Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 05, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ASHFORD HOSPITALITY TRUST INC | |
Entity Central Index Key | 1,232,582 | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Document Period End Date | Jun. 30, 2016 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 96,176,799 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Assets | ||
Investments in hotel properties, net | $ 4,236,009 | $ 4,419,684 |
Cash and cash equivalents | 261,821 | 215,078 |
Restricted cash | 161,935 | 153,680 |
Accounts receivable, net of allowance of $877 and $715, respectively | 55,147 | 40,438 |
Inventories | 4,765 | 4,810 |
Note receivable, net of allowance of $6,856 and $7,083, respectively | 3,850 | 3,746 |
Investment in unconsolidated entities | 60,696 | 62,568 |
Deferred costs, net | 3,347 | 3,847 |
Prepaid expenses | 24,103 | 12,458 |
Derivative assets, net | 15,800 | 3,435 |
Other assets | 12,159 | 10,647 |
Intangible assets, net | 11,245 | 11,343 |
Due from Ashford Prime OP, net | 15 | 528 |
Due from related party, net | 2,202 | 0 |
Due from third-party hotel managers | 18,040 | 22,869 |
Assets held for sale | 29,831 | 0 |
Total assets | 4,900,965 | 4,965,131 |
Liabilities: | ||
Indebtedness, net | 3,758,767 | 3,840,617 |
Accounts payable and accrued expenses | 138,786 | 123,444 |
Dividends and distributions payable | 23,097 | 22,678 |
Unfavorable management contract liabilities | 2,367 | 3,355 |
Due to Ashford Inc., net | 7,336 | 9,856 |
Due to related party, net | 0 | 1,339 |
Due to third-party hotel managers | 2,989 | 2,504 |
Intangible liabilities, net | 16,297 | 16,494 |
Other liabilities | 16,789 | 14,539 |
Liabilities related to assets held for sale | 24,429 | 0 |
Total liabilities | 3,990,857 | 4,034,826 |
Commitments and contingencies (note 14) | ||
Redeemable noncontrolling interests in operating partnership | 109,703 | 118,449 |
Equity: | ||
Common stock, $0.01 par value, 200,000,000 shares authorized, 96,176,799 and 95,470,903 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 962 | 955 |
Additional paid-in capital | 1,598,486 | 1,597,194 |
Accumulated deficit | (799,939) | (787,221) |
Total stockholders’ equity of the Company | 799,667 | 811,086 |
Noncontrolling interests in consolidated entities | 738 | 770 |
Total equity | 800,405 | 811,856 |
Total liabilities and equity | 4,900,965 | 4,965,131 |
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at June 30, 2016 and December 31, 2015 | ||
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 June 30, 2016 and December 31, 2015 | ||
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 June 30, 2016 and December 31, 2015 | ||
Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | $ 46 | $ 46 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Allowance for doubtful accounts receivable | $ 877 | $ 715 |
Allowance for doubtful notes receivable | $ 6,856 | $ 7,083 |
Preferred stock, par value (in dollars per shares) | $ 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) | 96,176,799 | 95,470,903 |
Common stock, shares outstanding (in shares) | 96,176,799 | 95,470,903 |
Series A Cumulative Preferred Stock, 1,657,206 shares issued and outstanding at June 30, 2016 and December 31, 2015 | ||
Preferred stock, shares issued (in shares) | 1,657,206 | 1,657,206 |
Preferred stock, shares outstanding (in shares) | 1,657,206 | 1,657,206 |
Series D Cumulative Preferred Stock, 9,468,706 shares issued and outstanding at June 30, 2016 and December 31, 2015 | ||
Preferred stock, shares issued (in shares) | 9,468,706 | 9,468,706 |
Preferred stock, shares outstanding (in shares) | 9,468,706 | 9,468,706 |
Series E Cumulative Preferred Stock, 4,630,000 shares issued and outstanding at June 30, 2016 and December 31, 2015 | ||
Preferred stock, shares issued (in shares) | 4,630,000 | 4,630,000 |
Preferred stock, shares outstanding (in shares) | 4,630,000 | 4,630,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue | ||||
Rooms | $ 325,906 | $ 291,670 | $ 616,521 | $ 492,660 |
Food and beverage | 69,206 | 64,765 | 132,261 | 104,318 |
Other hotel revenue | 15,115 | 12,473 | 28,824 | 21,305 |
Total hotel revenue | 410,227 | 368,908 | 777,606 | 618,283 |
Other | 443 | 430 | 836 | 1,290 |
Total revenue | 410,670 | 369,338 | 778,442 | 619,573 |
Hotel operating expenses: | ||||
Rooms | 67,193 | 60,735 | 130,295 | 103,888 |
Food and beverage | 45,419 | 42,041 | 88,520 | 68,321 |
Other expenses | 119,612 | 108,395 | 232,749 | 183,177 |
Management fees | 14,880 | 13,385 | 28,575 | 23,042 |
Total hotel expenses | 247,104 | 224,556 | 480,139 | 378,428 |
Property taxes, insurance, and other | 19,293 | 17,576 | 37,905 | 29,170 |
Depreciation and amortization | 60,079 | 52,616 | 122,241 | 90,480 |
Impairment charges | (116) | 19,840 | (227) | 19,734 |
Transaction costs | (18) | 4,959 | 77 | 5,458 |
Advisory services fee | 12,076 | 11,472 | 22,979 | 21,039 |
Corporate, general, and administrative | 2,785 | 3,120 | 4,458 | 7,960 |
Total expenses | 341,203 | 334,139 | 667,572 | 552,269 |
Operating income | 69,467 | 35,199 | 110,870 | 67,304 |
Equity in earnings (loss) of unconsolidated entities | (287) | 1,907 | (3,872) | (4,715) |
Interest income | 74 | 30 | 137 | 46 |
Gain on acquisition of PIM Highland JV and sale of hotel properties | 23,094 | 0 | 22,980 | 380,705 |
Other income (expense) | (3,085) | (2,283) | (3,337) | 2,047 |
Interest expense and amortization of premiums and loan costs | (56,462) | (47,495) | (112,405) | (82,130) |
Write-off of loan costs and exit fees | (3,941) | 0 | (3,941) | (4,767) |
Unrealized gain on marketable securities | 0 | 1,929 | 0 | 127 |
Unrealized gain (loss) on derivatives | 6,878 | (1,955) | 13,796 | (3,653) |
Income (loss) from continuing operations before income taxes | 35,738 | (12,668) | 24,228 | 354,964 |
Income tax expense | (603) | (2,089) | (1,232) | (2,914) |
Net income (loss) | 35,135 | (14,757) | 22,996 | 352,050 |
(Income) loss from consolidated entities attributable to noncontrolling interest | (6) | (14) | 32 | 11 |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | (4,376) | 2,527 | (2,264) | (42,809) |
Net income (loss) attributable to the Company | 30,753 | (12,244) | 20,764 | 309,252 |
Preferred dividends | (8,491) | (8,491) | (16,981) | (16,981) |
Net income (loss) attributable to common stockholders | $ 22,262 | $ (20,735) | $ 3,783 | $ 292,271 |
Basic: | ||||
Net income (loss) attributable to common stockholders (in dollars per share) | $ 0.23 | $ (0.21) | $ 0.04 | $ 2.96 |
Weighted average common shares outstanding – basic (in shares) | 94,474 | 99,755 | 94,309 | 97,661 |
Diluted: | ||||
Net income (loss) attributable to common stockholders (in dollars per share) | $ 0.23 | $ (0.21) | $ 0.04 | $ 2.86 |
Weighted average common shares outstanding – diluted (in shares) | 94,474 | 99,755 | 94,309 | 116,118 |
Dividends declared per common share (in dollars per share) | $ 0.12 | $ 0.12 | $ 0.24 | $ 0.24 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 35,135 | $ (14,757) | $ 22,996 | $ 352,050 |
Other comprehensive income, net of tax: | ||||
Total other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 35,135 | (14,757) | 22,996 | 352,050 |
Less: Comprehensive (income) loss attributable to noncontrolling interest in consolidated entities | (6) | (14) | 32 | 11 |
Less: Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership | (4,376) | 2,527 | (2,264) | (42,809) |
Comprehensive income (loss) attributable to the Company | $ 30,753 | $ (12,244) | $ 20,764 | $ 309,252 |
Consolidated Statement of Equit
Consolidated Statement of Equity - 6 months ended Jun. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Series A Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Common Stock | Preferred StockSeries A Preferred Stock [Member] | Preferred StockSeries D Preferred Stock [Member] | Preferred StockSeries E Preferred Stock [Member] | Common Stock | Additional Paid In Capital | Accumulated Deficit | Accumulated DeficitSeries A Preferred Stock [Member] | Accumulated DeficitSeries D Preferred Stock [Member] | Accumulated DeficitSeries E Preferred Stock [Member] | Accumulated DeficitCommon Stock | Noncontrolling Interests In Consolidated Entities | Noncontrolling Interests in Operating Partnership |
Beginning balance, shares (in shares) at Dec. 31, 2015 | 1,657 | 9,469 | 4,630 | 95,471 | |||||||||||||
Beginning balance, value at Dec. 31, 2015 | $ 811,856 | $ 17 | $ 95 | $ 46 | $ 955 | $ 1,597,194 | $ (787,221) | $ 770 | |||||||||
Beginning balance, value at Dec. 31, 2015 | 118,449 | $ 118,449 | |||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||
Purchases of common shares | (734) | $ (1) | (733) | ||||||||||||||
Purchases of common shares (in shares) | (124) | ||||||||||||||||
Equity-based compensation | 2,009 | 2,009 | |||||||||||||||
Equity-based compensation | 1,317 | ||||||||||||||||
Forfeitures of restricted shares | 0 | ||||||||||||||||
Forfeitures of restricted shares (in shares) | (19) | ||||||||||||||||
Issuance of restricted shares/units, value | 0 | $ 8 | (8) | ||||||||||||||
Issuance of restricted shares/units, value | 66 | ||||||||||||||||
Issuance of restricted shares/units (in shares) | 845 | ||||||||||||||||
Dividends | $ (1,771) | $ (10,001) | $ (5,209) | $ (23,104) | $ (22,673) | $ (1,771) | $ (10,001) | $ (5,209) | $ (23,104) | ||||||||
Distributions to noncontrolling interests | 0 | ||||||||||||||||
Distributions to noncontrolling interests | (5,766) | ||||||||||||||||
Redemption/conversion of operating partnership units | 13 | 24 | (11) | ||||||||||||||
Redemption/conversion of operating partnership units | (13) | ||||||||||||||||
Redemption/conversion of operating partnership units (in shares) | 4 | ||||||||||||||||
Redemption value adjustment | 6,614 | 6,614 | |||||||||||||||
Redemption value adjustment | (6,614) | ||||||||||||||||
Income (loss) from continuing operations attributable to the Company | 20,764 | 20,764 | |||||||||||||||
Loss from consolidated entities attributable to noncontrolling interest | (32) | (32) | |||||||||||||||
Net income (loss) | 20,732 | ||||||||||||||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | (2,264) | 2,264 | |||||||||||||||
Ending balance, value at Jun. 30, 2016 | 800,405 | $ 17 | $ 95 | $ 46 | $ 962 | $ 1,598,486 | $ (799,939) | $ 738 | |||||||||
Ending balance, shares (in shares) at Jun. 30, 2016 | 1,657 | 9,469 | 4,630 | 96,177 | |||||||||||||
Ending balance, value at Jun. 30, 2016 | $ 109,703 | $ 109,703 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Cash Flows from Operating Activities | ||
Net income (loss) | $ 22,996 | $ 352,050 |
Adjustments to reconcile net income (loss) to net cash flow provided by operating activities: | ||
Depreciation and amortization | 122,241 | 90,480 |
Impairment charges | (227) | 19,734 |
Amortization of intangibles | (99) | (68) |
Bad debt expense | 693 | 466 |
Equity in loss of unconsolidated entities | 3,872 | 4,715 |
Distribution of earnings from unconsolidated entities | 0 | 498 |
Gain on acquisition of PIM Highland JV and sale of properties, net | (22,980) | (380,705) |
Realized and unrealized gain on trading securities | 0 | (1,906) |
Purchases of marketable securities | 0 | (96,322) |
Sales of marketable securities | 0 | 95,963 |
Net settlement of trading derivatives | (560) | (1,420) |
Payments for derivatives | (230) | (3,000) |
Realized and unrealized (gains) losses on derivatives | (11,074) | 3,653 |
Amortization of loan costs and write-off of loan costs and exit fees | 15,247 | 11,771 |
Equity-based compensation | 3,326 | 1,860 |
Changes in operating assets and liabilities, exclusive of effect of hotel acquisitions and dispositions of hotel properties: | ||
Restricted cash | (15,874) | (12,524) |
Accounts receivable and inventories | (13,646) | (11,790) |
Prepaid expenses and other assets | (13,370) | (6,866) |
Accounts payable and accrued expenses | 15,553 | 16,079 |
Due to/from affiliates | 0 | 3,473 |
Due to/from related party | (4,019) | (4,056) |
Due to/from third-party hotel managers | 5,314 | (6,132) |
Due to/from Ashford Prime OP, net | 513 | (185) |
Due to/from Ashford Inc., net | (2,520) | 1,129 |
Other liabilities | 1,614 | 3,363 |
Net cash provided by operating activities | 106,770 | 80,260 |
Cash Flows from Investing Activities | ||
Investment in unconsolidated entity | (2,000) | 0 |
Proceeds from sale/payments of note receivable | 123 | 122 |
Proceeds from franchise agreement extensions | 0 | 2,500 |
Acquisition of hotel properties, net of cash acquired | 0 | (613,449) |
Change in restricted cash related to improvements and additions to hotel properties | 6,354 | 58,377 |
Improvements and additions to hotel properties | (88,169) | (72,716) |
Net proceeds from sales of assets/properties | 142,792 | 7,502 |
Payments for initial franchise fees | (30) | (298) |
Proceeds from property insurance | 194 | 320 |
Net cash provided by (used in) investing activities | 59,264 | (617,642) |
Cash Flows from Financing Activities | ||
Borrowings on indebtedness | 37,500 | 1,850,282 |
Repayments of indebtedness | (105,888) | (1,272,501) |
Payments of loan costs and exit fees | (4,575) | (36,900) |
Payments of dividends and distributions | (45,432) | (45,234) |
Repurchases of common shares | (734) | (543) |
Payments for derivatives | (73) | (1,617) |
Proceeds from common stock offering | 0 | 110,870 |
Distributions to noncontrolling interests in consolidated entities | 0 | 0 |
Other | 66 | 35 |
Net cash provided by (used in) financing activities | (119,136) | 604,392 |
Net increase in cash and cash equivalents | 46,898 | 67,010 |
Cash and cash equivalents at beginning of period | 215,078 | 215,063 |
Cash and cash equivalents held for sale at the end of period | (155) | 0 |
Cash and cash equivalents at end of period | 261,821 | 282,073 |
Supplemental Cash Flow Information | ||
Interest paid | 100,521 | 70,400 |
Income taxes paid | 1,312 | 4,638 |
Supplemental Disclosure of Non-Cash Investing and Financing Activity | ||
Accrued but unpaid capital expenditures | 7,817 | 6,321 |
Dividend receivable from Ashford Prime OP | 0 | 498 |
Investment in unconsolidated entity | 0 | 59,338 |
Acquisition of land | 0 | 3,100 |
Dividends and distributions declared but not paid | $ 23,097 | $ 23,369 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2016 | |
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 Trust”), is a real estate investment trust (“REIT”) focused on investing in full service hotels in the upscale and upper-upscale segments in domestic and international markets that have revenue per available room (“RevPAR”) generally less than twice the national average, and in all methods including direct real estate, equity, and debt. Other than Ashford Hospitality Trust, Inc.’s investment in Ashford Inc. common stock, we own our lodging investments and conduct our business through Ashford Hospitality Limited Partnership (“Ashford Trust OP”), our operating partnership. Ashford OP General Partner LLC, a wholly-owned subsidiary of Ashford Trust, serves as the sole general partner of our operating partnership. In this report, terms such as the “Company,” “we,” “us,” or “our” refer to Ashford Hospitality Trust, Inc. and all entities included in its consolidated financial statements. We are advised by Ashford Hospitality Advisors LLC (“Ashford LLC”), a subsidiary of Ashford Inc., through an advisory agreement. All of the hotel properties in our portfolio are currently asset-managed by Ashford LLC. We do not have any employees. All of the services that might be provided by employees are provided to us by Ashford LLC. As of June 30, 2016 , we owned interests in the following assets: • 127 consolidated hotel properties, including 125 ( two that are held for sale) directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 26,580 total rooms (or 26,553 net rooms excluding those attributable to our partners); • 85 hotel condominium units at WorldQuest Resort in Orlando, Florida; • a 29.7% ownership in Ashford Inc. common stock with a carrying value of $5.7 million ; • a 92.7% ownership in Ashford Quantitative Alternatives (U.S.), LP (the “AQUA U.S. Fund”) previously named AIM Real Estate Hedged Equity (U.S.) Fund, LP (the “REHE Fund”) with a carrying value of $53.1 million and • a mezzanine loan with a carrying value of $3.9 million . For federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of June 30, 2016 , our 127 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. As of June 30, 2016 , Remington Lodging & Hospitality, LLC, together with its affiliates (“Remington Lodging”), which is beneficially wholly owned by Mr. Monty J. Bennett, our Chairman and Chief Executive Officer, and Mr. Archie Bennett, Jr., our Chairman Emeritus, managed 87 of our 127 hotel properties and WorldQuest Resort. Third-party management companies managed the remaining hotel properties. On September 17, 2015, Remington Lodging and Ashford Inc. entered into an agreement pursuant to which Ashford Inc. will acquire all of the general partner interest and 80% of the limited partner interests in Remington Lodging. On April 12, 2016, Ashford Inc.’s stockholders approved the acquisition. On June 22, 2016, Ashford Inc. amended the agreement extending the date with respect to which Ashford Inc. and Remington Lodging have the right to terminate the agreement if the acquisition is not consummated by October 7, 2016. The acquisition is subject to the satisfaction of various conditions, and if completed, will not impact our management agreements with Remington Lodging. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All significant intercompany accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2015 Annual Report to Stockholders on Form 10-K and Form 10-K/A filed with the Securities and Exchange Commission (“SEC”) on February 29, 2016 , and March 15, 2016 , respectively. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE 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. All major decisions related to Ashford Trust OP that most significantly impact its 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 our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. The following items affect reporting comparability related to our consolidated financial statements: • Historical seasonality patterns at some of our properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . • On February 6, 2015, we acquired the Lakeway Resort & Spa, on February 25, 2015, we acquired the Memphis Marriott East hotel, on April 29, 2015, we acquired the Hampton Inn & Suites Gainesville, on June 3, 2015, we acquired the Le Pavillon Hotel, on June 17, 2015, we acquired a 9 hotel portfolio, on July 1, 2015, we acquired the W Atlanta Downtown hotel, on July 23, 2015, we acquired the Le Meridien Minneapolis, on August 5, 2015, we acquired the Hilton Garden Inn - Wisconsin Dells, on October 15, 2015, we acquired the Hotel Indigo and on November 10, 2015, we acquired the W Minneapolis Foshay. The results of these hotel properties are included in our results of operations as of their respective acquisition dates. • On March 6, 2015, we acquired the remaining approximate 28.26% interest in the 28 hotels of the PIM Highland JV. For the period from January 1, 2015 through March 5, 2015, the results of the PIM Highland JV are included in equity in loss of unconsolidated entities. On March 6, 2015, we began to consolidate the results of operations of these hotel properties. • On June 1, 2016, we sold five hotel properties comprised of the Courtyard Edison in Edison, New Jersey, the Residence Inn Buckhead in Atlanta, Georgia, and Courtyard Lake Buena Vista, Fairfield Inn Lake Buena Vista and SpringHill Suites Lake Buena Vista in Orlando, Florida (the “Noble Five Hotels”). 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. 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. