Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 12, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | ASHFORD HOSPITALITY TRUST INC | ||
Entity Central Index Key | 1,232,582 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2017 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Public Float | $ 556,556 | ||
Entity Common Stock, Shares Outstanding | 97,379,879 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Investments in hotel properties, net | $ 4,035,915 | $ 4,160,563 |
Cash and cash equivalents | 354,805 | 347,091 |
Restricted cash | 116,787 | 144,014 |
Marketable securities | 26,926 | 53,185 |
Accounts receivable, net of allowance of $770 and $690, respectively | 44,257 | 44,629 |
Inventories | 4,244 | 4,530 |
Investment in unconsolidated entities | 2,955 | 58,779 |
Deferred costs, net | 2,777 | 2,846 |
Prepaid expenses | 19,269 | 17,578 |
Derivative assets, net | 2,010 | 3,614 |
Other assets | 14,152 | 11,718 |
Intangible asset, net | 9,943 | 10,061 |
Due from third-party hotel managers | 17,387 | 13,348 |
Assets held for sale | 18,423 | 19,588 |
Total assets | 4,669,850 | 4,891,544 |
Liabilities: | ||
Indebtedness, net | 3,696,300 | 3,723,559 |
Accounts payable and accrued expenses | 132,401 | 126,986 |
Dividends payable | 25,045 | 24,765 |
Unfavorable management contract liabilities | 0 | 1,380 |
Due to related party, net | 1,067 | 1,001 |
Due to third-party hotel managers | 2,431 | 2,714 |
Intangible liabilities, net | 15,839 | 16,195 |
Other liabilities | 18,376 | 16,548 |
Liabilities related to assets held for sale | 13,977 | 37,047 |
Total liabilities | 3,920,582 | 3,966,399 |
Commitments and contingencies (note 12) | ||
Redeemable noncontrolling interests in operating partnership | 116,122 | 132,768 |
Equity: | ||
Common stock, $0.01 par value, 400,000,000 shares authorized, 97,409,113 and 96,376,827 shares issued and outstanding at December 31, 2017 and 2016, respectively | 974 | 964 |
Additional paid-in capital | 1,784,997 | 1,764,450 |
Accumulated deficit | (1,153,697) | (974,015) |
Total stockholders’ equity of the Company | 632,500 | 791,621 |
Noncontrolling interests in consolidated entities | 646 | 756 |
Total equity | 633,146 | 792,377 |
Total liabilities and equity | 4,669,850 | 4,891,544 |
Series A Cumulative Preferred Stock, 0 and 1,657,206 shares issued and outstanding at December 31, 2017 and 2016, respectively | ||
Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | 0 | 17 |
Series D Cumulative Preferred Stock, 2,389,393 and 9,468,706 shares issued and outstanding at December 31, 2017 and 2016, respectively | ||
Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | 24 | 95 |
Series F Cumulative Preferred Stock, 4,800,000 shares issued and outstanding at December 31, 2017 and 2016 | ||
Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | 48 | 48 |
Series G Cumulative Preferred Stock, 6,200,000 shares issued and outstanding at December 31, 2017 and 2016 | ||
Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | 62 | 62 |
Series H Cumulative Preferred Stock, 3,800,000 and 0 shares issued and outstanding at December 31, 2017 and 2016, respectively | ||
Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | 38 | 0 |
Series I Cumulative Preferred Stock, 5,400,000 and 0 shares issued and outstanding at December 31, 2017 and 2016, respectively | ||
Equity: | ||
Preferred stock, $0.01 par value, 50,000,000 shares authorized: | 54 | 0 |
Ashford Inc. [Member] | ||
Liabilities: | ||
Due to affiliates | 15,146 | |
Ashford Prime OP [Member] | ||
Liabilities: | ||
Due to affiliates | $ 0 | $ 488 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Allowance for doubtful accounts receivable | $ 770 | $ 690 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 400,000,000 | 200,000,000 |
Common stock, shares issued (in shares) | 97,409,113 | 96,376,827 |
Common stock, shares outstanding (in shares) | 97,409,113 | 96,376,827 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 0 | 1,657,206 |
Preferred stock, shares outstanding (in shares) | 0 | 1,657,206 |
Series D Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 2,389,393 | 9,468,706 |
Preferred stock, shares outstanding (in shares) | 2,389,393 | 9,468,706 |
Series F Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 4,800,000 | 4,800,000 |
Preferred stock, shares outstanding (in shares) | 4,800,000 | 4,800,000 |
Series G Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 6,200,000 | 6,200,000 |
Preferred stock, shares outstanding (in shares) | 6,200,000 | 6,200,000 |
Series H Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 3,800,000 | 0 |
Preferred stock, shares outstanding (in shares) | 3,800,000 | 0 |
Series I Preferred Stock [Member] | ||
Preferred stock, shares issued (in shares) | 5,400,000 | 0 |
Preferred stock, shares outstanding (in shares) | 5,400,000 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | |||
Rooms | $ 1,143,135 | $ 1,180,199 | $ 1,059,012 |
Food and beverage | 234,777 | 253,211 | 227,099 |
Other | 58,204 | 56,891 | 48,699 |
Total hotel revenue | 1,436,116 | 1,490,301 | 1,334,810 |
Other | 3,154 | 1,742 | 2,156 |
Total revenue | 1,439,270 | 1,492,043 | 1,336,966 |
Hotel operating expenses: | |||
Rooms | 248,643 | 255,317 | 231,614 |
Food and beverage | 161,683 | 172,530 | 153,340 |
Other expenses | 444,322 | 455,818 | 405,896 |
Management fees | 52,653 | 54,734 | 49,394 |
Total hotel expenses | 907,301 | 938,399 | 840,244 |
Property taxes, insurance and other | 73,579 | 73,457 | 65,301 |
Depreciation and amortization | 246,731 | 243,863 | 210,410 |
Impairment charges | 10,153 | 17,816 | 19,511 |
Transaction costs | 14 | 77 | 6,252 |
Advisory services fee | 53,199 | 54,361 | 43,023 |
Corporate, general and administrative | 13,288 | 8,366 | 14,310 |
Total expenses | 1,304,265 | 1,336,339 | 1,199,051 |
Operating income (loss) | 135,005 | 155,704 | 137,915 |
Equity in earnings (loss) of unconsolidated entities | (5,866) | (6,110) | (6,831) |
Interest income | 2,202 | 331 | 90 |
Gain (loss) on acquisition of PIM Highland JV and sale of hotel properties | 14,030 | 31,599 | 380,752 |
Other income (expense) | (3,422) | (4,517) | (864) |
Interest expense and amortization of premiums and loan costs | (222,631) | (223,967) | (187,514) |
Write-off of loan costs and exit fees | (2,845) | (12,702) | (5,750) |
Unrealized gain (loss) on marketable securities | (4,649) | 4,946 | 127 |
Unrealized gain (loss) on derivatives | (2,802) | (2,534) | (7,402) |
Income (loss) from continuing operations before income taxes | (90,978) | (57,250) | 310,523 |
Income tax benefit (expense) | 2,218 | (1,532) | (4,710) |
Income (loss) from continuing operations | (88,760) | (58,782) | 305,813 |
Gain (loss) on sale of hotel properties, net of tax | 0 | 0 | 599 |
Net income (loss) | (88,760) | (58,782) | 306,412 |
(Income) loss from consolidated entities attributable to noncontrolling interests | 110 | 14 | 30 |
Net (income) loss attributable to redeemable noncontrolling interests in operating partnership | 21,642 | 12,483 | (35,503) |
Net income (loss) attributable to the Company | (67,008) | (46,285) | 270,939 |
Preferred dividends | (44,761) | (36,272) | (33,962) |
Extinguishment of issuance costs upon redemption of preferred stock | (10,799) | (6,124) | 0 |
Net income (loss) available to common stockholders | $ (122,568) | $ (88,681) | $ 236,977 |
Basic: | |||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | $ (1.30) | $ (0.95) | $ 2.43 |
Income (loss) from discontinued operations attributable to common stockholders (in dollars per share) | 0 | 0 | 0 |
Net income (loss) attributable to common stockholders (in dollars per share) | $ (1.30) | $ (0.95) | $ 2.43 |
Weighted average common shares outstanding – basic (in shares) | 95,207 | 94,426 | 96,290 |
Diluted: | |||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | $ (1.30) | $ (0.95) | $ 2.35 |
Income (loss) from discontinued operations attributable to common stockholders (in dollars per share) | 0 | 0 | 0 |
Net income (loss) attributable to common stockholders (in dollars per share) | $ (1.30) | $ (0.95) | $ 2.35 |
Weighted average common shares outstanding – diluted (in shares) | 95,207 | 94,426 | 114,881 |
Dividends declared per common share (in shares) | $ 0.48 | $ 0.48 | $ 0.48 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (88,760) | $ (58,782) | $ 306,412 |
Other comprehensive income (loss), net of tax: | |||
Reclassification to interest expense | 0 | 0 | 0 |
Total other comprehensive income (loss) | 0 | 0 | 0 |
Total comprehensive income (loss) | (88,760) | (58,782) | 306,412 |
Comprehensive (income) loss attributable to noncontrolling interests in consolidated entities | 110 | 14 | 30 |
Comprehensive (income) loss attributable to redeemable noncontrolling interests in operating partnership | 21,642 | 12,483 | (35,503) |
Comprehensive income (loss) attributable to the Company | $ (67,008) | $ (46,285) | $ 270,939 |
Consolidated Statements of Equi
Consolidated Statements of Equity - USD ($) shares in Thousands, $ in Thousands | Total | Ashford Prime OP [Member] | Common Stock [Member] | Series A Preferred Stock [Member] | Series D Preferred Stock [Member] | Series E Preferred Stock [Member] | Series F Preferred Stock [Member] | Series G Preferred Stock [Member] | Series H Preferred Stock [Member] | Series I Preferred Stock [Member] | Restricted Stock and Restricted Stock Units (RSUs) [Member] | Preferred Stock [Member] | Preferred Stock [Member]Series A Preferred Stock [Member] | Preferred Stock [Member]Series D Preferred Stock [Member] | Preferred Stock [Member]Series E Preferred Stock [Member] | Preferred Stock [Member]Series F Preferred Stock [Member] | Preferred Stock [Member]Series G Preferred Stock [Member] | Preferred Stock [Member]Series H Preferred Stock [Member] | Preferred Stock [Member]Series I Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member]Common Stock [Member] | Common Stock [Member]Restricted Stock and Restricted Stock Units (RSUs) [Member] | Additional Paid-in Capital | Additional Paid-in CapitalAshford Prime OP [Member] | Additional Paid-in CapitalCommon Stock [Member] | Additional Paid-in CapitalRestricted Stock and Restricted Stock Units (RSUs) [Member] | Accumulated Deficit | Accumulated DeficitCommon Stock [Member] | Accumulated DeficitSeries A Preferred Stock [Member] | Accumulated DeficitSeries D Preferred Stock [Member] | Accumulated DeficitSeries E Preferred Stock [Member] | Accumulated DeficitSeries F Preferred Stock [Member] | Accumulated DeficitSeries G Preferred Stock [Member] | Accumulated DeficitSeries H Preferred Stock [Member] | Accumulated DeficitSeries I Preferred Stock [Member] | Noncontrolling Interests in Consolidated Entities | Redeemable Noncontrolling Interest in Operating Partnership | Redeemable Noncontrolling Interest in Operating PartnershipAshford Prime OP [Member] | Redeemable Noncontrolling Interest in Operating PartnershipCommon Stock [Member] | Redeemable Noncontrolling Interest in Operating PartnershipRestricted Stock and Restricted Stock Units (RSUs) [Member] |
Beginning balance (in shares) at Dec. 31, 2014 | 1,657 | 9,469 | 4,630 | 0 | 0 | 0 | 0 | 89,440 | ||||||||||||||||||||||||||||||||
Beginning balance at Dec. 31, 2014 | $ 532,433 | $ 17 | $ 95 | $ 46 | $ 0 | $ 0 | $ 0 | $ 0 | $ 894 | $ 1,580,904 | $ (1,050,323) | $ 800 | $ 177,064 | |||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||
Purchases of common stock (in shares) | (5,803) | |||||||||||||||||||||||||||||||||||||||
Purchases of common stock | (52,292) | $ (57) | (52,235) | |||||||||||||||||||||||||||||||||||||
Equity-based compensation | 2,054 | 2,054 | 1,416 | |||||||||||||||||||||||||||||||||||||
Forfeiture of restricted shares (in shares) | (20) | |||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted shares | 17 | 17 | ||||||||||||||||||||||||||||||||||||||
Issuance of stock (in shares) | 10,530 | 1,183 | ||||||||||||||||||||||||||||||||||||||
Issuance of stock | $ 110,870 | $ 0 | $ 105 | $ 12 | $ 110,765 | $ (12) | $ 35 | |||||||||||||||||||||||||||||||||
Dividends | (47,190) | $ (3,542) | $ (20,002) | $ (10,418) | $ (46,498) | $ (47,190) | $ (3,542) | $ (20,002) | $ (10,418) | |||||||||||||||||||||||||||||||
Distributions to noncontrolling interests | 0 | $ (45,843) | $ (45,843) | (10,919) | $ (9,790) | |||||||||||||||||||||||||||||||||||
Redemption of operating partnership units for sale of hotel property | 1,545 | $ 1 | 1,544 | (1,545) | ||||||||||||||||||||||||||||||||||||
Redemption/conversion of operating partnership units (in shares) | 141 | |||||||||||||||||||||||||||||||||||||||
Redemption value adjustment | 73,315 | 73,315 | (73,315) | |||||||||||||||||||||||||||||||||||||
Net income (loss) | 270,939 | 270,939 | ||||||||||||||||||||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests | (30) | (30) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) excluding redeemable noncontrolling interests | 270,909 | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership | 35,503 | 35,503 | ||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2015 | 811,856 | $ 17 | $ 95 | $ 46 | $ 0 | $ 0 | $ 0 | $ 0 | $ 955 | 1,597,194 | (787,221) | 770 | 118,449 | |||||||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2015 | 1,657 | 9,469 | 4,630 | 0 | 0 | 0 | 0 | 95,471 | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||
Purchases of common stock (in shares) | (124) | |||||||||||||||||||||||||||||||||||||||
Purchases of common stock | (729) | $ (1) | (728) | |||||||||||||||||||||||||||||||||||||
Equity-based compensation | 5,746 | 5,746 | 3,926 | |||||||||||||||||||||||||||||||||||||
Forfeiture of restricted shares (in shares) | (47) | |||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted shares | 0 | |||||||||||||||||||||||||||||||||||||||
Issuance of stock (in shares) | 4,800 | 6,200 | 862 | |||||||||||||||||||||||||||||||||||||
Issuance of stock | 0 | $ 265,620 | $ 48 | $ 62 | $ 8 | 265,510 | (8) | 66 | ||||||||||||||||||||||||||||||||
Redemption of preferred shares (in shares) | (4,630) | |||||||||||||||||||||||||||||||||||||||
Redemption of preferred shares | $ (115,750) | $ (46) | (109,580) | (6,124) | ||||||||||||||||||||||||||||||||||||
Dividends | (46,292) | (3,542) | (20,002) | $ (6,280) | $ (4,130) | $ (2,318) | $ (45,388) | (46,292) | (3,542) | (20,002) | $ (6,280) | $ (4,130) | $ (2,318) | |||||||||||||||||||||||||||
Distributions to noncontrolling interests | 0 | (10,988) | ||||||||||||||||||||||||||||||||||||||
Redemption of operating partnership units for sale of hotel property | 4,718 | 4,718 | (16,423) | |||||||||||||||||||||||||||||||||||||
Redemption/conversion of operating partnership units (in shares) | 215 | |||||||||||||||||||||||||||||||||||||||
Redemption/conversion of operating partnership units | (971) | $ 2 | $ 1,598 | (2,571) | $ 971 | |||||||||||||||||||||||||||||||||||
Redemption value adjustment | (49,250) | (49,250) | 49,250 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | (46,285) | (46,285) | ||||||||||||||||||||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests | (14) | (14) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) excluding redeemable noncontrolling interests | (46,299) | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership | (12,483) | (12,483) | ||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2016 | 792,377 | $ 17 | $ 95 | $ 0 | $ 48 | $ 62 | $ 0 | $ 0 | $ 964 | 1,764,450 | (974,015) | 756 | 132,768 | |||||||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2016 | 1,657 | 9,469 | 0 | 4,800 | 6,200 | 0 | 0 | 96,377 | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||||||||||||||||||||||||||||||
Purchases of common stock (in shares) | (203) | |||||||||||||||||||||||||||||||||||||||
Purchases of common stock | (1,272) | $ (2) | (1,270) | |||||||||||||||||||||||||||||||||||||
Equity-based compensation | 7,227 | 7,227 | 5,060 | |||||||||||||||||||||||||||||||||||||
Forfeiture of restricted shares (in shares) | (56) | |||||||||||||||||||||||||||||||||||||||
Forfeiture of restricted shares | 0 | |||||||||||||||||||||||||||||||||||||||
Issuance of stock (in shares) | 3,800 | 5,400 | 1,271 | |||||||||||||||||||||||||||||||||||||
Issuance of stock | 222,071 | $ 0 | $ 38 | $ 54 | $ 12 | 221,979 | $ (12) | $ 94 | ||||||||||||||||||||||||||||||||
Redemption of preferred shares (in shares) | (7,100) | (7,100) | (1,657) | (7,080) | ||||||||||||||||||||||||||||||||||||
Redemption of preferred shares | (218,425) | $ (17) | $ (71) | (207,538) | (10,799) | |||||||||||||||||||||||||||||||||||
Dividends | $ (47,104) | $ (2,539) | $ (18,211) | $ (8,849) | $ (11,430) | $ (2,494) | $ (1,238) | $ (45,752) | $ (47,104) | $ (2,539) | $ (18,211) | $ (8,849) | $ (11,430) | $ (2,494) | $ (1,238) | |||||||||||||||||||||||||
Distributions to noncontrolling interests | 0 | (10,007) | ||||||||||||||||||||||||||||||||||||||
Redemption/conversion of operating partnership units (in shares) | 20 | |||||||||||||||||||||||||||||||||||||||
Redemption/conversion of operating partnership units | 161 | 161 | (161) | |||||||||||||||||||||||||||||||||||||
Redemption value adjustment | (10,010) | (10,010) | 10,010 | |||||||||||||||||||||||||||||||||||||
Net income (loss) | (67,008) | (67,008) | ||||||||||||||||||||||||||||||||||||||
(Income) loss from consolidated entities attributable to noncontrolling interests | (110) | (110) | ||||||||||||||||||||||||||||||||||||||
Net income (loss) excluding redeemable noncontrolling interests | (67,118) | |||||||||||||||||||||||||||||||||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership | (21,642) | (21,642) | ||||||||||||||||||||||||||||||||||||||
Ending balance at Dec. 31, 2017 | $ 633,146 | $ 0 | $ 24 | $ 0 | $ 48 | $ 62 | $ 38 | $ 54 | $ 974 | $ 1,784,997 | $ (1,153,697) | $ 646 | $ 116,122 | |||||||||||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2017 | 0 | 2,389 | 0 | 4,800 | 6,200 | 3,800 | 5,400 | 97,409 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cash Flows from Operating Activities | |||
Net income (loss) | $ (88,760) | $ (58,782) | $ 306,412 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 246,731 | 243,863 | 210,410 |
Impairment charges | 10,153 | 17,816 | 19,511 |
Amortization of intangibles | (238) | (156) | (167) |
Recognition of deferred income | (869) | 0 | 0 |
Write-off of intangibles | 0 | 564 | 0 |
Deferred tax expense (benefit) | 2,324 | 0 | 0 |
Bad debt expense | 2,185 | 1,185 | 1,059 |
Equity in (earnings) loss of unconsolidated entities | 5,866 | 6,110 | 6,831 |
Distributions of earnings from unconsolidated entities | 0 | 0 | 996 |
(Gain) loss on acquisition of PIM Highland JV and sale of properties, net | (14,030) | (31,599) | (381,351) |
Realized and unrealized (gain) loss on trading securities | 3,678 | (4,946) | (1,776) |
Purchases of marketable securities | (54,793) | (48,239) | (96,322) |
Sales of marketable securities | 77,374 | 0 | 95,963 |
(Gain) loss on insurance settlement | 0 | (456) | 0 |
Net settlement of trading derivatives | (5,035) | (5,866) | (1,106) |
Payments for derivatives | 0 | (230) | (9,975) |
Realized and unrealized (gains) losses on derivatives | 7,510 | 6,116 | 9,861 |
Amortization of loan costs and premiums, write-off of loan costs, premiums and exit fees | 14,190 | 34,696 | 23,059 |
Equity-based compensation | 12,287 | 9,672 | 3,470 |
Changes in operating assets and liabilities, exclusive of effect of acquisitions and dispositions of hotel properties: | |||
Accounts receivable and inventories | 2,037 | (880) | 5,325 |
Prepaid expenses and other assets | (4,762) | (7,453) | (1,042) |
Accounts payable and accrued expenses | (5,316) | 1,670 | (1,373) |
Due to/from affiliates | 0 | 0 | 3,473 |
Due to/from related party | 944 | (610) | (2,624) |
Due to/from third-party hotel managers | (4,353) | 9,731 | 8,858 |
Due to/from Ashford Prime OP, net | (488) | 1,016 | 136 |
Due to/from Ashford Inc., net | (570) | 5,860 | 1,654 |
Other liabilities | 1,317 | 641 | 2,295 |
Net cash provided by (used in) operating activities | 207,382 | 179,723 | 203,577 |
Cash Flows from Investing Activities | |||
Investment in unconsolidated entity | (984) | (2,321) | 0 |
Proceeds from payments on notes receivable | 0 | 4,246 | 245 |
Proceeds from franchise agreement extensions | 0 | 0 | 7,500 |
Acquisition of hotel properties and assets, net of cash and restricted cash acquired | (363) | (3,339) | (620,369) |
Improvements and additions to hotel properties | (221,960) | (204,040) | (175,159) |
Net proceeds from sale of assets/properties | 105,267 | 181,754 | 7,650 |
Payments for initial franchise fees | (225) | (30) | (568) |
Liquidation of U.S. AQUA Fund | 50,942 | 0 | 0 |
Proceeds from property insurance | 3,442 | 1,872 | 385 |
Net cash provided by (used in) investing activities | (63,881) | (21,858) | (780,316) |
Cash Flows from Financing Activities | |||
Borrowings on indebtedness | 704,800 | 487,500 | 2,277,782 |
Repayments of indebtedness | (754,836) | (559,037) | (1,550,299) |
Payments for loan costs and exit fees | (13,871) | (20,156) | (47,993) |
Payments for dividends and distributions | (101,592) | (91,465) | (91,282) |
Purchases of common stock | (1,272) | (729) | (52,292) |
Redemption of preferred stock | (218,425) | (115,750) | 0 |
Payments for derivatives | (871) | (199) | (2,217) |
Proceeds from common stock offering | 0 | 0 | 110,870 |
Proceeds from preferred stock offerings | 222,071 | 265,620 | 0 |
Other | 94 | 66 | 35 |
Net cash provided by (used in) financing activities | (163,902) | (34,150) | 644,604 |
Net change in cash and cash equivalents | (20,401) | 123,715 | 67,865 |
Cash, cash equivalents and restricted cash at beginning of year | 492,473 | 368,758 | 300,893 |
Cash, cash equivalents and restricted cash at end of year | 472,072 | 492,473 | 368,758 |
Supplemental Cash Flow Information | |||
Interest paid | 210,644 | 201,895 | 165,809 |
Income taxes paid (received), net | (253) | 1,882 | 8,730 |
Supplemental Disclosure of Investing and Financing Activities | |||
Accrued but unpaid capital expenditures | 19,456 | 11,402 | 7,525 |
Investment in unconsolidated entity | 0 | 0 | 59,338 |
Assumption of debt | 0 | 0 | 74,320 |
Acquisition of land | 0 | 0 | 3,100 |
Transfer of debt upon sale of hotel property | 0 | 23,850 | 0 |
Redemption of operating partnership units for sale of hotel property | 0 | 11,705 | 0 |
Supplemental Disclosure of Cash, Cash Equivalents and Restricted Cash | |||
Cash and cash equivalents at beginning of period | 347,091 | 215,078 | 215,063 |
Cash and cash equivalents at beginning of period included in assets held for sale | 976 | 0 | 0 |
Restricted cash at beginning of period | 144,014 | 153,680 | 85,830 |
Restricted cash at beginning of period included in assets held for sale | 392 | 0 | 0 |
Cash and cash equivalents at end of period | 354,805 | 347,091 | 215,078 |
Cash and cash equivalents at end of period included in assets held for sale | 78 | 976 | 0 |
Restricted cash at end of period | 116,787 | 144,014 | 153,680 |
Restricted cash at end of period included in assets held for sale | 402 | 392 | 0 |
Cash, cash equivalents and restricted cash | $ 492,473 | $ 368,758 | $ 300,893 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 , we owned interests in the following assets: • 120 consolidated hotel properties, including 118 ( two which are held for sale) directly owned and two owned through a majority-owned investment in a consolidated entity, which represent 25,058 total rooms (or 25,031 net rooms excluding those attributable to our partner); • 89 hotel condominium units at WorldQuest Resort in Orlando, Florida; • a 28.6% ownership in Ashford Inc. common stock with a carrying value of $437,000 and a fair value of $55.6 million ; and • a 16.2% ownership in OpenKey with a carrying value of $2.5 million . For federal income tax purposes, we have elected to be treated as a REIT, which imposes limitations related to operating hotels. As of December 31, 2017 , our 120 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 December 31, 2017 , Remington Lodging & Hospitality, LLC, together with its affiliates (“Remington Lodging”), which is beneficially wholly owned by Mr. Monty J. Bennett, our Chairman, and Mr. Archie Bennett, Jr., our Chairman Emeritus, managed 82 of our 120 hotel properties and WorldQuest Resort. Third-party management companies managed the remaining hotel properties. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Significant Accounting Policies Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. 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 acquisitions/dispositions affect reporting comparability related to our consolidated financial statements: Hotel Property Location Type Date Lakeway Resort & Spa Austin, Texas Acquisition February 6, 2015 Memphis Marriott East Memphis, Tennessee Acquisition February 25, 2015 PIM Highland JV (28.26% interest) Various Acquisition March 6, 2015 Hampton Inn & Suites Gainesville, Florida Acquisition April 29, 2015 Le Pavillon Hotel New Orleans, Louisiana Acquisition June 3, 2015 9-hotel portfolio Various Acquisition June 17, 2015 W Atlanta Downtown Atlanta, Georgia Acquisition July 1, 2015 Le Meridien Minneapolis Minneapolis, Minnesota Acquisition July 23, 2015 Hilton Garden Inn - Wisconsin Dells Wisconsin Dells, Wisconsin Acquisition August 5, 2015 Hotel Indigo Atlanta Atlanta, Georgia Acquisition October 15, 2015 W Minneapolis Foshay Minneapolis, Minnesota Acquisition November 10, 2015 5-hotel portfolio Various Disposition June 1, 2016 Hampton Inn & Suites Gainesville, Florida Disposition September 1, 2016 SpringHill Suites Gaithersburg Gaithersburg, Maryland Disposition October 1, 2016 2-hotel portfolio Palm Desert, California Disposition October 7, 2016 Renaissance Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. We early adopted Accounting Standards Updates (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash effective January 1, 2017. See discussion in recently adopted accounting standards below. Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method. Investments in Hotel Properties, net —Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized. Impairment of Investments in Hotel Properties —Hotel properties are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. 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. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 5. Hotel Dispositions —D iscontinued 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 as most will not fit the definition. See note 5. 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. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale. See note 5. Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 16.2% to 28.6% , at December 31, 2017 , 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 earnings (loss) in unconsolidated entities. No such impairment was recorded for the years ended December 31, 2017 , 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. Note Receivable —Mezzanine loan financing, classified as note receivable, represented a loan held for investment and intended to be held to maturity. Note receivable was recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and allowance for losses when a loan is deemed to be impaired. Premiums, discounts, and net origination fees are amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. Payments received on impaired nonaccrual loans are recorded as adjustments to impairment charges. No interest income was recorded for the years ended December 31, 2017 , 2016 and 2015 . Our note receivable was paid in full on December 2, 2016. VIEs, as defined by authoritative accounting guidance, must be consolidated by their controlling interest beneficiaries if the VIE does not effectively disperse risks among the parties involved. We no longer hold the mezzanine note receivable at December 31, 2017 , which was secured by a hotel property and was subordinate to the controlling interest in the secured hotel property. Although the note receivable was considered to be a variable interest in the entity that owns the related hotel, we were not considered to be the primary beneficiary of the hotel property as a result of holding the loan. Therefore, we did not consolidate the hotel property for which we had provided financing. We will evaluate the interests in entities acquired or created in the future to determine whether such entities should be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. Impairment of Notes Receivable —We reviewed notes receivable for impairment each reporting period. A loan is impaired when, based on current information and events, collection of all amounts recorded as assets on the balance sheet is no longer considered probable. We apply normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment. When a loan is impaired, we measure impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the balance sheet. We may also measure impairment based on a loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. Our note receivable was paid in full on December 2, 2016. No impairment charges were recorded for the years ended December 31, 2016 and 2015 . Valuation adjustments of $500,000 and $439,000 on previously impaired notes were credited to impairment charges for the years ended December 31, 2016 and 2015 , respectively. Marketable Securities —Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. Prior to our investment in the AQUA U.S. Fund, it also included put and call options in certain publicly traded equity securities. Put and call options are considered derivatives. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities” or “liabilities associated with marketable securities and other” in the consolidated balance sheets. The cost of securities sold is determined by using the high cost method. Net investment income, including interest income (expense), dividends, realized gains and losses and costs of investment, is reported as a component of “other income (expense).” Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. Deferred Costs, net —Debt issuance costs are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Prior to its expiration, debt issuance costs associated with our secured revolving credit facility were presented as an asset on our consolidated balance sheets. Deferred loan costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See notes 6 and 8. Intangible Assets and Liabilities —Intangible assets and liabilities represent the assets and liabilities recorded on certain hotel properties’ ground lease contracts that were below or above market rates at the date of acquisition. These assets and liabilities are amortized using the straight line method over the remaining terms of the respective lease contracts. See note 7. Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floors, flooridors. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master- netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. We also purchase options on Eurodollar futures as a hedge against our cash flows. Eurodollar futures prices reflect market expectations for interest rates on three month Eurodollar deposits for specific dates in the future, and the final settlement price is determined by three month LIBOR on the last trading day. Options on Eurodollar futures provide the ability to limit losses while maintaining the possibility of profiting from favorable changes in the futures prices. As the purchaser, our maximum potential loss is limited to the initial premium paid for the Eurodollar option contracts, while our potential gain has no limit. 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 made good. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. Interest rate derivatives, credit default swaps and options on futures contracts are reported as “derivative assets, net” in the consolidated balance sheets. Interest rate derivatives and futures, changes in fair value are recognized in earnings as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. Accrued interest on non-hedge designated interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets. For non-hedge designated interest rate derivatives, credit default swaps and options on futures contracts, changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense)”, respectively, in the consolidated statements of operations. Due to/from Related Party —Due to/from related party represents current receivables and payables resulting from transactions related to hotel management, project management and market services with a related party. Due to/from related party is generally settled within a period not exceeding one year . Due to/from Ashford Prime OP, net —Due to/from Ashford Prime OP represents receivables and payables resulting from certain expenses. Due to/from Ashford Prime OP is generally settled within a period not exceeding one year . Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting primarily from advisory services fee, including reimbursable expenses. Due to/from Ashford Inc., is generally settled within a period not exceeding one year . Due to/from Third-Party Hotel Managers —Due from third-party hotel managers primarily consists of amounts due from Marriott related to cash reserves held at the Marriott corporate level related to operating, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. Unfavorable Management Contract Liabilities —Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions. Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2017 and 2016 , and is reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. 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 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. Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative fees, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2017 , 2016 and 2015 , our continuing operations incurred advertising costs of $7.5 million , $6.4 million and $5.6 million , respectively. Advertising costs related to continuing operations are included in “other” hotel expenses in the accompanying consolidated statements of operations. 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. Depreciation and Amortization —Owned hotel properties are depreciated over the estimated useful life of the assets and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for furniture, fixtures and equipment. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales. Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2013 through 2017 remain subject to potential examination by certain federal and state taxing authorities. Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. Recently Adopted Accounting Standards —In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”), which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017, and the adoption of this standard did not have any impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which clarifies the presentation of restricted cash and restricted cash equivalents in the statements of cash flows. Under ASU 2016-18 restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017 on a retrospective basis. The adoption of this standard resulted in the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows for all periods presented. As a result, for the years ended December 31, 2016 and 2015, net cash provided by operating activities increased $4.7 million and $5.4 million , respectively. Net cash used in investing activities increased $13.9 million for the year ended December 31, 2016 and decreased $73.2 million for the year ended December 31, 2015. Our beginning-of-period cash, cash equivalents and restricted cash increased $144.0 million , $153.7 million and $85.8 million in 2017, 2016 and 2015, respectively. 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 standard permits the use of either the full retrospective or cumulative effect (modified retrospective) transition method. Based on our assessment of this standard, it will not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations, therefore, ASU No. 2014-09 will not impact the recognition of hotel sales. We have selected the modified retrospective method. We continue to evaluate the related disclosure requirements. 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 do not expect that ASU 2016-01 will have a material impact 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. The accounting for leases under which we are the lessor remains largely unchanged. While we are currently in the initial stages of assessing the impact that ASU 2016-02 will have on our consolidated financial statements, we expect the primary impact to our consolidated financial statements upon adoption will be the recognition, on a discounted basis, of our |
Investment in Hotel Properties
Investment in Hotel Properties | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Investments in Hotel Properties | Investments in Hotel Properties Investments in hotel properties consisted of the following (in thousands): December 31, 2017 2016 Land $ 653,293 $ 663,013 Buildings and improvements 3,895,112 3,913,377 Furniture, fixtures and equipment 468,420 434,091 Construction in progress 35,273 32,525 Condominium properties 12,196 11,558 Total cost 5,064,294 5,054,564 Accumulated depreciation (1,028,379 ) (894,001 ) Investments in hotel properties, net $ 4,035,915 $ 4,160,563 The cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes was approximately $4.1 billion and $3.4 billion as of December 31, 2017 and 2016 . For the years ended December 31, 2017 , 2016 and 2015 , we recognized depreciation expense of $246.0 million , $243.6 million and $210.1 million , respectively. |
Investment in Unconsolidated En
Investment in Unconsolidated Entities | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Entities | Investment in Unconsolidated Entities Ashford Inc. As of December 31, 2017 , we held approximately 598,000 shares of Ashford Inc. common stock, which represented an approximate 28.6% ownership interest, with a carrying value of approximately $437,000 and a fair value of $55.6 million . The following tables summarize the condensed balance sheets and our ownership interest in Ashford Inc. as of December 31, 2017 and 2016 , and the condensed statements of operations and our equity in earnings (loss) of Ashford Inc. for the years ended December 31, 2017 , 2016 and 2015 (in thousands): Ashford Inc. Condensed Balance Sheets December 31, 2017 December 31, 2016 Total assets $ 114,810 $ 129,797 Total liabilities 78,742 38,168 Redeemable noncontrolling interests 5,111 1,480 Total stockholders’ equity of Ashford Inc. 30,185 37,377 Noncontrolling interests in consolidated entities 772 52,772 Total equity 30,957 90,149 Total liabilities and equity $ 114,810 $ 129,797 Our ownership interest in Ashford Inc. $ 437 $ 5,873 Ashford Inc. Condensed Statements of Operations Year Ended December 31, 2017 2016 2015 Total revenue $ 81,573 $ 67,607 $ 58,981 Total expenses (92,095 ) (70,064 ) (60,332 ) Operating income (loss) (10,522 ) (2,457 ) (1,351 ) Realized and unrealized gain (loss) on investment in unconsolidated entity, net — (1,460 ) (2,141 ) Realized and unrealized gain (loss) on investments, net (91 ) (7,787 ) (7,600 ) Other income (expense) 142 81 1,114 Income tax benefit (expense) (9,723 ) (780 ) (2,066 ) Net income (loss) (20,194 ) (12,403 ) (12,044 ) (Income) loss from consolidated entities attributable to noncontrolling interests 358 8,860 10,852 Net (income) loss attributable to redeemable noncontrolling interests 1,484 1,147 2 Net income (loss) attributable to Ashford Inc. $ (18,352 ) $ (2,396 ) $ (1,190 ) Our equity in earnings (loss) of Ashford Inc. $ (5,437 ) $ (743 ) $ (483 ) 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. The AQUA U.S. Fund was managed by Ashford Investment Management, LLC (“AIM”), an indirect subsidiary of Ashford Inc. The AQUA U.S. Fund was consolidated by Ashford Inc. During the first quarter of 2017, we liquidated our investment in the AQUA U.S. Fund subject to a 5% hold back of $2.6 million , which was received during the second quarter of 2017. Our ownership interest in the AQUA U.S. Fund was $50.9 million at December 31, 2016. For the years ended December 31, 2017 , 2016 and 2015 our equity in earnings (loss) was $52,000 , $(5.1) million and $(3.4) million , respectively. OpenKey During the years ended December 31, 2017 and 2016, the Company made investments totaling $1.0 million and $2.3 million , respectively, in OpenKey, which is controlled and consolidated by Ashford Inc., for a 13.3% 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 December 31, 2017 , our 16.2% ownership interest had a carrying value of $2.5 million . For the years ended December 31, 2017 and 2016 , our equity in loss of the unconsolidated entity was $481,000 and $305,000 , respectively. Ashford Prime In July 2015, we announced that our board of directors declared the distribution (1) to our stockholders of approximately 4.1 million shares of common stock of Ashford Hospitality Prime, Inc. (“Ashford Prime”) to be received by us upon redemption of common units of Ashford Hospitality Prime Limited Partnership, the operating partnership of Ashford Prime (“Ashford Prime OP”) and (2) to the common unitholders of Ashford Trust OP of our remaining common units of Ashford Prime OP. The distribution occurred on July 27, 2015. As a result of the distribution, we no longer retain an interest in Ashford Prime. The previously deferred gain of $599,000 from the sale of the Pier House Resort in March 2014 was recognized during the year ended December 31, 2015. |
