 years | |
Vesting Schedule (in hundredths) | 25.00% | |
Minimum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2012 [Member] | ||
Unvested Share Awards [Abstract] | ||
Vesting Period | 2 years | |
Vesting Schedule (in hundredths) | 25.00% | |
Maximum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Share Price on date of grant (in dollars per share) | $ 21.11 | |
Maximum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2015 [Member] | ||
Unvested Share Awards [Abstract] | ||
Share Price on date of grant (in dollars per share) | $ 28.09 | |
Vesting Period | 4 years | |
Vesting Schedule (in hundredths) | 50.00% | |
Maximum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2014 [Member] | ||
Unvested Share Awards [Abstract] | ||
Share Price on date of grant (in dollars per share) | $ 27 | |
Maximum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2013 [Member] | ||
Unvested Share Awards [Abstract] | ||
Vesting Period | 4 years | |
Vesting Schedule (in hundredths) | 50.00% | |
Maximum [Member] | Restricted Share Awards [Member] | Original Year Of Issuance Date 2012 [Member] | ||
Unvested Share Awards [Abstract] | ||
Vesting Period | 4 years | |
Vesting Schedule (in hundredths) | 50.00% | |
2015 Annual Long Term Equity Incentive Program (“2015 Annual EIP”) [Member] | LTIP Units [Member] | Issued 03-30-2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 183,396 | |
Vesting Period | 3 years | |
Vesting Schedule (in hundredths) | 25.00% | |
Shares Vested (in shares) | 91,696 | |
Unearned Compensation | $ 868,000 | |
2014 Annual Long Term Equity Incentive Program (“2014 Annual EIP”) [Member] | LTIP Units [Member] | Issued 03-30-2015 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 128,832 | |
Vesting Period | 3 years | |
Vesting Schedule (in hundredths) | 25.00% | |
Shares Vested (in shares) | 96,623 | 64,415 |
Unearned Compensation | $ 225,000 | $ 758,000 |
2013 Annual Long Term Equity Incentive Program (“2013 Annual EIP”) [Member] | LTIP Units [Member] | Issued 12-23-2014 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 83,993 | |
Vesting Period | 3 years | |
Vesting Schedule (in hundredths) | 25.00% | |
Shares Vested (in shares) | 83,993 | 55,994 |
Unearned Compensation | $ 173,000 | |
Approved aggregate number of LTIP units to certain officers | 487,081 | |
2016 Multi-Year Long Term Equity Incentive Program (“2016 Multi-Year EIP”) [Member] | Compensation Committee Approval Date March 17, 2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Performance Period | 1/1/2016 to 12/31/2018 | |
Unearned Compensation | $ 888,000 | |
2015 Multi-Year Long Term Equity Incentive Program (“2015 Multi-Year EIP”) [Member] | Compensation Committee Approval Date March 18, 2015 [Member] | ||
Unvested Share Awards [Abstract] | ||
Performance Period | 1/1/2015 to 12/31/2017 | |
Unearned Compensation | $ 397,000 | 596,000 |
2014 Multi-Year Long Term Equity Incentive Program (“2014 Multi-Year EIP”) [Member] | Compensation Committee Approval Date April 11, 2014 [Member] | ||
Unvested Share Awards [Abstract] | ||
Performance Period | 1/1/2014 to 12/31/2016 | |
Unearned Compensation | $ 283,000 | 567,000 |
2013 Multi-Year Long Term Equity Incentive Program (“2013 Multi-Year EIP”) [Member] | Compensation Committee Approval Date April 15, 2013 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 110,849 | |
LTIP Issuance Date | Mar. 30, 2016 | |
Performance Period | 1/1/2013 to 12/31/2015 | |
Shares Vested (in shares) | 110,849,000 | |
Unearned Compensation | 385,000 | |
Multi-Year LTIP [Member] | ||
Unvested Share Awards [Abstract] | ||
Unearned Compensation | $ 1,568,000 | $ 1,548,000 |
Multi-Year LTIP Trustee [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Vested (in shares) | 5,505 | 3,005 |
Unearned Compensation | $ 167,000 | $ 67,000 |
Multi-Year LTIP Trustee [Member] | Issued 03-30-2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 2,500 | |
Vesting Period | 3 years | |
Vesting Schedule (in hundredths) | 33.00% | |
Shares Vested (in shares) | 835 | |
Unearned Compensation | $ 35,000 |
Share Based Payments (Summary69
Share Based Payments (Summary Of Unvested Share Awards Issued To Trustees) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 110,849 | |
Shares Vested (in shares) | 110,849,000 | |
Unearned Compensation | $ 1,568,000 | $ 1,548,000 |
Annual Retainer [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 9,684 | |
Shares Vested (in shares) | 94,000 | |
Annual Retainer [Member] | Issued 12-30-2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 4,395 | |
Share Price on date of grant (in dollars per share) | $ 21.50 | |
Vesting Period | 12 months | |
Vesting Schedule (in hundredths) | 100.00% | |
Shares Vested (in shares) | 94,000 | |
Annual Retainer [Member] | Issued 03-30-2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 5,289 | |
Share Price on date of grant (in dollars per share) | $ 21.11 | |
Vesting Period | 9 months | |
Vesting Schedule (in hundredths) | 100.00% | |
Multi-Year LTIP Trustee [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Vested (in shares) | 5,505 | 3,005 |