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. No impairment charges were recorded for investments in hotel properties for the three and six months ended June 30, 2016 . We recorded impairment charges of $19.9 million for both the three and six months ended June 30, 2015. See note 4. Hotel Dispositions — Discontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results. The sale of the Noble Five Hotels on June 1, 2016, does not represent a strategic shift that has (or will have) a major effect on our operations or financial results. See note 4. Assets Held for Sale —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. The definitive agreement to sell the Courtyard Palm Desert and the Residence Inn Palm Desert in Palm Desert, California, announced on June 1, 2016, is considered probable and expected to sell within one year. As such, the two hotel properties have been reclassified as held for sale assets as of June 30, 2016 . Depreciation and amortization were ceased as of the date the assets were deemed held for sale. The sale of these two hotel properties does not represent a strategic shift that has (or will have) a major effect on our operations or financial results. Therefore, these two assets have not been reclassified to discontinued operations for the three and six months ended June 30, 2016 . The sale is expected to close in the third quarter. Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 12.2% to 92.7% are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ 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 loss in unconsolidated entities. No such impairment was recorded in the three and six months ended June 30, 2016 and 2015 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. VIE’s, 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 entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. Marketable Securities —Prior to our investment in the AQUA U.S. Fund, we held marketable securities. Marketable securities included U.S. treasury bills, publicly traded equity securities and stocks, and put and call options on certain publicly traded securities. All of these investments were recorded at fair value. Put and call options were considered derivatives. The fair value of these investments was based on the closing price as of the balance sheet date. The cost of securities sold was determined by using the high cost method. Net investment income, including interest income (expense), dividends, realized gains or losses and costs of investment, was reported as a component of “other income (expense).” Unrealized gains and losses on these investments were reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. 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. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income (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. We were reimbursed by PIM Highland JV for costs associated with managing its day-to-day operations and providing corporate administrative services such as accounting, insurance, marketing support, asset management and other services. These reimbursements were recorded as “other” revenue. As of March 6, 2015, we acquired the remaining approximate 28.26% of the PIM Highland JV which discontinued the aforementioned reimbursements. Equity-Based Compensation —Stock/unit-based compensation for non-employees is accounted for at fair value based on the market price of the shares at period end in accordance with applicable authoritative accounting guidance that results in recording expense, included in “advisory services fee,” and “management fees” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and performance-based Long-Term Incentive Plan (“Performance LTIP”) units granted to certain executive officers are accounted for at fair value at period end based on a Monte Carlo simulation valuation model that results in recording expense, included in “advisory services fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. Recently Adopted Accounting Standards —In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). The ASU amends the consolidation guidance for VIEs and general partners’ investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We have adopted this standard effective January 1, 2016, and the adoption of this standard did not have an impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. The update will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date , which defers the effective date to fiscal periods beginning after December 15, 2017. The FASB has also issued additional updates that further clarify the requirements of Topic 606 and provide implementation guidance. Early adoption is permitted for fiscal periods beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), to provide guidance on management's responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern. ASU 2014-15 also requires certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect the adoption of this standard will have an impact on our financial position, results of operations or cash flows. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. We are evaluating the impact that ASU 2016-01 will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are evaluating the impact that ASU 2016-02 will have on our consolidated financial statements and related disclosures. |
Investment in Hotel Properties,
Investment in Hotel Properties, net | 6 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Investments in Hotel Properties, net | Investments in Hotel Properties, net Investments in hotel properties, net consisted of the following (in thousands): June 30, 2016 December 31, 2015 Land $ 669,368 $ 704,534 Buildings and improvements 3,930,876 4,026,857 Furniture, fixtures, and equipment 411,832 406,893 Construction in progress 26,075 31,235 Condominium properties 11,250 11,947 Total cost 5,049,401 5,181,466 Accumulated depreciation (813,392 ) (761,782 ) Investments in hotel properties, net $ 4,236,009 $ 4,419,684 Final Purchase Price Allocation Hotel Indigo - Atlanta On October 15, 2015, we acquired a 100% interest in the Hotel Indigo (“Indigo Atlanta”) in Atlanta, Georgia for total consideration of $26.9 million . As part of the transaction, we assumed a mortgage loan with a fair value of $16.6 million . See note 7. The remaining purchase price was funded in cash. We prepared a purchase price allocation of the assets acquired and liabilities assumed. The final purchase price allocation was completed with the assistance of a third party appraisal firm during the three months ended March 31, 2016. 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 $ 3,230 Buildings and improvements 22,135 Furniture, fixtures, and equipment 1,576 26,941 Indebtedness (16,581 ) Net other assets and liabilities 425 |
Hotel Dispositions, Assets Held
Hotel Dispositions, Assets Held For Sale and Impairments | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Hotel Dispositions, Assets Held For Sale and Impairments | Hotel Dispositions, Assets Held For Sale and Impairments On June 1, 2016, the Company sold the Noble Five Hotels, a 5 -hotel portfolio of select-service hotel properties for approximately $142.0 million in cash. The sale resulted in a gain of $23.1 million for the three and six months ended June 30, 2016 and is included in “gain on acquisition of PIM Highland JV and sale of hotel properties” in the consolidated statements of operations. The portfolio is comprised of the Courtyard Edison in Edison, New Jersey; the Residence Inn Buckhead in Atlanta, Georgia; the Courtyard Lake Buena Vista, the Fairfield Inn Lake Buena Vista and the SpringHill Suites Lake Buena Vista in Orlando, Florida. We included the results of operations for these assets through the date of disposition in net income (loss) as shown in the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015, respectively . The following table includes condensed financial information from these assets (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total hotel revenue $ 7,707 $ 11,765 $ 21,645 $ 25,342 Total hotel operating expenses (5,769 ) (7,582 ) (14,182 ) (15,701 ) Operating income 1,938 4,183 7,463 9,641 Property taxes, insurance and other (428 ) (609 ) (875 ) (1,212 ) Depreciation and amortization (380 ) (1,644 ) (2,255 ) (3,193 ) Gain on sale of hotel properties 23,094 — 23,094 — Interest expense and amortization of loan costs (1,015 ) (1,536 ) (2,502 ) (3,059 ) Net income 23,209 394 24,925 2,177 Net income from continuing operations attributable to redeemable noncontrolling interests in operating partnership (3,242 ) (50 ) (3,475 ) (271 ) Net income (loss) from continuing operations attributable to the Company $ 19,967 $ 344 $ 21,450 $ 1,906 Assets Held For Sale On June 1, 2016, we announced that we had entered into a definitive agreement for the sale of the Courtyard Palm Desert and the Residence Inn Palm Desert in Palm Desert, California for approximately $36.0 million . At June 30, 2016 , the Courtyard Palm Desert and the Residence Inn Palm Desert in Palm Desert, California, were classified as held for sale in the consolidated balance sheet based on methodologies discussed in note 2. Since the sale of the properties does not represent a strategic shift that has (or will have) a major effect on our operations or financial results, their results of operations were not reported as discontinued operations in the consolidated financial statements. Depreciation and amortization were ceased as of the date the assets were deemed held for sale. The sale is expected to close in the third quarter. For the three and six months ended June 30, 2016 , total revenue of $2.6 million and $6.3 million , respectively, and net income of $408,000 and $1.4 million , respectively, are included in our consolidated statements of operations. The major classes of assets and liabilities related to the assets held for sale included in the consolidated balance sheet at June 30, 2016 were as follows: June 30, 2016 Assets Investments in hotel properties, net $ 27,973 Cash and cash equivalents 155 Restricted cash 1,265 Accounts receivable 155 Inventories 17 Prepaid expenses 175 Other assets 38 Due from related party, net 53 Assets held for sale $ 29,831 Liabilities Indebtedness, net $ 23,815 Accounts payable and accrued expenses 614 Liabilities related to assets held for sale $ 24,429 Hotel Impairments In 2015, we announced a plan to commence the process to list for sale 24 select-service hotels. While we have determined this announcement did not meet the criteria to classify the 24 select-service hotels as held for sale, we have concluded that these properties were not to be held long-term. Based on our impairment assessment of individual properties, we recorded an impairment charge of $19.9 million related to two hotel properties during the three and six months ended June 30, 2015: Residence Inn in Las Vegas, Nevada and the SpringHill Suites in Gaithersburg, Maryland, in the amounts of $17.1 million and $2.8 million , respectively. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. Our estimates of fair value reduced the respective carrying values of the Residence Inn in Las Vegas, Nevada and the SpringHill Suites in Gaithersburg, Maryland to $37.5 million and $15.3 million , respectively. |
Note Receivable
Note Receivable | 6 Months Ended |
Jun. 30, 2016 | |
Receivables [Abstract] | |
Note Receivable | Note Receivable At June 30, 2016 and December 31, 2015 , we had one mezzanine loan receivable with a net carrying value of $3.9 million and $3.7 million , respectively, net of a valuation allowance of $6.9 million and $7.1 million , respectively. This note is secured by one hotel property, bears interest at a rate of 6.09% , and matures in 2017. All required payments on this loan are current. No impairment charges were recorded during the three and six months ended June 30, 2016 and 2015 . Valuation adjustments of $116,000 and $227,000 were credited to impairment charges during the three and six months ended June 30, 2016 and $109,000 and $215,000 during the three and six months ended June 30, 2015 , respectively. Ongoing payments are treated as reductions of carrying value with related valuation allowance adjustments recorded as credits to impairment charges. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 6 Months Ended |
Jun. 30, 2016 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities Ashford Inc. We hold approximately 598,000 shares of Ashford Inc. common stock, which represented an approximate 29.7% ownership interest in Ashford Inc. as of June 30, 2016 , with a fair value of $29.9 million . The following tables summarize the condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015 and the condensed consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) June 30, 2016 December 31, 2015 Total assets $ 126,312 $ 166,991 Total liabilities 37,608 30,115 Redeemable noncontrolling interests 1,267 240 Total stockholders’ equity of Ashford Inc. 32,374 32,165 Noncontrolling interests in consolidated entities 55,063 104,471 Total equity 87,437 136,636 Total liabilities and equity $ 126,312 $ 166,991 Our ownership interest in Ashford Inc. $ 5,742 $ 6,616 Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenue $ 18,152 $ 14,489 $ 31,561 $ 27,607 Total operating expenses (20,344 ) (10,629 ) (34,265 ) (32,381 ) Operating income (loss) (2,192 ) 3,860 (2,704 ) (4,774 ) Realized and unrealized loss on investment in unconsolidated entity, net — (1,066 ) (1,460 ) (1,066 ) Realized and unrealized gain (loss) on investments, net 236 (2,000 ) (5,448 ) (1,955 ) Other 22 207 (80 ) 214 Income tax expense 655 (233 ) 15 (464 ) Net income (loss) (1,279 ) 768 (9,677 ) (8,045 ) (Income) loss from consolidated entities attributable to noncontrolling interests (182 ) 3,154 6,366 4,115 Net (income) loss attributable to redeemable noncontrolling interests 355 (8 ) 473 10 Net income (loss) attributable to Ashford Inc. $ (1,106 ) $ 3,914 $ (2,838 ) $ (3,920 ) Our equity in earnings (loss) of Ashford Inc. $ (355 ) $ 1,483 $ (874 ) $ (1,258 ) AQUA U.S. Fund In June 2015, for consideration of certain marketable securities, we obtained a 52.4% ownership interest in the AQUA U.S. Fund, previously named the REHE Fund. The AQUA U.S. Fund, is managed by Ashford Investment Management, LLC (“AIM”), an indirect subsidiary of Ashford Inc. As of June 30, 2016 and December 31, 2015, and for the three and six months ended June 30, 2016, the AQUA U.S. Fund was consolidated by Ashford Inc. The AQUA U.S. Fund invests substantially all of its assets in the Ashford Quantitative Alternatives Master Fund, LP (the “Master Fund”), previously named the AIM Real Estate Hedged Equity Master Fund, LP, and as a consequence of our investment in the AQUA U.S. Fund, we obtained an indirect interest in the Master Fund. Our maximum exposure of loss is limited to our investment in the AQUA U.S. Fund. The following tables summarize the consolidated balance sheets as of June 30, 2016 and December 31, 2015 and the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 of the AQUA U.S. Fund (in thousands): Ashford Quantitative Alternatives (U.S.), LP Condensed Balance Sheets (unaudited) June 30, 2016 December 31, 2015 Total assets $ 57,281 $ 106,792 Total liabilities 2,311 — Partners’ capital 54,970 106,792 Total liabilities and partners’ capital $ 57,281 $ 106,792 Our ownership interest in the AQUA U.S. Fund $ 53,070 $ 55,952 Ashford Quantitative Alternatives (U.S.), LP Condensed Statement of Operations (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total investment income $ 34 $ 216 $ 52 $ 223 Net expenses (73 ) (33 ) (262 ) (31 ) Net investment income (39 ) 183 (210 ) 192 Net unrealized gain (loss) on investments (178 ) (3,028 ) 940 (2,982 ) Net realized gain (loss) on investments 470 1,033 (6,331 ) 1,030 Net income (loss) attributable to the AQUA U.S. Fund $ 253 $ (1,812 ) $ (5,601 ) $ (1,760 ) Our equity in earnings (loss) of the AQUA U.S. Fund $ 184 $ (948 ) $ (2,882 ) $ (948 ) The Master Fund generally invests in publicly traded equity securities and put and call options on publicly traded equity securities. The AQUA U.S. Fund records its investment in the Master Fund at its proportionate share of net assets. Income (loss) and distributions are allocated to the AQUA U.S. Fund’s partners based on their ownership percentage of the AQUA U.S. Fund. Our equity in loss in the AQUA U.S. Fund represents our share of the AQUA U.S. Fund’s loss for the three and six months ended June 30, 2016 and 2015 . We generally may redeem our investment in the AQUA U.S. Fund on the last business day of the month after providing written notice. As of June 30, 2016 , we have no unfunded commitments. We are not obligated to pay any portion of the management fee or the performance allocation in favor of the AQUA U.S. Fund’s investment manager and general partner, respectively, but do share pro rata in all other applicable expenses of the AQUA U.S. Fund. As of June 30, 2016 and December 31, 2015 , we owned an approximate 92.7% and 52.4% ownership interest in the AQUA U.S. Fund, respectively. Other In March 2016, the Company invested $2.0 million in an unconsolidated entity that is controlled and consolidated by Ashford Inc., for a 12.2% ownership interest. Our investment is recorded as a component of “investment in unconsolidated entities” in our consolidated balance sheet and is accounted for under the equity method of accounting as we have been deemed to have significant influence over the entity under the applicable accounting guidance. As of June 30, 2016, our ownership interest had a carrying value of $1.9 million . For both the three and six months ended June 30, 2016 , our equity in the loss in the unconsolidated entity was $116,000 . As of December 31, 2015 , we held a 14.4% subordinated beneficial interest in a trust that holds the Four Seasons property in Nevis, which had a carrying value of zero . In February 2016, the Four Seasons hotel property in Nevis was sold. No gain or loss was recognized associated with our 14.4% subordinated beneficial interest. As a result of the sale, we have no ownership interest in the hotel property as of June 30, 2016 . |
Indebtedness