Hotel Dispositions, Assets Held
Hotel Dispositions, Assets Held for Sale and Impairment Charges | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Hotel Dispositions, Assets Held for Sale and Impairment Charges | Hotel Dispositions, Assets Held for Sale and Impairment Charges Hotel Dispositions 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 $22.8 million for the year ended December 31, 2016 and is included in “gain (loss) 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. On September 1, 2016, the Company sold the Hampton Inn Gainesville for approximately $26.5 million in cash. The sale resulted in a gain of $1.6 million for the year ended December 31, 2016 and is included in “gain (loss) on acquisition of PIM Highland JV and sale of hotel properties” in the consolidated statements of operations. On October 1, 2016, the Company sold the SpringHill Suites in Gaithersburg, Maryland for approximately $13.2 million . The consideration received from the sale was a combination of cash and approximately 2.0 million Class B common units of the Company’s operating partnership. The Class B operating partnership units were redeemed at a price of $5.74 per unit, or a price of $6.05 per common share after taking into account the current conversion factor. The Company also paid off approximately $10.4 million of debt associated with the hotel property. The sale resulted in a loss of $223,000 for the year ended December 31, 2016 and is included in “gain (loss) on acquisition of PIM Highland JV and sale of hotel properties” in the consolidated statements of operations (see impairment discussion below). On October 7, 2016, the Company sold the Courtyard and Residence Inn in Palm Desert, California for $36.0 million . The consideration received from the sale was a combination of cash and assumption of approximately $23.8 million of mortgage debt associated with the hotel properties. The sale resulted in a gain of $7.5 million for the year ended December 31, 2017 and is included in “gain (loss) on acquisition of PIM Highland JV and sale of hotel properties” in the consolidated statements of operations. On February 1, 2017, the Company sold the Renaissance hotel in Portsmouth, Virginia (“Renaissance Portsmouth”) for approximately $9.2 million in cash. The sale resulted in a loss of $43,000 for the year ended December 31, 2017 and is included in “gain (loss) on acquisition of PIM Highland JV and sale of hotel properties” in the consolidated statements of operations. The Company also repaid approximately $20.2 million of debt associated with the hotel property. See note 8. On March 6, 2017, the Company sold the Embassy Suites in Syracuse, New York (“Embassy Suites Syracuse”) for approximately $8.8 million in cash. The sale resulted in a loss of $40,000 for the year ended December 31, 2017 and is included in “gain (loss) on acquisition of PIM Highland JV and sale of hotel properties” in the consolidated statements of operations. The Company also repaid approximately $20.6 million of debt associated with the hotel property. See note 8. On June 29, 2017, the Company sold the Crowne Plaza Ravinia in Atlanta, Georgia for approximately $88.7 million in cash. The sale resulted in a gain of $14.1 million for the year ended December 31, 2017 and is included in “gain (loss) on acquisition of PIM Highland JV and sale of hotel properties” in the consolidated statements of operations. The Company also repaid approximately $78.7 million of debt associated with the hotel property. See note 8. We included the results of operations for these hotel properties through the date of disposition in net income (loss) as shown in the consolidated statements of operations for the years ended December 31, 2017 , 2016 and 2015 , respectively . The following table includes condensed financial information from these hotel properties (in thousands): Year Ended December 31, 2017 2016 2015 Total hotel revenue $ 12,447 $ 77,808 $ 100,973 Total hotel operating expenses (10,064 ) (51,750 ) (65,874 ) Operating income (loss) 2,383 26,058 35,099 Property taxes, insurance and other (616 ) (3,805 ) (5,278 ) Depreciation and amortization (2,588 ) (11,891 ) (17,008 ) Impairment charges — (18,316 ) (2,817 ) Gain (loss) on sale of hotel properties 14,030 31,713 — Interest expense and amortization of loan costs (2,361 ) (10,456 ) (13,150 ) Write-off of loan costs and exit fees (98 ) (5,076 ) — Income (loss) before income taxes 10,750 8,227 (3,154 ) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (1,668 ) (1,153 ) 421 Income (loss) before income taxes attributable to the Company $ 9,082 $ 7,074 $ (2,733 ) Impairment Charges and Insurance Recoveries In August and September 2017, twenty-four of our hotel properties in Texas and Florida were impacted by the effects of Hurricanes Harvey and Irma. The Company holds insurance policies that provide coverage for property damage and business interruption after meeting certain deductibles at all of its hotel properties. During 2017, the Company recognized impairment charges, net of anticipated insurance recoveries of $2.0 million . Additionally, the Company recognized remediation and other costs, net of anticipated insurance recoveries of $2.8 million , included primarily in other hotel operating expenses. As of December 31, 2017, the Company has recorded an insurance receivable of $267,000 , net of deductibles of $4.8 million , included in “accounts receivable, net” on our consolidated balance sheet, related to the anticipated insurance recoveries. During the year ended December 31, 2017, the Company received proceeds of $612,000 for business interruption losses associated with lost profits, which has been recorded as “other” hotel revenue in our consolidated statement of operations, in excess of the deductible of $366,000 . The Company will not record an insurance recovery receivable for business interruption losses associated with lost profits until the amount for such recoveries is known and the amount is realizable. Additionally, in 2017 we recorded impairment charges of $8.2 million related to two hotel properties. The impairment charges occurred at the SpringHill Suites in Centreville, Virginia (“SpringHill Suites Centreville”) and the SpringHill Suites in Glen Allen, Virginia (“SpringHill Suites Glen Allen”) in the amounts of $4.7 million and $3.5 million , respectively. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. The hotel properties are currently held for sale. See discussion below. In 2016 we recorded impairment charges of $18.3 million related to three hotel properties. The impairment charges occurred at the SpringHill Suites Gaithersburg, Embassy Suites Syracuse and the Renaissance Portsmouth in the amounts of $5.0 million , $4.1 million and $9.2 million , respectively. The impairment charges were based on methodologies discussed in note 2, which are considered Level 3 valuation techniques. On October 1, 2016, the Company completed the sale of the SpringHill Suites Gaithersburg for approximately $13.2 million . We recorded an impairment charge of $19.9 million related to two hotel properties in the second quarter of 2015. The impairment charges occurred at the 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. Assets Held For Sale At December 31, 2017 , the SpringHill Suites Centreville and the SpringHill Suites Glen Allen were classified as held for sale in the consolidated balance sheet based on methodologies discussed in note 2. Since the sale of the hotel properties does not represent a strategic shift that has (or will have) a major effect on our operations or financial results, their results of operation 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. For the year ended December 31, 2017, total revenue of $7.0 million , and net loss (excluding impairment charges discussed above) of $154,000 , are included in our consolidated statements of operations. On February 20, 2018, we completed the sale of the SpringHill Suites Glen Allen for approximately $10.9 million . We expect to complete the sale of the SpringHill Suites Centreville on or about May 1, 2018. At December 31, 2016 , the Renaissance hotel in Portsmouth, Virginia (“Renaissance Portsmouth”) and the Embassy Suites in Syracuse, New York (“Embassy Suites Syracuse”) 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 operation 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. For the year ended December 31, 2016 , total revenue of $18.7 million , and net income (excluding impairment charges discussed above) of $499,000 , are included in our consolidated statements of operations. On February 1, 2017 , we completed the sale of the Renaissance Portsmouth for approximately $9.2 million . On March 6, 2017 , we completed the sale of the Embassy Suites Syracuse for approximately $8.8 million . The major classes of assets and liabilities related to the assets held for sale included in the consolidated balance sheets were as follows (in thousands): December 31, 2017 December 31, 2016 Assets Investments in hotel properties, net $ 17,732 $ 17,232 Cash and cash equivalents 78 976 Restricted cash 402 392 Accounts receivable 127 305 Inventories 1 96 Deferred costs, net — 4 Prepaid expenses 21 309 Other assets 31 274 Due from third-party hotel managers 31 — Assets held for sale $ 18,423 $ 19,588 Liabilities Indebtedness, net $ 13,221 $ 35,679 Accounts payable and accrued expenses 662 1,323 Due to related party, net 94 45 Liabilities related to assets held for sale $ 13,977 $ 37,047 |
Deferred Costs, net
Deferred Costs, net | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Costs, net | Deferred Costs, net Deferred costs, net consist of the following (in thousands): December 31, 2017 2016 Deferred franchise fees $ 4,400 $ 4,602 Accumulated amortization (1,623 ) (1,752 ) $ 2,777 $ 2,850 Deferred costs related to assets held for sale — 4 Deferred costs, net $ 2,777 $ 2,846 |
Intangible Assets, net and Inta
Intangible Assets, net and Intangible Liabilities, net | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets, net and Intangible Liabilities, net [Abstract] | |
Intangible Assets, net and Intangible Liabilities, net | Intangible Assets, net and Intangible Liabilities, net Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liability, net December 31, December 31, 2017 2016 2017 2016 Cost $ 10,276 $ 10,276 $ 16,846 $ 16,846 Accumulated amortization (333 ) (215 ) (1,007 ) (651 ) $ 9,943 $ 10,061 $ 15,839 $ 16,195 The intangible assets and intangible liabilities noted above represent the above-market rate leases (liability) and below-market rate leases (asset) that were determined based on the comparison of rent due under the ground lease contracts assumed in the acquisitions to market rates for the remaining duration of the lease contracts and are amortized over their respective ground lease terms with expiration dates ranging from 2024 to 2114. For the years ended December 31, 2017 , 2016 and 2015 , net amortization related to intangibles was a reduction in lease expense of $238,000 , $156,000 and $167,000 , respectively. In connection with the acquisition of the permanent exclusive docking easement for riverfront land located in front of the Hyatt Savannah hotel in Savannah, Georgia we recorded an intangible asset of approximately $797,000 . This intangible asset is not subject to amortization and has a carrying value of $797,000 as of December 31, 2017. Estimated future net amortization expense for intangible assets and intangible liabilities for each of the next five years is as follows (in thousands): Intangible Assets Intangible Liabilities 2018 $ 118 $ 356 2019 118 356 2020 118 356 2021 118 356 2022 118 356 Thereafter 9,353 14,059 Total $ 9,943 $ 15,839 |
Indebtedness, net
Indebtedness, net | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Indebtedness, net | Indebtedness, net Indebtedness of our continuing operations and the carrying values of related collateral were as follows at December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Indebtedness Collateral Maturity Interest Rate Debt Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (2) 1 hotel June 2017 5.98% $ — $ — $ 15,729 $ 25,714 Mortgage loan (3) 17 hotels December 2017 LIBOR (1) + 5.52% — — 412,500 302,417 Mortgage loan (4) 2 hotels January 2018 4.44% — — 105,047 228,433 Mortgage loan (5) 1 hotel January 2018 4.38% — — 96,169 195,768 Mortgage loan (6) 8 hotels January 2018 LIBOR (1) + 4.95% 376,800 346,609 376,800 355,707 Mortgage loan (7) 5 hotels February 2018 LIBOR (1) + 4.75% 200,000 208,338 200,000 205,111 Mortgage loan (8) 1 hotel April 2018 LIBOR (1) + 4.95% 33,300 39,298 33,300 40,738 Mortgage loan (9) (10) (11) (12) 22 hotels April 2018 LIBOR (1) + 4.39% 971,654 1,206,994 1,070,560 1,278,932 Mortgage loan (13) 1 hotel May 2018 LIBOR (1) + 5.10% 25,100 32,188 25,100 33,801 Mortgage loan (14) 1 hotel June 2018 LIBOR (1) + 5.10% 43,750 62,348 43,750 60,260 Mortgage loan (15) 1 hotel July 2018 LIBOR (1) + 4.15% 35,200 36,220 35,200 37,375 Mortgage loan (15) 1 hotel July 2018 LIBOR (1) + 5.10% 40,500 52,038 40,500 53,526 Mortgage loan (15) 8 hotels July 2018 LIBOR (1) + 4.09% 144,000 174,676 144,000 178,738 Mortgage loan (16) 1 hotel August 2018 LIBOR (1) + 4.95% 12,000 15,279 12,000 15,010 Mortgage loan (17) (18) 4 hotels August 2018 LIBOR (1) + 4.38% 52,530 61,358 52,530 66,725 Mortgage loan (17) (19) (20) 6 hotels August 2018 LIBOR (1) + 4.35% 280,421 162,938 301,000 185,804 Mortgage loan (21) (22) 18 hotels October 2018 LIBOR (1) + 4.55% 450,000 442,394 450,000 457,040 Mortgage loan 1 hotel July 2019 4.00% 5,336 8,056 5,436 8,326 Mortgage loan (3) 17 hotels November 2019 LIBOR (1) + 3.00% 427,000 290,973 — — Mortgage loan (2) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 25,654 — — Mortgage loan 1 hotel November 2020 6.26% 95,207 126,462 96,873 124,654 Mortgage loan (4) 2 hotels June 2022 LIBOR (1) + 3.00% 164,700 234,253 — — Mortgage loan (5) 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 196,365 — — Mortgage loan 1 hotel May 2023 5.46% 53,789 81,854 54,685 84,854 Mortgage loan 1 hotel January 2024 5.49% 7,000 9,392 7,111 10,092 Mortgage loan 1 hotel January 2024 5.49% 10,216 17,533 10,378 15,229 Mortgage loan 1 hotel May 2024 4.99% 6,530 7,438 6,641 7,922 Mortgage loan 2 hotels August 2024 4.85% 12,242 11,135 12,427 8,910 Mortgage loan 3 hotels August 2024 4.90% 24,471 15,693 24,836 16,647 Mortgage loan 3 hotels August 2024 5.20% 66,224 51,393 67,164 51,659 Mortgage loan 2 hotels February 2025 4.45% 20,214 10,516 20,575 10,952 Mortgage loan 3 hotels February 2025 4.45% 52,284 72,112 53,293 69,036 3,723,568 3,999,507 $ 3,773,604 4,129,380 Premiums, net 1,570 3,523 Deferred loan costs, net (15,617 ) (17,889 ) $ 3,709,521 $ 3,759,238 Indebtedness related to assets held for sale (11) 1 hotel April 2017 LIBOR (1) + 4.39% — 16,080 Indebtedness related to assets held for sale (20) 1 hotel August 2017 LIBOR (1) + 4.35% — 19,599 Indebtedness related to assets held for sale (18) 1 hotel August 2018 LIBOR (1) + 4.38% 5,992 — Indebtedness related to assets held for sale (22) 1 hotel October 2018 LIBOR (1) + 4.55% 7,229 — Indebtedness, net $ 3,696,300 $ 3,723,559 ____________________________________ (1) LIBOR rates were 1.564% and 0.772% at December 31, 2017 and December 31, 2016 , respectively. (2) On May 24, 2017, we refinanced this mortgage loan totaling $15.7 million set to mature in June 2017 with a new $16.1 million mortgage loan with a three -year initial term and two one -year extension options subject to the satisfaction of certain conditions. Through May 2019, the new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.90% . Beginning on June 1, 2019, monthly principal payments based on a thirty -year amortization and a 6.00% interest rate are due. (3) On October 31, 2017, we refinanced this mortgage loan totaling $412.5 million set to mature in December 2017 with a new $427.0 million mortgage loan with a two -year initial term and five one -year extension options subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.00% . (4) On May 10, 2017, we refinanced this mortgage loan totaling $104.3 million set to mature in January 2018 with a new $181.0 million mortgage loan, of which our initial advance was $164.7 million . The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.00% . Beginning on July 1, 2020, quarterly principal payments of $750,000 are due. (5) On October 30, 2017, we refinanced this mortgage loan totaling $94.7 million set to mature in January 2018 with a new $97.0 million mortgage loan with a five -year term. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.00% . (6) On January 17, 2018, we refinanced this mortgage loan with a new $395.0 million mortgage loan with a two -year initial term and five one -year extension options, subject to the satisfaction of certain conditions. The mortgage loan is interest only and bears interest at a rate of LIBOR + 2.92% . (7) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions and a LIBOR floor of 0.20% . The second one -year extension period began in February 2017. (8) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in April 2017. (9) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. The first one -year extension period began in April 2017. (10) This mortgage loan had a $20.2 million pay down of principal related to the Renaissance Portsmouth that was sold on February 1, 2017. (11) A portion of this mortgage loan at December 31, 2016 relates to the Renaissance Portsmouth that was sold on February 1, 2017. See note 5. (12) This mortgage loan had a $78.7 million pay down of principal related to the Crowne Plaza Ravinia that was sold on June 29, 2017. See note 5. (13) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in May 2017. (14) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in June 2017. (15) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in July 2017. (16) This mortgage loan has two one -year extension options subject to satisfaction of certain conditions. (17) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The second one -year extension period began in August 2017. (18) A portion of this mortgage loan at December 31, 2017 relates to the SpringHill Suites Centerville. See note 5. (19) This mortgage loan had a $20.6 million pay down of principal related to the Embassy Suites Syracuse that was sold on March 6, 2017. See note 5. (20) A portion of this mortgage loan at December 31, 2016 relates to the Embassy Suites Syracuse that was sold on March 6, 2017. See note 5. (21) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. (22) A portion of this mortgage loan at December 31, 2017 relates to the SpringHill Suites Glen Allen. See note 5. On February 1, 2017, we repaid $20.2 million of principal on our mortgage loan partially secured by the Renaissance Portsmouth. This hotel property was sold on February 1, 2017. See note 5. On March 6, 2017, we repaid $20.6 million of principal on our mortgage loan partially secured by the Embassy Suites Syracuse. This hotel property was sold on March 6, 2017. See note 5. On May 10, 2017, we refinanced a $105.0 million mortgage loan, secured by the Renaissance Nashville in Nashville, Tennessee and the Westin in Princeton, New Jersey. The new mortgage loan totals $181.0 million , of which our initial advance was $164.7 million with future advances totaling $16.3 million as reimbursement for capital expenditures. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 3.00% . Beginning on July 1, 2020, quarterly principal payments of $750,000 are due. The stated maturity is June 2022, with no extension options. On May 24, 2017, we refinanced a $15.7 million mortgage loan, secured by the Hotel Indigo Atlanta. The new mortgage loan totals $16.1 million . The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.90% for the first two years with a 30 -year amortization schedule based on a 6% interest rate starting in the third year. The stated maturity is May 2020, with two one -year extension options. On June 29, 2017, we repaid $78.7 million of principal on our mortgage loan partially secured by the Crowne Plaza Ravinia. This hotel property was sold on June 29, 2017. On October 30, 2017, we refinanced our $94.7 million mortgage loan, with an outstanding balance of $94.5 million , secured by the Hilton Boston Back Bay. The new mortgage loan totals $97.0 million . The mortgage loan is non-recourse interest only and provides for a floating interest rate of LIBOR + 2.00% . The stated maturity is November 2022, with no extension options. On October 31, 2017, we refinanced a $412.5 million mortgage loan, secured by seventeen hotels. The new mortgage loan totals $427.0 million . The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 3.00% . The stated maturity is November 2019, with five one -year extension options. The new mortgage loan is secured by the following seventeen hotels: the Courtyard Alpharetta, Courtyard Bloomington, Courtyard Crystal City, Courtyard Foothill Ranch, Embassy Suites Austin, Embassy Suites Dallas, Embassy Suites Houston, Embassy Suites Las Vegas, Embassy Suites Palm Beach, Hampton Inn Evansville, Hilton Garden Inn Jacksonville, Hilton Nassau Bay, Hilton St. Petersburg, Residence Inn Evansville, Residence Inn Falls Church, Residence Inn San Diego and Sheraton Indianapolis. On September 30, 2016, we repaid $10.4 million of principal on our mortgage loan partially secured by the SpringHill Suites Gaithersburg. This hotel property was sold on October 1, 2016. See note 5. On October 7, 2016, we refinanced four mortgage loans with existing outstanding balances totaling approximately $415.1 million with a new loan totaling $450.0 million . The mortgage loans were refinanced through one new mortgage loan with a two -year initial term and four one -year extension options, subject to the satisfaction of certain conditions. The mortgage loan is interest only, provides for a floating interest rate of LIBOR + 4.55% , and contains flexible release provisions for the potential sale of assets. The mortgage loan is secured by eighteen hotel properties: Courtyard Basking Ridge, Courtyard Newark, Courtyard Oakland, Courtyard Plano, Courtyard Scottsdale, Residence Inn Newark, Residence Inn Phoenix, Residence Inn Plano, SpringHill Suites Glen Allen, SpringHill Suites Manhattan Beach, SpringHill Suites Plymouth Meeting, TownePlace Suites Manhattan Beach, Embassy Suites Flagstaff, Marriott Bridgewater, Marriott Raleigh Durham, Marriott Suites Dallas, Sheraton Bucks County, and Marriott Fremont. During the years ended December 31, 2017 , 2016 , and 2015 we recognized premium amortization of $2.0 million , $2.1 million and $1.4 million respectively. The amortization of the premium is computed using a method that approximates 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. As of December 31, 2017 , we were in compliance in all material respects with all covenants or other requirements set forth in our debt and related agreements as amended. Maturities and scheduled amortizations of indebtedness as of December 31, 2017 for each of the five following years and thereafter are as follows (in thousands): 2018 $ 2,671,185 2019 438,723 2020 113,703 2021 7,953 2022 262,410 Thereafter 229,594 Total $ 3,723,568 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging | 12 Months Ended |
Dec. 31, 2017 | |
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 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. During the year ended December 31, 2017 , we entered into interest rate caps with notional amounts totaling $2.5 billion and strike rates ranging from 1.50% to 5.84% . These interest rate caps had effective dates from February 2017 to October 2017 , maturity dates from February 2018 to November 2019 , and a total cost of $871,000 . We also entered into interest rate floors with notional amounts of $10.8 billion and strike rates ranging from 1.00% to 1.50% . These interest rate floors had effective dates from September 2017 to December 2017 and termination dates from March 2019 to June 2019 and a total cost of $388,000 . These instruments were not designated as cash flow hedges. During the year ended December 31, 2016, we entered into interest rate caps with notional amounts totaling $1.5 billion and strike rates ranging from 2.00% to 4.50% . These interest rate caps had effective dates from February 2016 to January 2017 , maturity dates from February 2017 to October 2018 , and a total cost of $199,000 . We also entered into interest rate floors with notional amounts totaling $10.0 billion and strike rates ranging from (0.25)% to 1.0% . These interest rate floors had effective dates from April 2015 to July 2015 , maturity dates from April 2020 to July 2020 , and a total cost of $9.8 million . These instruments were not designated as cash flow hedges. As of December 31, 2017 , we held interest rate caps with notional amounts totaling $3.4 billion and strike rates ranging from 1.50% to 5.84% . These instruments had maturity dates ranging from January 2018 to November 2019 . These instruments cap the interest rates on our mortgage loans with principal balances of $3.4 billion and maturity dates from January 2018 to November 2022 . As of December 31, 2017 , we held interest rate floors with notional amounts totaling $16.8 billion and strike rates ranging from (0.25)% to 1.50% . These instruments had termination dates ranging from March 2019 to July 2020 . Credit Default Swap Derivatives —We use credit default swaps, tied to the CMBX index, to hedge financial and capital market risk. 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. As of December 31, 2017 , we held credit default swaps with notional amounts totaling $212.5 million . These credit default swaps had effective dates from February 2015 to August 2017 and expected maturity dates from October 2023 to October 2026. Assuming the underlying bonds pay off at par over their remaining average life, our total exposure for these trades was approximately $7.7 million as of December 31, 2017 . 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 . Futures Contracts —During the year ended December 31, 2016, we purchased an option on Eurodollar futures for a total cost of $250,000 , and maturity date of June 2017 . There were no purchases during the year ended December 31, 2017. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2017 | |
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 December 31, 2017 , the LIBOR interest rate forward curve (Level 2 inputs) assumed an uptrend from 1.56% to 2.18% 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) Counter-party and Cash Collateral Netting (1) Total December 31, 2017: Assets Derivative assets: Interest rate derivatives – floors $ — $ 311 $ — $ 32 $ 343 (2) Interest rate derivatives – caps — 137 — — 137 (2) Credit default swaps — (469 ) — 1,999 1,530 (2) — (21 ) — 2,031 2,010 Non-derivative assets: Equity securities 26,926 — — — 26,926 (3) Total $ 26,926 $ (21 ) $ — $ 2,031 $ 28,936 December 31, 2016: Assets Derivative assets: Interest rate derivatives – floors $ — $ 2,358 $ — $ — $ 2,358 (2) Interest rate derivatives – caps — 24 — — 24 (2) Credit default swaps — 2,867 — (1,751 ) 1,116 (2) Options on futures contracts 116 — — — 116 (2) 116 5,249 — (1,751 ) 3,614 Non-derivative assets: Equity securities 53,185 — — — 53,185 (3) Total $ 53,301 $ 5,249 $ — $ (1,751 ) $ 56,799 _________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in the consolidated balance sheets. (3) Reported as “marketable securities” in the consolidated balance sheets. Effect of Fair Value Measured Assets and Liabilities on Consolidated Statements of Operations The following table summarizes the effect of fair value measured assets and liabilities on the consolidated statement of operations (in thousands): Gain or (Loss) Recognized in Income Year Ended December 31, 2017 2016 2015 Assets Derivative assets: Interest rate derivatives - floors $ (2,435 ) $ 611 $ (7,603 ) Interest rate derivatives - caps (758 ) (535 ) (2,038 ) Credit default swaps (4,201 ) (4) (5,843 ) (4) 171 (4) Options on futures contracts (116 ) (348 ) (391 ) Equity put options — — 26 Equity call options — — (1,717 ) Non-derivative assets: Equity - American Depositary Receipt — — (150 ) Equity (3,678 ) 4,946 1,072 U.S. Treasury — — 314 Total (11,188 ) (1,169 ) (10,316 ) Liabilities Derivative liabilities: Credit default swaps — — — Short-equity put options — — 1,002 Short-equity call options — — 1,470 Non-derivative liabilities: Short-equity securities — — 78 Total — — 2,550 Net $ (11,188 ) $ (1,169 ) $ (7,766 ) Total combined Interest rate derivatives - floors $ (2,435 ) $ 611 $ (7,603 ) Interest rate derivatives - caps (758 ) (535 ) (2,038 ) Credit default swaps (36 ) (2,574 ) 2,630 Options on futures contracts 427 (36 ) (391 ) Total derivatives (2,802 ) (1) (2,534 ) (1) (7,402 ) (1) Realized gain (loss) on credit default swaps (4,165 ) (2) (4) (3,269 ) (2) (4) (2,459 ) (2) (4) Realized gain (loss) on options on futures contracts (543 ) (2) (312 ) — Unrealized gain (loss) on marketable securities (4,649 ) (3) 4,946 (3) 127 (3) Realized gain (loss) on marketable securities 971 (2) — (2) 1,968 (2) Net $ (11,188 ) $ (1,169 ) $ (7,766 ) _________________________ (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 gain (loss) on marketable securities” in the consolidated statements of operations. (4) Excludes costs of $1,036 , $873 and $486 in 2017 , 2016 and 2015 , respectively, included in “other income (expense)” associated with credit default swaps. |
Summary of Fair Value of Financ
Summary of Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [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): December 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets, net $ 2,010 $ 2,010 $ 3,614 $ 3,614 Marketable securities 26,926 26,926 53,185 53,185 Financial assets not measured at fair value: Cash and cash equivalents (1) $ 354,883 $ 354,883 $ 348,067 $ 348,067 Restricted cash (1) 117,189 117,189 144,406 144,406 Accounts receivable, net (1) 44,384 44,384 44,934 44,934 Due from third-party hotel managers (1) 17,418 17,418 13,348 13,348 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,725,138 $3,559,993 to $3,934,727 $ 3,777,127 $3,600,691 to $3,979,713 Accounts payable and accrued expenses (1) 133,063 133,063 128,309 128,309 Dividends and distributions payable 25,045 25,045 24,765 24,765 Due to Ashford Inc., net 15,146 15,146 15,716 15,716 Due to Ashford Prime OP, net — — 488 488 Due to related party, net (1) 1,161 1,161 1,046 1,046 Due to third-party hotel managers 2,431 2,431 2,714 2,714 _________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2017 and/or 2016. See note 5. Cash, cash equivalents, and restricted cash . These financial assets bear interest at market rates and have original 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 Ashford Prime OP, due to related party, net, due to 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. Marketable securities. Marketable securities consist of U.S. treasury bills, publicly traded equity securities, and put and call options on certain publicly traded equity securities. The fair value of these investments is based on quoted market closing prices at the balance sheet date. See notes 2 and 10 for a complete description of the methodology and assumptions utilized in determining the fair values. 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 95.6% to 105.6% of the carrying value of $3.7 billion at December 31, 2017 and approximately 95.3% to 105.4% of the carrying value of $3.8 billion at December 31, 2016 . This is considered a Level 2 valuation technique. Derivative assets, net and derivative liabilities, net. Fair value of interest rate derivatives is determined using the net present value of the expected cash flows of each derivative based on the market-based interest rate curve and adjusted for credit spreads of 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. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Restricted Cash —Under certain management and debt agreements for our hotel properties existing at December 31, 2017 , escrow payments are required for insurance, real estate taxes and debt service. In addition, for certain properties based on the terms of the underlying debt and management agreements, we escrow 4% to 6% of gross revenues for capital improvements. Franchise Fees —Under franchise agreements for our hotel properties existing at December 31, 2017 , we pay franchisor royalty fees between 1% 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 4% of gross rooms revenue and, in some cases, food and beverage revenues. These franchise agreements expire on varying dates between 2018 and 2047 . 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. Our continuing operations incurred franchise fees of $69.3 million , $70.5 million and $62.8 million , respectively, for the years ended December 31, 2017 , 2016 and 2015 , which are included in “other” hotel expenses. Management Fees —Under management agreements for our hotel properties existing at December 31, 2017 , we pay a) monthly property management fees equal to the greater of approximately $13,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues, or in some cases 2% to 7% of gross revenues, as well as annual incentive management fees, if applicable, b) market service fees on approved capital improvements, including project management fees of up to 4% of project costs, for certain hotels, and c) other general fees at current market rates as approved by our independent directors, if required. These management agreements expire from 2020 through 2038 , 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. Leases —We lease land and facilities under non-cancelable operating leases, which expire between 2040 and 2114 , including four ground leases related to our hotel properties. Several of these leases are subject to base rent plus contingent rent based on the related property’s financial results and escalation clauses. For the years ended December 31, 2017 , 2016 and 2015 , our continuing operations recognized rent expense of $4.3 million , $5.3 million and $3.8 million , respectively, which included contingent rent of $1.1 million , $1.7 million and $1.3 million , respectively. Rent expense related to continuing operations is included in “other” hotel expenses in the consolidated statements of operations. Future minimum rentals due under non-cancelable leases are as follows for each of the five following years and thereafter are as follows (in thousands): 2018 $ 2,529 2019 2,377 2020 2,296 2021 2,248 2022 2,092 Thereafter 112,184 Total $ 123,726 At December 31, 2017 , we had capital commitments of $44.4 million relating to general capital improvements that are expected to be paid in the next twelve months . 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. In 2016, the Court of Appeals reduced the original $10.8 million judgment to $8.8 million and added pre-judgment interest on the wrongful eviction judgment. The case was further appealed to the Florida Supreme Court. On May 23, 2017, the trial court issued an order compelling the company that issued the supersedeas bond, RLI Insurance Company (“RLI”), to pay approximately $10.0 million . On June 1, 2017, RLI paid Nantucket this amount and sought reimbursement from the Company. On June 27, 2017, the Florida Supreme Court denied the Company's petition for review. As a result, all of the appeals were exhausted and the judgment was final with the determination and reimbursement of attorney's fees being the only remaining dispute. On June 29, 2017, the balance of the judgment was paid to Nantucket by the Company. The amount of potential legal fees that could be owed cannot be predicted with any certainty. The Company estimates its total loss including post judgment interest and reimbursement of the plaintiff’s legal fees to be approximately $17.3 million as of December 31, 2017, resulting in additional expense of $4.1 million for the year ended December 31, 2017. On June 29, 2017, RLI filed suit in Federal District Court in Dallas seeking to recover the amounts previously paid to Nantucket. On July 19, 2017, the Company paid approximately $10.0 million to RLI mooting RLI's claim subject only to the alleged claim for attorney fees. The Company paid the negotiated settlement of RLI's attorney fees in the amount of $100,000 , on November 2, 2017, and a Stipulation for Dismissal was filed concluding the litigation. 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. Income Taxes —We and our subsidiaries file income tax returns in the federal jurisdiction and various states. Tax years 2013 through 2017 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. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interests in Operating Partnership | 12 Months Ended |