Unearned Compensation | $ 167,000 | $ 67,000 |
Multi-Year LTIP Trustee [Member] | Issued 12-30-2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 5,000 | |
Vesting Period | 3 years | |
Vesting Schedule (in hundredths) | 33.00% | |
Unearned Compensation | $ 108,000 | |
Multi-Year LTIP Trustee [Member] | Issued 03-30-2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 2,500 | |
Vesting Period | 3 years | |
Vesting Schedule (in hundredths) | 33.00% | |
Shares Vested (in shares) | 835 | |
Unearned Compensation | $ 35,000 | |
Multi-Year LTIP Trustee [Member] | Issued 12-30-2014 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 2,500 | |
Vesting Period | 3 years | |
Vesting Schedule (in hundredths) | 33.00% | |
Shares Vested (in shares) | 1,670 | 835 |
Unearned Compensation | $ 24,000 | $ 48,000 |
Multi-Year LTIP Trustee [Member] | Issued 12-27-2013 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 3,000 | |
Vesting Period | 3 years | |
Vesting Schedule (in hundredths) | 33.00% | |
Shares Vested (in shares) | 3,000 | 2,170 |
Unearned Compensation | $ 19,000 |
Share Based Payments (Summary70
Share Based Payments (Summary Of Unvested Share Awards Issued To Nonemployees) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 110,849 | |
Shares Vested (in shares) | 110,849,000 | |
Unearned Compensation | $ 1,568 | $ 1,548 |
Non-employees [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 14,738 | |
Shares Vested (in shares) | 10,988,000 | 3,762,000 |
Unearned Compensation | $ 79 | $ 90 |
Non-employees [Member] | Issued 03-30-2016 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 7,500 | |
Share Price on date of grant (in dollars per share) | $ 21.11 | |
Vesting Period | 2 years | |
Vesting Schedule (in hundredths) | 50.00% | |
Shares Vested (in shares) | 3,750 | |
Unearned Compensation | $ 79 | |
Non-employees [Member] | Issued 03-27-2015 [Member] | ||
Unvested Share Awards [Abstract] | ||
Shares Issued (in shares) | 7,238 | |
Share Price on date of grant (in dollars per share) | $ 25.88 | |
Vesting Period | 2 years | |
Vesting Schedule (in hundredths) | 50.00% | |
Shares Vested (in shares) | 7,238 | 3,762 |
Unearned Compensation | $ 90 |
Earnings Per Share (Reconciliat
Earnings Per Share (Reconciliation Of Earnings Per Share) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Basic and Diluted | ||||||||||||||
Net Income from Continuing Operations | $ 121,457 | $ 42,207 | $ 69,936 | |||||||||||
Income allocated to Noncontrolling Interests | (4,477) | (411) | (1,069) | |||||||||||
Distributions to Preferred Shareholders | $ (5,374) | $ (4,417) | $ (4,000) | $ (3,589) | $ (3,589) | $ (3,589) | $ (3,589) | $ (3,589) | (17,380) | (14,356) | (14,356) | |||
Dividends Paid on Unvested Restricted Shares and LTIP Units | (503) | (453) | (515) | |||||||||||
Extinguishment of Issuance Costs Upon Redemption of Series B Preferred Shares | (4,021) | |||||||||||||
Net Income from Continuing Operations attributable to Common Shareholders | 95,076 | 26,987 | 53,996 | |||||||||||
Discontinued Operations [Abstract] | ||||||||||||||
Loss from Discontinued Operations | (1,665) | |||||||||||||
Loss from Discontinued Operations allocated to Noncontrolling Interests | 53 | |||||||||||||
Loss from Discontinued Operations attributable to Common Shareholders | (1,612) | |||||||||||||
Net Income attributable to Common Shareholders | $ 95,076 | $ 26,987 | $ 52,384 | |||||||||||
Denominator [Abstract] | ||||||||||||||
Weighted average number of common shares - basic (in shares) | 41,733,272 | 42,309,044 | 43,427,726 | 44,379,327 | 45,663,416 | 47,417,452 | 48,530,716 | 49,582,790 | 42,957,199 | 47,786,811 | 49,777,302 | |||
Effect of dilutive securities [Abstract] | ||||||||||||||
Restricted Stock Awards and LTIP Units (unvested) (in shares) | 278,588 | 303,949 | 347,829 | |||||||||||
Contingently Issued Shares (in shares) | 294,944 | 278,898 | 182,375 | |||||||||||
Weighted average number of common shares - diluted (in shares) | 42,307,583 | 42,745,864 | 43,863,577 | 44,379,327 | 46,211,104 | 47,909,549 | 49,043,914 | 49,582,790 | 43,530,731 | [1] | 48,369,658 | [1] | 50,307,506 | [1] |
[1] | Income allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the "Operating Partnership" or "HHLP") has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership's common units of limited partnership interest ("Common Units") and the Operating Partnership's vested LTIP units ("Vested LTIP Units") have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units 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 applicable to common shareholders. |
Cash Flow Disclosures And Non72
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash Flow Disclosures And Non Cash Investing And Financing Activities [Abstract] | |||
Interest paid | $ 42,449 | $ 40,240 | $ 40,760 |
Cash paid for income taxes | $ 772 | $ 0 | $ 0 |
Cash Flow Disclosures And Non73
Cash Flow Disclosures And Non Cash Investing And Financing Activities (Non-cash Investing And Financing Activities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Non-cash Investing and Financing Activities | |||
