Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 27, 2014 | Jun. 28, 2013 |
Document and Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'ASHFORD HOSPITALITY TRUST INC | ' | ' |
Entity Central Index Key | '0001232582 | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
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 | ' | ' | $852,657 |
Entity Common Stock, Shares Outstanding | ' | 80,565,563 | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Assets | ' | ' |
Cash and cash equivalents | $128,780 | $185,935 |
Marketable securities | 29,601 | 23,620 |
Total cash, cash equivalents and marketable securities | 158,381 | 209,555 |
Investments in hotel properties, net | 2,164,389 | 2,872,304 |
Restricted cash | 61,498 | 84,786 |
Accounts receivable, net of allowance of $242 and $265, respectively | 21,791 | 35,116 |
Inventories | 1,946 | 2,111 |
Notes receivable, net of allowance of $7,937 and $8,333, respectively | 3,384 | 11,331 |
Investment in unconsolidated entities | 195,545 | 158,694 |
Deferred costs, net | 10,155 | 17,194 |
Prepaid expenses | 7,519 | 10,145 |
Derivative assets | 19 | 6,391 |
Other assets | 4,303 | 4,594 |
Intangible asset, net | 0 | 2,721 |
Due from Ashford Prime, net | 13,042 | 0 |
Due from affiliates | 1,302 | 1,168 |
Due from third-party hotel managers | 33,728 | 48,619 |
Total assets | 2,677,002 | 3,464,729 |
Liabilities: | ' | ' |
Indebtedness | 1,818,929 | 2,339,410 |
Capital leases payable | 28 | 0 |
Accounts payable and accrued expenses | 70,683 | 84,293 |
Dividends payable | 20,735 | 18,258 |
Unfavorable management contract liabilities | 7,306 | 11,165 |
Due to related party, net | 270 | 3,725 |
Due to third-party hotel managers | 958 | 1,410 |
Liabilities associated with marketable securities and other | 3,764 | 1,641 |
Other liabilities | 1,286 | 6,348 |
Total liabilities | 1,923,959 | 2,466,250 |
Commitments and contingencies (Note 13) | ' | ' |
Redeemable noncontrolling interests in operating partnership | 134,206 | 151,179 |
Equity: | ' | ' |
Common stock, $0.01 par value, 200,000,000 shares authorized, 124,896,765 shares issued; and 80,565,563 and 68,150,617 shares outstanding at December 31, 2013 and 2012, respectively | 1,249 | 1,249 |
Additional paid-in capital | 1,652,743 | 1,766,168 |
Accumulated other comprehensive loss | -197 | -282 |
Accumulated deficit | -896,110 | -770,467 |
Treasury stock, at cost, 44,331,202 and 56,746,148 shares, respectively | -140,054 | -164,884 |
Total shareholders’ equity of the Company | 617,789 | 831,942 |
Noncontrolling interests in consolidated entities | 1,048 | 15,358 |
Total equity | 618,837 | 847,300 |
Total liabilities and equity | 2,677,002 | 3,464,729 |
Series A cumulative preferred stock, 1,657,206 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | ' | ' |
Equity: | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized – | 17 | 17 |
Series D cumulative preferred stock, 9,468,706 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | ' | ' |
Equity: | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized – | 95 | 95 |
Series E cumulative preferred stock, 4,630,000 shares issued and outstanding at December 31, 2013 and December 31, 2012, respectively | ' | ' |
Equity: | ' | ' |
Preferred stock, $0.01 par value, 50,000,000 shares authorized – | $46 | $46 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts receivable | $242 | $265 |
Allowance for doubtful notes receivable | $7,937 | $8,333 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 124,896,765 | 124,896,765 |
Common stock, shares outstanding (in shares) | 80,565,563 | 68,150,617 |
Treasury stock, shares (in shares) | 44,331,202 | 56,746,148 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Revenue | ' | ' | ' |
Rooms | $749,270 | $727,124 | $669,660 |
Food and beverage | 153,602 | 160,488 | 150,651 |
Rental income from operating leases | 0 | 0 | 5,341 |
Other | 37,815 | 34,689 | 33,964 |
Total hotel revenue | 940,687 | 922,301 | 859,616 |
Advisory services revenue | 1,047 | 0 | 0 |
Other | 526 | 305 | 362 |
Total revenue | 942,260 | 922,606 | 859,978 |
Hotel operating expenses: | ' | ' | ' |
Rooms | 171,006 | 166,625 | 154,679 |
Food and beverage | 104,536 | 108,274 | 102,776 |
Other expenses | 281,826 | 276,949 | 260,088 |
Management fees | 38,945 | 38,492 | 35,390 |
Total hotel expenses | 596,313 | 590,340 | 552,933 |
Property taxes, insurance and other | 47,075 | 44,903 | 45,085 |
Depreciation and amortization | 127,990 | 133,979 | 131,243 |
Impairment charges | -396 | -5,349 | -4,841 |
Gain on insurance settlement | -270 | -91 | -2,035 |
Transaction costs | 1,324 | 0 | -793 |
Corporate, general and administrative | 52,821 | 44,050 | 44,522 |
Total expenses | 824,857 | 807,832 | 766,114 |
Operating income | 117,403 | 114,774 | 93,864 |
Equity in earnings (loss) of unconsolidated entities | -23,404 | -20,833 | 14,528 |
Interest income | 71 | 125 | 85 |
Other income | 5,650 | 31,700 | 109,524 |
Interest expense and amortization of loan costs | -141,469 | -144,796 | -137,212 |
Write-off of loan costs and exit fees | -2,098 | -3,998 | -729 |
Unrealized gain (loss) on marketable securities | 5,115 | 2,502 | -391 |
Unrealized loss on derivatives | -8,315 | -35,657 | -70,286 |
Income (loss) from continuing operations before income taxes | -47,047 | -56,183 | 9,383 |
Income tax expense | -1,511 | -2,375 | -1,620 |
Income (loss) from continuing operations | -48,558 | -58,558 | 7,763 |
Loss from discontinued operations | 0 | -3,650 | -7,880 |
Net loss | -48,558 | -62,208 | -117 |
Income from consolidated entities attributable to noncontrolling interests | -908 | -868 | -610 |
Net loss attributable to redeemable noncontrolling interests in operating partnership | 8,183 | 9,296 | 2,836 |
Net income (loss) attributable to the Company | -41,283 | -53,780 | 2,109 |
Preferred dividends | -33,962 | -33,802 | -46,876 |
Net loss available to common shareholders | -75,245 | -87,582 | -44,767 |
Loss per share – basic and diluted: | ' | ' | ' |
Loss from continuing operations attributable to common shareholders (in dollars per share) | ($1) | ($1.25) | ($0.60) |
Loss from discontinued operations attributable to common shareholders (in dollars per share) | $0 | ($0.05) | ($0.13) |
Net loss attributable to common shareholders (in dollars per share) | ($1) | ($1.30) | ($0.73) |
Weighted average common shares outstanding – basic and diluted (in shares) | 75,155 | 67,533 | 61,954 |
Dividends declared per common share (in dollars per share) | $0.48 | $0.44 | $0.40 |
Amounts attributable to common shareholders: | ' | ' | ' |
Income (loss) from continuing operations, net of tax | -41,283 | -50,570 | 9,948 |
Loss from discontinued operations, net of tax | 0 | -3,210 | -7,839 |
Preferred dividends | -33,962 | -33,802 | -46,876 |
Net loss available to common shareholders | ($75,245) | ($87,582) | ($44,767) |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Loss) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net loss | ($48,558) | ($62,208) | ($117) |
Other comprehensive income (loss), net of tax: | ' | ' | ' |
Change in unrealized loss on derivatives | -3 | -144 | -78 |
Reclassification to interest expense | 101 | 32 | 603 |
Total other comprehensive income (loss) | 98 | -112 | 525 |
Total comprehensive income (loss) | -48,460 | -62,320 | 408 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated entities | -908 | -868 | -718 |
Comprehensive loss attributable to redeemable noncontrolling interests in operating partnership | 8,170 | 9,310 | 2,785 |
Comprehensive income (loss) attributable to the Company | ($41,198) | ($53,878) | $2,475 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (USD $) | Total | Common Stock [Member] | Series A Preferred Stock [Member] | Series B-1 Preferred Shares [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Restricted Stock and Restricted Stock Units (RSUs) [Member] | Preferred Stock | Preferred Stock | Preferred Stock | Preferred Stock | Common Stock | Common Stock | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Additional Paid-in Capital | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Accumulated Deficit | Accumulated Other Comprehensive Income/(Loss) | Treasury Stock | Treasury Stock | Noncontrolling Interests in Consolidated Entities | Redeemable Noncontrolling Interest in Operating Partnership | Redeemable Noncontrolling Interest in Operating Partnership | Redeemable Noncontrolling Interest in Operating Partnership |
In Thousands, except Share data | Series A Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series B-1 Preferred Shares [Member] | Series B-1 Preferred Shares [Member] | Series E Preferred Stock [Member] | Restricted Stock and Restricted Stock Units (RSUs) [Member] | Series A Preferred Stock [Member] | Series B-1 Preferred Shares [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Restricted Stock and Restricted Stock Units (RSUs) [Member] | Series B-1 Preferred Shares [Member] | Restricted Stock and Restricted Stock Units (RSUs) [Member] | |||||||||||||||
Beginning balance at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchases of treasury shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -33,000 | ' | ' | ' | ' | ' |
Repurchases of treasury shares | ($340) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($340) | ' | ' | ' | ' | ' |
Reissuance of treasury shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | ' | ' | ' | ' |
Reissuance of treasury shares | 85,969 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,269 | ' | ' | ' | ' | ' |
Issuance of stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,630,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 285,000 | ' | ' | ' | ' |
Issuance of stock | ' | ' | ' | ' | ' | 109,626 | 0 | ' | ' | ' | 46 | ' | ' | ' | ' | 109,580 | -1,195 | ' | ' | ' | ' | ' | ' | ' | 1,195 | ' | ' | ' | 111 |
Conversion of stock (in shares) | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,393,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14 | ' | 17,349 | ' | ' | ' | ' | -17,363 | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Stock-based compensation | 3,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,240 | ' | ' |
Forfeiture of restricted shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -12,000 | ' | ' | ' | ' | ' |
Forfeiture of restricted shares | -29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -70 | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -3,691 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,691 | -7,791 | ' | ' |
Net income (loss) | 2,719 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,109 | ' | ' | ' | ' | ' | ' | ' | 610 | -2,836 | ' | ' |
Shareholder short swing profit payments | 859 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 859 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | -25,652 | -3,180 | -1,374 | -18,940 | -6,019 | ' | -46,876 | ' | ' | ' | -25,266 | ' | ' | ' | ' | ' | -25,652 | -3,180 | -1,374 | -18,940 | -6,019 | ' | ' | ' | ' | ' | ' | ' |
Restructure of consolidated joint venture | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,677 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,677 | ' | ' | ' |
Change in unrealized loss on derivatives | -69 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -69 | ' | ' | ' | -9 | ' | ' |
Reclassification to interest expense | ' | ' | ' | 543 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 435 | ' | ' | 108 | 60 | ' | ' |
Redemption/conversion of operating partnership units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption/conversion of operating partnership units | 965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | 1,030 | ' | ' | ' | -66 | ' | ' | ' | ' | ' | ' | ' | ' | -965 | ' | ' |
Operating partnership units redemption value adjustments and unvested LTIP units reclassified to equity | 11,736 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,735 | ' | ' | ' | 5,001 | ' | ' | ' | ' | ' | ' | ' | ' | -11,736 | ' | ' |
Deferred compensation to be settled in shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2011 | 989,821 | ' | ' | ' | ' | ' | ' | ' | 15 | 90 | 46 | 1,249 | ' | 1,746,259 | ' | ' | ' | -609,272 | ' | ' | ' | ' | -184 | -164,796 | ' | 16,414 | 112,796 | ' | ' |
Ending balance (in shares) at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | 1,488,000 | 8,967,000 | 4,630,000 | 124,897,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,864,000 | ' | ' | ' | ' | ' |
Repurchases of treasury shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55,000 | ' | ' | ' | ' | ' |
Repurchases of treasury shares | -499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -499 | ' | ' | ' | ' | ' |
Issuance of stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 169,000 | 502,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,000 | ' | ' | ' | ' |
Issuance of stock | ' | ' | ' | ' | ' | 15,982 | 0 | ' | 2 | 5 | ' | ' | ' | ' | ' | 15,975 | -556 | ' | ' | ' | ' | ' | ' | ' | 556 | ' | ' | ' | 64 |
Stock-based compensation | 2,593 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,666 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -73 | ' | ' | 14,847 | ' | ' |
Forfeiture of restricted shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -31,000 | ' | ' | ' | ' | ' |
Forfeiture of restricted shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -72 | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -1,924 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,924 | -9,086 | ' | ' |
Net income (loss) | -52,912 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -53,780 | ' | ' | ' | ' | ' | ' | ' | 868 | -9,296 | ' | ' |
Dividends | ' | -29,993 | -3,516 | ' | -19,869 | -10,417 | ' | -33,802 | ' | ' | ' | -29,724 | ' | ' | ' | ' | ' | -29,993 | -3,516 | ' | -19,869 | -10,417 | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized loss on derivatives | -126 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -126 | ' | ' | ' | -18 | ' | ' |
Reclassification to interest expense | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | 4 | ' | ' |
Operating partnership units redemption value adjustments and unvested LTIP units reclassified to equity | -43,620 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -43,620 | ' | ' | ' | ' | ' | ' | ' | ' | 43,620 | ' | ' |
Unvested operating partnership units adjustment / reclassified to equity | 1,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,752 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,752 | ' | ' |
Deferred compensation to be settled in shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2012 | 847,300 | ' | ' | ' | ' | ' | ' | ' | 17 | 95 | 46 | 1,249 | ' | 1,766,168 | ' | ' | ' | -770,467 | ' | ' | ' | ' | -282 | -164,884 | ' | 15,358 | 151,179 | ' | ' |
Ending balance (in shares) at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | 1,657,000 | 9,469,000 | 4,630,000 | 124,897,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 56,746,000 | ' | ' | ' | ' | ' |
Repurchases of treasury shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -33,000 | ' | ' | ' | ' | ' |
Repurchases of treasury shares | -401 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -401 | ' | ' | ' | ' | ' |
Reissuance of treasury shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,251,000 | ' | ' | ' | ' | ' |
Reissuance of treasury shares | 140,111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 115,415 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 24,696 | ' | ' | ' | ' | ' |
Issuance of stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,000 | ' | ' | ' | ' |
Issuance of stock | ' | ' | ' | ' | ' | 244 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | 244 | -540 | ' | ' | ' | ' | ' | ' | ' | 540 | ' | ' | ' | 69 |
Stock-based compensation | 6,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,577 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,962 | ' | ' |
Forfeiture of restricted shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,000 | ' | ' | ' | ' | ' |
Forfeiture of restricted shares | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5 | ' | ' | ' | ' | ' |
Distributions to noncontrolling interests | -17,390 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -17,390 | -10,290 | ' | ' |
Ashford Prime spin-off | -231,439 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -233,611 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,172 | -34,046 | ' | ' |
Net income (loss) | -40,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -41,283 | ' | ' | ' | ' | ' | ' | ' | 908 | -8,183 | ' | ' |
Dividends | ' | -37,054 | -3,542 | ' | -20,002 | -10,418 | ' | -33,962 | ' | ' | ' | -36,841 | ' | ' | ' | ' | ' | -37,054 | -3,542 | ' | -20,002 | -10,418 | ' | ' | ' | ' | ' | ' | ' |
Change in unrealized loss on derivatives | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ' | ' | ' | ' |
Reclassification to interest expense | ' | ' | ' | 88 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 88 | ' | ' | ' | 13 | ' | ' |
Operating partnership units redemption value adjustments and unvested LTIP units reclassified to equity | -13,344 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -13,344 | ' | ' | ' | ' | ' | ' | ' | ' | 13,344 | ' | ' |
Unvested operating partnership units adjustment / reclassified to equity | -3,158 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,158 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,158 | ' | ' |
Deferred compensation to be settled in shares | 1,643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance at Dec. 31, 2013 | $618,837 | ' | ' | ' | ' | ' | ' | ' | $17 | $95 | $46 | $1,249 | ' | $1,652,743 | ' | ' | ' | ($896,110) | ' | ' | ' | ' | ($197) | ($140,054) | ' | $1,048 | $134,206 | ' | ' |
Ending balance (in shares) at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 1,657,000 | 9,469,000 | 4,630,000 | 124,897,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 44,331,000 | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Cash Flows from Operating Activities | ' | ' | ' |
Net loss | ($48,558) | ($62,208) | ($117) |
Adjustments to reconcile net loss to net cash flows provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 127,990 | 136,527 | 134,274 |
Impairment charges | -396 | -1,229 | 1,396 |
Equity in (earnings) loss of unconsolidated entities | 23,404 | 20,833 | -14,528 |
Distributions of earnings from unconsolidated entities | 0 | 0 | 0 |
Income from financing derivatives | -6,215 | -32,040 | -70,573 |
Gain on sale of properties/notes receivable, net | -193 | -4,486 | -2,655 |
Realized and unrealized (gain) loss on trading securities | -3,978 | -1,861 | 1,371 |
Purchases of trading securities | -61,484 | -46,239 | -56,167 |
Sales of trading securities | 61,025 | 45,252 | 35,667 |
Gain on insurance settlement | -270 | -91 | -2,035 |
Net settlement of trading derivatives | -1,694 | -4,093 | -1,315 |
Amortization of loan costs and write-off of loan costs and exit fees | 9,870 | 10,319 | 6,325 |
Unrealized loss on derivatives | 8,315 | 35,657 | 70,286 |
Equity-based compensation | 25,539 | 17,440 | 12,391 |
Changes in operating assets and liabilities, exclusive of the effect of hotel acquisition and Ashford Prime spin-off: | ' | ' | ' |
Restricted cash | 19,863 | -1,075 | -16,403 |
Accounts receivable and inventories | 633 | -8,757 | -1,413 |
Prepaid expenses and other assets | -129 | 1,001 | -180 |
Accounts payable and accrued expenses | 4,582 | 11,671 | 2,704 |
Due to/from affiliates | -134 | 144 | -1,312 |
Due to/from related party/Ashford Prime | -3,391 | 1,310 | 169 |
Due to/from third-party hotel managers | -5,683 | 13,936 | -13,880 |
Other liabilities | -3,639 | -1,376 | -9,412 |
Net cash provided by operating activities | 145,457 | 130,635 | 74,593 |
Cash Flows from Investing Activities | ' | ' | ' |
Proceeds from sale/payments of notes receivable | 245 | 5,216 | 22,611 |
Investment in unconsolidated entities | 0 | 0 | -145,351 |
Cash contribution to Ashford Prime OP | -162,822 | 0 | 0 |
Acquisition of hotel property, net of cash acquired | -88,204 | 0 | 0 |
Acquisition of condominium properties | 0 | 0 | -12,000 |
Distribution from Ashford Prime OP | 6,049 | 0 | 0 |
Improvements and additions to hotel properties | -96,285 | -81,403 | -67,797 |
Net proceeds from sale of assets/properties | 654 | 7,741 | 154,015 |
Proceeds from property insurance | 0 | 0 | 748 |
Net cash used in investing activities | -353,998 | -68,446 | -47,774 |
Cash Flows from Financing Activities | ' | ' | ' |
Borrowings on indebtedness | 287,075 | 346,000 | 25,000 |
Repayments of indebtedness and capital leases | -184,815 | -353,409 | -235,753 |
Payments of loan costs and prepayment penalties | -5,386 | -10,375 | -6,048 |
Payments of dividends | -78,829 | -71,564 | -53,295 |
Purchases of treasury shares | -401 | -499 | 0 |
Repurchase of preferred shares | 0 | 0 | -72,986 |
Payments for derivatives | -184 | -184 | -97 |
Cash income from derivatives | 7,878 | 32,046 | 72,705 |
Proceeds from preferred stock offering | 244 | 15,982 | 109,756 |
Proceeds from common stock offering | 0 | 0 | 86,027 |
Issuances of treasury stock | 140,111 | 0 | 0 |
Distributions to noncontrolling interests in consolidated entities | -14,376 | -1,924 | -3,179 |
Due from Ashford Prime | -13,635 | 0 | 0 |
Redemption of operating partnership units and other | 69 | 64 | 970 |
Net cash provided by (used in) financing activities | 151,386 | -43,863 | -76,900 |
Net change in cash and cash equivalents | -57,155 | 18,326 | -50,081 |
Cash and cash equivalents at beginning of year | 185,935 | 167,609 | 217,690 |
Cash and cash equivalents at end of year | 128,780 | 185,935 | 167,609 |
Supplemental Cash Flow Information | ' | ' | ' |
Interest paid | 135,452 | 139,382 | 134,668 |
Income taxes paid | 1,294 | 836 | 2,366 |
Supplemental Disclosure of Investing and Financing Activities | ' | ' | ' |
Accrued interest added to principal of indebtedness | 0 | 4,100 | 4,392 |
Noncash dividends paid to Series B-1 preferred stock holder | 0 | 0 | 17,363 |
Note receivable assigned by noncontrolling interest in consolidated entity | 0 | 0 | 8,098 |
Assets transferred to receivership/lender | 0 | 19,218 | 0 |
Liabilities transferred to receivership/lender | 0 | 19,740 | 0 |
Note receivable contributed to unconsolidated entity | 0 | 0 | 15,000 |
Net assets distributed to Ashford Prime OP (net of cash contributed) | 102,662 | 0 | 0 |
Deferred compensation to be settled in shares | 1,643 | 0 | 0 |
Net other liabilities acquired | 1,691 | 0 | 0 |
Dividends receivable from Ashford Prime | $249 | $0 | $0 |
Organization_and_Description_o
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Description of Business | ' |
Organization and Description of Business | |
Ashford Hospitality Trust, Inc., together with its subsidiaries (“Ashford”), is a self-advised real estate investment trust (“REIT”) focused on investing in the hospitality industry across all segments and in all methods including direct real estate, securities, equity, and debt. We commenced operations in August 2003 with the acquisition of six hotels in connection with our initial public offering. We own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership, our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Hospitality Trust, Inc., serves as the sole general partner of our operating partnership. In this report, the terms “the Company,” “we,” “us” or “our” mean Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements. | |
On June 17, 2013, we announced that our Board of Directors had approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms (2,912 net rooms excluding those attributable to our partners), to holders of our common stock in the form of a taxable special distribution. The distribution was comprised of common stock in Ashford Prime, a newly formed company. We contributed the portfolio interests into Ashford Prime OP, Ashford Prime's operating partnership. The distribution was made on November 19, 2013, on a pro rata basis to holders of our common stock as of November 8, 2013, with each of our shareholders receiving one share of Ashford Prime common stock for every five shares of our common stock held by such shareholder as of the close of business on November 8, 2013. Ashford Prime is expected to qualify as a REIT for federal income tax purposes, and is listed on the New York Stock Exchange, under the symbol “AHP.” The transaction also includes options for Ashford Prime to purchase the Crystal Gateway Marriott in Arlington, Virginia and the Pier House Resort in Key West, Florida. Ashford Hospitality Advisors LLC, our subsidiary acts as external advisor to Ashford Prime. | |
With respect to the eight hotel properties that are now owned by Ashford Prime, the operating results for the period from January 1, 2013 through November 18, 2013 and the years ended December 31, 2012 and 2011 are included in our consolidated statements of operations for the respective years ended December 31, 2013, 2012 and 2011, in accordance with the applicable accounting guidance. The Marriott Crystal Gateway in Arlington, Virginia and the Pier House Resort in Key West, Florida are included in "assets held and used" and continuing operations as they do not meet the requirements to be classified as "held for sale" or "discontinued operations" in accordance with the applicable accounting guidance. | |
As of December 31, 2013, we directly owned 85 hotel properties and two hotel properties that we owned through a majority-owned investment in a consolidated entity. These hotels represent 17,030 total rooms, or 17,003 net rooms excluding those attributable to our joint venture partners. Currently, all of our hotel properties are located in the United States. In March 2011, we acquired 96 hotel condominium units at WorldQuest Resort in Orlando, Florida for $12.0 million. Also in March 2011, with an investment of $150.0 million, we converted our interest in a joint venture that held a mezzanine loan into a 71.74% common equity interest and a $25.0 million preferred equity interest in a new joint venture (the “PIM Highland JV”) that holds 28 high quality full-service and select-service hotel properties with 8,084 total rooms, or 5,800 net rooms excluding those attributable to our joint venture partner. At December 31, 2013, we also wholly owned a mezzanine loan with a carrying value of $3.4 million. | |
For federal income tax purposes, we elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2013, all of our 87 legacy hotel properties were leased or owned by our wholly-owned subsidiaries that are treated as taxable REIT subsidiaries for federal income tax purposes (collectively, these subsidiaries are referred to as “Ashford TRS”). Ashford TRS then engages third-party or affiliated hotel management companies to operate the hotels under management contracts. Hotel operating results related to these properties are included in the consolidated statements of operations. Through December 1, 2011, the hotel property held by a joint venture in which we previously had an ownership of 89% was leased on a triple-net lease arrangement to a third-party tenant who operated the hotel property. Rental income from this operating lease is included in the consolidated results of operations for the period from January 1, 2010 through December 1, 2011. Effective December 2, 2011, we acquired the remaining 11% ownership interest from our joint venture partner at no cost to us. The triple-net lease agreement was canceled and the operating results of this hotel property have been included in our consolidated statements of operations from December 2, 2011 through November 19, 2013, when the hotel was contributed as part of the spin-off of Ashford Prime. With respect to our unconsolidated joint venture, PIM Highland JV, the 28 hotels are leased to PIM Highland JV’s wholly-owned subsidiary, which is treated as a taxable REIT subsidiary for federal income tax purposes. | |
Remington Lodging & Hospitality, LLC, together with its affiliates, (“Remington Lodging”), is our primary property manager, and is beneficially wholly owned by Mr. Monty J. Bennett, our Chairman and Chief Executive Officer and Mr. Archie Bennett, Jr., our Chairman Emeritus. As of December 31, 2013, Remington Lodging managed 54 of our 87 legacy hotel properties, while third-party management companies managed the remaining 33 hotel properties. In addition, Remington Lodging managed 21 of the 28 PIM Highland JV hotel properties and the WorldQuest condominium properties. |
Significant_Accounting_Policie
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Significant Accounting Policies | ' |
Significant Accounting Policies | |
Basis of Presentation – The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. | |
Marriott International, Inc. (“Marriott”) manages 26 of our properties as of December 31, 2013. There were eight additional hotel properties managed by Marriott until May 31, 2013 and six properties managed by Marriott included in the Ashford Prime spin-off. For these 40 Marriott-managed hotels, the 2011 and 2012 fiscal years reflect twelve weeks of operations in each of the first three quarters of the year and sixteen weeks for the fourth quarter of the year. Beginning in 2013, the fiscal quarters end on March 31st, June 30th, September 30th and December 31st. Therefore, in any given quarterly period, period-over-period results will have different ending dates. .For Marriott-managed hotels, the fourth quarters of 2013, 2012 and 2011 ended December 31, 2013, December 28, 2012 and December 30, 2011, respectively. Prior results have not been adjusted. | |
Use of Estimates – The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents – Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. | |
Restricted Cash – Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. | |
Accounts Receivable – Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. | |
Inventories – Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method. | |
Investments in Hotel Properties – Hotel properties are generally stated at cost. However, the remaining four hotel properties contributed upon Ashford’s formation in 2003 that are still owned by Ashford (the “Initial Properties”) are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a noncontrolling interest partial step-up related to the acquisition of noncontrolling interests from third parties associated with four of the Initial Properties. For hotel properties owned through our majority-owned joint ventures, the carrying basis attributable to the joint venture partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the joint ventures. All improvements and additions which extend the useful life of the hotel properties are capitalized. | |
Impairment of Investments in Hotel Properties – Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We test impairment by using current or projected cash flows over the estimated useful life of the asset. In evaluating the impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period and expected useful life. We may also use fair values of comparable assets. If an asset is deemed to be impaired, we record an impairment charge for the amount that the property’s net book value exceeds its estimated fair value. No impairment charges were recorded for investments in hotel properties included in our continuing operations for 2013, 2012 and 2011. | |
Notes Receivable – We provide mezzanine loan financing, documented by notes receivable. These loans are held for investment and are intended to be held to maturity and accordingly, are recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts and the allowance for losses when a loan is deemed to be impaired. Premiums, discounts, and net origination fees are amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. Payments received on impaired nonaccrual loans are recorded as adjustments to impairment charges. No interest income was recorded for 2013, 2012 and 2011. | |
Variable interest entities, as defined by authoritative accounting guidance, must be consolidated by their controlling interest beneficiaries if the variable interest entities do not effectively disperse risks among the parties involved. Our remaining mezzanine note receivable at December 31, 2013 is secured by a hotel property and is subordinate to the controlling interest in the secured hotel property. The note receivable is considered to be a variable interest in the entity that owns the related hotel. However, we are not considered to be the primary beneficiary of the hotel property as a result of holding the loan. Therefore, we do not consolidate the hotel property for which we have provided financing. We will evaluate the interests in entities acquired or created in the future to determine whether such entities should be consolidated. In evaluating the variable interest entity, our analysis involves considerable management judgment and assumptions. | |
Impairment of Notes Receivable – We review notes receivable for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts recorded as assets on the balance sheet. We apply normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment. | |
When a loan is impaired, we measure impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the balance sheet. We may also measure impairment based on a loan’s observable market price or the fair value of collateral if the loan is collateral dependent. If a loan is deemed to be impaired, we record a valuation allowance through a charge to earnings for any shortfall. Our assessment of impairment is based on considerable judgment and estimates. No impairment charges were recorded for 2013, 2012 and 2011. Valuation adjustments of $396,000, $5.3 million and $4.8 million on previously impaired notes were credited to impairment charges during 2013, 2012 and 2011. See Notes 4 and 17. | |
Investments in Unconsolidated Entities – Investments in entities in which we have ownership interests ranging from 14.4% to 71.74% are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the joint venture’s net income (loss). We review the investments in our unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity earnings (loss) in unconsolidated entities. No such impairment was recorded in 2013, 2012 or 2011. | |
Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Variable Interest Entities (“VIE”), as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these joint ventures on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. | |
In 2011, we acquired a 71.74% ownership interest in PIM Highland JV through contributions made by various entities in which we had equity investments and an additional cash investment. We adopted the equity accounting method for our investment in the PIM Highland JV due to the fact that we exercise significant influence but do not control the joint venture. Although we have the majority ownership of 71.74% in the joint venture, all the major decisions related to the joint venture, including establishment of policies and operating procedures with respect to business affairs, incurring obligations and expenditures, are subject to the approval of an executive committee, which is comprised of four persons with us and our joint venture partner each designating two of those persons. Our investment in PIM Highland JV had a carrying value of $139.3 million and $158.7 million at December 31, 2013 and 2012. | |
In connection with the previously discussed spin-off of Ashford Prime on November 19, 2013, we maintained a 20% ownership interest in Ashford Prime OP. We adopted the equity accounting method for our investment in Ashford Prime OP due to the fact that we exercise significant influence but do not control the entity. All major decisions related to Ashford Prime OP that most significantly impact Ashford Prime OP's economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of Ashford Prime OP General Partner LLC, its general partner. Our investment in Ashford Prime had a carrying value of $56.2 million at December 31, 2013. | |
Assets Held for Sale and Discontinued Operations – We classify assets as held for sale when management has obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. In addition, we deconsolidate a property upon transfer of title . When deconsolidating a property/subsidiary, we recognize a gain or loss in net income measured as the difference between the fair value of any consideration received, the fair value of any retained noncontrolling investment in the former subsidiary at the date the subsidiary is deconsolidated, and the carrying amount of the former property/subsidiary. The related operations of assets held for sale are reported as discontinued if a) such operations and cash flows can be clearly distinguished, both operationally and financially, from our ongoing operations, b) such operations and cash flows will be eliminated from ongoing operations once the disposal occurs, and c) we will not have any significant continuing involvement subsequent to the disposal. | |
In June 2012, we recorded an impairment charge of $4.1 million and in December 2010 we recorded an impairment charge of $39.9 million for a hotel property that was sold in December 2012. Additionally, we sold our Doubletree Guest Suites hotel in Columbus, Ohio in November 2012 for net proceeds of $7.7 million. We recorded net gain of $4.5 million upon disposition of these hotels. In June 2011, we recorded an impairment charge of $6.2 million for a hotel property that was sold in July 2011. During 2011, we completed the sale of four hotel properties, three of which were reclassified as assets held for sale previously, and recognized a net gain of $2.6 million. | |
Marketable Securities – Marketable securities include U.S. treasury bills and stocks, put and call options of certain publicly traded companies. All of these investments are recorded at fair value. Put and call options are considered derivatives. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “Marketable securities” or “Liabilities associated with marketable securities and other” in the consolidated balance sheets. Net investment income, including interest income (expense), dividends, realized gains and losses, and costs of investment, is reported as a component of “Other income.” Unrealized gains and losses on these investments are reported as “Unrealized gain (loss) marketable securities” in the consolidated statements of operations. | |
Deferred Costs, net – Deferred loan costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements. | |
Intangible Asset, net – Intangible asset represents the market value related to a lease agreement obtained in connection with the CNL acquisition that was below the market rate at the date of the acquisition and is amortized over the remaining term of the lease. | |
Derivative Instruments and Hedging – We primarily use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR and RevPAR. The interest rate derivatives include swaps, caps, floors, flooridors and corridors. Interest rate swaps (or reverse swaps) involve the exchange of fixed-rate payments for variable-rate payments (or vice versa) over the life of the derivative agreements without exchange of the underlying principal amount. Interest rate caps designated as cash flow hedges provide us with interest rate protection above the strike rate on the cap and result in us receiving interest payments when actual rates exceed the cap strike. For interest rate floors, we pay our counterparty interest when the variable interest rate index is below the strike rate. The interest rate flooridor combines two interest rate floors, structured such that the purchaser simultaneously buys an interest rate floor at a strike rate X and sells an interest rate floor at a lower strike rate Y. The purchaser of the flooridor is paid when the underlying interest rate index (for example, LIBOR) resets below strike rate X during the term of the flooridor. Unlike a standard floor, the flooridor limits the benefit the purchaser can receive as the related interest rate index falls. Once the underlying index falls below strike rate Y, the sold floor offsets the purchased floor. The interest rate corridor involves purchasing of an interest rate cap at one strike rate X and selling an interest rate cap with a higher strike rate Y. The purchaser of the corridor is paid when the underlying interest rate index resets above the strike rate X during the term of the corridor. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the strike rate Y. There is no liability to us other than the purchase price associated with the flooridor and corridor. | |
We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. We also use credit default swaps to hedge financial and capital market risk. All these derivatives are subject to master netting settlement arrangements and the credit default swaps are subject to credit support annexes. As the derivatives are subject to master netting settlement arrangements, we report derivatives with the same counterparty net on the consolidated balance sheets. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. | |
All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. Interest rate derivatives and credit default swaps are reported as “Derivative assets” or “Derivative liabilities.” Accrued interest on the non-hedge designated interest rate derivatives is included in “Accounts receivable, net” in the consolidated balance sheets. For interest rate derivatives designated as cash flow hedges, the effective portion of changes in the fair value is reported as a component of “Accumulated Other Comprehensive Income (Loss)” (“OCI”) in the equity section of the consolidated balance sheets. The amount recorded in OCI is reclassified to interest expense in the same period or periods during which the hedged transaction affects earnings, while the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations. For non-hedge designated interest rate derivatives and the credit default swap derivatives, the changes in the fair value are recognized in earnings as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations. For the years ended December 31, 2013, 2012 and 2011 there was no ineffectiveness. | |
Due to/from Affiliates – Due to/from affiliates represents current receivables and payables resulting primarily from advances of shared costs incurred. Both due to and due from affiliates are generally settled within a period not exceeding one year. | |
Due to/from Related Party – Due to/from related party represents current receivables and payables resulting from transactions related to hotel management, project management and market services with a related party. Due to/from related party is generally settled within a period not exceeding one year. | |
Due to/from Ashford Prime – Due to/from Ashford Prime represents current receivables and payables resulting primarily from costs associated with the spin-off of Ashford Prime as well as receivables related to advisory fees. Both due to and due from Ashford Prime will generally be settled within a period not exceeding one year. | |
Due to/from Third-Party Hotel Managers – Due from third-party hotel managers primarily consists of amounts due from Marriott related to cash reserves held at the Marriott corporate level related to operating, capital improvements, insurance, real estate taxes, and other items. Due to/from related party also represents current receivables and payables resulting from transactions related to hotel management. | |
Unfavorable Management Contract Liabilities – Certain management agreements assumed in the acquisition of a hotel in 2006 and the CNL acquisition in 2007 have terms that are more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions. An unfavorable management contract with a carrying value of $493,000 was contributed to Ashford Prime OP in connection with the Ashford Prime spin-off. | |
Noncontrolling Interests – The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period plus distributions paid to these limited partners’ Class B unit holdings. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating units do not meet the requirements for equity classification prescribed by the authoritative accounting guidance because the redemption feature requires the delivery of cash or registered shares. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. | |
The noncontrolling interests in consolidated entities represent ownership interests of 15% of two hotel properties held by one joint venture at December 31, 2013. The noncontrolling interests in consolidated entities that represented ownership interest of 25% of two hotel properties held by one joint venture were contributed to Ashford Prime in connection with the previously discussed spin-off. At December 31, 2012, the noncontrolling interest in consolidated entities represented ownership interests ranging from 15% to 25% of four hotel properties held by two joint ventures. The noncontrolling interests in consolidated entities are reported in equity in the consolidated balance sheets. Through December 1, 2011, the hotel property held by a joint venture in which we previously had an ownership of 89% was leased on a triple-net lease basis to a third-party tenant who operated the hotel property. Effective December 2, 2011, we acquired the remaining 11% ownership interest from our partner as a result of a dispute resolution. The triple-net lease agreement was canceled and the operating results of this hotel property have been included in our consolidated statements of operations since December 2, 2011 through November 18, 2013, the date the property was contributed to Ashford Prime in connection with the spin-off. We recognized a gain of $9.7 million for this transaction in 2011, consisting of the assignment of an $8.1 million note receivable and an agreement to retain $1.6 million of security deposits that were originally refundable, which is included in “Other income” in the consolidated statements of operations. | |
Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. | |
Guarantees – Upon acquisition of the 51-hotel CNL Portfolio on April 11, 2007, we assumed certain guarantees, which represent funds provided by third-party hotel managers to guarantee minimum returns for certain hotel properties. As we are obligated to repay such amounts through increased incentive management fees through cash reimbursements, such guarantees are recorded as other liabilities. As of December 31, 2012, these liabilities totaled $344,000. During 2013, payments were made to satisfy all guarantees and as a result there are no future obligations. | |
Revenue Recognition – Hotel revenues, including room, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, are recognized when services have been rendered. Advisory services are recognized when services have been rendered. The quarterly base fee is equal to 0.70% per annum of the total enterprise value, as defined, of Ashford Prime, subject to certain minimums. The incentive fee is earned annually in each year that Ashford Prime's total shareholder return exceeds the total shareholder return for Ashford Prime's peer group, as defined. Reimbursements for overhead and internal audit services are recognized when services have been rendered. Rental income represents income from leasing hotel properties to third-party tenants on triple-net operating leases. Base rent on the triple-net lease is recognized on a straight-line basis over the lease terms and variable rent is recognized when earned. Interest income, representing interest on the mezzanine loan (including accretion of discounts on the mezzanine loan using the effective interest method), is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. Asset management fees are recognized when services are rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. For the hotel that was leased to a third party, we reported deposits into our escrow accounts for capital expenditure reserves as income up to the point in time the lease was terminated. | |
Other Expenses – Other expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative fees, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. | |
Advertising Costs – Advertising costs are charged to expense as incurred. For 2013, 2012 and 2011, our continuing operations incurred advertising costs of $4.1 million, $4.0 million and $3.4 million, respectively. Advertising costs related to continuing operations are included in “Other expenses” in the accompanying consolidated statement of operations. | |
Equity-Based Compensation – Stock/unit-based compensation is accounted for at the fair value based on the market price of the shares at the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/units. | |
Depreciation and Amortization – Owned hotel properties are depreciated over the estimated useful life of the assets and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 3 to 5 years for furniture, fixtures and equipment. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income (loss) as well as resulting gains or losses on potential hotel sales. | |
Income Taxes – As a REIT, we generally will not be subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. | |
In July 2006, the FASB issued accounting guidance that clarified the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance prescribes a financial statement recognition and measurement attribute for the recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also provides direction on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2010 through 2013 remain subject to potential examination by certain federal and state taxing authorities. As more fully described in Note 13, an income tax examination of one of the TRS subsidiaries contributed to Ashford Prime OP is currently in process. We believe that the results of the completion of this examination will not have a material adverse effect on our financial condition. We have indemnified Ashford Prime for any potential losses resulting from the completion of this examination. | |
Income (Loss) Per Share – Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income/loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. | |
Recently Adopted Accounting Standards – In December 2011, the Financial Accounting Standards Board issued accounting guidance to require disclosures about offsetting assets and liabilities. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements that are either netted on the balance sheet or subject to an enforceable master netting agreement or similar arrangement. The new accounting guidance is effective for fiscal years, and interim periods within those years, beginning after January 1, 2013 and the disclosures should be reported retrospectively for all comparative periods presented. We adopted this accounting guidance on January 1, 2013. The adoption of this accounting guidance did not have any impact on our financial position or results of operations. |
Investment_in_Hotel_Properties
Investment in Hotel Properties | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Investments in Hotel Properties | ' | |||||||
Investments in Hotel Properties | ||||||||
Investments in hotel properties consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 410,148 | $ | 483,242 | ||||
Buildings and improvements | 2,071,811 | 2,779,589 | ||||||
Furniture, fixtures and equipment | 166,193 | 224,907 | ||||||
Construction in progress | 11,956 | 10,499 | ||||||
Condominium properties | 12,442 | 12,690 | ||||||
Total cost | 2,672,550 | 3,510,927 | ||||||
Accumulated depreciation | (508,161 | ) | (638,623 | ) | ||||
Investments in hotel properties, net | $ | 2,164,389 | $ | 2,872,304 | ||||
The cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes was approximately $2.0 billion and $2.6 billion as of December 31, 2013 and 2012. | ||||||||
In March 2011, we acquired real estate and certain other rights in connection with the acquisition of the WorldQuest Resort, a condominium hotel project for $12.0 million and incurred acquisition costs of $298,000. More specifically, we acquired 96 condominium units, hotel amenities, land and improvements, developable raw land, developer rights and Rental Management Agreements (“RMAs”) with third party owners of condominium units in the project. Units owned by third parties with RMAs and all of the 96 units we acquired participate in a rental pool program whereby the units are rented to guests similar to a hotel operation. Under the terms of the RMAs, we share in a percentage of the guest room revenues and are reimbursed for certain costs. | ||||||||
For the years ended December 31, 2013, 2012 and 2011, we recognized depreciation expense, including depreciation of assets under capital leases and discontinued hotel properties, of $127.5 million, $136.0 million and $133.5 million, respectively. | ||||||||