Dec. 31, 2017 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Redeemable Noncontrolling Interests in Operating Partnership | Redeemable Noncontrolling Interests in Operating Partnership Redeemable noncontrolling interests in the operating partnership represents the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income/loss attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common units 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 had a fixed dividend rate of 7.2% and had priority in payment of cash dividends over common units but otherwise had no preference over common units. During the fourth quarter of 2016, the Class B common units were converted, at the Company’s election, to common units. Beginning one year after issuance, each common unit may be redeemed for either cash or, at our sole discretion, up to one share of our REIT common stock, which is either (i) issued pursuant to an effective registration statement, (ii) included in an effective registration statement providing for the resale of such common stock or (iii) issued subject to a registration rights agreement. 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 Hospitality Trust, Inc. continues to hold 598,000 shares of Ashford Inc. common stock, and all of our remaining lodging investments are owned by Ashford Trust OP. Therefore, each common unit and LTIP unit was worth a fractional amount of one share of our common stock. On December 13, 2017, Ashford Hospitality Trust, Inc. completed a capital contribution of 598,000 shares of Ashford Inc. common stock to Ashford Trust OP which in turn contributed two-thirds of the shares, in the amount of one-third each to two TRS entities. As a result the number of outstanding OP units was reduced to approximately 92% of the prior outstanding common units returning the ratio of common stock to common units to 1 to 1. Each common unit was worth approximately 94% of one share of our common stock at December 31, 2016. LTIP units, which are issued to certain executives and employees of Ashford LLC as compensation, have vesting periods ranging from three to five years. Additionally, certain independent members of the board of directors have elected to receive LTIP units as part of their compensation, which are fully vested upon grant. Upon reaching economic parity with common units, each vested LTIP unit can be converted by the holder into one common 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. 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 target number of performance-based LTIP units that will be settled in common units of Ashford Trust OP, if and when the applicable vesting criteria have been achieved following the end of the performance and service period. The target number of performance-based LTIP units may be adjusted from 0% to 200% of the target number based on achievement of specified absolute and relative total stockholder returns based on the formulas determined by the Company’s Compensation Committee on the grant date. As of December 31, 2017, there are approximately 1.8 million performance-based LTIP units, representing 200% of the target, outstanding. 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 Performance LTIP units unamortized fair value of $4.4 million at December 31, 2017 will be expensed over a period of 2.2 years, subject to future mark to market adjustments. Compensation expense of $1.8 million and $1.2 million was recorded for the years ended December 31, 2017 and 2016 , respectively. As of December 31, 2017 , we have issued a total of 11.9 million LTIP and Performance LTIP units, all of which, other than approximately 609,000 units issued in March 2015 , have reached full economic parity with, and are convertible into, common units. Expense of $3.3 million , $2.8 million , and $1.4 million was recognized for the years ended December 31, 2017 , 2016 and 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 $4.3 million at December 31, 2017 , will be expensed over a period of 2.3 years. During the year ended December 31, 2017 , 21,000 common units with an aggregate fair value of $161,000 , were redeemed by the holders and, at our election, we issued shares of our common stock to satisfy the redemption price. During the year ended December 31, 2016, 224,000 common units with an aggregate fair value of $1.6 million were redeemed by the holder and, at our election, we issued shares of our common stock to satisfy the redemption price. Also during 2016, as discussed in note 5, 2.0 million Class B common units were redeemed as part of the sale of the SpringHill Suites Gaithersburg. The Class B units had a fair value of 11.7 million as of the date of conversion. During the year ended December 31, 2015, 152,000 common units with an aggregate fair value of $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 in our operating partnership as of December 31, 2017 and 2016 were $116.1 million and $132.8 million , which represented ownership of our operating partnership of 15.52% and 14.48% respectively. The carrying value of redeemable noncontrolling interests as of December 31, 2017 and 2016 included adjustments of $154.3 million and $144.3 million , respectively, to reflect the excess of redemption value over the accumulated historical costs. Redeemable noncontrolling interests were allocated net loss of $21.6 million , net loss of $12.5 million and net income of $35.5 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. We declared aggregate cash distributions to holders of common units and holders of LTIP units of $10.0 million , $11.0 million and $10.9 million for the years ended December 31, 2017 , 2016 and 2015 respectively. A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2017 2016 2015 Outstanding at beginning of year 19,443 20,388 19,836 LTIP units issued 701 515 704 Performance LTIP units issued 1,179 803 — Common units converted for sale of hotel property — (2,039 ) — Common units converted to common shares (21 ) (224 ) (152 ) Conversion factor adjustment (1,700 ) — — Outstanding at end of year 19,602 19,443 20,388 Common units convertible/redeemable at end of year 18,993 17,531 16,918 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Equity | Equity Equity Offering —On January 29, 2015, we commenced a follow-on public offering of 9.5 million shares of common stock. The offering priced on January 30, 2015, at $10.65 per share for gross proceeds of $101.2 million . We granted the underwriters a 30-day option to purchase up to an additional 1.425 million shares of common stock. On February 10, 2015, the underwriters partially exercised their option and purchased an additional 1.03 million shares of our common stock at a price of $10.65 per share. The net proceeds from the offering after underwriting discount and offering expenses were approximately $110.9 million . Common Stock Repurchases —For the years ended December 31, 2017 , 2016 and 2015 , no shares of our common stock have been repurchased under the share repurchase program. In addition, we acquired 203,299 shares, 124,463 shares and 52,661 shares of our common stock in 2017 , 2016 and 2015 , respectively, to satisfy employees’ statutory minimum federal income tax obligations in connection with vesting of equity grants issued under our stock-based compensation plan. Preferred Stock —In accordance with Ashford Trust’s charter, we are authorized to issue 50 million shares of preferred stock, which currently includes Series D cumulative preferred stock, Series E cumulative preferred stock, Series F cumulative preferred stock, Series G cumulative preferred stock, Series H cumulative preferred stock and Series I cumulative preferred stock. 8.55% Series A Cumulative Preferred Stock. At December 31, 2016, there were 1.7 million shares of Series A cumulative preferred stock outstanding. Series A cumulative preferred stock had no maturity date and we were not required to redeem these shares at any time. Series A cumulative preferred stock was redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. On September 18, 2017, the Company redeemed its Series A cumulative preferred stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.4631 per share, for a total redemption price of $25.4631 per share. 8.45% Series D Cumulative Preferred Stock. At December 31, 2017 and 2016 , there were 2.4 million and 9.5 million shares, respectively of Series D cumulative preferred stock outstanding. Series D cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series D cumulative preferred stock is redeemable at our option for cash, in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series D cumulative preferred stock quarterly dividends are set at the rate of 8.45% per annum of the $25.00 liquidation preference (equivalent to an annual dividend rate of $2.1125 per share). The dividend rate increases to 9.45% per annum if these shares are no longer traded on a major stock exchange. In general, Series D cumulative preferred stock holders have no voting rights . On September 18, 2017, the Company redeemed approximately 1.6 million shares of its Series D cumulative preferred stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.4577 per share, for a total redemption price of $25.4577 per share. On October 4, 2017, the Company redeemed 379,036 shares of Series D cumulative preferred shares at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.5516 per share, for a total redemption price of $25.5516 per share. On December 8, 2017, the Company redeemed approximately 5.1 million shares of its Series D cumulative preferred stock at a redemption price of $25.00 per share, plus accrued and unpaid dividends through the redemption date, in an amount equal to $0.3990 per share, for a total redemption price of $25.3990 per share. 7.375% Series F Cumulative Preferred Stock. On July 15, 2016, the Company issued 4.8 million shares of 7.375% Series F cumulative preferred stock. The Series F cumulative 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 Series A cumulative preferred stock, Series D cumulative preferred stock, Series G cumulative preferred stock (noted below), Series H cumulative preferred stock (noted below) and Series I cumulative preferred stock (noted below)) 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. Series F cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series F cumulative preferred stock is redeemable at our option for cash (on or after July 15, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series F cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series F cumulative preferred stock is convertible into a maximum 9.68992 shares of our common stock. The actual number is based on a formula as defined in the Series F cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series F cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series F cumulative preferred stock to common stock have not been met as of period end. Therefore, Series F cumulative preferred stock will not impact our earnings per share calculations. Series F cumulative preferred stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8438 per share). In general, Series F cumulative preferred stock holders have no voting rights. 7.375% Series G Cumulative Preferred Stock. On October 18, 2016, the Company issued 6.0 million shares of 7.375% Series G cumulative preferred stock. On October 17, 2016, the underwriters exercised the over-allotment option to purchase an additional 200,000 shares of the Series G cumulative preferred stock. The 6.2 million of Series G cumulative 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 Series A cumulative preferred stock (all shares redeemed on September 18, 2017), Series D cumulative preferred stock ( 7.1 million shares redeemed in 2017), Series F cumulative preferred stock, Series H cumulative preferred stock (noted below) and Series I cumulative preferred stock (noted below)) 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. Series G cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series G cumulative preferred stock is redeemable at our option for cash (on or after October 18, 2021), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series G cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series G cumulative preferred stock is convertible into a maximum 8.33333 shares of our common stock. The actual number is based on a formula as defined in the Series G cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series G cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series G cumulative preferred stock to common stock have not been met as of period end. Therefore, Series G cumulative preferred stock will not impact our earnings per share calculations. Series G cumulative preferred stock quarterly dividends are set at the rate of 7.375% of the $25.00 liquidation preference (equivalent to an annual dividend rate of $1.8438 per share). In general, Series G cumulative preferred stock holders have no voting rights. 7.50% Series H Cumulative Preferred Stock. On August 25, 2017, the Company issued 3.4 million shares of 7.50% Series H cumulative preferred stock. The Series H cumulative 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 Series A cumulative preferred stock (all shares redeemed on September 18, 2017), Series D cumulative preferred stock ( 7.1 million shares redeemed in 2017), Series F cumulative preferred stock, Series G cumulative preferred stock and Series I cumulative preferred stock (discussed below)) 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. On September 8, 2017, we issued 400,000 additional shares of 7.50% Series H cumulative preferred stock pursuant to the over-allotment option. Series H cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series H cumulative preferred stock is redeemable at our option for cash (on or after August 25, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series H cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series H cumulative preferred stock is convertible into a maximum 8.25083 shares of our common stock. The actual number is based on a formula as defined in the Series H cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series H cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series H cumulative preferred stock to common stock have not been met as of period end. Therefore, Series H cumulative preferred stock will not impact our earnings per share. Dividends on the Series H cumulative preferred stock accrue in the amount of $1.8750 per share each year, which is equivalent to 7.50% of the $25.00 liquidation preference per share of Series H cumulative preferred stock. Dividends on the Series H cumulative 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 H cumulative preferred stock was paid on October 16, 2017 in the amount of $0.1875 per share. 7.50% Series I Cumulative Preferred Stock. On November 17, 2017, the Company issued 5.4 million shares of 7.50% Series I cumulative preferred stock. The Series I cumulative 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 Series D cumulative preferred stock ( 7.1 million shares redeemed in 2017), Series F cumulative preferred stock, Series G cumulative preferred stock and Series H cumulative preferred stock) 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. Series I cumulative preferred stock has no maturity date, and we are not required to redeem the shares at any time. Series I cumulative preferred stock is redeemable at our option for cash (on or after November 17, 2022), in whole or from time to time in part, at a redemption price of $25.00 per share plus accrued and unpaid dividends, if any, at the redemption date. Series I cumulative preferred stock may be converted into shares of our common stock, at the option of the holder, in certain limited circumstances such as a change of control. Each share of Series I cumulative preferred stock is convertible into a maximum 8.06452 shares of our common stock. The actual number is based on a formula as defined in the Series I cumulative preferred stock agreement (unless the Company exercises its right to redeem the Series I cumulative preferred shares for cash, for a limited period upon a change in control). The necessary conditions to convert the Series I cumulative preferred stock to common stock have not been met as of period end. Therefore, Series I cumulative preferred stock will not impact our earnings per share. Dividends on the Series I cumulative preferred stock accrue in the amount of $1.8750 per share each year, which is equivalent to 7.50% of the $25.00 liquidation preference per share of Series I cumulative preferred stock. Dividends on the Series I cumulative 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 I cumulative preferred stock sold in this offering was paid on January 16, 2018 in the amount of $0.2292 per share. Dividends —A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Common stock $ 47,104 $ 46,292 $ 47,190 Preferred stocks: Series A cumulative preferred stock 2,539 3,542 3,542 Series D cumulative preferred stock 18,211 20,002 20,002 Series E cumulative preferred stock — 6,280 10,418 Series F cumulative preferred stock 8,849 4,130 — Series G cumulative preferred stock 11,430 2,318 — Series H cumulative preferred stock 2,494 — — Series I cumulative preferred stock 1,238 — — Total dividends declared $ 91,865 $ 82,564 $ 81,152 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 $646,000 and $756,000 at December 31, 2017 and 2016 , respectively. Our ownership interest is reported in equity in the consolidated balance sheets. Noncontrolling interests in consolidated entities were allocated losses of $110,000 , $14,000 and $30,000 for the years ended December 31, 2017 , 2016 and 2015 , respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Under the Amended and Restated 2011 Stock Incentive Plan approved by stockholders, we are authorized to grant 17.3 million restricted stock units and performance stock units of our common stock as incentive stock awards. At December 31, 2017 , 4.0 million shares were available for future issuance under the Amended and Restated 2011 Stock Incentive Plan. Restricted Stock Units —Stock-based compensation expense of $5.4 million , $4.5 million and $1.9 million was recognized for the years ended December 31, 2017 , 2016 and 2015 in connection with equity awards granted to employees of Ashford LLC and certain employees of Remington Lodging and is included in “advisory services fee” and “management fees,” respectively, in our consolidated statements of operations. Additionally, $90,000 , $247,000 and $180,000 of stock-based compensation expense was recognized for the years ended December 31, 2017 , 2016 and 2015 , respectively, in connection with common stock issued to Ashford Trust’s directors, which vested immediately, and is included in “corporate general and administrative” expense on our consolidated statements of operations. At December 31, 2017 , the unamortized cost of the unvested shares of restricted stock was $8.7 million which will be amortized over a period of 2.3 years, subject to future mark to market adjustments, and had vesting schedules between February 2018 and March 2021 . A summary of our restricted stock unit activity is as follows (shares in thousands): Year Ended December 31, 2017 2016 2015 Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Outstanding at beginning of year 1,627 $ 8.30 1,459 $ 10.21 595 $ 10.92 Restricted shares granted 1,272 6.46 862 6.26 1,183 9.93 Restricted shares vested (759 ) 8.82 (647 ) 9.92 (299 ) 10.53 Restricted shares forfeited (55 ) 6.73 (47 ) 7.95 (20 ) 10.13 Outstanding at end of year 2,085 7.03 1,627 8.30 1,459 10.21 Performance Stock Units —The compensation committee of the board of directors of the Company approved PSUs to certain executive officers, which have a three year cliff vesting. The award agreements provide for the grant of a target number of 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. The target number of PSUs may be adjusted from 0% to 200% based on achievement of specified absolute and relative total stockholder returns based on the formulas 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 $1.7 million and $982,000 was recorded for the years ended December 31, 2017 and 2016 , respectively. The fair value of the unrecognized cost of PSUs, which was $4.0 million at December 31, 2017 , will be expensed over a period of approximately 2.2 years. A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2017 2016 PSUs Weighted Average Price at Grant PSUs Weighted Average Price at Grant Outstanding at beginning of year 336 $ 6.38 — $ — PSUs granted 484 5.85 336 6.38 Outstanding at end of year 820 6.07 336 6.38 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For federal income tax purposes, we elected to be treated as a REIT under the Internal Revenue Code. To qualify as a REIT, we must meet certain organizational and operational stipulations, including a requirement that we distribute at least 90% of our REIT taxable income, excluding net capital gains, to our stockholders. We currently intend to adhere to these requirements and maintain our REIT status. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income taxes at regular corporate rates (including any applicable alternative minimum tax) and may not qualify as a REIT for four subsequent taxable years. Even if we qualify for taxation as a REIT, we may be subject to certain state and local taxes as well as to federal income and excise taxes on our undistributed taxable income. At December 31, 2017 , all of our 120 hotel properties were leased or owned by Ashford TRS (our taxable REIT subsidiaries). Ashford TRS recognized net book income of $4.2 million , $13.6 million and $23.4 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2017 2016 2015 Income tax (expense) benefit at federal statutory income tax rate of 35% $ (1,478 ) $ (4,764 ) $ (8,205 ) State income tax (expense) benefit, net of federal income tax benefit 160 (742 ) (827 ) Permanent differences (338 ) (798 ) (388 ) Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act (1) (5,242 ) — — Provision to return adjustment entirely offset by change in valuation allowance 957 — — Gross receipts and margin taxes (913 ) (692 ) (886 ) Interest and penalties (49 ) (7 ) (14 ) Valuation allowance 9,121 5,471 5,610 Total income tax (expense) benefit $ 2,218 $ (1,532 ) $ (4,710 ) ________ (1) Partially offset within change in valuation allowance. The components of income tax (expense) benefit from continuing operations are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Current: Federal $ 5,264 $ (605 ) $ (3,377 ) State (722 ) (1,229 ) (1,225 ) Total current 4,542 (1,834 ) (4,602 ) Deferred: Federal (2,192 ) 278 (30 ) State (132 ) 24 (78 ) Total deferred (2,324 ) 302 (108 ) Total income tax (expense) benefit $ 2,218 $ (1,532 ) $ (4,710 ) For the years ended December 31, 2017 , 2016 and 2015 income tax expense includes interest and penalties paid to taxing authorities of $49,000 , $7,000 and $14,000 , respectively. At December 31, 2017 and 2016 , we determined that there were no amounts to accrue for interest and penalties due to taxing authorities. At December 31, 2017 and 2016 , our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2017 2016 Allowance for doubtful accounts $ 168 $ 260 Unearned income 1,926 2,764 Unfavorable management contract liability — 516 Federal and state net operating losses 4,153 10,841 Accrued expenses 1,693 2,582 Prepaid expenses (4,666 ) (4,591 ) Alternative minimum tax credit — 2,005 Tax property basis less than book basis (846 ) (1,379 ) Tax derivatives basis greater than book basis 2,034 2,851 Other 623 681 Deferred tax asset (liability) 5,085 16,530 Valuation allowance (6,232 ) (15,353 ) Net deferred tax asset (liability) $ (1,147 ) $ 1,177 At December 31, 2017 , Ashford TRS had net operating loss carryforwards for federal income tax purposes of $17.4 million , which begin to expire in 2029, and are available to offset future taxable income, if any, through 2034. Approximately $10.1 million of the $17.4 million of net operating loss carryforwards is attributable to acquired subsidiaries and subject to substantial limitation on their use. At December 31, 2017 , Ashford Hospitality Trust, Inc., our REIT, had net operating loss carryforwards for federal income tax purposes of $425.0 million , which begin to expire in 2023, and are available to offset future taxable income, if any, through 2035. At December 31, 2017 and 2016 , we maintained a valuation allowance of $6.2 million and $15.4 million , respectively. At December 31, 2017 and 2016 , we fully reserved the deferred tax assets of several of our TRS’s as we believe it is more likely than not that these deferred tax assets will not be realized. We considered all available evidence, both positive and negative. We concluded that the objectively verifiable negative evidence of a history of consolidated losses and the limitations imposed by the Internal Revenue Code on the utilization of net operating losses of acquired subsidiaries outweigh the positive evidence. We believe this treatment is appropriate considering the nature of the intercompany transactions and leases between the REIT and its subsidiaries and that the current level of taxable income at the TRS is primarily attributable by our current transfer pricing arrangements. The transfer pricing arrangements are updated upon the expiration and renewal of the intercompany leases starting in 2017 and 2018. The intercompany rents are determined in accordance with the arms' length transfer pricing standard, taking into account the cost of ownership to the REIT among other factors. We do not recognize deferred tax assets and a valuation allowance for the REIT since the REIT distributes its taxable income as dividends to stockholders, and in turn, the stockholders incur income taxes on those dividends. The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2017 2016 2015 Balance at beginning of year $ 15,353 $ 20,670 $ 29,335 Additions 2,053 2,169 4,774 Deductions (11,174 ) (7,486 ) (13,439 ) Balance at end of year $ 6,232 $ 15,353 $ 20,670 On December 22, 2017, President Trump signed the Tax Cuts and Jobs Act (“Tax Reform”) into legislation. Under ASC 740, the effects of changes in tax rates and laws are recognized in the period in which the new legislation is enacted. In the case of U.S. federal income taxes, the enactment date is the date the bill becomes law (i.e., upon presidential signature). With respect to this legislation, we expect a one-time tax benefit of approximately $1.1 million , due to a re-measurement of deferred tax assets and liabilities resulting from the decrease in the corporate Federal income tax rate from 35% to 21% as well as the refund of existing credits against Alternative Minimum Tax. We are in the process of analyzing certain other provisions of this legislation which may impact our effective tax rate. Additionally on December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Tax Reform Act. The Company has recognized the estimated tax impacts related to the revaluation of deferred tax assets and liabilities as well as tax refunds and included these amounts in its consolidated financial statements for the year ended December 31, 2017. The ultimate impact may differ from these estimated amounts, due to, among other things, additional analysis, changes in interpretations and assumptions the Company has made, additional regulatory guidance that may be issued, and actions the Company may take as a result of the Tax Reform Act. The accounting is expected to be complete on or before the date the 2017 U.S. income tax returns are filed in 2018. |
Income (Loss) Per Share
Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Income (Loss) Per Share | Income (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): Year Ended December 31, 2017 2016 2015 Income (loss) attributable to common stockholders – Basic and diluted: Income (loss) from continuing operations attributable to the Company $ (67,008 ) $ (46,285 ) $ 270,939 Less: Dividends on preferred stocks (44,761 ) (36,272 ) (33,962 ) Less: Extinguishment of issuance costs upon redemption of Series E preferred stock (10,799 ) (6,124 ) — Less: Dividends on common stock (45,752 ) (45,388 ) (46,498 ) Less: Dividends on unvested performance stock units (393 ) (161 ) — Less: Dividends on unvested restricted shares (959 ) (743 ) (692 ) Less: Undistributed (income) from continuing operations allocated to unvested shares — — (2,390 ) Undistributed income (loss) (169,672 ) (134,973 ) 187,397 Add back: Dividends on common stock 45,752 45,388 46,498 Distributed and undistributed income (loss) from continuing operations - basic $ (123,920 ) $ (89,585 ) $ 233,895 Add back: Income from continuing operations allocated to operating partnership units — — 35,503 Distributed and undistributed net income (loss) from continuing operations - diluted $ (123,920 ) $ (89,585 ) $ 269,398 Weighted average common shares outstanding: Weighted average common shares outstanding - basic 95,207 94,426 96,290 Effect of assumed conversion of operating partnership units — — 18,591 Weighted average common shares outstanding - diluted 95,207 94,426 114,881 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.30 ) $ (0.95 ) $ 2.43 Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.30 ) $ (0.95 ) $ 2.35 Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Year Ended December 31, 2017 2016 2015 Income (loss) from continuing operations allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 959 $ 743 $ 3,082 Income (loss) allocated to unvested performance stock units 393 161 — Income (loss) attributable to redeemable noncontrolling interests in operating partnership (21,642 ) (12,483 ) — Total $ (20,290 ) $ (11,579 ) $ 3,082 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 376 373 485 Effect of unvested performance stock units 258 102 — Effect of assumed conversion of operating partnership units 17,342 18,727 — Total 17,976 19,202 485 |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2017 | |
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 hotel properties 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 December 31, 2017 and 2016 , all of our hotel properties were domestically located. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions As of December 31, 2017 , we have management agreements with parties owned by our Chairman and our Chairman Emeritus. Under the agreements, we pay Remington Lodging a) monthly property management fees equal to the greater of $13,000 (increased annually based on consumer price index adjustments) or 3% of gross revenues as well as annual incentive management fees, if certain operational criteria are met, b) project management fees of up to 4% of project costs, c) market service fees including purchasing, design and construction management not to exceed 16.5% of project budget cumulatively, including project management fees, and d) other general and administrative expense reimbursements primarily related to accounting services. This related party allocates such charges to us based on various methodologies, including headcount and actual amounts incurred. At December 31, 2017 , the related party managed 82 of our 120 hotel properties and the WorldQuest condominium properties included in continuing operations and we incurred the following fees (including discontinued operations) related to the management agreements with the related party (in thousands): Year Ended December 31, 2017 2016 2015 Property management fees, including incentive property management fees $ 30,629 $ 31,164 $ 29,004 Market service fees 21,315 18,751 14,291 Corporate general and administrative and fixed asset reimbursements 5,652 5,435 4,677 Total $ 57,596 $ 55,350 $ 47,972 Management agreements with the related party include exclusivity clauses that require us to engage such related party, unless our independent directors either (i) unanimously vote to hire a different manager or developer or (ii) by a majority vote elect not to engage such related party because either special circumstances exist such that it would be in the best interest of our Company not to engage such related party, or, based on the related party’s prior performance, it is believed that another manager or developer could perform the management, development or other duties materially better. Upon formation, we also agreed to indemnify certain related parties, including our Chairman and our Chairman Emeritus, who contributed hotel properties in connection with our initial public offering in exchange for operating partnership units, against the income tax such related parties may incur if we dispose of one or more of those contributed properties under the terms of the agreement. Ashford LLC, a subsidiary of Ashford Inc., acts as our advisor, and as a result, we pay advisory fees to Ashford LLC. 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 plus the Key Money Asset Management Fee (defined in our advisory agreement as the aggregate gross asset value of all key money assets multiplied by 0.70% ), subject to a minimum quarterly base fee, as payment for managing our day-to-day operations in accordance with our investment guidelines. Total market capitalization includes the aggregate principal amount of our consolidated indebtedness (including our proportionate share of debt of any entity that is not consolidated but excluding our joint venture partners’ proportionate share of consolidated debt). The range of base fees on the scale are between 0.70% and 0.50% per annum for total market capitalization that ranges from less than $6.0 billion to greater than $10.0 billion . At December 31, 2017 , the quarterly base fee was 0.70% based on our current market capitalization. We are also required to pay Ashford LLC an incentive fee that is measured annually. Each year that our annual total stockholder return exceeds the average annual total stockholder return for our peer group we will pay Ashford LLC an incentive fee over the following three years, subject to the FCCR Condition, as defined in the advisory agreement. We also 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): Year Ended December 31, 2017 2016 2015 Advisory services fee Base advisory fee $ 34,650 $ 34,589 $ 33,833 Reimbursable expenses (1) 7,472 5,917 6,471 Equity-based compensation (2) 11,077 8,429 2,719 Incentive fee — 5,426 — Total advisory services fee $ 53,199 $ 54,361 $ 43,023 ________ (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, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. In connection with our acquisition of the Le Pavillon in 2015 and Ashford Inc.’s engagement to provide hotel advisory services to us, Ashford Inc. agreed to provide $4.0 million of key money consideration to purchase furniture, fixtures and equipment (“FF&E”) . During the fourth quarter of 2016, the $4.0 million of key money consideration was invested in FF&E by Ashford Inc. to be used by Ashford Trust, which represented all of the key money consideration for Le Pavillon. The hotel advisory services and the lease are considered a multiple element arrangement, in accordance with the applicable accounting guidance. As such, a portion of the base advisory fee is allocated to lease expense equal to the estimated fair value of the lease payments that would have been made. Lease expense of $633,000 and $112,000 was recognized for the years ended December 31, 2017 and 2016 , respectively, and was included in “other” hotel expense in the consolidated statements of operations. In accordance with our advisory agreement, our advisor, or entities in which our advisor has an interest, have a right to provide products or services to our hotel properties, provided such transactions are evaluated and approved by our independent directors. The following table summarizes the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the fees paid by us for those services, the applicable classification on our consolidated financial statements and the amount payable to each entity (included in “due to Ashford Inc.”) (in thousands): Year Ended December 31, 2017 As of December 31, 2017 Company Product or Service Transaction Amount Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative Due to (from) Ashford Inc. OpenKey Mobile key app $ 60 $ — $ — $ — $ 60 $ — $ 8 Pure Rooms “Allergy friendly” premium rooms 1,309 1,309 — — — — 296 Lismore Capital Mortgage placement services 913 — (913 ) — — — — J&S Audio Visual Commissions from audio visual services 66 — — 66 — — (52 ) AIM Cash management services 1,976 — — — — 1,976 347 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. At December 31, 2017 and 2016 , we had payables of $14.5 million and $15.7 million , respectively, included in due to Ashford Inc., net, associated with advisory services and hotel services fees payable. On July 31, 2015, we entered into a block trade with an unaffiliated third party, pursuant to a sale arrangement between the Company, Ashford Inc. and Ashford Prime. The block trade included the repurchase and retirement of approximately 5.8 million shares of our common stock at a price of $9.00 per share for a total cost of approximately $51.8 million . The sale arrangement and block trade were evaluated and approved by the independent members of our board of directors. The block trade purchase price and other terms of the sale arrangement were the result of negotiations with the third party. We did not receive any concessions or economic benefits from Ashford Inc. pertaining to our current contractual arrangements with Ashford Inc. in connection with this block trade. The block trade settled on August 4, 2015. Certain employees of Remington Lodging, who perform work on behalf of Ashford Trust, were granted approximately 131,000 , 173,000 and 147,000 shares of restricted stock under the Ashford Trust Stock Plan during 2017 , 2016 and 2015 , 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 $645,000 , $639,000 and $213,000 was recognized for the year ended December 31, 2017 , 2016 and 2015 , respectively. The unamortized fair value of the grants was $1.1 million as of December 31, 2017 , which will be recognized over a period of 2.3 years, subject to future mark to market adjustments. |
Concentration of Risk
Concentration of Risk | 12 Months Ended |
Dec. 31, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Risk | Concentration of Risk Our investments are primarily concentrated within the hotel industry. Our investment strategy is to acquire full service hotels in the upscale and upper upscale segments in domestic and international markets that have RevPAR generally less than twice the national average. During 2017 , approximately 10% of our total hotel revenue was generated from nine hotel properties located in the Washington D.C. area. In addition, all hotel properties securing our mortgage loans are located domestically at December 31, 2017 . Accordingly, adverse conditions in the hotel industry will have a material adverse effect on our operating and investment revenues and cash available for distribution to stockholders. Financial instruments that potentially subject us to significant concentrations of credit risk consist principally of cash and cash equivalents. We are exposed to credit risk with respect to cash held at various financial institutions, U.S. government treasury bill holdings and amounts due or payable under our derivative contracts. At December 31, 2017 , we have exposure risk related to our derivative contracts. Our counterparties are investment grade financial institutions. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data (Unaudited) | Selected Quarterly Financial Data (Unaudited) The following is a summary of the quarterly results of operations for the years ended December 31, 2017 and 2016 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2017 Total revenue $ 353,709 $ 390,670 $ 353,325 $ 341,566 $ 1,439,270 Total operating expenses 325,447 332,185 323,709 322,924 1,304,265 Operating income (loss) $ 28,262 $ 58,485 $ 29,616 $ 18,642 $ 135,005 Income (loss) from continuing operations $ (31,937 ) $ 10,428 $ (28,726 ) $ (38,525 ) $ (88,760 ) Income (loss) from continuing operations attributable to the Company $ (25,413 ) $ 10,184 $ (21,808 ) $ (29,971 ) $ (67,008 ) Income (loss) from continuing operations attributable to common stockholders $ (36,369 ) $ (772 ) $ (37,755 ) $ (47,672 ) $ (122,568 ) Diluted income (loss) from continuing operations attributable to common stockholders per share $ (0.39 ) $ (0.01 ) $ (0.40 ) $ (0.50 ) $ (1.30 ) (1 ) Weighted average diluted common shares 94,840 95,320 95,332 95,328 95,207 2016 Total revenue $ 367,772 $ 410,670 $ 371,931 $ 341,670 $ 1,492,043 Total operating expenses 326,369 341,203 330,857 337,910 1,336,339 Operating income (loss) $ 41,403 $ 69,467 $ 41,074 $ 3,760 $ 155,704 Income (loss) from continuing operations $ (12,139 ) $ 35,135 $ (25,138 ) $ (56,640 ) $ (58,782 ) Income (loss) from continuing operations attributable to the Company $ (9,989 ) $ 30,753 $ (20,145 ) $ (46,904 ) $ (46,285 ) Income (loss) from continuing operations attributable to common stockholders $ (18,479 ) $ 22,262 $ (35,144 ) $ (57,320 ) $ (88,681 ) Diluted income (loss) from continuing operations attributable to common stockholders per share $ (0.20 ) $ 0.23 $ (0.37 ) $ (0.61 ) $ (0.95 ) (1 ) Weighted average diluted common shares 94,136 94,474 94,531 94,585 94,426 _________________ (1) The sum of the diluted income (loss) from continuing operations attributable to common stockholders per share for the four quarters in 2017 and 2016 differs from the annual diluted income (loss) from continuing operations attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On January 17, 2018, we refinanced our $376.8 million mortgage loan. The new mortgage loan totaled $395.0 million . The new mortgage loan has a two -year initial term and five one -year extension options, subject to the satisfaction of certain conditions. The mortgage loan is interest only and provides for a floating interest rate of LIBOR + 2.92% . The Mortgage loan is secured by eight hotels: Embassy Suites Portland, Embassy Suites Crystal City, Embassy Suites Orlando, Embassy Suites Santa Clara, Crowne Plaza Key West, Hilton Costa Mesa, Sheraton Minneapolis, and Historic Inns of Annapolis. On February 20, 2018, we completed the sale of the SpringHill Suites Glen Allen for approximately $10.9 million . |
Real Estate and Accumulated Dep
Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III ASHFORD HOSPITALITY TRUST, INC. AND SUBSIDIARIES REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2017 (dollars in thousands) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Since Acquisition Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Total Accumulated Depreciation Construction Date Acquisition Date Income Statement Embassy Suites Austin, TX $ 23,810 $ 1,204 $ 9,388 $ 193 $ 7,000 $ 1,397 $ 16,388 $ 17,785 $ 7,643 08/1998 (1),(2),(3) Embassy Suites Dallas, TX 15,760 1,878 8,907 238 7,277 2,116 16,184 18,300 8,183 12/1998 (1),(2),(3) Embassy Suites Herndon, VA 17,639 1,303 9,836 277 9,460 1,580 19,296 20,876 8,826 12/1998 (1),(2),(3) Embassy Suites Las Vegas, NV 30,860 3,307 16,952 397 14,909 3,704 31,861 35,565 13,565 05/1999 (1),(2),(3) Embassy Suites Flagstaff, AZ 14,814 1,267 4,278 — 4,887 1,267 9,165 10,432 4,701 10/2003 (1),(2),(3) Embassy Suites Houston, TX 18,150 1,799 10,404 — 7,120 1,799 17,524 19,323 6,290 03/2005 (1),(2),(3) Embassy Suites West Palm Beach, FL 20,180 3,277 13,949 — 9,630 3,277 23,579 26,856 10,033 03/2005 (1),(2),(3) Embassy Suites Philadelphia, PA 34,513 5,791 34,819 — 14,928 5,791 49,747 55,538 15,962 12/2006 (1),(2),(3) Embassy Suites Walnut Creek, CA 36,342 7,452 25,334 — 16,224 7,452 41,558 49,010 12,016 12/2006 (1),(2),(3) Embassy Suites Arlington, VA 44,802 36,065 41,588 — 8,954 36,065 50,542 86,607 16,468 04/2007 (1),(2),(3) Embassy Suites Portland, OR 75,360 11,110 60,048 — 8,927 11,110 68,975 80,085 21,672 04/2007 (1),(2),(3) Embassy Suites Santa Clara, CA 62,473 8,948 46,239 — 9,158 8,948 55,397 64,345 15,162 04/2007 (1),(2),(3) Embassy Suites Orlando, FL 15,373 5,674 21,593 — 10,148 5,674 31,741 37,415 8,991 04/2007 (1),(2),(3) Hilton Garden Inn Jacksonville, FL 11,980 1,751 9,164 — 5,295 1,751 14,459 16,210 4,599 11/2003 (1),(2),(3) Hilton Garden Inn Austin, TX 44,963 7,605 48,725 — 7,734 7,605 56,459 64,064 8,855 03/2015 (1),(2),(3) Hilton Garden Inn Baltimore, MD 19,337 4,027 20,199 — 65 4,027 20,264 24,291 1,709 03/2015 (1),(2),(3) Hilton Garden Inn Virginia Beach, VA 24,289 4,101 26,329 — (68 ) 4,101 26,261 30,362 2,101 03/2015 (1),(2),(3) Hilton Garden Inn Wisconsin Dells, WI 12,000 867 14,318 — 1,678 867 15,996 16,863 1,584 08/2015 (1),(2),(3) Hilton Ft. Worth, TX 51,023 4,538 13,922 — 18,649 4,538 32,571 37,109 15,597 03/2005 (1),(2),(3) Hilton Houston, TX 20,330 2,200 13,247 — 9,764 2,200 23,011 25,211 10,012 03/2005 (1),(2),(3) Hilton St. Petersburg, FL 49,660 2,991 13,907 — 20,367 2,991 34,274 37,265 15,702 03/2005 (1),(2),(3) Hilton Santa Fe, NM 17,909 7,004 10,689 — 11,019 7,004 21,708 28,712 10,190 12/2006 (1),(2),(3) Hilton Bloomington, MN 52,644 5,685 59,139 — 14,055 5,685 73,194 78,879 24,690 04/2007 (1),(2),(3) Hilton Costa Mesa, CA 64,960 12,917 91,791 — 16,729 12,917 108,520 121,437 35,054 04/2007 (1),(2),(3) Hilton Boston, MA 97,000 62,555 134,407 — 12,165 62,555 146,572 209,127 12,768 03/2015 (1),(2),(3) Hilton Parsippany, NJ 52,195 7,293 58,098 — 10,358 7,293 68,456 75,749 14,022 03/2015 (1),(2),(3) Hilton Tampa, FL 21,067 5,206 21,186 — 9,315 5,206 30,501 35,707 3,590 03/2015 (1),(2),(3) Hampton Inn Lawrenceville, GA 5,628 697 3,808 — 3,069 697 6,877 7,574 2,543 11/2003 (1),(2),(3) Hampton Inn Evansville, IN 11,330 1,301 5,034 — 2,638 1,301 7,672 8,973 3,577 09/2004 (1),(2),(3) Hampton Inn Parsippany, NJ 22,010 3,268 24,306 — 2,828 3,268 27,134 30,402 3,065 03/2015 (1),(2),(3) Hampton Inn Buford, GA 8,964 1,168 5,338 — 1,274 1,168 6,612 7,780 2,636 07/2004 (1),(2),(3) Hampton Inn Phoenix, AZ 11,267 853 10,145 — 101 853 10,246 11,099 809 06/2015 (1),(2),(3) Hampton Inn - Waterfront Pittsburgh, PA 12,786 2,335 18,663 — (517 ) 2,335 18,146 20,481 1,312 06/2015 (1),(2),(3) Hampton Inn - Washington Pittsburgh, PA 17,341 2,760 19,739 — 1,351 2,760 21,090 23,850 2,987 06/2015 (1),(2),(3) Hampton Inn Columbus, OH 21,017 1,789 27,210 — 2,126 1,789 29,336 31,125 4,195 06/2015 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Since Acquisition Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Total Accumulated Depreciation Construction Date Acquisition Date Income Statement Marriott Beverly Hills, CA 97,898 6,510 22,061 — 31,305 6,510 53,366 59,876 22,959 03/2005 (1),(2),(3) Marriott Durham, NC 23,714 1,794 25,056 — 12,513 1,794 37,569 39,363 11,181 02/2006 (1),(2),(3) Marriott Arlington, VA 95,207 20,637 101,376 — 54,444 20,637 155,820 176,457 49,996 07/2006 (1),(2),(3) Marriott Bridgewater, NJ 64,520 5,059 89,268 — 4,430 5,059 93,698 98,757 27,437 04/2007 (1),(2),(3) Marriott Dallas, TX 24,624 2,701 30,893 — 14,693 2,701 45,586 48,287 13,292 04/2007 (1),(2),(3) Marriott Fremont, CA 60,684 5,800 44,200 — (1,675 ) 5,800 42,525 48,325 5,697 8/2014 (1),(2),(3) Marriott Memphis, TN 33,300 6,210 37,284 — 1,090 6,210 38,374 44,584 5,286 02/2015 (1),(2),(3) Marriott Irving, TX 72,318 8,330 82,272 — 6,515 8,330 88,787 97,117 7,514 03/2015 (1),(2),(3) Marriott Omaha, NE 45,120 6,641 49,887 — 8,112 6,641 57,999 64,640 5,873 03/2015 (1),(2),(3) Marriott San Antonio, TX 33,329 9,764 31,384 2,024 1,955 11,788 33,339 45,127 3,306 03/2015 (1),(2),(3) Marriott Sugarland, TX 78,606 9,047 84,043 — (2,570 ) 9,047 81,473 90,520 6,230 03/2015 (1),(2),(3) SpringHill Suites by Marriott Jacksonville, FL — 1,348 7,111 — 3,455 1,348 10,566 11,914 3,852 11/2003 (1),(2),(3) SpringHill Suites by Marriott Baltimore, MD 14,164 2,502 13,206 — 4,521 2,502 17,727 20,229 6,961 05/2004 (1),(2),(3) SpringHill Suites by Marriott Kennesaw, GA 6,861 1,106 5,021 — 3,223 1,106 8,244 9,350 2,200 07/2004 (1),(2),(3) SpringHill Suites by Marriott Buford, GA 9,879 1,132 6,089 — 1,038 1,132 7,127 8,259 2,741 07/2004 (1),(2),(3) SpringHill Suites by Marriott (5) Centreville, VA 5,992 1,806 11,712 (1,806 ) (11,712 ) — — — — 06/2005 (1),(2),(3),(4) SpringHill Suites by Marriott Charlotte, NC 13,284 1,235 6,818 — 963 1,235 7,781 9,016 2,746 06/2005 (1),(2),(3) SpringHill Suites by Marriott Durham, NC 6,929 1,090 3,991 — 1,097 1,090 5,088 6,178 1,932 06/2005 (1),(2),(3) SpringHill Suites by Marriott Manhattan Beach, CA 24,430 5,726 21,187 — 1,484 5,726 22,671 28,397 6,776 04/2007 (1),(2),(3) SpringHill Suites by Marriott Plymouth Meeting, PA 14,498 3,210 24,578 — 1,768 3,210 26,346 29,556 7,744 04/2007 (1),(2),(3) SpringHill Suites by Marriott (5) Glen Allen, VA 7,277 2,045 15,802 (2,045 ) (15,802 ) — — — — 04/2007 (1),(2),(3),(4) Fairfield Inn by Marriott Kennesaw, GA 5,382 840 4,359 — 865 840 5,224 6,064 2,079 07/2004 (1),(2),(3) Courtyard by Marriott Bloomington, IN 14,520 900 10,741 — 4,303 900 15,044 15,944 5,617 09/2004 (1),(2),(3) Courtyard by Marriott - Tremont Boston, MA 87,253 24,494 85,246 — 13,821 24,494 99,067 123,561 14,639 03/2015 (1),(2),(3) Courtyard by Marriott Columbus, IN 4,981 673 4,804 — 3,984 673 8,788 9,461 3,236 09/2004 (1),(2),(3) Courtyard by Marriott Denver, CO 31,128 9,342 29,656 — 3,049 9,342 32,705 42,047 5,219 03/2015 (1),(2),(3) Courtyard by Marriott Louisville, KY 18,834 1,352 12,266 — 1,632 1,352 13,898 15,250 5,161 09/2004 (1),(2),(3) Courtyard by Marriott Gaithersburg, MD 28,456 5,128 30,522 — 1,318 5,128 31,840 36,968 2,431 03/2015 (1),(2),(3) Courtyard by Marriott Crystal City, VA 43,350 5,411 38,610 — 9,378 5,411 47,988 53,399 15,108 06/2005 (1),(2),(3) Courtyard by Marriott Ft. Lauderdale, FL 21,264 2,244 18,520 — 6,463 2,244 24,983 27,227 8,260 06/2005 (1),(2),(3) Courtyard by Marriott Overland Park, KS 9,144 1,868 14,030 — 5,486 1,868 19,516 21,384 7,458 06/2005 (1),(2),(3) Courtyard by Marriott Savannah, GA 30,892 6,948 31,755 — (499 ) 6,948 31,256 38,204 2,414 03/2015 (1),(2),(3) Courtyard by Marriott Foothill Ranch, CA 22,150 2,447 16,005 — 3,523 2,447 19,528 21,975 6,633 06/2005 (1),(2),(3) Courtyard by Marriott Alpharetta, GA 20,040 2,244 12,345 — 4,071 2,244 16,416 18,660 6,005 06/2005 (1),(2),(3) Courtyard by Marriott Oakland, CA 23,714 5,112 19,429 — 4,295 5,112 23,724 28,836 7,307 04/2007 (1),(2),(3) Courtyard by Marriott Scottsdale, AZ 16,048 3,700 22,134 — 4,719 3,700 26,853 30,553 8,561 04/2007 (1),(2),(3) Courtyard by Marriott Plano, TX 16,958 2,115 22,360 — 2,286 2,115 24,646 26,761 7,630 04/2007 (1),(2),(3) Courtyard by Marriott Newark, CA 29,993 2,863 10,723 — 3,785 2,863 14,508 17,371 5,239 04/2007 (1),(2),(3) Courtyard by Marriott Manchester, CT 6,530 1,301 7,430 — 2,187 1,301 9,617 10,918 3,480 04/2007 (1),(2),(3) Courtyard by Marriott Basking Ridge, NJ 38,528 5,419 45,304 — 7,413 5,419 52,717 58,136 15,084 04/2007 (1),(2),(3) Courtyard by Marriott Wichita, KS 18,380 291 23,090 — 505 291 23,595 23,886 3,191 06/2015 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Since Acquisition Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Total Accumulated Depreciation Construction Date Acquisition Date Income Statement Courtyard by Marriott - Billerica Boston, MA 29,807 3,528 29,352 — 3,972 3,528 33,324 36,852 5,780 06/2015 (1),(2),(3) Homewood Suites Pittsburgh, PA 25,492 1,906 28,093 — 1,762 1,906 29,855 31,761 2,473 06/2015 (1),(2),(3) Marriott Residence Inn Lake Buena Vista, FL 26,125 2,555 20,367 — 9,280 2,555 29,647 32,202 9,876 03/2004 (1),(2),(3) Marriott Residence Inn Evansville, IN 7,980 961 5,972 — 3,531 961 9,503 10,464 3,793 09/2004 (1),(2),(3) Marriott Residence Inn Orlando, FL 26,712 6,554 40,539 — 11,868 6,554 52,407 58,961 15,376 06/2005 (1),(2),(3) Marriott Residence Inn Falls Church, VA 26,650 2,752 34,979 — 6,167 2,752 41,146 43,898 13,671 06/2005 (1),(2),(3) Marriott Residence Inn San Diego, CA 29,840 3,156 29,514 — 5,671 3,156 35,185 38,341 13,025 06/2005 (1),(2),(3) Marriott Residence Inn Salt Lake City, UT 16,428 1,897 16,357 — 4,440 1,897 20,797 22,694 8,097 06/2005 (1),(2),(3) Marriott Residence Inn Las Vegas, NV 27,394 18,177 39,568 (6,184 ) (11,655 ) 11,993 27,913 39,906 5,269 04/2007 (1),(2),(3) Marriott Residence Inn Phoenix, AZ 17,868 4,100 23,187 — 6,363 4,100 29,550 33,650 10,236 04/2007 (1),(2),(3) Marriott Residence Inn Plano, TX 12,085 2,045 16,869 — 3,350 2,045 20,219 22,264 6,867 04/2007 (1),(2),(3) Marriott Residence Inn Newark, CA 31,771 3,272 11,706 — 5,070 3,272 16,776 20,048 6,645 04/2007 (1),(2),(3) Marriott Residence Inn Manchester, CT 7,000 1,462 8,306 — 4,244 1,462 12,550 14,012 4,622 04/2007 (1),(2),(3) Marriott Residence Inn Jacksonville, FL 10,216 1,997 16,084 — 5,039 1,997 21,123 23,120 5,586 05/2007 (1),(2),(3) Marriott Residence Inn Stillwater, OK 7,911 930 15,070 — 2,924 930 17,994 18,924 2,572 06/2015 (1),(2),(3) Marriott Residence Inn Tampa, FL 17,293 2,175 19,491 — 3,426 2,175 22,917 25,092 1,824 03/2015 (1),(2),(3) TownePlace Suites by Marriott Manhattan Beach, CA 18,168 4,805 17,543 — 4,606 4,805 22,149 26,954 6,695 04/2007 (1),(2),(3) Ritz-Carlton Atlanta, GA 68,702 2,477 80,139 — 15,250 2,477 95,389 97,866 7,578 03/2015 (1),(2),(3) One Ocean Atlantic Beach, FL 32,574 5,815 14,817 — 26,534 5,815 41,351 47,166 22,103 04/2004 (1),(2),(3) Renaissance Nashville, TN 114,968 20,671 158,260 — 10,347 20,671 168,607 189,278 14,536 03/2015 (1),(2),(3) Renaissance Palm Springs, CA 50,544 — 74,112 — 11,174 — 85,286 85,286 7,439 03/2015 (1),(2),(3) Sheraton Hotel Ann Arbor, MI 35,200 4,158 35,042 — (295 ) 4,158 34,747 38,905 2,685 06/2015 (1),(2),(3) Sheraton Hotel Langhorne, PA 10,306 2,037 12,424 — 12,837 2,037 25,261 27,298 12,030 07/2004 (1),(2),(3) Sheraton Hotel Minneapolis, MN 21,591 2,953 14,280 — 10,538 2,953 24,818 27,771 11,211 03/2005 (1),(2),(3) Sheraton Hotel Indianapolis, IN 60,410 3,100 22,041 — 26,023 3,100 48,064 51,164 21,396 03/2005 (1),(2),(3) Sheraton Hotel Anchorage, AK 47,316 4,023 39,363 — 15,475 4,023 54,838 58,861 18,119 12/2006 (1),(2),(3) Sheraton Hotel San Diego, CA 29,185 7,294 36,382 — 8,497 7,294 44,879 52,173 15,345 12/2006 (1),(2),(3) Hyatt Regency Coral Gables, FL 63,379 4,805 50,820 — 15,203 4,805 66,023 70,828 20,464 04/2007 (1),(2),(3) Hyatt Regency Hauppauge, NY 33,486 6,284 35,669 — (2,062 ) 6,284 33,607 39,891 4,934 03/2015 (1),(2),(3) Hyatt Regency Savannah, GA 69,252 14,041 72,721 — 11,043 14,041 83,764 97,805 8,765 03/2015 (1),(2),(3) Crowne Plaza Key West, FL 72,007 — 27,514 — 17,112 — 44,626 44,626 19,709 03/2005 (1),(2),(3) Crowne Plaza Annapolis, MD — — 9,903 — 8,810 — 18,713 18,713 3,542 03/2015 (1),(2),(3) Annapolis Inn Annapolis, MD 20,234 3,028 7,833 — 9,206 3,028 17,039 20,067 7,481 03/2005 (1),(2),(3) Lakeway Resort & Spa Austin, TX 25,100 4,541 28,940 — 5,296 4,541 34,236 38,777 6,589 02/2015 (1),(2),(3) Silversmith Chicago, IL 21,695 4,782 22,398 — 991 4,782 23,389 28,171 4,479 03/2015 (1),(2),(3) The Churchill Washington, DC 46,456 25,898 32,304 — 12,266 25,898 44,570 70,468 6,013 03/2015 (1),(2),(3) The Melrose Washington, DC 73,261 29,277 62,507 — (1,283 ) 29,277 61,224 90,501 4,871 03/2015 (1),(2),(3) Column A Column B Column C Column D Column E Column F Column G Column H Column I Initial Cost Costs Capitalized Since Acquisition Gross Carrying Amount At Close of Period Hotel Property Location Encumbrances Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Land FF&E, Buildings and improvements Total Accumulated Depreciation Construction Date Acquisition Date Income Statement Le Pavillon New Orleans, LA 43,750 10,933 51,549 (2,600 ) 7,084 8,333 58,633 66,966 4,630 06/2015 (1),(2),(3) The Ashton Ft. Worth, TX 5,336 800 7,187 — 1,333 800 8,520 9,320 1,265 07/2014 (1),(2),(3) Westin Princeton, NJ 49,732 6,475 52,195 — 6,260 6,475 58,455 64,930 5,419 03/2015 (1),(2),(3) W Atlanta, GA 40,500 2,353 54,383 — (629 ) 2,353 53,754 56,107 4,068 07/2015 (1),(2),(3) W Minneapolis, MN 53,789 8,430 79,713 — 806 8,430 80,519 88,949 7,095 11/2015 (1),(2),(3) Le Meridien Minneapolis, MN — 2,752 12,248 — 1,800 2,752 14,048 16,800 961 07/2015 (1),(2),(3) Hotel Indigo Atlanta, GA 16,100 3,230 23,713 — 168 3,230 23,881 27,111 1,460 10/2015 (1),(2),(3) WorldQuest Resort Orlando, FL — 1,432 9,870 (49 ) 1,136 1,383 11,006 12,389 2,201 03/2011 (1),(2),(3) Total $ 3,723,568 $ 664,232 $ 3,626,591 $ (9,555 ) $ 783,026 $ 654,677 $ 4,409,617 $ 5,064,294 $ 1,028,379 _________________________ (1) Estimated useful life for buildings is 39 years . (2) Estimated useful life for building improvements is 7.5 years . (3) Estimated useful life for furniture and fixtures is 1.5 to 5 years. (4) Amounts include impairment charges. (5) These hotel properties were held for sale as of December 31, 2017. Year Ended December 31, 2017 2016 2015 Investment in Real Estate: Beginning balance $ 5,054,564 $ 5,181,466 $ 2,719,716 Additions 225,461 206,022 2,531,312 Impairment/write-offs (111,820 ) (85,338 ) (57,596 ) Sales/disposals (85,709 ) (227,988 ) (11,966 ) Assets held for sale (18,202 ) (19,598 ) — Ending balance 5,064,294 5,054,564 5,181,466 Accumulated Depreciation: Beginning balance 894,001 761,782 591,105 Depreciation expense 247,220 245,953 211,434 Impairment/write-offs (101,008 ) (67,022 ) (37,647 ) Sales/disposals (11,364 ) (44,346 ) (3,110 ) Assets held for sale (470 ) (2,366 ) — Ending balance 1,028,379 894,001 761,782 Investment in Real Estate, net $ 4,035,915 $ 4,160,563 $ 4,419,684 |
Significant Accounting Polici31
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation —The accompanying consolidated financial statements include the accounts of Ashford Hospitality Trust, Inc., its majority-owned subsidiaries and its majority-owned joint ventures in which it has a controlling interest. All significant inter-company accounts and transactions between consolidated entities have been eliminated in these consolidated financial statements. 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 acquisitions/dispositions affect reporting comparability related to our consolidated financial statements: Hotel Property Location Type Date Lakeway Resort & Spa Austin, Texas Acquisition February 6, 2015 Memphis Marriott East Memphis, Tennessee Acquisition February 25, 2015 PIM Highland JV (28.26% interest) Various Acquisition March 6, 2015 Hampton Inn & Suites Gainesville, Florida Acquisition April 29, 2015 Le Pavillon Hotel New Orleans, Louisiana Acquisition June 3, 2015 9-hotel portfolio Various Acquisition June 17, 2015 W Atlanta Downtown Atlanta, Georgia Acquisition July 1, 2015 Le Meridien Minneapolis Minneapolis, Minnesota Acquisition July 23, 2015 Hilton Garden Inn - Wisconsin Dells Wisconsin Dells, Wisconsin Acquisition August 5, 2015 Hotel Indigo Atlanta Atlanta, Georgia Acquisition October 15, 2015 W Minneapolis Foshay Minneapolis, Minnesota Acquisition November 10, 2015 5-hotel portfolio Various Disposition June 1, 2016 Hampton Inn & Suites Gainesville, Florida Disposition September 1, 2016 SpringHill Suites Gaithersburg Gaithersburg, Maryland Disposition October 1, 2016 2-hotel portfolio Palm Desert, California Disposition October 7, 2016 Renaissance Portsmouth, VA Disposition February 1, 2017 Embassy Suites Syracuse, NY Disposition March 6, 2017 Crowne Plaza Ravinia Atlanta, GA Disposition June 29, 2017 |
Use of Estimates | Use of Estimates —The preparation of these consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents —Cash and cash equivalents include cash on hand or held in banks and short-term investments with an initial maturity of three months or less at the date of purchase. |
Restricted Cash | Restricted Cash —Restricted cash includes reserves for debt service, real estate taxes, and insurance, as well as excess cash flow deposits and reserves for furniture, fixtures, and equipment replacements of approximately 4% to 6% of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. We early adopted Accounting Standards Updates (“ASU”) 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash effective January 1, 2017. See discussion in recently adopted accounting standards below. |
Accounts and Notes Receivable | Note Receivable —Mezzanine loan financing, classified as note receivable, represented a loan held for investment and intended to be held to maturity. Note receivable was recorded at cost, net of unamortized loan origination costs and fees, loan purchase discounts, and allowance for losses when a loan is deemed to be impaired. Premiums, discounts, and net origination fees are amortized or accreted as an adjustment to interest income using the effective interest method over the life of the loan. We discontinue recording interest and amortizing discounts/premiums when the contractual payment of interest and/or principal is not received when contractually due. Payments received on impaired nonaccrual loans are recorded as adjustments to impairment charges. No interest income was recorded for the years ended December 31, 2017 , 2016 and 2015 . Our note receivable was paid in full on December 2, 2016. VIEs, as defined by authoritative accounting guidance, must be consolidated by their controlling interest beneficiaries if the VIE does not effectively disperse risks among the parties involved. We no longer hold the mezzanine note receivable at December 31, 2017 , which was secured by a hotel property and was subordinate to the controlling interest in the secured hotel property. Although the note receivable was considered to be a variable interest in the entity that owns the related hotel, we were not considered to be the primary beneficiary of the hotel property as a result of holding the loan. Therefore, we did not consolidate the hotel property for which we had provided financing. We will evaluate the interests in entities acquired or created in the future to determine whether such entities should be consolidated. In evaluating VIEs, our analysis involves considerable management judgment and assumptions. Accounts Receivable —Accounts receivable consists primarily of meeting and banquet room rental and hotel guest receivables. We generally do not require collateral. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability of guests to make required payments for services. The allowance is maintained at a level believed adequate to absorb estimated receivable losses. The estimate is based on past receivable loss experience, known and inherent credit risks, current economic conditions, and other relevant factors, including specific reserves for certain accounts. |
Inventories | Inventories —Inventories, which primarily consist of food, beverages, and gift store merchandise, are stated at the lower of cost or market value. Cost is determined using the first-in, first-out method. |
Investments in Hotel Properties, net | Investments in Hotel Properties, net —Hotel properties are generally stated at cost. However, four hotel properties contributed upon Ashford Trust’s formation in 2003 are stated at the predecessor’s historical cost, net of impairment charges, if any, plus a partial step-up related to the acquisition of noncontrolling interests from third parties associated with certain of these properties. For hotel properties owned through our majority-owned entities, the carrying basis attributable to the partners’ minority ownership is recorded at the predecessor’s historical cost, net of any impairment charges, while the carrying basis attributable to our majority ownership is recorded based on the allocated purchase price of our ownership interests in the entities. All improvements and additions that extend the useful life of the hotel properties are capitalized. |
Impairment of Investment in Hotel Properties and Hotel Dispositions | 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. Asset write-downs resulting from property damage are recorded up to the amount of the allocable property insurance deductible in the period that the property damage occurs. See note 5. Hotel Dispositions —D iscontinued 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 as most will not fit the definition. See note 5. |
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. Depreciation and amortization will cease as of the date assets have met the criteria to be deemed held for sale. See note 5. |
Investments in Unconsolidated Entities | Investments in Unconsolidated Entities —Investments in entities in which we have ownership interests ranging from 16.2% to 28.6% , at December 31, 2017 , 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 earnings (loss) in unconsolidated entities. No such impairment was recorded for the years ended December 31, 2017 , 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. |
Impairment of Notes Receivable | Impairment of Notes Receivable —We reviewed notes receivable for impairment each reporting period. A loan is impaired when, based on current information and events, collection of all amounts recorded as assets on the balance sheet is no longer considered probable. We apply normal loan review and underwriting procedures (as may be implemented or modified from time to time) in making that judgment. When a loan is impaired, we measure impairment based on the present value of expected cash flows discounted at the loan’s effective interest rate against the value of the asset recorded on the balance sheet. We may also measure impairment based on a loan’s observable market price or the fair value of collateral if the loan is collateral-dependent. Loan impairments are recorded as a valuation allowance and a charge to earnings. Our assessment of impairment is based on considerable management judgment and assumptions. Our note receivable was paid in full on December 2, 2016. No impairment charges were recorded for the years ended December 31, 2016 and 2015 . Valuation adjustments of $500,000 and $439,000 on previously impaired notes were credited to impairment charges for the years ended December 31, 2016 and 2015 , respectively. |
Marketable Securities | Marketable Securities —Marketable securities include U.S. treasury bills and publicly traded equity securities. All of these investments are recorded at fair value. Prior to our investment in the AQUA U.S. Fund, it also included put and call options in certain publicly traded equity securities. Put and call options are considered derivatives. The fair value of these investments has been determined based on the closing price as of the balance sheet date and is reported as “marketable securities” or “liabilities associated with marketable securities and other” in the consolidated balance sheets. The cost of securities sold is determined by using the high cost method. Net investment income, including interest income (expense), dividends, realized gains and losses and costs of investment, is reported as a component of “other income (expense).” Unrealized gains and losses on these investments are reported as “unrealized gain (loss) on marketable securities” in the consolidated statements of operations. |
Deferred Costs, net | Deferred Costs, net —Debt issuance costs are reflected as a direct reduction to the related debt obligation on our consolidated balance sheets. Prior to its expiration, debt issuance costs associated with our secured revolving credit facility were presented as an asset on our consolidated balance sheets. Deferred loan costs are recorded at cost and amortized over the terms of the related indebtedness using the effective interest method. Deferred franchise fees are amortized on a straight line basis over the terms of the related franchise agreements and are presented as an asset on our consolidated balance sheets. See notes 6 and 8. |
Intangible Assets and Liabilities | Intangible Assets and Liabilities —Intangible assets and liabilities represent the assets and liabilities recorded on certain hotel properties’ ground lease contracts that were below or above market rates at the date of acquisition. These assets and liabilities are amortized using the straight line method over the remaining terms of the respective lease contracts. See note 7. |
Derivative Instruments and Hedging | Derivative Instruments and Hedging —We use interest rate derivatives to hedge our risks and to capitalize on the historical correlation between changes in LIBOR (London Interbank Offered Rate) and RevPAR. Interest rate derivatives could include swaps, caps, floors, flooridors. We assess the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. We also use credit default swaps to hedge financial and capital market risk. All of our derivatives are subject to master- netting settlement arrangements and the credit default swaps are subject to credit support annexes. For credit default swaps, cash collateral is posted by us as well as our counterparty. We offset the fair value of the derivative and the obligation/right to return/reclaim cash collateral. We also purchase options on Eurodollar futures as a hedge against our cash flows. Eurodollar futures prices reflect market expectations for interest rates on three month Eurodollar deposits for specific dates in the future, and the final settlement price is determined by three month LIBOR on the last trading day. Options on Eurodollar futures provide the ability to limit losses while maintaining the possibility of profiting from favorable changes in the futures prices. As the purchaser, our maximum potential loss is limited to the initial premium paid for the Eurodollar option contracts, while our potential gain has no limit. 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 made good. All derivatives are recorded at fair value in accordance with the applicable authoritative accounting guidance. Interest rate derivatives, credit default swaps and options on futures contracts are reported as “derivative assets, net” in the consolidated balance sheets. Interest rate derivatives and futures, changes in fair value are recognized in earnings as “unrealized gain (loss) on derivatives” in the consolidated statements of operations. Accrued interest on non-hedge designated interest rate derivatives is included in “accounts receivable, net” in the consolidated balance sheets. For non-hedge designated interest rate derivatives, credit default swaps and options on futures contracts, changes in fair value and realized gains and losses are recognized in earnings as “unrealized gain (loss) on derivatives” and “other income (expense)”, respectively, in the consolidated statements of operations. |
Due to/from Related Party | Due to/from Related Party —Due to/from related party represents current receivables and payables resulting from transactions related to hotel management, project management and market services with a related party. Due to/from related party is generally settled within a period not exceeding one year . |
Due to/from Affiliates | Due to/from Ashford Prime OP, net —Due to/from Ashford Prime OP represents receivables and payables resulting from certain expenses. Due to/from Ashford Prime OP is generally settled within a period not exceeding one year . Due to/from Ashford Inc. —Due to/from Ashford Inc. represents current receivables and payables resulting primarily from advisory services fee, including reimbursable expenses. Due to/from Ashford Inc., is generally settled within a period not exceeding one year . |
Due to/from Third-Party Hotel Managers | Due to/from Third-Party Hotel Managers —Due from third-party hotel managers primarily consists of amounts due from Marriott related to cash reserves held at the Marriott corporate level related to operating, real estate taxes and other items. Due to/from third-party hotel managers also represents current receivables and payables resulting from transactions related to hotel management. |
Unfavorable Management Contract Liabilities | Unfavorable Management Contract Liabilities —Certain management agreements assumed in previous acquisitions had terms that were more favorable to the respective managers than typical market management agreements at the acquisition dates. As a result, we initially recorded unfavorable contract liabilities related to those management agreements totaling $23.4 million based on the present value of expected cash outflows over the initial terms of the related agreements. The unfavorable contract liabilities are amortized as reductions to incentive management fees on a straight-line basis over the initial terms of the related agreements. In evaluating unfavorable contract liabilities, our analysis involves considerable management judgment and assumptions. |
Noncontrolling Interests | Noncontrolling Interests —The redeemable noncontrolling interests in the operating partnership represent the limited partners’ proportionate share of equity in earnings/losses of the operating partnership, which is an allocation of net income attributable to the common unit holders based on the weighted average ownership percentage of these limited partners’ common unit holdings throughout the period. The redeemable noncontrolling interests in our operating partnership is classified in the mezzanine section of the consolidated balance sheets as these redeemable operating partnership units do not meet the requirements for permanent equity classification prescribed by the authoritative accounting guidance because these redeemable operating partnership units may be redeemed by the holder as described in note 13. The carrying value of the noncontrolling interests in the operating partnership is based on the greater of the accumulated historical cost or the redemption value. The noncontrolling interests in consolidated entities represent ownership interests of 15% in two hotel properties held by one joint venture at December 31, 2017 and 2016 , and is reported in equity in the consolidated balance sheets. Net income/loss attributable to redeemable noncontrolling interests in the operating partnership and income/loss from consolidated entities attributable to noncontrolling interests in our consolidated entities are reported as deductions/additions from/to net income/loss. Comprehensive income/loss attributable to these noncontrolling interests is reported as reductions/additions from/to comprehensive income/loss. |
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 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. |
Other Hotel Expenses | Other Hotel Expenses —Other hotel expenses include Internet, telephone charges, guest laundry, valet parking, and hotel-level general and administrative fees, sales and marketing expenses, repairs and maintenance, franchise fees and utility costs. They are expensed as incurred. |
Advertising Costs | Advertising Costs —Advertising costs are charged to expense as incurred. For the years ended December 31, 2017 , 2016 and 2015 , our continuing operations incurred advertising costs of $7.5 million , $6.4 million and $5.6 million , respectively. Advertising costs related to continuing operations are included in “other” hotel expenses in the accompanying consolidated statements of operations. |
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. |
Depreciation and amortization | Depreciation and Amortization —Owned hotel properties are depreciated over the estimated useful life of the assets and leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related assets. Presently, hotel properties are depreciated using the straight-line method over lives ranging from 7.5 to 39 years for buildings and improvements and 1.5 to 5 years for furniture, fixtures and equipment. While we believe our estimates are reasonable, a change in estimated useful lives could affect depreciation and amortization expense and net income (loss) as well as resulting gains or losses on potential hotel sales. |
Income Taxes | Income Taxes —As a REIT, we generally are not subject to federal corporate income tax on the portion of our net income (loss) that does not relate to taxable REIT subsidiaries. However, Ashford TRS is treated as a taxable REIT subsidiary for federal income tax purposes. In accordance with authoritative accounting guidance, we account for income taxes related to Ashford TRS using the asset and liability method under which deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. In addition, the analysis utilized by us in determining our deferred tax asset valuation allowance involves considerable management judgment and assumptions. The “Income Taxes” topic of the Financial Accounting Standards Board’s (“FASB”) Accounting Standards Codification addresses the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. The guidance requires us to determine whether tax positions we have taken or expect to take in a tax return are more likely than not to be sustained upon examination by the appropriate taxing authority based on the technical merits of the positions. Tax positions that do not meet the more likely than not threshold would be recorded as additional tax expense in the current period. We analyze all open tax years, as defined by the statute of limitations for each jurisdiction, which includes the federal jurisdiction and various states. We classify interest and penalties related to underpayment of income taxes as income tax expense. We and our subsidiaries file income tax returns in the U.S. federal jurisdiction and various states and cities. Tax years 2013 through 2017 remain subject to potential examination by certain federal and state taxing authorities. |
Income (Loss) Per Share | Income (Loss) Per Share —Basic income (loss) per common share is calculated by dividing net income (loss) attributable to common stockholders by the weighted average common shares outstanding during the period using the two-class method prescribed by applicable authoritative accounting guidance. Diluted income (loss) per common share is calculated using the two-class method, or the treasury stock method, if more dilutive. Diluted income (loss) per common share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares, whereby such exercise or conversion would result in lower income per share. |
Recently Adopted and Issued Accounting Standards | Recently Adopted Accounting Standards —In March 2016, the FASB issued ASU 2016-07, Simplifying the Transition to the Equity Method of Accounting (“ASU 2016-07”), which simplifies the equity method of accounting by eliminating the requirement to retrospectively apply the equity method to an investment that subsequently qualifies for such accounting as a result of an increase in the level of ownership interest or degree of influence. ASU 2016-07 is effective for fiscal years beginning after December 15, 2016, including interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017, and the adoption of this standard did not have any impact on our financial position, results of operations or cash flows. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which clarifies the presentation of restricted cash and restricted cash equivalents in the statements of cash flows. Under ASU 2016-18 restricted cash and restricted cash equivalents are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows. ASU 2016-18 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We adopted this standard effective January 1, 2017 on a retrospective basis. The adoption of this standard resulted in the inclusion of restricted cash with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statements of cash flows for all periods presented. As a result, for the years ended December 31, 2016 and 2015, net cash provided by operating activities increased $4.7 million and $5.4 million , respectively. Net cash used in investing activities increased $13.9 million for the year ended December 31, 2016 and decreased $73.2 million for the year ended December 31, 2015. Our beginning-of-period cash, cash equivalents and restricted cash increased $144.0 million , $153.7 million and $85.8 million in 2017, 2016 and 2015, respectively. 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 standard permits the use of either the full retrospective or cumulative effect (modified retrospective) transition method. Based on our assessment of this standard, it will not materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel level sales. Additionally, we have historically disposed of hotel properties for cash sales with no contingencies and no future involvement in the hotel operations, therefore, ASU No. 2014-09 will not impact the recognition of hotel sales. We have selected the modified retrospective method. We continue to evaluate the related disclosure requirements. 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 do not expect that ASU 2016-01 will have a material impact 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. The accounting for leases under which we are the lessor remains largely unchanged. While we are currently in the initial stages of assessing the impact that ASU 2016-02 will have on our consolidated financial statements, we expect the primary impact to our consolidated financial statements upon adoption will be the recognition, on a discounted basis, of our future minimum rentals due under our hotel ground leases and other noncancelable leases on our consolidated balance sheets resulting in the recording of ROU assets and lease obligations. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments ("ASU 2016-13"). The ASU sets forth an “expected credit loss” impairment model to replace the current “incurred loss” method of recognizing credit losses. The standard requires measurement and recognition of expected credit losses for most financial assets held. The ASU is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for periods beginning after December 15, 2018. We are currently evaluating the impact that ASU 2016-13 will have on the consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments - a consensus of the Emerging Issues Task Force (“ASU 2016-15”). The new guidance is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. Certain issues addressed in this guidance include - debt payments or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, distributions received from equity method investments and beneficial interests in securitization transactions. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years. Early adoption is permitted. We are currently evaluating the impact that ASU 2016-15 will have on our consolidated financial statements and related disclosures. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) - Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether a transaction should be accounted for as an acquisition (or disposal) of an asset or a business. ASU 2017-01 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. While we are currently evaluating the potential impact of the standard, we currently expect that certain future hotel acquisitions may be considered asset acquisitions rather than business combinations, which would affect capitalization of acquisitions costs (such costs are expensed for business combinations and capitalized for asset acquisitions). In February 2017, the FASB issued ASU 2017-05, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (ASU “2017-05”), which clarifies the scope of Accounting Standard Codification (“ ASC”) Subtopic 610-20, Other Income-Gains and Losses from the Derecognition of Nonfinancial Assets and adds guidance for partial sales of nonfinancial assets. ASU 2017-05 is effective for fiscal years beginning after December 15, 2017. Early adoption is permitted. An entity may elect to apply ASU 2017-05 under a retrospective or modified retrospective approach. We are evaluating the impact that ASU 2017-05 will have on our consolidated financial statements and related disclosures. |
Investment in Hotel Properties
Investment in Hotel Properties (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Investment in hotel properties | Investments in hotel properties consisted of the following (in thousands): December 31, 2017 2016 Land $ 653,293 $ 663,013 Buildings and improvements 3,895,112 3,913,377 Furniture, fixtures and equipment 468,420 434,091 Construction in progress 35,273 32,525 Condominium properties 12,196 11,558 Total cost 5,064,294 5,054,564 Accumulated depreciation (1,028,379 ) (894,001 ) Investments in hotel properties, net $ 4,035,915 $ 4,160,563 |
Investment in Unconsolidated 33