Common Shares issued as part of the Dividend Reinvestment Plan | $ 63 | $ 50 | $ 50 |
Debt assumed, including premium | 55,350 | 28,902 | 24,924 |
Deposit paid in prior period towards acquisition which closed in current period | 5,000 | ||
Deferred Tax Liability | 3,281 | ||
Settlement of development loan receivable principal and accrued interest revenue receivable | 22,494 | ||
Disposition of hotel properties [Abstract] | |||
Debt assumed by purchaser | 45,710 | ||
Conversion of Common Units to Common Shares | 132 | ||
Issuance of Common Units | 4,430 | ||
Accrued payables for fixed assets placed into service | 1,689 | $ 992 | $ 1,312 |
Contribution of fixed assets to joint venture | $ 264,658 |
Shareholders' Equity And Nonc74
Shareholders' Equity And Noncontrolling Interests In Partnership (Details) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Shareholders' Equity And Noncontrolling Interests In Partnership [Abstract] | |||
Total number of Common Units outstanding (in shares) | 1,928,386 | 1,703,386 | 1,712,353 |
Common units converted to Class A Common Shares (in shares) | 0 | 8,965 | 4,725 |
LTIP Unit Issuance (in shares) | 294,245 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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) | $ 65,522,000 | $ 82,393,000 | $ 67,909,000 | ||||||
Total income tax expense | $ (375,000) | $ (1,443,000) | $ (3,070,000) | $ (2,401,000) | $ (631,000) | $ (109,000) | (4,888,000) | (3,141,000) | (2,685,000) |
Valuation allowance | 804,000 | $ 804,000 | 804,000 | 804,000 | |||||
Tax Credits | 567,000 | ||||||||
Dividends, Preferred Stock | 17,380,000 | $ 14,356,000 | $ 14,356,000 | ||||||
Federal [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating loss carryforwards | 46,125,000 | 46,125,000 | |||||||
State [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Net operating loss carryforwards | $ 54,281,000 | 54,281,000 | |||||||
Series E Preferred Shares [Member] | |||||||||
Segment Reporting Information [Line Items] | |||||||||
Dividends, Preferred Stock | $ 0 |
Income Taxes (Effective Income
Income Taxes (Effective Income Tax Reconciliation) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||
Statutory federal income tax provision | $ 39,633 | $ 13,282 | $ 22,865 | ||||||
Adjustment for nontaxable income for Hersha Hospitality Trust | (44,078) | (15,853) | (25,274) | ||||||
State income taxes, net of federal income tax effect | (725) | (581) | (367) | ||||||
Recognition of deferred tax assets | 282 | 11 | 91 | ||||||
Total income tax benefit | $ (375) | $ (1,443) | $ (3,070) | $ (2,401) | $ (631) | $ (109) | $ (4,888) | $ (3,141) | $ (2,685) |
Income Taxes (Components Of The
Income Taxes (Components Of The Company's Income Tax Expense (Benefit)) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Abstract] | |||||||||
Income tax expense (benefit): Federal: Deferred | $ (3,790) | $ (2,261) | $ (2,130) | ||||||
Income tax expense (benefit): State: Deferred | (1,098) | (880) | (555) | ||||||
Total income tax benefit | $ (375) | $ (1,443) | $ (3,070) | $ (2,401) | $ (631) | $ (109) | (4,888) | (3,141) | (2,685) |
Income tax expense (benefit): From continuing operations | (4,888) | (3,141) | (2,685) | ||||||
Income tax expense (benefit): From discontinued operations | 2 | ||||||||
Total income tax expense (benefit) | $ (4,888) | $ (3,141) | $ (2,683) |
Income Taxes (Components Of Con
Income Taxes (Components Of Consolidated TRS's Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Taxes [Abstract] | ||
Net operating loss carryforward | $ 18,448 | $ 14,168 |
Accrued expenses and other | 1,494 | 1,292 |
Tax credit carryforwards | 567 | 558 |
Total gross deferred tax assets | 20,509 | 16,018 |
Valuation allowance | (804) | (804) |
Total net deferred tax assets | 19,705 | 15,214 |
Depreciation and amortization | 3,508 | 624 |
Total Net deferred tax assets | $ 16,197 | $ 14,590 |
Income Taxes (Taxability Of Com
Income Taxes (Taxability Of Common And Preferred Share Distributions) (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Series B Preferred Stock [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% | 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 D Preferred Shares [Member] | |||
Ordinary income (in hundredths) | 100.00% | ||
Return of Capital (in hundredths) | 0.00% | ||
Capital Gain Distribution (in hundredths) | 0.00% | ||
Class A Common Shares [Member] | |||
Ordinary income (in hundredths) | 100.00% | 79.49% | 76.34% |
Return of Capital (in hundredths) | 0.00% | 20.51% | 23.66% |
Capital Gain Distribution (in hundredths) | 0.00% | 0.00% | 0.00% |
Selected Quarterly Financial 80
Selected Quarterly Financial Data (Selected Quarterly Financial Data (Unaudited)) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
Selected Quarterly Financial Data [Abstract] | ||||||||||||||
Total Revenues | $ 132,135 | $ 120,702 | $ 223,077 | $ 106,916 | $ 123,177 | $ 124,560 | $ 127,081 | $ 95,760 | $ 466,629 | $ 470,385 | $ 417,406 | |||
Total Expenses | 126,385 | 110,223 | 112,709 | 115,121 | 113,116 | 111,396 | 108,090 | 99,875 | 401,107 | 387,992 | 349,497 | |||