Indebtedness | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate June 30, 2016 December 31, 2015 Mortgage loan (3) 7 hotels August 2016 LIBOR (1) + 4.35% $ 301,000 $ 301,000 Mortgage loan (3) 5 hotels August 2016 LIBOR (1) + 4.38% 62,900 62,900 Mortgage loan (3) 1 hotel August 2016 LIBOR (1) + 4.20% 37,500 37,500 Secured revolving credit facility (4) None October 2016 Base Rate (2) + 2.00% or LIBOR (1) + 3.00% — — Mortgage loan (3) 8 hotels January 2017 LIBOR (1) + 4.95% 376,800 376,800 Mortgage loan (5) 5 hotels February 2017 LIBOR (1) + 4.75% 200,000 200,000 Mortgage loan (6) 24 hotels April 2017 LIBOR (1) + 4.39% 1,070,560 1,070,560 Mortgage loan (3) 1 hotel April 2017 LIBOR (1) + 4.95% 33,300 33,300 Mortgage loan 5 hotels April 2017 5.95% 109,492 110,302 Mortgage loan 5 hotels April 2017 5.95% — 99,144 Mortgage loan 5 hotels April 2017 5.95% 149,752 150,860 Mortgage loan 7 hotels April 2017 5.95% 119,784 120,671 Mortgage loan (3) 1 hotel May 2017 LIBOR (1) + 5.10% 25,100 25,100 Mortgage loan (3) 1 hotel June 2017 LIBOR (1) + 5.10% 43,750 43,750 Mortgage loan 1 hotel June 2017 5.98% 15,868 16,002 Mortgage loan (3) 8 hotels July 2017 LIBOR (1) + 4.09% 144,000 144,000 Mortgage loan (3) 1 hotel July 2017 LIBOR (1) + 4.15% 35,200 35,200 Mortgage loan (3) 1 hotel July 2017 LIBOR (1) + 5.10% 40,500 40,500 Mortgage loan (6) (9) 17 hotels December 2017 LIBOR (1) + 5.52% 412,500 375,000 Mortgage loan 1 hotel January 2018 4.38% 97,103 98,016 Mortgage loan 2 hotels January 2018 4.44% 106,222 107,054 Mortgage loan (7) 1 hotel July 2018 LIBOR (1) + 4.50% 21,200 21,200 Mortgage loan (7) 1 hotel August 2018 LIBOR (1) + 4.95% 12,000 12,000 Mortgage loan (8) 1 hotel July 2019 LIBOR (1) + 3.75% 5,492 5,524 Mortgage loan 1 hotel November 2020 6.26% 97,659 98,420 Mortgage loan 1 hotel May 2023 5.46% 55,110 55,524 Mortgage loan 1 hotel January 2024 5.49% 10,454 10,529 Mortgage loan 1 hotel January 2024 5.49% 7,163 7,214 Mortgage loan 1 hotel May 2024 4.99% 6,693 6,745 Mortgage loan 3 hotels August 2024 5.20% 67,520 67,520 Mortgage loan 2 hotels August 2024 4.85% 12,500 12,500 Mortgage loan 3 hotels August 2024 4.90% 24,980 24,980 Mortgage loan 3 hotels February 2025 4.45% 53,741 54,110 Mortgage loan 2 hotels February 2025 4.45% 23,983 24,147 Mortgage loan 2 hotels February 2025 4.45% 20,777 20,919 3,800,603 3,868,991 Premiums, net 4,581 5,626 Deferred loan costs, net (22,601 ) (34,000 ) Total indebtedness $ 3,782,583 $ 3,840,617 Indebtedness related to assets held for sale (10) 2 hotels February 2025 4.45% 23,983 Deferred loan costs, net (167 ) Indebtedness, net $ 3,758,767 ____________________________________ (1) LIBOR rates were 0.465% and 0.430% at June 30, 2016 and December 31, 2015 , respectively. (2) Base Rate, as defined in the secured revolving credit facility agreement is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.5% or (iii) LIBOR + 1.0% . (3) This mortgage loan has three one -year extension options subject to satisfaction of certain conditions. (4) Our borrowing capacity under our secured revolving credit facility is $100.0 million . (5) This mortgage loan has three one -year extension options subject to satisfaction of certain conditions and a LIBOR floor of 0.20% . The first one -year extension period began in February 2016. (6) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. (7) This mortgage loan has two one -year extension options subject to satisfaction of certain conditions. (8) This mortgage loan provides for an interest rate of LIBOR + 3.75% with a 0.25% LIBOR floor for the first 18 months. Beginning February 2016, the interest rate is fixed at 4.0% . (9) These mortgage loans are collateralized by the same properties. (10) This loan relates to the Courtyard Palm Desert and the Residence Inn Palm Desert in Palm Desert, California. See notes 4 and 17. On December 2, 2015, we refinanced three mortgage loans totaling $273.5 million . The initial amount of the new loan was $375.0 million . On March 1, 2016, we increased the loan amount by $37.5 million . The loan balance is now $412.5 million , which is interest only and provides for a floating interest rate of LIBOR + 5.52% . The stated maturity is December 2017, with four one -year extension options. The new loan is secured by 17 hotel properties. The SpringHill Suites in Jacksonville, Florida is now unencumbered. During the three and six months ended June 30, 2016 we recognized premium amortization of $524,000 and $1.0 million , respectively, and during the three and six ended June 30, 2015 we recognized $484,000 and $611,000 , respectively. The amortization of the premium is computed using the effective interest method, which is included in interest expense and amortization of premiums and loan costs in the consolidated statements of operations. We are required to maintain certain financial ratios under various debt and related agreements. If we violate covenants in any debt or related 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. The assets of certain of our subsidiaries are pledged under non-recourse indebtedness and are not available to satisfy the debts and other obligations of Ashford Trust or Ashford Trust OP, our operating partnership, and the liabilities of such subsidiaries do not constitute the obligations of Ashford Trust or Ashford Trust OP. 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 June 30, 2016 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended. |
Income (Loss) Per Share
Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Share | Income (Loss) Per Share Basic income (loss) per common share is calculated using the two-class method by dividing net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding during the period. Diluted income (loss) per common share is calculated using the two-class method, or treasury stock method if more dilutive, and 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. The following table reconciles the amounts used in calculating basic and diluted income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income (loss) allocated to common stockholders: Income (loss) attributable to the Company $ 30,753 $ (12,244 ) $ 20,764 $ 309,252 Less: Dividends on preferred stock (8,491 ) (8,491 ) (16,981 ) (16,981 ) Less: Dividends on common stock (11,340 ) (11,971 ) (22,673 ) (23,935 ) Less: Dividends on unvested performance stock units (40 ) — (80 ) — Less: Dividends on unvested restricted shares (203 ) (176 ) (351 ) (341 ) Less: Undistributed income allocated to unvested performance stock units (6 ) — — — Less: Undistributed income allocated to unvested shares (187 ) — — (2,691 ) Undistributed income (loss) 10,486 (32,882 ) (19,321 ) 265,304 Add back: Dividends on common stock 11,340 11,971 22,673 23,935 Distributed and undistributed income (loss) - basic $ 21,826 $ (20,911 ) $ 3,352 $ 289,239 Add back: Income allocated to operating partnership units — — — 42,809 Distributed and undistributed net income (loss) - diluted $ 21,826 $ (20,911 ) $ 3,352 $ 332,048 Weighted average shares outstanding: Weighted average common shares outstanding - basic 94,474 99,755 94,309 97,661 Effect of assumed conversion of operating partnership units — — — 18,457 Weighted average shares outstanding - diluted 94,474 99,755 94,309 116,118 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ 0.23 $ (0.21 ) $ 0.04 $ 2.96 Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ 0.23 $ (0.21 ) $ 0.04 $ 2.86 Due to the anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income (loss) allocated to common stockholders is not adjusted for: Income allocated to unvested restricted shares $ 390 $ 176 $ 351 $ 3,032 Income allocated to unvested performance stock units 46 — 80 — Income (loss) attributable to noncontrolling interest in operating partnership units 4,376 (2,527 ) 2,264 — Total $ 4,812 $ (2,351 ) $ 2,695 $ 3,032 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 396 347 262 389 Effect of unvested performance stock units 30 — 15 — Effect of assumed conversion of operating partnership units 18,844 18,542 18,943 — Total 19,270 18,889 19,220 389 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging | 6 Months Ended |
Jun. 30, 2016 | |
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 these risks, we primarily use interest rate derivatives and interest rate floors to hedge our debt and our cash flows. The interest rate derivatives currently include interest rate caps and interest rate floors. These derivatives are subject to master netting settlement arrangements. To mitigate the nonperformance risk, we routinely use 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. For the six months ended June 30, 2016 , we entered into interest rate caps with notional amounts totaling $237.5 million and strike rates ranging from 2.25% to 4.50% . These interest rate caps had effective dates from February 2016 to March 2016 , and maturity dates from February 2017 to December 2017 , and a total cost of $73,000 . These instruments were not designated as cash flow hedges. These instruments cap the interest rates on our mortgage loans with principal balances of $237.5 million and maturity dates from February 2017 to December 2017 . For the six months ended June 30, 2015, we entered into interest rate caps with notional amounts totaling $1.7 billion and strike rates ranging from 1.50% to 3.00% . These interest rate caps had effective dates from January 2015 to June 2015 , and maturity dates from January 2017 to July 2018 , for a total cost of $1.6 million . These instruments were not designated as cash flow hedges. We also entered into interest rate floors with notional amounts totaling $6.0 billion and strike rates ranging from (0.25)% to 0% . These interest rate floors had effective dates from April 2015 to July 2015 , and maturity dates from April 2020 to July 2020 , for a total cost of $9.4 million . As of June 30, 2016 , we had interest rate caps with notional amounts totaling $2.8 billion and strike rates ranging from 1.5% to 4.5% . These instruments had maturity dates ranging from August 2016 to August 2018 . As of June 30, 2016 , we had interest rate floors with notional amounts totaling $6.0 billion and strike rates ranging from (0.25)% to 0% . These instruments had maturity dates ranging from April 2020 to July 2020 . Credit Default Swap Derivatives —A credit default swap is a derivative contract that functions 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 (us) of protection in exchange for annual premium payments. If a default or a loss, as defined in the credit default swap agreements, occurs on the underlying bonds, then the buyer of protection is protected against those losses. The only liability for us, the buyer, is the annual premium and any change in value of the underlying CMBX index (if the trade is terminated prior to maturity). For all CMBX trades completed to date, we were the buyer of protection. 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 was approximately $4.6 million as of June 30, 2016 . Cash collateral is posted by us as well as our counterparties. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. The change in market value of credit default swaps is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparties when the change in market value is over $250,000 . Options on Futures Contracts —In March 2016, we purchased an option on Eurodollar futures for upfront costs of $250,000 , including commissions of $20,000 , and a maturity date of June 2017 . |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair Value Hierarchy —For disclosure purposes, financial instruments, whether measured at fair value on a recurring or nonrecurring basis or not measured at fair value, are classified in a hierarchy consisting of three levels based on the observability of valuation 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. 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. 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. 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 (Level 2 inputs). We also incorporate credit valuation adjustments (Level 3 inputs) to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk. Fair values of credit default swaps are obtained from a third party who publishes various information including the index composition and price data (Level 2 inputs). The fair value of credit default swaps does not contain credit-risk-related adjustments as the change in fair value is settled net through posting cash collateral or reclaiming cash collateral between us and our counterparty. Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. These expected future cash flows are probability-weighted projections based on the contract terms, accounting for both the magnitude and likelihood of potential payments, which are both computed using the appropriate LIBOR forward curve and market implied volatilities as of the valuation date (Level 2 inputs). Fair value of options on futures contracts is determined based on the last reported settlement price as of the measurement date (Level 1 inputs). These exchange-traded options are centrally cleared, and a clearinghouse stands in between all trades to ensure that the obligations involved in the trades are satisfied. Fair values of marketable securities and liabilities associated with marketable securities, including public equity securities, equity put and call options, and other investments, are based on their quoted market closing prices (Level 1 inputs). 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 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 counterparties, 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 June 30, 2016 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 0.465% to 0.730% for the remaining term of our derivatives. Credit spreads (Level 3 inputs) used in determining the fair values of 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) Counterparty and Cash Collateral Netting (1) Total June 30, 2016: Assets Derivative assets: Interest rate derivatives - floors $ — $ 14,729 $ — $ — $ 14,729 (2) Interest rate derivatives - caps — 13 — — 13 (2) Credit default swaps — 3,779 — (3,071 ) 708 (2) Options on futures contracts 350 — — — 350 (2) Total $ 350 $ 18,521 $ — $ (3,071 ) $ 15,800 December 31, 2015: Assets Derivative assets: Interest rate derivatives - floors $ — $ 1,747 $ — $ — $ 1,747 (2) Interest rate derivatives - caps — 361 — — 361 (2) Credit default swaps — 5,152 — (4,059 ) 1,093 (2) Options on futures contracts 234 — — — 234 (2) Total $ 234 $ 7,260 $ — $ (4,059 ) $ 3,435 ____________________________________ (1) Represents net cash collateral posted between us and our counterparty. (2) Reported net as “derivative assets, net” in the consolidated balance sheets. Effect of Fair-Value-Measured Assets and Liabilities on Consolidated Statements of Operations The following tables summarize the effect of fair-value-measured assets and liabilities on the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 (in thousands): Gain (Loss) Recognized in Income Three Months Ended June 30, 2016 2015 Assets Derivative assets: Interest rate derivatives - floors $ 5,281 $ (2,030 ) Interest rate derivatives - caps (83 ) (411 ) Credit default swaps (888 ) (5) 353 Options on futures contracts (154 ) — Equity put options — (426 ) Equity call options — (54 ) Non-derivative assets: Equity - American Depositary Receipt — (85 ) Equity — (989 ) U.S. Treasury — (93 ) Total 4,156 (3,735 ) Liabilities Derivative liabilities: Short-equity put options — 407 Short-equity call options — 891 Non-derivative liabilities: Short-equity securities — 114 Total — 1,412 Net $ 4,156 $ (2,323 ) Total combined Interest rate derivatives - floors $ 5,281 $ (2,030 ) Interest rate derivatives - caps (83 ) (411 ) Credit default swaps 1,834 486 Options on futures contracts (154 ) — Total derivatives 6,878 (1) (1,955 ) (1) Realized loss on credit default swaps (2,722 ) (2) (5) — Unrealized loss on marketable securities — 1,929 (3) Realized gain on marketable securities — (2,297 ) (2) (4) Net $ 4,156 $ (2,323 ) Gain (Loss) Recognized in Income Six Months Ended June 30, 2016 2015 Assets Derivative assets: Interest rate derivatives - floors $ 12,982 $ (2,030 ) Interest rate derivatives - caps (420 ) (1,428 ) Credit default swaps (1,373 ) (5) (384 ) Options on futures contracts (115 ) — Equity put options — (1,717 ) Equity call options — 26 Non-derivative assets: Equity - American Depositary Receipt — (150 ) Equity — 1,072 U.S. Treasury — 314 Total 11,074 (4,297 ) Liabilities Derivative liabilities: Short equity put options $ — $ 1,002 Short equity call options — 1,470 Non-derivative liabilities: Short equity securities — 78 Total — 2,550 Net $ 11,074 $ (1,747 ) Total combined Interest rate derivatives - floors $ 12,982 $ (2,030 ) Interest rate derivatives - caps (420 ) (1,428 ) Credit default swaps 1,349 (195 ) Options on futures contracts (115 ) — Total derivatives 13,796 (1) (3,653 ) (1) Realized loss on credit default swaps (2,722 ) (2) (5) — Unrealized gain (loss) on marketable securities — 127 (3) Realized gain on marketable securities — 1,779 (2) (4) Net $ 11,074 $ (1,747 ) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” in the consolidated statements of operations. (3) Reported as “unrealized loss on marketable securities” in the consolidated statements of operations. (4) Includes costs of $133 and $189 for the three and six months ended June 30, 2015, respectively, associated with credit default swaps. (5) Excludes costs of $188 and $378 , included in “other income (expense)” for the three and six months ended June 30, 2016 , respectively, associated with credit default swaps. |
Summary of Fair Value of Financ
Summary of Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Summary of Fair Value of Financial Instruments | Summary of Fair Value of Financial Instruments Determining estimated fair values of our financial instruments such as notes receivable and indebtedness requires considerable judgment to interpret market data. Market assumptions and/or estimation methodologies used may have a material effect on estimated fair value amounts. Accordingly, estimates presented are not necessarily indicative of amounts at which these instruments could be purchased, sold, or settled. Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): June 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets, net $ 15,800 $ 15,800 $ 3,435 $ 3,435 Financial assets not measured at fair value: Cash and cash equivalents $ 261,821 $ 261,821 $ 215,078 $ 215,078 Restricted cash 161,935 161,935 153,680 153,680 Accounts receivable, net 55,147 55,147 40,438 40,438 Note receivable, net 3,850 3,509 to 3,879 3,746 3,344 to 3,696 Due from Ashford Prime OP, net 15 15 528 528 Due from related party, net 2,202 2,202 — — Due from third-party hotel managers 18,040 18,040 22,869 22,869 Financial liabilities not measured at fair value: Indebtedness $ 3,805,184 $3,626,701 to $4,008,462 $ 3,874,617 $3,683,196 to $4,070,904 Accounts payable and accrued expenses 138,786 138,786 123,444 123,444 Dividends payable 23,097 23,097 22,678 22,678 Due to Ashford Inc., net 7,336 7,336 9,856 9,856 Due to related party, net — — 1,339 1,339 Due to third-party hotel managers 2,989 2,989 2,504 2,504 Cash, cash equivalents, and restricted cash . These financial assets bear interest at market rates and have maturities of less than 90 days. The carrying value approximates fair value due to their short-term nature. This is considered a Level 1 valuation technique. Accounts receivable, net, accounts payable and accrued expenses, dividends payable, due to/from Ashford Prime OP, due to/from related party, due to/from Ashford Inc. and due to/from third-party hotel managers. The carrying values of these financial instruments approximate their fair values due to their short-term nature. This is considered a Level 1 valuation technique. Note receivable, net. Fair value of notes receivable is determined using similar loans with similar collateral. We relied on our internal analysis of what we believe a willing buyer would pay for this note. We estimated the fair value of the note receivable to be approximately 8.9% to 0.8% lower than the carrying value of $3.9 million at June 30, 2016 and approximately 10.7% to 1.3% lower than the carrying value of $3.7 million at December 31, 2015 . 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. 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 credit spreads. Credit spreads take into consideration general market conditions, maturity, and collateral. We estimated the fair value of total indebtedness to be approximately 95.3% to 105.3% of the carrying value of $3.8 billion at June 30, 2016 and approximately 95.1% to 105.1% of the carrying value of $3.9 billion at December 31, 2015 . This is considered a Level 2 valuation technique. Derivative assets, net. Fair value of interest rate derivatives is determined using the net present value of expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of us and our counterparties. Fair values of credit default swap derivatives are obtained from a third party who publishes the CMBX index composition and price data. Fair values of interest rate floors are calculated using a third-party discounted cash flow model based on future cash flows that are expected to be received over the remaining life of the floor. Fair values of options on futures contracts are valued at their last reported settlement price as of the measurement date. See notes 2, 9 and 10 for a complete description of the methodology and assumptions utilized in determining fair values. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests in Operating Partnership | 6 Months Ended |
Jun. 30, 2016 | |