Investment in Unconsolidated Entities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Equity Method Investments | Ashford Inc. Condensed Balance Sheets December 31, 2017 December 31, 2016 Total assets $ 114,810 $ 129,797 Total liabilities 78,742 38,168 Redeemable noncontrolling interests 5,111 1,480 Total stockholders’ equity of Ashford Inc. 30,185 37,377 Noncontrolling interests in consolidated entities 772 52,772 Total equity 30,957 90,149 Total liabilities and equity $ 114,810 $ 129,797 Our ownership interest in Ashford Inc. $ 437 $ 5,873 Ashford Inc. Condensed Statements of Operations Year Ended December 31, 2017 2016 2015 Total revenue $ 81,573 $ 67,607 $ 58,981 Total expenses (92,095 ) (70,064 ) (60,332 ) Operating income (loss) (10,522 ) (2,457 ) (1,351 ) Realized and unrealized gain (loss) on investment in unconsolidated entity, net — (1,460 ) (2,141 ) Realized and unrealized gain (loss) on investments, net (91 ) (7,787 ) (7,600 ) Other income (expense) 142 81 1,114 Income tax benefit (expense) (9,723 ) (780 ) (2,066 ) Net income (loss) (20,194 ) (12,403 ) (12,044 ) (Income) loss from consolidated entities attributable to noncontrolling interests 358 8,860 10,852 Net (income) loss attributable to redeemable noncontrolling interests 1,484 1,147 2 Net income (loss) attributable to Ashford Inc. $ (18,352 ) $ (2,396 ) $ (1,190 ) Our equity in earnings (loss) of Ashford Inc. $ (5,437 ) $ (743 ) $ (483 ) |
Hotel Dispositions, Assets He34
Hotel Dispositions, Assets Held for Sale and Impairment Charges (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Hotel Dispositions and Assets Held for Sale | The following table includes condensed financial information from these hotel properties (in thousands): Year Ended December 31, 2017 2016 2015 Total hotel revenue $ 12,447 $ 77,808 $ 100,973 Total hotel operating expenses (10,064 ) (51,750 ) (65,874 ) Operating income (loss) 2,383 26,058 35,099 Property taxes, insurance and other (616 ) (3,805 ) (5,278 ) Depreciation and amortization (2,588 ) (11,891 ) (17,008 ) Impairment charges — (18,316 ) (2,817 ) Gain (loss) on sale of hotel properties 14,030 31,713 — Interest expense and amortization of loan costs (2,361 ) (10,456 ) (13,150 ) Write-off of loan costs and exit fees (98 ) (5,076 ) — Income (loss) before income taxes 10,750 8,227 (3,154 ) (Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership (1,668 ) (1,153 ) 421 Income (loss) before income taxes attributable to the Company $ 9,082 $ 7,074 $ (2,733 ) The major classes of assets and liabilities related to the assets held for sale included in the consolidated balance sheets were as follows (in thousands): December 31, 2017 December 31, 2016 Assets Investments in hotel properties, net $ 17,732 $ 17,232 Cash and cash equivalents 78 976 Restricted cash 402 392 Accounts receivable 127 305 Inventories 1 96 Deferred costs, net — 4 Prepaid expenses 21 309 Other assets 31 274 Due from third-party hotel managers 31 — Assets held for sale $ 18,423 $ 19,588 Liabilities Indebtedness, net $ 13,221 $ 35,679 Accounts payable and accrued expenses 662 1,323 Due to related party, net 94 45 Liabilities related to assets held for sale $ 13,977 $ 37,047 |
Deferred Costs, net (Tables)
Deferred Costs, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Deferred Costs, net | Deferred costs, net consist of the following (in thousands): December 31, 2017 2016 Deferred franchise fees $ 4,400 $ 4,602 Accumulated amortization (1,623 ) (1,752 ) $ 2,777 $ 2,850 Deferred costs related to assets held for sale — 4 Deferred costs, net $ 2,777 $ 2,846 |
Intangible Assets, net and In36
Intangible Assets, net and Intangible Liabilities, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets, net and Intangible Liabilities, net [Abstract] | |
Schedule of Intangible Assets, net and Intangible Liabilities, net | Intangible assets, net and intangible liabilities, net consisted of the following (in thousands): Intangible Assets, net Intangible Liability, net December 31, December 31, 2017 2016 2017 2016 Cost $ 10,276 $ 10,276 $ 16,846 $ 16,846 Accumulated amortization (333 ) (215 ) (1,007 ) (651 ) $ 9,943 $ 10,061 $ 15,839 $ 16,195 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Estimated future net amortization expense for intangible assets and intangible liabilities for each of the next five years is as follows (in thousands): Intangible Assets Intangible Liabilities 2018 $ 118 $ 356 2019 118 356 2020 118 356 2021 118 356 2022 118 356 Thereafter 9,353 14,059 Total $ 9,943 $ 15,839 |
Below Market Lease, Future Amortization Income | Estimated future net amortization expense for intangible assets and intangible liabilities for each of the next five years is as follows (in thousands): Intangible Assets Intangible Liabilities 2018 $ 118 $ 356 2019 118 356 2020 118 356 2021 118 356 2022 118 356 Thereafter 9,353 14,059 Total $ 9,943 $ 15,839 |
Indebtedness, net (Tables)
Indebtedness, net (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Summary of indebtedness of continuing operations and the carrying values of related collateral | Indebtedness of our continuing operations and the carrying values of related collateral were as follows at December 31, 2017 and 2016 (in thousands): December 31, 2017 December 31, 2016 Indebtedness Collateral Maturity Interest Rate Debt Book Value of Collateral Debt Balance Book Value of Collateral Mortgage loan (2) 1 hotel June 2017 5.98% $ — $ — $ 15,729 $ 25,714 Mortgage loan (3) 17 hotels December 2017 LIBOR (1) + 5.52% — — 412,500 302,417 Mortgage loan (4) 2 hotels January 2018 4.44% — — 105,047 228,433 Mortgage loan (5) 1 hotel January 2018 4.38% — — 96,169 195,768 Mortgage loan (6) 8 hotels January 2018 LIBOR (1) + 4.95% 376,800 346,609 376,800 355,707 Mortgage loan (7) 5 hotels February 2018 LIBOR (1) + 4.75% 200,000 208,338 200,000 205,111 Mortgage loan (8) 1 hotel April 2018 LIBOR (1) + 4.95% 33,300 39,298 33,300 40,738 Mortgage loan (9) (10) (11) (12) 22 hotels April 2018 LIBOR (1) + 4.39% 971,654 1,206,994 1,070,560 1,278,932 Mortgage loan (13) 1 hotel May 2018 LIBOR (1) + 5.10% 25,100 32,188 25,100 33,801 Mortgage loan (14) 1 hotel June 2018 LIBOR (1) + 5.10% 43,750 62,348 43,750 60,260 Mortgage loan (15) 1 hotel July 2018 LIBOR (1) + 4.15% 35,200 36,220 35,200 37,375 Mortgage loan (15) 1 hotel July 2018 LIBOR (1) + 5.10% 40,500 52,038 40,500 53,526 Mortgage loan (15) 8 hotels July 2018 LIBOR (1) + 4.09% 144,000 174,676 144,000 178,738 Mortgage loan (16) 1 hotel August 2018 LIBOR (1) + 4.95% 12,000 15,279 12,000 15,010 Mortgage loan (17) (18) 4 hotels August 2018 LIBOR (1) + 4.38% 52,530 61,358 52,530 66,725 Mortgage loan (17) (19) (20) 6 hotels August 2018 LIBOR (1) + 4.35% 280,421 162,938 301,000 185,804 Mortgage loan (21) (22) 18 hotels October 2018 LIBOR (1) + 4.55% 450,000 442,394 450,000 457,040 Mortgage loan 1 hotel July 2019 4.00% 5,336 8,056 5,436 8,326 Mortgage loan (3) 17 hotels November 2019 LIBOR (1) + 3.00% 427,000 290,973 — — Mortgage loan (2) 1 hotel May 2020 LIBOR (1) + 2.90% 16,100 25,654 — — Mortgage loan 1 hotel November 2020 6.26% 95,207 126,462 96,873 124,654 Mortgage loan (4) 2 hotels June 2022 LIBOR (1) + 3.00% 164,700 234,253 — — Mortgage loan (5) 1 hotel November 2022 LIBOR (1) + 2.00% 97,000 196,365 — — Mortgage loan 1 hotel May 2023 5.46% 53,789 81,854 54,685 84,854 Mortgage loan 1 hotel January 2024 5.49% 7,000 9,392 7,111 10,092 Mortgage loan 1 hotel January 2024 5.49% 10,216 17,533 10,378 15,229 Mortgage loan 1 hotel May 2024 4.99% 6,530 7,438 6,641 7,922 Mortgage loan 2 hotels August 2024 4.85% 12,242 11,135 12,427 8,910 Mortgage loan 3 hotels August 2024 4.90% 24,471 15,693 24,836 16,647 Mortgage loan 3 hotels August 2024 5.20% 66,224 51,393 67,164 51,659 Mortgage loan 2 hotels February 2025 4.45% 20,214 10,516 20,575 10,952 Mortgage loan 3 hotels February 2025 4.45% 52,284 72,112 53,293 69,036 3,723,568 3,999,507 $ 3,773,604 4,129,380 Premiums, net 1,570 3,523 Deferred loan costs, net (15,617 ) (17,889 ) $ 3,709,521 $ 3,759,238 Indebtedness related to assets held for sale (11) 1 hotel April 2017 LIBOR (1) + 4.39% — 16,080 Indebtedness related to assets held for sale (20) 1 hotel August 2017 LIBOR (1) + 4.35% — 19,599 Indebtedness related to assets held for sale (18) 1 hotel August 2018 LIBOR (1) + 4.38% 5,992 — Indebtedness related to assets held for sale (22) 1 hotel October 2018 LIBOR (1) + 4.55% 7,229 — Indebtedness, net $ 3,696,300 $ 3,723,559 ____________________________________ (1) LIBOR rates were 1.564% and 0.772% at December 31, 2017 and December 31, 2016 , respectively. (2) On May 24, 2017, we refinanced this mortgage loan totaling $15.7 million set to mature in June 2017 with a new $16.1 million mortgage loan with a three -year initial term and two one -year extension options subject to the satisfaction of certain conditions. Through May 2019, the new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.90% . Beginning on June 1, 2019, monthly principal payments based on a thirty -year amortization and a 6.00% interest rate are due. (3) On October 31, 2017, we refinanced this mortgage loan totaling $412.5 million set to mature in December 2017 with a new $427.0 million mortgage loan with a two -year initial term and five one -year extension options subject to the satisfaction of certain conditions. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.00% . (4) On May 10, 2017, we refinanced this mortgage loan totaling $104.3 million set to mature in January 2018 with a new $181.0 million mortgage loan, of which our initial advance was $164.7 million . The new mortgage loan is interest only and bears interest at a rate of LIBOR + 3.00% . Beginning on July 1, 2020, quarterly principal payments of $750,000 are due. (5) On October 30, 2017, we refinanced this mortgage loan totaling $94.7 million set to mature in January 2018 with a new $97.0 million mortgage loan with a five -year term. The new mortgage loan is interest only and bears interest at a rate of LIBOR + 2.00% . (6) On January 17, 2018, we refinanced this mortgage loan with a new $395.0 million mortgage loan with a two -year initial term and five one -year extension options, subject to the satisfaction of certain conditions. The mortgage loan is interest only and bears interest at a rate of LIBOR + 2.92% . (7) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions and a LIBOR floor of 0.20% . The second one -year extension period began in February 2017. (8) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in April 2017. (9) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. The first one -year extension period began in April 2017. (10) This mortgage loan had a $20.2 million pay down of principal related to the Renaissance Portsmouth that was sold on February 1, 2017. (11) A portion of this mortgage loan at December 31, 2016 relates to the Renaissance Portsmouth that was sold on February 1, 2017. See note 5. (12) This mortgage loan had a $78.7 million pay down of principal related to the Crowne Plaza Ravinia that was sold on June 29, 2017. See note 5. (13) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in May 2017. (14) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in June 2017. (15) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The first one -year extension period began in July 2017. (16) This mortgage loan has two one -year extension options subject to satisfaction of certain conditions. (17) This mortgage loan has three one -year extension options, subject to satisfaction of certain conditions. The second one -year extension period began in August 2017. (18) A portion of this mortgage loan at December 31, 2017 relates to the SpringHill Suites Centerville. See note 5. (19) This mortgage loan had a $20.6 million pay down of principal related to the Embassy Suites Syracuse that was sold on March 6, 2017. See note 5. (20) A portion of this mortgage loan at December 31, 2016 relates to the Embassy Suites Syracuse that was sold on March 6, 2017. See note 5. (21) This mortgage loan has four one -year extension options subject to satisfaction of certain conditions. (22) A portion of this mortgage loan at December 31, 2017 relates to the SpringHill Suites Glen Allen. See note 5. |
Summary of maturities of indebtedness of continuing operations | Maturities and scheduled amortizations of indebtedness as of December 31, 2017 for each of the five following years and thereafter are as follows (in thousands): 2018 $ 2,671,185 2019 438,723 2020 113,703 2021 7,953 2022 262,410 Thereafter 229,594 Total $ 3,723,568 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table presents our assets and liabilities measured at fair value on a recurring basis aggregated by the level within which measurements fall in the fair value hierarchy (in thousands): Quoted Market Prices (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Counter-party and Cash Collateral Netting (1) Total December 31, 2017: Assets Derivative assets: Interest rate derivatives – floors $ — $ 311 $ — $ 32 $ 343 (2) Interest rate derivatives – caps — 137 — — 137 (2) Credit default swaps — (469 ) — 1,999 1,530 (2) — (21 ) — 2,031 2,010 Non-derivative assets: Equity securities 26,926 — — — 26,926 (3) Total $ 26,926 $ (21 ) $ — $ 2,031 $ 28,936 December 31, 2016: Assets Derivative assets: Interest rate derivatives – floors $ — $ 2,358 $ — $ — $ 2,358 (2) Interest rate derivatives – caps — 24 — — 24 (2) Credit default swaps — 2,867 — (1,751 ) 1,116 (2) Options on futures contracts 116 — — — 116 (2) 116 5,249 — (1,751 ) 3,614 Non-derivative assets: Equity securities 53,185 — — — 53,185 (3) Total $ 53,301 $ 5,249 $ — $ (1,751 ) $ 56,799 _________________________ (1) Represents net cash collateral posted between us and our counterparties. (2) Reported net as “derivative assets, net” in the consolidated balance sheets. (3) Reported as “marketable securities” in the consolidated balance sheets. |
Effect of fair value measured assets and liabilities on consolidated statements of operations | The following table summarizes the effect of fair value measured assets and liabilities on the consolidated statement of operations (in thousands): Gain or (Loss) Recognized in Income Year Ended December 31, 2017 2016 2015 Assets Derivative assets: Interest rate derivatives - floors $ (2,435 ) $ 611 $ (7,603 ) Interest rate derivatives - caps (758 ) (535 ) (2,038 ) Credit default swaps (4,201 ) (4) (5,843 ) (4) 171 (4) Options on futures contracts (116 ) (348 ) (391 ) Equity put options — — 26 Equity call options — — (1,717 ) Non-derivative assets: Equity - American Depositary Receipt — — (150 ) Equity (3,678 ) 4,946 1,072 U.S. Treasury — — 314 Total (11,188 ) (1,169 ) (10,316 ) Liabilities Derivative liabilities: Credit default swaps — — — Short-equity put options — — 1,002 Short-equity call options — — 1,470 Non-derivative liabilities: Short-equity securities — — 78 Total — — 2,550 Net $ (11,188 ) $ (1,169 ) $ (7,766 ) Total combined Interest rate derivatives - floors $ (2,435 ) $ 611 $ (7,603 ) Interest rate derivatives - caps (758 ) (535 ) (2,038 ) Credit default swaps (36 ) (2,574 ) 2,630 Options on futures contracts 427 (36 ) (391 ) Total derivatives (2,802 ) (1) (2,534 ) (1) (7,402 ) (1) Realized gain (loss) on credit default swaps (4,165 ) (2) (4) (3,269 ) (2) (4) (2,459 ) (2) (4) Realized gain (loss) on options on futures contracts (543 ) (2) (312 ) — Unrealized gain (loss) on marketable securities (4,649 ) (3) 4,946 (3) 127 (3) Realized gain (loss) on marketable securities 971 (2) — (2) 1,968 (2) Net $ (11,188 ) $ (1,169 ) $ (7,766 ) _________________________ (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 gain (loss) on marketable securities” in the consolidated statements of operations. (4) Excludes costs of $1,036 , $873 and $486 in 2017 , 2016 and 2015 , respectively, included in “other income (expense)” associated with credit default swaps. |
Summary of Fair Value of Fina39
Summary of Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Carrying amounts and estimated fair values of financial instruments measured at fair value on recurring basis | Carrying amounts and estimated fair values of financial instruments, for periods indicated, were as follows (in thousands): December 31, 2017 December 31, 2016 Carrying Value Estimated Fair Value Carrying Value Estimated Fair Value Financial assets and liabilities measured at fair value: Derivative assets, net $ 2,010 $ 2,010 $ 3,614 $ 3,614 Marketable securities 26,926 26,926 53,185 53,185 Financial assets not measured at fair value: Cash and cash equivalents (1) $ 354,883 $ 354,883 $ 348,067 $ 348,067 Restricted cash (1) 117,189 117,189 144,406 144,406 Accounts receivable, net (1) 44,384 44,384 44,934 44,934 Due from third-party hotel managers (1) 17,418 17,418 13,348 13,348 Financial liabilities not measured at fair value: Indebtedness (1) $ 3,725,138 $3,559,993 to $3,934,727 $ 3,777,127 $3,600,691 to $3,979,713 Accounts payable and accrued expenses (1) 133,063 133,063 128,309 128,309 Dividends and distributions payable 25,045 25,045 24,765 24,765 Due to Ashford Inc., net 15,146 15,146 15,716 15,716 Due to Ashford Prime OP, net — — 488 488 Due to related party, net (1) 1,161 1,161 1,046 1,046 Due to third-party hotel managers 2,431 2,431 2,714 2,714 _________________________ (1) Includes balances associated with assets held for sale and liabilities associated with assets held for sale as of December 31, 2017 and/or 2016. See note 5. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future minimum rentals due under non-cancelable leases | Future minimum rentals due under non-cancelable leases are as follows for each of the five following years and thereafter are as follows (in thousands): 2018 $ 2,529 2019 2,377 2020 2,296 2021 2,248 2022 2,092 Thereafter 112,184 Total $ 123,726 |
Redeemable Noncontrolling Int41
Redeemable Noncontrolling Interests in Operating Partnership (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Redeemable Noncontrolling Interest, Equity, Carrying Amount [Abstract] | |
Summary of the activity of the operating partnership units | A summary of the activity of the units in our operating partnership is as follow (in thousands): Year Ended December 31, 2017 2016 2015 Outstanding at beginning of year 19,443 20,388 19,836 LTIP units issued 701 515 704 Performance LTIP units issued 1,179 803 — Common units converted for sale of hotel property — (2,039 ) — Common units converted to common shares (21 ) (224 ) (152 ) Conversion factor adjustment (1,700 ) — — Outstanding at end of year 19,602 19,443 20,388 Common units convertible/redeemable at end of year 18,993 17,531 16,918 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Summary of dividends declared | A summary of dividends declared is as follows (in thousands): Year Ended December 31, 2017 2016 2015 Common stock $ 47,104 $ 46,292 $ 47,190 Preferred stocks: Series A cumulative preferred stock 2,539 3,542 3,542 Series D cumulative preferred stock 18,211 20,002 20,002 Series E cumulative preferred stock — 6,280 10,418 Series F cumulative preferred stock 8,849 4,130 — Series G cumulative preferred stock 11,430 2,318 — Series H cumulative preferred stock 2,494 — — Series I cumulative preferred stock 1,238 — — Total dividends declared $ 91,865 $ 82,564 $ 81,152 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of restricted stock activity | A summary of our restricted stock unit activity is as follows (shares in thousands): Year Ended December 31, 2017 2016 2015 Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Restricted Shares Weighted Average Price at Grant Outstanding at beginning of year 1,627 $ 8.30 1,459 $ 10.21 595 $ 10.92 Restricted shares granted 1,272 6.46 862 6.26 1,183 9.93 Restricted shares vested (759 ) 8.82 (647 ) 9.92 (299 ) 10.53 Restricted shares forfeited (55 ) 6.73 (47 ) 7.95 (20 ) 10.13 Outstanding at end of year 2,085 7.03 1,627 8.30 1,459 10.21 |
Summary of PSU activity | A summary of our PSU activity is as follows (shares in thousands): Year Ended December 31, 2017 2016 PSUs Weighted Average Price at Grant PSUs Weighted Average Price at Grant Outstanding at beginning of year 336 $ 6.38 — $ — PSUs granted 484 5.85 336 6.38 Outstanding at end of year 820 6.07 336 6.38 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Reconciles the income tax expense at statutory rates to the actual income tax expense | The following table reconciles the income tax expense at statutory rates to the actual income tax (expense) benefit recorded (in thousands): Year Ended December 31, 2017 2016 2015 Income tax (expense) benefit at federal statutory income tax rate of 35% $ (1,478 ) $ (4,764 ) $ (8,205 ) State income tax (expense) benefit, net of federal income tax benefit 160 (742 ) (827 ) Permanent differences (338 ) (798 ) (388 ) Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act (1) (5,242 ) — — Provision to return adjustment entirely offset by change in valuation allowance 957 — — Gross receipts and margin taxes (913 ) (692 ) (886 ) Interest and penalties (49 ) (7 ) (14 ) Valuation allowance 9,121 5,471 5,610 Total income tax (expense) benefit $ 2,218 $ (1,532 ) $ (4,710 ) ________ (1) Partially offset within change in valuation allowance. |
Components of income tax benefit (expense) from continuing operations | The components of income tax (expense) benefit from continuing operations are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Current: Federal $ 5,264 $ (605 ) $ (3,377 ) State (722 ) (1,229 ) (1,225 ) Total current 4,542 (1,834 ) (4,602 ) Deferred: Federal (2,192 ) 278 (30 ) State (132 ) 24 (78 ) Total deferred (2,324 ) 302 (108 ) Total income tax (expense) benefit $ 2,218 $ (1,532 ) $ (4,710 ) |
Deferred tax asset (liability) and related valuation allowance | At December 31, 2017 and 2016 , our deferred tax asset (liability) and related valuation allowance consisted of the following (in thousands): December 31, 2017 2016 Allowance for doubtful accounts $ 168 $ 260 Unearned income 1,926 2,764 Unfavorable management contract liability — 516 Federal and state net operating losses 4,153 10,841 Accrued expenses 1,693 2,582 Prepaid expenses (4,666 ) (4,591 ) Alternative minimum tax credit — 2,005 Tax property basis less than book basis (846 ) (1,379 ) Tax derivatives basis greater than book basis 2,034 2,851 Other 623 681 Deferred tax asset (liability) 5,085 16,530 Valuation allowance (6,232 ) (15,353 ) Net deferred tax asset (liability) $ (1,147 ) $ 1,177 |
Summarizes the changes in the valuation allowance | The following table summarizes the changes in the valuation allowance (in thousands): Year Ended December 31, 2017 2016 2015 Balance at beginning of year $ 15,353 $ 20,670 $ 29,335 Additions 2,053 2,169 4,774 Deductions (11,174 ) (7,486 ) (13,439 ) Balance at end of year $ 6,232 $ 15,353 $ 20,670 |
Income (Loss) Per Share (Tables
Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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): Year Ended December 31, 2017 2016 2015 Income (loss) attributable to common stockholders – Basic and diluted: Income (loss) from continuing operations attributable to the Company $ (67,008 ) $ (46,285 ) $ 270,939 Less: Dividends on preferred stocks (44,761 ) (36,272 ) (33,962 ) Less: Extinguishment of issuance costs upon redemption of Series E preferred stock (10,799 ) (6,124 ) — Less: Dividends on common stock (45,752 ) (45,388 ) (46,498 ) Less: Dividends on unvested performance stock units (393 ) (161 ) — Less: Dividends on unvested restricted shares (959 ) (743 ) (692 ) Less: Undistributed (income) from continuing operations allocated to unvested shares — — (2,390 ) Undistributed income (loss) (169,672 ) (134,973 ) 187,397 Add back: Dividends on common stock 45,752 45,388 46,498 Distributed and undistributed income (loss) from continuing operations - basic $ (123,920 ) $ (89,585 ) $ 233,895 Add back: Income from continuing operations allocated to operating partnership units — — 35,503 Distributed and undistributed net income (loss) from continuing operations - diluted $ (123,920 ) $ (89,585 ) $ 269,398 Weighted average common shares outstanding: Weighted average common shares outstanding - basic 95,207 94,426 96,290 Effect of assumed conversion of operating partnership units — — 18,591 Weighted average common shares outstanding - diluted 95,207 94,426 114,881 Basic income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.30 ) $ (0.95 ) $ 2.43 Diluted income (loss) per share: Net income (loss) allocated to common stockholders per share $ (1.30 ) $ (0.95 ) $ 2.35 |
Summary of computation of diluted income per share | Due to their anti-dilutive effect, the computation of diluted income (loss) per share does not reflect the adjustments for the following items (in thousands): Year Ended December 31, 2017 2016 2015 Income (loss) from continuing operations allocated to common stockholders is not adjusted for: Income (loss) allocated to unvested restricted shares $ 959 $ 743 $ 3,082 Income (loss) allocated to unvested performance stock units 393 161 — Income (loss) attributable to redeemable noncontrolling interests in operating partnership (21,642 ) (12,483 ) — Total $ (20,290 ) $ (11,579 ) $ 3,082 Weighted average diluted shares are not adjusted for: Effect of unvested restricted shares 376 373 485 Effect of unvested performance stock units 258 102 — Effect of assumed conversion of operating partnership units 17,342 18,727 — Total 17,976 19,202 485 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of related party transaction | The following table summarizes the advisory services fees incurred (in thousands): Year Ended December 31, 2017 2016 2015 Advisory services fee Base advisory fee $ 34,650 $ 34,589 $ 33,833 Reimbursable expenses (1) 7,472 5,917 6,471 Equity-based compensation (2) 11,077 8,429 2,719 Incentive fee — 5,426 — Total advisory services fee $ 53,199 $ 54,361 $ 43,023 ________ (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, LTIP units and Performance LTIP units awarded to officers and employees of Ashford LLC. The following table summarizes the entities in which our advisor has an interest with which we or our hotel properties contracted for products and services, the fees paid by us for those services, the applicable classification on our consolidated financial statements and the amount payable to each entity (included in “due to Ashford Inc.”) (in thousands): Year Ended December 31, 2017 As of December 31, 2017 Company Product or Service Transaction Amount Investments in Hotel Properties, net (1) Indebtedness, net (2) Other Revenue Other Hotel Expenses Corporate, General and Administrative Due to (from) Ashford Inc. OpenKey Mobile key app $ 60 $ — $ — $ — $ 60 $ — $ 8 Pure Rooms “Allergy friendly” premium rooms 1,309 1,309 — — — — 296 Lismore Capital Mortgage placement services 913 — (913 ) — — — — J&S Audio Visual Commissions from audio visual services 66 — — 66 — — (52 ) AIM Cash management services 1,976 — — — — 1,976 347 ________ (1) Recorded in furniture, fixtures and equipment and depreciated over the estimated useful life. (2) Recorded as deferred loan costs, which are included in “indebtedness, net” on our consolidated balance sheets and amortized over the initial term of the applicable loan agreement. At December 31, 2017 , the related party managed 82 of our 120 hotel properties and the WorldQuest condominium properties included in continuing operations and we incurred the following fees (including discontinued operations) related to the management agreements with the related party (in thousands): Year Ended December 31, 2017 2016 2015 Property management fees, including incentive property management fees $ 30,629 $ 31,164 $ 29,004 Market service fees 21,315 18,751 14,291 Corporate general and administrative and fixed asset reimbursements 5,652 5,435 4,677 Total $ 57,596 $ 55,350 $ 47,972 |
Selected Quarterly Financial 47
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of the quarterly results of operations | The following is a summary of the quarterly results of operations for the years ended December 31, 2017 and 2016 (in thousands, except per share data): First Quarter Second Quarter Third Quarter Fourth Quarter Full Year 2017 Total revenue $ 353,709 $ 390,670 $ 353,325 $ 341,566 $ 1,439,270 Total operating expenses 325,447 332,185 323,709 322,924 1,304,265 Operating income (loss) $ 28,262 $ 58,485 $ 29,616 $ 18,642 $ 135,005 Income (loss) from continuing operations $ (31,937 ) $ 10,428 $ (28,726 ) $ (38,525 ) $ (88,760 ) Income (loss) from continuing operations attributable to the Company $ (25,413 ) $ 10,184 $ (21,808 ) $ (29,971 ) $ (67,008 ) Income (loss) from continuing operations attributable to common stockholders $ (36,369 ) $ (772 ) $ (37,755 ) $ (47,672 ) $ (122,568 ) Diluted income (loss) from continuing operations attributable to common stockholders per share $ (0.39 ) $ (0.01 ) $ (0.40 ) $ (0.50 ) $ (1.30 ) (1 ) Weighted average diluted common shares 94,840 95,320 95,332 95,328 95,207 2016 Total revenue $ 367,772 $ 410,670 $ 371,931 $ 341,670 $ 1,492,043 Total operating expenses 326,369 341,203 330,857 337,910 1,336,339 Operating income (loss) $ 41,403 $ 69,467 $ 41,074 $ 3,760 $ 155,704 Income (loss) from continuing operations $ (12,139 ) $ 35,135 $ (25,138 ) $ (56,640 ) $ (58,782 ) Income (loss) from continuing operations attributable to the Company $ (9,989 ) $ 30,753 $ (20,145 ) $ (46,904 ) $ (46,285 ) Income (loss) from continuing operations attributable to common stockholders $ (18,479 ) $ 22,262 $ (35,144 ) $ (57,320 ) $ (88,681 ) Diluted income (loss) from continuing operations attributable to common stockholders per share $ (0.20 ) $ 0.23 $ (0.37 ) $ (0.61 ) $ (0.95 ) (1 ) Weighted average diluted common shares 94,136 94,474 94,531 94,585 94,426 _________________ (1) The sum of the diluted income (loss) from continuing operations attributable to common stockholders per share for the four quarters in 2017 and 2016 differs from the annual diluted income (loss) from continuing operations attributable to common stockholders per share due to the required method of computing the weighted average diluted common shares in the respective periods. |
Organization and Description 48
Organization and Description of Business (Details) $ in Thousands | Dec. 31, 2017USD ($)roomunithotel | Sep. 30, 2017hotel | Dec. 31, 2016USD ($) | Jun. 30, 2015 |
Real Estate Properties [Line Items] | ||||
Number of hotel properties | 24 | |||
Number of units in real estate property | room | 25,058 | |||
Number of units in real estate property, net partnership interest | room | 25,031 | |||
Investment in unconsolidated entities | $ | $ 2,955 | $ 58,779 | ||
OpenKey [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership percentage | 16.23% | 13.30% | ||
Investment in unconsolidated entities | $ | $ 2,500 | |||
AQUA U.S. Fund [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership percentage | 52.40% | |||
Investment in unconsolidated entities | $ | $ 50,900 | |||
World Quest Resort [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of units in real estate property | unit | 89 | |||
Ashford Inc. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Ownership percentage | 28.60% | |||
Investment in unconsolidated entities | $ | $ 437 | $ 5,873 | ||
Investment in unconsolidated subsidiary fair value | $ | $ 55,600 | |||
Wholly Owned Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotel properties | 118 | |||
Wholly Owned Properties [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotel properties | 2 | |||
Partially Owned Properties [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotel properties | 2 | |||
Subsidiaries [Member] | ||||
Real Estate Properties [Line Items] | ||||
Number of hotel properties | 120 | |||
Number of hotel properties managed by affiliates | 82 |
Significant Accounting Polici49
Significant Accounting Policies (Details) | 12 Months Ended | ||||
Dec. 31, 2017USD ($)joint_venturehotel | Dec. 31, 2016USD ($)joint_venturehotel | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2007USD ($) | |
Real Estate Properties [Line Items] | |||||
Number of hotel properties stated at historical cost | hotel | 4 | ||||
Impairment charges of Joint venture | $ 0 | $ 0 | $ 0 | ||
Unfavorable management contract liabilities | $ 0 | 1,380,000 | $ 23,400,000 | ||
Noncontrolling interest in joint venture | 15.00% | ||||
Advertising expense | $ 7,500,000 | 6,400,000 | 5,600,000 | ||
Net cash provided by (used in) operating activities | 207,382,000 | 179,723,000 | 203,577,000 | ||
Net cash provided by (used in) investing activities | (63,881,000) | (21,858,000) | (780,316,000) | ||
Accounting Standards Update 2016-18 [Member] | |||||
Real Estate Properties [Line Items] | |||||
Net cash provided by (used in) operating activities | 4,700,000 | 5,400,000 | |||
Net cash provided by (used in) investing activities | 13,900,000 | (73,200,000) | |||
Cash, cash equivalents and restricted cash at beginning of year | 144,000,000 | 153,700,000 | $ 85,800,000 | ||
Notes Receivable [Member] | |||||
Real Estate Properties [Line Items] | |||||
Interest income recorded | $ 0 | 0 | 0 | ||
Impairment charges | 0 | 0 | |||
Valuation adjustments (credits to impairment charges) | $ 500,000 | $ 439,000 | |||
Two Interstate Hotels [Member] | |||||
Real Estate Properties [Line Items] | |||||
Noncontrolling interest in joint venture | 15.00% | 15.00% | |||
Number of hotel properties held by joint ventures | hotel | 2 | 2 | |||
Number of joint venture | joint_venture | 1 | 1 | |||
PIM Highland JV [Member] | |||||
Real Estate Properties [Line Items] | |||||
Ownership percentage | 28.26% | ||||
OpenKey [Member] | |||||
Real Estate Properties [Line Items] | |||||
Ownership percentage | 16.23% | 13.30% | |||
Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Restricted cash reserves as percentage of property revenue | 4.00% | ||||
Minimum [Member] | Building and Building Improvements [Member] | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life | 7 years 6 months | ||||
Minimum [Member] | Furniture, fixtures and equipment [Member] | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life | 1 year 6 months | ||||
Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Restricted cash reserves as percentage of property revenue | 6.00% | ||||
Maximum [Member] | Building and Building Improvements [Member] | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life | 39 years | ||||
Maximum [Member] | Furniture, fixtures and equipment [Member] | |||||
Real Estate Properties [Line Items] | |||||
Estimated useful life | 5 years | ||||
Maximum [Member] | Unconsolidated Properties [Member] | |||||
Real Estate Properties [Line Items] | |||||
Ownership percentage | 28.60% |
Investment in Hotel Propertie50
Investment in Hotel Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment in hotel properties, net | |||
Land | $ 653,293 | $ 663,013 | |
Buildings and improvements | 3,895,112 | 3,913,377 | |
Furniture, fixtures and equipment | 468,420 | 434,091 | |
Construction in progress | 35,273 | 32,525 | |
Condominium properties | 12,196 | 11,558 | |
Total cost | 5,064,294 | 5,054,564 | |
Accumulated depreciation | (1,028,379) | (894,001) | |
Investments in hotel properties, net | 4,035,915 | 4,160,563 | |
Cost of land and depreciable property, net of accumulated depreciation, for federal income tax purposes | 4,100,000 | 3,400,000 | |
Depreciation expense, including depreciation of assets under capital leases and discontinued hotel properties | $ 246,000 | $ 243,600 | $ 210,100 |
Investment in Unconsolidated 51
Investment in Unconsolidated Entities (Balance Sheets) (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||||
Total assets | $ 4,669,850 | $ 4,891,544 | ||
Total liabilities | 3,920,582 | 3,966,399 | ||
Redeemable noncontrolling interests | 116,122 | 132,768 | ||
Total stockholders' equity | 632,500 | 791,621 | ||
Noncontrolling interest in consolidated entities | 646 | 756 | ||
Total equity | 633,146 | 792,377 | $ 811,856 | $ 532,433 |
Total liabilities and equity | 4,669,850 | 4,891,544 | ||
Our ownership interest | 2,955 | 58,779 | ||
AQUA U.S. Fund [Member] | ||||
Real Estate Properties [Line Items] | ||||
Our ownership interest | 50,900 | |||
Ashford Inc. [Member] | ||||
Real Estate Properties [Line Items] | ||||
Total assets | 114,810 | 129,797 | ||
Total liabilities | 78,742 | 38,168 | ||
Redeemable noncontrolling interests | 5,111 | 1,480 | ||
Total stockholders' equity | 30,185 | 37,377 | ||
Noncontrolling interest in consolidated entities | 772 | 52,772 | ||
Total equity | 30,957 | 90,149 | ||
Total liabilities and equity | 114,810 | 129,797 | ||
Our ownership interest | $ 437 | $ 5,873 |
Investment in Unconsolidated 52
Investment in Unconsolidated Entities (Statement of Operations) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Real Estate Properties [Line Items] | |||||||||||
Total revenue | $ 341,566 | $ 353,325 | $ 390,670 | $ 353,709 | $ 341,670 | $ 371,931 | $ 410,670 | $ 367,772 | $ 1,439,270 | $ 1,492,043 | $ 1,336,966 |
Total expenses | (322,924) | (323,709) | (332,185) | (325,447) | (337,910) | (330,857) | (341,203) | (326,369) | (1,304,265) | (1,336,339) | (1,199,051) |
Operating income (loss) | $ 18,642 | $ 29,616 | $ 58,485 | $ 28,262 | $ 3,760 | $ 41,074 | $ 69,467 | $ 41,403 | 135,005 | 155,704 | 137,915 |
Realized and unrealized gain (loss) on investments, net | (3,678) | 4,946 | 1,776 | ||||||||
Other income (expense) | (3,422) | (4,517) | (864) | ||||||||
Income tax expense | 2,218 | (1,532) | (4,710) | ||||||||
Net income (loss) | (88,760) | (58,782) | 306,412 | ||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership | 21,642 | 12,483 | (35,503) | ||||||||
Net income (loss) attributable to the Company | (67,008) | (46,285) | 270,939 | ||||||||
Our equity in earnings (loss) of equity method investments | (5,866) | (6,110) | (6,831) | ||||||||
AQUA U.S. Fund [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Our equity in earnings (loss) of equity method investments | 52 | (5,100) | (3,400) | ||||||||
Ashford Inc. [Member] | |||||||||||
Real Estate Properties [Line Items] | |||||||||||
Total revenue | 81,573 | 67,607 | 58,981 | ||||||||
Total expenses | (92,095) | (70,064) | (60,332) | ||||||||
Operating income (loss) | (10,522) | (2,457) | (1,351) | ||||||||
Equity in loss of unconsolidated entity | 0 | (1,460) | (2,141) | ||||||||
Realized and unrealized gain (loss) on investments, net | (91) | (7,787) | (7,600) | ||||||||
Other income (expense) | 142 | 81 | 1,114 | ||||||||
Income tax expense | (9,723) | (780) | (2,066) | ||||||||
Net income (loss) | (20,194) | (12,403) | (12,044) | ||||||||
Income (loss) from consolidated entities attributable to noncontrolling interests | 358 | 8,860 | 10,852 | ||||||||
Net loss attributable to redeemable noncontrolling interests in operating partnership | 1,484 | 1,147 | 2 | ||||||||
Net income (loss) attributable to the Company | (18,352) | (2,396) | (1,190) | ||||||||
Our equity in earnings (loss) of equity method investments | $ (5,437) | $ (743) | $ (483) |
Investment in Unconsolidated 53
Investment in Unconsolidated Entities (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 31, 2017 | Jul. 31, 2015 | Jun. 30, 2015 | |
Real Estate Properties [Line Items] | |||||||
Investment in unconsolidated entities | $ 2,955 | $ 58,779 | |||||
Equity in earnings (loss) of unconsolidated entities | (5,866) | (6,110) | $ (6,831) | ||||
Investment in unconsolidated entity | 984 | 2,321 | 0 | ||||
Gain (loss) on sale of hotel properties, net of tax | $ 0 | $ 0 | 599 | ||||
Ashford Prime OP [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Distribution of shares (in shares) | 4,100 | ||||||
OpenKey [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 16.23% | 13.30% | |||||
Investment in unconsolidated entities | $ 2,500 | ||||||
Equity in earnings (loss) of unconsolidated entities | (481) | $ (305) | |||||
Investment in unconsolidated entity | $ 1,000 | 2,300 | |||||
Ashford Inc. [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Shares in investment held (in shares) | 598 | ||||||
Ownership percentage | 28.60% | ||||||
Investment in unconsolidated entities | $ 437 | 5,873 | |||||
Investment in unconsolidated subsidiary fair value | 55,600 | ||||||
Equity in earnings (loss) of unconsolidated entities | (5,437) | (743) | (483) | ||||
AQUA U.S. Fund [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 52.40% | ||||||
Investment in unconsolidated entities | 50,900 | ||||||
Equity in earnings (loss) of unconsolidated entities | $ 52 | $ (5,100) | (3,400) | ||||
AQUA U.S. Fund [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Audit hold-back | 5.00% | ||||||
Proceeds from Divestiture of Interest in Consolidated Subsidiaries | $ 2,600 | ||||||
Pier House Resort [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Gain (loss) on sale of hotel properties, net of tax | $ 599 |
Hotel Dispositions, Assets He54
Hotel Dispositions, Assets Held for Sale and Impairment Charges (Schedule of Hotel Dispositions and Assets Held for Sale) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Assets | ||||
Cash and cash equivalents | $ 78 | $ 976 | $ 0 | $ 0 |
Assets held for sale | 18,423 | 19,588 | ||
Liabilities | ||||
Liabilities related to assets held for sale | 13,977 | 37,047 | ||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | ||||
Real Estate Properties [Line Items] | ||||
Total hotel revenue | 12,447 | 77,808 | 100,973 | |
Total hotel operating expenses | (10,064) | (51,750) | (65,874) | |
Operating income (loss) | 2,383 | 26,058 | 35,099 | |