(Loss) Income from Unconsolidated Joint Ventures | 587 | (3,717) | 1,521 | (214) | 105 | 608 | 526 | (274) | (1,823) | 965 | 693 | |||
Income Before Income Taxes | 6,337 | 6,762 | 111,889 | (8,419) | 10,166 | 13,772 | 19,517 | (4,389) | 116,569 | 39,066 | 67,251 | |||
Income Tax Benefit | 375 | 1,443 | 3,070 | 2,401 | 631 | 109 | 4,888 | 3,141 | 2,685 | |||||
Net (Loss) Income | 6,712 | 8,205 | 114,959 | (8,419) | 12,567 | 14,403 | 19,626 | (4,389) | 121,457 | 42,207 | 68,271 | |||
(Loss) Income Allocated to Noncontrolling Interests in Continuing Operations | 205 | 211 | 4,748 | (687) | 205 | 244 | 405 | (443) | 4,477 | 411 | 1,016 | |||
Issuance Costs of Redeemed Preferred Stock | 4,021 | |||||||||||||
Preferred Distributions | 5,374 | 4,417 | 4,000 | 3,589 | 3,589 | 3,589 | 3,589 | 3,589 | 17,380 | 14,356 | 14,356 | |||
Net (Loss) Income applicable to Common Shareholders | $ 1,133 | $ 3,577 | $ 102,190 | $ (11,321) | $ 8,773 | $ 10,570 | $ 15,632 | $ (7,535) | $ 95,579 | $ 27,440 | $ 52,899 | |||
Earnings per share: | ||||||||||||||
Basic Net (Loss) Income applicable to Common Shareholders | $ 0.04 | $ 0.08 | $ 2.35 | $ (0.26) | $ 2.21 | $ 0.56 | $ 1.05 | |||||||
Diluted Net (Loss) Income applicable to Common Shareholders | $ 0.03 | $ 0.08 | $ 2.33 | $ (0.26) | $ 2.18 | $ 0.56 | $ 1.04 | |||||||
Net (Loss) Income applicable to Common Shareholders (in dollars per share) | $ 0.19 | $ 0.22 | $ 0.32 | $ (0.16) | ||||||||||
Weighted Average Common Shares Outstanding | ||||||||||||||
Basic (in shares) | 41,733,272 | 42,309,044 | 43,427,726 | 44,379,327 | 45,663,416 | 47,417,452 | 48,530,716 | 49,582,790 | 42,957,199 | 47,786,811 | 49,777,302 | |||
Diluted (in shares) | 42,307,583 | 42,745,864 | 43,863,577 | 44,379,327 | 46,211,104 | 47,909,549 | 49,043,914 | 49,582,790 | 43,530,731 | [1] | 48,369,658 | [1] | 50,307,506 | [1] |
[1] | Income allocated to noncontrolling interest in Hersha Hospitality Limited Partnership (the "Operating Partnership" or "HHLP") has been excluded from the numerator and the Class A common shares issuable upon any redemption of the Operating Partnership's common units of limited partnership interest ("Common Units") and the Operating Partnership's vested LTIP units ("Vested LTIP Units") have been omitted from the denominator for the purpose of computing diluted earnings per share because the effect of including these shares and units 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 applicable to common shareholders. |
Schedule III - Real Estate An81
Schedule III - Real Estate And Accumulated Depreciation (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | |||
Aggregate cost of land, buildings and improvements | $ 1,926,585 | $ 1,848,773 | $ 1,836,861 |
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 An82
Schedule III - Real Estate And Accumulated Depreciation (Real Estate And Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (389,957) | |||
Initial Costs [Abstract] | ||||
Land | 521,691 | |||
Buildings & Improvements | 1,365,964 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 122,966 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 521,691 | |||
Buildings & Improvements | 1,488,930 | |||
Total Real Estate | 2,010,621 | $ 1,999,438 | $ 1,864,382 | $ 1,629,312 |
Accumulated Depreciation Buildings & Improvements | (222,512) | $ (237,129) | $ (189,889) | $ (162,189) |
Net Book Value Land, Buildings & Improvements | 1,788,109 | |||
Real Estate Investment [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (338,529) | |||
Initial Costs [Abstract] | ||||
Land | 499,483 | |||
Buildings & Improvements | 1,275,303 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Land | 0 | |||
Buildings & Improvements | 107,964 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 499,483 | |||
Buildings & Improvements | 1,383,267 | |||
Total Real Estate | 1,882,750 | |||
Accumulated Depreciation Buildings & Improvements | (190,095) | |||
Net Book Value Land, Buildings & Improvements | 1,692,655 | |||
Assets Held-for-sale [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (51,428) | |||
Initial Costs [Abstract] | ||||
Land | 22,208 | |||
Buildings & Improvements | 90,661 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 15,002 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 22,208 | |||
Buildings & Improvements | 105,663 | |||
Total Real Estate | 127,871 | |||
Accumulated Depreciation Buildings & Improvements | (32,417) | |||
Net Book Value Land, Buildings & Improvements | 95,454 | |||
Courtyard, Brookline, MA [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Buildings & Improvements | 47,414 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 4,754 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Buildings & Improvements | 52,168 | |||
Total Real Estate | 52,168 | |||
Accumulated Depreciation Buildings & Improvements | (15,567) | |||
Net Book Value Land, Buildings & Improvements | $ 36,601 | |||
Date of Acquisition | Jun. 16, 2005 | |||
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 | 1,962 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 4,283 | |||