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 unitholders based on the weighted average ownership percentage of these limited partners’ common units of limited partnership interest in the operating partnership (“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 common units. Class B common units have a fixed dividend rate of 7.2% and have priority in payment of cash dividends over common units but otherwise have no preference over common units. Aside from the Class B common units, all other outstanding units represent common units. Beginning one year after issuance, each common unit (including each Class B common unit) may be redeemed for either cash or, at our sole discretion, up to one share of our common stock. Beginning in July 2016, each Class B common unit may be converted into a common unit at either party’s discretion. As a result of the Ashford Inc. spin-off, holders of our common stock were distributed one share of Ashford Inc. common stock for every 87 shares of our common stock, while our unitholders received one common unit of the operating limited liability company subsidiary of Ashford Inc. for each common unit of our operating partnership the holder held, and such holder then had the opportunity to exchange up to 99% of those units for shares of Ashford Inc. common stock at the rate of one share of Ashford Inc. common stock for every 55 common units of the operating limited liability company subsidiary of Ashford Inc. Following the spin-off, Ashford Trust continues to hold 598,000 shares of Ashford Inc. common stock for the benefit of its common stockholders, and all of our remaining lodging investments are owned by Ashford Trust OP. Therefore, each common unit and LTIP unit was worth approximately 94% and 95% of one share of our common stock at June 30, 2016 and December 31, 2015 , respectively. LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, have vesting periods 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 unit which can then be redeemed for cash or, at our election, settled in our common stock. An LTIP unit will achieve parity with the common units upon the sale or deemed sale of all or substantially all of the assets of the operating partnership at a time when our stock is trading at a level in excess of the price it was trading on the date of the LTIP issuance. More specifically, LTIP units will achieve full economic parity with common units in connection with (i) the actual sale of all or substantially all of the assets of the operating partnership or (ii) the hypothetical sale of such assets, which results from a capital account revaluation, as defined in the partnership agreement, for the operating partnership. On March 31, 2016, the compensation committee of the board of directors of the Company approved Performance LTIP units to certain executive officers. The award agreements provide for the grant of a maximum number of approximately 804,000 Performance LTIP units that will be settled in LTIPs or common units of the Ashford Trust OP, if and when the applicable vesting criteria have been achieved following the end of the performance and service period, which began on January 1, 2016 and ends on December 31, 2018. The actual number of units earned may be adjusted from 0% to 100% based on achievement of a specified relative total stockholder return and specified absolute total stockholder return, based on the formula determined by the Company’s Compensation Committee on the grant date. The performance criteria for the Performance LTIP units are based on market conditions under the relevant literature, and the Performance LTIP units were granted to non-employees. The unamortized fair value of Performance LTIP units of $1.7 million at June 30, 2016 will be expensed over a period of 2.5 years. Compensation expense of $168,000 was recorded for both the three and six months ended June 30, 2016 . As of June 30, 2016 , we have issued a total of 10.1 million LTIP units (including Performance LTIP units), all of which, other than approximately 104,000 , 1.2 million and 662,000 issued in May 2016 , March 2016 and March 2015 , respectively, have reached full economic parity with, and are convertible into, common units. Expense of $801,000 and $1.1 million was recognized for the three and six months ended June 30, 2016 , respectively, and expense of $820,000 and $884,000 was recognized for the three and six months ended June 30, 2015, respectively, which was associated with LTIP units issued to Ashford LLC’s employees and Ashford Trust’s directors and is included in “advisory services fee” and “corporate, general and administrative,” respectively, in our consolidated statements of operations. As the LTIP units are issued to non-employees, the compensation expense was determined based on the share price as of the end of the period. The fair value of the unrecognized cost of LTIP units, which was $3.9 million at June 30, 2016 , will be expensed over a period of approximately 2.75 years. During the three and six months ended June 30, 2016 , approximately 5,000 common units with an aggregate fair value of approximately $24,000 were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. During the three and six months ended June 30, 2015, 2,000 and 150,000 common units with an aggregate fair value of $23,000 and $1.5 million were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. Redeemable noncontrolling interests, including vested LTIP units, in our operating partnership as of June 30, 2016 and December 31, 2015 were $109.7 million and $118.4 million , respectively, which represents ownership of our operating partnership of 13.97% and 13.36% , respectively. The carrying value of redeemable noncontrolling interests as of June 30, 2016 and December 31, 2015 included adjustments of $88.4 million and $95.0 million , respectively, to reflect the excess of the redemption value over the accumulated historical costs. Redeemable noncontrolling interests were allocated net income of $4.4 million and $2.3 million for the three and six months ended June 30, 2016 , respectively, and net loss of $2.5 million and net income of $42.8 million for the three and six months ended June 30, 2015, respectively. We declared aggregate cash distributions to holders of common units and holders of LTIP units of $2.9 million and $5.8 million for the three and six months ended June 30, 2016 , respectively, and $2.7 million and $5.5 million for the three and six months ended June 30, 2015, respectively. |
Equity and Equity-Based Compens
Equity and Equity-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Equity and Equity-Based Compensation | Equity and Equity-Based Compensation Common Stock Dividends —For each of the 2016 and 2015 quarters, the board of directors declared quarterly dividends of $0.12 per outstanding share of common stock with an annualized target of $0.48 per share for 2016 . Restricted Stock Units —Restricted stock unit compensation expense for the three and six months ended June 30, 2016 was $1.2 million and $1.9 million , respectively, which is associated with restricted shares of our common stock issued to Ashford LLC’s employees and certain employees of Remington Lodging and are included in “advisory services fee” and “management fees,” respectively, in our consolidated statements of operations. Stock-based compensation expense for the three and six months ended June 30, 2015, was $869,000 and $976,000 , respectively, which is associated with restricted shares of our common stock issued to Ashford LLC’s employees and Ashford Trust’s directors and is included in “advisory services fee” and “corporate, general and administrative”, respectively, in our consolidated statements of operations. The fair value of the unrecognized cost of restricted shares, which was $7.3 million at June 30, 2016 , will be expensed over a period of approximately 2.75 years. Performance Stock Units —On March 31, 2016, the compensation committee of the board of directors of the Company approved grants of PSUs to certain executive officers. The award agreements provide for the grant of a target number of approximately 336,000 PSUs that will be settled in shares of common stock of the Company, if and when the applicable vesting criteria have been achieved following the end of the performance and service period, which began on January 1, 2016 and ends on December 31, 2018. The target number of PSUs may be adjusted from 0% to 200% based on achievement of a specified relative total stockholder return and specified absolute total stockholder return, based on the formula determined by the Company’s Compensation Committee on the grant date. The performance criteria for the PSUs are based on market conditions under the relevant literature, and the PSUs were granted to non-employees. Compensation expense of $143,000 was recorded for both the three and six months ended June 30, 2016 . The fair value of the unrecognized cost of PSUs, which was $1.4 million at June 30, 2016 , will be expensed over a period of approximately 2.5 years. Preferred Dividends —During the three months ended June 30, 2016 , the board of directors declared quarterly dividends of $0.5344 per share for our 8.55% Series A preferred stock, $0.5281 per share for our 8.45% Series D preferred stock, and $0.5625 per share for our 9.00% Series E preferred stock. During the three months ended June 30, 2015 , the board of directors declared quarterly dividends of $0.5344 per share for our 8.55% Series A preferred stock, $0.5281 per share for our 8.45% Series D preferred stock and $0.5625 per share for our 9.00% Series E preferred stock. Noncontrolling Interests in Consolidated Entities —Our noncontrolling entity partner had an ownership interest of 15% in two hotel properties and a total carrying value of $738,000 and $770,000 at June 30, 2016 and December 31, 2015 , respectively. Our ownership interest is reported in equity in the consolidated balance sheets. Noncontrolling interests in consolidated entities were allocated income of $6,000 and loss of $32,000 for the three and six months ended June 30, 2016 , respectively, and allocated income of $14,000 and loss of $11,000 for the three and six months ended June 30, 2015, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
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 June 30, 2016 , 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 June 30, 2016 , we pay franchisor royalty fees between 2% and 6% of gross rooms revenue and, in some cases, food and beverage revenues. Additionally, we pay fees for marketing, reservations, and other related activities aggregating between 1% and 6% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2017 and 2040 . 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 stockholders. 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. We incurred franchise fees of $19.1 million and $36.2 million for the three and six months ended June 30, 2016 , respectively, and $16.9 million and $28.8 million for the three and six months ended June 30, 2015, respectively. Franchise fees are included in “other” hotel expenses in the consolidated statements of operations. Management Fees —Under management agreements for our hotel properties existing at June 30, 2016 , 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 1.5% 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 2017 through 2044 , 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 and liquidated damages or, in certain circumstances, we may substitute a new management agreement. Income Taxes — We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2012 through 2015 remain subject to potential examination by certain federal and state taxing authorities. 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, if any, as set forth in the settlement agreement. Litigation — Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. This litigation involves a landlord tenant dispute from 2008 in which the landlord, Palm Beach Florida Hotel and Office Building Limited Partnership, a subsidiary of the Company, claimed that the tenant had violated various lease provisions of the lease agreement and was therefore in default. The tenant counterclaimed and asserted multiple claims including that it had been wrongfully evicted. The litigation was instituted by the plaintiff in November 2008 in the Circuit Court of the Fifteenth Judicial Circuit, in and for Palm Beach County, Florida and proceeded to a jury trial on June 30, 2014. The jury entered its verdict awarding the tenant total claims of $10.8 million and ruling against the landlord on its claim of breach of contract. A final judgment was entered and the landlord filed an appeal with the 4th District Court of Appeals in Florida. Both parties have fully briefed the Appeal and oral argument took place on May 31, 2016. A decision from the Court of Appeals will likely be announced during late summer/early fall of 2016. The parties have agreed to table any hearings to establish attorney's fees until after the Court of Appeals decision. As a result of the jury verdict, we recorded the $10.8 million judgment, pre-judgment interest of $802,000 and accrued a reasonable estimate of $400,000 of loss related to legal fees during 2014 and 2015. For the three and six months ended June 30, 2016 , we recorded additional pre-judgment interest of $24,000 and $48,000 , respectively. Including the judgment, pre-judgment interest and estimated loss of legal expenses, total expenses recorded were $12.1 million through June 30, 2016 . The additional charges related to pre-judgment interest are included in “other” hotel expenses in the consolidated statements of operations for the three and six months ended June 30, 2016 . We are engaged in other 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. |
Segment Reporting
Segment Reporting | 6 Months Ended |
Jun. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting | Segment Reporting We operate in one business segment within the hotel lodging industry: direct hotel investments. 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. As of June 30, 2016 and December 31, 2015 , all of our hotel properties were domestically located. |
Related Party Transactions (Not
Related Party Transactions (Notes) | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor, and as a result, we pay advisory fees to Ashford LLC. The advisory agreement was amended in June 2015. We are required to pay Ashford LLC a quarterly base fee that is a percentage of our total market capitalization on a declining sliding scale, subject to a minimum quarterly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. We are also required to pay Ashford LLC an incentive fee that is based on our total return performance as compared to our peer group as well as to reimburse Ashford LLC for certain reimbursable overhead and internal audit, insurance claims advisory and asset management services, as specified in the advisory agreement. We also record equity-based compensation expense for equity grants of common stock and LTIP units awarded to our officers and employees of Ashford LLC in connection with providing advisory services equal to the fair value of the award in proportion to the requisite service period satisfied during the period. The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Advisory services fee Base advisory fee $ 8,726 $ 8,505 $ 17,266 $ 16,516 Reimbursable expenses (1) 1,602 1,816 3,065 3,201 Equity-based compensation (2) 1,748 1,151 2,648 1,322 Total advisory services fee $ 12,076 $ 11,472 $ 22,979 $ 21,039 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford LLC. In connection with our acquisition of the Le Pavillon and Ashford Inc.’s engagement to provide hotel advisory services to us, Ashford Inc. will be providing $4.0 million of key money consideration to purchase furniture, fixtures and equipment . At June 30, 2016 and December 31, 2015, we had a payable of $7.3 million and $9.9 million , respectively, included in due to Ashford Inc., net, associated with the advisory services fee discussed above. Certain employees of Remington Lodging, who perform work on behalf of Ashford Trust, were granted approximately 147,000 shares and 167,000 shares of restricted stock under the Ashford Trust Stock Plan on June 30, 2015 and April 1, 2016, respectively. These share grants were accounted for under the applicable accounting guidance related to share-based payments granted to non-employees and are recorded as a component of “management fees” in our consolidated statements of operations. Expense of $71,000 and $155,000 was recognized for the three and six months ended June 30, 2016 , respectively. No expense was recognized for both the three and six months ended June 30, 2015. The unamortized fair value of these grants was $1.3 million as of June 30, 2016 , which will be amortized over a period of 2.75 years. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events In June 2016, the Company entered into a definitive agreement to sell the Hampton Inn & Suites in Gainesville, Florida for approximately $26.5 million in cash. Subsequent to June 30, 2016, the sale was considered probable and expected to sell within one year, subject to certain closing conditions. The carrying value of the land, building and furniture, fixtures and equipment was approximately $23.0 million at June 30, 2016. On July 6, 2016, the Company agreed to issue 4.8 million shares of Series F Preferred Stock. As set forth in Articles Supplementary Establishing and Fixing the Rights and Preferences of a Series of Preferred Stock (the “Articles Supplementary”) filed with the Maryland State Department of Assessments and Taxation on July 11, 2016, the Series F Preferred Stock ranks senior to all classes or series of the Company’s common stock and future junior securities, on a parity with each series of the Company’s outstanding preferred stock (the 8.55% Series A Cumulative Preferred Stock, 8.45% Series D Cumulative Preferred Stock and 9.000% Series E Cumulative Preferred Stock (the “Series E Preferred Stock”), prior to the redemption of the Series E Preferred Stock announced by the Company on July 8, 2016) and with any future parity securities and junior to future senior securities and to all of the Company’s existing and future indebtedness, with respect to the payment of dividends and the distribution of amounts upon liquidation, dissolution or winding up of the Company’s affairs. The Company will pay cumulative dividends on the Series F Preferred Stock in the amount of $1.84375 per share each year, which is equivalent to 7.375% of the $25.00 liquidation preference per share of Series F Preferred Stock. Dividends on the Series F Preferred Stock are payable quarterly in arrears on the 15th day of January, April, July and October of each year (or, if not on a business day, on the next succeeding business day). The first dividend on the Series F Preferred Stock sold in this offering will be paid on October 17, 2016 and will be in the amount of $0.39948 per share. On August 8, 2016, the Company redeemed its 9.000% Series E Cumulative Preferred Stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends to, but not including, the redemption date, in an amount equal to $0.23125 per share, for a total redemption price of $25.23125 per share. |
Significant Accounting Polici25
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation —The accompanying unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries, and its majority-owned entities in which it has a controlling interest. All significant intercompany accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. We have condensed or omitted certain information and footnote disclosures normally included in financial statements presented in accordance with GAAP in the accompanying unaudited consolidated financial statements. We believe the disclosures made herein are adequate to prevent the information presented from being misleading. However, the financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in our 2015 Annual Report to Stockholders on Form 10-K and Form 10-K/A filed with the Securities and Exchange Commission (“SEC”) on February 29, 2016 , and March 15, 2016 , respectively. Ashford Trust OP is considered to be a variable interest entity (“VIE”), as defined by authoritative accounting guidance. A VIE 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. All major decisions related to Ashford Trust OP that most significantly impact its 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 our wholly-owned subsidiary, Ashford Trust OP General Partner LLC, its general partner. As such, we consolidate Ashford Trust OP. The following items affect reporting comparability related to our consolidated financial statements: • Historical seasonality patterns at some of our properties cause fluctuations in our overall operating results. Consequently, operating results for the three and six months ended June 30, 2016 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 . • On February 6, 2015, we acquired the Lakeway Resort & Spa, on February 25, 2015, we acquired the Memphis Marriott East hotel, on April 29, 2015, we acquired the Hampton Inn & Suites Gainesville, on June 3, 2015, we acquired the Le Pavillon Hotel, on June 17, 2015, we acquired a 9 hotel portfolio, on July 1, 2015, we acquired the W Atlanta Downtown hotel, on July 23, 2015, we acquired the Le Meridien Minneapolis, on August 5, 2015, we acquired the Hilton Garden Inn - Wisconsin Dells, on October 15, 2015, we acquired the Hotel Indigo and on November 10, 2015, we acquired the W Minneapolis Foshay. The results of these hotel properties are included in our results of operations as of their respective acquisition dates. • On March 6, 2015, we acquired the remaining approximate 28.26% interest in the 28 hotels of the PIM Highland JV. For the period from January 1, 2015 through March 5, 2015, the results of the PIM Highland JV are included in equity in loss of unconsolidated entities. On March 6, 2015, we began to consolidate the results of operations of these hotel properties. • On June 1, 2016, we sold five hotel properties comprised of the Courtyard Edison in Edison, New Jersey, the Residence Inn Buckhead in Atlanta, Georgia, and Courtyard Lake Buena Vista, Fairfield Inn Lake Buena Vista and SpringHill Suites Lake Buena Vista in Orlando, Florida (the “Noble Five Hotels”). |