The authoritative accounting guidance requires non-financial assets be measured at fair value when events or changes in circumstances indicate that the carrying amount of an asset will not be recoverable. An asset is considered impaired if the carrying value of the hotel property exceeds its estimated undiscounted cash flows and the impairment is calculated as the amount by which the carrying value of the hotel property exceeds its estimated fair value. Our investments in hotel properties are reviewed for impairment at each reporting period, taking into account the latest operating cash flows and market conditions and their impact on future projections. Management uses considerable subjective and complex judgments in determining the assumptions used to estimate the fair value and undiscounted cash flows, and believes these are assumptions that would be consistent with the assumptions of market participants. | ||||||||
Acquisition of the Pier House Resort - On May 14, 2013, we acquired a 100% interest in the Pier House Resort in Key West, Florida, for a contractual purchase price of $90.0 million in cash. In connection with the acquisition, we incurred transaction costs of $901,000, which are included in transaction costs on the consolidated statement of operations. The purchase price has been allocated to the assets acquired and liabilities assumed using the estimated fair value at the date of acquisition based on a third party appraisal. This valuation is considered a Level 3 valuation technique. | ||||||||
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): | ||||||||
Land | $ | 56,900 | ||||||
Buildings and improvements | 26,924 | |||||||
Furniture, fixtures, and equipment | 6,100 | |||||||
89,924 | ||||||||
Net other assets and liabilities | (1,690 | ) | ||||||
Total | $ | 88,234 | ||||||
The results of operations of the hotel property have been included in our results of operations since May 14, 2013. For the year ended December 31, 2013, we have included revenues of $11.5 million and net income of $2.7 million, in the consolidated statements of operations. | ||||||||
See Note 26 for pro forma financial information. |
Notes_Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2013 | |
Receivables [Abstract] | ' |
Notes Receivable | ' |
Notes Receivable | |
In December 2011, in connection with the restructuring of the joint venture in which we previously owned an 89% interest, the remaining 11% was obtained as a result of a dispute resolution. Our partner also assigned to us a note receivable of $8.1 million from the city of Philadelphia, Pennsylvania and an agreement to retain $1.6 million of security deposits that were originally refundable. This resulted in a gain of $9.7 million, which is included in "Other income" in the consolidated statements of operations. The note bears interest at a rate of 12.85% and matures in 2018. The interest income recorded on the note receivable is offset against the interest expense recorded on the TIF loan of the same amount. See Note 9. The note was contributed to Ashford Prime in connection with the previously discussed spin-off in November 2013. In addition, we had one mezzanine loan at December 31, 2013 and 2012. | |
Our remaining mezzanine loan, which is secured by the Ritz Carlton Key Biscayne, had an original face amount of $38.0 million, of which our initial investment was $33.0 million. This loan was restructured in 2010 with a cash payment of $20.2 million and a $4.0 million face value note receivable which matures in June 2017, with an interest rate of 6.09%. At December 31, 2013 and 2012, this mezzanine loan had a net carrying value of $3.4 million and $3.2 million, respectively, net of the balance in the valuation allowance of $7.9 million and $8.3 million, respectively. All required payments on this loan have been made and payments on this loan have been treated as a reduction of carrying values and the valuation allowance adjustments have been recorded as credits to impairment charges in accordance with applicable accounting guidance. | |
In April 2011, we entered into a settlement agreement with the borrower of a mezzanine loan which was secured by a 105-hotel property portfolio and scheduled to mature in April 2011. The borrower paid off the loan for $22.1 million. The mezzanine loan had a carrying value of $17.9 million at March 31, 2011 and December 31, 2010, after an impairment charge of $7.8 million was recorded at December 31, 2010. The difference between the settlement amount and the carrying value of $4.2 million was recorded as a credit to impairment charges in accordance with the applicable accounting guidance. | |
Principal and interest payments were not made since October 2008, on the $18.2 million junior participation note receivable secured by the Four Seasons hotel property in Nevis. The underlying hotel property suffered significant damage by Hurricane Omar. In 2009, we recorded an impairment charge to fully reserve this note receivable. In May 2010, the senior mortgage lender foreclosed on the loan. As a result of the foreclosure, our interest in the senior mortgage was converted to a 14.4% subordinate beneficial interest in the equity of the trust that holds the hotel property. Due to our junior status in the trust, we have not recorded any value for our beneficial interest at December 31, 2013 and 2012. | |
The borrower of a $4.0 million junior participation loan collateralized by the Sheraton hotel property in Dallas, Texas due in July 2009 had been in default since May 11, 2009. Based on a third-party appraisal, it was unlikely that we would be able to recover our full investment due to our junior status. As a result, we recorded a valuation allowance for the full amount of the note receivable during 2009. In February 2010, we and the senior note holder of the participation note receivable formed Redus JV for the purposes of holding, managing or disposing of the Sheraton hotel property in Dallas, Texas, which collateralized our $4.0 million principal amount junior participating note receivable. We had an 18% subordinated ownership interest in Redus JV that was carried at no value. This hotel was sold in May 2011, but due to our subordinated status, we did not receive any proceeds from the sale, and no gain or loss was recognized. | |
In June 2009, Extended Stay Hotels, LLC (“ESH”), the issuer of our $164 million principal balance mezzanine loan receivable secured by 681 hotels with an initial maturity in June 2009, filed for Chapter 11 bankruptcy protection from its creditors. This mezzanine loan was originally purchased for $98.4 million. At the time of ESH’s bankruptcy filing, a discount of $11.4 million had been amortized to increase the carrying value of the note to $109.4 million. We anticipated that ESH, through its bankruptcy filing, would attempt to impose a plan of reorganization which could extinguish our investment. Accordingly, we recorded a valuation allowance of $109.4 million in earnings for the full amount of the book value of the note. In October 2010, the ESH bankruptcy proceedings were completed and settled with new owners. The full amount of the valuation allowance was charged off in 2010. In 2012, a valuation adjustment of $5.0 million on the previously impaired note was credited to impairment charges as a result of proceeds received in a confidential settlement. |
Investment_in_Unconsolidated_E
Investment in Unconsolidated Entities | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Investment in Unconsolidated Joint Ventures | ' | |||||||||||
Investment in Unconsolidated Entities | ||||||||||||
In March 2011, we acquired a 71.74% ownership interest in the PIM Highland JV and a $25.0 million preferred equity interest earning an accrued but unpaid 15% annual return with priority over common equity distributions. Additionally, in March 2011, PIM Highland JV through a debt restructuring and consensual foreclosure, acquired a 28-hotel portfolio. We have determined that the PIM Highland JV is a variable interest entity as its total equity at risk is not sufficient to permit it to finance its activities without additional subordinated financial support provided by any parties, including its equity holders. Although we have the majority ownership interest and can exercise significant influence over the joint venture, we do not control the activities that most significantly impact the PIM Highland JV’s economic performance. All the major decisions related to the joint venture, including establishment of policies and operating procedures with respect to business affairs, incurring obligations and expenditures, are subject to the approval of an executive committee, which is comprised of four persons with us and our joint venture partner each designating two of those persons. As a result, we are not the primary beneficiary of PIM Highland JV and our investment in the joint venture is accounted for using the equity method. We had a carrying value of $139.3 million at December 31, 2013, and our maximum exposure of loss is limited to our investment in PIM Highland JV except as discussed below. | ||||||||||||
The mortgage and mezzanine loans securing the Highland Portfolio are nonrecourse to the borrowers, except for customary exceptions, or carve-outs, that trigger recourse liability to the borrowers in certain limited instances. The recourse obligations typically include only the payment of costs and liabilities suffered by the lenders as a result of the occurrence of certain bad acts on the part of the borrower; however, in certain cases, the carve-outs could trigger recourse obligations on the part of the borrower with respect to repayment of all or a portion of the outstanding principal amount of the loans. We have entered into customary guaranty agreements pursuant to which we guaranty payment of any recourse liabilities of the borrowers that result from the non-recourse carve-outs (which include, but are not limited to, fraud, misrepresentation, willful conduct resulting in waste, misappropriations of rents following an event of default, voluntary bankruptcy filings, unpermitted transfers of collateral and certain environmental liabilities). In the opinion of management, none of these guaranty agreements, either individually or in the aggregate, are likely to have a material adverse effect on our business, results of operations, or financial condition. | ||||||||||||
The 28-hotel property portfolio acquired and the indebtedness assumed by the joint venture had fair values of $1.3 billion and $1.1 billion, respectively, at the date of acquisition based on third-party appraisals (after a pay-down of $170.0 million of related debt). The purchase price was the result of arms-length negotiations. In the fourth quarter of 2011, the joint venture finalized the purchase price allocation to the assets acquired and liabilities assumed. The joint venture recognized a gain of $82.1 million related to a bargain purchase and settlement of a pre-existing relationship, of which our share was $46.3 million. | ||||||||||||
The following tables summarize the condensed balance sheets as of December 31, 2013 and 2012 and the condensed statement of operations for the years ended December 31, 2013 and 2012 and the period from March 10, 2011 through December 31, 2011 of the PIM Highland JV (in thousands): | ||||||||||||
PIM Highland JV | ||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Total assets | $ | 1,390,782 | $ | 1,417,204 | ||||||||
Total liabilities | 1,173,841 | 1,176,298 | ||||||||||
Members’ capital | 216,941 | 240,906 | ||||||||||
Total liabilities and members’ capital | $ | 1,390,782 | $ | 1,417,204 | ||||||||
Our ownership interest in PIM Highland JV | $ | 139,302 | $ | 158,694 | ||||||||
PIM Highland JV | ||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||
Year Ended December 31, | Period From March 10 to | |||||||||||
2013 | 2012 | 31-Dec-11 | ||||||||||
Total revenue | $ | 426,760 | $ | 416,892 | $ | 332,205 | ||||||
Total expenses | (385,133 | ) | (377,453 | ) | (322,419 | ) | ||||||
Operating income | 41,627 | 39,439 | 9,786 | |||||||||
Interest income and other | 69 | 102 | 85 | |||||||||
Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees | (64,316 | ) | (63,497 | ) | (50,021 | ) | ||||||
Gain recognized at acquisition | — | — | 82,144 | |||||||||
Other expenses | — | (72 | ) | (2,020 | ) | |||||||
Income tax expense | (1,345 | ) | (2,353 | ) | (2,687 | ) | ||||||
Net income (loss) | $ | (23,965 | ) | $ | (26,381 | ) | $ | 37,287 | ||||
Our equity in earnings (loss) of PIM Highland JV | $ | (19,392 | ) | $ | (20,833 | ) | $ | 14,528 | ||||
On June 17, 2013, we announced that our Board of Directors had approved a plan to spin-off an 80% ownership interest in an 8-hotel portfolio, totaling 3,146 rooms (2,912 net rooms excluding those attributable to our partners), to holders of our common stock in the form of a taxable special distribution. The distribution was comprised of common stock in Ashford Hospitality Prime, Inc. (“Ashford Prime”), a newly formed company into which we contributed the portfolio interests. The distribution was made on November 19, 2013, on a pro rata basis to holders of our common stock as of November 8, 2013, with each of our shareholders receiving one share of Ashford Prime common stock for every five shares of our common stock held by such stockholder as of the close of business on November 8, 2013. We maintained a 20% ownership interest in Ashford Prime OP. The following tables summarize the condensed combined consolidated balance sheets as of December 31, 2013 and 2012 and the condensed combined consolidated statements of operations for the years ended December 31, 2013, 2012 and 2011 of Ashford Prime (in thousands): | ||||||||||||
Ashford Hospitality Prime Limited Partnership | ||||||||||||
Condensed Combined Consolidated Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Total assets | $ | 961,732 | $ | 847,280 | ||||||||
Total liabilities | 658,605 | 594,902 | ||||||||||
Partners' capital | 303,127 | 252,378 | ||||||||||
Total liabilities and partners' capital | $ | 961,732 | $ | 847,280 | ||||||||
Our ownership interest in Ashford Prime OP | $ | 56,243 | $ | — | ||||||||
Ashford Hospitality Prime Limited Partnership | ||||||||||||
Condensed Combined Consolidated Statements of Operations | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total revenue | $ | 233,496 | $ | 221,188 | $ | 191,991 | ||||||
Total expenses | (214,086 | ) | (189,382 | ) | (167,612 | ) | ||||||
Operating income | 19,410 | 31,806 | 24,379 | |||||||||
Interest income | 23 | 29 | 24 | |||||||||
Other income | — | — | 9,673 | |||||||||
Interest expense and amortization and write-offs of loan costs | (34,982 | ) | (31,244 | ) | (31,803 | ) | ||||||
Unrealized loss on derivatives | (36 | ) | — | — | ||||||||
Income tax expense | (2,343 | ) | (4,384 | ) | (2,636 | ) | ||||||
Net loss | (17,928 | ) | (3,793 | ) | (363 | ) | ||||||
Income (loss) from consolidated entities attributable to noncontrolling interests | (934 | ) | (752 | ) | 989 | |||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership | 7,080 | — | — | |||||||||
Net income (loss) attributable to Ashford Prime OP | $ | (11,782 | ) | $ | (4,545 | ) | $ | 626 | ||||
Our equity in loss of Ashford Prime OP | $ | (4,012 | ) | $ | — | $ | — | |||||
Additionally, as of December 31, 2013 and 2012, we had a 14.4% subordinated beneficial interest in a trust that holds the Four Seasons hotel property in Nevis, which had a zero carrying value. The Sheraton hotel property in Dallas, Texas was held by a joint venture in which we had an 18% subordinated ownership interest that was carried at no value. This hotel was sold in May 2011, but due to our subordinated status, we did not receive any proceeds from the sale, and no gain or loss was recognized. |
Assets_Held_for_Sale_and_Disco
Assets Held for Sale and Discontinued Operations | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||||||
Assets Held for Sale and Discontinued Operations | ' | |||||||||||||||||||||
Assets Held for Sale and Discontinued Operations | ||||||||||||||||||||||
At December 31, 2010, the Hilton hotel property in Tucson, Arizona had a reasonable probability of being sold. Based on our assessment of the purchase price obtained from potential buyers, we recorded an impairment charge of $39.9 million during 2010. During the second quarter of 2012, we determined that this property was not to be held long-term as operating cash flows were not anticipated to cover principal and interest payments of the related debt secured by this hotel. In addition, regarding this loan, we ceased making principal and interest payments after July 31, 2012. Based on our assessment, which included marketing this hotel for sale, we concluded that the carrying value of this asset would not be recoverable. Consequently, in the second quarter of 2012, we recognized an additional impairment charge of $4.1 million related to this hotel, which reduced its carrying value to $19.7 million and represented our estimate of its fair value. The impairment charge was based on methodologies discussed in Note 2, which are considered Level 3 valuation techniques. Effective August 15, 2012, via a consensual foreclosure with our lender, a receiver appointed by Pima County Superior Court in Arizona completed taking possession and full control of this hotel. The hotel property was disposed of and deconsolidated in December 2012 when title passed to the lender. Additionally, we sold our Doubletree Guest Suites hotel in Columbus, Ohio in November 2012 for net proceeds of $7.7 million. The operating results of these properties are reported in discontinued operations for all periods presented. | ||||||||||||||||||||||
In 2011, we completed the sales of the Hampton Inn hotel in Jacksonville, Florida, the JW Marriott hotel in San Francisco, California, the Hilton hotel in Rye Town, New York, and the Hampton Inn hotel in Houston, Texas. The operating results of these hotel properties are reported as discontinued operations for 2011. | ||||||||||||||||||||||
The hotel properties included in discontinued operations were carried at lower of cost or estimated fair value less cost to sell at the date they were classified as assets held for sale. In accordance with applicable accounting guidance, the inputs used in determining the fair values are categorized into three levels: level 1 inputs are inputs obtained from quoted prices in active markets for identical assets, level 2 inputs are significant other inputs that are observable for the assets either directly or indirectly, and level 3 inputs are unobservable inputs for the asset and reflect our own assumptions about the assumptions that market participants would use in pricing the asset. | ||||||||||||||||||||||
The following table presents our hotel properties measured at fair value aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at December 31, 2013, 2012 and 2011, and related impairment charges recorded (in thousands): | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Impairment | ||||||||||||||||||
Charges | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||
Hilton Tucson, AZ | $ | — | $ | — | $ | — | $ | — | $ | 4,120 | (1 | ) | ||||||||||
2011 | ||||||||||||||||||||||
Hampton Inn Jacksonville, FL | $ | — | $ | — | $ | — | $ | — | $ | 6,237 | (2 | ) | ||||||||||
_________________________ | ||||||||||||||||||||||
(1) | The impairment charge was taken in the quarter ended June 30, 2012, based on its estimated fair value of $19.7 million which we considered to be a level 3 fair value measure. | |||||||||||||||||||||
(2) | The impairment charge was taken in the quarter ended June 30, 2011, based on its anticipated net sales prices of $10.0 million which we considered to be a level 3 fair value measure. | |||||||||||||||||||||
The following table summarizes the operating results of the discontinued operations (in thousands): | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Hotel revenues | $ | 29,398 | $ | 40,279 | ||||||||||||||||||
Hotel operating expenses | (27,722 | ) | (35,916 | ) | ||||||||||||||||||
Operating income | 1,676 | 4,363 | ||||||||||||||||||||
Property taxes, insurance and other | (1,584 | ) | (2,486 | ) | ||||||||||||||||||
Depreciation and amortization | (2,548 | ) | (3,031 | ) | ||||||||||||||||||
Impairment charge | (4,120 | ) | (6,237 | ) | ||||||||||||||||||
Gain on disposal/sales of properties | 4,486 | 2,564 | ||||||||||||||||||||
Interest expense and amortization of loan costs | (1,464 | ) | (2,020 | ) | ||||||||||||||||||
Write-off of loan costs and exit fees | (119 | ) | (948 | ) | ||||||||||||||||||
Loss from discontinued operations before income taxes | (3,673 | ) | (7,795 | ) | ||||||||||||||||||
Income tax (expense) benefit | 23 | (85 | ) | |||||||||||||||||||
Loss from discontinued operations | (3,650 | ) | (7,880 | ) | ||||||||||||||||||
Income from discontinued operations of consolidated entities attributable to noncontrolling interests | — | (1,031 | ) | |||||||||||||||||||
Loss from discontinued operations attributable to redeemable noncontrolling interests in operating partnership | 440 | 1,072 | ||||||||||||||||||||
Loss from discontinued operations attributable to the Company | $ | (3,210 | ) | $ | (7,839 | ) |
Deferred_Costs_net
Deferred Costs, net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Other Assets Disclosure [Text Block] | ' | |||||||
Deferred costs, net consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deferred loan costs | $ | 27,049 | $ | 32,974 | ||||
Deferred franchise fees | 4,037 | 4,024 | ||||||
Total costs | 31,086 | 36,998 | ||||||
Accumulated amortization | (20,931 | ) | (19,804 | ) | ||||
Deferred costs, net | $ | 10,155 | $ | 17,194 | ||||
Intangible_Asset_net
Intangible Asset, net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Intangible Asset, net | ' | |||||||
Intangible Asset, net | ||||||||
Intangible asset consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Cost | $ | — | $ | 3,233 | ||||
Accumulated amortization | — | (512 | ) | |||||
Intangible asset, net | $ | — | $ | 2,721 | ||||
Intangible asset represented a favorable market-rate lease which relates to the purchase price allocated to a hotel property in the CNL Portfolio and was being amortized over the remaining lease term that expires in 2043. This intangible asset was contributed to Ashford Prime in connection with the previously discussed spin-off. | ||||||||
For the years ended December 31, 2013, 2012 and 2011, amortization expense related to intangibles was $79,000, $89,000 and $89,000, respectively. |
Indebtedness
Indebtedness | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||
Indebtedness | ' | ||||||||||||||||||||||
Indebtedness | |||||||||||||||||||||||
Indebtedness of our continuing operations and the carrying values of related collateral were as follows at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Indebtedness | Collateral | Maturity | Interest Rate | Debt | Book | Debt | Book | ||||||||||||||||
Balance | Value of | Balance | Value of | ||||||||||||||||||||
Collateral | Collateral | ||||||||||||||||||||||
Mortgage loan (6) | 2 hotels | Aug-13 | LIBOR (1) + 2.75% | $ | — | $ | — | $ | 141,667 | $ | 259,496 | ||||||||||||
Mortgage loan (3) | 5 hotels | Mar-14 | LIBOR (1) + 4.50% | 164,433 | 213,501 | 173,180 | 218,647 | ||||||||||||||||
Mortgage loan (2) | 9 hotels | May-14 | LIBOR (1) + 6.50% | 135,000 | 193,016 | 135,000 | 197,672 | ||||||||||||||||
Mortgage loan | 1 hotel | May-14 | 8.32% | 5,075 | 8,994 | 5,285 | 9,044 | ||||||||||||||||
Senior credit facility (5) | Various | Sep-14 | LIBOR (1) + 2.75% to 3.50% | — | — | — | — | ||||||||||||||||
Mortgage loan (2) | 5 hotels | Nov-14 | Greater of 6.40% or LIBOR (1) + 6.15% | 211,000 | 313,202 | 211,000 | 317,442 | ||||||||||||||||
Mortgage loan | 8 hotels | Dec-14 | 5.75% | 102,348 | 82,314 | 104,680 | 81,290 | ||||||||||||||||
Mortgage loan | 10 hotels | Jul-15 | 5.22% | 148,991 | 170,897 | 152,513 | 172,195 | ||||||||||||||||
Mortgage loan (4) | 1 hotel | Sep-15 | LIBOR (1) + 4.90% | 69,000 | 88,836 | — | — | ||||||||||||||||
Mortgage loan | 8 hotels | Dec-15 | 5.70% | 94,899 | 77,733 | 96,907 | 79,146 | ||||||||||||||||
Mortgage loan | 5 hotels | Feb-16 | 5.53% | 107,737 | 127,073 | 110,169 | 121,451 | ||||||||||||||||
Mortgage loan | 5 hotels | Feb-16 | 5.53% | 89,347 | 96,248 | 91,364 | 97,678 | ||||||||||||||||
Mortgage loan | 5 hotels | Feb-16 | 5.53% | 77,394 | 102,629 | 79,140 | 102,960 | ||||||||||||||||
Mortgage loan (7) (9) | 1 hotel | Apr-17 | 5.91% | — | — | 34,735 | 91,222 | ||||||||||||||||
Mortgage loan (9) | 2 hotels | Apr-17 | 5.95% | — | — | 127,289 | 145,275 | ||||||||||||||||
Mortgage loan (9) | 3 hotels | Apr-17 | 5.95% | — | — | 259,021 | 275,190 | ||||||||||||||||
Mortgage loan | 5 hotels | Apr-17 | 5.95% | 113,343 | 125,913 | 114,732 | 128,605 | ||||||||||||||||
Mortgage loan | 5 hotels | Apr-17 | 5.95% | 101,878 | 113,256 | 103,126 | 111,546 | ||||||||||||||||
Mortgage loan | 5 hotels | Apr-17 | 5.95% | 155,019 | 155,429 | 156,918 | 160,373 | ||||||||||||||||
Mortgage loan | 7 hotels | Apr-17 | 5.95% | 123,997 | 142,980 | 125,517 | 145,456 | ||||||||||||||||
TIF loan (7) (8) (9) | 1 hotel | Jun-18 | 12.85% | — | 8,098 | — | |||||||||||||||||
Mortgage loan | 1 hotel | Nov-20 | 6.26% | 101,268 | 113,927 | 102,562 | 113,860 | ||||||||||||||||
Mortgage loan (10) | 1 hotel | Jan-24 | 5.49% | 10,800 | 17,223 | — | — | ||||||||||||||||
Mortgage loan | 1 hotel | Jan-24 | 5.49% | 7,400 | 8,624 | — | — | ||||||||||||||||
Mortgage loan | 1 hotel | Apr-34 | Greater of 6.00% or Prime + 1.00% | — | — | 6,507 | 18,024 | ||||||||||||||||
Total | $ | 1,818,929 | $ | 2,151,795 | $ | 2,339,410 | $ | 2,846,572 | |||||||||||||||
_________________________ | |||||||||||||||||||||||
(1) | LIBOR rates were 0.168% and 0.209% at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
(2) | These mortgage loans have three one-year extension options subject to satisfaction of certain conditions. | ||||||||||||||||||||||
(3) | This mortgage loan has a one-year extension option subject to satisfaction of certain conditions. | ||||||||||||||||||||||
(4) | This mortgage loan has three one-year extension options subject to satisfaction of certain conditions in the final year. | ||||||||||||||||||||||
(5) | Our borrowing capacity under our senior credit facility is $165.0 million. We have an option, subject to lender approval, to further expand the facility to an aggregate size of $225.0 million. We may use up to $10.0 million for standby letters of credit. The senior credit facility has a one-year extension option subject to advance notice and a 0.25% extension fee. | ||||||||||||||||||||||
(6) | On February 26, 2013, we refinanced our $141.7 million loan due August 2013 with a $199.9 million loan due February 2018. The new loan provides for an interest rate of LIBOR + 3.50%, with no LIBOR floor. The new loan was assumed by Ashford Prime in connection with the previously discussed spin-off. | ||||||||||||||||||||||
(7) | These loans are collateralized by the same property. | ||||||||||||||||||||||
(8) | The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See Note 4. | ||||||||||||||||||||||
(9) | The loans were assumed by Ashford Prime in connection with the previously discussed spin-off. | ||||||||||||||||||||||
(10) | On December 20, 2013, we refinanced our $6.5 million loan due April 2034 with a $10.8 million loan due January 2024. The new loan provides for a fixed interest rate of 5.49% with no extension options. | ||||||||||||||||||||||
On December 20, 2013, we refinanced our $6.5 million loan due April 2034, with a $10.8 million loan due January 2024. The new loan provides for a fixed interest rate of 5.49%. The new loan continues to be secured by the Residence Inn Jacksonville. Additionally, we completed the financing for a $7.4 million loan due January 2024. The new loan provides for a fixed interest rate of 5.49% and is secured by the Residence Inn Manchester. We have an 85% ownership interest in the property, with Interstate Hotels & Resorts holding the remaining 15%. Our share of the excess loan proceeds were added to our unrestricted cash balance. | |||||||||||||||||||||||
On September 10, 2013, we completed the financing for a $69.0 million loan due September 2015 and secured by the Pier House Resort. The new financing has a two-year term and three, one-year extension options with no test requirements for the first two extensions. The loan provides for a floating interest rate of LIBOR + 4.90%, with no LIBOR Floor. The loan proceeds, net of typical closing costs and reserves, were added to our unrestricted cash balance. | |||||||||||||||||||||||
On February 26, 2013, we refinanced our $141.7 million loan due August 2013, which had an outstanding balance of $141.0 million, with a $199.9 million loan due February 2018. The new loan provides for an interest rate of LIBOR + 3.50%, with no LIBOR floor. The new loan continues to be secured by the Capital Hilton in Washington, DC and the Hilton La Jolla Torrey Pines in La Jolla, California. We had a 75% ownership interest in the properties, with Hilton holding the remaining 25%. The excess loan proceeds above closing costs and reserves were distributed to the partners on a pro rata basis. Our share of the excess loan proceeds was approximately $40.5 million, which was added to our unrestricted cash balance. These properties were included in the Ashford Prime spin-off. | |||||||||||||||||||||||
In November 2012, we successfully refinanced a $153.9 million non-recourse mortgage loan set to mature in December 2015 with a new $211.0 million loan with a two-year initial term and 3 one-year extension options subject to the satisfaction of certain conditions. The new loan is interest only and provides for a floating interest rate of LIBOR plus 6.15%, with a 0.25% LIBOR floor. The refinancing resulted in over $50.0 million in excess proceeds to be used for general corporate purposes. The new loan remains secured by the same five hotels. | |||||||||||||||||||||||
In May 2012, we successfully refinanced a $167.2 million loan set to mature in May 2012 with a new $135.0 million loan that matures in May 2014 and contains three one-year extension options subject to the satisfaction of certain conditions. The new loan provides for a floating interest rate of LIBOR plus 6.50%, with no LIBOR floor. The new loan is secured by nine hotels. | |||||||||||||||||||||||
In December 2011, we successfully restructured a $203.4 million mortgage loan and extended the maturity date from December 2011 to March 2014. There is also a one-year extension option subject to the satisfaction of certain conditions. The restructuring provides for a new interest rate of LIBOR plus 4.5% with no LIBOR floor. At the closing of the restructuring, we paid down the loan by $25.0 million to $178.4 million. | |||||||||||||||||||||||
In September 2011, we obtained a new $105.0 million senior credit facility which matures September 2014 with a one year extension option and replaces our previous credit line that was scheduled to mature in April 2012. The new credit facility provides for a three-year revolving line of credit priced at 275 to 350 basis points over LIBOR or Base Rate, as defined in the agreement, which is the same as our previous credit line. On February 21, 2012, we expanded our borrowing capacity under our $105.0 million senior credit facility to an aggregate $145.0 million and on September 24, 2012, we further expanded our borrowing capacity to an aggregate $165.0 million. We have an option, subject to lender approval, to further expand the facility to an aggregate size of $225.0 million, provided there is no default or event of default and each representation and warranty made or deemed made by us remains true and correct in all material respects on the effective date of such increase. As part of these expansions, two additional banks have been added to the participating banks in the senior credit facility. The previous credit line was repaid in full in July 2011. The financial covenant tests with respect to fixed charge coverage ratio and leverage tests are similar to our previous credit line. On December 21, 2012, we amended the senior credit facility to reduce the minimum fixed charge coverage ratio from 1.35x to 1.25x through expiration in September 2014. | |||||||||||||||||||||||
In March 2010, we elected to stop making payments on the $5.8 million mortgage note payable maturing January 2011, secured by a hotel property in Manchester, Connecticut. After negotiating with the special servicer, in May 2011, we obtained a three year extension on this loan to May 2014. We paid $1.0 million at closing for the principal and interest through May 1, 2011 to bring the loan current, a 1.25% extension fee and certain deposits pursuant to the modification agreement. | |||||||||||||||||||||||
Maturities and scheduled amortizations of indebtedness of our continuing operations as of December 31, 2013 for each of the five following years are as follows (in thousands): | |||||||||||||||||||||||
2014 | $ | 638,226 | |||||||||||||||||||||
2015 | 322,508 | ||||||||||||||||||||||
2016 | 270,029 | ||||||||||||||||||||||
2017 | 475,743 | ||||||||||||||||||||||
2018 | 2,062 | ||||||||||||||||||||||
Thereafter | 110,361 | ||||||||||||||||||||||
Total | $ | 1,818,929 | |||||||||||||||||||||
We are required to maintain certain financial ratios under various debt and derivative agreements. If we violate covenants in any debt or derivative agreement, we could be required to repay all or a portion of our indebtedness before maturity at a time when we might be unable to arrange financing for such repayment on attractive terms, if at all. Violations of certain debt covenants may result in us being unable to borrow unused amounts under a line of credit, even if repayment of some or all borrowings is not required. In the event of default, we are subject to restrictions on incurring additional indebtedness, limitations on investments, limitations on dividends and other payments in respect of capital stock. The assets of certain of our subsidiaries listed on Exhibit 21.2 of this filing are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Hospitality Trust, Inc. or our operating partnership, Ashford Hospitality Limited Partnership and the liabilities of such subsidiaries do not constitute the obligations of Ashford Hospitality Trust, Inc. or Ashford Hospitality Limited Partnership. Presently, our existing financial covenants are non-recourse and primarily relate to maintaining minimum debt coverage ratios, maintaining an overall minimum net worth, maintaining a maximum loan to value ratio, and maintaining an overall minimum total assets. As of December 31, 2013, we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended. | |||||||||||||||||||||||
We have derivative agreements that incorporate the loan covenant provisions of our senior credit facility requiring us to maintain certain minimum financial covenant ratios with respect to our indebtedness. Failure to comply with the covenant provisions would result in us being in default on any derivative instrument obligations covered by the applicable agreement. As of December 31, 2013, we were in compliance with all the covenants under the senior credit facility and the fair value of derivatives that incorporate our senior credit facility covenant provisions was a liability of $73,000. |
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivative Instruments and Hedging | ' |
Derivative Instruments and Hedging | |
Interest Rate Derivatives – We are exposed to risks arising from our business operations, economic conditions and financial markets. To manage the risks, we primarily use interest rate derivatives to hedge our debt as a way to potentially improve cash flows. We also use non-hedge derivatives to capitalize on the historical correlation between changes in LIBOR and RevPAR. The interest rate derivatives include interest rate swaps, caps, flooridors and corridors. All these derivatives are subject to master netting settlement arrangements. To mitigate the nonperformance risk, we routinely rely on a third party’s analysis of the creditworthiness of the counterparties, which supports our belief that the counterparties’ nonperformance risk is limited. All derivatives are recorded at fair value. | |
In May 2011, we entered into an interest rate swap agreement for a notional amount of $1.18 billion to convert our existing floating-rate debt (including our 71.74% of the floating rate debt of the PIM Highland JV) to a fixed one-month LIBOR rate of 0.2675%. The swap was effective from June 13, 2011 and terminated on January 13, 2012. There was no upfront cost to us for entering into this swap other than customary transaction costs. We made swap interest payments totaling $302,000 in 2011 under the agreement that is included in “Other income” in the accompanying consolidated statements of operations. | |
In October 2010, we converted our $1.8 billion interest rate swap into a fixed rate swap of 4.09%, resulting in locked-in annual interest savings of approximately $31.5 million through March 2013 at no cost to us. Under the previous swap, which we entered into in March 2008 and which expired in March 2013, we received a fixed rate of 5.84% and paid a variable rate of LIBOR plus 2.64%, subject to a LIBOR floor of 1.25%. Under the terms of the new swap transaction, we received a fixed rate of 5.84%, but paid a fixed rate of 4.09%. | |
Since 2008, in order to take advantage of the declining LIBOR rates, we entered into various flooridors with notional amounts totaling $11.7 billion and maturing between December 2010 and December 2011 for a total cost of $40.6 million. Income from these derivatives totaling $38.9 million was recognized in 2011. | |
During 2013, 2012 and 2011, we entered into interest rate caps with total notional amounts of $268.9 million, $346.0 million, and $365.3 million, respectively, to cap the interest rates on our mortgage loans with maturities between May 2012 and November 2014, and strike rates between 1.50% and 6.25%, for total costs of $184,000, $184,000 and $97,000, respectively. These interest rate caps were designated as cash flow hedges excluding two interest rate caps entered into in 2012 with a notional amount of $211.0 million and all of the interest rate caps entered into in 2013. At December 31, 2013 and 2012, our floating interest rate mortgage loans, with principal balances of $280.0 million and $519.2 million, respectively, were capped by interest rate hedges. One interest rate cap entered into in 2013 with a notional amount of $199.9 million was transferred to Ashford Prime in connection with the previously discussed spin-off. | |
The cost basis of interest rate derivatives for federal income tax purposes was approximately $181,000 and $523,000 as of December 31, 2013 and 2012. | |
Credit Default Swap Derivatives – In August 2011, we entered into credit default swap transactions for a notional amount of $100.0 million to hedge financial and capital market risk for an upfront cost of $8.2 million that was subsequently returned to us as collateral by our counterparty. A credit default swap is a derivative contract that works like an insurance policy against the credit risk of an entity or obligation. The seller of protection assumes the credit risk of the reference obligation from the buyer of protection in exchange for payments of an annual premium. If there is a default or a loss, as defined in the credit default swap agreements, on the underlying bonds, then the buyer of protection, is protected against those losses. The only liability for us, the buyer of protection, is the annual premium and any change in value of the underlying CMBX index (if the trade is terminated prior to maturity). For the CMBX trades that we have completed, we were the buyer of protection in all trades. The credit default swaps are subject to master netting settlement arrangements and credit support annexes. Assuming the underlying bonds pay off at par over their remaining average life, our total exposure for these trades is approximately $8.5 million. Cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in the market value of the credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty when the change in the market value is over $250,000. As of December 31, 2013 and 2012, the credit default swap had a carrying value of a net liability of $73,000 and a net asset of $170,000, respectively, which is included in “Liabilities associated with marketable securities and other” and "Derivative assets" in the consolidated balance sheets. For the years ended December 31, 2013, 2012 and 2011, we have recognized an unrealized loss of $1.9 million, $3.9 million and $1.3 million, respectively, that is included in “Unrealized loss on derivatives” in the consolidated statements of operations. | |
Marketable Securities and Liabilities Associated with Marketable Securities and Other – We invest in public securities, including stocks and put and call options that are considered derivatives. At December 31, 2013, we had investments in these derivatives totaling $560,000 and liabilities of $561,000. At December 31, 2012, we had investments in these derivatives totaling $612,000 and liabilities of $299,000. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Fair Value Measurements | ' | |||||||||||||||||||||||||||||||||||
Fair Value Measurements | ||||||||||||||||||||||||||||||||||||
Fair Value Hierarchy – Our financial instruments measured at fair value either on a recurring or a non-recurring basis are classified in a hierarchy for disclosure purposes consisting of three levels based on the observability of inputs in the market place as discussed below: | ||||||||||||||||||||||||||||||||||||
• | Level 1: Fair value measurements that are quoted prices (unadjusted) in active markets that we have the ability to access for identical assets or liabilities. Market price data generally is obtained from exchange or dealer markets. | |||||||||||||||||||||||||||||||||||
• | Level 2: Fair value measurements based on inputs other than quoted prices included in Level 1, that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include quoted prices for similar assets and liabilities in active markets, and inputs other than quoted prices that are observable for the asset or liability, such as interest rates and yield curves that are observable at commonly quoted intervals. | |||||||||||||||||||||||||||||||||||
• | Level 3: Fair value measurements based on valuation techniques that use significant inputs that are unobservable. The circumstances for using these measurements include those in which there is little, if any, market activity for the asset or liability. | |||||||||||||||||||||||||||||||||||
The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts/payments and the discounted expected variable cash payments/receipts. The fair values of interest rate caps, floors, flooridors and corridors are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates fell below the strike rates of the floors or rise above the strike rates of the caps. The variable interest rates used in the calculation of projected receipts and payments on the swaps, caps, and floors are based on an expectation of future interest rates derived from observable market interest rate curves (LIBOR forward curves) and volatilities (the Level 2 inputs). We also incorporate credit valuation adjustments (the Level 3 inputs) to appropriately reflect both our own non-performance risk and the respective counterparty’s non-performance risk in the fair value measurements. | ||||||||||||||||||||||||||||||||||||
The fair value of the credit default swaps is obtained from a third party who publishes various information including the index composition and price data (the Level 2 inputs). The fair value of the credit default swaps does not contain credit-risk related adjustments as the change in the fair value is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty. | ||||||||||||||||||||||||||||||||||||
The fair value of marketable securities and liabilities associated with marketable securities and other, including stocks, put and call options and other are carried at fair market value based on their closing prices (the level 1 inputs). | ||||||||||||||||||||||||||||||||||||
We have determined that when a majority of the inputs used to value our derivatives fall within Level 2 of the fair value hierarchy, the derivative valuations in their entirety are classified in Level 2 of the fair value hierarchy. However, when the 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 our counter-parties, which we consider significant (10% or more) to the overall valuation of our derivatives, the derivative valuations in their entirety are classified in Level 3 of the fair value hierarchy. Transfers of inputs between levels are determined at the end of each reporting period. In determining the fair values of our derivatives at December 31, 2013, the LIBOR interest rate forward curve (the Level 2 inputs) assumed an uptrend from 0.17% to 0.19% for the remaining term of our derivatives. The credit spreads (the Level 3 inputs) used in determining the fair values of the hedge and non-hedge designated derivatives assumed an uptrend in nonperformance risk for us and all of our counterparties through the maturity dates. | ||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | ||||||||||||||||||||||||||||||||||||
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): | ||||||||||||||||||||||||||||||||||||
Quoted Market Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Counter-party and Cash Collateral Netting (4) | Total | ||||||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives – non-hedge | $ | — | $ | 19 | $ | — | $ | — | $ | 19 | (1) | |||||||||||||||||||||||||
Interest rate derivatives – hedge | — | — | — | — | — | (1) | ||||||||||||||||||||||||||||||
Equity put and call options | 560 | — | — | — | 560 | (2) | ||||||||||||||||||||||||||||||
560 | 19 | — | — | 579 | ||||||||||||||||||||||||||||||||
Non-derivative assets: | ||||||||||||||||||||||||||||||||||||
Equity securities | 29,041 | — | — | — | 29,041 | (2) | ||||||||||||||||||||||||||||||
Total | 29,601 | 19 | — | — | 29,620 | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives – non-hedge | — | — | — | — | — | (1) | ||||||||||||||||||||||||||||||
Credit default swaps | — | 995 | — | (1,068 | ) | (73 | ) | (3) | ||||||||||||||||||||||||||||
Short equity put options | (82 | ) | — | — | — | (82 | ) | (3) | ||||||||||||||||||||||||||||
Short equity call options | (479 | ) | — | — | — | (479 | ) | (3) | ||||||||||||||||||||||||||||
Non-derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Margin account balance | (3,130 | ) | — | — | — | (3,130 | ) | (3) | ||||||||||||||||||||||||||||
Total | (3,691 | ) | 995 | — | (1,068 | ) | (3,764 | ) | ||||||||||||||||||||||||||||
Net | $ | 25,910 | $ | 1,014 | $ | — | $ | (1,068 | ) | $ | 25,856 | |||||||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives – non-hedge | $ | — | $ | 10,617 | $ | — | $ | — | $ | 10,617 | (1) | |||||||||||||||||||||||||
Interest rate derivatives – hedge | — | 4 | — | — | 4 | (1) | ||||||||||||||||||||||||||||||
Credit default swaps | — | 2,933 | — | (2,763 | ) | 170 | (1) | |||||||||||||||||||||||||||||
Equity put and call options | 612 | — | — | — | 612 | (2) | ||||||||||||||||||||||||||||||
Non-derivative assets: | ||||||||||||||||||||||||||||||||||||
Equity and US treasury securities | 23,008 | — | — | — | 23,008 | (2) | ||||||||||||||||||||||||||||||
Total | 23,620 | 13,554 | — | (2,763 | ) | 34,411 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives – non-hedge | — | (4,400 | ) | — | — | (4,400 | ) | (1) | ||||||||||||||||||||||||||||
Short equity put options | (7 | ) | — | — | — | (7 | ) | (3) | ||||||||||||||||||||||||||||
Short equity call options | (292 | ) | — | — | — | (292 | ) | (3) | ||||||||||||||||||||||||||||
Non-derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Margin account balance | (1,342 | ) | — | — | — | (1,342 | ) | (3) | ||||||||||||||||||||||||||||
Total | (1,641 | ) | (4,400 | ) | — | — | (6,041 | ) | ||||||||||||||||||||||||||||
Net | $ | 21,979 | $ | 9,154 | $ | — | $ | (2,763 | ) | $ | 28,370 | |||||||||||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||||||
(1) | Reported net as “Derivative assets” in the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
(2) | Reported as “Marketable securities” in the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
(3) | Reported as “Liabilities associated with marketable securities and other” in the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
(4) | Represents cash collateral posted by our counterparty. | |||||||||||||||||||||||||||||||||||
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||
The following table summarizes the effect of fair value measured assets and liabilities on the consolidated statement of operations (in thousands): | ||||||||||||||||||||||||||||||||||||
Reclassified from | ||||||||||||||||||||||||||||||||||||
Gain or (Loss) | Interest Savings or (Cost) | Accumulated OCI into Interest Expense | ||||||||||||||||||||||||||||||||||
Recognized in Income | Recognized in Income | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | (10,778 | ) | $ | (48,827 | ) | $ | (73,227 | ) | $ | 10,639 | $ | 54,199 | $ | 92,846 | $ | 101 | $ | 32 | $ | 603 | |||||||||||||||
Credit default swaps | — | (4,014 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Equity call options and other | (1,388 | ) | (3,644 | ) | (786 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
(12,166 | ) | (56,485 | ) | (74,013 | ) | 10,639 | 54,199 | 92,846 | 101 | 32 | 603 | |||||||||||||||||||||||||
Non-derivative assets: | ||||||||||||||||||||||||||||||||||||
Equity securities | 5,779 | 3,341 | 229 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | (6,387 | ) | (53,144 | ) | (73,784 | ) | 10,639 | 54,199 | 92,846 | 101 | 32 | 603 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives | 4,400 | 17,091 | 4,258 | (4,424 | ) | (22,159 | ) | (22,273 | ) | — | — | — | ||||||||||||||||||||||||
Credit default swaps | (2,025 | ) | — | (1,348 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Short equity put options | (138 | ) | 1,610 | (1,277 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Short equity call options | (274 | ) | 393 | 89 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | 1,963 | 19,094 | 1,722 | (4,424 | ) | (22,159 | ) | (22,273 | ) | — | — | — | ||||||||||||||||||||||||
Non-derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Short equity securities | — | 64 | 375 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 1,963 | 19,158 | 2,097 | (4,424 | ) | (22,159 | ) | (22,273 | ) | — | — | — | ||||||||||||||||||||||||
Net | $ | (4,424 | ) | $ | (33,986 | ) | $ | (71,687 | ) | $ | 6,215 | $ | 32,040 | $ | 70,573 | $ | 101 | $ | 32 | $ | 603 | |||||||||||||||
Total combined | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | (6,378 | ) | $ | (31,736 | ) | $ | (68,969 | ) | $ | 6,215 | $ | 32,040 | $ | 70,573 | $ | 101 | $ | 32 | $ | 603 | |||||||||||||||
Credit default swaps | (1,937 | ) | (3,921 | ) | (1,317 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total derivatives | (8,315 | ) | (1) | (35,657 | ) | (1) | (70,286 | ) | (1) | 6,215 | (2) | 32,040 | (2) | 70,573 | (2) | 101 | 32 | 603 | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 5,115 | (3) | 2,502 | (3) | (391 | ) | (3) | — | — | — | — | — | — | |||||||||||||||||||||||
Realized loss on marketable securities | (1,224 | ) | (2) (4) | (831 | ) | (2) (4) | (1,010 | ) | (2) (4) | — | — | — | — | — | — | |||||||||||||||||||||
Net | $ | (4,424 | ) | $ | (33,986 | ) | $ | (71,687 | ) | $ | 6,215 | $ | 32,040 | $ | 70,573 | $ | 101 | $ | 32 | $ | 603 | |||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||||||
(1) | Reported as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||
(2) | Included in “Other income” in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||
(3) | Reported as “Unrealized gain (loss) on marketable securities” in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||
(4) | Includes costs of $88, $93 and $31, respectively in 2013, 2012 and 2011 associated with credit default swaps. | |||||||||||||||||||||||||||||||||||
In 2013, 2012 and 2011, the change in fair values of our interest rate derivatives that were recognized as change in other comprehensive income (loss) totaled $(3,000), $(144,000) and $(78,000), respectively. | ||||||||||||||||||||||||||||||||||||
During the next twelve months, we expect $100,000 of accumulated comprehensive loss will be reclassified to interest expense. |
Summary_of_Fair_Value_of_Finan
Summary of Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments, All Other Investments [Abstract] | ' | |||||||||||||||
Summary of Fair Value of Financial Instruments | ' | |||||||||||||||
Summary of Fair Value of Financial Instruments | ||||||||||||||||
Financial Instruments Measured at Fair Value on a Recurring basis | ||||||||||||||||