Buildings & Improvements | 16,437 | |||
Total Real Estate | 20,720 | |||
Accumulated Depreciation Buildings & Improvements | (5,315) | |||
Net Book Value Land, Buildings & Improvements | $ 15,405 | |||
Date of Acquisition | Feb. 2, 2006 | |||
Hilton Garden Inn, JFK Airport, NY [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (19,034) | |||
Initial Costs [Abstract] | ||||
Buildings & Improvements | 25,018 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,892 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Buildings & Improvements | 27,910 | |||
Total Real Estate | 27,910 | |||
Accumulated Depreciation Buildings & Improvements | (8,659) | |||
Net Book Value Land, Buildings & Improvements | $ 19,251 | |||
Date of Acquisition | Feb. 16, 2006 | |||
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 | 2,461 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 1,956 | |||
Buildings & Improvements | 12,254 | |||
Total Real Estate | 14,210 | |||
Accumulated Depreciation Buildings & Improvements | (4,467) | |||
Net Book Value Land, Buildings & Improvements | $ 9,743 | |||
Date of Acquisition | May 3, 2006 | |||
Hyatt House, Gaithersburg, MD [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 2,912 | |||
Buildings & Improvements | 16,001 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 4,165 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 2,912 | |||
Buildings & Improvements | 20,166 | |||
Total Real Estate | 23,078 | |||
Accumulated Depreciation Buildings & Improvements | (6,475) | |||
Net Book Value Land, Buildings & Improvements | $ 16,603 | |||
Date of Acquisition | Dec. 28, 2006 | |||
Hyatt House, White Plains, NY [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 8,823 | |||
Buildings & Improvements | 30,273 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,807 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 8,823 | |||
Buildings & Improvements | 33,080 | |||
Total Real Estate | 41,903 | |||
Accumulated Depreciation Buildings & Improvements | (9,761) | |||
Net Book Value Land, Buildings & Improvements | $ 32,142 | |||
Date of Acquisition | Dec. 28, 2006 | |||
Holiday Inn Exp & Suites, Chester, NY [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 1,500 | |||
Buildings & Improvements | 6,671 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 322 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 1,500 | |||
Buildings & Improvements | 6,993 | |||
Total Real Estate | 8,493 | |||
Accumulated Depreciation Buildings & Improvements | (1,807) | |||
Net Book Value Land, Buildings & Improvements | $ 6,686 | |||
Date of Acquisition | Jan. 25, 2007 | |||
Hampton Inn, Seaport, NY [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 7,816 | |||
Buildings & Improvements | 19,040 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,355 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 7,816 | |||
Buildings & Improvements | 20,395 | |||
Total Real Estate | 28,211 | |||
Accumulated Depreciation Buildings & Improvements | (5,271) | |||
Net Book Value Land, Buildings & Improvements | $ 22,940 | |||
Date of Acquisition | Feb. 1, 2007 | |||
Sheraton Hotel, JFK Airport, NY [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Buildings & Improvements | $ 27,315 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,313 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Buildings & Improvements | 29,628 | |||
Total Real Estate | 29,628 | |||
Accumulated Depreciation Buildings & Improvements | (6,807) | |||
Net Book Value Land, Buildings & Improvements | $ 22,821 | |||
Date of Acquisition | Jun. 13, 2008 | |||
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 | 5,972 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 3,490 | |||
Buildings & Improvements | 30,354 | |||
Total Real Estate | 33,844 | |||
Accumulated Depreciation Buildings & Improvements | (12,839) | |||
Net Book Value Land, Buildings & Improvements | $ 21,005 | |||
Date of Acquisition | Feb. 15, 2006 | |||
Duane Street, Tribeca, NY [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (8,973) | |||
Initial Costs [Abstract] | ||||
Land | 8,213 | |||
Buildings & Improvements | 12,869 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,940 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 8,213 | |||
Buildings & Improvements | 14,809 | |||
Total Real Estate | 23,022 | |||
Accumulated Depreciation Buildings & Improvements | (3,887) | |||
Net Book Value Land, Buildings & Improvements | $ 19,135 | |||
Date of Acquisition | Jan. 4, 2008 | |||
NU Hotel, Brooklyn, NY [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Buildings & Improvements | $ 22,042 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,650 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Buildings & Improvements | 23,692 | |||
Total Real Estate | 23,692 | |||
Accumulated Depreciation Buildings & Improvements | (5,496) | |||
Net Book Value Land, Buildings & Improvements | $ 18,196 | |||
Date of Acquisition | Jan. 14, 2008 | |||
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 | 935 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 21,077 | |||