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. |
Impairment of Investment in Hotel Properties and Assets Held for Sale | Assets Held for Sale —We classify assets as held for sale when we have obtained a firm commitment from a buyer, and consummation of the sale is considered probable and expected within one year. The related operations of assets held for sale are reported as discontinued if the disposal is a component of an entity that represents a strategic shift that has (or will have) a major effect on our operations and cash flows. The definitive agreement to sell the Courtyard Palm Desert and the Residence Inn Palm Desert in Palm Desert, California, announced on June 1, 2016, is considered probable and expected to sell within one year. As such, the two hotel properties have been reclassified as held for sale assets as of June 30, 2016 . Depreciation and amortization were ceased as of the date the assets were deemed held for sale. The sale of these two hotel properties does not represent a strategic shift that has (or will have) a major effect on our operations or financial results. Therefore, these two assets have not been reclassified to discontinued operations for the three and six months ended June 30, 2016 . 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. Recoverability of the hotel is measured by comparison of the carrying amount of the hotel to the estimated future undiscounted cash flows, which take into account current market conditions and our intent with respect to holding or disposing of the hotel. If our analysis indicates that the carrying value of the hotel is not recoverable on an undiscounted cash flow basis, we recognize an impairment charge for the amount by which the property’s net book value exceeds its estimated fair value, or fair value, less cost to sell. In evaluating impairment of hotel properties, we make many assumptions and estimates, including projected cash flows, expected holding period, and expected useful life. Fair value is determined through various valuation techniques, including internally developed discounted cash flow models, comparable market transactions and third-party appraisals, where considered necessary. No impairment charges were recorded for investments in hotel properties for the three and six months ended June 30, 2016 . We recorded impairment charges of $19.9 million for both the three and six months ended June 30, 2015. See note 4. |
Hotel Dispositions | Hotel Dispositions — Discontinued operations are defined as the disposal of components of an entity that represents strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. We believe that individual dispositions of hotel properties do not represent a strategic shift that has (or will have) a major effect on our operations and financial results. The sale of the Noble Five Hotels on June 1, 2016, does not represent a strategic shift that has (or will have) a major effect on our operations or financial results. See note 4. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 12.2% to 92.7% are accounted for under the equity method of accounting by recording the initial investment and our percentage of interest in the entities’ 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 loss in unconsolidated entities. No such impairment was recorded in the three and six months ended June 30, 2016 and 2015 . Our investments in certain unconsolidated entities are considered to be variable interests in the underlying entities. VIE’s, 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 entities on an ongoing basis and therefore such entities should not be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. |
Marketable Securities | Marketable Securities —Prior to our investment in the AQUA U.S. Fund, we held marketable securities. Marketable securities included U.S. treasury bills, publicly traded equity securities and stocks, and put and call options on certain publicly traded securities. All of these investments were recorded at fair value. Put and call options were considered derivatives. The fair value of these investments was based on the closing price as of the balance sheet date. The cost of securities sold was determined by using the high cost method. Net investment income, including interest income (expense), dividends, realized gains or losses and costs of investment, was reported as a component of “other income (expense).” Unrealized gains and losses on these investments were reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. |
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. Taxes collected from customers and submitted to taxing authorities are not recorded in revenue. Interest income (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. We were reimbursed by PIM Highland JV for costs associated with managing its day-to-day operations and providing corporate administrative services such as accounting, insurance, marketing support, asset management and other services. These reimbursements were recorded as “other” revenue. As of March 6, 2015, we acquired the remaining approximate 28.26% of the PIM Highland JV which discontinued the aforementioned reimbursements. |
Equity-Based Compensation | Equity-Based Compensation —Stock/unit-based compensation for non-employees is accounted for at fair value based on the market price of the shares at period end in accordance with applicable authoritative accounting guidance that results in recording expense, included in “advisory services fee,” and “management fees” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Performance stock units (“PSUs”) and performance-based Long-Term Incentive Plan (“Performance LTIP”) units granted to certain executive officers are accounted for at fair value at period end based on a Monte Carlo simulation valuation model that results in recording expense, included in “advisory services fee,” equal to the fair value of the award in proportion to the requisite service period satisfied during the period. Stock/unit grants to independent directors are recorded at fair value based on the market price of the shares at grant date, which amount is fully expensed as the grants of stock/units are fully vested on the date of grant. |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards —In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). The ASU amends the consolidation guidance for VIEs and general partners’ investments in limited partnerships and modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities. The ASU is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. We have adopted this standard effective January 1, 2016, and the adoption of this standard did not have an impact on our financial position, results of operations or cash flows. Recently Issued Accounting Standards — In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). ASU 2014-09 is a comprehensive new revenue recognition model, which requires a company to recognize revenue to depict the transfer of promised goods or services to a customer in an amount that reflects the consideration the company expects to receive in exchange for those goods or services. The update will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606): Deferral of the Effective Date , which defers the effective date to fiscal periods beginning after December 15, 2017. The FASB has also issued additional updates that further clarify the requirements of Topic 606 and provide implementation guidance. Early adoption is permitted for fiscal periods beginning after December 15, 2016. The standard permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that ASU 2014-09 will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (“ASU 2014-15”), to provide guidance on management's responsibility to perform interim and annual assessments of an entity’s ability to continue as a going concern. ASU 2014-15 also requires certain disclosures if conditions or events raise substantial doubt about the entity’s ability to continue as a going concern. ASU 2014-15 applies to all entities and is effective for annual periods ending after December 15, 2016, and interim periods thereafter, with early adoption permitted. We do not expect the adoption of this standard will have an impact on our financial position, results of operations or cash flows. In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”), which requires an entity to: (i) measure equity investments at fair value through net income, with certain exceptions; (ii) present in OCI the changes in instrument-specific credit risk for financial liabilities measured using the fair value option; (iii) present financial assets and financial liabilities by measurement category and form of financial asset; (iv) calculate the fair value of financial instruments for disclosure purposes based on an exit price and; (v) assess a valuation allowance on deferred tax assets related to unrealized losses of AFS debt securities in combination with other deferred tax assets. ASU 2016-01 provides an election to subsequently measure certain nonmarketable equity investments at cost less any impairment and adjusted for certain observable price changes. It also requires a qualitative impairment assessment of such equity investments and amends certain fair value disclosure requirements. ASU 2016-01 is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Certain provisions of ASU 2016-01 are eligible for early adoption. We are evaluating the impact that ASU 2016-01 will have on our consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”). The new standard establishes a right-of-use (“ROU”) model that requires a lessee to record a ROU asset and a lease liability on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. A modified retrospective transition approach is required for lessees for capital and operating leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. We are evaluating the impact that ASU 2016-02 will have on our consolidated financial statements and related disclosures. |
Investment in Hotel Propertie26
Investment in Hotel Properties, net (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Business Acquisition [Line Items] | |
Schedule of investments in hotel properties, net | Investments in hotel properties, net consisted of the following (in thousands): June 30, 2016 December 31, 2015 Land $ 669,368 $ 704,534 Buildings and improvements 3,930,876 4,026,857 Furniture, fixtures, and equipment 411,832 406,893 Construction in progress 26,075 31,235 Condominium properties 11,250 11,947 Total cost 5,049,401 5,181,466 Accumulated depreciation (813,392 ) (761,782 ) Investments in hotel properties, net $ 4,236,009 $ 4,419,684 |
Hotel Indigo - Atlanta [Member] | |
Business Acquisition [Line Items] | |
Schedule of preliminary fair value of the assets acquired and liabilities assumed | The following table summarizes the estimated fair value of the assets acquired and liabilities assumed in the acquisition (in thousands): Land $ 3,230 Buildings and improvements 22,135 Furniture, fixtures, and equipment 1,576 26,941 Indebtedness (16,581 ) Net other assets and liabilities 425 |
Hotel Dispositions, Assets He27
Hotel Dispositions, Assets Held For Sale and Impairments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups | The following table includes condensed financial information from these assets (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total hotel revenue $ 7,707 $ 11,765 $ 21,645 $ 25,342 Total hotel operating expenses (5,769 ) (7,582 ) (14,182 ) (15,701 ) Operating income 1,938 4,183 7,463 9,641 Property taxes, insurance and other (428 ) (609 ) (875 ) (1,212 ) Depreciation and amortization (380 ) (1,644 ) (2,255 ) (3,193 ) Gain on sale of hotel properties 23,094 — 23,094 — Interest expense and amortization of loan costs (1,015 ) (1,536 ) (2,502 ) (3,059 ) Net income 23,209 394 24,925 2,177 Net income from continuing operations attributable to redeemable noncontrolling interests in operating partnership (3,242 ) (50 ) (3,475 ) (271 ) Net income (loss) from continuing operations attributable to the Company $ 19,967 $ 344 $ 21,450 $ 1,906 The major classes of assets and liabilities related to the assets held for sale included in the consolidated balance sheet at June 30, 2016 were as follows: June 30, 2016 Assets Investments in hotel properties, net $ 27,973 Cash and cash equivalents 155 Restricted cash 1,265 Accounts receivable 155 Inventories 17 Prepaid expenses 175 Other assets 38 Due from related party, net 53 Assets held for sale $ 29,831 Liabilities Indebtedness, net $ 23,815 Accounts payable and accrued expenses 614 Liabilities related to assets held for sale $ 24,429 |
Investment in Unconsolidated 28
Investment in Unconsolidated Entities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Ashford Inc. [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Preliminary Balance Sheet | The following tables summarize the condensed consolidated balance sheets as of June 30, 2016 and December 31, 2015 and the condensed consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 of Ashford Inc. (in thousands): Ashford Inc. Condensed Consolidated Balance Sheets (unaudited) June 30, 2016 December 31, 2015 Total assets $ 126,312 $ 166,991 Total liabilities 37,608 30,115 Redeemable noncontrolling interests 1,267 240 Total stockholders’ equity of Ashford Inc. 32,374 32,165 Noncontrolling interests in consolidated entities 55,063 104,471 Total equity 87,437 136,636 Total liabilities and equity $ 126,312 $ 166,991 Our ownership interest in Ashford Inc. $ 5,742 $ 6,616 |
Summary of Preliminary Statement of Operations | Ashford Inc. Condensed Consolidated Statements of Operations (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total revenue $ 18,152 $ 14,489 $ 31,561 $ 27,607 Total operating expenses (20,344 ) (10,629 ) (34,265 ) (32,381 ) Operating income (loss) (2,192 ) 3,860 (2,704 ) (4,774 ) Realized and unrealized loss on investment in unconsolidated entity, net — (1,066 ) (1,460 ) (1,066 ) Realized and unrealized gain (loss) on investments, net 236 (2,000 ) (5,448 ) (1,955 ) Other 22 207 (80 ) 214 Income tax expense 655 (233 ) 15 (464 ) Net income (loss) (1,279 ) 768 (9,677 ) (8,045 ) (Income) loss from consolidated entities attributable to noncontrolling interests (182 ) 3,154 6,366 4,115 Net (income) loss attributable to redeemable noncontrolling interests 355 (8 ) 473 10 Net income (loss) attributable to Ashford Inc. $ (1,106 ) $ 3,914 $ (2,838 ) $ (3,920 ) Our equity in earnings (loss) of Ashford Inc. $ (355 ) $ 1,483 $ (874 ) $ (1,258 ) |
AQUA U.S. Fund [Member] | |
Schedule of Equity Method Investments [Line Items] | |
Summary of Preliminary Balance Sheet | The following tables summarize the consolidated balance sheets as of June 30, 2016 and December 31, 2015 and the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 of the AQUA U.S. Fund (in thousands): Ashford Quantitative Alternatives (U.S.), LP Condensed Balance Sheets (unaudited) June 30, 2016 December 31, 2015 Total assets $ 57,281 $ 106,792 Total liabilities 2,311 — Partners’ capital 54,970 106,792 Total liabilities and partners’ capital $ 57,281 $ 106,792 Our ownership interest in the AQUA U.S. Fund $ 53,070 $ 55,952 |
Summary of Preliminary Statement of Operations | Ashford Quantitative Alternatives (U.S.), LP Condensed Statement of Operations (unaudited) Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Total investment income $ 34 $ 216 $ 52 $ 223 Net expenses (73 ) (33 ) (262 ) (31 ) Net investment income (39 ) 183 (210 ) 192 Net unrealized gain (loss) on investments (178 ) (3,028 ) 940 (2,982 ) Net realized gain (loss) on investments 470 1,033 (6,331 ) 1,030 Net income (loss) attributable to the AQUA U.S. Fund $ 253 $ (1,812 ) $ (5,601 ) $ (1,760 ) Our equity in earnings (loss) of the AQUA U.S. Fund $ 184 $ (948 ) $ (2,882 ) $ (948 ) |
Indebtedness (Tables)
Indebtedness (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Indebtedness | Indebtedness consisted of the following (in thousands): Indebtedness Collateral Maturity Interest Rate June 30, 2016 December 31, 2015 Mortgage loan (3) 7 hotels August 2016 LIBOR (1) + 4.35% $ 301,000 $ 301,000 Mortgage loan (3) 5 hotels August 2016 LIBOR (1) + 4.38% 62,900 62,900 Mortgage loan (3) 1 hotel August 2016 LIBOR (1) + 4.20% 37,500 37,500 Secured revolving credit facility (4) None October 2016 Base Rate (2) + 2.00% or LIBOR (1) + 3.00% — — Mortgage loan (3) 8 hotels January 2017 LIBOR (1) + 4.95% 376,800 376,800 Mortgage loan (5) 5 hotels February 2017 LIBOR (1) + 4.75% 200,000 200,000 Mortgage loan (6) 24 hotels April 2017 LIBOR (1) + 4.39% 1,070,560 1,070,560 Mortgage loan (3) 1 hotel April 2017 LIBOR (1) + 4.95% 33,300 33,300 Mortgage loan 5 hotels April 2017 5.95% 109,492 110,302 Mortgage loan 5 hotels April 2017 5.95% — 99,144 Mortgage loan 5 hotels April 2017 5.95% 149,752 150,860 Mortgage loan 7 hotels April 2017 5.95% 119,784 120,671 Mortgage loan (3) 1 hotel May 2017 LIBOR (1) + 5.10% 25,100 25,100 Mortgage loan (3) 1 hotel June 2017 LIBOR (1) + 5.10% 43,750 43,750 Mortgage loan 1 hotel June 2017 5.98% 15,868 16,002 Mortgage loan (3) 8 hotels July 2017 LIBOR (1) + 4.09% 144,000 144,000 Mortgage loan (3) 1 hotel July 2017 LIBOR (1) + 4.15% 35,200 35,200 Mortgage loan (3) 1 hotel July 2017 LIBOR (1) + 5.10% 40,500 40,500 Mortgage loan (6) (9) 17 hotels December 2017 LIBOR (1) + 5.52% 412,500 375,000 Mortgage loan 1 hotel January 2018 4.38% 97,103 98,016 Mortgage loan 2 hotels January 2018 4.44% 106,222 107,054 Mortgage loan (7) 1 hotel July 2018 LIBOR (1) + 4.50% 21,200 21,200 Mortgage loan (7) 1 hotel August 2018 LIBOR (1) + 4.95% 12,000 12,000 Mortgage loan (8) 1 hotel July 2019 LIBOR (1) + 3.75% 5,492 5,524 Mortgage loan 1 hotel November 2020 6.26% 97,659 98,420 Mortgage loan 1 hotel May 2023 5.46% 55,110 55,524 Mortgage loan 1 hotel January 2024 5.49% 10,454 10,529 Mortgage loan 1 hotel January 2024 5.49% 7,163 7,214 Mortgage loan 1 hotel May 2024 4.99% 6,693 6,745 Mortgage loan 3 hotels August 2024 5.20% 67,520 67,520 Mortgage loan 2 hotels August 2024 4.85% 12,500 12,500 Mortgage loan 3 hotels August 2024 4.90% 24,980 24,980 Mortgage loan 3 hotels February 2025 4.45% 53,741 54,110 Mortgage loan 2 hotels February 2025 4.45% 23,983 24,147 Mortgage loan 2 hotels February 2025 4.45% 20,777 20,919 3,800,603 3,868,991 Premiums, net 4,581 5,626 Deferred loan costs, net (22,601 ) (34,000 ) Total indebtedness $ 3,782,583 $ 3,840,617 Indebtedness related to assets held for sale (10) 2 hotels February 2025 4.45% 23,983 Deferred loan costs, net (167 ) Indebtedness, net $ 3,758,767 ____________________________________ (1) LIBOR rates were 0.465% and 0.430% at June 30, 2016 and December 31, 2015 , respectively. (2) Base Rate, as defined in the secured revolving credit facility agreement is the greater of (i) the prime rate set by Bank of America, (ii) federal funds rate + 0.5% or (iii) LIBOR + 1.0% . (3) This mortgage loan has three one -year extension options subject to satisfaction of certain conditions. (4) Our borrowing capacity under our secured revolving credit facility is $100.0 million . (5) This mortgage loan has three one -year extension options subject to satisfaction of certain conditions and a LIBOR floor of 0.20% . The first one -year extension period began in February 2016. (6) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. (7) This mortgage loan has two one -year extension options subject to satisfaction of certain conditions. (8) This mortgage loan provides for an interest rate of LIBOR + 3.75% with a 0.25% LIBOR floor for the first 18 months. Beginning February 2016, the interest rate is fixed at 4.0% . (9) These mortgage loans are collateralized by the same properties. (10) This loan relates to the Courtyard Palm Desert and the Residence Inn Palm Desert in Palm Desert, California. See notes 4 and 17. |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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 income (loss) per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income (loss) allocated to common stockholders: Income (loss) attributable to the Company $ 30,753 $ (12,244 ) $ 20,764 $ 309,252 Less: Dividends on preferred stock (8,491 ) (8,491 ) (16,981 ) (16,981 ) Less: Dividends on common stock (11,340 ) (11,971 ) (22,673 ) (23,935 ) Less: Dividends on unvested performance stock units (40 ) — (80 ) — Less: Dividends on unvested restricted shares (203 ) (176 ) (351 ) (341 ) Less: Undistributed income allocated to unvested performance stock units (6 ) — — — Less: Undistributed income allocated to unvested shares (187 ) — — (2,691 ) Undistributed income (loss) 10,486 (32,882 ) (19,321 ) 265,304 Add back: Dividends on common stock 11,340 11,971 22,673 23,935 Distributed and undistributed income (loss) - basic $ 21,826 $ (20,911 ) $ 3,352 $ 289,239 Add back: Income allocated to operating partnership units — — — 42,809 Distributed and undistributed net income (loss) - diluted $ 21,826 $ (20,911 ) $ 3,352 $ 332,048 Weighted average shares outstanding: Weighted average common shares outstanding - basic 94,474 99,755 94,309 97,661 Effect of assumed conversion of operating partnership units — — — 18,457 Weighted average shares outstanding - diluted 94,474 99,755 94,309 116,118 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ 0.23 $ (0.21 ) $ 0.04 $ 2.96 Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ 0.23 $ (0.21 ) $ 0.04 $ 2.86 |