The carrying amounts and estimated fair values of financial instruments measured at fair value on a recurring basis were as follows (in thousands): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Marketable securities | $ | 29,601 | $ | 29,601 | $ | 23,620 | $ | 23,620 | ||||||||
Derivative assets, net | $ | 19 | $ | 19 | $ | 6,391 | $ | 6,391 | ||||||||
Liabilities associated with marketable securities and other | $ | 3,764 | $ | 3,764 | $ | 1,641 | $ | 1,641 | ||||||||
Marketable securities. Marketable securities consist of public equity securities and equity put and call options. The fair value of these investments is based on quoted market closing prices at the balance sheet date. See Notes 2, 10, and 11 for a complete description of the methodology and assumptions utilized in determining the fair values. | ||||||||||||||||
Derivative assets, net and Liabilities associated with marketable securities and other. Fair value of the interest rate derivatives are determined using the net present value of the expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of Ashford and the counterparties. Fair value of the credit default swap derivatives is obtained from a third party who publishes the CMBX index composition and price data. Liabilities associated with marketable securities and other consists of a margin account balance, short public equity securities and short equity put and call options. Fair value is determined based on the quoted market closing prices at the balance sheet date. See Notes 2, 10, and 11 for a complete description of the methodology and assumptions utilized in determining the fair values. | ||||||||||||||||
Financial Instruments Not Measured at Fair Value | ||||||||||||||||
Some of our financial instruments are not measured at fair value on a recurring basis. Determining the estimated fair values of certain financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. The use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. Accordingly, the estimates presented are not necessarily indicative of the amounts at which these instruments could be purchased, sold or settled. The carrying amounts and estimated fair values of financial instruments not measured at fair value were as follows (in thousands): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 128,780 | $ | 128,780 | $ | 185,935 | $ | 185,935 | ||||||||
Restricted cash | $ | 61,498 | $ | 61,498 | $ | 84,786 | $ | 84,786 | ||||||||
Accounts receivable | $ | 21,791 | $ | 21,791 | $ | 35,116 | $ | 35,116 | ||||||||
Notes receivable | $ | 3,384 | $2,800 to $3,094 | $ | 11,331 | $14,385 to $15,899 | ||||||||||
Due from affiliates | $ | 1,302 | $ | 1,302 | $ | 1,168 | $ | 1,168 | ||||||||
Due from Ashford Prime, net | $ | 13,042 | $ | 13,042 | $ | — | $ | — | ||||||||
Due from third-party hotel managers | $ | 33,728 | $ | 33,728 | $ | 48,619 | $ | 48,619 | ||||||||
Financial liabilities: | ||||||||||||||||
Indebtedness of continuing operations | $ | 1,818,929 | $ 1,786,651 to $1,974,714 | $ | 2,339,410 | $2,266,991 to $2,505,622 | ||||||||||
Accounts payable and accrued expenses | $ | 70,683 | $ | 70,683 | $ | 84,293 | $ | 84,293 | ||||||||
Dividends payable | $ | 20,735 | $ | 20,735 | $ | 18,258 | $ | 18,258 | ||||||||
Due to related party, net | $ | 270 | $ | 270 | $ | 3,725 | $ | 3,725 | ||||||||
Due to third-party hotel managers | $ | 958 | $ | 958 | $ | 1,410 | $ | 1,410 | ||||||||
Cash, cash equivalents and restricted cash. These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying values approximate fair value due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. | ||||||||||||||||
Accounts receivable, accounts payable and accrued expenses, dividends payable, due to/from related party, due to/from affiliates, due to/from Ashford Prime and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to the short-term nature of these financial instruments. This is considered a Level 1 valuation technique. | ||||||||||||||||
Notes receivable. Fair value of the notes receivable was determined by using similar loans with similar collateral. Since there is very little to no trading activity we had to rely on our internal analysis of what we believe a willing buyer would pay for these notes at December 31, 2013 and 2012. We estimated the fair value of the notes receivable to be approximately 8.6% to 17.3% lower than the carrying value of $3.4 million at December 31, 2013, and approximately 27.0% to 40.3% higher than the carrying value of $11.3 million at December 31, 2012. This is considered a Level 2 valuation technique. | ||||||||||||||||
Indebtedness. Fair value of indebtedness is determined using future cash flows discounted at current replacement rates for these instruments. Cash flows are determined using a forward interest rate yield curve. The current replacement rates are determined by using the U.S. Treasury yield curve or the index to which these financial instruments are tied, and adjusted for the credit spreads. Credit spreads take into consideration general market conditions, maturity and collateral. For the December 31, 2013 and 2012 indebtedness valuations, we used estimated future cash flows discounted at applicable index forward curves adjusted for credit spreads. We estimated the fair value of the total indebtedness to be approximately 98.2% to 108.6% of the carrying value of $1.8 billion at December 31, 2013, and approximately 96.9% to 107.1% of the carrying value of $2.3 billion at December 31, 2012. This is considered a Level 2 valuation technique. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Commitments and Contingencies | ' | |||
Commitments and Contingencies | ||||
Restricted Cash – Under certain management and debt agreements for our hotel properties existing at December 31, 2013, escrow payments are required for insurance, real estate taxes, and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 4% to 6% of gross revenues for capital improvements. | ||||
Franchise Fees – Under franchise agreements for our hotel properties existing at December 31, 2013, we pay franchisor royalty fees between 3% and 6% of gross room revenue and, in some cases, food and beverage revenues. Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 4% of gross room revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2015 and 2035. When a franchise term expires, the franchisor has no obligation to renew the franchise. A franchise termination could have a material adverse effect on the operations or the underlying value of the affected hotel due to loss of associated name recognition, marketing support, and centralized reservation systems provided by the franchisor. A franchise termination could also have a material adverse effect on cash available for distribution to shareholders. In addition, if we breach the franchise agreement and the franchisor terminates a franchise prior to its expiration date, we may be liable for up to three times the average annual fees incurred for that property. | ||||
For the years ended December 31, 2013, 2012, and 2011, our continuing operations incurred franchise fees of $32.3 million, $29.2 million and $27.5 million, respectively, which are included in other expenses in the accompanying consolidated statements of operations. | ||||
Management Fees – Under management agreements for our hotel properties existing at December 31, 2013, we pay a) monthly property management fees equal to the greater of $10,000 (CPI adjusted since 2003) or 3% of gross revenues, or in some cases 2% to 7% of gross revenues, as well as annual incentive management fees, if applicable, b) market service fees on approved capital improvements, including project management fees of up to 4% of project costs, for certain hotels, and c) other general fees at current market rates as approved by our independent directors, if required. These management agreements expire from 2015 through 2032, with renewal options. If we terminate a management agreement prior to its expiration, we may be liable for estimated management fees through the remaining term, liquidated damages or, in certain circumstances, we may substitute a new management agreement. | ||||
Leases – We lease land and facilities under non-cancelable operating leases, which expire between 2040 and 2084, including two ground leases related to our hotel properties. Several of these leases are subject to base rent plus contingent rent based on the related property’s financial results and escalation clauses. For the years ended December 31, 2013, 2012, and 2011, our continuing operations recognized rent expense of $4.5 million, $4.7 million and $4.1 million, respectively, which included contingent rent of $898,000, $1.4 million and $754,000, respectively. Rent expense related to continuing operations is included in other expenses in the consolidated statements of operations. Future minimum rentals due under non-cancelable leases are as follows for each of the years ending December 31, (in thousands): | ||||
2014 | $ | 925 | ||
2015 | 775 | |||
2016 | 669 | |||
2017 | 603 | |||
2018 | 564 | |||
Thereafter | 27,963 | |||
Total | $ | 31,499 | ||
At December 31, 2013, we had capital commitments of $41.4 million relating to general capital improvements that are expected to be paid in the next twelve months. | ||||
Employment Agreements – Our employment agreements with certain executive officers provide for minimum annual base salaries, other fringe benefits, and non-competition clauses as determined by the Board of Directors. The employment agreements contain automatic one year renewals effective December 31st of each year, unless terminated by either party upon six months’ notice, subject to severance provisions. | ||||
Litigation – We are engaged in various legal proceedings which have arisen but have not been fully adjudicated. The likelihood of loss from these legal proceedings, based on definitions within contingency accounting literature, ranges from remote to reasonably possible and to probable. Based on estimates of the range of potential losses associated with these matters, management does not believe the ultimate resolution of these proceedings, either individually or in the aggregate, will have a material adverse effect on our consolidated financial position or results of operations. However, the final results of legal proceedings cannot be predicted with certainty and if we fail to prevail in one or more of these legal matters, and the associated realized losses exceed our current estimates of the range of potential losses, our consolidated financial position or results of operations could be materially adversely affected in future periods. | ||||
Income Taxes – We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2010 through 2013 remain subject to potential examination by certain federal and state taxing authorities. | ||||
In September 2010, the Internal Revenue Service ("IRS") completed an audit of one of our taxable REIT subsidiaries that leases two of our hotel properties for the tax year ended December 31, 2007. The IRS issued a notice of proposed adjustment based on Internal Revenue Code (IRC) Section 482 that reduced the amount of rent we charged the taxable REIT subsidiary ("TRS"). We owned a 75% interest in the hotel properties and the TRS at issue. In connection with the TRS audit, the IRS selected our REIT for audit for the same tax year. In October 2011, the IRS issued an income tax adjustment to the REIT as an alternative to the TRS proposed adjustment. The REIT adjustment is based on the REIT 100% federal excise tax on our share of the amount by which the rent was held to be greater than the arm's length rate. We strongly disagreed with the IRS' position and appealed our cases to the IRS Appeals Office. In determining amounts payable by our TRS subsidiaries under our leases, we engaged a third party to prepare a transfer pricing study which concluded that the lease terms were consistent with arms' length terms as required by applicable Treasury regulations. We believe the IRS transfer pricing methodologies applied in the audits contained flaws and that the IRS adjustments to the rent charged were inconsistent with the U.S. federal tax laws related to REITs and true leases. The IRS Appeals Office reviewed our cases in 2012. In July 2013, the IRS Appeals Office issued "no-change letters" for the TRS and the REIT indicating that the 2007 tax returns were accepted as filed and the examinations resulted in no deficiencies. U.S. federal income tax assessment statutes of limitations generally limit the time the IRS has to make assessments to within three years after a return is due or filed, whichever is later. As a result, the IRS requested and we agreed to extend the assessment statute of limitations for both the TRS and the REIT for the 2007 tax year to March 31, 2014. Accordingly, the IRS has the right to reopen the cases until March 31, 2014. However, the IRS typically only reopens closed cases in very limited circumstances, none of which we believe are applicable to our cases. | ||||
In June 2012, the IRS completed audits of the same TRS and our REIT for the tax years ended December 31, 2008 and 2009. With respect to the 2009 tax year, the IRS did not propose any adjustments to the TRS or the REIT. For the 2008 tax year, the IRS issued notices of proposed adjustments for both the REIT and the TRS. The REIT adjustment is for $3.3 million of U.S. federal excise taxes and represents the amount by which the IRS asserts that the rent charged to the TRS was greater than the arms' length rate pursuant to IRC Section 482. The TRS adjustment is for $1.6 million of additional income which would equate to approximately $467,000 of additional U.S. federal income taxes and potential state income taxes of $83,000, net of federal benefit. The TRS adjustment represents the IRS' imputation of compensation to the TRS under IRC Section 482 for agreeing to be a party to the lessor entity's bank loan agreement. We owned a 75% interest in the lessor entity through November 19, 2013, when our interest was contributed to Ashford Prime in connection with the previously discussed spin-off. We strongly disagree with both of the IRS adjustments for the reasons noted under the 2007 audits, and in addition, we believe the IRS has misinterpreted certain terms of the lease, third party hotel management agreements, and bank loan agreements. We appealed our cases to the IRS Appeals Office and the IRS assigned the same Appeals team that oversaw our 2007 cases to our 2008 cases. Our representatives attended the Appeals conferences for the 2008 cases in August 2013 and February 2014. One or more additional conferences with the Appeals Office will be required to resolve our cases and we anticipate these will occur later in 2014. The IRS has requested and we have agreed to extend the assessment statute of limitations three times for both the TRS and REIT for the 2008 tax year. The most recent request was made in August 2013 and extends the statute for the 2008 tax year to September 30, 2014. We have indemnified Ashford Prime for any potential losses resulting from the completion of this examination. | ||||
With respect to the 2008 IRS audit, we believe we will substantially prevail in the eventual settlement of the audit and that the settlement will not have a material adverse effect on our financial condition and results of operations. We have concluded that the positions reported on the tax returns under audit by the IRS are, solely on their technical merits, more-likely-than-not to be sustained upon examination. | ||||
On November 19, 2013, we completed the spin-off of Ashford Prime. For federal income tax purposes, we recorded a gain as a result of the spin-off. If Ashford Prime qualifies for taxation as a REIT for 2013, that gain will be qualifying income for purposes of our 2013 REIT income tests. If, however, Ashford Prime were to fail to qualify as a REIT for 2013, that gain would be non-qualifying income for purposes of the 75% gross income test. | ||||
If we sell or transfer the Marriott Crystal Gateway in Arlington, Virginia prior to July 2016, we will be required to indemnify the entity from which we acquired the property if, as a result of such transactions, such entity would recognize a gain for federal tax purposes. | ||||
In general, tax indemnities equal the federal, state, and local income tax liabilities the contributor or their specified assignee incurs with respect to the gain allocated to the contributor. The contribution agreements’ terms generally require us to gross up tax indemnity payments for the amount of income taxes due as a result of such tax indemnities. | ||||
Potential Pension Liabilities – Upon our 2006 acquisition of a hotel property, certain employees of such hotel were unionized and covered by a multi-employer defined benefit pension plan. At that time, no unfunded pension liabilities existed. Subsequent to our acquisition, a majority of employees, who are employees of the hotel manager, Remington Lodging, petitioned the employer to withdraw recognition of the union. As a result of the decertification petition, Remington Lodging withdrew recognition of the union. At the time of the withdrawal, the National Retirement Fund, the union's pension fund, indicated unfunded pension liabilities existed. The National Labor Relations Board ("NLRB") filed a complaint against Remington Lodging seeking, among other things, that Remington Lodging's withdrawal of recognition was unlawful. Pending the final determination of the NLRB complaint, including appeals, the pension fund entered into a settlement agreement with Remington Lodging on November 1, 2011, providing that (a) Remington Lodging will continue to make monthly pension fund payments pursuant to the collective bargaining agreement, and (b) if the withdrawal of recognition is ultimately deemed lawful, Remington Lodging will have an unfunded pension liability equal to $1.7 million minus the monthly pension payments made by Remington Lodging since the settlement agreement. To illustrate, if Remington Lodging - as of the date a final determination occurs - has made monthly pension payments equaling $100,000, Remington Lodging's remaining withdrawal liability shall be the unfunded pension liability of $1.7 million minus $100,000 (or $1.6 million). This remaining unfunded pension liability shall be paid to the pension fund in annual installments of $84,000 (but may be made monthly or quarterly, at Remington Lodging's election), which shall continue for the remainder of the twenty-(20)-year capped period, unless Remington Lodging elects to pay the unfunded pension liability amount earlier. We agreed to indemnify Remington Lodging for the payment of the unfunded pension liability as set forth in the settlement agreement. |
Series_B1_Convertible_Redeemab
Series B-1 Convertible Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2013 | |
Equity [Abstract] | ' |
Series B-1 Preferred Stock | ' |
Series B-1 Convertible Redeemable Preferred Stock | |
At December 31, 2010, we had 7.2 million outstanding shares of Series B-1 cumulative convertible redeemable preferred stock. Series B-1 preferred stock was convertible at any time, at the option of the holder, into our common stock by dividing the preferred stock carrying value by the conversion price then in effect, which was $10.07, subject to certain adjustments, as defined. Series B-1 preferred stock was redeemable for cash at our option at the liquidation preference, which is set at $10.07. In 2010, 200,000 shares of our Series B-1 preferred stock with a carrying value of $2.0 million were converted to common shares, pursuant to the terms of the Series B-1 preferred stock. Series B-1 preferred stock was also redeemable for cash at the option of the holder at a specified redemption price, as defined, if certain events were to occur. Due to these redemption features that were not under our control, the preferred stock was classified outside of permanent equity. Series B-1 preferred stock holders were entitled to vote, on an as-converted basis voting as a single class together with common stock holders, on all matters to be voted on by our shareholders. | |
In May 2011, we redeemed 5.9 million shares of the outstanding Series B-1 preferred shares at $12.4656 per share, or a total of $73.0 million, with the proceeds from issuance of 3.35 million shares of our 9% Series E cumulative preferred stock. During 2011, the remaining 1.4 million outstanding shares were converted to 1.4 million shares of our common stock, which was treated as a dividend of $17.4 million to the Series B-1 preferred shareholder in accordance with the applicable accounting guidance. During 2011, we declared dividends of $1.4 million to holders of the Series B-1 preferred stock. |
Redeemable_Noncontrolling_Inte
Redeemable Noncontrolling Interests in Operating Partnership | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | ' | ||||||||
Redeemable Noncontrolling Interests in Operating Partnership | ' | ||||||||
Redeemable Noncontrolling Interests in Operating Partnership | |||||||||
Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units and the units issued under our Long-Term Incentive Plan (the “LTIP units”) that are vested throughout the period plus distributions paid to the limited partners with regard to the Class B units. Class B common units have a fixed dividend rate of 6.82% in years one to three and 7.2% thereafter, and have priority in payment of cash dividends over common units but otherwise have no preference over common units. Aside from the Class B units, all other outstanding units represent common units. Beginning one year after issuance, each common unit of limited partnership interest (including each Class B common unit) may be redeemed for either cash or, at our sole discretion, one share of our common stock, subject to contractual lock-up agreements that prevent holders of Class B common units from redeeming two-thirds of such units before 18 months and one-third of such units before two years from the issuance date of such units. Beginning ten years after issuance, each Class B unit may be converted into a common unit at either party’s discretion. | |||||||||
LTIP units, which are issued to certain executives and employees as compensation, have vesting periods ranging from three to five years. Additionally, certain independent members of the Board of Directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common partnership unit of the operating partnership which then can be redeemed for cash or, at our election, settled in our common stock. For the years ended December 31, 2013, 2012 and 2011, we issued 1.4 million, 1.3 million and 2.2 million LTIP units, respectively, with grant date fair values of $16.4 million, $11.2 million and $27.4 million, respectively. During 2013, 2012 and 2011, respectively, 1.6 million, 1.4 million and 520,000 LTIP units vested. There were no forfeitures in 2013, 2012 or 2011. As of December 31, 2013, we have issued 7.0 million LTIP units, of which all but 142,000 units issued in May 2013 and 1.2 million units issued in May 2011 had reached full economic parity with the common units and are convertible into common partnership units. During 2013, 3.3 million LTIP units were converted to common units, leaving 3.7 million outstanding LTIP units. All LTIP units issued had an aggregate value of $69.2 million at the date of grant which is being amortized over their respective vesting periods. Compensation expense of $19.0 million, $14.8 million and $9.2 million was recognized for 2013, 2012 and 2011, respectively. The unamortized value of the 3.1 million unvested LTIP units was $21.2 million at December 31, 2013, which will be amortized over periods from 0.2 years to 2.4 years. The unvested LTIP units had an aggregate intrinsic value of $25.5 million. | |||||||||
For 2013 and 2012, no operating partnership units were presented for redemption or converted to shares of our common stock. For 2011, redemptions of 100,000 units with a fair value of $1.0 million were converted to common shares at our election. | |||||||||
Redeemable noncontrolling interests in our operating partnership as of December 31, 2013 and 2012 were $134.2 million and $151.2 million, which represented ownership of 12.72% and 12.92% in our operating partnership, respectively. The carrying value of redeemable noncontrolling interests as of December 31, 2013 and 2012 had adjustments of $123.3 million and $110.0 million, respectively, to reflect the excess of redemption value over the accumulated historical costs. The carrying value of the redeemable noncontrolling interests at December 31, 2013 and 2012 also reflected reclassifications of $5.3 million and $8.5 million, respectively to equity of the historical accumulated costs of unvested LTIP units. For 2013, 2012 and 2011, we allocated net loss of $8.2 million, $9.3 million and $2.8 million to these redeemable noncontrolling interests, respectively. We declared cash distributions to operating partnership units of $10.3 million, $9.1 million and $7.8 million for the years ended December 31, 2013, 2012 and 2011 respectively. A summary of the activity of the operating partnership units is as follow (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Units outstanding at beginning of year | 17,611 | 16,317 | 14,195 | ||||||
Units issued | 1,380 | 1,294 | 2,222 | ||||||
Units converted to common shares | — | — | (100 | ) | |||||
Units outstanding at end of year | 18,991 | 17,611 | 16,317 | ||||||
Units convertible/redeemable at end of year | 15,918 | 14,305 | 12,895 | ||||||
Equity
Equity | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Equity | ' | |||||||||||
Equity | ||||||||||||
Equity Offering – On June 20, 2013, we commenced a follow-on public offering of 11.0 million shares of common stock at $12.00 per share for gross proceeds of $132.0 million. The aggregate proceeds net of underwriting discount and other expenses were approximately $125.9 million. The offering settled on June 26, 2013. We granted the underwriters a 30-day option to purchase up to an additional 1.65 million shares of common stock. On July 24, 2013, the underwriters partially exercised their option and purchased an additional 1.25 million shares of our common stock at a price of $12.00 per share less the underwriting discount resulting in additional net proceeds of approximately $14.2 million. | ||||||||||||
At-the-Market Preferred Stock Offering – In September 2011, we entered into an at-the-market (“ATM”) program with an investment banking firm, pursuant to which we may issue up to 700,000 shares of 8.55% Series A Cumulative Preferred Stock and up to 700,000 shares of 8.45% Series D Cumulative Preferred Stock at market prices up to $30.0 million. The ATM program remains in effect until such time that either party elects to terminate or the share or dollar thresholds are reached. On March 2, 2012, we commenced issuances of preferred stock and during the first two quarters of the year ended December 31, 2012, we issued 169,306 shares of 8.55% Series A Cumulative Preferred Stock for gross proceeds of $4.2 million and 501,909 shares of 8.45% Series D Cumulative Preferred Stock for gross proceeds of $12.3 million. The aggregate proceeds, net of commissions and other expenses, were $16.0 million for the year ended December 31, 2012. There were no issuances for the year ended December 31, 2013. | ||||||||||||
Reissuance of Treasury Stock – In July 2011, we reissued 7.0 million shares of our treasury stock at a gross price of $12.50 per share. We received net cash proceeds of $83.2 million. In January 2011, an underwriter purchased an additional 300,000 shares of our common shares through the partial exercise of the underwriter’s 1.1 million share over-allotment option and we received net proceeds of $2.8 million. The net proceeds received from the reissuance were used to repay a portion of our outstanding borrowings under our senior credit facility and for other general corporate purposes. | ||||||||||||
At December 31, 2013 and 2012, there were 124.9 million shares of common stock issued, and 80.6 million and 68.2 million shares outstanding, respectively. | ||||||||||||
Potential Sale of Common Shares – In February 2010, we entered into a Standby Equity Distribution Agreement (the “SEDA”) with YA Global Master SPV Ltd. (“YA Global”) in which YA Global agreed to purchase up to $50.0 million of newly issued shares of our common stock. The SEDA terminated on February 24, 2013. No shares were issued pursuant to the SEDA. | ||||||||||||
In September 2010, we entered into an ATM program with an investment banking firm to offer for sale from time to time up to $50.0 million of our common stock at market prices. No shares were sold during 2013, 2012 or 2011. Proceeds from the ATM program, to the extent the program is utilized, are expected to be used for general corporate purposes including investments and reduction of debt. The ATM program remains in effect until such time that either party elects to terminate or the $50 million cap is reached. | ||||||||||||
Stock Repurchases – Beginning in November 2007, our Board of Directors has authorized management to purchase our common shares from time to time on the open market and in December 2008, we completed all of the $125.0 million repurchases authorized in 2007 and 2008. In January 2009, the Board of Directors approved an additional $200.0 million authorization under the same repurchase plan (excluding fees, commissions and all other ancillary expenses) and expanded the plan to include: (i) the repurchase of shares of our common stock, Series A preferred stock, Series B-1 preferred stock and Series D preferred stock and/or (ii) the prepayment of our outstanding debt obligations, including debt secured by our hotel assets and debt senior to our mezzanine or loan investments. In February 2010, the Board of Directors expanded the repurchase program further to include the potential repurchase of units of our operating partnership. As of June 2010, we ceased all repurchases under this plan indefinitely. In September 2011, our Board of Directors authorized the reinstatement of our 2007 share repurchase program and authorized an increase in our repurchase plan authority from $58.4 million to $200.0 million (excluding fees, commissions and all other ancillary expenses). Under this plan, the board has authorized: (i) the repurchase of shares of our common stock, Series A preferred stock, Series D preferred stock and Series E preferred stock, and/or (ii) discounted purchases of our outstanding debt obligations, including debt secured by our hotel assets. We intend to fund any repurchases or discounted debt purchases with the net proceeds from asset sales, cash flow from operations, existing cash on the balance sheet, and other sources. For the years ended December 31, 2013, 2012 and 2011, no shares of our common or preferred stock have been repurchased under the share repurchase program since its reinstatement. | ||||||||||||
In addition, we acquired 32,855 shares, 55,005 shares and 33,406 shares of our common stock in 2013, 2012 and 2011, respectively, to satisfy employees’ statutory minimum federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan. | ||||||||||||
Preferred Stock – In accordance with Ashford’s charter, we are authorized to issue 50 million shares of preferred stock, which currently includes Series A cumulative preferred stock, Series D cumulative preferred stock, and Series E cumulative preferred stock. | ||||||||||||
Series A Preferred Stock. At December 31, 2013 and 2012, we had 1.7 million outstanding shares of 8.55% Series A cumulative preferred stock, respectively. Series A preferred stock has no maturity date, and we are not required to redeem these shares at any time. After September 22, 2009, Series A preferred stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series A preferred stock dividends are payable quarterly, when and as declared, at the rate of 8.55% per annum of the $25 liquidation preference (equivalent to an annual dividend rate of $2.1375 per share). In general, Series A preferred stock holders have no voting rights. | ||||||||||||
Series D Preferred Stock. At December 31, 2013 and 2012, we had 9.5 million shares of Series D preferred stock outstanding, respectively. Series D preferred stock has no maturity date, and we are not required to redeem the shares at any time. Prior to July 18, 2012, Series D preferred stock was not redeemable, except in certain limited circumstances such as to preserve the status of our qualification as a REIT or in the event the Series D stock ceases to be listed on an exchange and we cease to be subject to the reporting requirements of the Securities Exchange Act, as described in Ashford’s charter. However, on and after July 18, 2012, Series D preferred stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D preferred stock quarterly dividends are set at the rate of 8.45% per annum of the $25 liquidation preference (equivalent to an annual dividend rate of $2.1125 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D preferred stock holders have no voting rights. | ||||||||||||
Series E Preferred Stock. In April 2011, we completed the offering of 3.4 million shares (including 350,000 shares pursuant to the underwriters’ exercise of an over-allotment option) of our 9.00% Series E Cumulative Preferred Stock at a net price of $24.2125 per share, and we received net proceeds of $80.8 million after underwriting fees. Of the net proceeds from the offering, $73.0 million was used to redeem 5.9 million shares of the total 7.3 million shares of our Series B-1 convertible preferred stock outstanding. The remaining proceeds were used for other general corporate purposes. In May 2011, the remaining 1.4 million outstanding Series B-1 convertible preferred shares were converted into 1.4 million shares of our common stock. | ||||||||||||
In October 2011, we issued and sold an additional 1.3 million shares of our 9.00% Series E Cumulative Preferred Stock at a price of $23.47 per share, in an underwritten public offering pursuant to an effective registration statement. We received net proceeds of $28.9 million after underwriting fees. The proceeds from the offering were used for general corporate purposes, including, without limitation, repayment of debt or other maturing obligations, financing future hotel related investments, capital expenditures and working capital. A portion of the proceeds may also be used for repurchasing shares of our common stock under our existing repurchase program. At December 31, 2013 and 2012, we had 4.6 million shares of Series E preferred stock outstanding. The Series E preferred stock has no maturity date, and we are not required to redeem the shares at any time. Prior to April 18, 2016, Series E preferred stock is not redeemable, except in certain limited circumstances such as to preserve the status of our qualification as a REIT or in the event a change of control occurs. If we choose not to redeem the Series E shares upon a change of control, each holder of Series E preferred stock can convert their shares into shares of our common stock based on a formula specified in the agreement. However, on and after April 18, 2016, Series E preferred stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25 per share plus accrued and unpaid dividends, if any, at the redemption date. Series E preferred stock quarterly dividends are set at the rate of 9.00% per annum of the $25 liquidation preference (equivalent to an annual dividend rate of $2.25 per share). In general, Series E preferred stock holders have no voting rights. | ||||||||||||
Dividends – A summary of dividends declared is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Common stock related: | ||||||||||||
Common shares | $ | 37,054 | $ | 29,993 | $ | 25,652 | ||||||
Preferred stocks: | ||||||||||||
Series A preferred stock | 3,542 | 3,516 | 3,180 | |||||||||
Series D preferred stock | 20,002 | 19,869 | 18,940 | |||||||||
Series E preferred stock | 10,418 | 10,417 | 6,019 | |||||||||
Total dividends declared | $ | 71,016 | $ | 63,795 | $ | 53,791 | ||||||
Noncontrolling Interests in Consolidated Entities – Our partners in our majority-owned consolidated entities had an ownership interest of 15% in two hotel properties at December 31, 2013, with a total carrying value of $2.0 million, and ownership interests from 15% to 25% in four hotel properties at December 31, 2012, with total carrying value of $15.4 million. The two properties in which our partners held a 25% interest were contributed to Ashford Prime OP in connection with the Ashford Prime spin-off. Through December 1, 2011, the hotel property held by a joint venture in which we previously had an ownership interest of 89% was leased on a triple-net lease basis to a third-party tenant. Rental income from this operating lease is included in the consolidated results of operations for the period from January 1, 2010 through December 1, 2011. Effective December 2, 2011, we acquired the remaining 11% ownership interest from our partner as a result of a dispute resolution. The triple-net lease agreement was canceled and the operating results of this hotel property have been included in our consolidated statements of operations since December 2, 2011 through November 18, 2013, the date the property was contributed to Ashford Prime in connection with the spin-off. We recognized a gain of $9.7 million for this transaction, consisting of the assignment of an $8.1 million note receivable and an agreement to retain $1.6 million of security deposits that were originally refundable, which is included in “Other income” in the consolidated statements of operations. Income from consolidated entities attributable to these noncontrolling interests was $908,000, $868,000 and $610,000 for 2013, 2012 and 2011, respectively, which includes the results of the two spun-off properties through November 18, 2013. |
Impairment_Charges
Impairment Charges | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Impairment Charges | ' | |||||||||||
Impairment Charges | ||||||||||||
Notes Receivable – Principal and interest payments were not made since October 2008, on the $18.2 million junior participation note receivable secured by the Four Seasons hotel property in Nevis. The underlying hotel property suffered significant damage by Hurricane Omar. We discontinued recording interest on this note beginning in October 2008. In 2009, we recorded an impairment charge to fully reserve this note receivable. In May 2010, the senior mortgage lender foreclosed on the loan. As a result of the foreclosure, our interest in the senior mortgage was converted to a 14.4% subordinate beneficial interest in the equity of the trust that holds the hotel property. Due to our junior status in the trust, we have not recorded any value for our beneficial interest at December 31, 2013 and 2012. | ||||||||||||
In April 2011, we entered into a settlement agreement with the borrower of a mezzanine loan which was secured by a 105-hotel property portfolio and scheduled to mature in April 2011. The borrower paid off the loan for $22.1 million. The mezzanine loan had a carrying value of $17.9 million at March 31, 2011 and December 31, 2010, after an impairment charge of $7.8 million was recorded at December 31, 2010. The difference between the settlement amount and the carrying value of $4.2 million was recorded as a credit to impairment charges in accordance with the applicable accounting guidance. | ||||||||||||
The borrower of a $4.0 million junior participation loan collateralized by the Sheraton hotel property in Dallas, Texas due in July 2009 has been in default since May 11, 2009. Based on a third-party appraisal, it was unlikely that we would be able to recover our full investment due to our junior status. As a result, we recorded a valuation allowance for the full amount of the note receivable during 2009. In February 2010, we and the senior note holder of the participation note receivable formed Redus JV for the purposes of holding, managing or disposing of the Sheraton hotel property in Dallas, Texas, which collateralized our $4.0 million principal amount junior participating note receivable. We had an 18% subordinated ownership interest in Redus JV that was carried at no value. This hotel was sold in May 2011, but due to our subordinated status, we did not receive any proceeds from the sale, and no gain or loss was recognized. | ||||||||||||
In June 2009, Extended Stay Hotels, LLC (“ESH”), the issuer of our $164 million principal balance mezzanine loan receivable secured by 681 hotels with initial maturity in June 2009, filed for Chapter 11 bankruptcy protection from its creditors. This mezzanine loan was originally purchased for $98.4 million. At the time of ESH’s bankruptcy filing, a discount of $11.4 million had been amortized to increase the carrying value of the note to $109.4 million. We anticipated that ESH, through its bankruptcy filing, would attempt to impose a plan of reorganization which could extinguish our investment. Accordingly, we recorded a valuation allowance of $109.4 million in earnings for the full amount of the book value of the note. In October 2010, the ESH bankruptcy proceedings were completed and settled with new owners. The full amount of the valuation allowance was charged off in 2010. In 2012, a valuation adjustment of $5.0 million on the previously impaired note was credited to impairment charges as a result of proceeds received from a confidential settlement. | ||||||||||||
In February 2010, the mezzanine loan secured by the Ritz-Carlton hotel property in Key Biscayne, Florida, with a principal amount of $38.0 million and a net carrying value of $23.0 million at December 31, 2009 was restructured. In connection with the restructuring, we received a cash payment of $20.2 million and a $4.0 million note receivable. We recorded a net impairment charge of $10.7 million in 2009 on the original mezzanine loan. The restructured note bears an interest rate of 6.09% and matures in June 2017 with interest only payments through maturity. The note was recorded at its net present value of $3.0 million at restructuring, based on its future cash flows. The interest payments are recorded as reductions of the principal of the note receivable, and the valuation adjustments to the net carrying amount of this note are recorded as a credit to impairment charges. | ||||||||||||
The following table summarizes the changes in allowance for losses for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of period | $ | 8,333 | $ | 8,711 | $ | 16,875 | ||||||
Impairment charges | — | — | — | |||||||||
Valuation adjustments (credits to impairment charges) | (396 | ) | (378 | ) | (4,841 | ) | ||||||
Charge-offs | — | — | (3,323 | ) | ||||||||
Balance at end of period | $ | 7,937 | $ | 8,333 | $ | 8,711 | ||||||
Discontinued Operations – As fully discussed in Note 6, we recorded impairment charges on hotel properties included in discontinued operations of $4.1 million and $6.2 million in 2012 and 2011, respectively, to write down those properties to their estimated fair values less cost to sell. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
Under the Amended and Restated 2003 Stock Incentive Plan approved by shareholders, we are authorized to grant 7.8 million restricted shares of our common stock as incentive stock awards. In 2011, shareholders approved the 2011 Stock Incentive Plan in the annual shareholders meeting, under which we are authorized to grant 5.8 million restricted shares as incentive stock awards. At December 31, 2013, 1.6 million shares were available for future issuance under the 2011 Stock Incentive Plan and no shares were available under the Amended and Restated 2003 Stock Incentive Plan. A summary of our restricted stock activity is as follows (shares in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Restricted Shares | Weighted Average Price at Grant | Restricted Shares | Weighted Average Price at Grant | Restricted Shares | Weighted Average Price at Grant | ||||||||||||||||
Outstanding at beginning of year | 487 | $ | 9.15 | 900 | $ | 6.14 | 1,387 | $ | 4.91 | ||||||||||||
Restricted shares granted | 198 | $ | 11.87 | 204 | $ | 8.87 | 285 | $ | 11.39 | ||||||||||||
Restricted shares vested | (266 | ) | $ | 8.97 | (586 | ) | $ | 4.44 | (761 | ) | $ | 5.82 | |||||||||
Restricted shares forfeited | (1 | ) | $ | 9.81 | (31 | ) | $ | 9.13 | (11 | ) | $ | 7.88 | |||||||||
Outstanding at end of year | 418 | $ | 10.55 | 487 | $ | 9.15 | 900 | $ | 6.14 | ||||||||||||
At December 31, 2013, the outstanding restricted stock had vesting schedules between January 2014 and January 2016. Stock-based compensation expense of $2.3 million, $2.7 million and $3.2 million was recognized for the years ended December 31, 2013, 2012 and 2011, respectively. The restricted stock that vested during 2013 had a fair value of $3.2 million at the date of vesting. At December 31, 2013, the unamortized cost of the unvested shares of restricted stock was $2.7 million which will be amortized over a period of 2.2 years. At December 31, 2013, the outstanding restricted shares had an aggregate intrinsic value of $3.5 million. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
Employee Benefit Plans | |
401(k) Plan – Effective January 1, 2006, we established our 401(k) Plan, a qualified defined contribution retirement plan that covers employees 21 years of age or older who have completed one year of service and work a minimum of 1,000 hours annually. The 401(k) Plan allows eligible employees to contribute subject to IRS imposed limitations, to various investment funds. We make matching cash contributions of 50% of each participant’s contributions, based on participant contributions of up to 6% of compensation. Participant contributions vest immediately whereas company matches vest 25% annually. For the years ended December 31, 2013, 2012 and 2011, we incurred matching expense of $211,000, $211,000, and $202,000, respectively. | |
Employee Savings and Incentive Plan (ESIP) – Our ESIP, a nonqualified compensation plan that covers employees who work at least 25 hours per week, allows eligible employees to contribute up to 100% of their compensation to various investment funds. We match 25% of the first 10% each employee contributes. Matches are only made for employees not participating in the 401(k) Plan. Employee contributions vest immediately whereas company contributions vest 25% annually. For the years ended December 31, 2013, 2012 and 2011, we incurred matching expenses of $70,000, $4,000 and $5,000, respectively. | |
Deferred Compensation Plan – Effective January 1, 2008, we established a nonqualified deferred compensation plan for certain executive officers. The plan allows participants to defer up to 100% of their base salary, bonus and stock awards and select an investment fund for measurement of the deferred compensation liability. Included in the 44.3 million and 56.7 million shares of treasury stock at December 31, 2013 and 2012, were 1.5 million and 969,000 shares under a deferred compensation plan that will be settled in our shares. During 2013, we recorded stock-based compensation expense of $4.3 million, included in "Corporate, general and administrative" expense, as a result of modifications to the deferred compensation plan in connection with the Ashford Prime spin-off in which plan participants were granted additional shares of our stock. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
Income Taxes | ||||||||||||
For federal income tax purposes, we elected to be treated as a REIT under the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our shareholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income. | ||||||||||||
At December 31, 2013, all of our 87 legacy hotel properties were leased or owned by Ashford TRS (our taxable REIT subsidiaries). Ashford TRS recognized net book income of $22.6 million, $31.5 million and $18.8 million for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax expense at federal statutory income tax rate of 35% | $ | (7,907 | ) | $ | (11,508 | ) | $ | (8,723 | ) | |||
State income tax expense, net of federal income tax benefit | (469 | ) | (2,710 | ) | (1,278 | ) | ||||||
Permanent differences | (761 | ) | (607 | ) | (142 | ) | ||||||
State and local income tax (expense) benefit on pass-through entity subsidiaries | (34 | ) | 10 | (114 | ) | |||||||
Gross receipts and margin taxes | (631 | ) | (749 | ) | 40 | |||||||
Interest and penalties | (20 | ) | (18 | ) | (9 | ) | ||||||
Valuation allowance | 8,311 | 13,207 | 8,606 | |||||||||
Income tax (expense) benefit for income from continuing operations | (1,511 | ) | (2,375 | ) | (1,620 | ) | ||||||
Income tax (expense) benefit for income from discontinued operations | — | 23 | (85 | ) | ||||||||
Total income tax (expense) benefit | $ | (1,511 | ) | $ | (2,352 | ) | $ | (1,705 | ) | |||
The components of income tax (expense) benefit from continuing operations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | (919 | ) | $ | (1,537 | ) | $ | (579 | ) | |||
State | (684 | ) | (757 | ) | (165 | ) | ||||||
Total current | (1,603 | ) | (2,294 | ) | (744 | ) | ||||||
Deferred: | ||||||||||||
Federal | 157 | 7 | (708 | ) | ||||||||
State | (65 | ) | (88 | ) | (168 | ) | ||||||
Total deferred | 92 | (81 | ) | (876 | ) | |||||||
Total income tax (expense) benefit | $ | (1,511 | ) | $ | (2,375 | ) | $ | (1,620 | ) | |||
For the years ended December 31, 2013, 2012 and 2011 income tax expense includes interest and penalties paid to taxing authorities of $20,000, $18,000 and $9,000, respectively. At December 31, 2013 and 2012, we determined that there were no amounts to accrue for interest and penalties due to taxing authorities. | ||||||||||||
At December 31, 2013 and 2012, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Allowance for doubtful accounts | $ | 94 | $ | 103 | ||||||||
Unearned income | 344 | 312 | ||||||||||
Unfavorable management contract liability | 2,838 | 4,338 | ||||||||||
Federal and state net operating losses | 31,360 | 43,571 | ||||||||||
Accrued expenses | 1,350 | 1,844 | ||||||||||
Prepaid expenses | (4,391 | ) | (5,460 | ) | ||||||||
Accrued revenue | — | (211 | ) | |||||||||
Alternative minimum tax credit | 972 | — | ||||||||||
Tax property basis less than book basis | (2,175 | ) | (2,235 | ) | ||||||||
Tax derivatives basis greater than book basis | 2,787 | 2,035 | ||||||||||
Deferred gain | 1,685 | — | ||||||||||
Other | 282 | 347 | ||||||||||
Deferred tax asset | 35,146 | 44,644 | ||||||||||
Valuation allowance | (35,146 | ) | (45,398 | ) | ||||||||
Net deferred tax liability | $ | — | $ | (754 | ) | |||||||
At December 31, 2013 and 2012, we recorded a valuation allowance of $35.1 million and $45.4 million, respectively, to fully reserve our deferred tax asset. As a result of consolidated losses in 2013, 2012 and 2011, and the limitation imposed by the Internal Revenue Code on the utilization of net operating losses of acquired subsidiaries, we believe that it is more likely than not our deferred tax asset will not be realized, and therefore, have provided a valuation allowance to reserve against the balances. At December 31, 2013, Ashford TRS had net operating loss carryforwards for federal income tax purposes of $82.3 million, which begin to expire in 2022, and are available to offset future taxable income, if any, through 2032. Approximately $10.6 million of the $82.3 million of net operating loss carryforwards is attributable to acquired subsidiaries and subject to substantial limitation on its use. At December 31, 2013, Ashford Hospitality Trust, Inc., our REIT, had net operating loss carryforwards for federal income tax purposes of $270.3 million, which begin to expire in 2023, and are available to offset future taxable income, if any, through 2032. | ||||||||||||
The following table summarizes the changes in the valuation allowance (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 45,398 | $ | 58,081 | $ | 65,249 | ||||||
Additions charged to other | 4,315 | 4,481 | 19,255 | |||||||||
Deductions | (14,567 | ) | (17,164 | ) | (26,423 | ) | ||||||
Balance at end of year | $ | 35,146 | $ | 45,398 | $ | 58,081 | ||||||
Income_Loss_Per_Share
Income (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Income (Loss) Per Share | ' | |||||||||||
Loss Per Share | ||||||||||||
The following table reconciles the amounts used in calculating basic and diluted loss per share (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Loss attributable to common shareholders – Basic and diluted: | ||||||||||||
Income (loss) from continuing operations attributable to the Company | $ | (41,283 | ) | $ | (50,570 | ) | $ | 9,948 | ||||
Less: Dividends on preferred stocks | (33,962 | ) | (33,802 | ) | (46,876 | ) | ||||||