Buildings & Improvements | 43,890 | |||
Total Real Estate | 64,967 | |||
Accumulated Depreciation Buildings & Improvements | (8,614) | |||
Net Book Value Land, Buildings & Improvements | $ 56,353 | |||
Date of Acquisition | May 1, 2009 | |||
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 | 1,256 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 9,335 | |||
Buildings & Improvements | 59,304 | |||
Total Real Estate | 68,639 | |||
Accumulated Depreciation Buildings & Improvements | (9,906) | |||
Net Book Value Land, Buildings & Improvements | $ 58,733 | |||
Date of Acquisition | Sep. 1, 2010 | |||
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 | 1,400 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 1,765 | |||
Buildings & Improvements | 18,329 | |||
Total Real Estate | 20,094 | |||
Accumulated Depreciation Buildings & Improvements | (4,880) | |||
Net Book Value Land, Buildings & Improvements | $ 15,214 | |||
Date of Acquisition | Dec. 21, 2010 | |||
Capitol Hill Suites, Washington, DC [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (25,000) | |||
Initial Costs [Abstract] | ||||
Land | 8,095 | |||
Buildings & Improvements | 35,141 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 4,261 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 8,095 | |||
Buildings & Improvements | 39,402 | |||
Total Real Estate | 47,497 | |||
Accumulated Depreciation Buildings & Improvements | (7,218) | |||
Net Book Value Land, Buildings & Improvements | $ 40,279 | |||
Date of Acquisition | Apr. 15, 2011 | |||
Courtyard, LA Westside, CA [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (35,000) | |||
Initial Costs [Abstract] | ||||
Land | 13,489 | |||
Buildings & Improvements | 27,025 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 4,834 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 13,489 | |||
Buildings & Improvements | 31,859 | |||
Total Real Estate | 45,348 | |||
Accumulated Depreciation Buildings & Improvements | (5,830) | |||
Net Book Value Land, Buildings & Improvements | $ 39,518 | |||
Date of Acquisition | May 19, 2011 | |||
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 | 580 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 11,384 | |||
Buildings & Improvements | 24,012 | |||
Total Real Estate | 35,396 | |||
Accumulated Depreciation Buildings & Improvements | (1,637) | |||
Net Book Value Land, Buildings & Improvements | $ 33,759 | |||
Date of Acquisition | Jul. 22, 2011 | |||
Courtyard, Miami, FL [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 35,699 | |||
Buildings & Improvements | 55,805 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 23,119 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 35,699 | |||
Buildings & Improvements | 78,924 | |||
Total Real Estate | 114,623 | |||
Accumulated Depreciation Buildings & Improvements | (9,483) | |||
Net Book Value Land, Buildings & Improvements | $ 105,140 | |||
Date of Acquisition | Nov. 16, 2011 | |||
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 | 16,428 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 7,108 | |||
Buildings & Improvements | 45,984 | |||
Total Real Estate | 53,092 | |||
Accumulated Depreciation Buildings & Improvements | (10,501) | |||
Net Book Value Land, Buildings & Improvements | $ 42,591 | |||
Date of Acquisition | Mar. 1, 2012 | |||
Bulfinch, Boston, MA [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 1,456 | |||
Buildings & Improvements | 14,954 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 1,511 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 1,456 | |||
Buildings & Improvements | 16,465 | |||
Total Real Estate | 17,921 | |||
Accumulated Depreciation Buildings & Improvements | (2,510) | |||
Net Book Value Land, Buildings & Improvements | $ 15,411 | |||
Date of Acquisition | May 7, 2012 | |||
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 | 905 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 30,329 | |||
Buildings & Improvements | 57,921 | |||
Total Real Estate | 88,250 | |||
Accumulated Depreciation Buildings & Improvements | (6,887) | |||
Net Book Value Land, Buildings & Improvements | $ 81,363 | |||
Date of Acquisition | Jun. 18, 2012 | |||
Hyatt Union Square, New York, NY [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (55,750) | |||
Initial Costs [Abstract] | ||||
Land | 32,940 | |||
Buildings & Improvements | 79,300 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,253 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 32,940 | |||
Buildings & Improvements | 81,553 | |||
Total Real Estate | 114,493 | |||
Accumulated Depreciation Buildings & Improvements | (7,769) | |||
Net Book Value Land, Buildings & Improvements | $ 106,724 | |||
Date of Acquisition | Apr. 9, 2013 | |||
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 | 1,786 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 15,656 | |||
Buildings & Improvements | 53,460 | |||
Total Real Estate | 69,116 | |||
Accumulated Depreciation Buildings & Improvements | (5,048) | |||
Net Book Value Land, Buildings & Improvements | $ 64,068 | |||
Date of Acquisition | May 30, 2013 | |||