Summary of Computation of Diluted Income Per Share | Due to the anti-dilutive effect, the computation of diluted income (loss) per share does not reflect adjustments for the following items (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Income (loss) allocated to common stockholders is not adjusted for: Income allocated to unvested restricted shares $ 390 $ 176 $ 351 $ 3,032 Income allocated to unvested performance stock units 46 — 80 — Income (loss) attributable to noncontrolling interest in operating partnership units 4,376 (2,527 ) 2,264 — Total $ 4,812 $ (2,351 ) $ 2,695 $ 3,032 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 396 347 262 389 Effect of unvested performance stock units 30 — 15 — Effect of assumed conversion of operating partnership units 18,844 18,542 18,943 — Total 19,270 18,889 19,220 389 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
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) Counterparty and Cash Collateral Netting (1) Total June 30, 2016: Assets Derivative assets: Interest rate derivatives - floors $ — $ 14,729 $ — $ — $ 14,729 (2) Interest rate derivatives - caps — 13 — — 13 (2) Credit default swaps — 3,779 — (3,071 ) 708 (2) Options on futures contracts 350 — — — 350 (2) Total $ 350 $ 18,521 $ — $ (3,071 ) $ 15,800 December 31, 2015: Assets Derivative assets: Interest rate derivatives - floors $ — $ 1,747 $ — $ — $ 1,747 (2) Interest rate derivatives - caps — 361 — — 361 (2) Credit default swaps — 5,152 — (4,059 ) 1,093 (2) Options on futures contracts 234 — — — 234 (2) Total $ 234 $ 7,260 $ — $ (4,059 ) $ 3,435 ____________________________________ (1) Represents net cash collateral posted between us and our counterparty. (2) Reported net as “derivative assets, net” in the consolidated balance sheets. |
Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations | The following tables summarize the effect of fair-value-measured assets and liabilities on the consolidated statements of operations for the three and six months ended June 30, 2016 and 2015 (in thousands): Gain (Loss) Recognized in Income Three Months Ended June 30, 2016 2015 Assets Derivative assets: Interest rate derivatives - floors $ 5,281 $ (2,030 ) Interest rate derivatives - caps (83 ) (411 ) Credit default swaps (888 ) (5) 353 Options on futures contracts (154 ) — Equity put options — (426 ) Equity call options — (54 ) Non-derivative assets: Equity - American Depositary Receipt — (85 ) Equity — (989 ) U.S. Treasury — (93 ) Total 4,156 (3,735 ) Liabilities Derivative liabilities: Short-equity put options — 407 Short-equity call options — 891 Non-derivative liabilities: Short-equity securities — 114 Total — 1,412 Net $ 4,156 $ (2,323 ) Total combined Interest rate derivatives - floors $ 5,281 $ (2,030 ) Interest rate derivatives - caps (83 ) (411 ) Credit default swaps 1,834 486 Options on futures contracts (154 ) — Total derivatives 6,878 (1) (1,955 ) (1) Realized loss on credit default swaps (2,722 ) (2) (5) — Unrealized loss on marketable securities — 1,929 (3) Realized gain on marketable securities — (2,297 ) (2) (4) Net $ 4,156 $ (2,323 ) Gain (Loss) Recognized in Income Six Months Ended June 30, 2016 2015 Assets Derivative assets: Interest rate derivatives - floors $ 12,982 $ (2,030 ) Interest rate derivatives - caps (420 ) (1,428 ) Credit default swaps (1,373 ) (5) (384 ) Options on futures contracts (115 ) — Equity put options — (1,717 ) Equity call options — 26 Non-derivative assets: Equity - American Depositary Receipt — (150 ) Equity — 1,072 U.S. Treasury — 314 Total 11,074 (4,297 ) Liabilities Derivative liabilities: Short equity put options $ — $ 1,002 Short equity call options — 1,470 Non-derivative liabilities: Short equity securities — 78 Total — 2,550 Net $ 11,074 $ (1,747 ) Total combined Interest rate derivatives - floors $ 12,982 $ (2,030 ) Interest rate derivatives - caps (420 ) (1,428 ) Credit default swaps 1,349 (195 ) Options on futures contracts (115 ) — Total derivatives 13,796 (1) (3,653 ) (1) Realized loss on credit default swaps (2,722 ) (2) (5) — Unrealized gain (loss) on marketable securities — 127 (3) Realized gain on marketable securities — 1,779 (2) (4) Net $ 11,074 $ (1,747 ) ____________________________________ (1) Reported as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. (2) Included in “other income (expense)” in the consolidated statements of operations. (3) Reported as “unrealized loss on marketable securities” in the consolidated statements of operations. (4) Includes costs of $133 and $189 for the three and six months ended June 30, 2015, respectively, associated with credit default swaps. (5) Excludes costs of $188 and $378 , included in “other income (expense)” for the three and six months ended June 30, 2016 , respectively, associated with credit default swaps. |
Summary of Fair Value of Fina32
Summary of Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Investments, All Other Investments [Abstract] | |
Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments | Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): June 30, 2016 December 31, 2015 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets, net $ 15,800 $ 15,800 $ 3,435 $ 3,435 Financial assets not measured at fair value: Cash and cash equivalents $ 261,821 $ 261,821 $ 215,078 $ 215,078 Restricted cash 161,935 161,935 153,680 153,680 Accounts receivable, net 55,147 55,147 40,438 40,438 Note receivable, net 3,850 3,509 to 3,879 3,746 3,344 to 3,696 Due from Ashford Prime OP, net 15 15 528 528 Due from related party, net 2,202 2,202 — — Due from third-party hotel managers 18,040 18,040 22,869 22,869 Financial liabilities not measured at fair value: Indebtedness $ 3,805,184 $3,626,701 to $4,008,462 $ 3,874,617 $3,683,196 to $4,070,904 Accounts payable and accrued expenses 138,786 138,786 123,444 123,444 Dividends payable 23,097 23,097 22,678 22,678 Due to Ashford Inc., net 7,336 7,336 9,856 9,856 Due to related party, net — — 1,339 1,339 Due to third-party hotel managers 2,989 2,989 2,504 2,504 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | The following table summarizes the advisory services fees incurred (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Advisory services fee Base advisory fee $ 8,726 $ 8,505 $ 17,266 $ 16,516 Reimbursable expenses (1) 1,602 1,816 3,065 3,201 Equity-based compensation (2) 1,748 1,151 2,648 1,322 Total advisory services fee $ 12,076 $ 11,472 $ 22,979 $ 21,039 ________ (1) Reimbursable expenses include overhead, internal audit, insurance claims advisory and asset management services. (2) Equity-based compensation is associated with equity grants of Ashford Trust’s common stock and LTIP units awarded to officers and employees of Ashford LLC. |
Organization and Description 34
Organization and Description of Business (Details) $ in Thousands | Jun. 30, 2016USD ($)roomunithotel | Dec. 31, 2015USD ($) | Sep. 17, 2015 | Jun. 30, 2015 |
Real Estate Properties [Line Items] | ||||
Investment in unconsolidated entities | $ | $ 60,696 | $ 62,568 | ||
Number of rooms owned | room | 26,580 | |||
Number of rooms owned, net of partnership interest | room | 26,553 | |||
Notes receivable | $ | $ 3,850 | 3,746 | ||
Ashford Inc. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership percentage | 29.70% | |||
Investment in unconsolidated entities | $ | $ 5,742 | $ 6,616 | ||
AQUA U.S. Fund [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership percentage | 92.70% | 52.40% | 52.40% | |
Investment in unconsolidated entities | $ | $ 53,070 | $ 55,952 | ||
World Quest Resort [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of rooms owned | unit | 85 | |||
Subsidiaries [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotel properties | 127 | |||
Number of hotel properties managed by affiliates | 87 | |||
Ashford Inc. [Member] | Remington Lodging [Member] | ||||
Real Estate Properties [Line Items] | ||||
Percent of voting interest acquired | 80.00% | |||
Wholly Owned Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotel properties | 125 | |||
Wholly Owned Properties [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotel properties | 2 | |||
Majority Owned Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotel properties | 2 |
Significant Accounting Polici35
Significant Accounting Policies (Details) | Mar. 06, 2015hotel | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 01, 2016hotel |
Real Estate Properties [Line Items] | ||||||
Impairment charge for investments in hotel properties | $ | $ 0 | $ 19,900,000 | $ 0 | $ 19,900,000 | ||
Impairment charges of joint venture | $ | $ 0 | $ 0 | $ 0 | $ 0 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Noble Five Hotels [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of hotel properties | 5 | |||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Courtyard Palm Desert and Residence Inn Palm Desert [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Number of hotel properties | 2 | |||||
PIM Highland JV [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Percent of voting interest acquired | 28.26% | |||||
Number of hotels in portfolio acquired | 28 | |||||
Unconsolidated Properties [Member] | Minimum [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Ownership percentage | 12.20% | 12.20% | ||||
Unconsolidated Properties [Member] | Maximum [Member] | ||||||
Real Estate Properties [Line Items] | ||||||
Ownership percentage | 92.70% | 92.70% |
Investment in Hotel Propertie36
Investment in Hotel Properties, net (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 669,368 | $ 704,534 |
Buildings and improvements | 3,930,876 | 4,026,857 |
Furniture, fixtures, and equipment | 411,832 | 406,893 |
Construction in progress | 26,075 | 31,235 |
Condominium properties | 11,250 | 11,947 |
Total cost | 5,049,401 | 5,181,466 |
Accumulated depreciation | (813,392) | (761,782) |
Investments in hotel properties, net | $ 4,236,009 | $ 4,419,684 |
Investment in Hotel Propertie37
Investment in Hotel Properties, net (Acquisitions) (Details) - Hotel Indigo - Atlanta [Member] $ in Thousands | Oct. 15, 2015USD ($) |
Business Acquisition [Line Items] | |
Percent of voting interest acquired | 100.00% |
Consideration transferred | $ 26,900 |
Land | 3,230 |
Buildings and improvements | 22,135 |
Furniture, fixtures, and equipment | 1,576 |
Land, buildings and improvements, furniture, fixtures, and equipment | 26,941 |
Indebtedness | (16,581) |
Net other assets and liabilities | $ 425 |
Hotel Dispositions, Assets He38
Hotel Dispositions, Assets Held For Sale and Impairments (Details) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)hotel | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($)hotel | Jun. 01, 2016USD ($)hotel | Dec. 31, 2015USD ($)hotel | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Impairment charge for investments in hotel properties | $ 0 | $ 19,900,000 | $ 0 | $ 19,900,000 | ||
Assets | ||||||
Cash and cash equivalents | 155,000 | $ 0 | 155,000 | $ 0 | ||
Assets held for sale | 29,831,000 | 29,831,000 | $ 0 | |||
Liabilities | ||||||
Liabilities related to assets held for sale | 24,429,000 | 24,429,000 | $ 0 | |||
Select-Service Hotels [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of hotel properties | hotel | 24 | |||||
Residence Inn in Las Vegas, Nevada and the SpringHill Suites in Gaithersburg, Maryland [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of hotel properties | hotel | 2 | 2 | ||||
Impaired Asset One [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Impairment charge for investments in hotel properties | $ 17,100,000 | $ 17,100,000 | ||||
Asset fair value after impairment | 37,500,000 | 37,500,000 | ||||
Impaired Asset Two [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Impairment charge for investments in hotel properties | 2,800,000 | 2,800,000 | ||||
Asset fair value after impairment | 15,300,000 | 15,300,000 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Noble Five Hotels [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of hotel properties | hotel | 5 | |||||
Consideration for disposal | $ 142,000,000 | |||||
Condensed financial information | ||||||
Total hotel revenue | 7,707,000 | 11,765,000 | 21,645,000 | 25,342,000 | ||
Total hotel operating expenses | (5,769,000) | (7,582,000) | (14,182,000) | (15,701,000) | ||
Operating income | 1,938,000 | 4,183,000 | 7,463,000 | 9,641,000 | ||
Property taxes, insurance and other | (428,000) | (609,000) | (875,000) | (1,212,000) | ||
Depreciation and amortization | (380,000) | (1,644,000) | (2,255,000) | (3,193,000) | ||
Gain on sale of hotel properties | 23,094,000 | 0 | 23,094,000 | 0 | ||
Interest expense and amortization of loan costs | (1,015,000) | (1,536,000) | (2,502,000) | (3,059,000) | ||
Net income | 23,209,000 | 394,000 | 24,925,000 | 2,177,000 | ||
Net income from continuing operations attributable to redeemable noncontrolling interests in operating partnership | (3,242,000) | (50,000) | (3,475,000) | (271,000) | ||
Net income (loss) from continuing operations attributable to the Company | 19,967,000 | $ 344,000 | 21,450,000 | $ 1,906,000 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Noble Five Hotels [Member] | Gain on Acquisition of PIM Highland JV and Sale of Hotel Properties [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on disposal | 23,100,000 | 23,100,000 | ||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Courtyard Palm Desert and Residence Inn Palm Desert [Member] | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Number of hotel properties | hotel | 2 | |||||
Consideration for disposal | $ 36,000,000 | |||||
Condensed financial information | ||||||
Total hotel revenue | 2,600,000 | 6,300,000 | ||||
Net income | 408,000 | 1,400,000 | ||||
Assets | ||||||
Investments in hotel properties, net | 27,973,000 | 27,973,000 | ||||
Cash and cash equivalents | 155,000 | 155,000 | ||||
Restricted cash | 1,265,000 | 1,265,000 | ||||
Accounts receivable | 155,000 | 155,000 | ||||
Inventories | 17,000 | 17,000 | ||||
Prepaid expenses | 175,000 | 175,000 | ||||
Other assets | 38,000 | 38,000 | ||||
Due from related party, net | 53,000 | 53,000 | ||||
Assets held for sale | 29,831,000 | 29,831,000 | ||||
Liabilities | ||||||
Indebtedness, net | 23,815,000 | 23,815,000 | ||||
Accounts payable and accrued expenses | 614,000 | 614,000 | ||||
Liabilities related to assets held for sale | $ 24,429,000 | $ 24,429,000 |
Note Receivable (Details)
Note Receivable (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)loanhotel | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)loanhotel | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)loan | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Notes receivable | $ 3,850,000 | $ 3,850,000 | $ 3,746,000 | ||
Allowance for doubtful notes receivable | $ 6,856,000 | $ 6,856,000 | $ 7,083,000 | ||
Mezzanine Loan [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Number of mezzanine loans | loan | 1 | 1 | 1 | ||
Notes receivable | $ 3,900,000 | $ 3,900,000 | $ 3,700,000 | ||
Allowance for doubtful notes receivable | $ 6,900,000 | $ 6,900,000 | $ 7,100,000 | ||
Number of hotel properties held as collateral | hotel | 1 | 1 | |||
Interest Rate | 6.09% | 6.09% | |||
Notes Receivable [Member] | |||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||
Interest Rate | $ 0 | $ 0 | $ 0 | $ 0 | |
Financing Receivable, Allowance for Credit Losses, Recovery | $ (116,000) | $ (109,000) | $ (227,000) | $ (215,000) |
Investment in Unconsolidated 40
Investment in Unconsolidated Entities (Details) - USD ($) shares in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2016 | Feb. 29, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | |||||||
Investment cost | $ 2,000,000 | $ 0 | |||||
Investment in unconsolidated entities | $ 60,696,000 | 60,696,000 | $ 62,568,000 | ||||
Equity in earnings (loss) of unconsolidated entities | $ (287,000) | $ 1,907,000 | $ (3,872,000) | (4,715,000) | |||
Ashford Inc. [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 29.70% | 29.70% | |||||
Fair value of equity method investment | $ 29,900,000 | $ 29,900,000 | |||||
Investment in unconsolidated entities | 5,742,000 | 5,742,000 | $ 6,616,000 | ||||
Equity in earnings (loss) of unconsolidated entities | $ (355,000) | $ 1,483,000 | $ (874,000) | $ (1,258,000) | |||
Shares in investment held (in shares) | 598 | 598 | |||||
AQUA U.S. Fund [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 92.70% | 52.40% | 92.70% | 52.40% | 52.40% | ||
Investment in unconsolidated entities | $ 53,070,000 | $ 53,070,000 | $ 55,952,000 | ||||
Equity in earnings (loss) of unconsolidated entities | 184,000 | $ (948,000) | (2,882,000) | $ (948,000) | |||
Unfunded commitments | 0 | 0 | |||||
Unconsolidated Entity Controlled and Consolidated by Ashford, Inc. [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 12.20% | ||||||
Investment cost | $ 2,000,000 | ||||||
Investment in unconsolidated entities | 1,900,000 | 1,900,000 | |||||
Equity in earnings (loss) of unconsolidated entities | $ (116,000) | $ (116,000) | |||||
Four Seasons Hotel Nevis [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Carrying value of subordinated beneficial interest | $ 0 | ||||||
Subordinated beneficial interest | 0.00% | 0.00% | 14.40% | ||||
Gain (loss) on disposition of assets | $ 0 |
Investment in Unconsolidated 41
Investment in Unconsolidated Entities (Summary of Balance Sheet) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | ||
Total assets | $ 4,900,965 | $ 4,965,131 |
Total liabilities | 3,990,857 | 4,034,826 |
Redeemable noncontrolling interests in operating partnership | 109,703 | 118,449 |
Stockholders' Equity Attributable to Noncontrolling Interest | 738 | 770 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 800,405 | 811,856 |
Total equity | 799,667 | 811,086 |
Total liabilities and equity | 4,900,965 | 4,965,131 |
Investment in unconsolidated entities | 60,696 | 62,568 |
Ashford Inc. [Member] | ||
Real Estate Properties [Line Items] | ||
Total assets | 126,312 | 166,991 |
Total liabilities | 37,608 | 30,115 |
Redeemable noncontrolling interests in operating partnership | 1,267 | 240 |
Stockholders' Equity Attributable to Noncontrolling Interest | 55,063 | 104,471 |
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 87,437 | 136,636 |
Total equity | 32,374 | 32,165 |
Total liabilities and equity | 126,312 | 166,991 |
Investment in unconsolidated entities | 5,742 | 6,616 |