Less: Dividends on common stock | (36,841 | ) | (29,724 | ) | (25,266 | ) | ||||||
Less: Dividends on unvested restricted shares | (213 | ) | (269 | ) | (386 | ) | ||||||
Undistributed loss from continuing operations allocated to common shareholders | (112,299 | ) | (114,365 | ) | (62,580 | ) | ||||||
Add back: Dividends on common stock | 36,841 | 29,724 | 25,266 | |||||||||
Distributed and undistributed loss from continuing operations - basic and diluted | $ | (75,458 | ) | $ | (84,641 | ) | $ | (37,314 | ) | |||
Loss from discontinued operations allocated to common shareholders: | ||||||||||||
Loss from discontinued operations attributable to the Company | $ | — | $ | (3,210 | ) | $ | (7,839 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Weighted average common shares outstanding - basic and diluted | 75,155 | 67,533 | 61,954 | |||||||||
Loss per share – basic and diluted: | ||||||||||||
Loss from continuing operations allocated to common shareholders per share | $ | (1.00 | ) | $ | (1.25 | ) | $ | (0.60 | ) | |||
Loss from discontinued operations allocated to common shareholders per share | — | (0.05 | ) | (0.13 | ) | |||||||
Net loss allocated to common shareholders per share | $ | (1.00 | ) | $ | (1.30 | ) | $ | (0.73 | ) | |||
Due to their anti-dilutive effect, the computation of diluted loss per share does not reflect the adjustments for the following items (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Loss from continuing operations allocated to common shareholders is not adjusted for: | ||||||||||||
Income allocated to unvested restricted shares | $ | 213 | $ | 269 | $ | 386 | ||||||
Loss attributable to redeemable noncontrolling interests in operating partnership | (8,183 | ) | (8,856 | ) | (1,764 | ) | ||||||
Dividends to Series B-1 Preferred Stock | — | — | 18,737 | |||||||||
Total | $ | (7,970 | ) | $ | (8,587 | ) | $ | 17,359 | ||||
Weighted average diluted shares are not adjusted for: | ||||||||||||
Effect of unvested restricted shares | 128 | 195 | 563 | |||||||||
Effect of assumed conversion of operating partnership units | 18,699 | 17,353 | 15,571 | |||||||||
Effect of assumed conversion of Series B-1 Preferred Stock | — | — | 2,509 | |||||||||
Total | 18,827 | 17,548 | 18,643 | |||||||||
Segment_Reporting
Segment Reporting | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
Segment Reporting | ||||||||||||||||
We operate in two business segments within the hotel lodging industry: direct hotel investments and hotel financing. Direct hotel investments refer to owning hotels through either acquisition or new development. We report operating results of direct hotel investments on an aggregate basis as substantially all of our hotel investments have similar economic characteristics and exhibit similar long-term financial performance. Hotel financing refers to owning subordinate hotel-related mortgages through acquisition or origination. We do not allocate corporate-level accounts to our operating segments, including transaction acquisition and contract termination costs, corporate general and administrative expenses, non-operating interest income, interest expense, amortization of loan costs, write-off of premiums, loan costs and exit fees, unrealized income (loss) on investments and derivatives, and income tax expense/benefit. | ||||||||||||||||
Financial information related to our reportable segments is as follows (in thousands): | ||||||||||||||||
Direct Hotel | Hotel | Corporate | Consolidated | |||||||||||||
Investments | Financing | |||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||
Total revenues | $ | 941,213 | $ | — | $ | 1,047 | $ | 942,260 | ||||||||
Total hotel expenses | 596,313 | — | — | 596,313 | ||||||||||||
Property taxes, insurance and other | 47,075 | — | — | 47,075 | ||||||||||||
Depreciation and amortization | 127,990 | — | — | 127,990 | ||||||||||||
Impairment charges | — | (396 | ) | — | (396 | ) | ||||||||||
Gain on insurance settlements | (270 | ) | — | — | (270 | ) | ||||||||||
Transaction costs | 1,324 | — | — | 1,324 | ||||||||||||
Corporate, general and administrative | — | — | 52,821 | 52,821 | ||||||||||||
Total expenses (income) | 772,432 | (396 | ) | 52,821 | 824,857 | |||||||||||
Operating income (loss) | 168,781 | 396 | (51,774 | ) | 117,403 | |||||||||||
Equity in loss of unconsolidated entities | (23,404 | ) | — | — | (23,404 | ) | ||||||||||
Interest income | — | — | 71 | 71 | ||||||||||||
Other income | — | — | 5,650 | 5,650 | ||||||||||||
Interest expense and amortization of loan costs | — | — | (141,469 | ) | (141,469 | ) | ||||||||||
Write-off of loan costs and exit fees | — | — | (2,098 | ) | (2,098 | ) | ||||||||||
Unrealized gain on marketable securities | — | — | 5,115 | 5,115 | ||||||||||||
Unrealized loss on derivatives | — | — | (8,315 | ) | (8,315 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | 145,377 | 396 | (192,820 | ) | (47,047 | ) | ||||||||||
Income tax expense | (1,511 | ) | (1,511 | ) | ||||||||||||
Income (loss) from continuing operations | $ | 145,377 | $ | 396 | $ | (194,331 | ) | $ | (48,558 | ) | ||||||
As of December 31, 2013: | ||||||||||||||||
Total assets | $ | 2,491,275 | $ | 3,384 | $ | 182,343 | $ | 2,677,002 | ||||||||
Direct Hotel | Hotel | Corporate | Consolidated | |||||||||||||
Investments | Financing | |||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||
Total revenues | $ | 922,606 | $ | — | $ | — | $ | 922,606 | ||||||||
Total hotel expenses | 590,340 | — | — | 590,340 | ||||||||||||
Property taxes, insurance and other | 44,903 | — | — | 44,903 | ||||||||||||
Depreciation and amortization | 133,979 | — | — | 133,979 | ||||||||||||
Impairment charges | — | (5,349 | ) | — | (5,349 | ) | ||||||||||
Gain on insurance settlements | (91 | ) | — | — | (91 | ) | ||||||||||
Corporate, general and administrative | — | — | 44,050 | 44,050 | ||||||||||||
Total expenses (income) | 769,131 | (5,349 | ) | 44,050 | 807,832 | |||||||||||
Operating income (loss) | 153,475 | 5,349 | (44,050 | ) | 114,774 | |||||||||||
Equity in loss of unconsolidated entities | (20,833 | ) | — | — | (20,833 | ) | ||||||||||
Interest income | — | — | 125 | 125 | ||||||||||||
Other income | — | — | 31,700 | 31,700 | ||||||||||||
Interest expense and amortization of loan costs | — | — | (144,796 | ) | (144,796 | ) | ||||||||||
Write-off of loan costs and exit fees | — | — | (3,998 | ) | (3,998 | ) | ||||||||||
Unrealized gain on marketable securities | — | — | 2,502 | 2,502 | ||||||||||||
Unrealized loss on derivatives | — | — | (35,657 | ) | (35,657 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | 132,642 | 5,349 | (194,174 | ) | (56,183 | ) | ||||||||||
Income tax expense | — | — | (2,375 | ) | (2,375 | ) | ||||||||||
Income (loss) from continuing operations | $ | 132,642 | $ | 5,349 | $ | (196,549 | ) | $ | (58,558 | ) | ||||||
As of December 31, 2012: | ||||||||||||||||
Total assets | $ | 3,197,695 | $ | 3,701 | $ | 263,333 | $ | 3,464,729 | ||||||||
Direct Hotel | Hotel | Corporate | Consolidated | |||||||||||||
Investments | Financing | |||||||||||||||
Year ended December 31, 2011: | ||||||||||||||||
Total revenues | $ | 859,978 | $ | — | $ | — | $ | 859,978 | ||||||||
Total hotel expenses | 552,933 | — | — | 552,933 | ||||||||||||
Property taxes, insurance and other | 45,085 | — | — | 45,085 | ||||||||||||
Depreciation and amortization | 131,243 | — | — | 131,243 | ||||||||||||
Impairment charges | — | (4,841 | ) | — | (4,841 | ) | ||||||||||
Gain on insurance settlements | (2,035 | ) | — | — | (2,035 | ) | ||||||||||
Transaction costs | — | — | (793 | ) | (793 | ) | ||||||||||
Corporate, general and administrative | — | — | 44,522 | 44,522 | ||||||||||||
Total expenses (income) | 727,226 | (4,841 | ) | 43,729 | 766,114 | |||||||||||
Operating income (loss) | 132,752 | 4,841 | (43,729 | ) | 93,864 | |||||||||||
Equity in earnings of unconsolidated entities | 14,528 | — | — | 14,528 | ||||||||||||
Interest income | — | — | 85 | 85 | ||||||||||||
Other income | — | 30,000 | 79,524 | 109,524 | ||||||||||||
Interest expense and amortization of loan costs | — | — | (137,212 | ) | (137,212 | ) | ||||||||||
Write-off of premiums, loan costs and exit fees | — | — | (729 | ) | (729 | ) | ||||||||||
Unrealized loss on marketable securities | — | — | (391 | ) | (391 | ) | ||||||||||
Unrealized loss on derivatives | — | — | (70,286 | ) | (70,286 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | 147,280 | 34,841 | (172,738 | ) | 9,383 | |||||||||||
Income tax expense | — | — | (1,620 | ) | (1,620 | ) | ||||||||||
Income (loss) from continuing operations | $ | 147,280 | $ | 34,841 | $ | (174,358 | ) | $ | 7,763 | |||||||
As of December 31, 2011: | ||||||||||||||||
Total assets | $ | 3,366,107 | $ | 3,610 | $ | 220,009 | $ | 3,589,726 | ||||||||
As of December 31, 2013 and 2012, all of our hotel properties were domestically located and all hotel properties securing our notes receivable were also domestically located. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Related Party Transactions | ' | |||||||||||
Related Party Transactions | ||||||||||||
We have management agreements with parties owned by our Chairman and Chief Executive Officer and our Chairman Emeritus. Under the agreements, we pay the related party a) monthly property management fees equal to the greater of $10,000 (CPI adjusted since 2003) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria are met, b) project management fees of up to 4% of project costs, c) market service fees including purchasing, design and construction management not to exceed 16.5% of project budget cumulatively, including project management fees, and d) other general and administrative expense reimbursements, approved by our independent directors, including rent, payroll, office supplies, travel, and accounting. This related party allocates such charges to us based on various methodologies, including headcount and actual amounts incurred. | ||||||||||||
At December 31, 2013, the related party managed 54 of our 87 hotels and the WorldQuest condominium properties included in continuing operations and we incurred the following fees related to the management agreements with the related party (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Property management fees, including incentive property management fees | $ | 14,299 | $ | 13,947 | $ | 12,693 | ||||||
Market service fees | 9,439 | 7,624 | 6,638 | |||||||||
Corporate general and administrative expense reimbursements | 4,299 | 4,075 | 4,281 | |||||||||
Total | $ | 28,037 | $ | 25,646 | $ | 23,612 | ||||||
Management agreements with the related party include exclusivity clauses that require us to engage such related party, unless our independent directors either (i) unanimously vote to hire a different manager or developer or (ii) by a majority vote elect not to engage such related party because either special circumstances exist such that it would be in the best interest of our Company not to engage such related party, or, based on the related party’s prior performance, it is believed that another manager or developer could perform the management, development or other duties materially better. | ||||||||||||
Upon formation, we also agreed to indemnify certain related parties, including our Chairman and Chief Executive Officer and our Chairman Emeritus, who contributed hotel properties in connection with our initial public offering in exchange for operating partnership units, against the income tax such related parties may incur if we dispose of one or more of those contributed properties under the terms of the agreement. | ||||||||||||
In addition, at December 31, 2013, the related party managed 21 of the 28 hotels held by the PIM Highland JV in return for a base management fee of 3% of gross revenues, and an incentive management fee equal to the lesser of 1% of gross revenues or the amount by which Actual House Profit exceeds House Profit set forth in the Annual Operating Budget, as defined. During 2013, 2012 and 2011, the related party received from PIM Highland JV base management fees of $7.8 million, $7.6 million and $4.8 million, respectively, $1.0 million, $1.7 million and 1.1 million, respectively, of incentive management fees, $7.0 million, $3.6 million and 1.6 million, respectively, of market service fees, respectively, including purchasing, design and construction management, and $1.6 million, $1.6 million and 1.2 million, respectively, of corporate general and administrative expense reimbursements. | ||||||||||||
In connection with the spin-off of Ashford Prime, our subsidiary Ashford Hospitality Advisors LLC ("Ashford Advisors") entered into an advisory agreement with Ashford Prime, in which it acts as its external advisor, and as a result, we receive advisory fees from Ashford Prime. Ashford Prime is required to pay Ashford Hospitality Advisors LLC a quarterly base fee equal to 0.70% per annum of the total enterprise value of Ashford Prime, subject to a minimum quarterly base fee, as payment for managing the day-to-day operations of Ashford Prime and its subsidiaries in conformity with Ashford Prime’s investment guidelines. Ashford Prime is also required to pay Ashford Advisors an incentive fee that is based on Ashford Prime’s total return performance as compared to Ashford Prime’s peer group as well as to reimburse Ashford Advisors for certain expenses, including employment and travel expenses of employees of Ashford Advisors providing internal audit services, as specified in the advisory agreement. | ||||||||||||
For the year ended December 31, 2013, we received revenues of $1.0 million from Ashford Prime which was comprised of a base advisory fee of $878,000, reimbursable overhead of $53,000 and internal audit reimbursements of $116,000. No incentive management fee was earned for 2013. At December 31, 2013, we have a receivable of $15.5 million , included in due from Ashford Prime, net, associated with reimbursable expenses in connection with the spin-off and the fees discussed above offset by a payable of $2.4 million associated with certain property expenses paid by Ashford Prime which related to the period prior to the spin-off. |
Concentration_of_Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2013 | |
Risks and Uncertainties [Abstract] | ' |
Concentration of Risk | ' |
Concentration of Risk | |
Our investments are all concentrated within the hotel industry. Our investment strategy is to acquire or develop upscale to upper-upscale hotels, acquire first mortgages on hotel properties, and invest in other mortgage-related instruments such as mezzanine loans to hotel owners and operators. At present, all of our hotels are located domestically. During 2013, approximately 16.7% of our total hotel revenue was generated from 11 hotels located in the Washington D.C. and Baltimore areas. As of December 31, 2013, we had 10 hotels located in the Washington D.C. and Baltimore areas as one hotel property was transferred in connection with the Ashford Prime spin-off. In addition, all hotels securing our loans receivable are also located domestically at December 31, 2013. Our remaining mezzanine loan is collateralized by income-producing real property. Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to shareholders. | |
Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions, U.S. government treasury bill holdings, access to our credit facility, and amounts due or payable under our derivative contracts. At December 31, 2013, our exposure risk related to our derivative contracts totaled $19,000 and the counterparties are investment grade financial institutions. Our credit risk exposure with regard to our cash and the $165.0 million available under our credit facility is spread among a diversified group of six investment grade financial institutions in accordance with each institution's commitment. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ' | |||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||||||
The following is a summary of the quarterly results of operations for the years ended December 31, 2013 and 2012 (in thousands, except per share data): | ||||||||||||||||||||
First | Second | Third | Fourth | Full | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
2013 | ||||||||||||||||||||
Total revenue | $ | 231,942 | $ | 258,539 | $ | 242,024 | $ | 209,755 | $ | 942,260 | ||||||||||
Total operating expenses | $ | 206,664 | $ | 217,008 | $ | 213,843 | $ | 187,342 | $ | 824,857 | ||||||||||
Operating income | $ | 25,278 | $ | 41,531 | $ | 28,181 | $ | 22,413 | $ | 117,403 | ||||||||||
Loss from continuing operations | $ | (18,155 | ) | $ | 7,600 | $ | (19,402 | ) | $ | (18,601 | ) | $ | (48,558 | ) | ||||||
Loss from continuing operations attributable to the Company | $ | (14,686 | ) | $ | 7,106 | $ | (16,335 | ) | $ | (17,368 | ) | $ | (41,283 | ) | ||||||
Loss from continuing operations attributable to common shareholders | $ | (23,176 | ) | $ | (1,385 | ) | $ | (24,825 | ) | $ | (25,859 | ) | $ | (75,245 | ) | |||||
Diluted loss from continuing operations attributable to common shareholders per share | $ | (0.34 | ) | $ | (0.02 | ) | $ | (0.31 | ) | $ | (0.32 | ) | $ | (1.00 | ) | |||||
Weighted average diluted common shares | 67,682 | 68,489 | 79,898 | 81,383 | 75,155 | |||||||||||||||
2012 | ||||||||||||||||||||
Total revenue | $ | 217,055 | $ | 240,777 | $ | 224,196 | $ | 240,578 | $ | 922,606 | ||||||||||
Total operating expenses | $ | 195,207 | $ | 205,264 | $ | 193,974 | $ | 213,387 | $ | 807,832 | ||||||||||
Operating income | $ | 21,848 | $ | 35,513 | $ | 30,222 | $ | 27,191 | $ | 114,774 | ||||||||||
Income (loss) from continuing operations | $ | (24,719 | ) | $ | (1,220 | ) | $ | (15,620 | ) | $ | (16,999 | ) | $ | (58,558 | ) | |||||
Income (loss) from continuing operations attributable to the Company | $ | (21,338 | ) | $ | (708 | ) | $ | (13,036 | ) | $ | (15,488 | ) | $ | (50,570 | ) | |||||
Income (loss) from continuing operations attributable to common shareholders | $ | (29,669 | ) | $ | (9,198 | ) | $ | (21,526 | ) | $ | (23,979 | ) | $ | (84,372 | ) | |||||
Diluted income (loss) from continuing operations attributable to common shareholders per share | $ | (0.44 | ) | $ | (0.14 | ) | $ | (0.32 | ) | $ | (0.36 | ) | $ | (1.25 | ) | |||||
Weighted average diluted common shares | 67,152 | 67,639 | 67,659 | 67,670 | 67,533 | |||||||||||||||
Pro_Forma_Financial_Informatio
Pro Forma Financial Information | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ' | |||||||||||
Pro Forma Financial Information | ' | |||||||||||
Pro Forma Financial Information | ||||||||||||
As discussed in Note 3, on May 14, 2013, we acquired a 100% interest in the Pier House Resort in Key West, Florida, for a contractual purchase price of $90.0 million in cash. In connection with the acquisition, we incurred transaction costs of $901,000, which are included in transaction costs on the consolidated statement of operations. The following table reflects the unaudited pro forma results of operations as if the acquisition had occurred on January 1, 2011, reflecting the addition of the Pier House Resort operating results for the applicable periods from January 1, 2011 through May 13, 2013 and the removal of $901,000 of transaction costs for the year ended December 31, 2013, respectively. | ||||||||||||
Also, as discussed in Note 5, on March 10, 2011, we and PREI formed the PIM Highland JV to take ownership of the Highland Portfolio through a debt restructuring and consensual foreclosure. At closing, we invested $150.0 million and PREI invested $50.0 million to fund capital expenditures and to reduce debt. We own 71.74% of the joint venture and PREI owns the remaining 28.26%. The following table also reflects the unaudited pro forma results of operations as if the transaction had occurred on January 1, 2011, reflecting the addition of the Highland Portfolio for the applicable periods from January 1, 2011 through March 9, 2011 and the elimination of $1.1 million in transaction credits for the year ended December 31, 2011 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(unaudited) | ||||||||||||
Total revenue | $ | 950,949 | $ | 941,297 | $ | 877,557 | ||||||
Loss from continuing operations | $ | (45,620 | ) | $ | (56,412 | ) | $ | (36,034 | ) | |||
Net loss | $ | (45,620 | ) | $ | (60,062 | ) | $ | (43,914 | ) |
Subsequent_Events_Unaudited
Subsequent Events (Unaudited) | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events (Unaudited) | ' |
Subsequent Events (Unaudited) | |
On January 24, 2014, we refinanced our $164.4 million loan due March 2014 with a $200.0 million loan due February 2016, with three one-year extension options, subject to the satisfaction of certain conditions. The new loan provides for an interest rate of LIBOR + 4.75%, with a LIBOR floor of 0.20%. The new loan continues to be secured by the same five hotels including: the Embassy Suites Philadelphia Airport, Embassy Suites Walnut Creek, Sheraton Mission Valley San Diego, Sheraton Anchorage and the Hilton Minneapolis/St Paul Airport Mall of America. The refinance resulted in excess proceeds above typical closing costs and reserves of approximately $30.0 million, which will be added to our unrestricted cash balance. | |
On February 27, 2014, we announced that our Board of Directors has unanimously approved a plan to spin-off its asset management business into a separate publicly traded company in the form of a taxable distribution. The distribution is expected to be completed in the third quarter of 2014, and we anticipate that the distribution will be comprised of common stock in Ashford Inc., a newly formed or successor company of our current subsidiary Ashford Hospitality Advisors LLC. We also expect that Ashford Inc. will file an application to list its shares on the NYSE or NYSE MKT Exchanges. In connection with the proposed spin-off, we expect that Ashford Inc. will enter into a 20-year advisory agreement to externally advise the Company. Ashford Inc. will continue to externally advise Ashford Prime. This distribution is anticipated to be declared during the third quarter of 2014; however, it remains subject to the filing of the required registration statement with the SEC, the review of the registration statement by the SEC, the approval of the listing of shares by the applicable exchange, and other legal requirements. The Company cannot be certain this distribution will proceed or proceed in the manner as currently anticipated. | |
On March 1, 2014, we closed on the sale of the Pier House Resort to Ashford Prime. The sales price was $92.7 million. Ashford Prime assumed the $69 million mortgage and paid the balance of the purchase price in cash. |
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | ' | ||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ' | ||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III | |||||||||||||||||||||||||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. | |||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | |||||||||||||||||||||||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | Column G | Column H | Column I | |||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized | Gross Carrying Amount At Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Since Acquisition | |||||||||||||||||||||||||||||||||||||||||||||
Hotel Property | Location | Encumbrances | Land | FF&E, | Land | FF&E, | Land | FF&E, | Total | Accumulated | Construction | Acquisition | Income | ||||||||||||||||||||||||||||||||
Buildings and | Buildings and | Buildings and | Depreciation | Date | Date | Statement | |||||||||||||||||||||||||||||||||||||||
improvements | improvements | improvements | |||||||||||||||||||||||||||||||||||||||||||
Embassy Suites | Austin, TX | $ | 13,489 | $ | 1,204 | $ | 9,388 | $ | 193 | $ | 5,349 | $ | 1,397 | $ | 14,737 | $ | 16,134 | $ | 5,867 | Aug-98 | (1),(2),(3) | ||||||||||||||||||||||||
Embassy Suites | Dallas, TX | 7,972 | 1,878 | 8,907 | 238 | 5,726 | 2,116 | 14,633 | 16,749 | 5,687 | Dec-98 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Herndon, VA | 23,995 | 1,303 | 9,837 | 277 | 5,527 | 1,580 | 15,364 | 16,944 | 5,375 | Dec-98 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Las Vegas, NV | 30,360 | 3,307 | 16,952 | 397 | 4,744 | 3,704 | 21,696 | 25,400 | 8,577 | May-99 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Syracuse, NY | 11,884 | 2,839 | 9,778 | — | 5,865 | 2,839 | 15,643 | 18,482 | 4,375 | Oct-03 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Flagstaff, AZ | 11,184 | 1,267 | 4,278 | — | 5,516 | 1,267 | 9,794 | 11,061 | 3,447 | Oct-03 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Houston, TX | 12,158 | 1,799 | 10,404 | — | 3,493 | 1,799 | 13,897 | 15,696 | 3,723 | Mar-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | West Palm Beach, FL | 17,258 | 3,277 | 13,950 | — | 4,147 | 3,277 | 18,097 | 21,374 | 4,625 | Mar-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Philadelphia, PA | 31,338 | 5,791 | 34,819 | — | 6,786 | 5,791 | 41,605 | 47,396 | 8,824 | Dec-06 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Walnut Creek, CA | 27,651 | 7,452 | 25,334 | — | 4,888 | 7,452 | 30,222 | 37,674 | 6,478 | Dec-06 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Arlington, VA | 46,209 | 36,065 | 41,588 | — | 7,178 | 36,065 | 48,766 | 84,831 | 10,049 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Portland, OR | 51,273 | 11,110 | 60,049 | — | 6,161 | 11,110 | 66,210 | 77,320 | 12,467 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Santa Clara, CA | 45,365 | 8,948 | 46,238 | — | 3,418 | 8,948 | 49,656 | 58,604 | 9,332 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Embassy Suites | Orlando, FL | 15,614 | 5,674 | 21,593 | — | 2,126 | 5,674 | 23,719 | 29,393 | 4,633 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hilton Garden Inn | Jacksonville, FL | 10,472 | 1,751 | 9,164 | — | 1,312 | 1,751 | 10,476 | 12,227 | 2,829 | Nov-03 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hilton | Ft. Worth, TX | 22,405 | 4,539 | 13,922 | 11,402 | 4,539 | 25,324 | 29,863 | 7,604 | Mar-05 | (1),(2),(3) | ||||||||||||||||||||||||||||||||||
Hilton | Houston, TX | 14,743 | 2,200 | 13,247 | — | 11,147 | 2,200 | 24,394 | 26,594 | 7,317 | Mar-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hilton | St. Petersburg, FL | 18,227 | 2,991 | 13,907 | — | 11,358 | 2,991 | 25,265 | 28,256 | 6,152 | Mar-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hilton | Santa Fe, NM | 15,565 | 7,004 | 10,689 | — | 12,820 | 7,004 | 23,509 | 30,513 | 6,415 | Dec-06 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hilton | Bloomington, MN | 51,616 | 5,685 | 59,139 | — | 5,139 | 5,685 | 64,278 | 69,963 | 12,507 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hilton | Costa Mesa, CA | 52,539 | 12,917 | 91,791 | — | 15,274 | 12,917 | 107,065 | 119,982 | 20,448 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Homewood Suites | Mobile, AL | 7,560 | 1,334 | 7,307 | — | 826 | 1,334 | 8,133 | 9,467 | 2,297 | Nov-03 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hampton Inn | Lawrenceville, GA | 3,345 | 697 | 3,808 | — | 853 | 697 | 4,661 | 5,358 | 1,282 | Nov-03 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hampton Inn | Evansville, IN | 6,751 | 1,301 | 5,034 | — | 3,849 | 1,301 | 8,883 | 10,184 | 2,542 | Sep-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hampton Inn | Terre Haute, IN | 8,736 | 700 | 7,520 | — | 2,073 | 700 | 9,593 | 10,293 | 2,423 | Sep-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hampton Inn | Buford, GA | 7,356 | 1,168 | 5,338 | — | 1,034 | 1,168 | 6,372 | 7,540 | 1,622 | Jul-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott | Durham, NC | 25,476 | 1,794 | 25,056 | — | 2,965 | 1,794 | 28,021 | 29,815 | 6,065 | Feb-06 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott | Arlington, VA | 101,268 | 20,637 | 101,376 | — | 17,229 | 20,637 | 118,605 | 139,242 | 25,315 | Jul-06 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott | Bridgewater, NJ | 73,919 | 5,059 | 89,267 | — | 4,929 | 5,059 | 94,196 | 99,255 | 18,916 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott | Dallas, TX | 26,416 | 2,701 | 30,893 | — | 1,916 | 2,701 | 32,809 | 35,510 | 6,125 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Jacksonville, FL | 7,707 | 1,348 | 7,111 | — | 652 | 1,348 | 7,763 | 9,111 | 2,157 | Nov-03 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Baltimore, MD | 13,650 | 2,502 | 13,206 | — | 1,137 | 2,502 | 14,343 | 16,845 | 3,784 | May-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Kennesaw, GA | 5,265 | 1,106 | 5,021 | — | 542 | 1,106 | 5,563 | 6,669 | 1,501 | Jul-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Buford, GA | 7,561 | 1,132 | 6,089 | — | 1,801 | 1,132 | 7,890 | 9,022 | 2,149 | Jul-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Gaithersburg, MD | 14,608 | 2,200 | 19,746 | — | 1,175 | 2,200 | 20,921 | 23,121 | 4,763 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | Column G | Column H | Column I | |||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized | Gross Carrying Amount At Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Since Acquisition | |||||||||||||||||||||||||||||||||||||||||||||
Hotel Property | Location | Encumbrances | Land | FF&E, | Land | FF&E, | Land | FF&E, | Total | Accumulated | Construction | Acquisition | Income | ||||||||||||||||||||||||||||||||
Buildings and | Buildings and | Buildings and | Depreciation | Date | Date | Statement | |||||||||||||||||||||||||||||||||||||||
improvements | improvements | improvements | |||||||||||||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Centerville, VA | 8,524 | 1,806 | 11,712 | — | 924 | 1,806 | 12,636 | 14,442 | 2,979 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Charlotte, NC | 5,849 | 1,235 | 6,818 | — | 2,108 | 1,235 | 8,926 | 10,161 | 2,384 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Durham, NC | 5,013 | 1,090 | 3,991 | — | 2,321 | 1,090 | 6,312 | 7,402 | 1,877 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Orlando, FL | 29,623 | 8,620 | 27,699 | — | 2,238 | 8,620 | 29,937 | 38,557 | 5,689 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Manhattan Beach, CA | 21,492 | 5,726 | 21,187 | — | 3,107 | 5,726 | 24,294 | 30,020 | 4,797 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Plymouth Meeting, PA | 19,610 | 3,210 | 24,578 | — | 3,173 | 3,210 | 27,751 | 30,961 | 5,472 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
SpringHill Suites by Marriott | Glen Allen, VA | 14,988 | 2,045 | 15,802 | — | 2,295 | 2,045 | 18,097 | 20,142 | 3,734 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Fairfield Inn by Marriott | Kennesaw, GA | 3,100 | 840 | 4,359 | — | 1,521 | 840 | 5,880 | 6,720 | 1,778 | Jul-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Fairfield Inn by Marriott | Orlando, FL | 15,619 | 6,507 | 9,895 | — | 2,340 | 6,507 | 12,235 | 18,742 | 2,558 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Bloomington, IN | 11,627 | 900 | 10,741 | — | 727 | 900 | 11,468 | 12,368 | 2,755 | Sep-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Columbus, IN | 5,831 | 673 | 4,804 | — | 763 | 673 | 5,567 | 6,240 | 1,470 | Sep-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Louisville, KY | 13,853 | 1,352 | 12,266 | — | 2,792 | 1,352 | 15,058 | 16,410 | 4,289 | Sep-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Crystal City, VA | 32,145 | 5,411 | 38,610 | — | 4,434 | 5,411 | 43,044 | 48,455 | 10,394 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Ft. Lauderdale, FL | 13,974 | 2,244 | 18,520 | — | 2,346 | 2,244 | 20,866 | 23,110 | 4,881 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Overland Park, KS | 11,716 | 1,868 | 14,030 | — | 2,323 | 1,868 | 16,353 | 18,221 | 4,051 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Palm Desert, CA | 10,537 | 2,722 | 11,995 | — | 2,055 | 2,722 | 14,050 | 16,772 | 3,248 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Foothill Ranch, CA | 13,043 | 2,447 | 16,005 | — | 1,886 | 2,447 | 17,891 | 20,338 | 4,239 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Alpharetta, GA | 10,062 | 2,244 | 12,345 | — | 2,047 | 2,244 | 14,392 | 16,636 | 3,401 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Orlando, FL | 28,620 | 7,389 | 26,817 | — | 3,296 | 7,389 | 30,113 | 37,502 | 5,508 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Oakland, CA | 23,534 | 5,112 | 19,429 | — | 2,229 | 5,112 | 21,658 | 26,770 | 4,180 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Scottsdale, AZ | 22,593 | 3,700 | 22,134 | — | 2,122 | 3,700 | 24,256 | 27,956 | 4,736 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Plano, TX | 19,304 | 2,115 | 22,360 | — | 3,519 | 2,115 | 25,879 | 27,994 | 4,963 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Edison, NJ | 12,393 | 2,147 | 11,865 | — | 2,178 | 2,147 | 14,043 | 16,190 | 3,341 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Newark, CA | 6,106 | 2,863 | 10,722 | — | 1,769 | 2,863 | 12,491 | 15,354 | 2,658 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Manchester, CT | 5,075 | 1,301 | 7,430 | — | 2,374 | 1,301 | 9,804 | 11,105 | 2,111 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Courtyard by Marriott | Basking Ridge, NJ | 41,808 | 5,419 | 45,304 | — | 2,125 | 5,419 | 47,429 | 52,848 | 8,473 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Lake Buena Vista, FL | 23,132 | 2,555 | 20,367 | — | 2,171 | 2,555 | 22,538 | 25,093 | 6,004 | Mar-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Evansville, IN | 6,521 | 960 | 5,972 | — | 655 | 960 | 6,627 | 7,587 | 1,614 | Sep-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Orlando, FL | 33,857 | 6,554 | 40,539 | — | 4,626 | 6,554 | 45,165 | 51,719 | 11,572 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Falls Church, VA | 22,219 | 2,752 | 34,979 | — | 2,149 | 2,752 | 37,128 | 39,880 | 8,355 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | San Diego, CA | 19,913 | 3,156 | 29,514 | — | 4,422 | 3,156 | 33,936 | 37,092 | 7,296 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Salt Lake City, UT | 13,647 | 1,897 | 16,357 | — | 4,067 | 1,897 | 20,424 | 22,321 | 4,504 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Palm Desert, CA | 10,908 | 3,280 | 10,463 | — | 3,407 | 3,280 | 13,870 | 17,150 | 3,319 | Jun-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Las Vegas, NV | 25,440 | 18,177 | 39,569 | — | 2,244 | 18,177 | 41,813 | 59,990 | 8,021 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Phoenix, AZ | 22,698 | 4,100 | 23,187 | — | 1,238 | 4,100 | 24,425 | 28,525 | 4,648 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Plano, TX | 14,472 | 2,045 | 16,869 | — | 1,704 | 2,045 | 18,573 | 20,618 | 3,446 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Newark, CA | 10,902 | 3,272 | 11,705 | — | 2,357 | 3,272 | 14,062 | 17,334 | 2,675 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Manchester, CT | 7,400 | 1,462 | 8,306 | — | 732 | 1,462 | 9,038 | 10,500 | 1,877 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Atlanta, GA | 15,622 | 1,901 | 16,749 | — | 4,513 | 1,901 | 21,262 | 23,163 | 3,801 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Marriott Residence Inn | Jacksonville, FL | 10,800 | 1,997 | 16,084 | — | 3,128 | 1,997 | 19,212 | 21,209 | 3,986 | May-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | Column G | Column H | Column I | |||||||||||||||||||||||||||||||||||||
Initial Cost | Costs Capitalized | Gross Carrying Amount At Close of Period | |||||||||||||||||||||||||||||||||||||||||||
Since Acquisition | |||||||||||||||||||||||||||||||||||||||||||||
Hotel Property | Location | Encumbrances | Land | FF&E, | Land | FF&E, | Land | FF&E, | Total | Accumulated | Construction | Acquisition | Income | ||||||||||||||||||||||||||||||||
Buildings and | Buildings and | Buildings and | Depreciation | Date | Date | Statement | |||||||||||||||||||||||||||||||||||||||
improvements | improvements | improvements | |||||||||||||||||||||||||||||||||||||||||||
TownePlace Suites by Marriott | Manhattan Beach, CA | 19,835 | 4,805 | 17,543 | — | 1,375 | 4,805 | 18,918 | 23,723 | 3,570 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
One Ocean | Atlantic Beach, FL | 17,500 | 5,815 | 14,817 | — | 25,255 | 5,815 | 40,072 | 45,887 | 14,001 | Apr-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Sheraton Hotel | Langhorne, PA | 18,023 | 2,037 | 12,424 | — | 5,668 | 2,037 | 18,092 | 20,129 | 5,789 | Jul-04 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Sheraton Hotel | Minneapolis, MN | 18,173 | 2,953 | 14,280 | — | 4,485 | 2,953 | 18,765 | 21,718 | 4,865 | Mar-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Sheraton Hotel | Indianapolis, IN | 25,363 | 3,100 | 22,040 | — | 14,804 | 3,100 | 36,844 | 39,944 | 9,061 | Mar-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Sheraton Hotel | Anchorage, AK | 29,495 | 4,023 | 39,363 | — | 11,155 | 4,023 | 50,518 | 54,541 | 12,095 | Dec-06 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Sheraton Hotel | San Diego, CA | 24,333 | 7,294 | 36,382 | — | 9,865 | 7,294 | 46,247 | 53,541 | 9,710 | Dec-06 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Hyatt Regency | Coral Gables, FL | 43,575 | 4,805 | 50,820 | — | 5,758 | 4,805 | 56,578 | 61,383 | 10,738 | Apr-07 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Crowne Plaza | Beverly Hills, CA | 29,835 | 6,510 | 22,061 | — | 3,931 | 6,510 | 25,992 | 32,502 | 6,563 | Mar-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Crowne Plaza | Key West, FL | 27,363 | — | 27,513 | — | 12,076 | — | 39,589 | 39,589 | 9,710 | Mar-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Annapolis Inn | Annapolis, MD | 11,929 | 3,028 | 7,833 | — | 4,147 | 3,028 | 11,980 | 15,008 | 3,634 | Mar-05 | (1),(2),(3) | |||||||||||||||||||||||||||||||||
Pier House Resort | Key West, FL | 69,000 | 56,900 | 33,024 | 246 | 56,900 | 33,270 | 90,170 | 1,334 | May-13 | (1),(2),(3) | ||||||||||||||||||||||||||||||||||
WorldQuest Resort | Orlando, FL | — | 1,432 | 9,870 | (45 | ) | 1,195 | 1,387 | 11,065 | 12,452 | 1,382 | Mar-11 | (1),(2),(3) | ||||||||||||||||||||||||||||||||
Construction in Progress | Various | — | — | — | — | 930 | — | 930 | 930 | — | |||||||||||||||||||||||||||||||||||
Total | $ | 1,818,929 | $ | 410,476 | $ | 1,881,794 | $ | 1,060 | $ | 377,672 | $ | 411,536 | $ | 2,259,466 | $ | 2,671,002 | $ | 507,208 | |||||||||||||||||||||||||||
_________________________ | |||||||||||||||||||||||||||||||||||||||||||||
(1) Estimated useful life for buildings is 39 years. | |||||||||||||||||||||||||||||||||||||||||||||
(2) Estimated useful life for building improvements is 7.5 years. | |||||||||||||||||||||||||||||||||||||||||||||
(3) Estimated useful life for furniture and fixtures is 3 to 5 years. | |||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||||||||||||||||||||||
Investment in Real Estate: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | $ | 3,509,744 | $ | 3,560,198 | $ | 3,649,582 | |||||||||||||||||||||||||||||||||||||||
Additions | 184,106 | 81,083 | 83,288 | ||||||||||||||||||||||||||||||||||||||||||
Reclassification | 622 | — | 3,368 | ||||||||||||||||||||||||||||||||||||||||||
Impairment/write-offs | (99,460 | ) | (95,713 | ) | (163,045 | ) | |||||||||||||||||||||||||||||||||||||||
Sales/disposals | (924,010 | ) | (35,824 | ) | (12,995 | ) | |||||||||||||||||||||||||||||||||||||||
Ending balance | 2,671,002 | 3,509,744 | 3,560,198 | ||||||||||||||||||||||||||||||||||||||||||
Accumulated Depreciation: | |||||||||||||||||||||||||||||||||||||||||||||
Beginning balance | 637,840 | 602,749 | 626,433 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 127,273 | 135,850 | 133,316 | ||||||||||||||||||||||||||||||||||||||||||
Reclassification | 373 | — | 2,165 | ||||||||||||||||||||||||||||||||||||||||||
Impairment/write-offs | (99,460 | ) | (91,594 | ) | (156,808 | ) | |||||||||||||||||||||||||||||||||||||||
Sales/disposals | (158,818 | ) | (9,165 | ) | (2,357 | ) | |||||||||||||||||||||||||||||||||||||||
Ending balance | 507,208 | 637,840 | 602,749 | ||||||||||||||||||||||||||||||||||||||||||
Investment in Real Estate, net | $ | 2,163,794 | $ | 2,871,904 | $ | 2,957,449 | |||||||||||||||||||||||||||||||||||||||
Mortgage_Loans_and_Interest_Ea
Mortgage Loans and Interest Earned on Real Estate | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Mortgage Loans on Real Estate [Abstract] | ' | ||||||||||||||||||||||
MORTGAGE LOANS AND INTEREST EARNED ON REAL ESTATE | ' | ||||||||||||||||||||||
SCHEDULE IV — MORTGAGE LOANS ON REAL ESTATE | |||||||||||||||||||||||
ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES | |||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Column A | Column B | Column C | Column D | Column E | Column F | Column G | |||||||||||||||||
Description | Prior Liens | Balance at | Delinquent | Being | Accrued | Interest Income | |||||||||||||||||
December 31, | Principal | Foreclosed at | Interest at | During the | |||||||||||||||||||
2013 | December 31, | December 31, | December 31, | Year Ended | |||||||||||||||||||
2013 | 2013 | 2013 | December 31, | ||||||||||||||||||||
2013 | |||||||||||||||||||||||
Ritz Carlton | Key Biscayne, FL | — | 11,321 | — | — | — | — | ||||||||||||||||
Valuation allowance | (7,937 | ) | — | ||||||||||||||||||||
Net carrying value | $ | 3,384 | $ | — | |||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||
Investment in Mortgage Loans: | |||||||||||||||||||||||
Balance at January 1 | $ | 3,233 | $ | 3,101 | $ | 20,870 | |||||||||||||||||
Principal payments | (245 | ) | (246 | ) | (22,610 | ) | |||||||||||||||||
Amortization of discounts/deferred income | — | — | — | ||||||||||||||||||||
Valuation allowance adjustments | 396 | 378 | 4,841 | ||||||||||||||||||||
Balance at December 31 | $ | 3,384 | $ | 3,233 | $ | 3,101 | |||||||||||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation – The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. | |
Marriott International, Inc. (“Marriott”) manages 26 of our properties as of December 31, 2013. There were eight additional hotel properties managed by Marriott until May 31, 2013 and six properties managed by Marriott included in the Ashford Prime spin-off. For these 40 Marriott-managed hotels, the 2011 and 2012 fiscal years reflect twelve weeks of operations in each of the first three quarters of the year and sixteen weeks for the fourth quarter of the year. Beginning in 2013, the fiscal quarters end on March 31st, June 30th, September 30th and December 31st. Therefore, in any given quarterly period, period-over-period results will have different ending dates. .For Marriott-managed hotels, the fourth quarters of 2013, 2012 and 2011 ended December 31, 2013, December 28, 2012 and December 30, 2011, respectively. | |
Use of Estimates | ' |
Use of Estimates – The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash and Cash Equivalents | ' |
Cash and Cash Equivalents – Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. | |
Restricted Cash | ' |
Restricted Cash – Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. | |
Accounts Receivable | ' |
Accounts Receivable – Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. | |
Notes Receivable – We provide mezzanine loan financing, documented by notes receivable. These loans are held for investment and are intended to be held to maturity and accordingly, are recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts and the allowance for losses when a loan is deemed to be impaired. Premiums, discounts, and net origination fees are amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. Payments received on impaired nonaccrual loans are recorded as adjustments to impairment charges. No interest income was recorded for 2013, 2012 and 2011. | |
Variable interest entities, as defined by authoritative accounting guidance, must be consolidated by their controlling interest beneficiaries if the variable interest entities do not effectively disperse risks among the parties involved. Our remaining mezzanine note receivable at December 31, 2013 is secured by a hotel property and is subordinate to the controlling interest in the secured hotel property. The note receivable is considered to be a variable interest in the entity that owns the related hotel. However, we are not considered to be the primary beneficiary of the hotel property as a result of holding the loan. Therefore, we do not consolidate the hotel property for which we have provided financing. We will evaluate the interests in entities acquired or created in the future to determine whether such entities should be consolidated. In evaluating the variable interest entity, our analysis involves considerable management judgment and assumptions. | |
Inventories | ' |
Inventories – Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method. | |
Investments in Hotel Properties | ' |
Investments in Hotel Properties – Hotel properties are generally stated at cost. However, the remaining four hotel properties contributed upon Ashford’s formation in 2003 that are still owned by Ashford (the “Initial Properties”) are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a noncontrolling interest partial step-up related to the acquisition of noncontrolling interests from third parties associated with four of the Initial Properties. For hotel properties owned through our majority-owned joint ventures, the carrying basis attributable to the joint venture partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the joint ventures. All improvements and additions which extend the useful life of the hotel properties are capitalized. | |
Impairment of Investment in Hotel Properties | ' |
Impairment of Investments in Hotel Properties – Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We test impairment by using current or projected cash flows over the estimated useful life of the asset. In evaluating the impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period and expected useful life. We may also use fair values of comparable assets. If an asset is deemed to be impaired, we record an impairment charge for the amount that the property’s net book value exceeds its estimated fair value. No impairment charges were recorded for investments in hotel properties included in our continuing operations for 2013, 2012 and 2011. | |
Impairment of Notes Receivable | ' |
Impairment of Notes Receivable – We review notes receivable for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts recorded as assets on the balance sheet. We apply normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment. | |
When a loan is impaired, we measure impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the balance sheet. We may also measure impairment based on a loan’s observable market price or the fair value of collateral if the loan is collateral dependent. If a loan is deemed to be impaired, we record a valuation allowance through a charge to earnings for any shortfall. Our assessment of impairment is based on considerable judgment and estimates. No impairment charges were recorded for 2013, 2012 and 2011. Valuation adjustments of $396,000, $5.3 million and $4.8 million on previously impaired notes were credited to impairment charges during 2013, 2012 and 2011. See Notes 4 and 17. | |
Investments in Unconsolidated Entities | ' |
Investments in Unconsolidated Entities – Investments in entities in which we have ownership interests ranging from 14.4% to 71.74% are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the joint venture’s net income (loss). We review the investments in our unconsolidated entities for impairment in each reporting period pursuant to the applicable authoritative accounting guidance. An investment is impaired when its estimated fair value is less than the carrying amount of our investment. Any impairment is recorded in equity earnings (loss) in unconsolidated entities. No such impairment was recorded in 2013, 2012 or 2011. | |
Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. Variable Interest Entities (“VIE”), as defined by authoritative accounting guidance, must be consolidated by a reporting entity if the reporting entity is the primary beneficiary because it has (i) the power to direct the VIE’s activities that most significantly impact the VIE’s economic performance, (ii) an implicit financial responsibility to ensure that a VIE operates as designed, and (iii) the obligation to absorb losses of the VIE or the right to receive benefits from the VIE. Because we do not have the power and financial responsibility to direct the unconsolidated entities’ activities and operations, we are not considered to be the primary beneficiary of these joint ventures on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. | |
In 2011, we acquired a 71.74% ownership interest in PIM Highland JV through contributions made by various entities in which we had equity investments and an additional cash investment. We adopted the equity accounting method for our investment in the PIM Highland JV due to the fact that we exercise significant influence but do not control the joint venture. Although we have the majority ownership of 71.74% in the joint venture, all the major decisions related to the joint venture, including establishment of policies and operating procedures with respect to business affairs, incurring obligations and expenditures, are subject to the approval of an executive committee, which is comprised of four persons with us and our joint venture partner each designating two of those persons. Our investment in PIM Highland JV had a carrying value of $139.3 million and $158.7 million at December 31, 2013 and 2012. | |
In connection with the previously discussed spin-off of Ashford Prime on November 19, 2013, we maintained a 20% ownership interest in Ashford Prime OP. We adopted the equity accounting method for our investment in Ashford Prime OP due to the fact that we exercise significant influence but do not control the entity. All major decisions related to Ashford Prime OP that most significantly impact Ashford Prime OP's economic performance, including but not limited to operating procedures with respect to business affairs and any acquisitions, dispositions, financings, restructurings or other transactions with sellers, purchasers, lenders, brokers, agents and other applicable representatives, are subject to the approval of Ashford Prime OP General Partner LLC, its general partner. Our investment in Ashford Prime had a carrying value of $56.2 million at December 31, 2013. | |
Assets Held for Sale and Discontinued Operations | ' |
Assets Held for Sale and Discontinued Operations – We classify assets as held for sale when management has obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. In addition, we deconsolidate a property upon transfer of title . When deconsolidating a property/subsidiary, we recognize a gain or loss in net income measured as the difference between the fair value of any consideration received, the fair value of any retained noncontrolling investment in the former subsidiary at the date the subsidiary is deconsolidated, and the carrying amount of the former property/subsidiary. The related operations of assets held for sale are reported as discontinued if a) such operations and cash flows can be clearly distinguished, both operationally and financially, from our ongoing operations, b) such operations and cash flows will be eliminated from ongoing operations once the disposal occurs, and c) we will not have any significant continuing involvement subsequent to the disposal. | |
In June 2012, we recorded an impairment charge of $4.1 million and in December 2010 we recorded an impairment charge of $39.9 million for a hotel property that was sold in December 2012. Additionally, we sold our Doubletree Guest Suites hotel in Columbus, Ohio in November 2012 for net proceeds of $7.7 million. We recorded net gain of $4.5 million upon disposition of these hotels. In June 2011, we recorded an impairment charge of $6.2 million for a hotel property that was sold in July 2011. During 2011, we completed the sale of four hotel properties, three of which were reclassified as assets held for sale previously, and recognized a net gain of $2.6 million. | |
Marketable Securities | ' |
Marketable Securities – Marketable securities include U.S. treasury bills and stocks, put and call options of certain publicly traded companies. All of these investments are recorded at fair value. Put and call options are considered derivatives. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “Marketable securities” or “Liabilities associated with marketable securities and other” in the consolidated balance sheets. Net investment income, including interest income (expense), dividends, realized gains and losses, and costs of investment, is reported as a component of “Other income.” Unrealized gains and losses on these investments are reported as “Unrealized gain (loss) marketable securities” in the consolidated statements of operations. | |
Deferred Costs, net | ' |