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 | 7,140 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 4,146 | |||
Buildings & Improvements | 24,596 | |||
Total Real Estate | 28,742 | |||
Accumulated Depreciation Buildings & Improvements | (3,761) | |||
Net Book Value Land, Buildings & Improvements | $ 24,981 | |||
Date of Acquisition | Jun. 12, 2013 | |||
Hotel Milo, Santa Barbara, California [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (23,701) | |||
Initial Costs [Abstract] | ||||
Buildings & Improvements | 55,080 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,795 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Buildings & Improvements | 57,875 | |||
Total Real Estate | 57,875 | |||
Accumulated Depreciation Buildings & Improvements | (4,408) | |||
Net Book Value Land, Buildings & Improvements | $ 53,467 | |||
Date of Acquisition | Feb. 28, 2014 | |||
Hilton Garden Inn, Midtown East, NY [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (44,325) | |||
Initial Costs [Abstract] | ||||
Land | 45,480 | |||
Buildings & Improvements | 60,762 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 180 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 45,480 | |||
Buildings & Improvements | 60,942 | |||
Total Real Estate | 106,422 | |||
Accumulated Depreciation Buildings & Improvements | (3,982) | |||
Net Book Value Land, Buildings & Improvements | $ 102,440 | |||
Date of Acquisition | May 27, 2014 | |||
Parrot Key Resort, Key West, FL [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 57,889 | |||
Buildings & Improvements | 33,959 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 560 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 57,889 | |||
Buildings & Improvements | 34,519 | |||
Total Real Estate | 92,408 | |||
Accumulated Depreciation Buildings & Improvements | (2,369) | |||
Net Book Value Land, Buildings & Improvements | $ 90,039 | |||
Date of Acquisition | May 7, 2014 | |||
Winter Haven, Miami Beach, FL [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 5,400 | |||
Buildings & Improvements | 18,147 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 611 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 5,400 | |||
Buildings & Improvements | 18,758 | |||
Total Real Estate | 24,158 | |||
Accumulated Depreciation Buildings & Improvements | (1,512) | |||
Net Book Value Land, Buildings & Improvements | $ 22,646 | |||
Date of Acquisition | Dec. 20, 2013 | |||
Blue Moon, Miami Beach, FL [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 4,874 | |||
Buildings & Improvements | 20,354 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 806 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 4,874 | |||
Buildings & Improvements | 21,160 | |||
Total Real Estate | 26,034 | |||
Accumulated Depreciation Buildings & Improvements | (1,694) | |||
Net Book Value Land, Buildings & Improvements | $ 24,340 | |||
Date of Acquisition | Dec. 20, 2013 | |||
St. Gregory Hotel, Washington D.C. [Member] | Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (24,946) | |||
Initial Costs [Abstract] | ||||
Land | 23,764 | |||
Buildings & Improvements | 33,005 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,889 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 23,764 | |||
Buildings & Improvements | 35,894 | |||
Total Real Estate | 59,658 | |||
Accumulated Depreciation Buildings & Improvements | (1,421) | |||
Net Book Value Land, Buildings & Improvements | $ 58,237 | |||
Date of Acquisition | Jun. 16, 2015 | |||
TownePlace Suites, Sunnyvale, CA [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Buildings & Improvements | $ 18,999 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 327 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Buildings & Improvements | 19,326 | |||
Total Real Estate | 19,326 | |||
Accumulated Depreciation Buildings & Improvements | (647) | |||
Net Book Value Land, Buildings & Improvements | $ 18,679 | |||
Date of Acquisition | Aug. 25, 2015 | |||
Ritz Carlton Georgetown, Washington D.C. [Member] | Hotel [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 17,825 | |||
Buildings & Improvements | 29,584 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 260 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 17,825 | |||
Buildings & Improvements | 29,844 | |||
Total Real Estate | 47,669 | |||
Accumulated Depreciation Buildings & Improvements | (746) | |||
Net Book Value Land, Buildings & Improvements | $ 46,923 | |||
Date of Acquisition | Dec. 29, 2015 | |||
Sanctuary Beach Resort, Marina, CA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (14,700) | |||
Initial Costs [Abstract] | ||||
Land | 20,278 | |||
Buildings & Improvements | 17,319 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 430 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 20,278 | |||
Buildings & Improvements | 17,749 | |||
Total Real Estate | 38,027 | |||
Accumulated Depreciation Buildings & Improvements | (409) | |||
Net Book Value Land, Buildings & Improvements | $ 37,618 | |||
Date of Acquisition | Jan. 28, 2016 | |||