AQUA U.S. Fund [Member] | ||
Real Estate Properties [Line Items] | ||
Total assets | 57,281 | 106,792 |
Total liabilities | 2,311 | 0 |
Partners' capital | 54,970 | 106,792 |
Total liabilities and equity | 57,281 | 106,792 |
Investment in unconsolidated entities | $ 53,070 | $ 55,952 |
Investment in Unconsolidated 42
Investment in Unconsolidated Entities (Summary of Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Real Estate Properties [Line Items] | ||||
Total revenue | $ 410,670 | $ 369,338 | $ 778,442 | $ 619,573 |
Total operating expenses | (341,203) | (334,139) | (667,572) | (552,269) |
Operating income | 69,467 | 35,199 | 110,870 | 67,304 |
Unrealized gain on marketable securities | 0 | 1,929 | 0 | 127 |
Other income (expense) | (3,085) | (2,283) | (3,337) | 2,047 |
Income tax expense | (603) | (2,089) | (1,232) | (2,914) |
Net income (loss) | 35,135 | (14,757) | 22,996 | 352,050 |
Net income (loss) attributable to the Company | 30,753 | (12,244) | 20,764 | 309,252 |
Equity in earnings (loss) of unconsolidated entities | (287) | 1,907 | (3,872) | (4,715) |
Ashford Inc. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Total revenue | 18,152 | 14,489 | 31,561 | 27,607 |
Total operating expenses | (20,344) | (10,629) | (34,265) | (32,381) |
Operating income | (2,192) | 3,860 | (2,704) | (4,774) |
Realized and unrealized loss on investment in unconsolidated entity, net | 0 | (1,066) | (1,460) | (1,066) |
Unrealized gain on marketable securities | 236 | (2,000) | (5,448) | (1,955) |
Other income (expense) | 22 | 207 | (80) | 214 |
Income tax expense | 655 | (233) | 15 | (464) |
Net income (loss) | (1,279) | 768 | (9,677) | (8,045) |
(Income) loss from consolidated entities attributable to noncontrolling interests | (182) | 3,154 | 6,366 | 4,115 |
Net (income) loss attributable to redeemable noncontrolling interests | 355 | (8) | 473 | 10 |
Net income (loss) attributable to the Company | (1,106) | 3,914 | (2,838) | (3,920) |
Equity in earnings (loss) of unconsolidated entities | (355) | 1,483 | (874) | (1,258) |
AQUA U.S. Fund [Member] | ||||
Real Estate Properties [Line Items] | ||||
Total investment income | 34 | 216 | 52 | 223 |
Net expenses | (73) | (33) | (262) | (31) |
Net investment income | (39) | 183 | (210) | 192 |
Net unrealized gain (loss) on investments | (178) | (3,028) | 940 | (2,982) |
Net realized gain (loss) on investments | 470 | 1,033 | (6,331) | 1,030 |
Net income (loss) attributable to the Company | 253 | (1,812) | (5,601) | (1,760) |
Equity in earnings (loss) of unconsolidated entities | $ 184 | $ (948) | $ (2,882) | $ (948) |
Indebtedness (Details)
Indebtedness (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2016USD ($)extensionhotel | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($)extensionhotel | Jun. 30, 2015USD ($) | Mar. 01, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 02, 2015USD ($)loan | |
Debt Instrument [Line Items] | |||||||
Long-term debt, gross | $ 3,800,603 | $ 3,800,603 | $ 3,868,991 | ||||
Premiums, net | 4,581 | 4,581 | 5,626 | ||||
Deferred loan costs, net | (22,601) | (22,601) | (34,000) | ||||
Total Indebtedness | 3,782,583 | 3,782,583 | 3,840,617 | ||||
Indebtedness, net | 3,758,767 | 3,758,767 | $ 3,840,617 | ||||
Number of Refinanced Loans | loan | 3 | ||||||
Amortization of debt premium | $ 524 | $ 484 | $ 1,000 | $ 611 | |||
Repurchased face amount | $ 273,500 | ||||||
Minimum [Member] | |||||||
Debt Instrument [Line Items] | |||||||
London Interbank Offered Rate (LIBOR) Rate | 0.465% | 0.465% | 0.43% | ||||
Mortgage loan 1 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 7 | 7 | |||||
Long-term debt, gross | $ 301,000 | $ 301,000 | $ 301,000 | ||||
Mortgage loan 2 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 5 | 5 | |||||
Long-term debt, gross | $ 62,900 | $ 62,900 | 62,900 | ||||
Mortgage Loan 3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Long-term debt, gross | $ 37,500 | $ 37,500 | 37,500 | ||||
Secured Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 0 | 0 | |||||
Long-term debt, gross | $ 0 | $ 0 | 0 | ||||
Maximum borrowing capacity | $ 100,000 | $ 100,000 | |||||
Mortgage loan 4 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 8 | 8 | |||||
Long-term debt, gross | $ 376,800 | $ 376,800 | 376,800 | ||||
Mortgage loan 5 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 5 | 5 | |||||
Long-term debt, gross | $ 200,000 | $ 200,000 | 200,000 | ||||
Number of extension options | extension | 3 | 3 | |||||
Term of mortgage loan extension option | 1 year | ||||||
LIBOR floor | 0.20% | ||||||
Mortgage Loan 6 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 24 | 24 | |||||
Long-term debt, gross | $ 1,070,560 | $ 1,070,560 | 1,070,560 | ||||
Mortgage loan 7 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Long-term debt, gross | $ 33,300 | $ 33,300 | 33,300 | ||||
Mortgage Loan 8 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 5 | 5 | |||||
Interest Rate | 5.95% | 5.95% | |||||
Long-term debt, gross | $ 109,492 | $ 109,492 | 110,302 | ||||
Mortgage loan 9 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 5 | 5 | |||||
Interest Rate | 5.95% | 5.95% | |||||
Long-term debt, gross | $ 0 | $ 0 | 99,144 | ||||
Mortgage loan 10 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 5 | 5 | |||||
Interest Rate | 5.95% | 5.95% | |||||
Long-term debt, gross | $ 149,752 | $ 149,752 | 150,860 | ||||
Mortgage Loan 11 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 7 | 7 | |||||
Interest Rate | 5.95% | 5.95% | |||||
Long-term debt, gross | $ 119,784 | $ 119,784 | 120,671 | ||||
Mortgage loan 12 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Long-term debt, gross | $ 25,100 | $ 25,100 | 25,100 | ||||
Mortgage loan 13 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Long-term debt, gross | $ 43,750 | $ 43,750 | 43,750 | ||||
Mortgage loan 14 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Interest Rate | 5.98% | 5.98% | |||||
Long-term debt, gross | $ 15,868 | $ 15,868 | 16,002 | ||||
Mortgage Loan 15 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 8 | 8 | |||||
Long-term debt, gross | $ 144,000 | $ 144,000 | 144,000 | ||||
Mortgage loan 16 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Long-term debt, gross | $ 35,200 | $ 35,200 | 35,200 | ||||
Mortgage loan 17 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Long-term debt, gross | $ 40,500 | $ 40,500 | 40,500 | ||||
Mortgage loan 18 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 17 | 17 | |||||
Long-term debt, gross | $ 412,500 | $ 412,500 | 375,000 | ||||
Number of extension options | extension | 4 | 4 | |||||
Term of mortgage loan extension option | 1 year | ||||||
Face amount of debt | $ 37,500 | ||||||
Mortgage Loan 19 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Interest Rate | 4.38% | 4.38% | |||||
Long-term debt, gross | $ 97,103 | $ 97,103 | 98,016 | ||||
Mortgage Loan 20 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 2 | 2 | |||||
Interest Rate | 4.44% | 4.44% | |||||
Long-term debt, gross | $ 106,222 | $ 106,222 | 107,054 | ||||
Mortgage Loan 21 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Long-term debt, gross | $ 21,200 | $ 21,200 | 21,200 | ||||
Mortgage Loan 22 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Long-term debt, gross | $ 12,000 | $ 12,000 | 12,000 | ||||
Mortgage Loan 23 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Interest Rate | 4.00% | 4.00% | |||||
Basis spread on variable rate | 3.75% | ||||||
Long-term debt, gross | $ 5,492 | $ 5,492 | 5,524 | ||||
LIBOR floor | 0.25% | ||||||
Mortgage Loan 24 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Interest Rate | 6.26% | 6.26% | |||||
Long-term debt, gross | $ 97,659 | $ 97,659 | 98,420 | ||||
Mortgage Loan 25 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Interest Rate | 5.46% | 5.46% | |||||
Long-term debt, gross | $ 55,110 | $ 55,110 | 55,524 | ||||
Mortgage Loan 26 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Interest Rate | 5.49% | 5.49% | |||||
Long-term debt, gross | $ 10,454 | $ 10,454 | 10,529 | ||||
Mortgage Loan 27 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Interest Rate | 5.49% | 5.49% | |||||
Long-term debt, gross | $ 7,163 | $ 7,163 | 7,214 | ||||
Mortgage Loan 28 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 1 | 1 | |||||
Interest Rate | 4.99% | 4.99% | |||||
Long-term debt, gross | $ 6,693 | $ 6,693 | 6,745 | ||||
Mortgage Loan 29 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 3 | 3 | |||||
Interest Rate | 5.20% | 5.20% | |||||
Long-term debt, gross | $ 67,520 | $ 67,520 | 67,520 | ||||
Mortgage Loan 30 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 2 | 2 | |||||
Interest Rate | 4.85% | 4.85% | |||||
Long-term debt, gross | $ 12,500 | $ 12,500 | 12,500 | ||||
Mortgage Loan 31 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 3 | 3 | |||||
Interest Rate | 4.90% | 4.90% | |||||
Long-term debt, gross | $ 24,980 | $ 24,980 | 24,980 | ||||
Mortgage Loan 32 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 3 | 3 | |||||
Interest Rate | 4.45% | 4.45% | |||||
Long-term debt, gross | $ 53,741 | $ 53,741 | 54,110 | ||||
Mortgage Loan 33 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 2 | 2 | |||||
Interest Rate | 4.45% | 4.45% | |||||
Long-term debt, gross | $ 23,983 | $ 23,983 | 24,147 | ||||
Deferred loan costs, net | $ (167) | $ (167) | |||||
Mortgage Loan 34 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Collateral | hotel | 2 | 2 | |||||
Interest Rate | 4.45% | 4.45% | |||||
Long-term debt, gross | $ 20,777 | $ 20,777 | $ 20,919 | ||||
Mortgage Loan 1,2,3,4,7,12,13,15,16,17 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of extension options | extension | 3 | 3 | |||||
Term of mortgage loan extension option | 1 year | ||||||
Mortgage Loan 6 and 18 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of extension options | extension | 4 | 4 | |||||
Term of mortgage loan extension option | 1 year | ||||||
Mortgage Loan 21 and 22 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of extension options | extension | 2 | 2 | |||||
Term of mortgage loan extension option | 1 year | ||||||
Federal Funds Rate [Member] | Bank of America [Member] | Secured Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 0.50% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3.00% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 1 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.35% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 2 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.38% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage Loan 3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.20% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 4 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.95% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 5 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage Loan 6 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.39% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 7 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.95% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 12 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 5.10% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 13 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 5.10% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage Loan 15 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.09% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 16 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.15% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 17 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 5.10% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage loan 18 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 5.52% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage Loan 21 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.50% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage Loan 22 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.95% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgage Loan 23 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3.75% | ||||||
London Interbank Offered Rate (LIBOR) [Member] | Bank of America [Member] | Secured Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 1.00% | ||||||
Base Rate [Member] | Secured Revolving Credit Facility [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.00% |
Income (Loss) Per Share (Summar
Income (Loss) Per Share (Summary of Amounts Used in Calculating Basic and Diluted Earnings (Loss) Per Share) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income (loss) allocated to common stockholders: | ||||
Income (loss) from continuing operations, net of tax | $ 30,753 | $ (12,244) | $ 20,764 | $ 309,252 |
Less: Dividends on preferred stock | (8,491) | (8,491) | (16,981) | (16,981) |
Undistributed income (loss) | 10,486 | (32,882) | (19,321) | 265,304 |
Distributed and undistributed income (loss) - basic | 21,826 | (20,911) | 3,352 | 289,239 |
Add back: Income allocated to operating partnership units | 0 | 0 | 0 | 42,809 |
Distributed and undistributed net income (loss) - diluted | $ 21,826 | $ (20,911) | $ 3,352 | $ 332,048 |
Weighted average shares outstanding: | ||||
Weighted average common shares outstanding – basic (in shares) | 94,474 | 99,755 | 94,309 | 97,661 |
Effect of assumed conversion of operating partnership units (in shares) | 0 | 0 | 0 | 18,457 |
Weighted average common shares outstanding – diluted (in shares) | 94,474 | 99,755 | 94,309 | 116,118 |
Basic income (loss) per share: | ||||
Net income (loss) allocated to common stockholders per share (in dollars per share) | $ 0.23 | $ (0.21) | $ 0.04 | $ 2.96 |
Diluted income (loss) per share: | ||||
Net income (loss) allocated to common stockholders per share (in dollars per share) | $ 0.23 | $ (0.21) | $ 0.04 | $ 2.86 |
Common Stock | ||||
Income (loss) allocated to common stockholders: | ||||
Less: Dividends | $ (11,340) | $ (11,971) | $ (22,673) | $ (23,935) |
Performance Shares [Member] | ||||
Income (loss) allocated to common stockholders: | ||||
Less: Dividends | (40) | 0 | (80) | 0 |
Income allocated to unvested restricted shares | (6) | 0 | 0 | 0 |
Restricted Stock [Member] | ||||
Income (loss) allocated to common stockholders: | ||||
Less: Dividends | (203) | (176) | (351) | (341) |
Income allocated to unvested restricted shares | $ (187) | $ 0 | $ 0 | $ (2,691) |
Income (Loss) Per Share (Summ45
Income (Loss) Per Share (Summary of Computation of Diluted Income Per Share) (Details 1) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income (loss) allocated to common stockholders is not adjusted for: | ||||
Income (loss) attributable to noncontrolling interest in operating partnership units | $ 4,376 | $ (2,527) | $ 2,264 | $ 0 |
Total | $ 4,812 | $ (2,351) | $ 2,695 | $ 3,032 |
Weighted average diluted shares are not adjusted for: | ||||
Antidilutive securities excluded (in shares) | 19,270 | 18,889 | 19,220 | 389 |
Restricted Stock [Member] | ||||
Income (loss) allocated to common stockholders is not adjusted for: | ||||
Income allocated to unvested restricted shares | $ 390 | $ 176 | $ 351 | $ 3,032 |
Weighted average diluted shares are not adjusted for: | ||||
Antidilutive securities excluded (in shares) | 396 | 347 | 262 | 389 |
Effect of assumed conversion of operating partnership units | ||||
Weighted average diluted shares are not adjusted for: | ||||
Antidilutive securities excluded (in shares) | 18,844 | 18,542 | 18,943 | 0 |
Performance Shares [Member] | ||||
Income (loss) allocated to common stockholders is not adjusted for: | ||||
Income allocated to unvested restricted shares | $ 46 | $ 0 | $ 80 | $ 0 |
Weighted average diluted shares are not adjusted for: | ||||
Antidilutive securities excluded (in shares) | 30 | 0 | 15 | 0 |
Derivative Instruments and He46
Derivative Instruments and Hedging (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Mar. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Indebtedness, net | $ 3,758,767,000 | $ 3,840,617,000 | ||
Interest Rate Cap Two [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Payments of derivative upfront costs | $ 1,600,000 | |||
Interest Rate Floor [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate, higher range | 0.00% | 0.00% | ||
Notional amount of swap transactions | $ 6,000,000,000 | |||
Floor interest rate | (0.25%) | (0.25%) | ||
Credit Default Swaps [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Total exposure | $ 4,600,000 | |||
Change in market value of credit default swap | 250,000 | |||
Mortgage Loans, Variable Interest, 2015 [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Indebtedness, net | $ 237,500,000 | |||
Not Designated as Hedging Instrument [Member] | Interest Rate Cap One [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate, lower range | 2.25% | |||
Strike rate, higher range | 4.50% | |||
Payments of derivative upfront costs | $ 73,000 | |||
Notional amount of swap transactions | $ 237,500,000 | |||
Not Designated as Hedging Instrument [Member] | Interest Rate Cap Two [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Strike rate, lower range | 1.50% | 1.50% | ||
Strike rate, higher range | 4.50% | 3.00% | ||
Notional amount of swap transactions | $ 2,800,000,000 | $ 1,700,000,000 | ||
Not Designated as Hedging Instrument [Member] | Interest Rate Floor [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Payments of derivative upfront costs | $ 9,400,000 | |||
Notional amount of swap transactions | $ 6,000,000,000 | |||
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Payments of derivative upfront costs | $ 250,000 | |||
Derivative commissions | $ 20,000 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Fair value consideration threshold for transfer in/out of level 3 | 10.00% | 10.00% | |||
Derivative expense related to credit default swaps | $ 188 | $ 133 | $ 378 | $ 189 | |
Minimum [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Higher Uptrend in the LIBOR interest rate | 0.465% | 0.465% | 0.43% | ||
Maximum [Member] | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Higher Uptrend in the LIBOR interest rate | 0.73% | 0.73% |
Fair Value Measurements (Assets
Fair Value Measurements (Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Derivative Assets: | ||
Derivative assets, net | $ 15,800 | $ 3,435 |
Fair Value Measurements Recurring [Member] | ||
Derivative Assets: | ||
Counterparty and Cash Collateral Netting | (3,071) | (4,059) |
Assets, fair value disclosure, Total | 15,800 | 3,435 |
Fair Value Measurements Recurring [Member] | Interest Rate Floor [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 14,729 | 1,747 |
Counterparty and Cash Collateral Netting | 0 | 0 |
Fair Value Measurements Recurring [Member] | Interest Rate Cap [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 13 | 361 |
Counterparty and Cash Collateral Netting | 0 | 0 |
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 708 | 1,093 |
Counterparty and Cash Collateral Netting | (3,071) | (4,059) |
Fair Value Measurements Recurring [Member] | Options on Futures Contracts [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 350 | 234 |
Counterparty and Cash Collateral Netting | 0 | 0 |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | ||
Derivative Assets: | ||
Assets, fair value disclosure, Total | 350 | 234 |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | Interest Rate Floor [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | Interest Rate Cap [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | Credit Default Swaps [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) | Options on Futures Contracts [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 350 | 234 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | ||
Derivative Assets: | ||
Assets, fair value disclosure, Total | 18,521 | 7,260 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Floor [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 14,729 | 1,747 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | Interest Rate Cap [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 13 | 361 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | Credit Default Swaps [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 3,779 | 5,152 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) | Options on Futures Contracts [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | ||