Property taxes, insurance and other | (616) | (3,805) | (5,278) | |
Depreciation and amortization | (2,588) | (11,891) | (17,008) | |
Impairment charges | 0 | (18,316) | (2,817) | |
Gain (loss) on sale of hotel properties | 14,030 | 31,713 | 0 | |
Interest expense and amortization of loan costs | (2,361) | (10,456) | (13,150) | |
Write-off of loan costs and exit fees | (98) | (5,076) | 0 | |
Income (loss) before income taxes | 10,750 | 8,227 | (3,154) | |
(Income) loss before income taxes attributable to redeemable noncontrolling interests in operating partnership | (1,668) | (1,153) | 421 | |
Income (loss) before income taxes attributable to the Company | 9,082 | 7,074 | $ (2,733) | |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | ||||
Assets | ||||
Investments in hotel properties, net | 17,732 | 17,232 | ||
Cash and cash equivalents | 78 | 976 | ||
Restricted cash | 402 | 392 | ||
Accounts receivable | 127 | 305 | ||
Inventories | 1 | 96 | ||
Deferred costs, net | 0 | 4 | ||
Prepaid expenses | 21 | 309 | ||
Other assets | 31 | 274 | ||
Due from third-party hotel managers | 31 | 0 | ||
Assets held for sale | 18,423 | 19,588 | ||
Liabilities | ||||
Indebtedness, net | 13,221 | 35,679 | ||
Accounts payable and accrued expenses | 662 | 1,323 | ||
Due to related party, net | 94 | 45 | ||
Liabilities related to assets held for sale | $ 13,977 | $ 37,047 |
Hotel Dispositions, Assets He55
Hotel Dispositions, Assets Held for Sale and Impairment Charges (Narrative) (Details) $ / shares in Units, $ in Thousands, shares in Millions | Jun. 29, 2017USD ($) | May 10, 2017USD ($) | Mar. 06, 2017USD ($) | Feb. 01, 2017USD ($) | Oct. 07, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2015USD ($)hotel | Dec. 31, 2017USD ($)hotel | Dec. 31, 2016USD ($)hotel | Dec. 31, 2015USD ($) | Feb. 20, 2018USD ($) | Sep. 30, 2017hotel | Oct. 01, 2016USD ($)$ / sharesshares | Sep. 01, 2016USD ($) | Jun. 01, 2016USD ($)hotel |
Real Estate Properties [Line Items] | |||||||||||||||
Number of hotel properties | hotel | 24 | ||||||||||||||
Impairment of real estate | $ 2,000 | ||||||||||||||
Recoveries | 2,800 | ||||||||||||||
Third-party recoveries | 267 | ||||||||||||||
Environmental insurance deductible | 4,800 | ||||||||||||||
Allocated proceeds received from business insurance | 612 | ||||||||||||||
Business interruption deductible | $ 366 | ||||||||||||||
SpringHill Suites Centreville and SpringHill Suites Glen Allen [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Number of hotel properties | hotel | 2 | ||||||||||||||
Impairment of real estate | $ 8,200 | ||||||||||||||
SpringHill Suites Centreville [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Impairment of real estate | 4,700 | ||||||||||||||
SpringHill Suites Glen Allen [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Impairment of real estate | 3,500 | ||||||||||||||
SpringHill Suites Gaithersburg, Embassy Suites Syracuse and the Renaissance Portsmouth [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Number of hotel properties | hotel | 3 | ||||||||||||||
Impairment of real estate | $ 18,300 | ||||||||||||||
SpringHill Suites in Gaithersburg, Maryland [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Impairment of real estate | $ 2,800 | 5,000 | |||||||||||||
Asset fair value after impairment | $ 15,300 | ||||||||||||||
Syracuse NY Embassy Suites [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Impairment of real estate | 4,100 | ||||||||||||||
Portsmouth, VA Renaissance [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Impairment of real estate | 9,200 | ||||||||||||||
Residence Inn in Las Vegas, Nevada and the SpringHill Suites in Gaithersburg, Maryland [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Number of hotel properties | hotel | 2 | ||||||||||||||
Impairment of real estate | $ 19,900 | ||||||||||||||
Residence Inn in Las Vegas, Nevada [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Impairment of real estate | 17,100 | ||||||||||||||
Asset fair value after impairment | $ 37,500 | ||||||||||||||
Mortgages [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Extinguishment of debt | $ 104,300 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Total hotel revenue | 12,447 | 77,808 | $ 100,973 | ||||||||||||
Income (loss) before income taxes | 10,750 | 8,227 | $ (3,154) | ||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites Glen Allen [Member] | Subsequent Event [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Consideration for disposal | $ 10,900 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Consideration for disposal | $ 88,700 | ||||||||||||||
Gain (loss) on disposal | 14,100 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member] | Mortgages [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Extinguishment of debt | $ 78,700 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Noble Five Hotels [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Number of hotel properties | hotel | 5 | ||||||||||||||
Consideration for disposal | $ 142,000 | ||||||||||||||
Gain (loss) on disposal | 22,800 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Hampton Inn & Suites - Gainesville [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Consideration for disposal | $ 26,500 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Hampton Inn & Suites - Gainesville [Member] | Gain on Acquisition of PIM Highland JV [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Gain (loss) on disposal | 1,600 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites in Gaithersburg, Maryland [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Consideration for disposal | $ 13,200 | ||||||||||||||
Gain (loss) on disposal | (223) | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites in Gaithersburg, Maryland [Member] | Mortgages [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Extinguishment of debt | $ 10,400 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites in Gaithersburg, Maryland [Member] | Class B Common Units | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Consideration (in shares) | shares | 2 | ||||||||||||||
Consideration per unit (in dollars per share) | $ / shares | $ 5.74 | ||||||||||||||
Consideration per share redeemed (in dollars per share) | $ / shares | $ 6.05 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Palm Desert Hotels [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Consideration for disposal | $ 36,000 | ||||||||||||||
Gain (loss) on disposal | 7,500 | ||||||||||||||
Extinguishment of debt | $ 23,800 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Consideration for disposal | $ 8,800 | ||||||||||||||
Gain (loss) on disposal | (40) | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member] | Mortgages [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Extinguishment of debt | $ 20,600 | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Consideration for disposal | $ 9,200 | ||||||||||||||
Gain (loss) on disposal | (43) | ||||||||||||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member] | Mortgages [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Extinguishment of debt | $ 20,200 | ||||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | SpringHill Suites Glen Allen [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Total hotel revenue | 7,000 | ||||||||||||||
Income (loss) before income taxes | $ (154) | ||||||||||||||
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Renaissance Portsmouth and Embassy Suites Syracuse [Member] | |||||||||||||||
Real Estate Properties [Line Items] | |||||||||||||||
Total hotel revenue | 18,700 | ||||||||||||||
Income (loss) before income taxes | $ 499 |
Deferred Costs, net (Details)
Deferred Costs, net (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred franchise fees | $ 4,400 | $ 4,602 |
Accumulated amortization | (1,623) | (1,752) |
Deferred costs before costs related to assets held for sale | 2,777 | 2,850 |
Deferred costs related to assets held for sale | 0 | 4 |
Deferred costs, net | $ 2,777 | $ 2,846 |
Intangible Assets, net and In57
Intangible Assets, net and Intangible Liabilities, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Intangible Assets, net | |||
Cost | $ 10,276 | $ 10,276 | |
Accumulated amortization | (333) | (215) | |
Total | 9,943 | ||
Intangible Liability, net | |||
Cost | 16,846 | 16,846 | |
Accumulated amortization | (1,007) | (651) | |
Total | 15,839 | 16,195 | |
Net amortization related to intangibles was a reduction in lease expense | (238) | (156) | $ (167) |
Intangible Assets | |||
2,018 | 118 | ||
2,019 | 118 | ||
2,020 | 118 | ||
2,021 | 118 | ||
2,022 | 118 | ||
Thereafter | 9,353 | ||
Total | 9,943 | 10,061 | |
Intangible Liabilities | |||
2,018 | 356 | ||
2,019 | 356 | ||
2,020 | 356 | ||
2,021 | 356 | ||
2,022 | 356 | ||
Thereafter | 14,059 | ||
Total | 15,839 | $ 16,195 | |
Savannah - Dock Acquisition [Member] | |||
Intangible Liability, net | |||
Intangible asset | $ 797 |
Indebtedness, net (Details)
Indebtedness, net (Details) $ in Thousands | Oct. 30, 2017USD ($) | May 10, 2017USD ($) | Dec. 31, 2017USD ($)hotel | Oct. 31, 2017USD ($) | May 24, 2017USD ($) | Dec. 31, 2016USD ($) | Oct. 07, 2016USD ($) |
Debt Instrument [Line Items] | |||||||
Book Value of Collateral | $ 3,999,507 | $ 4,129,380 | |||||
Indebtedness, gross | 3,723,568 | ||||||
Indebtedness, net | 3,696,300 | 3,723,559 | |||||
Mortgages [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Extinguishment of debt | $ 104,300 | ||||||
Indebtedness, gross | 3,723,568 | 3,773,604 | |||||
Premiums, net | 1,570 | 3,523 | |||||
Deferred loan costs, net | (15,617) | (17,889) | |||||
Indebtedness including assets held for sale | 3,709,521 | 3,759,238 | |||||
Indebtedness, net | $ 3,696,300 | 3,723,559 | |||||
Mortgages [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Indebtedness, net | $ 0 | 16,080 | |||||
Mortgages [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Indebtedness, net | $ 0 | 19,599 | |||||
Mortgages [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | SpringHill Suites Centreville [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Indebtedness, net | $ 5,992 | 0 | |||||
Mortgages [Member] | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | SpringHill Suites Glen Allen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Indebtedness, net | $ 7,229 | 0 | |||||
Mortgages [Member] | LIBOR | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.39% | ||||||
Mortgages [Member] | LIBOR | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.35% | ||||||
Mortgages [Member] | LIBOR | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | SpringHill Suites Centreville [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.38% | ||||||
Mortgages [Member] | LIBOR | Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | SpringHill Suites Glen Allen [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.55% | ||||||
Mortgages [Member] | Mortgage loan 1 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Interest rate | 5.98% | ||||||
Book Value of Collateral | $ 0 | 25,714 | |||||
Indebtedness, gross | $ 0 | 15,729 | |||||
Mortgages [Member] | Mortgage loan 2 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 17 | ||||||
Book Value of Collateral | $ 0 | 302,417 | |||||
Indebtedness, gross | $ 0 | ||||||
Mortgages [Member] | Mortgage loan 2 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 5.52% | ||||||
Mortgages [Member] | Mortgage loan 3 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 2 | ||||||
Interest rate | 4.44% | ||||||
Book Value of Collateral | $ 0 | 228,433 | |||||
Indebtedness, gross | $ 0 | 105,047 | |||||
Mortgages [Member] | Mortgage loan 4 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Interest rate | 4.38% | ||||||
Book Value of Collateral | $ 0 | 195,768 | |||||
Indebtedness, gross | $ 0 | 96,169 | |||||
Mortgages [Member] | Mortgage loan 5 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 8 | ||||||
Book Value of Collateral | $ 346,609 | 355,707 | |||||
Indebtedness, gross | $ 376,800 | 376,800 | |||||
Mortgages [Member] | Mortgage loan 5 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.95% | ||||||
Mortgages [Member] | Mortgage loan 6 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 5 | ||||||
Book Value of Collateral | $ 208,338 | 205,111 | |||||
Indebtedness, gross | $ 200,000 | 200,000 | |||||
Mortgages [Member] | Mortgage loan 6 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.75% | ||||||
Mortgages [Member] | Mortgage loan 7 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Book Value of Collateral | $ 39,298 | 40,738 | |||||
Indebtedness, gross | $ 33,300 | 33,300 | |||||
Mortgages [Member] | Mortgage loan 7 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.95% | ||||||
Mortgages [Member] | Mortgage loan 8 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 22 | ||||||
Book Value of Collateral | $ 1,206,994 | 1,278,932 | |||||
Indebtedness, gross | $ 971,654 | 1,070,560 | |||||
Mortgages [Member] | Mortgage loan 8 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.39% | ||||||
Mortgages [Member] | Mortgage loan 9 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Book Value of Collateral | $ 32,188 | 33,801 | |||||
Indebtedness, gross | $ 25,100 | 25,100 | |||||
Mortgages [Member] | Mortgage loan 9 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 5.10% | ||||||
Mortgages [Member] | Mortgage loan 10 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Book Value of Collateral | $ 62,348 | 60,260 | |||||
Indebtedness, gross | $ 43,750 | 43,750 | |||||
Mortgages [Member] | Mortgage loan 10 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 5.10% | ||||||
Mortgages [Member] | Mortgage loan 11 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Book Value of Collateral | $ 36,220 | 37,375 | |||||
Indebtedness, gross | $ 35,200 | 35,200 | |||||
Mortgages [Member] | Mortgage loan 11 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.15% | ||||||
Mortgages [Member] | Mortgage loan 12 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Book Value of Collateral | $ 52,038 | 53,526 | |||||
Indebtedness, gross | $ 40,500 | 40,500 | |||||
Mortgages [Member] | Mortgage loan 12 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 5.10% | ||||||
Mortgages [Member] | Mortgage loan 13 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 8 | ||||||
Book Value of Collateral | $ 174,676 | 178,738 | |||||
Indebtedness, gross | $ 144,000 | 144,000 | |||||
Mortgages [Member] | Mortgage loan 13 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.09% | ||||||
Mortgages [Member] | Mortgage loan 14 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Book Value of Collateral | $ 15,279 | 15,010 | |||||
Indebtedness, gross | $ 12,000 | 12,000 | |||||
Mortgages [Member] | Mortgage loan 14 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.95% | ||||||
Mortgages [Member] | Mortgage loan 15 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 4 | ||||||
Book Value of Collateral | $ 61,358 | 66,725 | |||||
Indebtedness, gross | $ 52,530 | 52,530 | |||||
Mortgages [Member] | Mortgage loan 15 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.38% | ||||||
Mortgages [Member] | Mortgage loan 16 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 6 | ||||||
Book Value of Collateral | $ 162,938 | 185,804 | |||||
Indebtedness, gross | $ 280,421 | 301,000 | |||||
Mortgages [Member] | Mortgage loan 16 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.35% | ||||||
Mortgages [Member] | Mortgage loan 17 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 18 | ||||||
Book Value of Collateral | $ 442,394 | 457,040 | |||||
Indebtedness, gross | $ 450,000 | 450,000 | $ 450,000 | ||||
Mortgages [Member] | Mortgage loan 17 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 4.55% | ||||||
Mortgages [Member] | Mortgage loan 18 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Interest rate | 4.00% | ||||||
Book Value of Collateral | $ 8,056 | 8,326 | |||||
Indebtedness, gross | $ 5,336 | 5,436 | |||||
Mortgages [Member] | Mortgage loan 19 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 17 | ||||||
Book Value of Collateral | $ 290,973 | 0 | |||||
Indebtedness, gross | $ 427,000 | $ 427,000 | 0 | ||||
Mortgages [Member] | Mortgage loan 19 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3.00% | ||||||
Mortgages [Member] | Mortgage loan 20 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Book Value of Collateral | $ 25,654 | 0 | |||||
Indebtedness, gross | $ 16,100 | $ 16,100 | 0 | ||||
Mortgages [Member] | Mortgage loan 20 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.90% | ||||||
Mortgages [Member] | Mortgage loan 21 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Interest rate | 6.26% | ||||||
Book Value of Collateral | $ 126,462 | 124,654 | |||||
Indebtedness, gross | $ 95,207 | 96,873 | |||||
Mortgages [Member] | Mortgage loan 22 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 2 | ||||||
Book Value of Collateral | $ 234,253 | 0 | |||||
Indebtedness, gross | $ 181,000 | $ 164,700 | 0 | ||||
Mortgages [Member] | Mortgage loan 22 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 3.00% | ||||||
Mortgages [Member] | Mortgage loan 23 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Extinguishment of debt | $ 94,700 | ||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Book Value of Collateral | $ 196,365 | 0 | |||||
Indebtedness, gross | $ 97,000 | $ 97,000 | 0 | ||||
Mortgages [Member] | Mortgage loan 23 [Member] | LIBOR | |||||||
Debt Instrument [Line Items] | |||||||
Basis spread on variable rate | 2.00% | ||||||
Mortgages [Member] | Mortgage loan 24 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Interest rate | 5.46% | ||||||
Book Value of Collateral | $ 81,854 | 84,854 | |||||
Indebtedness, gross | $ 53,789 | 54,685 | |||||
Mortgages [Member] | Mortgage loan 25 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Interest rate | 5.49% | ||||||
Book Value of Collateral | $ 9,392 | 10,092 | |||||
Indebtedness, gross | $ 7,000 | 7,111 | |||||
Mortgages [Member] | Mortgage loan 26 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Interest rate | 5.49% | ||||||
Book Value of Collateral | $ 17,533 | 15,229 | |||||
Indebtedness, gross | $ 10,216 | 10,378 | |||||
Mortgages [Member] | Mortgage loan 27 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||
Interest rate | 4.99% | ||||||
Book Value of Collateral | $ 7,438 | 7,922 | |||||
Indebtedness, gross | $ 6,530 | 6,641 | |||||
Mortgages [Member] | Mortgage loan 28 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 2 | ||||||
Interest rate | 4.85% | ||||||
Book Value of Collateral | $ 11,135 | 8,910 | |||||
Indebtedness, gross | $ 12,242 | 12,427 | |||||
Mortgages [Member] | Mortgage loan 29 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 3 | ||||||
Interest rate | 4.90% | ||||||
Book Value of Collateral | $ 15,693 | 16,647 | |||||
Indebtedness, gross | $ 24,471 | 24,836 | |||||
Mortgages [Member] | Mortgage loan 30 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 3 | ||||||
Interest rate | 5.20% | ||||||
Book Value of Collateral | $ 51,393 | 51,659 | |||||
Indebtedness, gross | $ 66,224 | 67,164 | |||||
Mortgages [Member] | Mortgage loan 31 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 2 | ||||||
Interest rate | 4.45% | ||||||
Book Value of Collateral | $ 10,516 | 10,952 | |||||
Indebtedness, gross | $ 20,214 | 20,575 | |||||
Mortgages [Member] | Mortgage loan 32 [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Number of hotels collateralized by a loan | hotel | 3 | ||||||
Interest rate | 4.45% | ||||||
Book Value of Collateral | $ 72,112 | 69,036 | |||||
Indebtedness, gross | $ 52,284 | $ 53,293 |
Indebtedness, net (Narrative) (
Indebtedness, net (Narrative) (Details) | Jul. 01, 2020USD ($) | Jun. 01, 2019 | Jan. 17, 2018USD ($)extension | Oct. 31, 2017USD ($)hotelextension | Oct. 30, 2017USD ($) | Jun. 29, 2017USD ($) | May 24, 2017USD ($)extension | May 10, 2017USD ($) | Mar. 06, 2017USD ($) | Feb. 01, 2017USD ($) | Oct. 07, 2016USD ($)extensionloan | Sep. 30, 2016USD ($) | Dec. 31, 2017USD ($)hotelextension | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||||||||||||
LIBOR rate | 1.56% | 0.772% | |||||||||||||
Indebtedness, gross | $ 3,723,568,000 | ||||||||||||||
Borrowings on indebtedness | 704,800,000 | $ 487,500,000 | $ 2,277,782,000 | ||||||||||||
Accrued but unpaid capital expenditures | 19,456,000 | 11,402,000 | 7,525,000 | ||||||||||||
Premium amortization recognized | 2,000,000 | 2,100,000 | $ 1,400,000 | ||||||||||||
Mortgages [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 376,800,000 | ||||||||||||||
Mortgages [Member] | Mortgage Loan due January 2020 [Member] | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 395,000,000 | ||||||||||||||
Debt instrument term | 2 years | ||||||||||||||
Number of extension options | extension | 5 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Mortgages [Member] | Mortgage Loan due January 2020 [Member] | LIBOR | Subsequent Event [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 2.92% | ||||||||||||||
Mortgages [Member] | Mortgage Secured by 18 Hotels [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 415,100,000 | ||||||||||||||
Number of refinanced loans | loan | 4 | ||||||||||||||
Mortgages [Member] | Mortgage Secured by Hilton Boston Back Bay [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 94,500,000 | ||||||||||||||
Face amount of debt | 94,700,000 | ||||||||||||||
Mortgages [Member] | Mortgage Secured by 17 Hotels [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 412,500,000 | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 17 | ||||||||||||||
Mortgages [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 104,300,000 | ||||||||||||||
Indebtedness, gross | 3,723,568,000 | 3,773,604,000 | |||||||||||||
Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Portsmouth, VA Renaissance [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 20,200,000 | ||||||||||||||
Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Crowne Plaza Ravinia, Atlanta, Georgia [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 78,700,000 | ||||||||||||||
Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Syracuse NY Embassy Suites [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 20,600,000 | ||||||||||||||
Mortgages [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites in Gaithersburg, Maryland [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 10,400,000 | ||||||||||||||
Mortgages [Member] | Mortgage Loan Secured by Hotel Indigo Atlanta [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 15,700,000 | ||||||||||||||
Mortgages [Member] | Mortgage loan 6 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 200,000,000 | 200,000,000 | |||||||||||||
Number of extension options | extension | 3 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
LIBOR floor percentage | 0.20% | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 5 | ||||||||||||||
Mortgages [Member] | Mortgage loan 6 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.75% | ||||||||||||||
Mortgages [Member] | Mortgage loan 7 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 33,300,000 | 33,300,000 | |||||||||||||
Number of extension options | extension | 3 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||||||||||
Mortgages [Member] | Mortgage loan 7 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.95% | ||||||||||||||
Mortgages [Member] | Mortgage loan 8 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 971,654,000 | 1,070,560,000 | |||||||||||||
Number of extension options | extension | 4 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 22 | ||||||||||||||
Mortgages [Member] | Mortgage loan 8 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.39% | ||||||||||||||
Mortgages [Member] | Mortgage loan 9 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 25,100,000 | 25,100,000 | |||||||||||||
Number of extension options | extension | 3 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||||||||||
Mortgages [Member] | Mortgage loan 9 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 5.10% | ||||||||||||||
Mortgages [Member] | Mortgage loan 10 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 43,750,000 | 43,750,000 | |||||||||||||
Number of extension options | extension | 3 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||||||||||
Mortgages [Member] | Mortgage loan 10 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 5.10% | ||||||||||||||
Mortgages [Member] | Mortgage loan 12 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 40,500,000 | 40,500,000 | |||||||||||||
Number of extension options | extension | 3 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||||||||||
Mortgages [Member] | Mortgage loan 12 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 5.10% | ||||||||||||||
Mortgages [Member] | Mortgage loan 13 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 144,000,000 | 144,000,000 | |||||||||||||
Number of extension options | extension | 3 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 8 | ||||||||||||||
Mortgages [Member] | Mortgage loan 13 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.09% | ||||||||||||||
Mortgages [Member] | Mortgage loan 11 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 35,200,000 | 35,200,000 | |||||||||||||
Number of extension options | extension | 3 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||||||||||
Mortgages [Member] | Mortgage loan 11 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.15% | ||||||||||||||
Mortgages [Member] | Mortgage loan 14 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 12,000,000 | 12,000,000 | |||||||||||||
Number of extension options | extension | 2 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||||||||||
Mortgages [Member] | Mortgage loan 14 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.95% | ||||||||||||||
Mortgages [Member] | Mortgage loan 15 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 52,530,000 | 52,530,000 | |||||||||||||
Number of extension options | extension | 3 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 4 | ||||||||||||||
Mortgages [Member] | Mortgage loan 15 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.38% | ||||||||||||||
Mortgages [Member] | Mortgage loan 16 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 280,421,000 | 301,000,000 | |||||||||||||
Number of extension options | extension | 3 | ||||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 6 | ||||||||||||||
Mortgages [Member] | Mortgage loan 16 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.35% | ||||||||||||||
Mortgages [Member] | Mortgage loan 17 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 450,000,000 | $ 450,000,000 | 450,000,000 | ||||||||||||
Debt instrument term | 2 years | ||||||||||||||
Number of extension options | extension | 4 | 4 | |||||||||||||
Term of mortgage loan extension option | 1 year | 1 year | |||||||||||||
Number of hotels collateralized by a loan | hotel | 18 | ||||||||||||||
Number of mortgage loans | loan | 1 | ||||||||||||||
Mortgages [Member] | Mortgage loan 17 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 4.55% | ||||||||||||||
Mortgages [Member] | Mortgage loan 19 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 427,000,000 | $ 427,000,000 | 0 | ||||||||||||
Debt instrument term | 2 years | ||||||||||||||
Number of extension options | extension | 5 | 5 | |||||||||||||
Term of mortgage loan extension option | 1 year | 1 year | |||||||||||||
Number of hotels collateralized by a loan | hotel | 17 | ||||||||||||||
Mortgages [Member] | Mortgage loan 19 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 3.00% | ||||||||||||||
Mortgages [Member] | Mortgage loan 20 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | $ 16,100,000 | $ 16,100,000 | 0 | ||||||||||||
Debt instrument term | 3 years | ||||||||||||||
Number of extension options | extension | 2 | 2 | |||||||||||||
Term of mortgage loan extension option | 1 year | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||||||||||
Mortgages [Member] | Mortgage loan 20 [Member] | Scenario, Forecast [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Amortization term | 30 years | ||||||||||||||
Interest rate | 6.00% | ||||||||||||||
Mortgages [Member] | Mortgage loan 20 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 2.90% | ||||||||||||||
Mortgages [Member] | Mortgage loan 22 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Indebtedness, gross | 181,000,000 | $ 164,700,000 | 0 | ||||||||||||
Borrowings on indebtedness | 164,700,000 | ||||||||||||||
Accrued but unpaid capital expenditures | 16,300,000 | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 2 | ||||||||||||||
Mortgages [Member] | Mortgage loan 22 [Member] | Scenario, Forecast [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Quarterly principal payments | $ 750,000 | ||||||||||||||
Mortgages [Member] | Mortgage loan 22 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 3.00% | ||||||||||||||
Mortgages [Member] | Mortgage loan 23 [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | 94,700,000 | ||||||||||||||
Indebtedness, gross | $ 97,000,000 | $ 97,000,000 | $ 0 | ||||||||||||
Debt instrument term | 5 years | ||||||||||||||
Number of extension options | extension | 0 | ||||||||||||||
Number of hotels collateralized by a loan | hotel | 1 | ||||||||||||||
Mortgages [Member] | Mortgage loan 23 [Member] | LIBOR | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Basis spread on variable rate | 2.00% | ||||||||||||||
Mortgages [Member] | Mortgage Loan Secured by Renaissance Nashville in Nashville, Tennessee and Westin in Princeton, New Jersey [Member] | |||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||
Extinguishment of debt | $ 105,000,000 |
Indebtedness, net (Details 1)
Indebtedness, net (Details 1) $ in Thousands | Dec. 31, 2017USD ($) |
Debt Disclosure [Abstract] | |
2,018 | $ 2,671,185 |
2,019 | 438,723 |
2,020 | 113,703 |
2,021 | 7,953 |
2,022 | 262,410 |
Thereafter | 229,594 |
Indebtedness, gross | $ 3,723,568 |
Derivative Instruments and He61
Derivative Instruments and Hedging (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Indebtedness, net | $ 3,696,300,000 | $ 3,723,559,000 |
Mortgage Loans, Variable Interest, 2015 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Indebtedness, net | $ 3,400,000,000 | |
Interest Rate Floor [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative | $ 10,000,000,000 | |
Derivative interest rate | 1.50% | 1.00% |
Floor price | 0.25% | 0.25% |
Credit Default Swaps [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative | $ 212,500,000 | |
Transaction cost | 7,700,000 | |
Change in market value of credit default swap | 250,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap One [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative | 2,500,000,000 | |
Payments of derivative issuance costs | $ 871,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap One [Member] | Minimum [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative interest rate | 1.50% | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap One [Member] | Maximum [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative interest rate | 5.84% | |
Not Designated as Hedging Instrument [Member] | Interest Rate Floor 1 [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative | $ 10,800,000,000 | |
Cost of hedge | $ 388,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Floor 1 [Member] | Minimum [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative interest rate | 1.00% | |
Not Designated as Hedging Instrument [Member] | Interest Rate Floor 1 [Member] | Maximum [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative interest rate | 1.50% | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap Two [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative | $ 3,400,000,000 | $ 1,500,000,000 |
Payments of derivative issuance costs | $ 199,000 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap Two [Member] | Minimum [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative interest rate | 1.50% | 2.00% |
Not Designated as Hedging Instrument [Member] | Interest Rate Cap Two [Member] | Maximum [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Derivative interest rate | 5.84% | 4.50% |
Not Designated as Hedging Instrument [Member] | Interest Rate Floor [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Notional amount of derivative | $ 16,800,000,000 | |
Payments of derivative issuance costs | $ 9,800,000 | |
Not Designated as Hedging Instrument [Member] | Foreign Exchange Option [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Payments of derivative issuance costs | $ 0 | $ 250,000 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Derivative assets: | ||
Derivative assets, net | $ 2,010 | $ 3,614 |
Fair Value Measurements Recurring [Member] | ||
Derivative assets: | ||
Derivative assets, net | 2,010 | 3,614 |
Counter-party and Cash Collateral Netting | 2,031 | (1,751) |
Counter-party and Cash Collateral Netting,Total | 2,031 | (1,751) |
Non-derivative assets: | ||
Assets, fair value | 56,799 | |
Assets, fair value | 28,936 | |
Fair Value Measurements Recurring [Member] | Equity Securities [Member] | ||
Derivative assets: | ||
Counter-party and Cash Collateral Netting,Total | 0 | 0 |
Non-derivative assets: | ||
Assets, fair value | 26,926 | 53,185 |
Fair Value Measurements Recurring [Member] | Interest Rate Floor [Member] | ||
Derivative assets: | ||
Derivative assets, net | 343 | 2,358 |
Counter-party and Cash Collateral Netting | 32 | 0 |
Fair Value Measurements Recurring [Member] | Interest Rate Cap [Member] | ||
Derivative assets: | ||
Derivative assets, net | 137 | 24 |
Counter-party and Cash Collateral Netting | 0 | 0 |
Fair Value Measurements Recurring [Member] | Credit Default Swaps [Member] | ||
Derivative assets: | ||
Derivative assets, net | 1,530 | 1,116 |
Counter-party and Cash Collateral Netting | 1,999 | (1,751) |
Fair Value Measurements Recurring [Member] | Future [Member] | ||
Derivative assets: | ||
Derivative assets, net | 116 | |
Counter-party and Cash Collateral Netting | 0 | |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | ||
Derivative assets: | ||
Derivative assets, net | 0 | 116 |
Non-derivative assets: | ||
Assets, fair value | 53,301 | |
Assets, fair value | 26,926 | |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Equity Securities [Member] | ||
Non-derivative assets: | ||
Assets, fair value | 26,926 | 53,185 |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Interest Rate Floor [Member] | ||
Derivative assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Interest Rate Cap [Member] | ||
Derivative assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Credit Default Swaps [Member] | ||
Derivative assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Quoted Market Prices (Level 1) [Member] | Future [Member] | ||
Derivative assets: | ||
Derivative assets, net | 116 | |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Derivative assets: | ||
Derivative assets, net | (21) | 5,249 |
Non-derivative assets: | ||
Assets, fair value | 5,249 | |
Assets, fair value | (21) | |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Equity Securities [Member] | ||
Non-derivative assets: | ||
Assets, fair value | 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Floor [Member] | ||
Derivative assets: | ||
Derivative assets, net | 311 | 2,358 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Interest Rate Cap [Member] | ||
Derivative assets: | ||
Derivative assets, net | 137 | 24 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Credit Default Swaps [Member] | ||
Derivative assets: | ||
Derivative assets, net | (469) | 2,867 |
Fair Value Measurements Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Future [Member] | ||
Derivative assets: | ||
Derivative assets, net | 0 | |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Derivative assets: | ||
Derivative assets, net | 0 | 0 |
Non-derivative assets: | ||
Assets, fair value | 0 | |
Assets, fair value | 0 | |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Equity Securities [Member] | ||
Non-derivative assets: | ||
Assets, fair value | 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Floor [Member] | ||
Derivative assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Interest Rate Cap [Member] | ||
Derivative assets: | ||
Derivative assets, net | 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Credit Default Swaps [Member] | ||
Derivative assets: | ||
Derivative assets, net | $ 0 | 0 |
Fair Value Measurements Recurring [Member] | Significant Unobservable Inputs (Level 3) [Member] | Future [Member] | ||
Derivative assets: | ||
Derivative assets, net | $ 0 |
Fair Value Measurements (Deta63
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unrealized gain (loss) on derivatives | $ (2,802) | $ (2,534) | $ (7,402) |
Unrealized gain (loss) on marketable securities | (4,649) | 4,946 | 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, Net | (11,188) | (1,169) | (7,766) |
Unrealized gain (loss) on derivatives | (2,802) | (2,534) | (7,402) |
Unrealized gain (loss) on marketable securities | (4,649) | 4,946 | 127 |
Realized gain (loss) on marketable securities | 971 | 0 | 1,968 |
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 | (2,435) | 611 | (7,603) |
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 | (758) | (535) | (2,038) |
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 | (36) | (2,574) | 2,630 |
Realized Gain (Loss) on Derivatives | (4,165) | (3,269) | (2,459) |
Fair Value Measurements Recurring [Member] | Future [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Unrealized gain (loss) on derivatives | 427 | (36) | (391) |
Realized Gain (Loss) on Derivatives | (543) | (312) | 0 |
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Credit Default Swaps [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Gain or (Loss) Recognized in Income, Liabilities | 0 | 0 | 0 |
Fair Value Measurements Recurring [Member] | Derivative Liabilities [Member] | Put Option [Member] | Short [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Gain or (Loss) Recognized in Income, Liabilities | 0 | 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 | 0 | 1,470 |
Fair Value Measurements Recurring [Member] | Non Derivative Liability [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Gain or (Loss) Recognized in Income, Liabilities | 0 | 0 | 2,550 |
Fair Value Measurements Recurring [Member] | Non Derivative Liability [Member] | Equity Securities [Member] | Short [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Gain or (Loss) Recognized in Income, Liabilities | 0 | 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 | (2,435) | 611 | (7,603) |
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 | (758) | (535) | (2,038) |
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 | (4,201) | (5,843) | 171 |
Fair Value Measurements Recurring [Member] | Derivative assets [Member] | Future [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Gain or (Loss) Recognized in Income, Assets | (116) | (348) | (391) |
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 | 0 | 26 |
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 | 0 | (1,717) |
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 | (11,188) | (1,169) | (10,316) |
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | US Treasury Securities [Member] | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Gain or (Loss) Recognized in Income, Assets | 0 | 0 | 314 |
Fair Value Measurements Recurring [Member] | Non Derivative Assets [Member] | 8880 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 | 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 | $ (3,678) | $ 4,946 | $ 1,072 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |||
Fair value consideration threshold for transfer in or out of level 3 | 10.00% | ||
London Interbank Offered Rate (LIBOR) Rate | 1.56% | 0.772% | |
Higher Uptrend in the LIBOR interest rate | 2.18% | ||
Derivative expense related to credit default swaps | $ 1,036 | $ 873 | $ 486 |
Summary of Fair Value of Fina65
Summary of Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets and liabilities measured at fair value: | ||||
Derivative assets, net, Carrying Value | $ 2,010 | $ 3,614 | ||
Derivative assets, net Estimated Fair Value | 2,010 | 3,614 | ||
Marketable securities, Carrying Value | 26,926 | 53,185 | ||
Marketable securities, Estimated Fair Value | 26,926 | 53,185 | ||
Financial assets not measured at fair value: | ||||
Cash and cash equivalents, Carrying Value | 354,805 | 347,091 | $ 215,078 | $ 215,063 |
Cash and cash equivalents, Estimated Fair Value | 354,883 | 348,067 | ||