Deferred Costs, net – Deferred loan costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight-line basis over the terms of the related franchise agreements. | |
Intangible Asset, net | ' |
Intangible Asset, net – Intangible asset represents the market value related to a lease agreement obtained in connection with the CNL acquisition that was below the market rate at the date of the acquisition and is amortized over the remaining term of the lease. | |
Derivative Instruments and Hedging | ' |
Derivative Instruments and Hedging – We primarily use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR and RevPAR. The interest rate derivatives include swaps, caps, floors, flooridors and corridors. Interest rate swaps (or reverse swaps) involve the exchange of fixed-rate payments for variable-rate payments (or vice versa) over the life of the derivative agreements without exchange of the underlying principal amount. Interest rate caps designated as cash flow hedges provide us with interest rate protection above the strike rate on the cap and result in us receiving interest payments when actual rates exceed the cap strike. For interest rate floors, we pay our counterparty interest when the variable interest rate index is below the strike rate. The interest rate flooridor combines two interest rate floors, structured such that the purchaser simultaneously buys an interest rate floor at a strike rate X and sells an interest rate floor at a lower strike rate Y. The purchaser of the flooridor is paid when the underlying interest rate index (for example, LIBOR) resets below strike rate X during the term of the flooridor. Unlike a standard floor, the flooridor limits the benefit the purchaser can receive as the related interest rate index falls. Once the underlying index falls below strike rate Y, the sold floor offsets the purchased floor. The interest rate corridor involves purchasing of an interest rate cap at one strike rate X and selling an interest rate cap with a higher strike rate Y. The purchaser of the corridor is paid when the underlying interest rate index resets above the strike rate X during the term of the corridor. The corridor limits the benefit the purchaser can receive as the related interest rate index rises above the strike rate Y. There is no liability to us other than the purchase price associated with the flooridor and corridor. | |
We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. We also use credit default swaps to hedge financial and capital market risk. All these derivatives are subject to master netting settlement arrangements and the credit default swaps are subject to credit support annexes. As the derivatives are subject to master netting settlement arrangements, we report derivatives with the same counterparty net on the consolidated balance sheets. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. | |
All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. Interest rate derivatives and credit default swaps are reported as “Derivative assets” or “Derivative liabilities.” Accrued interest on the non-hedge designated interest rate derivatives is included in “Accounts receivable, net” in the consolidated balance sheets. For interest rate derivatives designated as cash flow hedges, the effective portion of changes in the fair value is reported as a component of “Accumulated Other Comprehensive Income (Loss)” (“OCI”) in the equity section of the consolidated balance sheets. The amount recorded in OCI is reclassified to interest expense in the same period or periods during which the hedged transaction affects earnings, while the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations. For non-hedge designated interest rate derivatives and the credit default swap derivatives, the changes in the fair value are recognized in earnings as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations. | |
Due to/from Affiliates | ' |
Due to/from Affiliates – Due to/from affiliates represents current receivables and payables resulting primarily from advances of shared costs incurred. Both due to and due from affiliates are generally settled within a period not exceeding one year. | |
Due to/from Related Party | ' |
Due to/from Related Party – Due to/from related party represents current receivables and payables resulting from transactions related to hotel management, project management and market services with a related party. Due to/from related party is generally settled within a period not exceeding one year. | |
Due to/from Ashford Prime | ' |
Due to/from Ashford Prime – Due to/from Ashford Prime represents current receivables and payables resulting primarily from costs associated with the spin-off of Ashford Prime as well as receivables related to advisory fees. Both due to and due from Ashford Prime will generally be settled within a period not exceeding one year. | |
Due to/from Third-Party Hotel Managers | ' |
Due to/from Third-Party Hotel Managers – Due from third-party hotel managers primarily consists of amounts due from Marriott related to cash reserves held at the Marriott corporate level related to operating, capital improvements, insurance, real estate taxes, and other items. Due to/from related party also represents current receivables and payables resulting from transactions related to hotel management. | |
Unfavorable Management Contract Liabilities | ' |
Unfavorable Management Contract Liabilities – Certain management agreements assumed in the acquisition of a hotel in 2006 and the CNL acquisition in 2007 have terms that are more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions. | |
Noncontrolling Interests | ' |
Noncontrolling Interests – The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period plus distributions paid to these limited partners’ Class B unit holdings. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating units do not meet the requirements for equity classification prescribed by the authoritative accounting guidance because the redemption feature requires the delivery of cash or registered shares. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. | |
The noncontrolling interests in consolidated entities represent ownership interests of 15% of two hotel properties held by one joint venture at December 31, 2013. The noncontrolling interests in consolidated entities that represented ownership interest of 25% of two hotel properties held by one joint venture were contributed to Ashford Prime in connection with the previously discussed spin-off. At December 31, 2012, the noncontrolling interest in consolidated entities represented ownership interests ranging from 15% to 25% of four hotel properties held by two joint ventures. The noncontrolling interests in consolidated entities are reported in equity in the consolidated balance sheets. Through December 1, 2011, the hotel property held by a joint venture in which we previously had an ownership of 89% was leased on a triple-net lease basis to a third-party tenant who operated the hotel property. Effective December 2, 2011, we acquired the remaining 11% ownership interest from our partner as a result of a dispute resolution. The triple-net lease agreement was canceled and the operating results of this hotel property have been included in our consolidated statements of operations since December 2, 2011 through November 18, 2013, the date the property was contributed to Ashford Prime in connection with the spin-off. We recognized a gain of $9.7 million for this transaction in 2011, consisting of the assignment of an $8.1 million note receivable and an agreement to retain $1.6 million of security deposits that were originally refundable, which is included in “Other income” in the consolidated statements of operations. | |
Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. | |
Guarantees | ' |
Guarantees – Upon acquisition of the 51-hotel CNL Portfolio on April 11, 2007, we assumed certain guarantees, which represent funds provided by third-party hotel managers to guarantee minimum returns for certain hotel properties. As we are obligated to repay such amounts through increased incentive management fees through cash reimbursements, such guarantees are recorded as other liabilities. As of December 31, 2012, these liabilities totaled $344,000. During 2013, payments were made to satisfy all guarantees and as a result there are no future obligations. | |
Revenue Recognition | ' |
Revenue Recognition – Hotel revenues, including room, food, beverage, and ancillary revenues such as long-distance telephone service, laundry, parking and space rentals, are recognized when services have been rendered. Advisory services are recognized when services have been rendered. The quarterly base fee is equal to 0.70% per annum of the total enterprise value, as defined, of Ashford Prime, subject to certain minimums. The incentive fee is earned annually in each year that Ashford Prime's total shareholder return exceeds the total shareholder return for Ashford Prime's peer group, as defined. Reimbursements for overhead and internal audit services are recognized when services have been rendered. Rental income represents income from leasing hotel properties to third-party tenants on triple-net operating leases. Base rent on the triple-net lease is recognized on a straight-line basis over the lease terms and variable rent is recognized when earned. Interest income, representing interest on the mezzanine loan (including accretion of discounts on the mezzanine loan using the effective interest method), is recognized when earned. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. Asset management fees are recognized when services are rendered. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. For the hotel that was leased to a third party, we reported deposits into our escrow accounts for capital expenditure reserves as income up to the point in time the lease was terminated. | |
Other Expenses | ' |
Other Expenses – Other expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative fees, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. | |
Advertising Costs | ' |
Advertising Costs – Advertising costs are charged to expense as incurred. For 2013, 2012 and 2011, our continuing operations incurred advertising costs of $4.1 million, $4.0 million and $3.4 million, respectively. Advertising costs related to continuing operations are included in “Other expenses” in the accompanying consolidated statement of operations. | |
Equity-Based Compensation | ' |
Equity-Based Compensation – Stock/unit-based compensation is accounted for at the fair value based on the market price of the shares at the date of grant in accordance with applicable authoritative accounting guidance. The fair value is charged to compensation expense on a straight-line basis over the vesting period of the shares/units. | |
Depreciation and amortization | ' |
Depreciation and Amortization – Owned hotel properties are depreciated over the estimated useful life of the assets and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 3 to 5 years for furniture, fixtures and equipment. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation expense and net income (loss) as well as resulting gains or losses on potential hotel sales. | |
Income Taxes | ' |
Income Taxes – As a REIT, we generally will not be subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. | |
In July 2006, the FASB issued accounting guidance that clarified the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance prescribes a financial statement recognition and measurement attribute for the recognition and measurement of a tax position taken or expected to be taken in a tax return. The guidance also provides direction on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2010 through 2013 remain subject to potential examination by certain federal and state taxing authorities. As more fully described in Note 13, an income tax examination of one of the TRS subsidiaries contributed to Ashford Prime OP is currently in process. We believe that the results of the completion of this examination will not have a material adverse effect on our financial condition. We have indemnified Ashford Prime for any potential losses resulting from the completion of this examination. | |
Income (Loss) Per Share | ' |
Income (Loss) Per Share – Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common shareholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income/loss per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. | |
Recently Adopted Accounting Standards | ' |
Recently Adopted Accounting Standards – In December 2011, the Financial Accounting Standards Board issued accounting guidance to require disclosures about offsetting assets and liabilities. Entities are required to disclose both gross information and net information about both instruments and transactions eligible for offset in the statement of financial position and instruments and transactions subject to an agreement similar to a master netting arrangement. This scope would include derivatives, sale and repurchase agreements and reverse sale and repurchase agreements, and securities borrowing and securities lending arrangements that are either netted on the balance sheet or subject to an enforceable master netting agreement or similar arrangement. The new accounting guidance is effective for fiscal years, and interim periods within those years, beginning after January 1, 2013 and the disclosures should be reported retrospectively for all comparative periods presented. We adopted this accounting guidance on January 1, 2013. The adoption of this accounting guidance did not have any impact on our financial position or results of operations. |
Investment_in_Hotel_Properties1
Investment in Hotel Properties (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Investment in hotel properties | ' | |||||||
Investments in hotel properties consisted of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Land | $ | 410,148 | $ | 483,242 | ||||
Buildings and improvements | 2,071,811 | 2,779,589 | ||||||
Furniture, fixtures and equipment | 166,193 | 224,907 | ||||||
Construction in progress | 11,956 | 10,499 | ||||||
Condominium properties | 12,442 | 12,690 | ||||||
Total cost | 2,672,550 | 3,510,927 | ||||||
Accumulated depreciation | (508,161 | ) | (638,623 | ) | ||||
Investments in hotel properties, net | $ | 2,164,389 | $ | 2,872,304 | ||||
Schedule of estimated fair value of the assets acquired and liabilities assumed in the acquisition | ' | |||||||
The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): | ||||||||
Land | $ | 56,900 | ||||||
Buildings and improvements | 26,924 | |||||||
Furniture, fixtures, and equipment | 6,100 | |||||||
89,924 | ||||||||
Net other assets and liabilities | (1,690 | ) | ||||||
Total | $ | 88,234 | ||||||
Investment_in_Unconsolidated_E1
Investment in Unconsolidated Entities (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity Method Investments and Joint Ventures [Abstract] | ' | |||||||||||
Summary of preliminary balance sheet | ' | |||||||||||
Ashford Hospitality Prime Limited Partnership | ||||||||||||
Condensed Combined Consolidated Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Total assets | $ | 961,732 | $ | 847,280 | ||||||||
Total liabilities | 658,605 | 594,902 | ||||||||||
Partners' capital | 303,127 | 252,378 | ||||||||||
Total liabilities and partners' capital | $ | 961,732 | $ | 847,280 | ||||||||
Our ownership interest in Ashford Prime OP | $ | 56,243 | $ | — | ||||||||
The following tables summarize the condensed balance sheets as of December 31, 2013 and 2012 and the condensed statement of operations for the years ended December 31, 2013 and 2012 and the period from March 10, 2011 through December 31, 2011 of the PIM Highland JV (in thousands): | ||||||||||||
PIM Highland JV | ||||||||||||
Condensed Consolidated Balance Sheets | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Total assets | $ | 1,390,782 | $ | 1,417,204 | ||||||||
Total liabilities | 1,173,841 | 1,176,298 | ||||||||||
Members’ capital | 216,941 | 240,906 | ||||||||||
Total liabilities and members’ capital | $ | 1,390,782 | $ | 1,417,204 | ||||||||
Our ownership interest in PIM Highland JV | $ | 139,302 | $ | 158,694 | ||||||||
Summary of preliminary statement of operations | ' | |||||||||||
PIM Highland JV | ||||||||||||
Condensed Consolidated Statements of Operations | ||||||||||||
Year Ended December 31, | Period From March 10 to | |||||||||||
2013 | 2012 | 31-Dec-11 | ||||||||||
Total revenue | $ | 426,760 | $ | 416,892 | $ | 332,205 | ||||||
Total expenses | (385,133 | ) | (377,453 | ) | (322,419 | ) | ||||||
Operating income | 41,627 | 39,439 | 9,786 | |||||||||
Interest income and other | 69 | 102 | 85 | |||||||||
Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees | (64,316 | ) | (63,497 | ) | (50,021 | ) | ||||||
Gain recognized at acquisition | — | — | 82,144 | |||||||||
Other expenses | — | (72 | ) | (2,020 | ) | |||||||
Income tax expense | (1,345 | ) | (2,353 | ) | (2,687 | ) | ||||||
Net income (loss) | $ | (23,965 | ) | $ | (26,381 | ) | $ | 37,287 | ||||
Our equity in earnings (loss) of PIM Highland JV | $ | (19,392 | ) | $ | (20,833 | ) | $ | 14,528 | ||||
Ashford Hospitality Prime Limited Partnership | ||||||||||||
Condensed Combined Consolidated Statements of Operations | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Total revenue | $ | 233,496 | $ | 221,188 | $ | 191,991 | ||||||
Total expenses | (214,086 | ) | (189,382 | ) | (167,612 | ) | ||||||
Operating income | 19,410 | 31,806 | 24,379 | |||||||||
Interest income | 23 | 29 | 24 | |||||||||
Other income | — | — | 9,673 | |||||||||
Interest expense and amortization and write-offs of loan costs | (34,982 | ) | (31,244 | ) | (31,803 | ) | ||||||
Unrealized loss on derivatives | (36 | ) | — | — | ||||||||
Income tax expense | (2,343 | ) | (4,384 | ) | (2,636 | ) | ||||||
Net loss | (17,928 | ) | (3,793 | ) | (363 | ) | ||||||
Income (loss) from consolidated entities attributable to noncontrolling interests | (934 | ) | (752 | ) | 989 | |||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership | 7,080 | — | — | |||||||||
Net income (loss) attributable to Ashford Prime OP | $ | (11,782 | ) | $ | (4,545 | ) | $ | 626 | ||||
Our equity in loss of Ashford Prime OP | $ | (4,012 | ) | $ | — | $ | — | |||||
Assets_Held_for_Sale_and_Disco1
Assets Held for Sale and Discontinued Operations (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Discontinued Operations and Disposal Groups [Abstract] | ' | |||||||||||||||||||||
Fair value aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis and related impairment charges | ' | |||||||||||||||||||||
The following table presents our hotel properties measured at fair value aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis at December 31, 2013, 2012 and 2011, and related impairment charges recorded (in thousands): | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Impairment | ||||||||||||||||||
Charges | ||||||||||||||||||||||
2012 | ||||||||||||||||||||||
Hilton Tucson, AZ | $ | — | $ | — | $ | — | $ | — | $ | 4,120 | (1 | ) | ||||||||||
2011 | ||||||||||||||||||||||
Hampton Inn Jacksonville, FL | $ | — | $ | — | $ | — | $ | — | $ | 6,237 | (2 | ) | ||||||||||
_________________________ | ||||||||||||||||||||||
(1) | The impairment charge was taken in the quarter ended June 30, 2012, based on its estimated fair value of $19.7 million which we considered to be a level 3 fair value measure. | |||||||||||||||||||||
(2) | The impairment charge was taken in the quarter ended June 30, 2011, based on its anticipated net sales prices of $10.0 million which we considered to be a level 3 fair value measure. | |||||||||||||||||||||
Operating results of discontinued operations | ' | |||||||||||||||||||||
The following table summarizes the operating results of the discontinued operations (in thousands): | ||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||
2012 | 2011 | |||||||||||||||||||||
Hotel revenues | $ | 29,398 | $ | 40,279 | ||||||||||||||||||
Hotel operating expenses | (27,722 | ) | (35,916 | ) | ||||||||||||||||||
Operating income | 1,676 | 4,363 | ||||||||||||||||||||
Property taxes, insurance and other | (1,584 | ) | (2,486 | ) | ||||||||||||||||||
Depreciation and amortization | (2,548 | ) | (3,031 | ) | ||||||||||||||||||
Impairment charge | (4,120 | ) | (6,237 | ) | ||||||||||||||||||
Gain on disposal/sales of properties | 4,486 | 2,564 | ||||||||||||||||||||
Interest expense and amortization of loan costs | (1,464 | ) | (2,020 | ) | ||||||||||||||||||
Write-off of loan costs and exit fees | (119 | ) | (948 | ) | ||||||||||||||||||
Loss from discontinued operations before income taxes | (3,673 | ) | (7,795 | ) | ||||||||||||||||||
Income tax (expense) benefit | 23 | (85 | ) | |||||||||||||||||||
Loss from discontinued operations | (3,650 | ) | (7,880 | ) | ||||||||||||||||||
Income from discontinued operations of consolidated entities attributable to noncontrolling interests | — | (1,031 | ) | |||||||||||||||||||
Loss from discontinued operations attributable to redeemable noncontrolling interests in operating partnership | 440 | 1,072 | ||||||||||||||||||||
Loss from discontinued operations attributable to the Company | $ | (3,210 | ) | $ | (7,839 | ) |
Deferred_Costs_net_Tables
Deferred Costs, net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | |||||||
Deferred Costs | ' | |||||||
Deferred Costs, net | ||||||||
Deferred costs, net consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Deferred loan costs | $ | 27,049 | $ | 32,974 | ||||
Deferred franchise fees | 4,037 | 4,024 | ||||||
Total costs | 31,086 | 36,998 | ||||||
Accumulated amortization | (20,931 | ) | (19,804 | ) | ||||
Deferred costs, net | $ | 10,155 | $ | 17,194 | ||||
Intangible_Asset_Net_Tables
Intangible Asset, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||
Components of intangible assets | ' | |||||||
Intangible asset consist of the following (in thousands): | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Cost | $ | — | $ | 3,233 | ||||
Accumulated amortization | — | (512 | ) | |||||
Intangible asset, net | $ | — | $ | 2,721 | ||||
Indebtedness_Tables
Indebtedness (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||
Debt Disclosure [Abstract] | ' | ||||||||||||||||||||||
Summary of indebtedness of continuing operations and the carrying values of related collateral | ' | ||||||||||||||||||||||
Indebtedness of our continuing operations and the carrying values of related collateral were as follows at December 31, 2013 and 2012 (in thousands): | |||||||||||||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||||||||||||
Indebtedness | Collateral | Maturity | Interest Rate | Debt | Book | Debt | Book | ||||||||||||||||
Balance | Value of | Balance | Value of | ||||||||||||||||||||
Collateral | Collateral | ||||||||||||||||||||||
Mortgage loan (6) | 2 hotels | Aug-13 | LIBOR (1) + 2.75% | $ | — | $ | — | $ | 141,667 | $ | 259,496 | ||||||||||||
Mortgage loan (3) | 5 hotels | Mar-14 | LIBOR (1) + 4.50% | 164,433 | 213,501 | 173,180 | 218,647 | ||||||||||||||||
Mortgage loan (2) | 9 hotels | May-14 | LIBOR (1) + 6.50% | 135,000 | 193,016 | 135,000 | 197,672 | ||||||||||||||||
Mortgage loan | 1 hotel | May-14 | 8.32% | 5,075 | 8,994 | 5,285 | 9,044 | ||||||||||||||||
Senior credit facility (5) | Various | Sep-14 | LIBOR (1) + 2.75% to 3.50% | — | — | — | — | ||||||||||||||||
Mortgage loan (2) | 5 hotels | Nov-14 | Greater of 6.40% or LIBOR (1) + 6.15% | 211,000 | 313,202 | 211,000 | 317,442 | ||||||||||||||||
Mortgage loan | 8 hotels | Dec-14 | 5.75% | 102,348 | 82,314 | 104,680 | 81,290 | ||||||||||||||||
Mortgage loan | 10 hotels | Jul-15 | 5.22% | 148,991 | 170,897 | 152,513 | 172,195 | ||||||||||||||||
Mortgage loan (4) | 1 hotel | Sep-15 | LIBOR (1) + 4.90% | 69,000 | 88,836 | — | — | ||||||||||||||||
Mortgage loan | 8 hotels | Dec-15 | 5.70% | 94,899 | 77,733 | 96,907 | 79,146 | ||||||||||||||||
Mortgage loan | 5 hotels | Feb-16 | 5.53% | 107,737 | 127,073 | 110,169 | 121,451 | ||||||||||||||||
Mortgage loan | 5 hotels | Feb-16 | 5.53% | 89,347 | 96,248 | 91,364 | 97,678 | ||||||||||||||||
Mortgage loan | 5 hotels | Feb-16 | 5.53% | 77,394 | 102,629 | 79,140 | 102,960 | ||||||||||||||||
Mortgage loan (7) (9) | 1 hotel | Apr-17 | 5.91% | — | — | 34,735 | 91,222 | ||||||||||||||||
Mortgage loan (9) | 2 hotels | Apr-17 | 5.95% | — | — | 127,289 | 145,275 | ||||||||||||||||
Mortgage loan (9) | 3 hotels | Apr-17 | 5.95% | — | — | 259,021 | 275,190 | ||||||||||||||||
Mortgage loan | 5 hotels | Apr-17 | 5.95% | 113,343 | 125,913 | 114,732 | 128,605 | ||||||||||||||||
Mortgage loan | 5 hotels | Apr-17 | 5.95% | 101,878 | 113,256 | 103,126 | 111,546 | ||||||||||||||||
Mortgage loan | 5 hotels | Apr-17 | 5.95% | 155,019 | 155,429 | 156,918 | 160,373 | ||||||||||||||||
Mortgage loan | 7 hotels | Apr-17 | 5.95% | 123,997 | 142,980 | 125,517 | 145,456 | ||||||||||||||||
TIF loan (7) (8) (9) | 1 hotel | Jun-18 | 12.85% | — | 8,098 | — | |||||||||||||||||
Mortgage loan | 1 hotel | Nov-20 | 6.26% | 101,268 | 113,927 | 102,562 | 113,860 | ||||||||||||||||
Mortgage loan (10) | 1 hotel | Jan-24 | 5.49% | 10,800 | 17,223 | — | — | ||||||||||||||||
Mortgage loan | 1 hotel | Jan-24 | 5.49% | 7,400 | 8,624 | — | — | ||||||||||||||||
Mortgage loan | 1 hotel | Apr-34 | Greater of 6.00% or Prime + 1.00% | — | — | 6,507 | 18,024 | ||||||||||||||||
Total | $ | 1,818,929 | $ | 2,151,795 | $ | 2,339,410 | $ | 2,846,572 | |||||||||||||||
_________________________ | |||||||||||||||||||||||
(1) | LIBOR rates were 0.168% and 0.209% at December 31, 2013 and 2012, respectively. | ||||||||||||||||||||||
(2) | These mortgage loans have three one-year extension options subject to satisfaction of certain conditions. | ||||||||||||||||||||||
(3) | This mortgage loan has a one-year extension option subject to satisfaction of certain conditions. | ||||||||||||||||||||||
(4) | This mortgage loan has three one-year extension options subject to satisfaction of certain conditions in the final year. | ||||||||||||||||||||||
(5) | Our borrowing capacity under our senior credit facility is $165.0 million. We have an option, subject to lender approval, to further expand the facility to an aggregate size of $225.0 million. We may use up to $10.0 million for standby letters of credit. The senior credit facility has a one-year extension option subject to advance notice and a 0.25% extension fee. | ||||||||||||||||||||||
(6) | On February 26, 2013, we refinanced our $141.7 million loan due August 2013 with a $199.9 million loan due February 2018. The new loan provides for an interest rate of LIBOR + 3.50%, with no LIBOR floor. The new loan was assumed by Ashford Prime in connection with the previously discussed spin-off. | ||||||||||||||||||||||
(7) | These loans are collateralized by the same property. | ||||||||||||||||||||||
(8) | The interest expense from the TIF loan is offset against interest income recorded on the note receivable of the same amount. See Note 4. | ||||||||||||||||||||||
(9) | The loans were assumed by Ashford Prime in connection with the previously discussed spin-off. | ||||||||||||||||||||||
(10) | On December 20, 2013, we refinanced our $6.5 million loan due April 2034 with a $10.8 million loan due January 2024. The new loan provides for a fixed interest rate of 5.49% with no extension options. | ||||||||||||||||||||||
Summary of maturities of indebtedness of continuing operations | ' | ||||||||||||||||||||||
Maturities and scheduled amortizations of indebtedness of our continuing operations as of December 31, 2013 for each of the five following years are as follows (in thousands): | |||||||||||||||||||||||
2014 | $ | 638,226 | |||||||||||||||||||||
2015 | 322,508 | ||||||||||||||||||||||
2016 | 270,029 | ||||||||||||||||||||||
2017 | 475,743 | ||||||||||||||||||||||
2018 | 2,062 | ||||||||||||||||||||||
Thereafter | 110,361 | ||||||||||||||||||||||
Total | $ | 1,818,929 | |||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis | ' | |||||||||||||||||||||||||||||||||||
The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): | ||||||||||||||||||||||||||||||||||||
Quoted Market Prices (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Counter-party and Cash Collateral Netting (4) | Total | ||||||||||||||||||||||||||||||||
December 31, 2013: | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives – non-hedge | $ | — | $ | 19 | $ | — | $ | — | $ | 19 | (1) | |||||||||||||||||||||||||
Interest rate derivatives – hedge | — | — | — | — | — | (1) | ||||||||||||||||||||||||||||||
Equity put and call options | 560 | — | — | — | 560 | (2) | ||||||||||||||||||||||||||||||
560 | 19 | — | — | 579 | ||||||||||||||||||||||||||||||||
Non-derivative assets: | ||||||||||||||||||||||||||||||||||||
Equity securities | 29,041 | — | — | — | 29,041 | (2) | ||||||||||||||||||||||||||||||
Total | 29,601 | 19 | — | — | 29,620 | |||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives – non-hedge | — | — | — | — | — | (1) | ||||||||||||||||||||||||||||||
Credit default swaps | — | 995 | — | (1,068 | ) | (73 | ) | (3) | ||||||||||||||||||||||||||||
Short equity put options | (82 | ) | — | — | — | (82 | ) | (3) | ||||||||||||||||||||||||||||
Short equity call options | (479 | ) | — | — | — | (479 | ) | (3) | ||||||||||||||||||||||||||||
Non-derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Margin account balance | (3,130 | ) | — | — | — | (3,130 | ) | (3) | ||||||||||||||||||||||||||||
Total | (3,691 | ) | 995 | — | (1,068 | ) | (3,764 | ) | ||||||||||||||||||||||||||||
Net | $ | 25,910 | $ | 1,014 | $ | — | $ | (1,068 | ) | $ | 25,856 | |||||||||||||||||||||||||
December 31, 2012: | ||||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives – non-hedge | $ | — | $ | 10,617 | $ | — | $ | — | $ | 10,617 | (1) | |||||||||||||||||||||||||
Interest rate derivatives – hedge | — | 4 | — | — | 4 | (1) | ||||||||||||||||||||||||||||||
Credit default swaps | — | 2,933 | — | (2,763 | ) | 170 | (1) | |||||||||||||||||||||||||||||
Equity put and call options | 612 | — | — | — | 612 | (2) | ||||||||||||||||||||||||||||||
Non-derivative assets: | ||||||||||||||||||||||||||||||||||||
Equity and US treasury securities | 23,008 | — | — | — | 23,008 | (2) | ||||||||||||||||||||||||||||||
Total | 23,620 | 13,554 | — | (2,763 | ) | 34,411 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives – non-hedge | — | (4,400 | ) | — | — | (4,400 | ) | (1) | ||||||||||||||||||||||||||||
Short equity put options | (7 | ) | — | — | — | (7 | ) | (3) | ||||||||||||||||||||||||||||
Short equity call options | (292 | ) | — | — | — | (292 | ) | (3) | ||||||||||||||||||||||||||||
Non-derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Margin account balance | (1,342 | ) | — | — | — | (1,342 | ) | (3) | ||||||||||||||||||||||||||||
Total | (1,641 | ) | (4,400 | ) | — | — | (6,041 | ) | ||||||||||||||||||||||||||||
Net | $ | 21,979 | $ | 9,154 | $ | — | $ | (2,763 | ) | $ | 28,370 | |||||||||||||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||||||
(1) | Reported net as “Derivative assets” in the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
(2) | Reported as “Marketable securities” in the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
(3) | Reported as “Liabilities associated with marketable securities and other” in the consolidated balance sheets. | |||||||||||||||||||||||||||||||||||
(4) | Represents cash collateral posted by our counterparty. | |||||||||||||||||||||||||||||||||||
Effect of fair value measured assets and liabilities on consolidated statements of operations | ' | |||||||||||||||||||||||||||||||||||
The following table summarizes the effect of fair value measured assets and liabilities on the consolidated statement of operations (in thousands): | ||||||||||||||||||||||||||||||||||||
Reclassified from | ||||||||||||||||||||||||||||||||||||
Gain or (Loss) | Interest Savings or (Cost) | Accumulated OCI into Interest Expense | ||||||||||||||||||||||||||||||||||
Recognized in Income | Recognized in Income | |||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | (10,778 | ) | $ | (48,827 | ) | $ | (73,227 | ) | $ | 10,639 | $ | 54,199 | $ | 92,846 | $ | 101 | $ | 32 | $ | 603 | |||||||||||||||
Credit default swaps | — | (4,014 | ) | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
Equity call options and other | (1,388 | ) | (3,644 | ) | (786 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
(12,166 | ) | (56,485 | ) | (74,013 | ) | 10,639 | 54,199 | 92,846 | 101 | 32 | 603 | |||||||||||||||||||||||||
Non-derivative assets: | ||||||||||||||||||||||||||||||||||||
Equity securities | 5,779 | 3,341 | 229 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | (6,387 | ) | (53,144 | ) | (73,784 | ) | 10,639 | 54,199 | 92,846 | 101 | 32 | 603 | ||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives | 4,400 | 17,091 | 4,258 | (4,424 | ) | (22,159 | ) | (22,273 | ) | — | — | — | ||||||||||||||||||||||||
Credit default swaps | (2,025 | ) | — | (1,348 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Short equity put options | (138 | ) | 1,610 | (1,277 | ) | — | — | — | — | — | — | |||||||||||||||||||||||||
Short equity call options | (274 | ) | 393 | 89 | — | — | — | — | — | — | ||||||||||||||||||||||||||
Total | 1,963 | 19,094 | 1,722 | (4,424 | ) | (22,159 | ) | (22,273 | ) | — | — | — | ||||||||||||||||||||||||
Non-derivative liabilities: | ||||||||||||||||||||||||||||||||||||
Short equity securities | — | 64 | 375 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Total | 1,963 | 19,158 | 2,097 | (4,424 | ) | (22,159 | ) | (22,273 | ) | — | — | — | ||||||||||||||||||||||||
Net | $ | (4,424 | ) | $ | (33,986 | ) | $ | (71,687 | ) | $ | 6,215 | $ | 32,040 | $ | 70,573 | $ | 101 | $ | 32 | $ | 603 | |||||||||||||||
Total combined | ||||||||||||||||||||||||||||||||||||
Interest rate derivatives | $ | (6,378 | ) | $ | (31,736 | ) | $ | (68,969 | ) | $ | 6,215 | $ | 32,040 | $ | 70,573 | $ | 101 | $ | 32 | $ | 603 | |||||||||||||||
Credit default swaps | (1,937 | ) | (3,921 | ) | (1,317 | ) | — | — | — | — | — | — | ||||||||||||||||||||||||
Total derivatives | (8,315 | ) | (1) | (35,657 | ) | (1) | (70,286 | ) | (1) | 6,215 | (2) | 32,040 | (2) | 70,573 | (2) | 101 | 32 | 603 | ||||||||||||||||||
Unrealized gain (loss) on marketable securities | 5,115 | (3) | 2,502 | (3) | (391 | ) | (3) | — | — | — | — | — | — | |||||||||||||||||||||||
Realized loss on marketable securities | (1,224 | ) | (2) (4) | (831 | ) | (2) (4) | (1,010 | ) | (2) (4) | — | — | — | — | — | — | |||||||||||||||||||||
Net | $ | (4,424 | ) | $ | (33,986 | ) | $ | (71,687 | ) | $ | 6,215 | $ | 32,040 | $ | 70,573 | $ | 101 | $ | 32 | $ | 603 | |||||||||||||||
_________________________ | ||||||||||||||||||||||||||||||||||||
(1) | Reported as “Unrealized gain (loss) on derivatives” in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||
(2) | Included in “Other income” in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||
(3) | Reported as “Unrealized gain (loss) on marketable securities” in the consolidated statements of operations. | |||||||||||||||||||||||||||||||||||
(4) | Includes costs of $88, $93 and $31, respectively in 2013, 2012 and 2011 associated with credit default swaps. |
Summary_of_Fair_Value_of_Finan1
Summary of Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Investments, All Other Investments [Abstract] | ' | |||||||||||||||
Carrying amounts and estimated fair values of financial instruments measured at fair value on recurring basis | ' | |||||||||||||||
The carrying amounts and estimated fair values of financial instruments measured at fair value on a recurring basis were as follows (in thousands): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Marketable securities | $ | 29,601 | $ | 29,601 | $ | 23,620 | $ | 23,620 | ||||||||
Derivative assets, net | $ | 19 | $ | 19 | $ | 6,391 | $ | 6,391 | ||||||||
Liabilities associated with marketable securities and other | $ | 3,764 | $ | 3,764 | $ | 1,641 | $ | 1,641 | ||||||||
Carrying amounts and estimated fair values of financial instruments not measured at fair value | ' | |||||||||||||||
The carrying amounts and estimated fair values of financial instruments not measured at fair value were as follows (in thousands): | ||||||||||||||||
December 31, 2013 | December 31, 2012 | |||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||||
Financial assets: | ||||||||||||||||
Cash and cash equivalents | $ | 128,780 | $ | 128,780 | $ | 185,935 | $ | 185,935 | ||||||||
Restricted cash | $ | 61,498 | $ | 61,498 | $ | 84,786 | $ | 84,786 | ||||||||
Accounts receivable | $ | 21,791 | $ | 21,791 | $ | 35,116 | $ | 35,116 | ||||||||
Notes receivable | $ | 3,384 | $2,800 to $3,094 | $ | 11,331 | $14,385 to $15,899 | ||||||||||
Due from affiliates | $ | 1,302 | $ | 1,302 | $ | 1,168 | $ | 1,168 | ||||||||
Due from Ashford Prime, net | $ | 13,042 | $ | 13,042 | $ | — | $ | — | ||||||||
Due from third-party hotel managers | $ | 33,728 | $ | 33,728 | $ | 48,619 | $ | 48,619 | ||||||||
Financial liabilities: | ||||||||||||||||
Indebtedness of continuing operations | $ | 1,818,929 | $ 1,786,651 to $1,974,714 | $ | 2,339,410 | $2,266,991 to $2,505,622 | ||||||||||
Accounts payable and accrued expenses | $ | 70,683 | $ | 70,683 | $ | 84,293 | $ | 84,293 | ||||||||
Dividends payable | $ | 20,735 | $ | 20,735 | $ | 18,258 | $ | 18,258 | ||||||||
Due to related party, net | $ | 270 | $ | 270 | $ | 3,725 | $ | 3,725 | ||||||||
Due to third-party hotel managers | $ | 958 | $ | 958 | $ | 1,410 | $ | 1,410 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Commitments and Contingencies Disclosure [Abstract] | ' | |||
Future minimum rentals due under non-cancelable leases | ' | |||
Future minimum rentals due under non-cancelable leases are as follows for each of the years ending December 31, (in thousands): | ||||
2014 | $ | 925 | ||
2015 | 775 | |||
2016 | 669 | |||
2017 | 603 | |||
2018 | 564 | |||
Thereafter | 27,963 | |||
Total | $ | 31,499 | ||
Redeemable_Noncontrolling_Inte1
Redeemable Noncontrolling Interests in Operating Partnership (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | ' | ||||||||
Summary of the activity of the operating partnership units | ' | ||||||||
A summary of the activity of the operating partnership units is as follow (in thousands): | |||||||||
Year Ended December 31, | |||||||||
2013 | 2012 | 2011 | |||||||
Units outstanding at beginning of year | 17,611 | 16,317 | 14,195 | ||||||
Units issued | 1,380 | 1,294 | 2,222 | ||||||
Units converted to common shares | — | — | (100 | ) | |||||
Units outstanding at end of year | 18,991 | 17,611 | 16,317 | ||||||
Units convertible/redeemable at end of year | 15,918 | 14,305 | 12,895 | ||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Equity [Abstract] | ' | |||||||||||
Summary of dividends declared | ' | |||||||||||
A summary of dividends declared is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Common stock related: | ||||||||||||
Common shares | $ | 37,054 | $ | 29,993 | $ | 25,652 | ||||||
Preferred stocks: | ||||||||||||
Series A preferred stock | 3,542 | 3,516 | 3,180 | |||||||||
Series D preferred stock | 20,002 | 19,869 | 18,940 | |||||||||
Series E preferred stock | 10,418 | 10,417 | 6,019 | |||||||||
Total dividends declared | $ | 71,016 | $ | 63,795 | $ | 53,791 | ||||||
Impairment_Charges_Tables
Impairment Charges (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Summary of changes in allowance for losses | ' | |||||||||||
The following table summarizes the changes in allowance for losses for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of period | $ | 8,333 | $ | 8,711 | $ | 16,875 | ||||||
Impairment charges | — | — | — | |||||||||
Valuation adjustments (credits to impairment charges) | (396 | ) | (378 | ) | (4,841 | ) | ||||||
Charge-offs | — | — | (3,323 | ) | ||||||||
Balance at end of period | $ | 7,937 | $ | 8,333 | $ | 8,711 | ||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Summary of restricted stock activity | ' | ||||||||||||||||||||
A summary of our restricted stock activity is as follows (shares in thousands): | |||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Restricted Shares | Weighted Average Price at Grant | Restricted Shares | Weighted Average Price at Grant | Restricted Shares | Weighted Average Price at Grant | ||||||||||||||||
Outstanding at beginning of year | 487 | $ | 9.15 | 900 | $ | 6.14 | 1,387 | $ | 4.91 | ||||||||||||
Restricted shares granted | 198 | $ | 11.87 | 204 | $ | 8.87 | 285 | $ | 11.39 | ||||||||||||
Restricted shares vested | (266 | ) | $ | 8.97 | (586 | ) | $ | 4.44 | (761 | ) | $ | 5.82 | |||||||||
Restricted shares forfeited | (1 | ) | $ | 9.81 | (31 | ) | $ | 9.13 | (11 | ) | $ | 7.88 | |||||||||
Outstanding at end of year | 418 | $ | 10.55 | 487 | $ | 9.15 | 900 | $ | 6.14 | ||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Reconciles the income tax expense at statutory rates to the actual income tax expense | ' | |||||||||||
The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Income tax expense at federal statutory income tax rate of 35% | $ | (7,907 | ) | $ | (11,508 | ) | $ | (8,723 | ) | |||
State income tax expense, net of federal income tax benefit | (469 | ) | (2,710 | ) | (1,278 | ) | ||||||
Permanent differences | (761 | ) | (607 | ) | (142 | ) | ||||||
State and local income tax (expense) benefit on pass-through entity subsidiaries | (34 | ) | 10 | (114 | ) | |||||||
Gross receipts and margin taxes | (631 | ) | (749 | ) | 40 | |||||||
Interest and penalties | (20 | ) | (18 | ) | (9 | ) | ||||||
Valuation allowance | 8,311 | 13,207 | 8,606 | |||||||||
Income tax (expense) benefit for income from continuing operations | (1,511 | ) | (2,375 | ) | (1,620 | ) | ||||||
Income tax (expense) benefit for income from discontinued operations | — | 23 | (85 | ) | ||||||||
Total income tax (expense) benefit | $ | (1,511 | ) | $ | (2,352 | ) | $ | (1,705 | ) | |||
Components of income tax benefit (expense) from continuing operations | ' | |||||||||||
The components of income tax (expense) benefit from continuing operations are as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current: | ||||||||||||
Federal | $ | (919 | ) | $ | (1,537 | ) | $ | (579 | ) | |||
State | (684 | ) | (757 | ) | (165 | ) | ||||||
Total current | (1,603 | ) | (2,294 | ) | (744 | ) | ||||||
Deferred: | ||||||||||||
Federal | 157 | 7 | (708 | ) | ||||||||
State | (65 | ) | (88 | ) | (168 | ) | ||||||
Total deferred | 92 | (81 | ) | (876 | ) | |||||||
Total income tax (expense) benefit | $ | (1,511 | ) | $ | (2,375 | ) | $ | (1,620 | ) | |||
Deferred tax asset (liability) and related valuation allowance | ' | |||||||||||
At December 31, 2013 and 2012, our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): | ||||||||||||
December 31, | ||||||||||||
2013 | 2012 | |||||||||||
Allowance for doubtful accounts | $ | 94 | $ | 103 | ||||||||
Unearned income | 344 | 312 | ||||||||||
Unfavorable management contract liability | 2,838 | 4,338 | ||||||||||
Federal and state net operating losses | 31,360 | 43,571 | ||||||||||
Accrued expenses | 1,350 | 1,844 | ||||||||||
Prepaid expenses | (4,391 | ) | (5,460 | ) | ||||||||
Accrued revenue | — | (211 | ) | |||||||||
Alternative minimum tax credit | 972 | — | ||||||||||
Tax property basis less than book basis | (2,175 | ) | (2,235 | ) | ||||||||
Tax derivatives basis greater than book basis | 2,787 | 2,035 | ||||||||||
Deferred gain | 1,685 | — | ||||||||||
Other | 282 | 347 | ||||||||||
Deferred tax asset | 35,146 | 44,644 | ||||||||||
Valuation allowance | (35,146 | ) | (45,398 | ) | ||||||||
Net deferred tax liability | $ | — | $ | (754 | ) | |||||||
Summarizes the changes in the valuation allowance | ' | |||||||||||
The following table summarizes the changes in the valuation allowance (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Balance at beginning of year | $ | 45,398 | $ | 58,081 | $ | 65,249 | ||||||
Additions charged to other | 4,315 | 4,481 | 19,255 | |||||||||
Deductions | (14,567 | ) | (17,164 | ) | (26,423 | ) | ||||||
Balance at end of year | $ | 35,146 | $ | 45,398 | $ | 58,081 | ||||||
Income_Loss_Per_Share_Tables
Income (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||
Summary of amounts used in calculating basic and diluted earnings (loss) per share | ' | |||||||||||
The following table reconciles the amounts used in calculating basic and diluted loss per share (in thousands, except per share amounts): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Loss attributable to common shareholders – Basic and diluted: | ||||||||||||
Income (loss) from continuing operations attributable to the Company | $ | (41,283 | ) | $ | (50,570 | ) | $ | 9,948 | ||||
Less: Dividends on preferred stocks | (33,962 | ) | (33,802 | ) | (46,876 | ) | ||||||
Less: Dividends on common stock | (36,841 | ) | (29,724 | ) | (25,266 | ) | ||||||
Less: Dividends on unvested restricted shares | (213 | ) | (269 | ) | (386 | ) | ||||||
Undistributed loss from continuing operations allocated to common shareholders | (112,299 | ) | (114,365 | ) | (62,580 | ) | ||||||
Add back: Dividends on common stock | 36,841 | 29,724 | 25,266 | |||||||||
Distributed and undistributed loss from continuing operations - basic and diluted | $ | (75,458 | ) | $ | (84,641 | ) | $ | (37,314 | ) | |||
Loss from discontinued operations allocated to common shareholders: | ||||||||||||
Loss from discontinued operations attributable to the Company | $ | — | $ | (3,210 | ) | $ | (7,839 | ) | ||||
Weighted average common shares outstanding: | ||||||||||||
Weighted average common shares outstanding - basic and diluted | 75,155 | 67,533 | 61,954 | |||||||||
Loss per share – basic and diluted: | ||||||||||||
Loss from continuing operations allocated to common shareholders per share | $ | (1.00 | ) | $ | (1.25 | ) | $ | (0.60 | ) | |||
Loss from discontinued operations allocated to common shareholders per share | — | (0.05 | ) | (0.13 | ) | |||||||
Net loss allocated to common shareholders per share | $ | (1.00 | ) | $ | (1.30 | ) | $ | (0.73 | ) | |||
Summary of computation of diluted income per share | ' | |||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Loss from continuing operations allocated to common shareholders is not adjusted for: | ||||||||||||
Income allocated to unvested restricted shares | $ | 213 | $ | 269 | $ | 386 | ||||||
Loss attributable to redeemable noncontrolling interests in operating partnership | (8,183 | ) | (8,856 | ) | (1,764 | ) | ||||||
Dividends to Series B-1 Preferred Stock | — | — | 18,737 | |||||||||
Total | $ | (7,970 | ) | $ | (8,587 | ) | $ | 17,359 | ||||
Weighted average diluted shares are not adjusted for: | ||||||||||||
Effect of unvested restricted shares | 128 | 195 | 563 | |||||||||
Effect of assumed conversion of operating partnership units | 18,699 | 17,353 | 15,571 | |||||||||
Effect of assumed conversion of Series B-1 Preferred Stock | — | — | 2,509 | |||||||||
Total | 18,827 | 17,548 | 18,643 | |||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Summary of financial information related to reportable segments | ' | |||||||||||||||
Financial information related to our reportable segments is as follows (in thousands): | ||||||||||||||||
Direct Hotel | Hotel | Corporate | Consolidated | |||||||||||||
Investments | Financing | |||||||||||||||
Year Ended December 31, 2013: | ||||||||||||||||
Total revenues | $ | 941,213 | $ | — | $ | 1,047 | $ | 942,260 | ||||||||
Total hotel expenses | 596,313 | — | — | 596,313 | ||||||||||||
Property taxes, insurance and other | 47,075 | — | — | 47,075 | ||||||||||||
Depreciation and amortization | 127,990 | — | — | 127,990 | ||||||||||||
Impairment charges | — | (396 | ) | — | (396 | ) | ||||||||||
Gain on insurance settlements | (270 | ) | — | — | (270 | ) | ||||||||||
Transaction costs | 1,324 | — | — | 1,324 | ||||||||||||
Corporate, general and administrative | — | — | 52,821 | 52,821 | ||||||||||||
Total expenses (income) | 772,432 | (396 | ) | 52,821 | 824,857 | |||||||||||
Operating income (loss) | 168,781 | 396 | (51,774 | ) | 117,403 | |||||||||||
Equity in loss of unconsolidated entities | (23,404 | ) | — | — | (23,404 | ) | ||||||||||
Interest income | — | — | 71 | 71 | ||||||||||||
Other income | — | — | 5,650 | 5,650 | ||||||||||||
Interest expense and amortization of loan costs | — | — | (141,469 | ) | (141,469 | ) | ||||||||||
Write-off of loan costs and exit fees | — | — | (2,098 | ) | (2,098 | ) | ||||||||||
Unrealized gain on marketable securities | — | — | 5,115 | 5,115 | ||||||||||||
Unrealized loss on derivatives | — | — | (8,315 | ) | (8,315 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | 145,377 | 396 | (192,820 | ) | (47,047 | ) | ||||||||||
Income tax expense | (1,511 | ) | (1,511 | ) | ||||||||||||
Income (loss) from continuing operations | $ | 145,377 | $ | 396 | $ | (194,331 | ) | $ | (48,558 | ) | ||||||
As of December 31, 2013: | ||||||||||||||||
Total assets | $ | 2,491,275 | $ | 3,384 | $ | 182,343 | $ | 2,677,002 | ||||||||
Direct Hotel | Hotel | Corporate | Consolidated | |||||||||||||
Investments | Financing | |||||||||||||||
Year Ended December 31, 2012: | ||||||||||||||||
Total revenues | $ | 922,606 | $ | — | $ | — | $ | 922,606 | ||||||||
Total hotel expenses | 590,340 | — | — | 590,340 | ||||||||||||
Property taxes, insurance and other | 44,903 | — | — | 44,903 | ||||||||||||
Depreciation and amortization | 133,979 | — | — | 133,979 | ||||||||||||
Impairment charges | — | (5,349 | ) | — | (5,349 | ) | ||||||||||
Gain on insurance settlements | (91 | ) | — | — | (91 | ) | ||||||||||
Corporate, general and administrative | — | — | 44,050 | 44,050 | ||||||||||||
Total expenses (income) | 769,131 | (5,349 | ) | 44,050 | 807,832 | |||||||||||
Operating income (loss) | 153,475 | 5,349 | (44,050 | ) | 114,774 | |||||||||||
Equity in loss of unconsolidated entities | (20,833 | ) | — | — | (20,833 | ) | ||||||||||
Interest income | — | — | 125 | 125 | ||||||||||||
Other income | — | — | 31,700 | 31,700 | ||||||||||||
Interest expense and amortization of loan costs | — | — | (144,796 | ) | (144,796 | ) | ||||||||||
Write-off of loan costs and exit fees | — | — | (3,998 | ) | (3,998 | ) | ||||||||||
Unrealized gain on marketable securities | — | — | 2,502 | 2,502 | ||||||||||||
Unrealized loss on derivatives | — | — | (35,657 | ) | (35,657 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | 132,642 | 5,349 | (194,174 | ) | (56,183 | ) | ||||||||||
Income tax expense | — | — | (2,375 | ) | (2,375 | ) | ||||||||||
Income (loss) from continuing operations | $ | 132,642 | $ | 5,349 | $ | (196,549 | ) | $ | (58,558 | ) | ||||||
As of December 31, 2012: | ||||||||||||||||
Total assets | $ | 3,197,695 | $ | 3,701 | $ | 263,333 | $ | 3,464,729 | ||||||||
Direct Hotel | Hotel | Corporate | Consolidated | |||||||||||||
Investments | Financing | |||||||||||||||
Year ended December 31, 2011: | ||||||||||||||||
Total revenues | $ | 859,978 | $ | — | $ | — | $ | 859,978 | ||||||||
Total hotel expenses | 552,933 | — | — | 552,933 | ||||||||||||
Property taxes, insurance and other | 45,085 | — | — | 45,085 | ||||||||||||
Depreciation and amortization | 131,243 | — | — | 131,243 | ||||||||||||
Impairment charges | — | (4,841 | ) | — | (4,841 | ) | ||||||||||
Gain on insurance settlements | (2,035 | ) | — | — | (2,035 | ) | ||||||||||
Transaction costs | — | — | (793 | ) | (793 | ) | ||||||||||
Corporate, general and administrative | — | — | 44,522 | 44,522 | ||||||||||||
Total expenses (income) | 727,226 | (4,841 | ) | 43,729 | 766,114 | |||||||||||
Operating income (loss) | 132,752 | 4,841 | (43,729 | ) | 93,864 | |||||||||||
Equity in earnings of unconsolidated entities | 14,528 | — | — | 14,528 | ||||||||||||
Interest income | — | — | 85 | 85 | ||||||||||||
Other income | — | 30,000 | 79,524 | 109,524 | ||||||||||||
Interest expense and amortization of loan costs | — | — | (137,212 | ) | (137,212 | ) | ||||||||||
Write-off of premiums, loan costs and exit fees | — | — | (729 | ) | (729 | ) | ||||||||||
Unrealized loss on marketable securities | — | — | (391 | ) | (391 | ) | ||||||||||
Unrealized loss on derivatives | — | — | (70,286 | ) | (70,286 | ) | ||||||||||
Income (loss) from continuing operations before income taxes | 147,280 | 34,841 | (172,738 | ) | 9,383 | |||||||||||
Income tax expense | — | — | (1,620 | ) | (1,620 | ) | ||||||||||
Income (loss) from continuing operations | $ | 147,280 | $ | 34,841 | $ | (174,358 | ) | $ | 7,763 | |||||||
As of December 31, 2011: | ||||||||||||||||
Total assets | $ | 3,366,107 | $ | 3,610 | $ | 220,009 | $ | 3,589,726 | ||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Related Party Transactions [Abstract] | ' | |||||||||||
Summary of fees related to the management agreements with related parties | ' | |||||||||||