Hilton Garden Inn M Street, Washington, DC [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 30,793 | |||
Buildings & Improvements | 67,420 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 16 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 30,793 | |||
Buildings & Improvements | 67,436 | |||
Total Real Estate | 98,229 | |||
Accumulated Depreciation Buildings & Improvements | (1,341) | |||
Net Book Value Land, Buildings & Improvements | $ 96,888 | |||
Date of Acquisition | Mar. 9, 2016 | |||
Envoy Hotel, Boston, MA [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 25,264 | |||
Buildings & Improvements | 75,979 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 25,264 | |||
Buildings & Improvements | 75,979 | |||
Total Real Estate | 101,243 | |||
Accumulated Depreciation Buildings & Improvements | (849) | |||
Net Book Value Land, Buildings & Improvements | $ 100,394 | |||
Date of Acquisition | Jul. 21, 2016 | |||
Courtyard, Sunnyvale, CA [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (40,600) | |||
Initial Costs [Abstract] | ||||
Land | 17,694 | |||
Buildings & Improvements | 53,272 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 17,694 | |||
Buildings & Improvements | 53,272 | |||
Total Real Estate | 70,966 | |||
Accumulated Depreciation Buildings & Improvements | (266) | |||
Net Book Value Land, Buildings & Improvements | $ 70,700 | |||
Date of Acquisition | Oct. 20, 2016 | |||
The Ambrose, Santa Monica, CA [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 18,750 | |||
Buildings & Improvements | 26,839 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 89 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 18,750 | |||
Buildings & Improvements | 26,928 | |||
Total Real Estate | 45,678 | |||
Accumulated Depreciation Buildings & Improvements | (56) | |||
Net Book Value Land, Buildings & Improvements | $ 45,622 | |||
Date of Acquisition | Dec. 1, 2016 | |||
Residence Inn, Greenbelt, MD [Member] | Assets Held-for-sale [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 2,615 | |||
Buildings & Improvements | 14,815 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,290 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 2,615 | |||
Buildings & Improvements | 17,105 | |||
Total Real Estate | 19,720 | |||
Accumulated Depreciation Buildings & Improvements | (6,131) | |||
Net Book Value Land, Buildings & Improvements | $ 13,589 | |||
Date of Acquisition | Jul. 16, 2004 | |||
Hyatt House, Pleasant Hills, CA [Member] | Assets Held-for-sale [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 | 3,025 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 6,216 | |||
Buildings & Improvements | 20,254 | |||
Total Real Estate | 26,470 | |||
Accumulated Depreciation Buildings & Improvements | (5,611) | |||
Net Book Value Land, Buildings & Improvements | $ 20,859 | |||
Date of Acquisition | Dec. 28, 2006 | |||
Hyatt House, Pleasanton, CA [Member] | Assets Held-for-sale [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 | 3,530 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 3,941 | |||
Buildings & Improvements | 16,090 | |||
Total Real Estate | 20,031 | |||
Accumulated Depreciation Buildings & Improvements | (5,138) | |||
Net Book Value Land, Buildings & Improvements | $ 14,893 | |||
Date of Acquisition | Dec. 28, 2006 | |||
Hyatt House, Scottsdale, AZ [Member] | Assets Held-for-sale [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 | 3,535 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 3,060 | |||
Buildings & Improvements | 23,503 | |||
Total Real Estate | 26,563 | |||
Accumulated Depreciation Buildings & Improvements | (7,200) | |||
Net Book Value Land, Buildings & Improvements | $ 19,363 | |||
Date of Acquisition | Dec. 28, 2006 | |||
Courtyard Inn, Alexandria, VA [Member] | Assets Held-for-sale [Member] | ||||
Initial Costs [Abstract] | ||||
Land | $ 6,376 | |||
Buildings & Improvements | 26,089 | |||
Costs Capitalized Subsequent to Acquisition [Abstract] | ||||
Buildings & Improvements | 2,622 | |||
Gross Amounts at which Carried at Close of Period [Abstract] | ||||
Land | 6,376 | |||
Buildings & Improvements | 28,711 | |||
Total Real Estate | 35,087 | |||
Accumulated Depreciation Buildings & Improvements | (8,337) | |||
Net Book Value Land, Buildings & Improvements | $ 26,750 | |||
Date of Acquisition | Sep. 29, 2006 |
Schedule III - Real Estate An83
Schedule III - Real Estate And Accumulated Depreciation (Reconciliation Of Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Real Estate [Roll Forward] | |||
Balance at beginning of year | $ 1,999,438 | $ 1,864,382 | $ 1,629,312 |
Additions during the year | 372,011 | 135,056 | 333,889 |
Dispositions / Deconsolidation of consolidated joint venture during the year | (360,828) | (98,819) | |
Total Real Estate | 2,010,621 | 1,999,438 | 1,864,382 |
Reconciliation of Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of year | 237,129 | 189,889 | 162,189 |
Depreciation for year | 46,078 | 47,240 | 43,218 |
Accumulated depreciation on assets sold | (60,695) | (15,518) | |
Balance at end of year | $ 222,512 | $ 237,129 | $ 189,889 |