Restricted cash, Carrying Value | 116,787 | 144,014 | 153,680 | $ 85,830 |
Restricted cash, Estimated Fair Value | 117,189 | 144,406 | ||
Accounts receivable, net, Carrying Value | 44,257 | 44,629 | ||
Accounts receivable, net, Estimated Fair Value | 44,384 | 44,934 | ||
Due from third-party hotel managers, Carrying Value | 17,387 | 13,348 | ||
Due from third party hotel managers, Estimated Fair Value | 17,418 | 13,348 | ||
Financial liabilities not measured at fair value: | ||||
Indebtedness, Carrying Value | 3,725,138 | |||
Accounts payable and accrued expenses, Carrying Value | 132,401 | 126,986 | ||
Accounts payable and accrued expenses, Estimated Fair Value | 133,063 | 128,309 | ||
Dividends payable, Carrying Value | 25,045 | 24,765 | $ 22,678 | |
Dividends payable, Estimated Fair Value | 25,045 | 24,765 | ||
Due to related party, net, Carrying Value | 1,067 | 1,001 | ||
Due to related party, Estimated Fair Value | 1,161 | 1,046 | ||
Due to third-party hotel managers, Carrying Value | 2,431 | 2,714 | ||
Due to third-party hotel managers, Estimated Fair Value | 2,431 | 2,714 | ||
Minimum [Member] | ||||
Financial liabilities not measured at fair value: | ||||
Indebtedness, Estimated Fair Value | 3,559,993 | 3,600,691 | ||
Maximum [Member] | ||||
Financial liabilities not measured at fair value: | ||||
Indebtedness, Estimated Fair Value | 3,934,727 | 3,979,713 | ||
Ashford Inc. [Member] | ||||
Financial liabilities not measured at fair value: | ||||
Due to affiliates, Carrying Value | 15,146 | |||
Due to affiliates, Estimated Fair Value | 15,146 | 15,716 | ||
Ashford Prime OP [Member] | ||||
Financial liabilities not measured at fair value: | ||||
Due to affiliates, Carrying Value | 0 | 488 | ||
Due to affiliates, Estimated Fair Value | 0 | 488 | ||
Reported Value Measurement [Member] | ||||
Financial assets not measured at fair value: | ||||
Cash and cash equivalents, Carrying Value | 354,883 | 348,067 | ||
Restricted cash, Carrying Value | 117,189 | 144,406 | ||
Accounts receivable, net, Carrying Value | 44,384 | 44,934 | ||
Due from third-party hotel managers, Carrying Value | 17,418 | |||
Financial liabilities not measured at fair value: | ||||
Indebtedness, Carrying Value | 3,777,127 | |||
Accounts payable and accrued expenses, Carrying Value | 133,063 | 128,309 | ||
Dividends payable, Carrying Value | 25,045 | |||
Due to related party, net, Carrying Value | 1,161 | $ 1,046 | ||
Due to third-party hotel managers, Carrying Value | 2,431 | |||
Reported Value Measurement [Member] | Ashford Inc. [Member] | ||||
Financial liabilities not measured at fair value: | ||||
Due to affiliates, Carrying Value | 15,146 | |||
Reported Value Measurement [Member] | Ashford Prime OP [Member] | ||||
Financial liabilities not measured at fair value: | ||||
Due to affiliates, Carrying Value | $ 0 |
Summary of Fair Value of Fina66
Summary of Fair Value of Financial Instruments (Narrative) (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Maturity period of financial assets | 90 days | |
Carrying value of total indebtedness of continuing operations | $ 3.7 | $ 3.8 |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total indebtedness fair value variance from carrying value | 105.60% | 105.40% |
Minimum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total indebtedness fair value variance from carrying value | 95.60% | 95.30% |
Commitments and Contingencies67
Commitments and Contingencies (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,018 | $ 2,529 |
2,019 | 2,377 |
2,020 | 2,296 |
2,021 | 2,248 |
2,022 | 2,092 |
Thereafter | 112,184 |
Total | $ 123,726 |
Commitments and Contingencies68
Commitments and Contingencies (Narrative) (Details) | Nov. 02, 2017USD ($) | Jul. 19, 2017USD ($) | Jun. 01, 2017USD ($) | Jun. 30, 2014USD ($) | Nov. 01, 2011USD ($) | Dec. 31, 2017USD ($)lease | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2006USD ($) |
Loss Contingencies [Line Items] | |||||||||
Number of ground leases | lease | 4 | ||||||||
Rent expenses | $ 4,300,000 | $ 5,300,000 | $ 3,800,000 | ||||||
Contingent rent | 1,100,000 | 1,700,000 | 1,300,000 | ||||||
Capital commitment | $ 44,400,000 | ||||||||
Period of payment of capital commitment | 12 months | ||||||||
Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Damages awarded | $ 10,800,000 | 8,800,000 | |||||||
Payments for legal settlements | $ 100,000 | $ 10,000,000 | |||||||
Loss accrual | $ 17,300,000 | ||||||||
Provision for loss contingency | 4,100,000 | ||||||||
Potential Pension Liabilities [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Unfunded pension liabilities | $ 0 | ||||||||
Unfunded pension liabilities amount received by the Hotel Manager on the loss of suit | $ 1,700,000 | ||||||||
Monthly pension payments | 100,000 | ||||||||
Accrued unfunded liabilities | 1,600,000 | ||||||||
Net amount of pension payments on settlement agreement paid by hotel manager | $ 84,000 | ||||||||
Term of pension liability | 20 years | ||||||||
Management Fees [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Payment of monthly property management fees (greater than $10,000) | $ 13,000 | ||||||||
Percentage of base management fee | 3.00% | ||||||||
Property management fee as percentage of gross revenue, Minimum | 2.00% | ||||||||
Property management fee as percentage of gross revenue, Maximum | 7.00% | ||||||||
Portion of project management fees to project costs | 4.00% | ||||||||
Franchise Fees [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Franchisor royalty fees, min | 1.00% | ||||||||
Franchisor royalty fees, min, max | 6.00% | ||||||||
Marketing reservation and other fees (lesser of 1%) | 1.00% | ||||||||
Marketing reservation and other fees, Maximum | 4.00% | ||||||||
Franchise Costs | $ 69,300,000 | $ 70,500,000 | $ 62,800,000 | ||||||
RLI Insurance Company [Member] | Surety Bond [Member] | Palm Beach Florida Hotel and Office Building Limited Partnership, et al. v. Nantucket Enterprises, Inc. [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Payments for legal settlements | $ 10,000,000 | ||||||||
Minimum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Restricted cash reserves as percentage of property revenue | 4.00% | ||||||||
Maximum [Member] | |||||||||
Loss Contingencies [Line Items] | |||||||||
Restricted cash reserves as percentage of property revenue | 6.00% |
Redeemable Noncontrolling Int69
Redeemable Noncontrolling Interests in Operating Partnership (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 13, 2017 | |
Redeemable Noncontrolling Interest [Line Items] | |||||
Common unit limited partnership interest period until redemption | 1 year | ||||
Common unit limited partnership interest redemption for common stock (in shares) | 1 | ||||
Percent of OP units outstanding | 92.00% | ||||
Common unit percentage worth of common stock share | 94.00% | ||||
Redeemable noncontrolling interests in operating partnership | $ 116,122 | $ 132,768 | |||
Noncontrolling interest in joint venture | 15.00% | ||||
Redemption value adjustment | $ (10,010) | (49,250) | $ 73,315 | ||
Payments of dividends | $ 101,592 | 91,465 | $ 91,282 | ||
Ashford Inc. [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Special distribution, conversion ratio, shares | 87 | ||||
Special distribution, maximum percentage of shares available for conversion | 99.00% | ||||
Special distribution, conversion ratio, units | 55 | ||||
Shares in investment held (in shares) | 598,000 | ||||
Redeemable noncontrolling interests in operating partnership | $ 5,111 | $ 1,480 | |||
Partnership Interest [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Shares issued (in shares) | 701,000 | 515,000 | 704,000 | ||
Units converted to common shares (in shares) | 21,000 | 224,000 | 152,000 | ||
Class B Common Units | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Dividend Rate common units, after year three | 7.20% | ||||
Class B Common Units | SpringHill Suites in Gaithersburg, Maryland [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Units converted to common shares (in shares) | 0 | 2,039,000 | 0 | ||
Common Units [Member] | Partnership Interest [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Units converted to common shares (in shares) | 21,000 | 224,000 | 152,000 | ||
OP Units Redeemed for Cash [Member] | Partnership Interest [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Units converted to common shares (in shares) | 2,039,451 | ||||
Long Term Incentive Plan [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Common partnership unit per converted Long-Term Incentive Plan unit (in shares) | 1 | ||||
Compensation expense | $ 1,400 | ||||
Shares issued (in shares) | 11,900,000 | ||||
Unamortized cost of unvested shares | $ 4,300 | ||||
Period of recognition for unamortized shares | 2 years 3 months 18 days | ||||
Long Term Incentive Plan [Member] | Advisory Services Fee [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Compensation expense | $ 3,300 | $ 2,800 | |||
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] | Partnership Interest [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
(Income) loss from discontinued operations attributable to redeemable noncontrolling interests in operating partnership | $ (21,600) | $ (12,500) | 35,500 | ||
Noncontrolling interest in joint venture | 15.52% | 14.48% | |||
Redemption value adjustment | $ 154,300 | $ 144,300 | |||
Payments of dividends | 10,000 | 11,000 | 10,900 | ||
Long Term Incentive Plan [Member] | OP Units Converted [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Fair value | 11,700 | ||||
Long Term Incentive Plan [Member] | Common Units [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Fair value | $ 161 | 1,600 | $ 1,500 | ||
LTIP and Performance LTIP [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Units Which Have Not Reached Full Economic Parity with Common Units | 609,000 | ||||
Performance Long Term Incentive Plan Units [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Vesting period | 3 years | ||||
Compensation expense | $ 1,800 | $ 1,200 | |||
Shares issued (in shares) | 1,179,000 | 803,000 | 0 | ||
Unamortized cost of unvested shares | $ 4,400 | ||||
Period of recognition for unamortized shares | 2 years 2 months 12 days | ||||
Performance Long Term Incentive Plan Units [Member] | Minimum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Performance adjustment range | 0.00% | ||||
Performance Long Term Incentive Plan Units [Member] | Maximum [Member] | |||||
Redeemable Noncontrolling Interest [Line Items] | |||||
Awards outstanding (in shares) | 1,800,000 | ||||
Performance adjustment range | 200.00% |
Redeemable Noncontrolling Int70
Redeemable Noncontrolling Interests in Operating Partnership (Details) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Partnership Interest [Member] | |||
Summary of the activity of the operating partnership units | |||
Outstanding at beginning of year (in shares) | 19,443,000 | 20,388,000 | 19,836,000 |
Shares issued (in shares) | 701,000 | 515,000 | 704,000 |
Units converted to common shares (in shares) | (21,000) | (224,000) | (152,000) |
Outstanding at end of year (in shares) | 19,602,000 | 19,443,000 | 20,388,000 |
Conversion factor adjustment (in shares) | (1,700,000) | 0 | 0 |
Common units convertible/redeemable at end of year (in shares) | 18,993,000 | 17,531,000 | 16,918,000 |
OP Units Redeemed for Cash [Member] | Partnership Interest [Member] | |||
Summary of the activity of the operating partnership units | |||
Units converted to common shares (in shares) | (2,039,451) | ||
Performance Long Term Incentive Plan Units [Member] | |||
Summary of the activity of the operating partnership units | |||
Shares issued (in shares) | 1,179,000 | 803,000 | 0 |
Long Term Incentive Plan [Member] | |||
Summary of the activity of the operating partnership units | |||
Shares issued (in shares) | 11,900,000 | ||
SpringHill Suites in Gaithersburg, Maryland [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | Class B Common Units [Member] | |||
Summary of the activity of the operating partnership units | |||
Units converted to common shares (in shares) | 0 | (2,039,000) | 0 |
Equity (Details)
Equity (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common stock related: | |||
Common shares | $ 47,104 | $ 46,292 | $ 47,190 |
Preferred stocks: | |||
Total dividends declared | 91,865 | 82,564 | 81,152 |
Series A Preferred Stock [Member] | |||
Preferred stocks: | |||
Total dividends declared | 2,539 | 3,542 | 3,542 |
Series D Preferred Stock [Member] | |||
Preferred stocks: | |||
Total dividends declared | 18,211 | 20,002 | 20,002 |
Series E Preferred Stock [Member] | |||
Preferred stocks: | |||
Total dividends declared | 0 | 6,280 | 10,418 |
Series F Preferred Stock [Member] | |||
Preferred stocks: | |||
Total dividends declared | 8,849 | 4,130 | 0 |
Series G Preferred Stock [Member] | |||
Preferred stocks: | |||
Total dividends declared | 11,430 | 2,318 | 0 |
Series H Preferred Stock [Member] | |||
Preferred stocks: | |||
Total dividends declared | 2,494 | 0 | 0 |
Series I Preferred Stock [Member] | |||
Preferred stocks: | |||
Total dividends declared | $ 1,238 | $ 0 | $ 0 |
Equity (Details Textual)
Equity (Details Textual) $ / shares in Units, $ in Thousands | Jan. 16, 2018$ / shares | Dec. 08, 2017$ / sharesshares | Nov. 17, 2017$ / sharesshares | Oct. 16, 2017$ / shares | Oct. 04, 2017$ / sharesshares | Sep. 18, 2017$ / sharesshares | Sep. 08, 2017$ / sharesshares | Aug. 25, 2017shares | Oct. 18, 2016$ / sharesshares | Oct. 17, 2016shares | Jul. 15, 2016shares | Feb. 10, 2015$ / sharesshares | Jan. 30, 2015USD ($)$ / sharesshares | Jan. 29, 2015shares | Dec. 31, 2017USD ($)hotel$ / sharesshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares |
Issuance of stock | $ | $ 222,071 | ||||||||||||||||
Acquisition of common stock (in shares) | 203,299 | 124,463 | 52,661 | ||||||||||||||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | |||||||||||||||
Noncontrolling interest in joint venture | 15.00% | ||||||||||||||||
Noncontrolling interests in consolidated entities | $ | $ 646 | $ 756 | |||||||||||||||
(Income) loss from consolidated joint ventures attributable to noncontrolling interests | $ | $ (110) | $ (14) | $ (30) | ||||||||||||||
Majority Owned Properties [Member] | |||||||||||||||||
Number of hotel properties with joint venture interest | hotel | 2 | ||||||||||||||||
Common and Preferred Stock [Member] | |||||||||||||||||
Shares repurchased (in shares) | 0 | 0 | 0 | ||||||||||||||
Common Stock [Member] | |||||||||||||||||
Issuance of stock (in shares) | 1,030,000 | 9,500,000 | |||||||||||||||
Share price (in dollars per share) | $ / shares | $ 10.65 | $ 10.65 | |||||||||||||||
Issuance of stock | $ | $ 110,870 | ||||||||||||||||
Gross proceeds from sale of common stock | $ | $ 101,200 | ||||||||||||||||
Additional shares issuable under over-allotment option agreement (in shares) | 1,425,000 | ||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||
Percentage of preferred stock shares | 8.55% | ||||||||||||||||
Preferred stock, shares outstanding (in shares) | 0 | 1,657,206 | |||||||||||||||
Redemption price of preferred stock (in dollars per share) | $ / shares | $ 25.4631 | $ 25 | |||||||||||||||
Liquidation preference (in dollars per share) | $ / shares | 25 | ||||||||||||||||
Dividends accrued and unpaid (in dollars per share) | $ / shares | 0.4631 | ||||||||||||||||
Series D Preferred Stock [Member] | |||||||||||||||||
Percentage of preferred stock shares | 8.45% | 8.45% | |||||||||||||||
Preferred stock, shares outstanding (in shares) | 2,389,393 | 9,468,706 | |||||||||||||||
Redemption price of preferred stock (in dollars per share) | $ / shares | $ 25.3990 | $ 25.5516 | 25.4577 | $ 25 | |||||||||||||
Liquidation preference (in dollars per share) | $ / shares | 25 | 25 | 25 | ||||||||||||||
Dividends accrued and unpaid (in dollars per share) | $ / shares | $ 0.3990 | $ 0.5516 | $ 0.4577 | ||||||||||||||
Annual dividend rate per share | $ / shares | $ 2.1125 | ||||||||||||||||
Increased dividend rate percentage | 9.45% | ||||||||||||||||
Redemption of preferred shares (in shares) | 5,100,000 | 379,036 | 1,600,000 | ||||||||||||||
Series F Preferred Stock [Member] | |||||||||||||||||
Issuance of stock (in shares) | 4,800,000 | ||||||||||||||||
Percentage of preferred stock shares | 7.375% | ||||||||||||||||
Preferred stock, shares outstanding (in shares) | 4,800,000 | 4,800,000 | |||||||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||
Conversion ratio to common stock | 9.68992 | ||||||||||||||||
Annual dividend rate per share | $ / shares | $ 1.8438 | ||||||||||||||||
Series G Preferred Stock [Member] | |||||||||||||||||
Issuance of stock (in shares) | 6,000,000 | ||||||||||||||||
Percentage of preferred stock shares | 7.375% | ||||||||||||||||
Preferred stock, shares outstanding (in shares) | 6,200,000 | 6,200,000 | |||||||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||
Conversion ratio to common stock | 8.33333 | ||||||||||||||||
Annual dividend rate per share | $ / shares | $ 1.8438 | ||||||||||||||||
Redemption of preferred shares (in shares) | 7,100,000 | ||||||||||||||||
Series G Preferred Stock [Member] | Over-Allotment Option [Member] | |||||||||||||||||
Issuance of stock (in shares) | 200,000 | ||||||||||||||||
Series H Preferred Stock [Member] | |||||||||||||||||
Issuance of stock (in shares) | 5,400,000 | 3,400,000 | |||||||||||||||
Percentage of preferred stock shares | 7.50% | 7.50% | |||||||||||||||
Preferred stock, shares outstanding (in shares) | 3,800,000 | 0 | |||||||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | $ 25 | $ 25 | ||||||||||||||
Dividends (in dollars per share) | $ / shares | $ 0.1875 | ||||||||||||||||
Conversion ratio to common stock | 8.06452 | 8.25083 | |||||||||||||||
Annual dividend rate per share | $ / shares | $ 1.8750 | ||||||||||||||||
Redemption of preferred shares (in shares) | 7,100,000 | ||||||||||||||||
Series H Preferred Stock [Member] | Over-Allotment Option [Member] | |||||||||||||||||
Issuance of stock (in shares) | 400,000 | ||||||||||||||||
Percentage of preferred stock shares | 7.50% | ||||||||||||||||
Series I Preferred Stock [Member] | |||||||||||||||||
Percentage of preferred stock shares | 7.50% | ||||||||||||||||
Preferred stock, shares outstanding (in shares) | 5,400,000 | 0 | |||||||||||||||
Liquidation preference (in dollars per share) | $ / shares | $ 25 | ||||||||||||||||
Annual dividend rate per share | $ / shares | $ 1.8750 | ||||||||||||||||
Subsequent Event [Member] | Series I Preferred Stock [Member] | |||||||||||||||||
Dividends (in dollars per share) | $ / shares | $ 0.2292 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock [Member] | |||
Summary of equity instruments other than options activity | |||
Outstanding at beginning of year (in shares) | 1,627 | 1,459 | 595 |
Weighted Average Price at Grant, Beginning of year (in dollars per share) | $ 8.30 | $ 10.21 | $ 10.92 |
Shares granted (in shares) | 1,272 | 862 | 1,183 |
Weighted Average Price at Grant, Shares granted (in dollars per share) | $ 6.46 | $ 6.26 | $ 9.93 |
Shares vested (in shares) | (759) | (647) | (299) |
Weighted Average Price at Grant, Shares vested (in dollars per share) | $ 8.82 | $ 9.92 | $ 10.53 |
Shares forfeited (in shares) | (55) | (47) | (20) |
Weighted Average Price at Grant, Shares forfeited (in dollars per share) | $ 6.73 | $ 7.95 | $ 10.13 |
Outstanding at end of year (in shares) | 2,085 | 1,627 | 1,459 |
Weighted Average Price at Grant, End of year (in dollars per share) | $ 7.03 | $ 8.30 | $ 10.21 |
Performance Shares [Member] | |||
Summary of equity instruments other than options activity | |||
Outstanding at beginning of year (in shares) | 336 | 0 | |
Weighted Average Price at Grant, Beginning of year (in dollars per share) | $ 6.38 | $ 0 | |
Shares granted (in shares) | 484 | 336 | |
Weighted Average Price at Grant, Shares granted (in dollars per share) | $ 5.85 | $ 6.38 | |
Outstanding at end of year (in shares) | 820 | 336 | 0 |
Weighted Average Price at Grant, End of year (in dollars per share) | $ 6.07 | $ 6.38 | $ 0 |
Stock-Based Compensation (Det74
Stock-Based Compensation (Details Textual) - USD ($) $ in Thousands, shares in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 5,400 | $ 4,500 | $ 1,900 |
Unamortized cost of unvested shares | $ 8,700 | ||
Period of recognition for unamortized shares | 2 years 3 months 18 days | ||
Performance Long Term Incentive Plan Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Compensation expense | $ 1,800 | 1,200 | |
Unamortized cost of unvested shares | $ 4,400 | ||
Period of recognition for unamortized shares | 2 years 2 months 12 days | ||
Performance Long Term Incentive Plan Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance adjustment range | 0.00% | ||
Performance Long Term Incentive Plan Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance adjustment range | 200.00% | ||
Common Stock Vested Immediately [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | $ 90 | 247 | $ 180 |
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation expense | 1,700 | $ 982 | |
Unamortized cost of unvested shares | $ 4,000 | ||
Period of recognition for unamortized shares | 2 years 2 months 12 days | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance adjustment range | 0.00% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Performance adjustment range | 200.00% | ||
2011 Stock Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized to grant (in shares) | 17.3 | ||
Shares available for future issuance (in shares) | 4 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
State income tax (expense) benefit, net of federal income tax benefit | $ (1,478) | $ (4,764) | $ (8,205) |
Federal statutory income tax rate | 35.00% | 35.00% | 35.00% |
State income tax (expense) benefit, net of federal income tax benefit | $ 160 | $ (742) | $ (827) |
Permanent differences | (338) | (798) | (388) |
Revaluation of deferred tax assets and liabilities related to the 2017 Tax Act | (5,242) | 0 | 0 |
Provision to return adjustment entirely offset by change in valuation allowance | 957 | 0 | 0 |
Gross receipts and margin taxes | (913) | (692) | (886) |
Interest and penalties | (49) | (7) | (14) |
Valuation allowance | 9,121 | 5,471 | 5,610 |
Income tax (expense) benefit from continuing operations | $ 2,218 | $ (1,532) | $ (4,710) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current: | |||
Federal | $ 5,264 | $ (605) | $ (3,377) |
State | (722) | (1,229) | (1,225) |
Total current | 4,542 | (1,834) | (4,602) |
Deferred: | |||
Federal | (2,192) | 278 | (30) |
State | (132) | 24 | (78) |
Total deferred | (2,324) | 302 | (108) |
Income tax (expense) benefit from continuing operations | $ 2,218 | $ (1,532) | $ (4,710) |
Income Taxes (Details 2)
Income Taxes (Details 2) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Abstract] | ||||
Allowance for doubtful accounts | $ 168 | $ 260 | ||
Unearned income | 1,926 | 2,764 | ||
Unfavorable management contract liability | 0 | 516 | ||
Federal and state net operating losses | 4,153 | 10,841 | ||
Accrued expenses | 1,693 | 2,582 | ||
Prepaid expenses | (4,666) | (4,591) | ||
Alternative minimum tax credit | 0 | 2,005 | ||
Tax property basis less than book basis | (846) | (1,379) | ||
Tax derivatives basis greater than book basis | 2,034 | 2,851 | ||
Other | 623 | 681 | ||
Deferred tax asset | 5,085 | 16,530 | ||
Valuation allowance | (6,232) | (15,353) | $ (20,670) | $ (29,335) |
Net deferred tax asset | $ (1,147) | |||
Net deferred tax asset | $ 1,177 |
Income Taxes (Details 3)
Income Taxes (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in the valuation allowance | |||
Balance at beginning of year | $ 15,353 | $ 20,670 | $ 29,335 |
Additions charged to other | 2,053 | 2,169 | 4,774 |
Deductions | (11,174) | (7,486) | (13,439) |
Balance at end of year | $ 6,232 | $ 15,353 | $ 20,670 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) | 12 Months Ended | ||||
Dec. 31, 2017USD ($)hotel | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2017hotel | Dec. 31, 2014USD ($) | |
Operating Loss Carryforwards [Line Items] | |||||
Minimum percentage of income distributed to shareholders to qualify as a REIT | 90.00% | ||||
Subsequent taxable years we may not qualify as REIT if we fail to qualify as a REIT in any taxable year | 4 years | ||||
Number of hotel properties | hotel | 24 | ||||
Ashford TRS recognized net book income (loss) | $ 4,200,000 | $ 13,600,000 | $ 23,400,000 | ||
Income tax interest and penalties expenses | 49,000 | 7,000 | 14,000 | ||
Income tax interest and penalties expenses accrued | 0 | 0 | |||
Income tax benefit (expense) | 2,218,000 | (1,532,000) | (4,710,000) | ||
Valuation allowance | 6,232,000 | $ 15,353,000 | $ 20,670,000 | $ 29,335,000 | |
Net operating loss carryforwards | 425,000,000 | ||||
One-time tax benefit | $ 1,000,000 | ||||
Subsidiaries [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Number of hotel properties | hotel | 120 | ||||
Net operating loss carryforwards | $ 10,100,000 | ||||
Ashford TRS [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards | $ 17,400,000 |
Income (Loss) Per Share (Detail
Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income (loss) attributable to common stockholders – Basic and diluted: | |||||||||||
Income (loss) from continuing operations attributable to the Company | $ (29,971) | $ (21,808) | $ 10,184 | $ (25,413) | $ (46,904) | $ (20,145) | $ 30,753 | $ (9,989) | $ (67,008) | $ (46,285) | $ 270,939 |
Less: Dividends on preferred stocks | (44,761) | (36,272) | (33,962) | ||||||||
Extinguishment of Issuance Costs upon Redemption of Preferred Stock | 10,799 | 6,124 | 0 | ||||||||
Less: Undistributed (income) from continuing operations allocated to unvested shares | (2,390) | ||||||||||
Undistributed income (loss) | (169,672) | (134,973) | 187,397 | ||||||||
Distributed and undistributed income (loss) from continuing operations - basic | (123,920) | (89,585) | 233,895 | ||||||||
Add back: Income from continuing operations allocated to operating partnership units | 0 | 0 | 35,503 | ||||||||
Distributed and undistributed net income (loss) from continuing operations - diluted | $ (123,920) | $ (89,585) | $ 269,398 | ||||||||
Weighted average common shares outstanding: | |||||||||||
Weighted average common shares outstanding – basic (in shares) | 95,207 | 94,426 | 96,290 | ||||||||
Effect of assumed conversion of operating partnership units | 0 | 0 | 18,591 | ||||||||
Weighted average common shares outstanding - basic and diluted | 95,207 | 94,426 | 114,881 | ||||||||
Basic income (loss) per share: | |||||||||||
Net income (loss) attributable to common stockholders (in dollars per share) | $ (1.30) | $ (0.95) | $ 2.43 | ||||||||
Diluted income (loss) per share: | |||||||||||
Net income (loss) allocated to common stockholders per share (in dollars per share) | $ (0.95) | $ 2.35 | |||||||||
Common Stock [Member] | |||||||||||
Income (loss) attributable to common stockholders – Basic and diluted: | |||||||||||
Less: Dividends | $ (45,752) | $ (45,388) | $ (46,498) | ||||||||
Performance Shares [Member] | |||||||||||
Income (loss) attributable to common stockholders – Basic and diluted: | |||||||||||
Less: Dividends | (393) | (161) | 0 | ||||||||
Restricted Stock [Member] | |||||||||||
Income (loss) attributable to common stockholders – Basic and diluted: | |||||||||||
Less: Dividends | (959) | (743) | $ (692) | ||||||||
Less: Undistributed (income) from continuing operations allocated to unvested shares | $ 0 | $ 0 |
Income (Loss) Per Share (Deta81
Income (Loss) Per Share (Details 1) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Loss from continuing operations allocated to common shareholders is not adjusted for: | |||
Loss attributable to redeemable noncontrolling interests in operating partnership | $ (21,642) | $ (12,483) | $ 0 |
Total | $ (20,290) | $ (11,579) | $ 3,082 |
Weighted average diluted shares are not adjusted for: | |||
Effect of unvested restricted shares/assumed conversion of operating partnership units (in shares) | 17,976 | 19,202 | 485 |
Restricted Stock [Member] | |||
Loss from continuing operations allocated to common shareholders is not adjusted for: | |||
Less: Undistributed (income) from continuing operations allocated to unvested shares | $ 959 | $ 743 | $ 3,082 |
Weighted average diluted shares are not adjusted for: | |||
Effect of unvested restricted shares/assumed conversion of operating partnership units (in shares) | 376 | 373 | 485 |
Performance Shares [Member] | |||
Loss from continuing operations allocated to common shareholders is not adjusted for: | |||
Less: Undistributed (income) from continuing operations allocated to unvested shares | $ 393 | $ 161 | $ 0 |
Weighted average diluted shares are not adjusted for: | |||
Effect of unvested restricted shares/assumed conversion of operating partnership units (in shares) | 258 | 102 | 0 |
Redeemable Noncontrolling Interest in Operating Partnership | |||
Weighted average diluted shares are not adjusted for: | |||
Effect of unvested restricted shares/assumed conversion of operating partnership units (in shares) | 17,342 | 18,727 | 0 |
Segment Reporting (Details)
Segment Reporting (Details) | 12 Months Ended |
Dec. 31, 2017segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) $ / shares in Units, shares in Thousands | 1 Months Ended | 12 Months Ended | |||
Jul. 31, 2015USD ($)$ / shares | Dec. 31, 2017USD ($)hotelshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Sep. 30, 2017hotel | |
Related Party Transaction [Line Items] | |||||
Maximum percentage of project budget to be paid as market service fees | 16.50% | ||||
Number of hotel properties | hotel | 24 | ||||
Number of disposed properties description for related party indemnification agreement | hotel | 1 | ||||
Advisory services fee | $ 53,199,000 | $ 54,361,000 | $ 43,023,000 | ||
Due to related party, net | 1,067,000 | 1,001,000 | |||
Common stock shares repurchased | $ 5,800,000 | ||||
Stock repurchased (in dollars per share) | $ / shares | $ 9 | ||||
Purchases of common stock | $ 51,800,000 | ||||
Restricted Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Compensation expense | 5,400,000 | $ 4,500,000 | $ 1,900,000 | ||
Unamortized cost of unvested shares | $ 8,700,000 | ||||
Period of recognition for unamortized shares | 2 years 3 months 18 days | ||||
Shares granted (in shares) | shares | 1,272 | 862 | 1,183 | ||
Management Fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Payment of monthly property management fees (greater than $10,000) | $ 13,000 | ||||
Percentage of base management fee | 3.00% | ||||
Portion of project management fees to project costs | 4.00% | ||||
Subsidiaries [Member] | |||||
Related Party Transaction [Line Items] | |||||
Number of hotel properties managed by affiliates | hotel | 82 | ||||
Number of hotel properties | hotel | 120 | ||||
Remington Lodging Employees [Member] | Restricted Stock [Member] | |||||
Related Party Transaction [Line Items] | |||||
Compensation expense | $ 645,000 | $ 639,000 | $ 213,000 | ||
Unamortized cost of unvested shares | $ 1,100,000 | ||||
Period of recognition for unamortized shares | 2 years 3 months 18 days | ||||
Shares granted (in shares) | shares | 131 | 173 | 147 | ||
Ashford Inc. [Member] | Consideration to Purchase Furniture, Fixtures and Equipment [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to related party, net | $ 4,000,000 | ||||
Lease expense | $ 633,000 | 112,000 | |||
Ashford Inc. [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | 15,146,000 | ||||
Ashford Inc. [Member] | Advisory Services Fee [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due to affiliates | $ 14,500,000 | $ 15,716,000 | |||
Ashford Inc. [Member] | Maximum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Quarterly base advisory service fee | 0.70% | ||||
Total market capitalization | $ 10,000,000,000 | ||||
Ashford Inc. [Member] | Minimum [Member] | |||||
Related Party Transaction [Line Items] | |||||
Quarterly base advisory service fee | 0.50% | ||||
Total market capitalization | $ 6,000,000,000 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Property management fees, including incentive property management fees | $ 30,629 | $ 31,164 | $ 29,004 |
Market service fees | 21,315 | 18,751 | 14,291 |
Corporate general and administrative and fixed asset reimbursements | 5,652 | 5,435 | 4,677 |
Total | 57,596 | 55,350 | 47,972 |
Advisory services fee | 53,199 | 54,361 | 43,023 |
Ashford Inc. [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Advisory services fee | 53,199 | 54,361 | 43,023 |
Ashford Inc. [Member] | Affiliated Entity [Member] | Base advisory fee | |||
Related Party Transaction [Line Items] | |||
Advisory services fee | 34,650 | 34,589 | 33,833 |
Ashford Inc. [Member] | Affiliated Entity [Member] | Reimbursable expenses | |||
Related Party Transaction [Line Items] | |||
Advisory services fee | 7,472 | 5,917 | 6,471 |
Ashford Inc. [Member] | Affiliated Entity [Member] | Equity-based compensation | |||
Related Party Transaction [Line Items] | |||
Advisory services fee | 11,077 | 8,429 | 2,719 |
Ashford Inc. [Member] | Affiliated Entity [Member] | Incentive management fee | |||
Related Party Transaction [Line Items] | |||
Advisory services fee | 0 | $ 5,426 | $ 0 |
OpenKey [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Transaction Amount | 60 | ||
Due to (from) Ashford Inc. | 8 | ||
Pure Rooms [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Transaction Amount | 1,309 | ||
Due to (from) Ashford Inc. | 296 | ||
Lismore Capital [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Transaction Amount | 913 | ||
Due to (from) Ashford Inc. | 0 | ||
J&S Audio Visual [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Transaction Amount | 66 | ||
Due to (from) Ashford Inc. | (52) | ||
AIM [Member] | Affiliated Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Transaction Amount | 1,976 | ||
Due to (from) Ashford Inc. | $ 347 |
Concentration of Risk (Details)
Concentration of Risk (Details) - hotel | 12 Months Ended | |
Dec. 31, 2017 | Sep. 30, 2017 | |
Concentration Risk [Line Items] | ||
Number of hotel properties | 24 | |
Geographic Concentration Risk [Member] | Revenue [Member] | ||
Concentration Risk [Line Items] | ||
Concentration risk | 10.00% | |
Number of hotel properties | 9 |
Selected Quarterly Financial 86
Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenue | $ 341,566 | $ 353,325 | $ 390,670 | $ 353,709 | $ 341,670 | $ 371,931 | $ 410,670 | $ 367,772 | $ 1,439,270 | $ 1,492,043 | $ 1,336,966 |
Total operating expenses | 322,924 | 323,709 | 332,185 | 325,447 | 337,910 | 330,857 | 341,203 | 326,369 | 1,304,265 | 1,336,339 | 1,199,051 |
Operating income (loss) | 18,642 | 29,616 | 58,485 | 28,262 | 3,760 | 41,074 | 69,467 | 41,403 | 135,005 | 155,704 | 137,915 |
Income (loss) from continuing operations | (38,525) | (28,726) | 10,428 | (31,937) | (56,640) | (25,138) | 35,135 | (12,139) | (88,760) | (58,782) | 305,813 |
Income (loss) from continuing operations attributable to the Company | (29,971) | (21,808) | 10,184 | (25,413) | (46,904) | (20,145) | 30,753 | (9,989) | (67,008) | (46,285) | $ 270,939 |
Income (loss) from continuing operations attributable to common stockholders | $ (47,672) | $ (37,755) | $ (772) | $ (36,369) | $ (57,320) | $ (35,144) | $ 22,262 | $ (18,479) | $ (122,568) | $ (88,681) | |
Diluted income (loss) from continuing operations attributable to common stockholders per share (in dollars per share) | $ (0.50) | $ (0.40) | $ (0.01) | $ (0.39) | $ (0.61) | $ (0.37) | $ 0.23 | $ (0.20) | $ (1.30) | $ (0.95) | $ 2.35 |
Weighted average common shares outstanding – diluted (in shares) | 95,328 | 95,332 | 95,320 | 94,840 | 94,585 | 94,531 | 94,474 | 94,136 | 95,207 | 94,426 | 114,881 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Thousands | Jan. 17, 2018USD ($)hotelextension | May 10, 2017USD ($) | Feb. 20, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Subsequent Event [Line Items] | |||||
Indebtedness, gross | $ 3,723,568 | ||||
Mortgages [Member] | |||||
Subsequent Event [Line Items] | |||||
Extinguishment of debt | $ 104,300 | ||||
Indebtedness, gross | $ 3,723,568 | $ 3,773,604 | |||
Subsequent Event [Member] | Disposal Group, Disposed of by Sale, Not Discontinued Operations [Member] | SpringHill Suites Glen Allen [Member] | |||||
Subsequent Event [Line Items] | |||||
Consideration for disposal | $ 10,900 | ||||
Subsequent Event [Member] | Mortgages [Member] | Mortgage Loan Secured by 8 Hotels [Member] | |||||
Subsequent Event [Line Items] | |||||
Indebtedness, gross | $ 395,000 | ||||
Debt instrument term | 2 years | ||||
Number of extension options | extension | 5 | ||||
Term of mortgage loan extension option | 1 year | ||||
Number of hotels collateralized by a loan | hotel | 8 | ||||
Subsequent Event [Member] | Mortgages [Member] | Mortgage Loan Secured by 8 Hotels [Member] | LIBOR | |||||
Subsequent Event [Line Items] | |||||
Basis spread on variable rate | 2.92% | ||||
Subsequent Event [Member] | Mortgages [Member] | |||||
Subsequent Event [Line Items] | |||||
Extinguishment of debt | $ 376,800 |
Real Estate and Accumulated D88
Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 3,723,568 | |||
Initial Cost of Land | 664,232 | |||
Initial Cost of FF&E, Buildings and improvements | 3,626,591 | |||
Costs Capitalized Since Acquisition, Land | (9,555) | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 783,026 | |||
Gross Carrying Amount At Close of Period, Land | 654,677 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 4,409,617 | |||
Gross Carrying Amount At Close of Period, Total | 5,064,294 | $ 5,054,564 | $ 5,181,466 | $ 2,719,716 |
Accumulated Depreciation | 1,028,379 | $ 894,001 | $ 761,782 | $ 591,105 |
Austin, TX Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 23,810 | |||
Initial Cost of Land | 1,204 | |||
Initial Cost of FF&E, Buildings and improvements | 9,388 | |||
Costs Capitalized Since Acquisition, Land | 193 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 7,000 | |||
Gross Carrying Amount At Close of Period, Land | 1,397 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 16,388 | |||
Gross Carrying Amount At Close of Period, Total | 17,785 | |||
Accumulated Depreciation | 7,643 | |||
Dallas, TX Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,760 | |||
Initial Cost of Land | 1,878 | |||
Initial Cost of FF&E, Buildings and improvements | 8,907 | |||
Costs Capitalized Since Acquisition, Land | 238 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 7,277 | |||
Gross Carrying Amount At Close of Period, Land | 2,116 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 16,184 | |||
Gross Carrying Amount At Close of Period, Total | 18,300 | |||
Accumulated Depreciation | 8,183 | |||
Herndon, VA Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,639 | |||
Initial Cost of Land | 1,303 | |||
Initial Cost of FF&E, Buildings and improvements | 9,836 | |||
Costs Capitalized Since Acquisition, Land | 277 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 9,460 | |||
Gross Carrying Amount At Close of Period, Land | 1,580 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 19,296 | |||
Gross Carrying Amount At Close of Period, Total | 20,876 | |||
Accumulated Depreciation | 8,826 | |||
Las Vegas, NV Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 30,860 | |||
Initial Cost of Land | 3,307 | |||
Initial Cost of FF&E, Buildings and improvements | 16,952 | |||
Costs Capitalized Since Acquisition, Land | 397 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 14,909 | |||
Gross Carrying Amount At Close of Period, Land | 3,704 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 31,861 | |||
Gross Carrying Amount At Close of Period, Total | 35,565 | |||
Accumulated Depreciation | 13,565 | |||
Flagstaff, AZ Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,814 | |||
Initial Cost of Land | 1,267 | |||
Initial Cost of FF&E, Buildings and improvements | 4,278 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,887 | |||
Gross Carrying Amount At Close of Period, Land | 1,267 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 9,165 | |||
Gross Carrying Amount At Close of Period, Total | 10,432 | |||
Accumulated Depreciation | 4,701 | |||
Houston, TX Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,150 | |||
Initial Cost of Land | 1,799 | |||
Initial Cost of FF&E, Buildings and improvements | 10,404 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 7,120 | |||
Gross Carrying Amount At Close of Period, Land | 1,799 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 17,524 | |||
Gross Carrying Amount At Close of Period, Total | 19,323 | |||
Accumulated Depreciation | 6,290 | |||
West Palm Beach, FL Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,180 | |||