At December 31, 2013, the related party managed 54 of our 87 hotels and the WorldQuest condominium properties included in continuing operations and we incurred the following fees related to the management agreements with the related party (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Property management fees, including incentive property management fees | $ | 14,299 | $ | 13,947 | $ | 12,693 | ||||||
Market service fees | 9,439 | 7,624 | 6,638 | |||||||||
Corporate general and administrative expense reimbursements | 4,299 | 4,075 | 4,281 | |||||||||
Total | $ | 28,037 | $ | 25,646 | $ | 23,612 | ||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||||||
Summary of the quarterly results of operations | ' | |||||||||||||||||||
The following is a summary of the quarterly results of operations for the years ended December 31, 2013 and 2012 (in thousands, except per share data): | ||||||||||||||||||||
First | Second | Third | Fourth | Full | ||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
2013 | ||||||||||||||||||||
Total revenue | $ | 231,942 | $ | 258,539 | $ | 242,024 | $ | 209,755 | $ | 942,260 | ||||||||||
Total operating expenses | $ | 206,664 | $ | 217,008 | $ | 213,843 | $ | 187,342 | $ | 824,857 | ||||||||||
Operating income | $ | 25,278 | $ | 41,531 | $ | 28,181 | $ | 22,413 | $ | 117,403 | ||||||||||
Loss from continuing operations | $ | (18,155 | ) | $ | 7,600 | $ | (19,402 | ) | $ | (18,601 | ) | $ | (48,558 | ) | ||||||
Loss from continuing operations attributable to the Company | $ | (14,686 | ) | $ | 7,106 | $ | (16,335 | ) | $ | (17,368 | ) | $ | (41,283 | ) | ||||||
Loss from continuing operations attributable to common shareholders | $ | (23,176 | ) | $ | (1,385 | ) | $ | (24,825 | ) | $ | (25,859 | ) | $ | (75,245 | ) | |||||
Diluted loss from continuing operations attributable to common shareholders per share | $ | (0.34 | ) | $ | (0.02 | ) | $ | (0.31 | ) | $ | (0.32 | ) | $ | (1.00 | ) | |||||
Weighted average diluted common shares | 67,682 | 68,489 | 79,898 | 81,383 | 75,155 | |||||||||||||||
2012 | ||||||||||||||||||||
Total revenue | $ | 217,055 | $ | 240,777 | $ | 224,196 | $ | 240,578 | $ | 922,606 | ||||||||||
Total operating expenses | $ | 195,207 | $ | 205,264 | $ | 193,974 | $ | 213,387 | $ | 807,832 | ||||||||||
Operating income | $ | 21,848 | $ | 35,513 | $ | 30,222 | $ | 27,191 | $ | 114,774 | ||||||||||
Income (loss) from continuing operations | $ | (24,719 | ) | $ | (1,220 | ) | $ | (15,620 | ) | $ | (16,999 | ) | $ | (58,558 | ) | |||||
Income (loss) from continuing operations attributable to the Company | $ | (21,338 | ) | $ | (708 | ) | $ | (13,036 | ) | $ | (15,488 | ) | $ | (50,570 | ) | |||||
Income (loss) from continuing operations attributable to common shareholders | $ | (29,669 | ) | $ | (9,198 | ) | $ | (21,526 | ) | $ | (23,979 | ) | $ | (84,372 | ) | |||||
Diluted income (loss) from continuing operations attributable to common shareholders per share | $ | (0.44 | ) | $ | (0.14 | ) | $ | (0.32 | ) | $ | (0.36 | ) | $ | (1.25 | ) | |||||
Weighted average diluted common shares | 67,152 | 67,639 | 67,659 | 67,670 | 67,533 | |||||||||||||||
Pro_Forma_Financial_Informatio1
Pro Forma Financial Information (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Business Acquisition, Pro Forma Information [Abstract] | ' | |||||||||||
Pro forma statements of operations | ' | |||||||||||
The following table also reflects the unaudited pro forma results of operations as if the transaction had occurred on January 1, 2011, reflecting the addition of the Highland Portfolio for the applicable periods from January 1, 2011 through March 9, 2011 and the elimination of $1.1 million in transaction credits for the year ended December 31, 2011 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
(unaudited) | ||||||||||||
Total revenue | $ | 950,949 | $ | 941,297 | $ | 877,557 | ||||||
Loss from continuing operations | $ | (45,620 | ) | $ | (56,412 | ) | $ | (36,034 | ) | |||
Net loss | $ | (45,620 | ) | $ | (60,062 | ) | $ | (43,914 | ) |
Organization_and_Description_o1
Organization and Description of Business (Details) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Apr. 11, 2007 | Aug. 31, 2003 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2011 | Jun. 17, 2013 | 31-May-13 | |
hotel | Hotels | Hotels | PIM Highland JV [Member] | PIM Highland JV [Member] | PIM Highland JV [Member] | Subsidiaries [Member] | Loan secured by one hotel property [Member] | Wholly Owned Properties [Member] | Majority Owned Properties [Member] | Partially Owned Properties [Member] | Spin-off of an 8-Hotel Portfolio [Member] | Spin-off of an 8-Hotel Portfolio [Member] | ||
Room | Hotels | Room | Hotels | Hotels | Hotels | World Quest Resort [Member] | Hotels | Hotels | ||||||
Hotels | Condominium | Room | ||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels acquired (in hotels) | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties owned (in hotels) | ' | ' | ' | ' | ' | ' | ' | 87 | ' | 85 | 2 | ' | ' | ' |
Number of rooms owned, gross (in rooms) | ' | ' | 17,030 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,146 | ' |
Number of rooms owned excluding those attributable joint ventures (in rooms) | ' | ' | 17,003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,912 | ' |
Number of units acquired (in condominium) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96 | ' | ' |
Payment to acquire real estate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12,000,000 | ' | ' |
Investment in unconsolidated entities | ' | ' | 195,545,000 | 158,694,000 | 150,000,000 | 139,302,000 | 158,694,000 | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | 89.00% | 71.74% | ' | 71.74% | ' | ' | ' | ' | ' | 80.00% | ' |
Number of hotels in portfolio acquired (in hotels) | 51 | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | 8 | ' |
Amount of preferred equity interest | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties held by majority owned joint venture (in hotels) | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of rooms through preferred equity interest in joint ventures, gross (in rooms) | ' | ' | ' | ' | ' | 8,084 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of rooms through preferred equity interest in joint ventures, net (in rooms) | ' | ' | ' | ' | ' | 5,800 | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of note | ' | ' | $3,384,000 | $11,331,000 | ' | ' | ' | ' | $3,400,000 | ' | ' | ' | ' | ' |
Noncontrolling interest in joint venture | ' | ' | 15.00% | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties managed by affiliates (in hotels) | ' | ' | ' | ' | ' | 21 | ' | 54 | ' | ' | ' | ' | ' | ' |
Number of hotel properties managed by third party (in hotels) | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 |
Significant_Accounting_Policie2
Significant Accounting Policies (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Apr. 11, 2007 | Jun. 30, 2012 | Dec. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-13 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Jun. 17, 2013 | 31-May-13 | Dec. 31, 2013 | |
hotel | Persons | Hotels | Hotels | Notes Receivable [Member] | Notes Receivable [Member] | Notes Receivable [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | PIM Highland JV [Member] | PIM Highland JV [Member] | PIM Highland JV [Member] | Parent Company [Member] | Ashford Prime OP [Member] | Ashford Prime OP [Member] | Marriott International [Member] | Marriott International [Member] | Marriott International [Member] | Marriott International [Member] | Marriott International [Member] | Hilton Hotel Tucson Arizona [Member] | Columbus Oh Doubletree Guest Suites [Member] | CNL Portfolio [Member] | Columbus Oh Doubletree Guest Suites [Member] | Spin-off of an 8-Hotel Portfolio [Member] | Spin-off of an 8-Hotel Portfolio [Member] | Spin-off of an 8-Hotel Portfolio [Member] | |||||
Hotels | Joint_Venture | Building and Building Improvements [Member] | Furniture, fixtures and equipment [Member] | Building and Building Improvements [Member] | Furniture, fixtures and equipment [Member] | Persons | Persons | Hotels | Hotels | Hotels | Hotels | Hotels | Hotels | ||||||||||||||||||||||||
Floors | Hotels | Joint_Venture | |||||||||||||||||||||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties managed by third party (in hotels) | ' | ' | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | 26 | 40 | ' | ' | ' | ' | ' | 6 | ' |
Number of weeks of operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '112 days | '84 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow reserve as percentage of revenue, Minimum | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow reserve as percentage of revenue, Maximum | ' | ' | ' | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of initial properties related to acquisition of noncontrolling interest from third parties | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges recorded for a hotel property included in the continuing operations | ' | ' | ' | ' | ' | $0 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest income recorded | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment Charges | ' | 4,100,000 | ' | 6,200,000 | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 39,900,000 | ' | ' | ' | ' | ' | ' |
Valuation Allowances and Reserves, Adjustments | ' | ' | ' | ' | ' | ' | ' | ' | 396,000 | 5,300,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest in Joint venture | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.40% | ' | ' | ' | 71.74% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charges of Joint venture | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | 89.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 71.74% | ' | 71.74% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' |
Number of persons in a executive committee | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of persons designated to executive committee by joint venture partner | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of persons designated to executive committee by Ashford | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in unconsolidated entities | ' | ' | ' | ' | ' | 195,545,000 | 158,694,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000,000 | 139,302,000 | 158,694,000 | ' | 56,243,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Classified time period of asset held for sale | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from sale of hotel, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | ' | ' | ' |
Net gain on sale of hotel property | ' | ' | ' | ' | ' | ' | ' | 2,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' |
Number of hotel properties sold | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel property reclassified as asset held for sale | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of interest rate floors combined in interest rate flooridor | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative hedge ineffectiveness | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period for settlement due to and from affiliates maximum | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unfavorable contract liabilities related to management agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23,400,000 | ' | ' | ' | ' |
Unfavorable management contract liabilities | ' | ' | ' | ' | ' | 7,306,000 | 11,165,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 493,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling interest in joint venture | ' | ' | ' | ' | ' | 15.00% | 11.00% | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Number of joint venture | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 |
Number of hotel properties held by joint ventures | ' | ' | ' | ' | ' | 2 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 |
Percentage of ownership interest in hotel property held by joint venture | ' | ' | 89.00% | ' | ' | 89.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining ownership interest acquired | ' | ' | 11.00% | ' | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain loss on lease agreement | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note receivable | ' | ' | 8,100,000 | ' | 8,100,000 | ' | ' | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain loss on security deposit released | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels in portfolio acquired (in hotels) | 51 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' |
Other liabilities | ' | ' | ' | ' | ' | ' | 344,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advisory service fee | ' | ' | ' | ' | ' | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising Expense | ' | ' | ' | ' | ' | $4,100,000 | $4,000,000 | $3,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '7 years 6 months | '3 years | ' | ' | '39 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment_in_Hotel_Properties2
Investment in Hotel Properties (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Investment in hotel properties, net | ' | ' |
Land | $410,148 | $483,242 |
Buildings and improvements | 2,071,811 | 2,779,589 |
Furniture, fixtures and equipment | 166,193 | 224,907 |
Construction in progress | 11,956 | 10,499 |
Condominium properties | 12,442 | 12,690 |
Total cost | 2,672,550 | 3,510,927 |
Accumulated depreciation | -508,161 | -638,623 |
Investment in hotel properties, net | $2,164,389 | $2,872,304 |
Investment_in_Hotel_Properties3
Investment in Hotel Properties (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 14-May-13 | Dec. 31, 2013 | Mar. 31, 2011 | Mar. 31, 2011 | |
Pier House Resort [Member] | Pier House Resort [Member] | World Quest Resort [Member] | World Quest Resort [Member] | ||||
Condominium | Rental Pool Program [Member] | ||||||
Condominium | |||||||
Significant Acquisitions and Disposals [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | $2,700,000 | ' | ' | ' | $11,500,000 | ' | ' |
Cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes | 2,000,000,000 | 2,600,000,000 | ' | ' | ' | ' | ' |
Amount of hotel project, Total | ' | ' | ' | 90,000,000 | ' | 12,000,000 | ' |
Transaction acquisition costs | 1,324,000 | 0 | -793,000 | ' | 901,000 | 298,000,000 | ' |
Number of hotel condominiums acquired (in hotels) | ' | ' | ' | ' | ' | 96 | 96 |
Recognition of depreciation expense | $127,500,000 | $136,000,000 | $133,500,000 | ' | ' | ' | ' |
Percent of voting interests acquired | ' | ' | ' | 100.00% | ' | ' | ' |
Investment_in_Hotel_Properties4
Investment in Hotel Properties (Estimated Fair Value of Assets Acquired and Liabilities Assumed) (Details) (Pier House Resort [Member], USD $) | 14-May-13 |
In Thousands, unless otherwise specified | |
Pier House Resort [Member] | ' |
Significant Acquisitions and Disposals [Line Items] | ' |
Land | $56,900 |
Buildings and improvements | 26,924 |
Furniture, fixtures, and equipment | 6,100 |
Property, plant and equipment | 89,924 |
Net other assets and liabilities | -1,690 |
Total | $88,234 |
Notes_Receivable_Details
Notes Receivable (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | |||||||||
Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 30, 2011 | Dec. 31, 2010 | Mar. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2008 | 31-May-10 | Feb. 28, 2010 | Jul. 31, 2009 | Jun. 30, 2009 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
Loans | Loans | Loan secured by 105 hotel portfolio [Member] | Loan secured by 105 hotel portfolio [Member] | Loan secured by 105 hotel portfolio [Member] | Loan secured by one hotel property [Member] | Loan secured by one hotel property [Member] | Four Seasons hotel, Nevis [Member] | Four Seasons hotel, Nevis [Member] | Sheraton Hotel [Member] | Sheraton Hotel [Member] | Extended Stay Hotel [Member] | Extended Stay Hotel [Member] | Mezzanine Loan [Member] | Mezzanine Loan [Member] | |||
hotel | Hotels | ||||||||||||||||
Mortgage Loans on Real Estate [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest in hotel property held by joint venture | 89.00% | ' | 89.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Remaining ownership interest acquired | 11.00% | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note receivable | $8,100,000 | $8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Retaining amount of security deposits | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on note receivable | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate of note receivable | 12.85% | 12.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of mezzanine loans (in loans) | ' | ' | 1 | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties in portfolio as security for loan receivable (in hotels) | ' | ' | ' | ' | 105 | ' | ' | ' | ' | ' | ' | ' | ' | 681 | ' | ' | ' |
Loan paid | ' | ' | ' | ' | 22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Carrying value of note | ' | ' | 3,384,000 | 11,331,000 | ' | 4,200,000 | 17,900,000 | ' | 3,400,000 | ' | ' | ' | ' | 109,400,000 | ' | 3,400,000 | 3,200,000 |
Impairment charges of receivables | ' | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Note receivable restructured | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial investment | ' | ' | ' | ' | ' | ' | ' | 33,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash payments | ' | ' | ' | ' | ' | ' | ' | 20,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Principal amount of junior participating note | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | 18,200,000 | ' | 4,000,000 | 4,000,000 | 164,000,000 | ' | ' | ' |
Interest rate | ' | ' | ' | ' | ' | ' | ' | 6.09% | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' |
Valuation allowance, net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | 8,300,000 |
Senior mortgage interest rate converted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.40% | ' | ' | ' | ' | ' | ' |
Mezzanine loan purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,400,000 | ' | ' | ' |
Discount amortized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' |
Valuation adjustments of impaired notes | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,400,000 | ' | ' | ' |
Valuation allowance of note | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' |
Investment_in_Unconsolidated_E2
Investment in Unconsolidated Entities (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | PIM Highland JV [Member] | PIM Highland JV [Member] | PIM Highland JV [Member] | Ashford Prime OP [Member] | Ashford Prime OP [Member] | |||
Summary of preliminary balance sheet | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets | $2,677,002 | $3,464,729 | $3,589,726 | $1,390,782 | $1,417,204 | ' | $961,732 | $847,280 |
Total liabilities | 1,923,959 | 2,466,250 | ' | 1,173,841 | 1,176,298 | ' | 658,605 | 594,902 |
Members’ capital / Partners' capital | ' | ' | ' | 216,941 | 240,906 | ' | 303,127 | 252,378 |
Total liabilities and equity | 2,677,002 | 3,464,729 | ' | 1,390,782 | 1,417,204 | ' | 961,732 | 847,280 |
Our ownership interest in PIM Highland JV / Ashford Prime OP | $195,545 | $158,694 | ' | $139,302 | $158,694 | $150,000 | $56,243 | $0 |
Investment_in_Unconsolidated_E3
Investment in Unconsolidated Entities (Details 1) (USD $) | 3 Months Ended | 12 Months Ended | 10 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
PIM Highland JV [Member] | PIM Highland JV [Member] | PIM Highland JV [Member] | Ashford Prime OP [Member] | Ashford Prime OP [Member] | Ashford Prime OP [Member] | ||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $209,755 | $242,024 | $258,539 | $231,942 | $240,578 | $224,196 | $240,777 | $217,055 | $942,260 | $922,606 | $859,978 | $332,205 | $426,760 | $416,892 | $233,496 | $221,188 | $191,991 |
Total expenses | -187,342 | -213,843 | -217,008 | -206,664 | -213,387 | -193,974 | -205,264 | -195,207 | -824,857 | -807,832 | -766,114 | -322,419 | -385,133 | -377,453 | -214,086 | -189,382 | -167,612 |
Operating income | 22,413 | 28,181 | 41,531 | 25,278 | 27,191 | 30,222 | 35,513 | 21,848 | 117,403 | 114,774 | 93,864 | 9,786 | 41,627 | 39,439 | 19,410 | 31,806 | 24,379 |
Interest income and other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 85 | 69 | 102 | ' | ' | ' |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 23 | 29 | 24 |
Other Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 9,673 |
Interest expense, amortization and write-offs of deferred loan costs, discounts and premiums and exit fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -50,021 | -64,316 | -63,497 | -34,982 | -31,244 | -31,803 |
Unrealized loss on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -8,315 | -35,657 | -70,286 | ' | ' | ' | -36 | 0 | 0 |
Removal of gain recognized at acquisition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 82,144 | 0 | 0 | ' | ' | ' |
Other expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,020 | 0 | -72 | ' | ' | ' |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,511 | -2,375 | -1,620 | -2,687 | -1,345 | -2,353 | -2,343 | -4,384 | -2,636 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | -48,558 | -62,208 | -117 | 37,287 | -23,965 | -26,381 | -17,928 | -3,793 | -363 |
Income (loss) from consolidated entities attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -908 | -868 | -610 | ' | ' | ' | -934 | -752 | 989 |
Net loss attributable to redeemable noncontrolling interests in operating partnership | ' | ' | ' | ' | ' | ' | ' | ' | 8,183 | 9,296 | 2,836 | ' | ' | ' | 7,080 | 0 | 0 |
Net income (loss) attributable to the Company | ' | ' | ' | ' | ' | ' | ' | ' | -41,283 | -53,780 | 2,109 | ' | ' | ' | -11,782 | -4,545 | 626 |
Our equity in earnings (loss) of equity method investments | ' | ' | ' | ' | ' | ' | ' | ' | ($23,404) | ($20,833) | $14,528 | $14,528 | ($19,392) | ($20,833) | ($4,012) | $0 | $0 |
Investment_in_Unconsolidated_E4
Investment in Unconsolidated Entities (Details Textual) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 10 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||
Apr. 11, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 19, 2013 | Nov. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Jun. 17, 2013 | |
hotel | Persons | Minimum [Member] | Maximum [Member] | PIM Highland JV [Member] | PIM Highland JV [Member] | PIM Highland JV [Member] | PIM Highland JV [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Subsidiary of Common Parent [Member] | Property in Nevis [Member] | Property in Nevis [Member] | Property in Dallas [Member] | Property in Dallas [Member] | Spin-off of an 8-Hotel Portfolio [Member] | |||
Room | Hotels | Persons | Hotels | ||||||||||||||||
Persons | Hotels | Room | |||||||||||||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage by parent | ' | ' | ' | ' | ' | ' | 71.74% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred equity interest earning accrued | ' | ' | ' | ' | ' | ' | $25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid annual return with priority over common equity distributions | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels in portfolio acquired (in hotels) | 51 | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 |
Number of members of executive committee | ' | 4 | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of persons designated to executive committee by joint venture partner | ' | ' | ' | ' | ' | ' | 2 | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment in unconsolidated entities | ' | 195,545,000 | 158,694,000 | ' | ' | ' | 150,000,000 | ' | 139,302,000 | 158,694,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties held by majority owned joint venture (in hotels) | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portfolio acquired | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preliminary fair value of indebtedness | ' | ' | ' | ' | ' | ' | ' | ' | 1,100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Pay down of related debt | ' | ' | ' | ' | ' | ' | ' | ' | 170,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain recognized by PIM Highland JV | ' | ' | ' | ' | ' | ' | ' | ' | 82,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity in earnings (loss) of unconsolidated entities | ' | -23,404,000 | -20,833,000 | 14,528,000 | ' | ' | ' | 14,528,000 | -19,392,000 | -20,833,000 | ' | 46,300,000 | ' | ' | ' | ' | ' | ' | ' |
Subordinated beneficial interest in trust percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 14.40% | 14.40% | 18.00% | 18.00% | ' |
Carrying value of subordinated beneficial interest in a trust | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Carrying value of subordinated ownership interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | ' |
Ownership percentage | ' | ' | 89.00% | ' | ' | ' | 71.74% | ' | ' | 71.74% | ' | ' | ' | ' | ' | ' | ' | ' | 80.00% |
Noncontrolling interest in joint venture | ' | 15.00% | 11.00% | ' | 15.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of rooms owned, gross (in rooms) | ' | 17,030 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,146 |
Number of rooms owned excluding those attributable joint ventures (in rooms) | ' | 17,003 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,912 |
Number of Shares of Subsidiary Received for Every Five Shares of Parent Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' |
Number of Shares of Parent Company Common Stock for Every One Share of Common Stock of Subsidiary | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Assets_Held_for_Sale_and_Disco2
Assets Held for Sale and Discontinued Operations (Details) (USD $) | 1 Months Ended | 12 Months Ended | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2011 |
Hilton Hotel Tucson Arizona [Member] | Hilton Hotel Tucson Arizona [Member] | Hilton Hotel Tucson Arizona [Member] | Hilton Hotel Tucson Arizona [Member] | Hilton Hotel Tucson Arizona [Member] | Hampton Inn Jacksonville [Member] | Hampton Inn Jacksonville [Member] | Hampton Inn Jacksonville [Member] | Hampton Inn Jacksonville [Member] | |
Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | Fair Value, Inputs, Level 1 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 3 [Member] | ||||
Fair value aggregated by the level in the fair value hierarchy within which measurements fall on a non-recurring basis and related impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Measurements | ' | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
Impairment charge on hotel property | $39,900 | $4,120 | ' | ' | ' | $6,237 | ' | ' | ' |
Assets_Held_for_Sale_and_Disco3
Assets Held for Sale and Discontinued Operations (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Real Estate Properties [Line Items] | ' | ' | ' |
Loss from discontinued operations before income taxes | $0 | $23 | ($85) |
Income tax (expense) benefit | 0 | -3,650 | -7,880 |
Loss from discontinued operations attributable to the Company | 0 | -3,210 | -7,839 |
Hotels in Discontinued Operations [Member] | ' | ' | ' |
Real Estate Properties [Line Items] | ' | ' | ' |
Hotel revenues | ' | 29,398 | 40,279 |
Hotel operating expenses | ' | -27,722 | -35,916 |
Operating income | ' | 1,676 | 4,363 |
Property taxes, insurance and other | ' | -1,584 | -2,486 |
Depreciation and amortization | ' | -2,548 | -3,031 |
Impairment charge | ' | -4,120 | -6,237 |
Gain on disposal/sales of properties | ' | 4,486 | 2,564 |
Interest expense and amortization of loan costs | ' | -1,464 | -2,020 |
Write-off of loan costs and exit fees | ' | -119 | -948 |
Loss from discontinued operations before income taxes | ' | -3,673 | -7,795 |
Loss from discontinued operations before income taxes | ' | 23 | -85 |
Income tax (expense) benefit | ' | -3,650 | -7,880 |
Income from discontinued operations of consolidated entities attributable to noncontrolling interests | ' | 0 | -1,031 |
Loss from discontinued operations attributable to redeemable noncontrolling interests in operating partnership | ' | 440 | 1,072 |
Loss from discontinued operations attributable to the Company | ' | ($3,210) | ($7,839) |
Assets_Held_for_Sale_and_Disco4
Assets Held for Sale and Discontinued Operations (Details Textual) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jun. 30, 2012 | Jun. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2012 | Dec. 31, 2012 | Nov. 30, 2012 | Jun. 30, 2011 | Dec. 31, 2011 | |
Hilton Hotel Tucson Arizona [Member] | Hilton Hotel Tucson Arizona [Member] | Hilton Hotel Tucson Arizona [Member] | Columbus Oh Doubletree Guest Suites [Member] | Hampton Inn Jacksonville [Member] | Hampton Inn Jacksonville [Member] | ||||||
Real Estate Properties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Assets held for sale impairment charge | ' | ' | ' | ' | ' | $39,900,000 | ' | $4,120,000 | ' | ' | $6,237,000 |
Proceeds from sale of hotel, net | ' | ' | ' | ' | ' | ' | ' | ' | 7,700,000 | ' | ' |
Impairment Charges | 4,100,000 | 6,200,000 | ' | ' | ' | ' | 4,100,000 | ' | ' | ' | ' |
Long-Lived Assets Held-for-sale, at Carrying Value | ' | ' | ' | ' | ' | ' | 19,700,000 | ' | ' | ' | ' |
Estimated fair value of hotel property | ' | ' | ' | ' | ' | ' | ' | 19,700,000 | ' | ' | ' |
Distribution from Ashford Prime OP | ' | ' | $6,049,000 | $0 | $0 | ' | ' | ' | ' | $10,000,000 | ' |
Deferred_Costs_net_Details
Deferred Costs, net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ' | ' |
Deferred loan costs | $27,049 | $32,974 |
Deferred franchise fees | 4,037 | 4,024 |
Total costs | 31,086 | 36,998 |
Accumulated amortization | -20,931 | -19,804 |
Deferred costs, net | $10,155 | $17,194 |
Intangible_Assets_Net_Details
Intangible Assets, Net (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' |
Cost | $0 | $3,233 |
Accumulated amortization | 0 | -512 |
Intangible asset, net | $0 | $2,721 |
Intangible_Asset_net_Details_T
Intangible Asset, net (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Intangible asset amortization expense | $79 | $89 | $89 |
Indebtedness_Details
Indebtedness (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 20, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Mortgage loan 1 [Member] | Mortgage loan 1 [Member] | Mortgage loan 2 [Member] | Mortgage loan 2 [Member] | Mortgage loan 3 [Member] | Mortgage loan 3 [Member] | Mortgage loan 4 [Member] | Mortgage loan 4 [Member] | Mortgage loan 4 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Mortgage loan 5 [Member] | Mortgage loan 5 [Member] | Mortgage loan 5 [Member] | Mortgage loan 6 [Member] | Mortgage loan 6 [Member] | Mortgage loan 6 [Member] | Mortgage loan 7 [Member] | Mortgage loan 7 [Member] | Mortgage loan 8 [Member] | Mortgage loan 8 [Member] | Mortgage loan 8 [Member] | Mortgage loan 9 [Member] | Mortgage loan 9 [Member] | Mortgage loan 10 [Member] | Mortgage loan 10 [Member] | Mortgage loan 11 [Member] | Mortgage loan 11 [Member] | Mortgage loan 12 [Member] | Mortgage loan 12 [Member] | Mortgage loan 13 [Member] | Mortgage loan 13 [Member] | Mortgage loan 14 [Member] | Mortgage loan 14 [Member] | Mortgage loan 15 [Member] | Mortgage loan 15 [Member] | Mortgage loan 16 [Member] | Mortgage loan 16 [Member] | Mortgage loan 17 [Member] | Mortgage loan 17 [Member] | Mortgage loan 18 [Member] | Mortgage loan 18 [Member] | Mortgage loan 19 [Member] | Mortgage loan 19 [Member] | Mortgage loan 19 [Member] | TIF Loan [Member] | TIF Loan [Member] | Mortgage loan 20 [Member] | Mortgage loan 20 [Member] | Mortgage Loan 21 [Member] | Mortgage Loan 21 [Member] | Mortgage Loan 21 [Member] | Mortgage Loan 22 [Member] | Mortgage Loan 22 [Member] | Mortgage Loan 23 [Member] | Mortgage Loan 23 [Member] | Mortgage Loan 23 [Member] | ||
hotel | hotel | hotel | Hotels | hotel | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | hotel | Minimum [Member] | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | hotel | Minimum [Member] | ||||||||||||||||||||||||||||||||||
Indebtedness of continuing operations and the carrying values of related collateral | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels collateralized by a loan (in hotels) | ' | ' | 2 | ' | 5 | ' | 9 | ' | 9 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | ' | 8 | ' | 10 | ' | ' | 1 | ' | 8 | ' | 5 | ' | 5 | ' | 5 | ' | 1 | ' | 2 | ' | 3 | ' | 5 | ' | 5 | ' | 5 | ' | ' | 7 | ' | 1 | ' | 1 | ' | 1 | ' | ' | 1 | ' | 1 | ' | ' |
Description of variable rate basis | ' | ' | 'LIBOR | ' | 'LIBOR | ' | 'LIBOR | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'Prime | ' | ' |
Basis spread on variable rate | ' | ' | 2.75% | ' | 4.50% | ' | 6.50% | ' | 6.50% | ' | ' | ' | ' | ' | 2.75% | 2.75% | 3.50% | 3.50% | 6.15% | ' | ' | 6.15% | ' | ' | ' | ' | 4.90% | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.32% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.40% | ' | 5.75% | ' | 5.22% | ' | ' | ' | ' | 5.70% | ' | 5.53% | ' | 5.53% | ' | 5.53% | ' | 5.91% | ' | 5.95% | ' | 5.95% | ' | 5.95% | ' | 5.95% | ' | 5.95% | ' | ' | 5.95% | ' | 12.85% | ' | 6.26% | ' | 5.49% | 5.49% | ' | 5.49% | ' | ' | ' | 6.00% |
Long-term Debt | $1,818,929 | $2,339,410 | $0 | $141,667 | $164,433 | $173,180 | $135,000 | $135,000 | ' | $5,075 | $5,285 | ' | $0 | $0 | ' | ' | ' | ' | $211,000 | $211,000 | ' | ' | $102,348 | $104,680 | $148,991 | $152,513 | $69,000 | $69,000 | $0 | $94,899 | $96,907 | $107,737 | $110,169 | $89,347 | $91,364 | $77,394 | $79,140 | $0 | $34,735 | $0 | $127,289 | $0 | $259,021 | $113,343 | $114,732 | $101,878 | $103,126 | $155,019 | $156,918 | ' | $123,997 | $125,517 | $0 | $8,098 | $101,268 | $102,562 | $10,800 | ' | $0 | $7,400 | $0 | $0 | $6,507 | ' |
Book Value of Collateral | $2,151,795 | $2,846,572 | $0 | $259,496 | $213,501 | $218,647 | $193,016 | $197,672 | ' | $8,994 | $9,044 | ' | $0 | $0 | ' | ' | ' | ' | $313,202 | $317,442 | ' | ' | $82,314 | $81,290 | $170,897 | $172,195 | ' | $88,836 | $0 | $77,733 | $79,146 | $127,073 | $121,451 | $96,248 | $97,678 | $102,629 | $102,960 | $0 | $91,222 | $0 | $145,275 | $0 | $275,190 | $125,913 | $128,605 | $113,256 | $111,546 | $155,429 | $160,373 | ' | $142,980 | $145,456 | ' | $0 | $113,927 | $113,860 | $17,223 | ' | $0 | $8,624 | $0 | $0 | $18,024 | ' |
Indebtedness_Details_1
Indebtedness (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $638,226 | ' |
2015 | 322,508 | ' |
2016 | 270,029 | ' |
2017 | 475,743 | ' |
2018 | 2,062 | ' |
Thereafter | 110,361 | ' |
Total | $1,818,929 | $2,339,410 |
Indebtedness_Details_Textual
Indebtedness (Details Textual) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-11 | Dec. 31, 2013 | Feb. 26, 2013 | Feb. 26, 2013 | Feb. 26, 2013 | Feb. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 21, 2012 | Sep. 24, 2012 | Feb. 21, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Sep. 30, 2011 | Dec. 31, 2013 | Feb. 26, 2013 | 31-May-12 | 31-May-12 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 26, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Feb. 26, 2013 | Dec. 31, 2012 | Feb. 26, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Dec. 20, 2013 | Nov. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 20, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2010 |
Interest Rate Derivatives [Member] | Interest Rate Derivatives [Member] | Parent Company [Member] | Parent Company [Member] | Interstate Hotels and Resorts [Member] | Hilton [Member] | Mortgage loan 5 [Member] | Mortgage loan 5 [Member] | Mortgage loan 5 [Member] | Mortgage loan 2 [Member] | Mortgage loan 2 [Member] | Mortgage loan 8 [Member] | Mortgage loan 8 [Member] | Mortgage loan 8 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Senior credit facility 1 [Member] | Refinanced Mortgage Loan 1 [Member] | Refinanced Mortgage Loan 1 [Member] | Mortgage loan 4 [Member] | Mortgage loan 4 [Member] | Mortgage loan 4 [Member] | Mortgage loan 20 [Member] | Mortgage loan 20 [Member] | Mortgage loan 20 [Member] | Mortgage loan 1 [Member] | Mortgage loan 1 [Member] | Mortgage loan 1 [Member] | Mortgage loan 19 [Member] | Mortgage loan 19 [Member] | Mortgage loan 19 [Member] | Refinanced Mortgage Loan 2 [Member] | Refinanced Mortgage Loan 2 [Member] | Mortgage Loan Six [Member] | Mortgage Loan Six [Member] | Mortgage Loan Six [Member] | Mortgage Loan 21 [Member] | Mortgage Loan 21 [Member] | Mortgage Loan 21 [Member] | Mortgage Loan 22 [Member] | Mortgage Loan 22 [Member] | Restructured Mortgage Loans [Member] | Restructured Mortgage Loans [Member] | Letter of Credit [Member] | Mortgage loan 3 [Member] | Mortgage loan 3 [Member] | Mortgage loan 3 [Member] | |||
Capital Hilton and Hilton La Jolla Torrey Pines [Member] | Manchester Ct Marriott Residence Inn [Member] | Manchester Ct Marriott Residence Inn [Member] | Capital Hilton and Hilton La Jolla Torrey Pines [Member] | hotel | Minimum [Member] | hotel | extension | hotel | bank | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | extension | hotel | hotel | hotel | hotel | Hotels | hotel | hotel | extension | hotel | hotel | Hotel Property In Manchester Connecticut [Member] | ||||||||||||||||||||||||||||||||
Hotels | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
London Interbank Offered Rate (LIBOR) Rate | 0.17% | 0.21% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of credit derivatives, net | ' | ' | ' | ($73,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR floor percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.50% | ' | ' | ' | ' |
Indebtedness | 1,818,929,000 | 2,339,410,000 | ' | ' | ' | ' | ' | ' | 211,000,000 | 211,000,000 | ' | 164,433,000 | 173,180,000 | 69,000,000 | 69,000,000 | 0 | ' | 0 | ' | 0 | ' | ' | ' | ' | ' | ' | ' | 141,000,000 | 167,200,000 | ' | 5,075,000 | 5,285,000 | 101,268,000 | ' | 102,562,000 | 0 | ' | 141,667,000 | ' | 123,997,000 | 125,517,000 | 153,900,000 | ' | ' | 102,348,000 | 104,680,000 | 10,800,000 | ' | 0 | 7,400,000 | 0 | ' | ' | ' | 135,000,000 | 135,000,000 | ' |
Replacing loan amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 141,700,000 | ' | 135,000,000 | ' | ' | ' | 199,900,000 | ' | ' | 199,900,000 | ' | ' | ' | ' | ' | 6,500,000 | 211,000,000 | ' | ' | ' | 10,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.40% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.32% | ' | 6.26% | ' | ' | ' | ' | ' | ' | 5.95% | ' | ' | ' | ' | 5.75% | ' | 5.49% | 5.49% | ' | 5.49% | ' | ' | ' | ' | ' | ' | ' |
Number of Extension Options with No Test Requirement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Mortgage Loan Extension Option | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | '1 year | ' | '1 year | '1 year | ' | ' | '1 year | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' |
Mortgage Loan Initial Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Extension Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | 'LIBOR | 'LIBOR | ' | 'LIBOR | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' |
Ownership percentage | ' | 89.00% | ' | ' | 75.00% | 85.00% | 15.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | ' | ' | 6.15% | ' | ' | 4.50% | ' | 4.90% | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | 2.75% | 2.75% | 3.50% | 3.50% | ' | ' | 6.50% | ' | ' | ' | ' | ' | 2.75% | ' | ' | 3.50% | ' | ' | ' | ' | 6.15% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | ' | ' |
Debt Instrument, Floor Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' |
Senior credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 105,000,000 | 165,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line Of Credit Facility Expanded Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 165,000,000 | 145,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Mortgage Re-Finance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility Further Possible Expansion Aggregate Size | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225,000,000 | ' | ' | ' | 225,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Additional Banks Participating in Credit Facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restructuring of mortgage loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 203,400,000 | ' | ' | ' | ' | ' |
Aggregate size of new credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' | ' |
Loan paid down | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' |
Total amount of loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 178,400,000 | ' | ' | ' | ' |
Amount of principal and interest paid | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Notes Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,800,000 |
Percentage of extension fees | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% |
Number of hotels collateralized by a loan (in hotels) | ' | ' | ' | ' | ' | ' | ' | ' | 5 | ' | ' | 5 | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 1 | ' | 1 | ' | ' | 2 | ' | ' | ' | 7 | ' | 5 | ' | ' | 8 | ' | 1 | ' | ' | 1 | ' | ' | ' | ' | 9 | ' | ' |
Period of extension | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years |
Previous Minimum FIx Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 135.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum FIx Charge Coverage Ratio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid under fixed rate swap contract | ' | ' | $302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 2013 | 31-May-11 | Dec. 31, 2013 | Oct. 31, 2010 | Oct. 31, 2010 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | |
1.18 Billion Swap [Member] | 1.18 Billion Swap [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | New 1.8 Billion Swap [Member] | Old 1.8 Billion Swap [Member] | Various Flooridors [Member] | Various Flooridors [Member] | Interest Rate Caps [Member] | Interest Rate Caps [Member] | Interest Rate Caps [Member] | Interest Rate Cap Transfered [Member] | Two Interest Rate Caps [Member] | Credit Default Swaps [Member] | Credit Default Swaps [Member] | Credit Default Swaps [Member] | Credit Default Swaps [Member] | Investment Derivatives [Member] | Investment Derivatives [Member] | Marketable Securities and Other [Member] | Derivative Assets [Member] | ||||
Credit Default Swaps [Member] | Credit Default Swaps [Member] | |||||||||||||||||||||||
Derivative Instruments, Gain (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of derivative | ' | ' | ' | $1,180,000,000 | ' | ' | ' | $1,800,000,000 | ' | ' | $11,700,000,000 | $268,900,000 | $346,000,000 | $365,300,000 | $199,900,000 | $211,000,000 | ' | ' | ' | $100,000,000 | ' | ' | ' | ' |
Ownership percentage | ' | 89.00% | ' | 71.74% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed one-month LIBOR rate | ' | ' | ' | 0.27% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Inception Date | ' | ' | ' | 13-Jun-11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Maturity Date | ' | ' | ' | 13-Jan-12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative upfront cost | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest Paid Under Fixed Rate Swap Contract | ' | ' | ' | ' | ' | 302,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
LIBOR floor percentage | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income from derivatives | 6,215,000 | 32,040,000 | 70,573,000 | ' | ' | ' | ' | ' | ' | 38,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized gain (loss) on derivatives | -8,315,000 | -35,657,000 | -70,286,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,937,000 | -3,921,000 | -1,317,000 | ' | ' | ' | ' | ' |
Notional amount of interest rate cash flow hedge derivatives cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rates on mortgage loans with strike rate, minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rates on mortgage loans with strike rate, maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Credit Derivative, Unfront Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,200,000 | ' | ' | ' | ' |
Transaction cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,500,000 | ' | ' | ' | ' |
Change in market value of credit default swap | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' |
Cost Basis of Interest Rate Derivatives for Tax Purposes | 181,000 | 523,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate swap | ' | ' | ' | ' | ' | ' | ' | 4.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate of LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 5.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable rate of LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | 2.64% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Variable interest rates used in the calculation of projected receipts and payments | 'LIBOR | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate of new swap | ' | ' | ' | ' | ' | ' | ' | 5.84% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payment of Fixed rate ,new swap | ' | ' | ' | ' | ' | ' | ' | 4.09% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of credit derivatives, net | ' | ' | ' | ' | ' | ' | -73,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -73,000 | 170,000 |
Notional amount of interest rate cash flow hedge derivatives cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 184,000 | 184,000 | 97,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate derivative fair value of hedged item | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000,000 | 519,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest on savings | ' | ' | ' | ' | ' | ' | ' | 31,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 560,000 | 612,000 | ' | ' |
Derivative liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $561,000 | $299,000 | ' | ' |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Fair Value Measurements Recurring [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Derivative assets: | ' | ' |
Derivative assets | $579 | ' |
Non-derivative assets: | ' | ' |
Assets, fair value | 29,620 | 34,411 |
Non-derivative liabilities | ' | ' |
Liabilities, fair value | -3,764 | -6,041 |
Assets and liabilities, fair value | 25,856 | 28,370 |
Equity and U.S Treasury Securities [Member] | ' | ' |
Non-derivative assets: | ' | ' |
Non-derivative assets | 29,041 | 23,008 |
Margin Account Balance [Member] | ' | ' |
Non-derivative liabilities | ' | ' |
Non-derivative liabilities | -3,130 | -1,342 |
Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 19 | 10,617 |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | -4,400 |
Interest Rate Derivatives [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 4 |
Credit Default Swaps [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | ' | 170 |
Derivative liabilities: | ' | ' |
Derivative liabilities | -73 | ' |
Equity Put and Call Options [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | ' | 612 |
Put Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | -82 | -7 |
Call Option [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 560 | ' |
Call Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | -479 | -292 |
Quoted Market Prices (Level 1) [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 560 | ' |
Non-derivative assets: | ' | ' |
Assets, fair value | 29,601 | 23,620 |
Non-derivative liabilities | ' | ' |
Liabilities, fair value | -3,691 | -1,641 |
Assets and liabilities, fair value | 25,910 | 21,979 |
Quoted Market Prices (Level 1) [Member] | Equity Securities [Member] | ' | ' |
Non-derivative assets: | ' | ' |
Non-derivative assets | 29,041 | ' |
Quoted Market Prices (Level 1) [Member] | Equity and U.S Treasury Securities [Member] | ' | ' |
Non-derivative assets: | ' | ' |
Non-derivative assets | ' | 23,008 |
Quoted Market Prices (Level 1) [Member] | Margin Account Balance [Member] | ' | ' |
Non-derivative liabilities | ' | ' |
Non-derivative liabilities | -3,130 | -1,342 |
Quoted Market Prices (Level 1) [Member] | Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Quoted Market Prices (Level 1) [Member] | Interest Rate Derivatives [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 0 |
Quoted Market Prices (Level 1) [Member] | Credit Default Swaps [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | ' | 0 |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | ' |
Quoted Market Prices (Level 1) [Member] | Equity Put and Call Options [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 560 | 612 |
Quoted Market Prices (Level 1) [Member] | Put Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | -82 | -7 |
Quoted Market Prices (Level 1) [Member] | Call Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | -479 | -292 |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 19 | ' |
Non-derivative assets: | ' | ' |
Assets, fair value | 19 | 13,554 |
Non-derivative liabilities | ' | ' |
Liabilities, fair value | 995 | -4,400 |
Assets and liabilities, fair value | 1,014 | 9,154 |
Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ' | ' |
Non-derivative assets: | ' | ' |
Non-derivative assets | 0 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity and U.S Treasury Securities [Member] | ' | ' |
Non-derivative assets: | ' | ' |
Non-derivative assets | ' | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Margin Account Balance [Member] | ' | ' |
Non-derivative liabilities | ' | ' |
Non-derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 19 | 10,617 |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | -4,400 |
Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Derivatives [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 4 |
Significant Other Observable Inputs (Level 2) [Member] | Credit Default Swaps [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | ' | 2,933 |
Derivative liabilities: | ' | ' |
Derivative liabilities | 995 | ' |
Significant Other Observable Inputs (Level 2) [Member] | Equity Put and Call Options [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Put Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Significant Other Observable Inputs (Level 2) [Member] | Call Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | ' |
Non-derivative assets: | ' | ' |
Assets, fair value | 0 | 0 |
Non-derivative liabilities | ' | ' |
Liabilities, fair value | 0 | 0 |
Assets and liabilities, fair value | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity and U.S Treasury Securities [Member] | ' | ' |
Non-derivative assets: | ' | ' |
Non-derivative assets | ' | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Margin Account Balance [Member] | ' | ' |
Non-derivative liabilities | ' | ' |
Non-derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Derivatives [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Credit Default Swaps [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | ' | 0 |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Equity Put and Call Options [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | Equity Securities [Member] | ' | ' |
Non-derivative assets: | ' | ' |
Non-derivative assets | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | Put Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Significant Unobservable Inputs (Level 3) [Member] | Call Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Counterparty and Cash Collateral Netting [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | ' |
Non-derivative assets: | ' | ' |
Assets, fair value | 0 | -2,763 |
Non-derivative liabilities | ' | ' |
Liabilities, fair value | -1,068 | 0 |
Assets and liabilities, fair value | -1,068 | -2,763 |
Counterparty and Cash Collateral Netting [Member] | Equity Securities [Member] | ' | ' |
Non-derivative assets: | ' | ' |
Non-derivative assets | 0 | ' |
Counterparty and Cash Collateral Netting [Member] | Equity and U.S Treasury Securities [Member] | ' | ' |
Non-derivative assets: | ' | ' |
Non-derivative assets | ' | 0 |
Counterparty and Cash Collateral Netting [Member] | Margin Account Balance [Member] | ' | ' |
Non-derivative liabilities | ' | ' |
Non-derivative liabilities | 0 | 0 |
Counterparty and Cash Collateral Netting [Member] | Interest Rate Derivatives [Member] | Not Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 0 |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Counterparty and Cash Collateral Netting [Member] | Interest Rate Derivatives [Member] | Designated as Hedging Instrument [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 0 |
Counterparty and Cash Collateral Netting [Member] | Credit Default Swaps [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | ' | -2,763 |
Derivative liabilities: | ' | ' |
Derivative liabilities | -1,068 | ' |
Counterparty and Cash Collateral Netting [Member] | Equity Put and Call Options [Member] | ' | ' |
Derivative assets: | ' | ' |
Derivative assets | 0 | 0 |
Counterparty and Cash Collateral Netting [Member] | Put Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | 0 | 0 |
Counterparty and Cash Collateral Netting [Member] | Call Option [Member] | Short [Member] | ' | ' |
Derivative liabilities: | ' | ' |
Derivative liabilities | $0 | $0 |
Fair_Value_Measurements_Detail1
Fair Value Measurements (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Unrealized gain (loss) on derivatives | ($8,315) | ($35,657) | ($70,286) |
Unrealized gain (loss) on marketable securities | 5,115 | 2,502 | -391 |
Credit Default Swaps [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Unrealized gain (loss) on derivatives | -1,937 | -3,921 | -1,317 |
Fair Value Measurements Recurring [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Net | -4,424 | -33,986 | -71,687 |