Derivative Assets: | ||
Assets, fair value disclosure, Total | 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | Interest Rate Floor [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | Interest Rate Cap [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | Credit Default Swaps [Member] | ||
Derivative Assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) | Options on Futures Contracts [Member] | ||
Derivative Assets: | ||
Derivative assets, net | $ 0 | $ 0 |
Fair Value Measurements (Effect
Fair Value Measurements (Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on derivatives | $ 6,878 | $ (1,955) | $ 13,796 | $ (3,653) |
Realized loss on credit default swaps | (188) | (133) | (378) | (189) |
Unrealized gain on marketable securities | 0 | 1,929 | 0 | 127 |
Fair Value Measurements Recurring [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain or (Loss) Recognized in income, Liabilities | 4,156 | (2,323) | 11,074 | (1,747) |
Unrealized gain (loss) on derivatives | 6,878 | (1,955) | 13,796 | (3,653) |
Realized loss on credit default swaps | (2,722) | 0 | (2,722) | 0 |
Unrealized gain on marketable securities | 0 | 1,929 | 0 | 127 |
Realized gain (loss) on marketable securities | 0 | (2,297) | 0 | 1,779 |
Gain or (Loss) Recognized in income, Net | 4,156 | (2,323) | 11,074 | (1,747) |
Fair Value Measurements Recurring [Member] | Interest Rate Floor [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on derivatives | 5,281 | (2,030) | 12,982 | (2,030) |
Fair Value Measurements Recurring [Member] | Interest Rate Cap [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on derivatives | (83) | (411) | (420) | (1,428) |
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on derivatives | 1,834 | 486 | 1,349 | (195) |
Fair Value Measurements Recurring [Member] | Options on Futures Contracts [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Unrealized gain (loss) on derivatives | (154) | 0 | (115) | 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 | 0 | 407 | 0 | 1,002 |
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 | 0 | 891 | 0 | 1,470 |
Fair Value Measurements Recurring [Member] | Non-Derivative Liabilities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain or (Loss) Recognized in income, Liabilities | 0 | 1,412 | 0 | 2,550 |
Fair Value Measurements Recurring [Member] | Non-Derivative Liabilities [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 | 114 | 0 | 78 |
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Interest Rate Floor [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain or (Loss) Recognized in income, Assets | 5,281 | (2,030) | 12,982 | (2,030) |
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Interest Rate Cap [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain or (Loss) Recognized in income, Assets | (83) | (411) | (420) | (1,428) |
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 | (888) | 353 | (1,373) | (384) |
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Options on Futures Contracts [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain or (Loss) Recognized in income, Assets | (154) | 0 | (115) | 0 |
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Put Option [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain or (Loss) Recognized in income, Assets | 0 | (426) | 0 | (1,717) |
Fair Value Measurements Recurring [Member] | Derivative Assets [Member] | Call Option [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain or (Loss) Recognized in income, Assets | 0 | (54) | 0 | 26 |
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 | 4,156 | (3,735) | 11,074 | (4,297) |
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | Equity - American Depositary Receipts [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain or (Loss) Recognized in income, Assets | 0 | (85) | 0 | (150) |
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 | 0 | (989) | 0 | 1,072 |
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | U.S. Treasury Securities [Member] | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain or (Loss) Recognized in income, Assets | $ 0 | $ (93) | $ 0 | $ 314 |
Summary of Fair Value of Fina50
Summary of Fair Value of Financial Instruments (Schedule of Carrying Amounts and Estimated Fair Values of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets and liabilities measured at fair value: | ||||
Derivative assets, Carrying value | $ 15,800 | $ 3,435 | ||
Derivative assets, Estimated fair value | 15,800 | 3,435 | ||
Financial assets not measured at fair value: | ||||
Cash and cash equivalents, Carrying value | 261,821 | 215,078 | $ 215,063 | |
Cash and cash equivalents, Estimated fair value | 261,821 | 215,078 | ||
Restricted cash, Carrying value | 161,935 | 153,680 | ||
Restricted cash, Estimated fair value | 161,935 | 153,680 | ||
Accounts receivable, Carrying value | 55,147 | 40,438 | ||
Accounts receivable, Estimated fair value | 55,147 | 40,438 | ||
Notes receivable, Carrying value | 3,850 | 3,746 | ||
Due from Ashford Prime OP, net, Carrying value | 15 | 528 | ||
Due from Ashford Prime OP, net, Estimated fair value | 15 | 528 | ||
Due from related party, net, Carrying value | 2,202 | 0 | ||
Due from related party, net, Estimated fair value | 2,202 | 0 | ||
Due from third-party hotel managers, Carrying value | 18,040 | 22,869 | ||
Due from third party hotel managers, Estimated fair value | 18,040 | 22,869 | ||
Financial liabilities not measured at fair value: | ||||
Indebtedness, Carrying value | 3,805,184 | 3,874,617 | ||
Accounts payable and accrued expenses, Carrying value | 138,786 | 123,444 | ||
Accounts payable and accrued expenses, Estimated fair value | 138,786 | 123,444 | ||
Dividends payable, Carrying value | 23,097 | 22,678 | $ 23,369 | |
Dividends payable, Estimated fair value | 23,097 | 22,678 | ||
Due to Ashford Inc., net, Estimated fair value | 7,336 | 9,856 | ||
Due to Ashford Inc. Fair Value Disclosure | 7,336 | 9,856 | ||
Due to related party, net, Carrying value | 0 | 1,339 | ||
Due to related party, net, Estimated fair value | 0 | 1,339 | ||
Due to third-party hotel managers, Carrying value | 2,989 | 2,504 | ||
Due to third-party hotel managers, Estimated fair value | 2,989 | 2,504 | ||
Minimum [Member] | ||||
Financial assets not measured at fair value: | ||||
Notes receivable, Estimated fair value | 3,509 | 3,344 | ||
Financial liabilities not measured at fair value: | ||||
Indebtedness, Estimated fair value | 3,626,701 | 3,683,196 | ||
Maximum [Member] | ||||
Financial assets not measured at fair value: | ||||
Notes receivable, Estimated fair value | 3,879 | 3,696 | ||
Financial liabilities not measured at fair value: | ||||
Indebtedness, Estimated fair value | $ 4,008,462 | $ 4,070,904 |
Summary of Fair Value of Fina51
Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Maximum maturity term of financial assets | 90 days | |
Notes receivable | $ 3,850 | $ 3,746 |
Carrying value of total indebtedness of continuing operations | $ 3,800,000 | $ 3,900,000 |
Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable fair value variance from carrying value (as a percent) | 0.80% | (1.30%) |
Total indebtedness fair value variance from carrying value (as a percent) | 95.30% | 95.10% |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable fair value variance from carrying value (as a percent) | (8.90%) | (10.70%) |
Total indebtedness fair value variance from carrying value (as a percent) | 105.30% | 105.10% |
Redeemable Noncontrolling Int52
Redeemable Noncontrolling Interests in Operating Partnership (Narrative) (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | |
Redeemable Noncontrolling Interest [Line Items] | |||||
Common unit percentage worth of common stock share | 94.00% | 94.00% | 95.00% | ||
Redeemable noncontrolling interests in operating partnership | $ 109,703,000 | $ 109,703,000 | $ 118,449,000 | ||
Redemption value adjustment | 6,614,000 | ||||
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | $ 4,376,000 | $ (2,527,000) | 2,264,000 | $ 42,809,000 | |
Cash distributions declared | $ 45,432,000 | $ 45,234,000 | |||
Common Unit Limited Partnership Interest Period Until Redemption | 1 year | ||||
Common Unit Limited Partnership Interest Redemption For Common Stock Shares | 1 | ||||
Ashford Inc. [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Shares in investment held (in shares) | 598,000 | 598,000 | |||
Class B Common Units [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Dividend rate common units, after year three | 7.20% | ||||
Common Units [Member] | Partnership Interest [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Common units Converted | 5,000 | 2,000 | 5,000 | 150,000 | |
Long Term Incentive Plan [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Common partnership unit per converted Long-Term Incentive Plan unit | 1 | ||||
LTIP units issued | 10,100,000 | 10,100,000 | |||
Other than options, unamortized fair value | $ 3,900,000 | $ 3,900,000 | |||
Long Term Incentive Plan [Member] | Partnership Interest [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Redeemable noncontrolling interests in operating partnership | $ 118,400,000 | ||||
Ownership by non-controlling owners | 13.97% | 13.97% | 13.36% | ||
Redemption value adjustment | $ 88,400,000 | $ 95,000,000 | |||
Cash distributions declared | $ 2,900,000 | $ 2,700,000 | 5,800,000 | 5,500,000 | |
Long Term Incentive Plan [Member] | Advisory Services Fee [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Compensation expense | 801,000 | 820,000 | $ 1,100,000 | 884,000 | |
Long Term Incentive Plan [Member] | Minimum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Vesting period | 3 years | ||||
Long Term Incentive Plan [Member] | Maximum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Vesting period | 5 years | ||||
Long Term Incentive Plan [Member] | Common Units [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Fair value of common units converted | $ 24,000 | 23,000 | $ 24,000 | 1,500,000 | |
Performance Long Term Incentive Plan Units [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Award authorized (in shares) | 804,000 | 804,000 | |||
Compensation expense | $ 168,000,000 | $ 168,000,000 | |||
Other than options, unamortized fair value | $ 1,700,000 | $ 1,700,000 | |||
Amortization period of LTIP unit | 2 years 6 months | ||||
Performance Long Term Incentive Plan Units [Member] | Minimum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Performance adjustment | 0.00% | 0.00% | |||
Performance Long Term Incentive Plan Units [Member] | Maximum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Performance adjustment | 100.00% | 100.00% | |||
Restricted Stock [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Compensation expense | $ 1,200,000 | 869,000 | $ 1,900,000 | 976,000 | |
Amortization period of LTIP unit | 2 years 9 months | ||||
Restricted Stock [Member] | Maximum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Amortization period of LTIP unit | 2 years 9 months | ||||
Share-based Compensation Award, Tranche One [Member] | Long Term Incentive Plan [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Value of units which had not reached full economic parity with the common units | 104,000 | $ 1,200,000 | $ 104,000 | $ 1,200,000 | |
Share-based Compensation Award, Tranche Two [Member] | Long Term Incentive Plan [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Value of units which had not reached full economic parity with the common units | $ 662,000 | $ 662,000 | |||
Ashford Inc. [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Special distribution, conversion ratio, shares of Common Stock | 87 | 87 | |||
Special distribution, maximum percentage of shares available for conversion for Unitholders | 99.00% | 99.00% | |||
Special distribution, conversion ratio, units | 55 | 55 | |||
Shares in investment held (in shares) | 598,000 | 598,000 | |||
Redeemable noncontrolling interests in operating partnership | $ 1,267,000 | $ 1,267,000 | $ 240,000 |
Equity and Equity-Based Compe53
Equity and Equity-Based Compensation (Details) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016USD ($)hotel$ / sharesshares | Jun. 30, 2015USD ($)$ / shares | Jun. 30, 2016USD ($)hotel$ / sharesshares | Jun. 30, 2015USD ($)$ / shares | Dec. 31, 2015USD ($)hotel | |
Class of Stock [Line Items] | |||||
Dividends declared per common share (in dollars per share) | $ / shares | $ 0.12 | $ 0.12 | $ 0.24 | $ 0.24 | |
Dividends annualized target (in dollars per share) | $ / shares | $ 0.48 | $ 0.48 | |||
Noncontrolling interests in consolidated entities | $ 738 | $ 738 | $ 770 | ||
Income (loss) from consolidated joint ventures attributable to noncontrolling interests | $ 6 | $ 14 | $ (32) | $ (11) | |
Ownership by parent | 15.00% | 15.00% | 15.00% | ||
Majority Owned Properties [Member] | |||||
Class of Stock [Line Items] | |||||
Number of hotel properties with JV interests | hotel | 2 | 2 | 2 | ||
Restricted Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Restricted stock unamortized cost | $ 7,300 | $ 7,300 | |||
Amortization period | 2 years 9 months | ||||
Compensation expense | $ 1,200 | $ 869 | $ 1,900 | $ 976 | |
Performance Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Amortization period | 2 years 6 months | ||||
Award authorized (in shares) | shares | 336 | 336 | |||
Other than options, unamortized fair value | $ 1,400 | $ 1,400 | |||
Compensation expense | $ 143 | $ 143 | |||
Minimum [Member] | Performance Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Performance adjustment | 0.00% | 0.00% | |||
Maximum [Member] | Restricted Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Amortization period | 2 years 9 months | ||||
Maximum [Member] | Performance Shares [Member] | |||||
Class of Stock [Line Items] | |||||
Performance adjustment | 200.00% | 200.00% | |||
Series A Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividend rate | 8.55% | 8.55% | |||
Dividends declared per preferred share (in dollars per share) | $ / shares | $ 0.5344 | $ 0.5344 | |||
Series D Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividend rate | 8.45% | 8.45% | |||
Dividends declared per preferred share (in dollars per share) | $ / shares | $ 0.5281 | $ 0.5281 | |||
Series E Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock dividend rate | 9.00% | 9.00% | |||
Dividends declared per preferred share (in dollars per share) | $ / shares | $ 0.5625 | $ 0.5625 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) | Jun. 30, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Dec. 31, 2015 | Dec. 31, 2006 |
Potential Pension Liabilities [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Unfunded pension liabilities at acquisition | $ 0 | |||||||
Net amount of pension payments on settlement agreement paid by hotel manager | $ 84,000 | |||||||
Term of Pension Liability | 20 years | |||||||
Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit | $ 1,700,000 | |||||||
Monthly pension payments | 100,000 | |||||||
Accrued unfunded pension liabilities | $ 1,600,000 | 1,600,000 | $ 1,600,000 | |||||
Litigation [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Damages awarded | $ 10,800,000 | |||||||
Interest on litigation award | $ 802,000 | $ 24,000 | $ 48,000 | |||||
Total litigation expense | $ 12,100,000 | |||||||
Loss contingency accrual | $ 400,000 | |||||||
Restricted Cash [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Escrow reserve for capital improvements as percentage of gross revenues, Minimum | 4.00% | |||||||
Escrow reserve for capital improvements as percentage of gross revenues, Maximum | 6.00% | |||||||
Franchise Fees [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Franchisor royalty fees percent of gross room revenue, minimum | 2.00% | 2.00% | 2.00% | |||||
Franchisor royalty fees percent of gross room revenue, Maximum | 6.00% | 6.00% | 6.00% | |||||
Marketing reservation and other fees, Minimum | 1.00% | 1.00% | 1.00% | |||||
Marketing reservation and other fees, Maximum | 6.20% | 6.20% | 6.20% | |||||
Franchise fees incurred | $ 19,100,000 | $ 16,900,000 | $ 36,200,000 | $ 28,800,000 | ||||
Management Fees [Member] | ||||||||
Commitments and Contingencies [Line Items] | ||||||||
Payment of monthly property management fees, Minimum | $ 10,000 | |||||||
Property management fee as percentage of gross revenue used if greater than $10,000 (CPI adjusted since 2003) | 3.00% | |||||||
Property management fee as percentage of gross revenue, Minimum | 1.50% | |||||||
Property management fee as percentage of gross revenue, Maximum | 7.00% | |||||||
Portion of project management fees to project costs | 4.00% |
Segment Reporting (Details)
Segment Reporting (Details) | 6 Months Ended |
Jun. 30, 2016segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Apr. 01, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||||
Due to related party, net | $ 0 | $ 0 | $ 1,339 | |||
Due to Ashford Inc., net | 7,336 | 7,336 | $ 9,856 | |||
Advisory services fee | 12,076 | $ 11,472 | 22,979 | $ 21,039 | ||
Ashford Inc. [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advisory services fee | 12,076 | 11,472 | 22,979 | 21,039 | ||
Ashford Inc. [Member] | Consideration to Purchase Furniture, Fixtures and Equipment [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related party, net | 4,000 | 4,000 | ||||
Ashford Inc. [Member] | Base Fee [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advisory services fee | 8,726 | 8,505 | 17,266 | 16,516 | ||
Ashford Inc. [Member] | Reimbursable Expenses [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advisory services fee | 1,602 | 1,816 | 3,065 | 3,201 | ||
Ashford Inc. [Member] | Equity-Based Compensation [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Advisory services fee | 1,748 | 1,151 | 2,648 | 1,322 | ||
Restricted Stock [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Compensation expense | 1,200 | $ 869 | $ 1,900 | $ 976 | ||
Amortization period | 2 years 9 months | |||||
Restricted Stock [Member] | Remington Lodging Employees [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Restricted stock grant | 147 | 147 | 167 | |||
Compensation expense | 71 | $ 0 | $ 155 | $ 0 | ||
Other than options, unamortized fair value | $ 1,300 | $ 1,300 | ||||
Amortization period | 2 years 9 months |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | Aug. 08, 2016 | Jul. 06, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Series A Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock dividend rate | 8.55% | 8.55% | ||||
Dividends declared per preferred share (in dollars per share) | $ 0.5344 | $ 0.5344 | ||||
Series A Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock dividend rate | 8.55% | |||||
Series D Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock dividend rate | 8.45% | 8.45% | ||||
Dividends declared per preferred share (in dollars per share) | $ 0.5281 | $ 0.5281 | ||||
Series D Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock dividend rate | 8.45% | |||||
Series E Preferred Stock [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock dividend rate | 9.00% | 9.00% | ||||
Dividends declared per preferred share (in dollars per share) | $ 0.5625 | $ 0.5625 | ||||
Series E Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock dividend rate | 9.00% | 9.00% | ||||
Liquidation preference (in dollars per share) | $ 25 | |||||
Accrued and unpaid dividends (in dollars per share) | 0.23125 | |||||
Redemption price (in dollars per share) | $ 25.23125 | |||||
Series F Preferred Stock [Member] | Subsequent Event [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Preferred stock, shares issued (in shares) | 4.8 | |||||
Dividend rate per share each year (in dollars per share) | $ 1.84375 | |||||
Dividend rate of liquidation preference | 7.375% | |||||
Liquidation preference (in dollars per share) | $ 25 | |||||
Dividends declared per preferred share (in dollars per share) | $ 0.39948 | |||||
Hampton Inn & Suites - Gainesville [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||||
Subsequent Event [Line Items] | ||||||
Consideration for disposal | $ 26.5 | $ 26.5 | ||||
Carrying value of land, building and furniture, fixtures and equipment | $ 23 | $ 23 |