Unrealized gain (loss) on derivatives | -8,315 | -35,657 | -70,286 |
Unrealized gain (loss) on marketable securities | 5,115 | 2,502 | -391 |
Realized loss on marketable securities | -1,224 | -831 | -1,010 |
Accumulated OCI into Interest Expense, Net | 101 | 32 | 603 |
Fair Value Measurements Recurring [Member] | Interest Rate Derivatives [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Unrealized gain (loss) on derivatives | -6,378 | -31,736 | -68,969 |
Accumulated OCI into Interest Expense, Net | 101 | 32 | 603 |
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Accumulated OCI into Interest Expense, Net | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | 1,963 | 19,094 | 1,722 |
Accumulated OCI into Interest Expense, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Interest Rate Derivatives [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | 4,400 | 17,091 | 4,258 |
Accumulated OCI into Interest Expense, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Credit Default Swaps [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | -2,025 | 0 | -1,348 |
Accumulated OCI into Interest Expense, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Put Option [Member] | Short [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | -138 | 1,610 | -1,277 |
Accumulated OCI into Interest Expense, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Call Option [Member] | Short [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | -274 | 393 | 89 |
Accumulated OCI into Interest Expense, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Non Derivative Liability [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | 1,963 | 19,158 | 2,097 |
Accumulated OCI into Interest Expense, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Non Derivative Liability [Member] | Equity Securities [Member] | Short [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | 0 | 64 | 375 |
Accumulated OCI into Interest Expense, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | -12,166 | -56,485 | -74,013 |
Accumulated OCI into Interest Expense, Assets | 101 | 32 | 603 |
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | Interest Rate Derivatives [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | -10,778 | -48,827 | -73,227 |
Accumulated OCI into Interest Expense, Assets | 101 | 32 | 603 |
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | Credit Default Swaps [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | 0 | -4,014 | 0 |
Accumulated OCI into Interest Expense, Assets | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | Equity Call Options and Other [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | -1,388 | -3,644 | -786 |
Accumulated OCI into Interest Expense, Assets | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | -6,387 | -53,144 | -73,784 |
Accumulated OCI into Interest Expense, Assets | 101 | 32 | 603 |
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | Equity Securities [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | 5,779 | 3,341 | 229 |
Accumulated OCI into Interest Expense, Assets | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Net | 6,215 | 32,040 | 70,573 |
Unrealized gain (loss) on derivatives | 6,215 | 32,040 | 70,573 |
Unrealized gain (loss) on marketable securities | 0 | 0 | 0 |
Realized loss on marketable securities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Interest Rate Derivatives [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Unrealized gain (loss) on derivatives | 6,215 | 32,040 | 70,573 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Credit Default Swaps [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Unrealized gain (loss) on derivatives | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Liabilities [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | -4,424 | -22,159 | -22,273 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Liabilities [Member] | Interest Rate Derivatives [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | -4,424 | -22,159 | -22,273 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Liabilities [Member] | Credit Default Swaps [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Liabilities [Member] | Put Option [Member] | Short [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative Liabilities [Member] | Call Option [Member] | Short [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Non Derivative Liability [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | -4,424 | -22,159 | -22,273 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Non Derivative Liability [Member] | Equity Securities [Member] | Short [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative assets [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | 10,639 | 54,199 | 92,846 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative assets [Member] | Interest Rate Derivatives [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | 10,639 | 54,199 | 92,846 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative assets [Member] | Credit Default Swaps [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Derivative assets [Member] | Equity Call Options and Other [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Non Derivative Assets [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | 10,639 | 54,199 | 92,846 |
Fair Value Measurements Recurring [Member] | Interest Savings (Cost) [Member] | Non Derivative Assets [Member] | Equity Securities [Member] | ' | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' | ' |
Gain or (Loss) Recognized in Income, Assets | $0 | $0 | $0 |
Fair_Value_Measurements_Detail2
Fair Value Measurements (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Fair Value Disclosures [Abstract] | ' | ' | ' |
Variable interest rates used in the calculation of projected receipts and payments | 'LIBOR | ' | ' |
Lower Uptrend in the LIBOR interest rate | 0.17% | ' | ' |
Higher Uptrend in the LIBOR interest rate | 0.19% | ' | ' |
Derivative Expense Related to Credit Default Swaps | $88 | $93 | $31 |
Change in unrealized loss on derivatives | -3 | -144 | -78 |
Accumulated comprehensive loss reclassified to interest expense | $100 | ' | ' |
Summary_of_Fair_Value_of_Finan2
Summary of Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $29,601 | $23,620 |
Derivative assets, carrying value | 19 | 6,391 |
Liabilities associated with investments in securities and other, estimated fair value | 3,764 | 1,641 |
Fair Value Measurements Recurring [Member] | ' | ' |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities, estimated fair value | 29,601 | 23,620 |
Derivative assets, estimated fair value | 19 | 6,391 |
Liabilities associated with investments in securities and other, estimated fair value | $3,764 | $1,641 |
Summary_of_Fair_Value_of_Finan3
Summary of Fair Value of Financial Instruments (Details 1) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Financial Assets | ' | ' |
Cash and cash equivalents | $128,780 | $185,935 |
Cash and cash equivalents, Estimated fair value | 128,780 | 185,935 |
Restricted cash | 61,498 | 84,786 |
Restricted cash, Estimated fair value | 61,498 | 84,786 |
Accounts receivable | 21,791 | 35,116 |
Accounts receivable, Estimated fair value | 21,791 | 35,116 |
Carrying value of note | 3,384 | 11,331 |
Due from affiliates | 1,302 | 1,168 |
Due from affiliates, Estimated fair value | 1,302 | 1,168 |
Due from Ashford Prime, net | 13,042 | 0 |
Due from Ashford Prime, net, Estimated fair value | 13,042 | 0 |
Due from third-party hotel managers | 33,728 | 48,619 |
Due from third party hotel managers, Estimated fair value | 33,728 | 48,619 |
Financial liabilities | ' | ' |
Indebtedness | 1,818,929 | 2,339,410 |
Accounts payable and accrued expenses, Carrying value | 70,683 | 84,293 |
Accounts payable and accrued expenses, Estimated fair value | 70,683 | 84,293 |
Dividends payable, Carrying value | 20,735 | 18,258 |
Dividends payable, Estimated fair value | 20,735 | 18,258 |
Due to related party, net | 270 | 3,725 |
Due to related party, Estimated fair value | 270 | 3,725 |
Due to third-party hotel managers, Carrying value | 958 | 1,410 |
Due to third-party hotel managers, Estimated fair value | 958 | 1,410 |
Maximum [Member] | ' | ' |
Financial Assets | ' | ' |
Notes receivable, Estimated fair value | 3,094 | 15,899 |
Financial liabilities | ' | ' |
Indebtedness of continuing operations, Estimated fair value | 1,974,714 | 2,505,622 |
Minimum [Member] | ' | ' |
Financial Assets | ' | ' |
Notes receivable, Estimated fair value | 2,800 | 14,385 |
Financial liabilities | ' | ' |
Indebtedness of continuing operations, Estimated fair value | $1,786,651 | $2,266,991 |
Summary_of_Fair_Value_of_Finan4
Summary of Fair Value of Financial Instruments (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Maturity period of financial assets | '90 days | ' |
Carrying value of note | $3,384,000 | $11,331,000 |
Carrying value of total indebtedness of continuing operations | $1,800,000,000 | $2,300,000,000 |
Maximum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes receivable fair value variance from carrying value | -8.60% | 40.30% |
Total indebtedness fair value variance from carrying value | 108.60% | 107.10% |
Minimum [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Notes receivable fair value variance from carrying value | -17.30% | 27.00% |
Total indebtedness fair value variance from carrying value | 98.20% | 96.90% |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $925 |
2015 | 775 |
2016 | 669 |
2017 | 603 |
2018 | 564 |
Thereafter | 27,963 |
Total | $31,499 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Jun. 30, 2012 | Sep. 30, 2010 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2006 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Ground_Lease | Franchise Fees [Member] | Franchise Fees [Member] | Taxes [Member] | Taxes [Member] | Taxes [Member] | Potential Pension Liabilities [Member] | Potential Pension Liabilities [Member] | Management Fees [Member] | Franchise Fees [Member] | Restricted Cash [Member] | |||
Hotels | Hotels | ||||||||||||
Subsidiaries | |||||||||||||
Loss Contingencies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Escrow reserve for capital improvements as percentage of gross revenues, Minimum | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% |
Escrow reserve for capital improvements as percentage of gross revenues, Maximum | 6.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% |
Franchisor Royalty Fees Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' |
Franchisor Royalty Fees Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' |
Marketing reservation and other fees, minimum | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.00% | ' |
Marketing reservation and other fees, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' |
Franchise Costs | ' | ' | ' | $29,200,000 | $27,500,000 | ' | ' | ' | ' | ' | ' | $32,300,000 | ' |
Payment of monthly property management fees, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' |
Property management fee as percentage of gross revenue used if greater than $10,000 (CPI adjusted since 2003) | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Property management fee as percentage of gross revenue, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | ' | ' |
Property management fee as percentage of gross revenue, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' |
Portion of project management fees to project costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' |
Number of ground leases | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Rent expenses | 4,500,000 | 4,700,000 | 4,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent rent | 898,000 | 1,400,000 | 754,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital commitment | 41,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period of payment of capital commitment | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Renewal period of employment agreements | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination period of employment agreements | '6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of audited taxable subsidiaries (in subsidiaries) | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Number of hotel properties managed by third party (in hotels) | 33 | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | 89.00% | ' | ' | ' | ' | 75.00% | ' | ' | ' | ' | ' | ' |
Federal excise tax rate | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' |
Possible additional U.S. federal income taxes under IRS proposed adjustment | ' | ' | ' | ' | ' | 467,000 | ' | ' | ' | ' | ' | ' | ' |
Possible additional state income taxes under IRS proposed adjustment | ' | ' | ' | ' | ' | 83,000 | ' | ' | ' | ' | ' | ' | ' |
Minimum time period for IRS to make assessments after a return is due or filed for U.S federal income tax assessment statute | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' |
Amount of Proposed REIT Adjustment | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' | ' |
Amount of Proposed TRS Adjustment | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' |
Unfunded pension liabilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Net amount of pension payments on settlement agreement paid by hotel manager | ' | ' | ' | ' | ' | ' | ' | ' | 84,000 | ' | ' | ' | ' |
Monthly pension payments | ' | ' | ' | ' | ' | ' | ' | ' | 100,000 | ' | ' | ' | ' |
Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit | ' | ' | ' | ' | ' | ' | ' | ' | 1,700,000 | ' | ' | ' | ' |
Accrued unfunded liabilities | ' | ' | ' | ' | ' | ' | ' | ' | $1,600,000 | ' | ' | ' | ' |
Term of pension liability | ' | ' | ' | ' | ' | ' | ' | ' | '20 years | ' | ' | ' | ' |
Series_B1_Convertible_Redeemab1
Series B-1 Convertible Redeemable Preferred Stock (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | 31-May-11 | Dec. 31, 2011 | Dec. 31, 2010 | Apr. 30, 2011 | Oct. 31, 2011 | 31-May-11 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Common Stock [Member] | Series B-1 Preferred Shares [Member] | Series B-1 Preferred Shares [Member] | Series B-1 Preferred Shares [Member] | Series B-1 Preferred Shares [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | 7,200,000 | 7,300,000 | ' | ' | ' | 4,630,000 | 4,630,000 | ' |
Liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | $10.07 | ' | ' | ' | ' | ' | ' | ' |
Shares converted (in shares) | ' | ' | ' | 200,000 | ' | 1,400,000 | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount converted | ' | ' | ' | ' | ' | ' | ' | $2,000,000 | ' | ' | ' | ' | ' | ' | ' |
Shares redeemed (in shares) | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of preferred stock (in dollars per share) | ' | ' | ' | ' | ' | $12.47 | ' | ' | ' | ' | ' | ' | $25 | ' | ' |
Redemption amount | ' | ' | ' | ' | ' | 73,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,300,000 | 3,350,000 | 3,350,000 | 4,630,000 | 4,630,000 | ' |
Percentage of preferred stock shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.00% | 9.00% | 9.00% | 9.00% | ' | ' |
Conversion of Series B-1 preferred stock, shares (in shares) | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of Shares Treated As Dividend | ' | ' | ' | ' | ' | ' | 17,400,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends declared - Preferred shares | $71,016,000 | $63,795,000 | $53,791,000 | ' | ' | ' | $1,400,000 | ' | ' | ' | ' | ' | $10,418,000 | $10,417,000 | $6,019,000 |
Redeemable_Noncontrolling_Inte2
Redeemable Noncontrolling Interests in Operating Partnership (Details) (Partnership Interest [Member]) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Partnership Interest [Member] | ' | ' | ' | ' |
Summary of the activity of the operating partnership units | ' | ' | ' | ' |
Units outstanding at beginning of year | 17,611 | 16,317 | 14,195 | ' |
Units issued | ' | 1,380 | 1,294 | 2,222 |
Units converted to common shares | 0 | 0 | -100 | ' |
Units outstanding at end of year | 18,991 | 17,611 | 16,317 | ' |
Units convertible/redeemable at end of year | 15,918 | 14,305 | 12,895 | ' |
Redeemable_Noncontrolling_Inte3
Redeemable Noncontrolling Interests in Operating Partnership (Details Textual) (USD $) | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | 31-May-13 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Partnership Interest [Member] | Minimum [Member] | Maximum [Member] | Class B Common Units [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | Long Term Incentive Plan [Member] | ||||
Partnership Interest [Member] | Partnership Interest [Member] | Minimum [Member] | Maximum [Member] | ||||||||||||||||
Redeemable Noncontrolling Interest [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments of Dividends | $78,829,000 | $71,564,000 | $53,295,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,300,000 | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' |
Units Which Had Not Reached Full Economic Parity With The Common Units, Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 142,000 | 1,200,000 | ' | ' | ' | ' | ' | ' | ' |
Dividend Rate common units, year one to three | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.82% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividend Rate common units, after year three | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common unit limited partnership interest period until redemption | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common unit limited partnership interest redemption for common stock shares | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period until redemption for two-thirds of common units under contractual agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | '18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of Class B common units which holders are prevented from redeeming before 18 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | 67.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period until redemption for one third of common units under contractual agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion of Class B common units holders are prevented from redeeming before two years | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period until units subject to contractual lock-up agreements conversion to common unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '5 years |
Common partnership unit per converted Long-Term Incentive Plan unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' |
Issuance of LTIP units (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | 1,300,000 | 2,200,000 | ' | ' | ' | ' |
Issuance of LTIP units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,400,000 | 11,200,000 | 27,400,000 | ' | ' | ' | ' |
LTIP units vested in period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 1,400,000 | 520,000 | ' | ' | ' | ' |
LTIP unit forfeited in period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' |
Outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | ' | ' | ' | ' | ' | ' |
Conversion of stock (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,300,000 | ' | ' | ' | ' | ' | ' |
Aggregate value of LTIP units on date of grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 69,200,000 | ' | ' | ' | ' | ' | ' |
Compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 19,000,000 | 14,800,000 | 9,200,000 | ' | ' | ' | ' |
Unamortized value of LTIP unit (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,100,000 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,500,000 | ' | ' | ' | ' | ' | ' |
Units converted to common shares (in shares) | ' | ' | ' | 0 | 0 | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption of operating partnership units, fair value | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemable noncontrolling interests in operating partnership | 134,206,000 | 151,179,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134,200,000 | 151,200,000 | ' | ' |
Redeemable noncontrolling interest equity including accumulated costs | ' | ' | ' | 5,300,000 | 8,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss to redeemable noncontrolling interests | ' | ' | ' | ' | -9,300,000 | -2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -8,200,000 | ' | ' | ' |
Cash distributions declared | ' | ' | ' | ' | 9,086,000 | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,200,000 | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 months | '2 years 4 months 18 days |
Noncontrolling interest in joint venture | 15.00% | 11.00% | ' | ' | ' | ' | ' | 15.00% | 25.00% | ' | ' | ' | ' | ' | ' | 12.72% | 12.92% | ' | ' |
Noncontrolling Interest, Change in Redemption Value | ($13,344,000) | ($43,620,000) | $11,736,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $123,300,000 | $110,000,000 | ' | ' |
Equity_Details
Equity (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Common stock related: | ' | ' | ' |
Common shares | $37,054 | $29,993 | $25,652 |
Preferred stocks: | ' | ' | ' |
Dividends declared - Preferred shares | 71,016 | 63,795 | 53,791 |
Series A Preferred Stock [Member] | ' | ' | ' |
Preferred stocks: | ' | ' | ' |
Dividends declared - Preferred shares | 3,542 | 3,516 | 3,180 |
Series D Preferred Stock [Member] | ' | ' | ' |
Preferred stocks: | ' | ' | ' |
Dividends declared - Preferred shares | 20,002 | 19,869 | 18,940 |
Series E Preferred Stock [Member] | ' | ' | ' |
Preferred stocks: | ' | ' | ' |
Dividends declared - Preferred shares | $10,418 | $10,417 | $6,019 |
Equity_Details_Textual
Equity (Details Textual) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||
Dec. 31, 2011 | Sep. 30, 2011 | Jul. 31, 2011 | Jan. 31, 2011 | Sep. 30, 2010 | Feb. 28, 2010 | Jan. 31, 2009 | Nov. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | 31-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 24, 2013 | Jun. 20, 2013 | 31-May-11 | Apr. 30, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2011 | 31-May-11 | Apr. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | |
Majority Owned Properties [Member] | Majority Owned Properties [Member] | Common Stock [Member] | Common Stock [Member] | Series B-1 Preferred Shares [Member] | Series B-1 Preferred Shares [Member] | Series B-1 Preferred Shares [Member] | Series B-1 Preferred Shares [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | Series E Preferred Stock [Member] | At-the-Market Preferred Stock Offering [Member] | At-the-Market Preferred Stock Offering [Member] | At-the-Market Preferred Stock Offering [Member] | Standby Equity Distribution Agreement [Member] | Spin-off of an 8-Hotel Portfolio [Member] | |||||||||||||||
Hotels | Hotels | Series A Preferred Stock [Member] | Series D Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 11.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% |
Development Stage Entities, Stock Issued, Shares, Issued for Cash | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | 11,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,657,206 | 1,657,206 | ' | 9,468,706 | 9,468,706 | 1,300,000 | 3,350,000 | 3,350,000 | 4,630,000 | 4,630,000 | ' | ' | ' | ' | ' |
Percentage of preferred stock shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.55% | 8.55% | ' | 8.45% | 8.45% | ' | 9.00% | 9.00% | 9.00% | 9.00% | ' | ' | 8.55% | 8.45% | ' | ' |
Preferred stock, par value (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $23.47 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares pursuant to the underwriters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock, Shares pursuant to the underwriters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market price of cumulative preferred stock | ' | $30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Auction Market Preferred Securities, Shares, Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 169,306 | 501,909 | ' | ' |
Net sales price of Series E Cumulative preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $24.21 | ' | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80,800,000 | ' | ' | ' | ' | ' | ' | ' |
Proceeds used to redeem shares of Series B-1 convertible preferred stock outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 73,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redeemed shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,300,000 | ' | 7,200,000 | ' | 1,657,206 | 1,657,206 | ' | 9,468,706 | 9,468,706 | ' | ' | ' | 4,630,000 | 4,630,000 | ' | ' | ' | ' | ' |
Shares converted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Redemption price of preferred stock (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.47 | ' | ' | ' | ' | $25 | ' | ' | $25 | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' |
Liquidation preference (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Annual dividend rate per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.14 | ' | ' | $2.11 | ' | ' | ' | ' | $2.25 | ' | ' | ' | ' | ' | ' |
Net proceeds from issuance of preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | 244,000 | 15,982,000 | 109,756,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28,900,000 | ' | ' | ' | ' | ' | 4,200,000 | 12,300,000 | ' | ' |
Increased dividend rate percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties owned (in hotels) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At-the-Market Preferred Stock Offering Proceeds, Net of Commissions and Other Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,000,000 | ' | ' | ' | ' |
Convertible Preferred Stock, Shares Issued upon Conversion | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from the reissuance of treasury stock, Shares | ' | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gross price of treasury stock per share | ' | ' | $12.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash proceeds of treasury stock | ' | ' | 83,200,000 | ' | ' | ' | ' | ' | 140,111,000 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Common shares additionally purchased | ' | ' | ' | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares of over allotment options | ' | ' | ' | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds of common shares purchased | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 124,896,765 | 124,896,765 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' |
Common stock, shares outstanding (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 80,565,563 | 68,150,617 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Absolute Maximum Amount of newly issued shares of common stock "YA Global" agrees to purchase pursuant to the "SEDA" | ' | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At-The-Market offering program, Amount of common stock offered for sale | ' | ' | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
At-The-Market offering program, Number of shares sold | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares repurchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 125,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Authorization of additional amount of shares | ' | 58,400,000 | ' | ' | ' | ' | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition of common stock | ' | ' | ' | ' | ' | ' | ' | ' | 32,855 | 55,005 | 33,406 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Treasury stock, shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 44,331,202 | 56,746,148 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 50,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling joint venture partners ownership interests, Maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Hotel Properties with Joint Venture Interests | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stockholders' Equity Attributable to Noncontrolling Interest | ' | ' | ' | ' | ' | ' | ' | ' | 1,048,000 | 15,358,000 | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncontrolling joint venture partners ownership interests, Minimum | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | 15.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of ownership interest at no cost on triple net lease basis | 11.00% | ' | ' | ' | ' | ' | ' | 89.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
(Income) loss from consolidated joint ventures attributable to noncontrolling interests | ' | ' | ' | ' | ' | ' | ' | ' | -908,000 | -868,000 | -610,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized gain from noncontrolling interests in consolidated joint ventures | ' | ' | ' | ' | ' | ' | ' | ' | 9,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized gain through note receivables | ' | ' | ' | ' | ' | ' | ' | ' | 8,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized gain through security deposit | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development Stage Entities, Equity Issuance, Per Share Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | $12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock, Before Underwriting Discount and Other Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 132,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | $0 | $0 | $86,027,000 | ' | ' | ' | ' | ' | $14,200,000 | $125,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Term of Option to Purchase Additional Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Issuance, Additional Shares Available to Underwriters under Option Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment_Charges_Details
Impairment Charges (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of changes in allowance for losses | ' | ' | ' |
Balance at beginning of period | $8,333 | $8,711 | $16,875 |
Impairment charges | 0 | 0 | 0 |
Valuation adjustments (credits to impairment charges) | -396 | -378 | -4,841 |
Charge-offs | 0 | 0 | -3,323 |
Balance at end of period | $7,937 | $8,333 | $8,711 |
Impairment_Charges_Details_Tex
Impairment Charges (Details Textual) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||
Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Apr. 30, 2011 | Dec. 31, 2010 | Mar. 31, 2011 | 31-May-10 | Dec. 31, 2008 | Feb. 28, 2010 | Jul. 31, 2009 | 11-May-09 | Jun. 30, 2009 | Dec. 31, 2012 | Feb. 28, 2010 | Dec. 31, 2009 | |
Loan secured by 105 hotel portfolio [Member] | Loan secured by 105 hotel portfolio [Member] | Loan secured by 105 hotel portfolio [Member] | Four Seasons hotel, Nevis [Member] | Four Seasons hotel, Nevis [Member] | Sheraton Hotel [Member] | Sheraton Hotel [Member] | Sheraton Hotel [Member] | Extended Stay Hotel [Member] | Extended Stay Hotel [Member] | Ritz Carton Hotel Property [Member] | Ritz Carton Hotel Property [Member] | ||||
hotel | Hotels | ||||||||||||||
Impaired Notes and Loans by Collateral [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotels secured by mezzanine loan receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 681 | ' | ' | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10,700,000 |
Junior participation note receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' |
Junior participation note receivable | ' | ' | ' | ' | ' | ' | ' | 18,200,000 | 4,000,000 | 4,000,000 | ' | 164,000,000 | ' | ' | ' |
Interest on senior mortgage | ' | ' | ' | ' | ' | ' | 14.40% | ' | ' | ' | ' | ' | ' | ' | ' |
Unpaid principal and interest amount of Junior participation note receivable | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' | ' | ' | ' | ' | ' |
Subordinated interest | ' | ' | ' | ' | ' | ' | ' | ' | 18.00% | ' | ' | ' | ' | ' | ' |
Mezzanine loan receivable principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 164,000,000 | ' | ' | ' |
Amount of mezzanine loan purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 98,400,000 | ' | ' | ' |
Discount of mezzanine loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,400,000 | ' | ' | ' |
Carrying value of note | 11,331,000 | ' | 3,384,000 | ' | 4,200,000 | 17,900,000 | ' | ' | ' | ' | ' | 109,400,000 | ' | ' | 23,000,000 |
Impairments Of Notes Receivable | ' | ' | ' | ' | 7,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Valuation allowance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 109,400,000 | ' | ' | ' |
Valuation Adjustment on Previously Impaired Notes Receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' |
Principal balance of mezzanine loan receivable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,000,000 | ' |
Net present value of restructuring | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' |
Cash payment settled related to mezzanine loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,200,000 | ' |
Non cash consideration for restructuring of Mezzanine Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,000,000 | ' |
Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.09% | ' |
Impairment charge | 4,100,000 | 6,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of hotel properties in portfolio as security for loan receivable (in hotels) | ' | ' | ' | 105 | ' | ' | ' | ' | ' | ' | ' | 681 | ' | ' | ' |
Proceeds From Loan | ' | ' | ' | $22,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Detai
Stock Based Compensation (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | ' | ' | ' |
Summary of restricted stock activity | ' | ' | ' |
Outstanding at beginning of year (in shares) | 487,000 | 900,000 | 1,387,000 |
Weighted Average Price at Grant, Beginning of year (in dollars per share) | $9.15 | $6.14 | $4.91 |
Restricted shares granted (in shares) | 198,000 | 204,000 | 285,000 |
Weighted Average Price at Grant, Restricted shares granted (in dollars per share) | $11.87 | $8.87 | $11.39 |
Restricted shares vested (in shares) | -266,000 | -586,000 | -761,000 |
Weighted Average Price at Grant, Restricted shares vested (in dollars per share) | $8.97 | $4.44 | $5.82 |
Restricted shares forfeited (in shares) | -1,000 | -31,000 | -11,000 |
Weighted Average Price at Grant, Restricted shares forfeited (in dollars per share) | $9.81 | $9.13 | $7.88 |
Outstanding at end of year (in shares) | 418,000 | 487,000 | 900,000 |
Weighted Average Price at Grant, End of year (in dollars per share) | $10.55 | $9.15 | $6.14 |
Stock_Based_Compensation_Detai1
Stock Based Compensation (Details Textual) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Authorized to grant | ' | ' | 7,800,000 |
Additional Shares approved for grant | ' | ' | 5,800,000 |
Stock-based compensation expense recognized | $2.30 | $2.70 | $3.20 |
Restricted stock fair value | 3.2 | ' | ' |
Restricted stock unamortized cost | 2.7 | ' | ' |
Amortized period | '2 years 2 months | ' | ' |
Intrinsic value of outstanding restricted shares | $3.50 | ' | ' |
2011 Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for future issuance | 1,600,000 | ' | ' |
Amended and Restated 2003 Stock Incentive Plan [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares available for future issuance | 0 | ' | ' |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
401(k) Plan [Member] | 401(k) Plan [Member] | 401(k) Plan [Member] | Employee Savings and Incentive Plan (ESIP) [Member] | Employee Savings and Incentive Plan (ESIP) [Member] | Employee Savings and Incentive Plan (ESIP) [Member] | Deferred Compensation Plan [Member] | Deferred Compensation Plan [Member] | |||
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee's qualified age | ' | ' | '21 years | ' | ' | ' | ' | ' | ' | ' |
Employee period of service | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' |
Minimum hours worked to participate in nonqualified compensation plan (in hours) | ' | ' | '1000 hours | ' | ' | '25 hours | ' | ' | ' | ' |
Percentage of Company contributions | ' | ' | 50.00% | ' | ' | 25.00% | ' | ' | ' | ' |
Company contribution vesting percentage per year | ' | ' | 25.00% | ' | ' | 25.00% | ' | ' | ' | ' |
Matching expenses incurred | ' | ' | $211,000 | $211,000 | $202,000 | $70,000 | $4,000 | $5,000 | ' | ' |
Defined contribution plan employee compensation contribution maximum | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' |
Percentage of Employee's contributions | ' | ' | 6.00% | ' | ' | ' | ' | ' | ' | ' |
Employee contribution | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' |
Maximum percentage of compensation eligible for deferral | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100.00% |
Treasury stock, shares (in shares) | 44,331,202 | 56,746,148 | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Compensation Arrangement, Shares Outstanding | 1,500,000 | 969,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Additional compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | $4,300,000 | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' |
Income tax expense at federal statutory income tax rate of 35% | ($7,907) | ($11,508) | ($8,723) |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income tax expense, net of federal income tax benefit | -469 | -2,710 | -1,278 |
Permanent differences | -761 | -607 | -142 |
State and local income tax (expense) benefit on pass-through entity subsidiaries | -34 | 10 | -114 |
Gross receipts and margin taxes | -631 | -749 | 40 |
Interest and penalties | -20 | -18 | -9 |
Valuation allowance | 8,311 | 13,207 | 8,606 |
Income tax (expense) benefit for income from continuing operations | -1,511 | -2,375 | -1,620 |
Income tax (expense) benefit for income from discontinued operations | 0 | 23 | -85 |
Total income tax (expense) benefit | ($1,511) | ($2,352) | ($1,705) |
Income_Taxes_Details_1
Income Taxes (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current: | ' | ' | ' |
Federal | ($919) | ($1,537) | ($579) |
State | -684 | -757 | -165 |
Total current | -1,603 | -2,294 | -744 |
Deferred: | ' | ' | ' |
Federal | 157 | 7 | -708 |
State | -65 | -88 | -168 |
Total deferred | 92 | -81 | -876 |
Income tax (expense) benefit for income from continuing operations | ($1,511) | ($2,375) | ($1,620) |
Income_Taxes_Details_2
Income Taxes (Details 2) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Allowance for doubtful accounts | $94 | $103 | ' | ' |
Unearned income | 344 | 312 | ' | ' |
Unfavorable management contract liability | 2,838 | 4,338 | ' | ' |
Federal and state net operating losses | 31,360 | 43,571 | ' | ' |
Accrued expenses | 1,350 | 1,844 | ' | ' |
Prepaid expenses | -4,391 | -5,460 | ' | ' |
Accrued revenue | 0 | -211 | ' | ' |
Alternative minimum tax credit | 972 | 0 | ' | ' |
Tax property basis less than book basis | -2,175 | -2,235 | ' | ' |
Tax derivatives basis greater than book basis | -2,787 | -2,035 | ' | ' |
Deferred tax asset | 1,685 | 0 | ' | ' |
Other | 282 | 347 | ' | ' |
Deferred tax asset | 35,146 | 44,644 | ' | ' |
Valuation allowance | -35,146 | -45,398 | -58,081 | -65,249 |
Net deferred tax liability | $0 | ($754) | ' | ' |
Income_Taxes_Details_3
Income Taxes (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Changes in the valuation allowance | ' | ' | ' |
Balance at beginning of year | $45,398 | $58,081 | $65,249 |
Additions charged to other | 4,315 | 4,481 | 19,255 |
Deductions | -14,567 | -17,164 | -26,423 |
Balance at end of year | $35,146 | $45,398 | $58,081 |
Income_Taxes_Details_Textual
Income Taxes (Details Textual) (USD $) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Minimum percentage of income distributed to shareholders to qualify as a REIT | 90.00% | ' | ' | ' |
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year | '4 years | ' | ' | ' |
Ashford TRS recognized net book income (loss) | $22,600,000 | $31,500,000 | $18,800,000 | ' |
Income tax interest and penalties expenses | 20,000 | 18,000 | 9,000 | ' |
Income tax expense | -1,511,000 | -2,375,000 | -1,620,000 | ' |
Valuation allowance | 35,146,000 | 45,398,000 | 58,081,000 | 65,249,000 |
Ashford Hospitality Trust, Inc [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards for federal income tax | 270,300,000 | ' | ' | ' |
Subsidiaries [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Number of hotel properties owned (in hotels) | 87 | ' | ' | ' |
Net operating loss carryforwards | 10,600,000 | 82,300,000 | ' | ' |
Ashford TRS [Member] | ' | ' | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Net operating loss carryforwards | $82,300,000 | ' | ' | ' |
Income_Loss_Per_Share_Details
Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loss attributable to common shareholders – Basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to the Company | ($17,368) | ($16,335) | $7,106 | ($14,686) | ($15,488) | ($13,036) | ($708) | ($21,338) | ($41,283) | ($50,570) | $9,948 |
Undistributed loss from continuing operations allocated to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -112,299 | -114,365 | -62,580 |
Distributed and undistributed loss from continuing operations - basic and diluted | ' | ' | ' | ' | ' | ' | ' | ' | -75,458 | -84,641 | -37,314 |
Loss from discontinued operations allocated to common shareholders: [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from discontinued operations attributable to the Company | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -3,210 | -7,839 |
Weighted average common shares outstanding: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average common shares outstanding – basic and diluted (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | 75,155 | 67,533 | 61,954 |
Loss per share – basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss from continuing operations allocated to common shareholders per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($1) | ($1.25) | ($0.60) |
Income (loss) from discontinued operations allocated to common shareholders per share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ($0.05) | ($0.13) |
Net loss attributable to common shareholders (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ($1) | ($1.30) | ($0.73) |
Preferred Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss attributable to common shareholders – Basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -33,962 | -33,802 | -46,876 |
Common Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss attributable to common shareholders – Basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | -36,841 | -29,724 | -25,266 |
Restricted Stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Loss attributable to common shareholders – Basic and diluted: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends | ' | ' | ' | ' | ' | ' | ' | ' | ($213) | ($269) | ($386) |
Income_Loss_Per_Share_Details_
Income (Loss) Per Share (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Loss from continuing operations allocated to common shareholders is not adjusted for: | ' | ' | ' |
Loss attributable to redeemable noncontrolling interests in operating partnership | ($8,183) | ($8,856) | ($1,764) |
Dividends declared - Preferred shares | -71,016 | -63,795 | -53,791 |
Total | -7,970 | -8,587 | 17,359 |
Weighted average diluted shares are not adjusted for: | ' | ' | ' |
Effect of unvested restricted shares/assumed conversion of Stock, Total | 18,827 | 17,548 | 18,643 |
Restricted Stock [Member] | ' | ' | ' |
Loss from continuing operations allocated to common shareholders is not adjusted for: | ' | ' | ' |
Income allocated to unvested restricted shares | 213 | 269 | 386 |
Weighted average diluted shares are not adjusted for: | ' | ' | ' |
Effect of unvested restricted shares/assumed conversion of Stock, Total | 128 | 195 | 563 |
Redeemable Noncontrolling Interests In Operating Partnership [Member] | ' | ' | ' |
Weighted average diluted shares are not adjusted for: | ' | ' | ' |
Effect of unvested restricted shares/assumed conversion of Stock, Total | 18,699 | 17,353 | 15,571 |
Conversion of Series B-1 Preferred Stock [Member] | ' | ' | ' |
Weighted average diluted shares are not adjusted for: | ' | ' | ' |
Effect of unvested restricted shares/assumed conversion of Stock, Total | 0 | 0 | 2,509 |
Series B-1 Preferred Stock [Member] | ' | ' | ' |
Loss from continuing operations allocated to common shareholders is not adjusted for: | ' | ' | ' |
Dividends declared - Preferred shares | $0 | $0 | ($18,737) |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment | |||||||||||
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of business segments (in segment) | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' |
Summary of financial information related to reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | $209,755 | $242,024 | $258,539 | $231,942 | $240,578 | $224,196 | $240,777 | $217,055 | $942,260 | $922,606 | $859,978 |
Total hotel expenses | ' | ' | ' | ' | ' | ' | ' | ' | 596,313 | 590,340 | 552,933 |
Property taxes, insurance and other | ' | ' | ' | ' | ' | ' | ' | ' | 47,075 | 44,903 | 45,085 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 127,990 | 133,979 | 131,243 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | -396 | -5,349 | -4,841 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,324 | 0 | 793 |
Gain on insurance settlement | ' | ' | ' | ' | ' | ' | ' | ' | -270 | -91 | -2,035 |
Corporate, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 52,821 | 44,050 | 44,522 |
Total expenses | 187,342 | 213,843 | 217,008 | 206,664 | 213,387 | 193,974 | 205,264 | 195,207 | 824,857 | 807,832 | 766,114 |
Operating income | 22,413 | 28,181 | 41,531 | 25,278 | 27,191 | 30,222 | 35,513 | 21,848 | 117,403 | 114,774 | 93,864 |
Equity in earnings (loss) of unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | -23,404 | -20,833 | 14,528 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 71 | 125 | 85 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 5,650 | 31,700 | 109,524 |
Interest expense and amortization of loan costs | ' | ' | ' | ' | ' | ' | ' | ' | -141,469 | -144,796 | -137,212 |
Write-off of loan costs and exit fees | ' | ' | ' | ' | ' | ' | ' | ' | -2,098 | -3,998 | -729 |
Unrealized gain (loss) on marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 5,115 | 2,502 | -391 |
Unrealized gain (loss) on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -8,315 | -35,657 | -70,286 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -47,047 | -56,183 | 9,383 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,511 | -2,375 | -1,620 |
Income (loss) from continuing operations | -18,601 | -19,402 | 7,600 | -18,155 | -16,999 | -15,620 | -1,220 | -24,719 | -48,558 | -58,558 | 7,763 |
Total assets | 2,677,002 | ' | ' | ' | 3,464,729 | ' | ' | ' | 2,677,002 | 3,464,729 | 3,589,726 |
Direct Hotel Investments [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of financial information related to reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 941,213 | 922,606 | 859,978 |
Total hotel expenses | ' | ' | ' | ' | ' | ' | ' | ' | 596,313 | 590,340 | 552,933 |
Property taxes, insurance and other | ' | ' | ' | ' | ' | ' | ' | ' | 47,075 | 44,903 | 45,085 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 127,990 | 133,979 | 131,243 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | -1,324 | ' | 0 |
Gain on insurance settlement | ' | ' | ' | ' | ' | ' | ' | ' | -270 | -91 | -2,035 |
Corporate, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 772,432 | 769,131 | 727,226 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 168,781 | 153,475 | 132,752 |
Equity in earnings (loss) of unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | -23,404 | -20,833 | 14,528 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest expense and amortization of loan costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Write-off of loan costs and exit fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Unrealized gain (loss) on marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Unrealized gain (loss) on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 145,377 | 132,642 | 147,280 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 145,377 | 132,642 | 147,280 |
Total assets | 2,491,275 | ' | ' | ' | 3,197,695 | ' | ' | ' | 2,491,275 | 3,197,695 | 3,366,107 |
Hotel Financing [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of financial information related to reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total hotel expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Property taxes, insurance and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | -396 | -5,349 | -4,841 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 0 |
Gain on insurance settlement | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Corporate, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | -396 | -5,349 | -4,841 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | 396 | 5,349 | 4,841 |
Equity in earnings (loss) of unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 30,000 |
Interest expense and amortization of loan costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Write-off of loan costs and exit fees | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Unrealized gain (loss) on marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Unrealized gain (loss) on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 396 | 5,349 | 34,841 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | 396 | 5,349 | 34,841 |
Total assets | 3,384 | ' | ' | ' | 3,701 | ' | ' | ' | 3,384 | 3,701 | 3,610 |
Corporate [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary of financial information related to reportable segments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenues | ' | ' | ' | ' | ' | ' | ' | ' | 1,047 | 0 | 0 |
Total hotel expenses | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Property taxes, insurance and other | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Impairment charges | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Transaction costs | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | 793 |
Gain on insurance settlement | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Corporate, general and administrative | ' | ' | ' | ' | ' | ' | ' | ' | 52,821 | 44,050 | 44,522 |
Total expenses | ' | ' | ' | ' | ' | ' | ' | ' | 52,821 | 44,050 | 43,729 |
Operating income | ' | ' | ' | ' | ' | ' | ' | ' | -51,774 | -44,050 | -43,729 |
Equity in earnings (loss) of unconsolidated entities | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 |
Interest income | ' | ' | ' | ' | ' | ' | ' | ' | 71 | 125 | 85 |
Other income | ' | ' | ' | ' | ' | ' | ' | ' | 5,650 | 31,700 | 79,524 |
Interest expense and amortization of loan costs | ' | ' | ' | ' | ' | ' | ' | ' | -141,469 | -144,796 | -137,212 |
Write-off of loan costs and exit fees | ' | ' | ' | ' | ' | ' | ' | ' | -2,098 | -3,998 | -729 |
Unrealized gain (loss) on marketable securities | ' | ' | ' | ' | ' | ' | ' | ' | 5,115 | 2,502 | -391 |
Unrealized gain (loss) on derivatives | ' | ' | ' | ' | ' | ' | ' | ' | -8,315 | -35,657 | -70,286 |
Income (loss) from continuing operations before income taxes | ' | ' | ' | ' | ' | ' | ' | ' | -192,820 | -194,174 | -172,738 |
Income tax expense | ' | ' | ' | ' | ' | ' | ' | ' | -1,511 | -2,375 | -1,620 |
Income (loss) from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -194,331 | -196,549 | -174,358 |
Total assets | $182,343 | ' | ' | ' | $263,333 | ' | ' | ' | $182,343 | $263,333 | $220,009 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Summary of fees related to the management agreements with related parties | ' | ' | ' |
Property management fees, including incentive property management fees | $14,299 | $13,947 | $12,693 |
Market service fees | 9,439 | 7,624 | 6,638 |
Corporate general and administrative expense reimbursements | 4,299 | 4,075 | 4,281 |
Total | $28,037 | $25,646 | $23,612 |
Related_Party_Transactions_Det1
Related Party Transactions (Details Textual) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Hotels | |||
Schedule of Related Party Transactions By Related Party [Line Items] | ' | ' | ' |
Minimum monthly property management fees to related parties | $10,000 | ' | ' |
Percentage of gross revenue as monthly property management fees to related parties | 3.00% | ' | ' |
Maximum percentage of project cost to be paid as project management fees | 4.00% | ' | ' |
Maximum percentage of project budget to be paid as market service fees | 16.50% | ' | ' |
Number of disposed properties description for related party indemnification agreement (in hotels) | 1 | ' | ' |
Percentage of base management fee | 3.00% | ' | ' |
Percentage of incentive management fee, minimum | 1.00% | ' | ' |
Related party transaction expenses | 28,037,000 | 25,646,000 | 23,612,000 |
Advisory service fee | 0.70% | ' | ' |
Advisory services revenue | 1,047,000 | 0 | 0 |
Due to Related Parties | 270,000 | 3,725,000 | ' |
Management fee [Member] | ' | ' | ' |
Schedule of Related Party Transactions By Related Party [Line Items] | ' | ' | ' |
Related party transaction expenses | 7,800,000 | 7,600,000 | 4,800,000 |
Incentive management fee [Member] | ' | ' | ' |
Schedule of Related Party Transactions By Related Party [Line Items] | ' | ' | ' |
Related party transaction expenses | 1,000,000 | 1,700,000 | 1,100,000 |
Marketing service and asset management fee [Member] | ' | ' | ' |
Schedule of Related Party Transactions By Related Party [Line Items] | ' | ' | ' |
Related party transaction expenses | 7,000,000 | 3,600,000 | 1,600,000 |
General and Administrative Expense [Member] | ' | ' | ' |
Schedule of Related Party Transactions By Related Party [Line Items] | ' | ' | ' |
Related party transaction expenses | 1,600,000 | 1,600,000 | 1,200,000 |
PIM Highland JV [Member] | ' | ' | ' |
Schedule of Related Party Transactions By Related Party [Line Items] | ' | ' | ' |
Number of hotel properties managed by affiliates (in hotels) | 21 | ' | ' |
Number of hotel properties held by majority owned joint venture (in hotels) | 28 | ' | ' |
Subsidiaries [Member] | ' | ' | ' |
Schedule of Related Party Transactions By Related Party [Line Items] | ' | ' | ' |
Number of hotel properties managed by affiliates (in hotels) | 54 | ' | ' |
Number of hotel properties owned (in hotels) | 87 | ' | ' |
Ashford Prime [Member] | ' | ' | ' |
Schedule of Related Party Transactions By Related Party [Line Items] | ' | ' | ' |
Advisory service fee | 0.70% | ' | ' |
Advisory services revenue | 1,000,000 | ' | ' |
Advisory Services, Base Advisory Fee | 878,000 | ' | ' |
Advisory Services, Reimbursable Overhead | 53,000 | ' | ' |
Advisory Services, Internal Audit Reimbursements | 116,000 | ' | ' |
Advisory Services, Incentive Management Fee Earned | 0 | ' | ' |
Due from Related Parties | 15,500,000 | ' | ' |
Due to Related Parties | $2,400,000 | ' | ' |
Concentration_of_Risk_Details
Concentration of Risk (Details) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Hotels | |
Concentration of Risk (Textual) [Abstract] | ' |
Exposure risk related to derivative contracts | 19,000 |
Credit risk exposure under credit facility | 165,000,000 |
Geographic Concentration Risk [Member] | ' |
Concentration of Risk (Textual) [Abstract] | ' |
Number of hotel properties owned (in hotels) | 10 |
Washington D.C. and Baltimore Hotels [Member] | Revenue [Member] | ' |
Concentration of Risk (Textual) [Abstract] | ' |
Percentage of hotel revenue generated from Washington D.C. and Baltimore areas | 16.70% |
Number of hotel properties owned (in hotels) | 11 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | $209,755 | $242,024 | $258,539 | $231,942 | $240,578 | $224,196 | $240,777 | $217,055 | $942,260 | $922,606 | $859,978 |
Total operating expenses | 187,342 | 213,843 | 217,008 | 206,664 | 213,387 | 193,974 | 205,264 | 195,207 | 824,857 | 807,832 | 766,114 |
Operating income (loss) | 22,413 | 28,181 | 41,531 | 25,278 | 27,191 | 30,222 | 35,513 | 21,848 | 117,403 | 114,774 | 93,864 |
Loss from continuing operations | -18,601 | -19,402 | 7,600 | -18,155 | -16,999 | -15,620 | -1,220 | -24,719 | -48,558 | -58,558 | 7,763 |
Income (loss) from continuing operations attributable to the Company | -17,368 | -16,335 | 7,106 | -14,686 | -15,488 | -13,036 | -708 | -21,338 | -41,283 | -50,570 | 9,948 |
Income (loss) from continuing operations attributable to common shareholders | ' | ' | ' | ' | ' | ' | ' | ' | -75,245 | -87,582 | -44,767 |
Diluted income (loss) from continuing operations attributable to common shareholders per share (in dollars per share) | ($0.32) | ($0.31) | ($0.02) | ($0.34) | ($0.36) | ($0.32) | ($0.14) | ($0.44) | ($1) | ($1.25) | ' |
Weighted average diluted common shares (in shares) | 81,383 | 79,898 | 68,489 | 67,682 | 67,670 | 67,659 | 67,639 | 67,152 | 75,155 | 67,533 | ' |
Segment, Continuing Operations [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Quarterly Financial Data [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income (loss) from continuing operations attributable to common shareholders | ($25,859) | ($24,825) | ($1,385) | ($23,176) | ($23,979) | ($21,526) | ($9,198) | ($29,669) | ($75,245) | ($84,372) | ' |
Pro_Forma_Financial_Informatio2
Pro Forma Financial Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Total revenue | $209,755 | $242,024 | $258,539 | $231,942 | $240,578 | $224,196 | $240,777 | $217,055 | $942,260 | $922,606 | $859,978 |
Loss from continuing operations | -18,601 | -19,402 | 7,600 | -18,155 | -16,999 | -15,620 | -1,220 | -24,719 | -48,558 | -58,558 | 7,763 |
Net loss | -17,368 | -16,335 | 7,106 | -14,686 | -15,488 | -13,036 | -708 | -21,338 | -41,283 | -50,570 | 9,948 |
Pier House Resort [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total revenue | ' | ' | ' | ' | ' | ' | ' | ' | 950,949 | 941,297 | 877,557 |
Loss from continuing operations | ' | ' | ' | ' | ' | ' | ' | ' | -45,620 | -56,412 | -36,034 |
Net loss | ' | ' | ' | ' | ' | ' | ' | ' | ($45,620) | ($60,062) | ($43,914) |
Pro_Forma_Financial_Informatio3
Pro Forma Financial Information (Narrative) (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Mar. 10, 2011 | Mar. 10, 2011 | 14-May-13 | Dec. 31, 2013 | |
PIM Highland JV [Member] | PIM Highland JV [Member] | PIM Highland JV [Member] | Pier House Resort [Member] | Pier House Resort [Member] | ||||
PREI [Member] | ||||||||
Percent of voting interests acquired | ' | ' | ' | ' | ' | ' | 100.00% | ' |
Business Combination, Consideration Transferred | ' | ' | ' | ' | ' | ' | $90,000,000 | ' |
Transaction acquisition costs | 1,324,000 | 0 | -793,000 | ' | ' | ' | ' | 901,000 |
Investment in joint venture | ' | ' | ' | ' | 150,000,000 | 50,000,000 | ' | ' |
Ownership percentage | ' | 89.00% | ' | ' | 71.74% | 28.26% | ' | ' |
Transaction credits | ' | ' | ' | $1,100,000 | ' | ' | ' | ' |
Subsequent_Events_Unaudited_De
Subsequent Events (Unaudited) (Details) (USD $) | 0 Months Ended | 0 Months Ended | |||||
In Millions, unless otherwise specified | 14-May-13 | Feb. 28, 2014 | Jan. 24, 2014 | Mar. 02, 2014 | Mar. 02, 2014 | Jan. 24, 2014 | Jan. 24, 2014 |
Pier House Resort [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |
Pier House Resort [Member] | Pier House Resort [Member] | Refinanced Mortgage Loan 3 [Member] | Mortgage Loan Twenty-Four [Member] | ||||
Ashford Prime [Member] | extension | ||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | $164.40 | $200 |
Number of Extension Options | ' | ' | ' | ' | ' | ' | 3 |
Term of Mortgage Loan Extension Option | ' | ' | ' | ' | ' | ' | '1 year |
Description of variable rate basis | ' | ' | ' | ' | ' | ' | 'LIBOR |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | ' | ' | ' | ' | 4.75% |
Debt Instrument, Floor Interest Rate | ' | ' | ' | ' | ' | ' | 0.20% |
Proceeds from Refinancing of Debt | ' | ' | 30 | ' | ' | ' | ' |
Term of Advisory Agreement | ' | '20 years | ' | ' | ' | ' | ' |
Business Combination, Consideration Transferred | 90 | ' | ' | 92.7 | ' | ' | ' |
Liabilities Assumed | ' | ' | ' | ' | $69 | ' | ' |
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | ||||
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | $1,818,929 | ' | ' | ' |
Initial Cost of Land | 410,476 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 1,881,794 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 1,060 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 377,672 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 411,536 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 2,259,466 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 2,671,002 | 3,509,744 | 3,560,198 | 3,649,582 |
Accumulated Depreciation | 507,208 | 637,840 | 602,749 | 626,433 |
Austin, TX Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 13,489 | ' | ' | ' |
Initial Cost of Land | 1,204 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 9,388 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 193 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,349 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,397 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,737 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 16,134 | ' | ' | ' |
Accumulated Depreciation | 5,867 | ' | ' | ' |
Dallas, TX Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 7,972 | ' | ' | ' |
Initial Cost of Land | 1,878 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 8,907 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 238 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,726 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,116 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,633 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 16,749 | ' | ' | ' |
Accumulated Depreciation | 5,687 | ' | ' | ' |
Herndon, VA Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 23,995 | ' | ' | ' |
Initial Cost of Land | 1,303 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 9,837 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 277 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,527 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,580 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 15,364 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 16,944 | ' | ' | ' |
Accumulated Depreciation | 5,375 | ' | ' | ' |
Las Vegas, NV Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 30,360 | ' | ' | ' |
Initial Cost of Land | 3,307 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 16,952 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 397 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,744 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 3,704 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 21,696 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 25,400 | ' | ' | ' |
Accumulated Depreciation | 8,577 | ' | ' | ' |
Syracuse, NY Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 11,884 | ' | ' | ' |
Initial Cost of Land | 2,839 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 9,778 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,865 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,839 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 15,643 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 18,482 | ' | ' | ' |
Accumulated Depreciation | 4,375 | ' | ' | ' |
Flagstaff, AZ Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 11,184 | ' | ' | ' |
Initial Cost of Land | 1,267 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 4,278 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,516 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,267 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 9,794 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 11,061 | ' | ' | ' |
Accumulated Depreciation | 3,447 | ' | ' | ' |
Houston, TX Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 12,158 | ' | ' | ' |
Initial Cost of Land | 1,799 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 10,404 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,493 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,799 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 13,897 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 15,696 | ' | ' | ' |
Accumulated Depreciation | 3,723 | ' | ' | ' |
West Palm Beach, FL Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 17,258 | ' | ' | ' |
Initial Cost of Land | 3,277 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 13,950 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,147 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 3,277 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 18,097 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 21,374 | ' | ' | ' |
Accumulated Depreciation | 4,625 | ' | ' | ' |
Philadelphia, PA Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 31,338 | ' | ' | ' |
Initial Cost of Land | 5,791 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 34,819 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 6,786 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 5,791 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 41,605 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 47,396 | ' | ' | ' |
Accumulated Depreciation | 8,824 | ' | ' | ' |
Walnut Creek, CA Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 27,651 | ' | ' | ' |
Initial Cost of Land | 7,452 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 25,334 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,888 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 7,452 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 30,222 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 37,674 | ' | ' | ' |
Accumulated Depreciation | 6,478 | ' | ' | ' |
Arlington, VA Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 46,209 | ' | ' | ' |
Initial Cost of Land | 36,065 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 41,588 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 7,178 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 36,065 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 48,766 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 84,831 | ' | ' | ' |
Accumulated Depreciation | 10,049 | ' | ' | ' |
Portland, OR Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 51,273 | ' | ' | ' |
Initial Cost of Land | 11,110 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 60,049 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 6,161 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 11,110 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 66,210 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 77,320 | ' | ' | ' |
Accumulated Depreciation | 12,467 | ' | ' | ' |
Santa Clara, CA Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 45,365 | ' | ' | ' |
Initial Cost of Land | 8,948 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 46,238 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,418 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 8,948 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 49,656 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 58,604 | ' | ' | ' |
Accumulated Depreciation | 9,332 | ' | ' | ' |
Orlando, FL Embassy Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 15,614 | ' | ' | ' |
Initial Cost of Land | 5,674 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 21,593 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,126 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 5,674 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 23,719 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 29,393 | ' | ' | ' |
Accumulated Depreciation | 4,633 | ' | ' | ' |
Jacksonville, FL Hilton Garden Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 10,472 | ' | ' | ' |
Initial Cost of Land | 1,751 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 9,164 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,312 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,751 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 10,476 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 12,227 | ' | ' | ' |
Accumulated Depreciation | 2,829 | ' | ' | ' |
Ft. Worth, TX Hilton [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 22,405 | ' | ' | ' |
Initial Cost of Land | 4,539 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 13,922 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | ' | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 11,402 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 4,539 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 25,324 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 29,863 | ' | ' | ' |
Accumulated Depreciation | 7,604 | ' | ' | ' |
Houston, TX Hilton [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 14,743 | ' | ' | ' |
Initial Cost of Land | 2,200 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 13,247 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 11,147 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,200 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 24,394 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 26,594 | ' | ' | ' |
Accumulated Depreciation | 7,317 | ' | ' | ' |
St. Petersburg, FL Hilton [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 18,227 | ' | ' | ' |
Initial Cost of Land | 2,991 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 13,907 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 11,358 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,991 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 25,265 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 28,256 | ' | ' | ' |
Accumulated Depreciation | 6,152 | ' | ' | ' |
Santa Fe, NM Hilton [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 15,565 | ' | ' | ' |
Initial Cost of Land | 7,004 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 10,689 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 12,820 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 7,004 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 23,509 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 30,513 | ' | ' | ' |
Accumulated Depreciation | 6,415 | ' | ' | ' |
Bloomington, MN Hilton [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 51,616 | ' | ' | ' |
Initial Cost of Land | 5,685 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 59,139 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,139 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 5,685 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 64,278 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 69,963 | ' | ' | ' |
Accumulated Depreciation | 12,507 | ' | ' | ' |
Costa Mesa, CA Hilton [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 52,539 | ' | ' | ' |
Initial Cost of Land | 12,917 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 91,791 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 15,274 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 12,917 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 107,065 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 119,982 | ' | ' | ' |
Accumulated Depreciation | 20,448 | ' | ' | ' |
Mobile, AL Homewood Suites [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 7,560 | ' | ' | ' |
Initial Cost of Land | 1,334 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 7,307 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 826 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,334 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 8,133 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 9,467 | ' | ' | ' |
Accumulated Depreciation | 2,297 | ' | ' | ' |
Lawrenceville, GA Hampton Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 3,345 | ' | ' | ' |
Initial Cost of Land | 697 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 3,808 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 853 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 697 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 4,661 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 5,358 | ' | ' | ' |
Accumulated Depreciation | 1,282 | ' | ' | ' |
Evansville, IN Hampton Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 6,751 | ' | ' | ' |
Initial Cost of Land | 1,301 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 5,034 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,849 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,301 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 8,883 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 10,184 | ' | ' | ' |
Accumulated Depreciation | 2,542 | ' | ' | ' |
Terre Haute, IN Hampton Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 8,736 | ' | ' | ' |
Initial Cost of Land | 700 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 7,520 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,073 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 700 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 9,593 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 10,293 | ' | ' | ' |
Accumulated Depreciation | 2,423 | ' | ' | ' |
Buford, GA Hampton Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 7,356 | ' | ' | ' |
Initial Cost of Land | 1,168 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 5,338 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,034 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,168 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 6,372 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 7,540 | ' | ' | ' |
Accumulated Depreciation | 1,622 | ' | ' | ' |
Durham, NC Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 25,476 | ' | ' | ' |
Initial Cost of Land | 1,794 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 25,056 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,965 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,794 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 28,021 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 29,815 | ' | ' | ' |
Accumulated Depreciation | 6,065 | ' | ' | ' |
Arlington, VA Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 101,268 | ' | ' | ' |
Initial Cost of Land | 20,637 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 101,376 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 17,229 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 20,637 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 118,605 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 139,242 | ' | ' | ' |
Accumulated Depreciation | 25,315 | ' | ' | ' |
Bridgewater, NJ Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 73,919 | ' | ' | ' |
Initial Cost of Land | 5,059 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 89,267 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,929 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 5,059 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 94,196 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 99,255 | ' | ' | ' |
Accumulated Depreciation | 18,916 | ' | ' | ' |
Dallas, TX Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 26,416 | ' | ' | ' |
Initial Cost of Land | 2,701 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 30,893 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,916 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,701 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 32,809 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 35,510 | ' | ' | ' |
Accumulated Depreciation | 6,125 | ' | ' | ' |
Jacksonville, FL SpringHill Suites by Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 7,707 | ' | ' | ' |
Initial Cost of Land | 1,348 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 7,111 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 652 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,348 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 7,763 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 9,111 | ' | ' | ' |
Accumulated Depreciation | 2,157 | ' | ' | ' |
Baltimore, MD SpringHill Suites by Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 13,650 | ' | ' | ' |
Initial Cost of Land | 2,502 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 13,206 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,137 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,502 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,343 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 16,845 | ' | ' | ' |
Accumulated Depreciation | 3,784 | ' | ' | ' |
Kennesaw, GA SpringHill Suites by Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 5,265 | ' | ' | ' |
Initial Cost of Land | 1,106 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 5,021 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 542 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,106 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 5,563 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 6,669 | ' | ' | ' |
Accumulated Depreciation | 1,501 | ' | ' | ' |
Buford, GA SpringHill Suites by Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 7,561 | ' | ' | ' |
Initial Cost of Land | 1,132 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 6,089 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,801 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,132 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 7,890 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 9,022 | ' | ' | ' |
Accumulated Depreciation | 2,149 | ' | ' | ' |
Gaithersburg, MD SpringHill Suites by Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 14,608 | ' | ' | ' |
Initial Cost of Land | 2,200 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 19,746 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,175 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,200 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 20,921 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 23,121 | ' | ' | ' |
Accumulated Depreciation | 4,763 | ' | ' | ' |
Centerville, VA SpringHill Suites by Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 8,524 | ' | ' | ' |
Initial Cost of Land | 1,806 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 11,712 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 924 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,806 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 12,636 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 14,442 | ' | ' | ' |
Accumulated Depreciation | 2,979 | ' | ' | ' |
Charlotte, NC SpringHill Suites by Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 5,849 | ' | ' | ' |
Initial Cost of Land | 1,235 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 6,818 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,108 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,235 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 8,926 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 10,161 | ' | ' | ' |
Accumulated Depreciation | 2,384 | ' | ' | ' |
Durham, NC SpringHill Suites by Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 5,013 | ' | ' | ' |
Initial Cost of Land | 1,090 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 3,991 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,321 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,090 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 6,312 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 7,402 | ' | ' | ' |
Accumulated Depreciation | 1,877 | ' | ' | ' |
Orlando, FL SpringHill Suites by Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 29,623 | ' | ' | ' |
Initial Cost of Land | 8,620 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 27,699 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,238 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 8,620 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 29,937 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 38,557 | ' | ' | ' |
Accumulated Depreciation | 5,689 | ' | ' | ' |
Manhattan Beach CA Spring Hill Suites By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 21,492 | ' | ' | ' |
Initial Cost of Land | 5,726 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 21,187 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,107 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 5,726 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 24,294 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 30,020 | ' | ' | ' |
Accumulated Depreciation | 4,797 | ' | ' | ' |
Plymouth Meeting PA Spring Hill Suites By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 19,610 | ' | ' | ' |
Initial Cost of Land | 3,210 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 24,578 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,173 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 3,210 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 27,751 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 30,961 | ' | ' | ' |
Accumulated Depreciation | 5,472 | ' | ' | ' |
Glen Allen VA Spring Hill Suites By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 14,988 | ' | ' | ' |
Initial Cost of Land | 2,045 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 15,802 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,295 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,045 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 18,097 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 20,142 | ' | ' | ' |
Accumulated Depreciation | 3,734 | ' | ' | ' |
Kennesaw GA Fairfield Inn By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 3,100 | ' | ' | ' |
Initial Cost of Land | 840 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 4,359 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,521 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 840 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 5,880 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 6,720 | ' | ' | ' |
Accumulated Depreciation | 1,778 | ' | ' | ' |
Orlando FL Fairfield Inn By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 15,619 | ' | ' | ' |
Initial Cost of Land | 6,507 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 9,895 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,340 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 6,507 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 12,235 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 18,742 | ' | ' | ' |
Accumulated Depreciation | 2,558 | ' | ' | ' |
Bloomington IN Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 11,627 | ' | ' | ' |
Initial Cost of Land | 900 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 10,741 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 727 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 900 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 11,468 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 12,368 | ' | ' | ' |
Accumulated Depreciation | 2,755 | ' | ' | ' |
Columbus IN Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 5,831 | ' | ' | ' |
Initial Cost of Land | 673 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 4,804 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 763 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 673 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 5,567 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 6,240 | ' | ' | ' |
Accumulated Depreciation | 1,470 | ' | ' | ' |
Louisville KY Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 13,853 | ' | ' | ' |
Initial Cost of Land | 1,352 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 12,266 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,792 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,352 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 15,058 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 16,410 | ' | ' | ' |
Accumulated Depreciation | 4,289 | ' | ' | ' |
Crystal City VA Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 32,145 | ' | ' | ' |
Initial Cost of Land | 5,411 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 38,610 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,434 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 5,411 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 43,044 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 48,455 | ' | ' | ' |
Accumulated Depreciation | 10,394 | ' | ' | ' |
Ft Lauderdale FL Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 13,974 | ' | ' | ' |
Initial Cost of Land | 2,244 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 18,520 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,346 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,244 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 20,866 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 23,110 | ' | ' | ' |
Accumulated Depreciation | 4,881 | ' | ' | ' |
Overland Park KS Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 11,716 | ' | ' | ' |
Initial Cost of Land | 1,868 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 14,030 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,323 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,868 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 16,353 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 18,221 | ' | ' | ' |
Accumulated Depreciation | 4,051 | ' | ' | ' |
Palm Desert CA Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 10,537 | ' | ' | ' |
Initial Cost of Land | 2,722 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 11,995 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,055 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,722 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,050 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 16,772 | ' | ' | ' |
Accumulated Depreciation | 3,248 | ' | ' | ' |
Foothill Ranch CA Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 13,043 | ' | ' | ' |
Initial Cost of Land | 2,447 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 16,005 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,886 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,447 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 17,891 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 20,338 | ' | ' | ' |
Accumulated Depreciation | 4,239 | ' | ' | ' |
Alpharetta GA Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 10,062 | ' | ' | ' |
Initial Cost of Land | 2,244 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 12,345 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,047 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,244 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,392 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 16,636 | ' | ' | ' |
Accumulated Depreciation | 3,401 | ' | ' | ' |
Orlando FL Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 28,620 | ' | ' | ' |
Initial Cost of Land | 7,389 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 26,817 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,296 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 7,389 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 30,113 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 37,502 | ' | ' | ' |
Accumulated Depreciation | 5,508 | ' | ' | ' |
Oakland CA Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 23,534 | ' | ' | ' |
Initial Cost of Land | 5,112 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 19,429 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,229 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 5,112 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 21,658 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 26,770 | ' | ' | ' |
Accumulated Depreciation | 4,180 | ' | ' | ' |
Scottsdale AZ Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 22,593 | ' | ' | ' |
Initial Cost of Land | 3,700 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 22,134 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,122 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 3,700 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 24,256 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 27,956 | ' | ' | ' |
Accumulated Depreciation | 4,736 | ' | ' | ' |
Plano TX Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 19,304 | ' | ' | ' |
Initial Cost of Land | 2,115 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 22,360 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,519 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,115 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 25,879 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 27,994 | ' | ' | ' |
Accumulated Depreciation | 4,963 | ' | ' | ' |
Edison NJ Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 12,393 | ' | ' | ' |
Initial Cost of Land | 2,147 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 11,865 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,178 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,147 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,043 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 16,190 | ' | ' | ' |
Accumulated Depreciation | 3,341 | ' | ' | ' |
Newark CA Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 6,106 | ' | ' | ' |
Initial Cost of Land | 2,863 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 10,722 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,769 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,863 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 12,491 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 15,354 | ' | ' | ' |
Accumulated Depreciation | 2,658 | ' | ' | ' |
Manchester CT Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 5,075 | ' | ' | ' |
Initial Cost of Land | 1,301 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 7,430 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,374 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,301 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 9,804 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 11,105 | ' | ' | ' |
Accumulated Depreciation | 2,111 | ' | ' | ' |
Basking Ridge NJ Courtyard By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 41,808 | ' | ' | ' |
Initial Cost of Land | 5,419 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 45,304 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,125 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 5,419 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 47,429 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 52,848 | ' | ' | ' |
Accumulated Depreciation | 8,473 | ' | ' | ' |
Lake Buena Vista FL Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 23,132 | ' | ' | ' |
Initial Cost of Land | 2,555 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 20,367 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,171 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,555 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 22,538 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 25,093 | ' | ' | ' |
Accumulated Depreciation | 6,004 | ' | ' | ' |
Evansville IN Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 6,521 | ' | ' | ' |
Initial Cost of Land | 960 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 5,972 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 655 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 960 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 6,627 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 7,587 | ' | ' | ' |
Accumulated Depreciation | 1,614 | ' | ' | ' |
Orlando FL Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 33,857 | ' | ' | ' |
Initial Cost of Land | 6,554 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 40,539 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,626 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 6,554 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 45,165 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 51,719 | ' | ' | ' |
Accumulated Depreciation | 11,572 | ' | ' | ' |
Falls Church VA Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 22,219 | ' | ' | ' |
Initial Cost of Land | 2,752 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 34,979 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,149 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,752 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 37,128 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 39,880 | ' | ' | ' |
Accumulated Depreciation | 8,355 | ' | ' | ' |
San Diego CA Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 19,913 | ' | ' | ' |
Initial Cost of Land | 3,156 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 29,514 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,422 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 3,156 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 33,936 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 37,092 | ' | ' | ' |
Accumulated Depreciation | 7,296 | ' | ' | ' |
Salt Lake City UT Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 13,647 | ' | ' | ' |
Initial Cost of Land | 1,897 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 16,357 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,067 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,897 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 20,424 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 22,321 | ' | ' | ' |
Accumulated Depreciation | 4,504 | ' | ' | ' |
Palm Desert CA Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 10,908 | ' | ' | ' |
Initial Cost of Land | 3,280 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 10,463 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,407 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 3,280 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 13,870 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 17,150 | ' | ' | ' |
Accumulated Depreciation | 3,319 | ' | ' | ' |
Las Vegas NV Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 25,440 | ' | ' | ' |
Initial Cost of Land | 18,177 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 39,569 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,244 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 18,177 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 41,813 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 59,990 | ' | ' | ' |
Accumulated Depreciation | 8,021 | ' | ' | ' |
Phoenix AZ Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 22,698 | ' | ' | ' |
Initial Cost of Land | 4,100 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 23,187 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,238 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 4,100 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 24,425 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 28,525 | ' | ' | ' |
Accumulated Depreciation | 4,648 | ' | ' | ' |
Plano TX Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 14,472 | ' | ' | ' |
Initial Cost of Land | 2,045 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 16,869 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,704 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,045 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 18,573 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 20,618 | ' | ' | ' |
Accumulated Depreciation | 3,446 | ' | ' | ' |
Newark CA Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 10,902 | ' | ' | ' |
Initial Cost of Land | 3,272 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 11,705 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,357 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 3,272 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,062 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 17,334 | ' | ' | ' |
Accumulated Depreciation | 2,675 | ' | ' | ' |
Manchester CT Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 7,400 | ' | ' | ' |
Initial Cost of Land | 1,462 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 8,306 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 732 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,462 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 9,038 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 10,500 | ' | ' | ' |
Accumulated Depreciation | 1,877 | ' | ' | ' |
Atlanta GA Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 15,622 | ' | ' | ' |
Initial Cost of Land | 1,901 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 16,749 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,513 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,901 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 21,262 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 23,163 | ' | ' | ' |
Accumulated Depreciation | 3,801 | ' | ' | ' |
Jacksonville FL Marriott Residence Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 10,800 | ' | ' | ' |
Initial Cost of Land | 1,997 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 16,084 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,128 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,997 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 19,212 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 21,209 | ' | ' | ' |
Accumulated Depreciation | 3,986 | ' | ' | ' |
Manhattan Beach CA Towne Place Suites By Marriott [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 19,835 | ' | ' | ' |
Initial Cost of Land | 4,805 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 17,543 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,375 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 4,805 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 18,918 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 23,723 | ' | ' | ' |
Accumulated Depreciation | 3,570 | ' | ' | ' |
Atlantic Beach FL One Ocean [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 17,500 | ' | ' | ' |
Initial Cost of Land | 5,815 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 14,817 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 25,255 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 5,815 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 40,072 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 45,887 | ' | ' | ' |
Accumulated Depreciation | 14,001 | ' | ' | ' |
Langhorne PA Sheraton Hotel [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 18,023 | ' | ' | ' |
Initial Cost of Land | 2,037 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 12,424 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,668 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,037 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 18,092 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 20,129 | ' | ' | ' |
Accumulated Depreciation | 5,789 | ' | ' | ' |
Minneapolis MN Sheraton Hotel [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 18,173 | ' | ' | ' |
Initial Cost of Land | 2,953 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 14,280 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,485 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 2,953 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 18,765 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 21,718 | ' | ' | ' |
Accumulated Depreciation | 4,865 | ' | ' | ' |
Indianapolis IN Sheraton Hotel [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 25,363 | ' | ' | ' |
Initial Cost of Land | 3,100 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 22,040 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 14,804 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 3,100 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 36,844 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 39,944 | ' | ' | ' |
Accumulated Depreciation | 9,061 | ' | ' | ' |
Anchorage AK Sheraton Hotel [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 29,495 | ' | ' | ' |
Initial Cost of Land | 4,023 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 39,363 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 11,155 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 4,023 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 50,518 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 54,541 | ' | ' | ' |
Accumulated Depreciation | 12,095 | ' | ' | ' |
San Diego CA Sheraton Hotel [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 24,333 | ' | ' | ' |
Initial Cost of Land | 7,294 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 36,382 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 9,865 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 7,294 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 46,247 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 53,541 | ' | ' | ' |
Accumulated Depreciation | 9,710 | ' | ' | ' |
Coral Gables FL Hyatt Regency [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 43,575 | ' | ' | ' |
Initial Cost of Land | 4,805 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 50,820 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,758 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 4,805 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 56,578 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 61,383 | ' | ' | ' |
Accumulated Depreciation | 10,738 | ' | ' | ' |
Beverly Hills CA Crowne Plaza [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 29,835 | ' | ' | ' |
Initial Cost of Land | 6,510 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 22,061 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,931 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 6,510 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 25,992 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 32,502 | ' | ' | ' |
Accumulated Depreciation | 6,563 | ' | ' | ' |
Key West FL Crowne Plaza [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 27,363 | ' | ' | ' |
Initial Cost of Land | 0 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 27,513 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 12,076 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 0 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 39,589 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 39,589 | ' | ' | ' |
Accumulated Depreciation | 9,710 | ' | ' | ' |
Annapolis MD Annapolis Inn [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 11,929 | ' | ' | ' |
Initial Cost of Land | 3,028 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 7,833 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | 0 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,147 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 3,028 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 11,980 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 15,008 | ' | ' | ' |
Accumulated Depreciation | 3,634 | ' | ' | ' |
Key West, FL Pier House Resort [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 69,000 | ' | ' | ' |
Initial Cost of Land | 56,900 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 33,024 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | ' | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 246 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 56,900 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 33,270 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 90,170 | ' | ' | ' |
Accumulated Depreciation | 1,334 | ' | ' | ' |
Orlando FL World Quest Resort [Member] | ' | ' | ' | ' |
Real Estate and Accumulated Depreciation [Line Items] | ' | ' | ' | ' |
Encumbrances | 0 | ' | ' | ' |
Initial Cost of Land | 1,432 | ' | ' | ' |
Initial Cost of FF&E, Buildings and improvements | 9,870 | ' | ' | ' |
Costs Capitalized Since Acquisition, Land | -45 | ' | ' | ' |
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,195 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Land | 1,387 | ' | ' | ' |
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 11,065 | ' | ' | ' |
Gross Carrying Amount At Close of Period, Total | 12,452 | ' | ' | ' |
Accumulated Depreciation | $1,382 | ' | ' | ' |
Recovered_Sheet1
Real Estate And Accumulated Depreciation (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment in Real Estate: | ' | ' | ' |
Beginning balance | $3,509,744 | $3,560,198 | $3,649,582 |
Additions | 184,106 | 81,083 | 83,288 |
Reclassification | 622 | 0 | 3,368 |
Impairment/write-offs | -99,460 | -95,713 | -163,045 |
Sales/disposals | -924,010 | -35,824 | -12,995 |
Ending balance | 2,671,002 | 3,509,744 | 3,560,198 |
Accumulated Depreciation: | ' | ' | ' |
Beginning balance | 637,840 | 602,749 | 626,433 |
Depreciation expense | 127,273 | 135,850 | 133,316 |
Reclassification | 373 | 0 | 2,165 |
Impairment/write-offs | -99,460 | -91,594 | -156,808 |
Sales/disposals | -158,818 | -9,165 | -2,357 |
Ending balance | 507,208 | 637,840 | 602,749 |
Investment in Real Estate, net | $2,163,794 | $2,871,904 | $2,957,449 |
Real_Estate_and_Accumulated_De2
Real Estate and Accumulated Depreciation (Details Textual) | 12 Months Ended |
Dec. 31, 2013 | |
Building [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '39 years |
Building Improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '7 years 6 months |
Minimum [Member] | Furniture, fixtures and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '3 years |
Maximum [Member] | Furniture, fixtures and equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated useful life | '5 years |
Mortgage_Loans_and_Interest_Ea1
Mortgage Loans and Interest Earned on Real Estate (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | Ritz Carlton Key Biscayne Fl [Member] | ||||
Mortgage Loans and Interest Earned on Real Estate | ' | ' | ' | ' | ' |
Mortgage loans on real estate, prior liens | ' | ' | ' | ' | $0 |
Mortgage loans on real estate, carrying amount of mortgages | ' | ' | ' | ' | 11,321 |
Mortgage loans on real estate, principal amount of delinquent loans | ' | ' | ' | ' | 0 |
Mortgage loans on real estate, foreclosures | ' | ' | ' | ' | 0 |
Mortgage loans on real estate, accrued interest | ' | ' | ' | ' | 0 |
Mortgage loans on real estate, interest income | ' | ' | ' | ' | 0 |
Valuation allowance, Balance at December 31, 2012 | ' | ' | ' | ' | -7,937 |
Valuation allowance, delinquent principal | ' | ' | ' | ' | 0 |
Net carrying value, Balance at December 31, 2012 | 3,384 | 3,233 | 3,101 | 20,870 | 3,384 |
Net carrying value, delinquent principal | ' | ' | ' | ' | $0 |
Mortgage_Loans_and_Interest_Ea2
Mortgage Loans and Interest Earned on Real Estate (Details 1) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Investment in Mortgage Loans: | ' | ' | ' |
Mortgage Loans on Real Estate, Beginning Balance | $3,233 | $3,101 | $20,870 |
Principal payments | -245 | -246 | -22,610 |
Amortization of discounts/deferred income | 0 | 0 | 0 |
Valuation allowance adjustments | 396 | 378 | 4,841 |
Mortgage Loans on Real Estate, Ending Balance | $3,384 | $3,233 | $3,101 |