Initial Cost of Land | 3,277 | |||
Initial Cost of FF&E, Buildings and improvements | 13,949 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 9,630 | |||
Gross Carrying Amount At Close of Period, Land | 3,277 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 23,579 | |||
Gross Carrying Amount At Close of Period, Total | 26,856 | |||
Accumulated Depreciation | 10,033 | |||
Philadelphia, PA Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 34,513 | |||
Initial Cost of Land | 5,791 | |||
Initial Cost of FF&E, Buildings and improvements | 34,819 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 14,928 | |||
Gross Carrying Amount At Close of Period, Land | 5,791 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 49,747 | |||
Gross Carrying Amount At Close of Period, Total | 55,538 | |||
Accumulated Depreciation | 15,962 | |||
Walnut Creek, CA Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 36,342 | |||
Initial Cost of Land | 7,452 | |||
Initial Cost of FF&E, Buildings and improvements | 25,334 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 16,224 | |||
Gross Carrying Amount At Close of Period, Land | 7,452 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 41,558 | |||
Gross Carrying Amount At Close of Period, Total | 49,010 | |||
Accumulated Depreciation | 12,016 | |||
Arlington, VA Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 44,802 | |||
Initial Cost of Land | 36,065 | |||
Initial Cost of FF&E, Buildings and improvements | 41,588 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 8,954 | |||
Gross Carrying Amount At Close of Period, Land | 36,065 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 50,542 | |||
Gross Carrying Amount At Close of Period, Total | 86,607 | |||
Accumulated Depreciation | 16,468 | |||
Portland, OR Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 75,360 | |||
Initial Cost of Land | 11,110 | |||
Initial Cost of FF&E, Buildings and improvements | 60,048 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 8,927 | |||
Gross Carrying Amount At Close of Period, Land | 11,110 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 68,975 | |||
Gross Carrying Amount At Close of Period, Total | 80,085 | |||
Accumulated Depreciation | 21,672 | |||
Santa Clara, CA Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 62,473 | |||
Initial Cost of Land | 8,948 | |||
Initial Cost of FF&E, Buildings and improvements | 46,239 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 9,158 | |||
Gross Carrying Amount At Close of Period, Land | 8,948 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 55,397 | |||
Gross Carrying Amount At Close of Period, Total | 64,345 | |||
Accumulated Depreciation | 15,162 | |||
Orlando, FL Embassy Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 15,373 | |||
Initial Cost of Land | 5,674 | |||
Initial Cost of FF&E, Buildings and improvements | 21,593 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 10,148 | |||
Gross Carrying Amount At Close of Period, Land | 5,674 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 31,741 | |||
Gross Carrying Amount At Close of Period, Total | 37,415 | |||
Accumulated Depreciation | 8,991 | |||
Jacksonville, FL Hilton Garden Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,980 | |||
Initial Cost of Land | 1,751 | |||
Initial Cost of FF&E, Buildings and improvements | 9,164 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,295 | |||
Gross Carrying Amount At Close of Period, Land | 1,751 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,459 | |||
Gross Carrying Amount At Close of Period, Total | 16,210 | |||
Accumulated Depreciation | 4,599 | |||
Austin, TX Hilton Garden Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 44,963 | |||
Initial Cost of Land | 7,605 | |||
Initial Cost of FF&E, Buildings and improvements | 48,725 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 7,734 | |||
Gross Carrying Amount At Close of Period, Land | 7,605 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 56,459 | |||
Gross Carrying Amount At Close of Period, Total | 64,064 | |||
Accumulated Depreciation | 8,855 | |||
Baltimore, MD Hilton Garden Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 19,337 | |||
Initial Cost of Land | 4,027 | |||
Initial Cost of FF&E, Buildings and improvements | 20,199 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 65 | |||
Gross Carrying Amount At Close of Period, Land | 4,027 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 20,264 | |||
Gross Carrying Amount At Close of Period, Total | 24,291 | |||
Accumulated Depreciation | 1,709 | |||
Virginia Beach, VA Hilton Garden Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,289 | |||
Initial Cost of Land | 4,101 | |||
Initial Cost of FF&E, Buildings and improvements | 26,329 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (68) | |||
Gross Carrying Amount At Close of Period, Land | 4,101 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 26,261 | |||
Gross Carrying Amount At Close of Period, Total | 30,362 | |||
Accumulated Depreciation | 2,101 | |||
Wisconsin Dells, WI Hilton Garden Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,000 | |||
Initial Cost of Land | 867 | |||
Initial Cost of FF&E, Buildings and improvements | 14,318 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,678 | |||
Gross Carrying Amount At Close of Period, Land | 867 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 15,996 | |||
Gross Carrying Amount At Close of Period, Total | 16,863 | |||
Accumulated Depreciation | 1,584 | |||
Ft. Worth, TX Hilton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 51,023 | |||
Initial Cost of Land | 4,538 | |||
Initial Cost of FF&E, Buildings and improvements | 13,922 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 18,649 | |||
Gross Carrying Amount At Close of Period, Land | 4,538 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 32,571 | |||
Gross Carrying Amount At Close of Period, Total | 37,109 | |||
Accumulated Depreciation | 15,597 | |||
Houston, TX Hilton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,330 | |||
Initial Cost of Land | 2,200 | |||
Initial Cost of FF&E, Buildings and improvements | 13,247 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 9,764 | |||
Gross Carrying Amount At Close of Period, Land | 2,200 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 23,011 | |||
Gross Carrying Amount At Close of Period, Total | 25,211 | |||
Accumulated Depreciation | 10,012 | |||
St. Petersburg, FL Hilton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 49,660 | |||
Initial Cost of Land | 2,991 | |||
Initial Cost of FF&E, Buildings and improvements | 13,907 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 20,367 | |||
Gross Carrying Amount At Close of Period, Land | 2,991 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 34,274 | |||
Gross Carrying Amount At Close of Period, Total | 37,265 | |||
Accumulated Depreciation | 15,702 | |||
Santa Fe, NM Hilton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,909 | |||
Initial Cost of Land | 7,004 | |||
Initial Cost of FF&E, Buildings and improvements | 10,689 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 11,019 | |||
Gross Carrying Amount At Close of Period, Land | 7,004 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 21,708 | |||
Gross Carrying Amount At Close of Period, Total | 28,712 | |||
Accumulated Depreciation | 10,190 | |||
Bloomington, MN Hilton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 52,644 | |||
Initial Cost of Land | 5,685 | |||
Initial Cost of FF&E, Buildings and improvements | 59,139 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 14,055 | |||
Gross Carrying Amount At Close of Period, Land | 5,685 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 73,194 | |||
Gross Carrying Amount At Close of Period, Total | 78,879 | |||
Accumulated Depreciation | 24,690 | |||
Costa Mesa, CA Hilton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 64,960 | |||
Initial Cost of Land | 12,917 | |||
Initial Cost of FF&E, Buildings and improvements | 91,791 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 16,729 | |||
Gross Carrying Amount At Close of Period, Land | 12,917 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 108,520 | |||
Gross Carrying Amount At Close of Period, Total | 121,437 | |||
Accumulated Depreciation | 35,054 | |||
Boston, MA Hilton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 97,000 | |||
Initial Cost of Land | 62,555 | |||
Initial Cost of FF&E, Buildings and improvements | 134,407 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 12,165 | |||
Gross Carrying Amount At Close of Period, Land | 62,555 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 146,572 | |||
Gross Carrying Amount At Close of Period, Total | 209,127 | |||
Accumulated Depreciation | 12,768 | |||
Parsippany, NJ Hilton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 52,195 | |||
Initial Cost of Land | 7,293 | |||
Initial Cost of FF&E, Buildings and improvements | 58,098 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 10,358 | |||
Gross Carrying Amount At Close of Period, Land | 7,293 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 68,456 | |||
Gross Carrying Amount At Close of Period, Total | 75,749 | |||
Accumulated Depreciation | 14,022 | |||
Tampa, FL Hilton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,067 | |||
Initial Cost of Land | 5,206 | |||
Initial Cost of FF&E, Buildings and improvements | 21,186 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 9,315 | |||
Gross Carrying Amount At Close of Period, Land | 5,206 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 30,501 | |||
Gross Carrying Amount At Close of Period, Total | 35,707 | |||
Accumulated Depreciation | 3,590 | |||
Lawrenceville, GA Hampton Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,628 | |||
Initial Cost of Land | 697 | |||
Initial Cost of FF&E, Buildings and improvements | 3,808 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,069 | |||
Gross Carrying Amount At Close of Period, Land | 697 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 6,877 | |||
Gross Carrying Amount At Close of Period, Total | 7,574 | |||
Accumulated Depreciation | 2,543 | |||
Evansville, IN Hampton Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,330 | |||
Initial Cost of Land | 1,301 | |||
Initial Cost of FF&E, Buildings and improvements | 5,034 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,638 | |||
Gross Carrying Amount At Close of Period, Land | 1,301 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 7,672 | |||
Gross Carrying Amount At Close of Period, Total | 8,973 | |||
Accumulated Depreciation | 3,577 | |||
Parsippany, NJ Hampton Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,010 | |||
Initial Cost of Land | 3,268 | |||
Initial Cost of FF&E, Buildings and improvements | 24,306 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,828 | |||
Gross Carrying Amount At Close of Period, Land | 3,268 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 27,134 | |||
Gross Carrying Amount At Close of Period, Total | 30,402 | |||
Accumulated Depreciation | 3,065 | |||
Buford, GA Hampton Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 8,964 | |||
Initial Cost of Land | 1,168 | |||
Initial Cost of FF&E, Buildings and improvements | 5,338 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,274 | |||
Gross Carrying Amount At Close of Period, Land | 1,168 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 6,612 | |||
Gross Carrying Amount At Close of Period, Total | 7,780 | |||
Accumulated Depreciation | 2,636 | |||
Phoenix, AZ Hampton Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 11,267 | |||
Initial Cost of Land | 853 | |||
Initial Cost of FF&E, Buildings and improvements | 10,145 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 101 | |||
Gross Carrying Amount At Close of Period, Land | 853 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 10,246 | |||
Gross Carrying Amount At Close of Period, Total | 11,099 | |||
Accumulated Depreciation | 809 | |||
Pittsburgh, PA Hampton Inn 1 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,786 | |||
Initial Cost of Land | 2,335 | |||
Initial Cost of FF&E, Buildings and improvements | 18,663 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (517) | |||
Gross Carrying Amount At Close of Period, Land | 2,335 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 18,146 | |||
Gross Carrying Amount At Close of Period, Total | 20,481 | |||
Accumulated Depreciation | 1,312 | |||
Pittsburgh, PA Hampton Inn 2 [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,341 | |||
Initial Cost of Land | 2,760 | |||
Initial Cost of FF&E, Buildings and improvements | 19,739 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,351 | |||
Gross Carrying Amount At Close of Period, Land | 2,760 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 21,090 | |||
Gross Carrying Amount At Close of Period, Total | 23,850 | |||
Accumulated Depreciation | 2,987 | |||
Columbus, OH Hampton Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,017 | |||
Initial Cost of Land | 1,789 | |||
Initial Cost of FF&E, Buildings and improvements | 27,210 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,126 | |||
Gross Carrying Amount At Close of Period, Land | 1,789 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 29,336 | |||
Gross Carrying Amount At Close of Period, Total | 31,125 | |||
Accumulated Depreciation | 4,195 | |||
Beverly Hills, CA Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 97,898 | |||
Initial Cost of Land | 6,510 | |||
Initial Cost of FF&E, Buildings and improvements | 22,061 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 31,305 | |||
Gross Carrying Amount At Close of Period, Land | 6,510 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 53,366 | |||
Gross Carrying Amount At Close of Period, Total | 59,876 | |||
Accumulated Depreciation | 22,959 | |||
Durham, NC Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 23,714 | |||
Initial Cost of Land | 1,794 | |||
Initial Cost of FF&E, Buildings and improvements | 25,056 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 12,513 | |||
Gross Carrying Amount At Close of Period, Land | 1,794 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 37,569 | |||
Gross Carrying Amount At Close of Period, Total | 39,363 | |||
Accumulated Depreciation | 11,181 | |||
Arlington, VA Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 95,207 | |||
Initial Cost of Land | 20,637 | |||
Initial Cost of FF&E, Buildings and improvements | 101,376 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 54,444 | |||
Gross Carrying Amount At Close of Period, Land | 20,637 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 155,820 | |||
Gross Carrying Amount At Close of Period, Total | 176,457 | |||
Accumulated Depreciation | 49,996 | |||
Bridgewater, NJ Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 64,520 | |||
Initial Cost of Land | 5,059 | |||
Initial Cost of FF&E, Buildings and improvements | 89,268 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,430 | |||
Gross Carrying Amount At Close of Period, Land | 5,059 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 93,698 | |||
Gross Carrying Amount At Close of Period, Total | 98,757 | |||
Accumulated Depreciation | 27,437 | |||
Dallas, TX Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,624 | |||
Initial Cost of Land | 2,701 | |||
Initial Cost of FF&E, Buildings and improvements | 30,893 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 14,693 | |||
Gross Carrying Amount At Close of Period, Land | 2,701 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 45,586 | |||
Gross Carrying Amount At Close of Period, Total | 48,287 | |||
Accumulated Depreciation | 13,292 | |||
Fremont CA, Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 60,684 | |||
Initial Cost of Land | 5,800 | |||
Initial Cost of FF&E, Buildings and improvements | 44,200 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (1,675) | |||
Gross Carrying Amount At Close of Period, Land | 5,800 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 42,525 | |||
Gross Carrying Amount At Close of Period, Total | 48,325 | |||
Accumulated Depreciation | 5,697 | |||
Memphis, TN Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 33,300 | |||
Initial Cost of Land | 6,210 | |||
Initial Cost of FF&E, Buildings and improvements | 37,284 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,090 | |||
Gross Carrying Amount At Close of Period, Land | 6,210 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 38,374 | |||
Gross Carrying Amount At Close of Period, Total | 44,584 | |||
Accumulated Depreciation | 5,286 | |||
Irving, TX Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 72,318 | |||
Initial Cost of Land | 8,330 | |||
Initial Cost of FF&E, Buildings and improvements | 82,272 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 6,515 | |||
Gross Carrying Amount At Close of Period, Land | 8,330 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 88,787 | |||
Gross Carrying Amount At Close of Period, Total | 97,117 | |||
Accumulated Depreciation | 7,514 | |||
Omaha, NE Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 45,120 | |||
Initial Cost of Land | 6,641 | |||
Initial Cost of FF&E, Buildings and improvements | 49,887 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 8,112 | |||
Gross Carrying Amount At Close of Period, Land | 6,641 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 57,999 | |||
Gross Carrying Amount At Close of Period, Total | 64,640 | |||
Accumulated Depreciation | 5,873 | |||
San Antonio, TX Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 33,329 | |||
Initial Cost of Land | 9,764 | |||
Initial Cost of FF&E, Buildings and improvements | 31,384 | |||
Costs Capitalized Since Acquisition, Land | 2,024 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,955 | |||
Gross Carrying Amount At Close of Period, Land | 11,788 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 33,339 | |||
Gross Carrying Amount At Close of Period, Total | 45,127 | |||
Accumulated Depreciation | 3,306 | |||
Sugarland, TX Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 78,606 | |||
Initial Cost of Land | 9,047 | |||
Initial Cost of FF&E, Buildings and improvements | 84,043 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (2,570) | |||
Gross Carrying Amount At Close of Period, Land | 9,047 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 81,473 | |||
Gross Carrying Amount At Close of Period, Total | 90,520 | |||
Accumulated Depreciation | 6,230 | |||
Jacksonville, FL SpringHill Suites by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 1,348 | |||
Initial Cost of FF&E, Buildings and improvements | 7,111 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,455 | |||
Gross Carrying Amount At Close of Period, Land | 1,348 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 10,566 | |||
Gross Carrying Amount At Close of Period, Total | 11,914 | |||
Accumulated Depreciation | 3,852 | |||
Baltimore, MD SpringHill Suites by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,164 | |||
Initial Cost of Land | 2,502 | |||
Initial Cost of FF&E, Buildings and improvements | 13,206 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,521 | |||
Gross Carrying Amount At Close of Period, Land | 2,502 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 17,727 | |||
Gross Carrying Amount At Close of Period, Total | 20,229 | |||
Accumulated Depreciation | 6,961 | |||
Kennesaw, GA SpringHill Suites by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,861 | |||
Initial Cost of Land | 1,106 | |||
Initial Cost of FF&E, Buildings and improvements | 5,021 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,223 | |||
Gross Carrying Amount At Close of Period, Land | 1,106 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 8,244 | |||
Gross Carrying Amount At Close of Period, Total | 9,350 | |||
Accumulated Depreciation | 2,200 | |||
Buford, GA SpringHill Suites by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,879 | |||
Initial Cost of Land | 1,132 | |||
Initial Cost of FF&E, Buildings and improvements | 6,089 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,038 | |||
Gross Carrying Amount At Close of Period, Land | 1,132 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 7,127 | |||
Gross Carrying Amount At Close of Period, Total | 8,259 | |||
Accumulated Depreciation | 2,741 | |||
Centerville, VA SpringHill Suites by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,992 | |||
Initial Cost of Land | 1,806 | |||
Initial Cost of FF&E, Buildings and improvements | 11,712 | |||
Costs Capitalized Since Acquisition, Land | (1,806) | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (11,712) | |||
Gross Carrying Amount At Close of Period, Land | 0 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 0 | |||
Gross Carrying Amount At Close of Period, Total | 0 | |||
Accumulated Depreciation | 0 | |||
Charlotte, NC SpringHill Suites by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 13,284 | |||
Initial Cost of Land | 1,235 | |||
Initial Cost of FF&E, Buildings and improvements | 6,818 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 963 | |||
Gross Carrying Amount At Close of Period, Land | 1,235 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 7,781 | |||
Gross Carrying Amount At Close of Period, Total | 9,016 | |||
Accumulated Depreciation | 2,746 | |||
Durham, NC SpringHill Suites by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,929 | |||
Initial Cost of Land | 1,090 | |||
Initial Cost of FF&E, Buildings and improvements | 3,991 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,097 | |||
Gross Carrying Amount At Close of Period, Land | 1,090 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 5,088 | |||
Gross Carrying Amount At Close of Period, Total | 6,178 | |||
Accumulated Depreciation | 1,932 | |||
Manhattan Beach CA Spring Hill Suites By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 24,430 | |||
Initial Cost of Land | 5,726 | |||
Initial Cost of FF&E, Buildings and improvements | 21,187 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,484 | |||
Gross Carrying Amount At Close of Period, Land | 5,726 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 22,671 | |||
Gross Carrying Amount At Close of Period, Total | 28,397 | |||
Accumulated Depreciation | 6,776 | |||
Plymouth Meeting PA Spring Hill Suites By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,498 | |||
Initial Cost of Land | 3,210 | |||
Initial Cost of FF&E, Buildings and improvements | 24,578 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,768 | |||
Gross Carrying Amount At Close of Period, Land | 3,210 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 26,346 | |||
Gross Carrying Amount At Close of Period, Total | 29,556 | |||
Accumulated Depreciation | 7,744 | |||
Glen Allen VA Spring Hill Suites By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,277 | |||
Initial Cost of Land | 2,045 | |||
Initial Cost of FF&E, Buildings and improvements | 15,802 | |||
Costs Capitalized Since Acquisition, Land | (2,045) | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (15,802) | |||
Gross Carrying Amount At Close of Period, Land | 0 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 0 | |||
Gross Carrying Amount At Close of Period, Total | 0 | |||
Accumulated Depreciation | 0 | |||
Kennesaw GA Fairfield Inn By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,382 | |||
Initial Cost of Land | 840 | |||
Initial Cost of FF&E, Buildings and improvements | 4,359 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 865 | |||
Gross Carrying Amount At Close of Period, Land | 840 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 5,224 | |||
Gross Carrying Amount At Close of Period, Total | 6,064 | |||
Accumulated Depreciation | 2,079 | |||
Bloomington IN Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 14,520 | |||
Initial Cost of Land | 900 | |||
Initial Cost of FF&E, Buildings and improvements | 10,741 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,303 | |||
Gross Carrying Amount At Close of Period, Land | 900 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 15,044 | |||
Gross Carrying Amount At Close of Period, Total | 15,944 | |||
Accumulated Depreciation | 5,617 | |||
Boston, MA Courtyard by Marriott - Tremont [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 87,253 | |||
Initial Cost of Land | 24,494 | |||
Initial Cost of FF&E, Buildings and improvements | 85,246 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 13,821 | |||
Gross Carrying Amount At Close of Period, Land | 24,494 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 99,067 | |||
Gross Carrying Amount At Close of Period, Total | 123,561 | |||
Accumulated Depreciation | 14,639 | |||
Columbus IN Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 4,981 | |||
Initial Cost of Land | 673 | |||
Initial Cost of FF&E, Buildings and improvements | 4,804 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,984 | |||
Gross Carrying Amount At Close of Period, Land | 673 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 8,788 | |||
Gross Carrying Amount At Close of Period, Total | 9,461 | |||
Accumulated Depreciation | 3,236 | |||
Denver, CO Courtyard by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,128 | |||
Initial Cost of Land | 9,342 | |||
Initial Cost of FF&E, Buildings and improvements | 29,656 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,049 | |||
Gross Carrying Amount At Close of Period, Land | 9,342 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 32,705 | |||
Gross Carrying Amount At Close of Period, Total | 42,047 | |||
Accumulated Depreciation | 5,219 | |||
Louisville KY Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,834 | |||
Initial Cost of Land | 1,352 | |||
Initial Cost of FF&E, Buildings and improvements | 12,266 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,632 | |||
Gross Carrying Amount At Close of Period, Land | 1,352 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 13,898 | |||
Gross Carrying Amount At Close of Period, Total | 15,250 | |||
Accumulated Depreciation | 5,161 | |||
Gaithersburg, MD Courtyard by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 28,456 | |||
Initial Cost of Land | 5,128 | |||
Initial Cost of FF&E, Buildings and improvements | 30,522 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,318 | |||
Gross Carrying Amount At Close of Period, Land | 5,128 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 31,840 | |||
Gross Carrying Amount At Close of Period, Total | 36,968 | |||
Accumulated Depreciation | 2,431 | |||
Crystal City VA Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 43,350 | |||
Initial Cost of Land | 5,411 | |||
Initial Cost of FF&E, Buildings and improvements | 38,610 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 9,378 | |||
Gross Carrying Amount At Close of Period, Land | 5,411 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 47,988 | |||
Gross Carrying Amount At Close of Period, Total | 53,399 | |||
Accumulated Depreciation | 15,108 | |||
Ft Lauderdale FL Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,264 | |||
Initial Cost of Land | 2,244 | |||
Initial Cost of FF&E, Buildings and improvements | 18,520 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 6,463 | |||
Gross Carrying Amount At Close of Period, Land | 2,244 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 24,983 | |||
Gross Carrying Amount At Close of Period, Total | 27,227 | |||
Accumulated Depreciation | 8,260 | |||
Overland Park KS Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 9,144 | |||
Initial Cost of Land | 1,868 | |||
Initial Cost of FF&E, Buildings and improvements | 14,030 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,486 | |||
Gross Carrying Amount At Close of Period, Land | 1,868 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 19,516 | |||
Gross Carrying Amount At Close of Period, Total | 21,384 | |||
Accumulated Depreciation | 7,458 | |||
Savannah, GA Courtyard by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 30,892 | |||
Initial Cost of Land | 6,948 | |||
Initial Cost of FF&E, Buildings and improvements | 31,755 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (499) | |||
Gross Carrying Amount At Close of Period, Land | 6,948 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 31,256 | |||
Gross Carrying Amount At Close of Period, Total | 38,204 | |||
Accumulated Depreciation | 2,414 | |||
Foothill Ranch CA Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 22,150 | |||
Initial Cost of Land | 2,447 | |||
Initial Cost of FF&E, Buildings and improvements | 16,005 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,523 | |||
Gross Carrying Amount At Close of Period, Land | 2,447 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 19,528 | |||
Gross Carrying Amount At Close of Period, Total | 21,975 | |||
Accumulated Depreciation | 6,633 | |||
Alpharetta GA Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,040 | |||
Initial Cost of Land | 2,244 | |||
Initial Cost of FF&E, Buildings and improvements | 12,345 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,071 | |||
Gross Carrying Amount At Close of Period, Land | 2,244 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 16,416 | |||
Gross Carrying Amount At Close of Period, Total | 18,660 | |||
Accumulated Depreciation | 6,005 | |||
Oakland CA Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 23,714 | |||
Initial Cost of Land | 5,112 | |||
Initial Cost of FF&E, Buildings and improvements | 19,429 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,295 | |||
Gross Carrying Amount At Close of Period, Land | 5,112 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 23,724 | |||
Gross Carrying Amount At Close of Period, Total | 28,836 | |||
Accumulated Depreciation | 7,307 | |||
Scottsdale AZ Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,048 | |||
Initial Cost of Land | 3,700 | |||
Initial Cost of FF&E, Buildings and improvements | 22,134 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,719 | |||
Gross Carrying Amount At Close of Period, Land | 3,700 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 26,853 | |||
Gross Carrying Amount At Close of Period, Total | 30,553 | |||
Accumulated Depreciation | 8,561 | |||
Plano TX Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,958 | |||
Initial Cost of Land | 2,115 | |||
Initial Cost of FF&E, Buildings and improvements | 22,360 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,286 | |||
Gross Carrying Amount At Close of Period, Land | 2,115 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 24,646 | |||
Gross Carrying Amount At Close of Period, Total | 26,761 | |||
Accumulated Depreciation | 7,630 | |||
Newark CA Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 29,993 | |||
Initial Cost of Land | 2,863 | |||
Initial Cost of FF&E, Buildings and improvements | 10,723 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,785 | |||
Gross Carrying Amount At Close of Period, Land | 2,863 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,508 | |||
Gross Carrying Amount At Close of Period, Total | 17,371 | |||
Accumulated Depreciation | 5,239 | |||
Manchester CT Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 6,530 | |||
Initial Cost of Land | 1,301 | |||
Initial Cost of FF&E, Buildings and improvements | 7,430 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,187 | |||
Gross Carrying Amount At Close of Period, Land | 1,301 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 9,617 | |||
Gross Carrying Amount At Close of Period, Total | 10,918 | |||
Accumulated Depreciation | 3,480 | |||
Basking Ridge NJ Courtyard By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 38,528 | |||
Initial Cost of Land | 5,419 | |||
Initial Cost of FF&E, Buildings and improvements | 45,304 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 7,413 | |||
Gross Carrying Amount At Close of Period, Land | 5,419 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 52,717 | |||
Gross Carrying Amount At Close of Period, Total | 58,136 | |||
Accumulated Depreciation | 15,084 | |||
Wichita, KS Courtyard by Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,380 | |||
Initial Cost of Land | 291 | |||
Initial Cost of FF&E, Buildings and improvements | 23,090 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 505 | |||
Gross Carrying Amount At Close of Period, Land | 291 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 23,595 | |||
Gross Carrying Amount At Close of Period, Total | 23,886 | |||
Accumulated Depreciation | 3,191 | |||
Boston, MA Courtyard by Marriott - Billerica [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 29,807 | |||
Initial Cost of Land | 3,528 | |||
Initial Cost of FF&E, Buildings and improvements | 29,352 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,972 | |||
Gross Carrying Amount At Close of Period, Land | 3,528 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 33,324 | |||
Gross Carrying Amount At Close of Period, Total | 36,852 | |||
Accumulated Depreciation | 5,780 | |||
Pittsburgh, PA Homewood Suites [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 25,492 | |||
Initial Cost of Land | 1,906 | |||
Initial Cost of FF&E, Buildings and improvements | 28,093 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,762 | |||
Gross Carrying Amount At Close of Period, Land | 1,906 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 29,855 | |||
Gross Carrying Amount At Close of Period, Total | 31,761 | |||
Accumulated Depreciation | 2,473 | |||
Lake Buena Vista FL Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,125 | |||
Initial Cost of Land | 2,555 | |||
Initial Cost of FF&E, Buildings and improvements | 20,367 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 9,280 | |||
Gross Carrying Amount At Close of Period, Land | 2,555 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 29,647 | |||
Gross Carrying Amount At Close of Period, Total | 32,202 | |||
Accumulated Depreciation | 9,876 | |||
Evansville IN Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,980 | |||
Initial Cost of Land | 961 | |||
Initial Cost of FF&E, Buildings and improvements | 5,972 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,531 | |||
Gross Carrying Amount At Close of Period, Land | 961 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 9,503 | |||
Gross Carrying Amount At Close of Period, Total | 10,464 | |||
Accumulated Depreciation | 3,793 | |||
Orlando FL Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,712 | |||
Initial Cost of Land | 6,554 | |||
Initial Cost of FF&E, Buildings and improvements | 40,539 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 11,868 | |||
Gross Carrying Amount At Close of Period, Land | 6,554 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 52,407 | |||
Gross Carrying Amount At Close of Period, Total | 58,961 | |||
Accumulated Depreciation | 15,376 | |||
Falls Church VA Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 26,650 | |||
Initial Cost of Land | 2,752 | |||
Initial Cost of FF&E, Buildings and improvements | 34,979 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 6,167 | |||
Gross Carrying Amount At Close of Period, Land | 2,752 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 41,146 | |||
Gross Carrying Amount At Close of Period, Total | 43,898 | |||
Accumulated Depreciation | 13,671 | |||
San Diego CA Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 29,840 | |||
Initial Cost of Land | 3,156 | |||
Initial Cost of FF&E, Buildings and improvements | 29,514 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,671 | |||
Gross Carrying Amount At Close of Period, Land | 3,156 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 35,185 | |||
Gross Carrying Amount At Close of Period, Total | 38,341 | |||
Accumulated Depreciation | 13,025 | |||
Salt Lake City UT Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,428 | |||
Initial Cost of Land | 1,897 | |||
Initial Cost of FF&E, Buildings and improvements | 16,357 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,440 | |||
Gross Carrying Amount At Close of Period, Land | 1,897 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 20,797 | |||
Gross Carrying Amount At Close of Period, Total | 22,694 | |||
Accumulated Depreciation | 8,097 | |||
Las Vegas NV Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 27,394 | |||
Initial Cost of Land | 18,177 | |||
Initial Cost of FF&E, Buildings and improvements | 39,568 | |||
Costs Capitalized Since Acquisition, Land | (6,184) | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (11,655) | |||
Gross Carrying Amount At Close of Period, Land | 11,993 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 27,913 | |||
Gross Carrying Amount At Close of Period, Total | 39,906 | |||
Accumulated Depreciation | 5,269 | |||
Phoenix AZ Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,868 | |||
Initial Cost of Land | 4,100 | |||
Initial Cost of FF&E, Buildings and improvements | 23,187 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 6,363 | |||
Gross Carrying Amount At Close of Period, Land | 4,100 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 29,550 | |||
Gross Carrying Amount At Close of Period, Total | 33,650 | |||
Accumulated Depreciation | 10,236 | |||
Plano TX Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 12,085 | |||
Initial Cost of Land | 2,045 | |||
Initial Cost of FF&E, Buildings and improvements | 16,869 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,350 | |||
Gross Carrying Amount At Close of Period, Land | 2,045 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 20,219 | |||
Gross Carrying Amount At Close of Period, Total | 22,264 | |||
Accumulated Depreciation | 6,867 | |||
Newark CA Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 31,771 | |||
Initial Cost of Land | 3,272 | |||
Initial Cost of FF&E, Buildings and improvements | 11,706 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,070 | |||
Gross Carrying Amount At Close of Period, Land | 3,272 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 16,776 | |||
Gross Carrying Amount At Close of Period, Total | 20,048 | |||
Accumulated Depreciation | 6,645 | |||
Manchester CT Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,000 | |||
Initial Cost of Land | 1,462 | |||
Initial Cost of FF&E, Buildings and improvements | 8,306 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,244 | |||
Gross Carrying Amount At Close of Period, Land | 1,462 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 12,550 | |||
Gross Carrying Amount At Close of Period, Total | 14,012 | |||
Accumulated Depreciation | 4,622 | |||
Jacksonville FL Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,216 | |||
Initial Cost of Land | 1,997 | |||
Initial Cost of FF&E, Buildings and improvements | 16,084 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,039 | |||
Gross Carrying Amount At Close of Period, Land | 1,997 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 21,123 | |||
Gross Carrying Amount At Close of Period, Total | 23,120 | |||
Accumulated Depreciation | 5,586 | |||
Stillwater, OK Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 7,911 | |||
Initial Cost of Land | 930 | |||
Initial Cost of FF&E, Buildings and improvements | 15,070 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 2,924 | |||
Gross Carrying Amount At Close of Period, Land | 930 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 17,994 | |||
Gross Carrying Amount At Close of Period, Total | 18,924 | |||
Accumulated Depreciation | 2,572 | |||
Tampa, FL Marriott Residence Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 17,293 | |||
Initial Cost of Land | 2,175 | |||
Initial Cost of FF&E, Buildings and improvements | 19,491 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 3,426 | |||
Gross Carrying Amount At Close of Period, Land | 2,175 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 22,917 | |||
Gross Carrying Amount At Close of Period, Total | 25,092 | |||
Accumulated Depreciation | 1,824 | |||
Manhattan Beach CA Towne Place Suites By Marriott [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 18,168 | |||
Initial Cost of Land | 4,805 | |||
Initial Cost of FF&E, Buildings and improvements | 17,543 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 4,606 | |||
Gross Carrying Amount At Close of Period, Land | 4,805 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 22,149 | |||
Gross Carrying Amount At Close of Period, Total | 26,954 | |||
Accumulated Depreciation | 6,695 | |||
Atlanta, GA Ritz-Carlton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 68,702 | |||
Initial Cost of Land | 2,477 | |||
Initial Cost of FF&E, Buildings and improvements | 80,139 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 15,250 | |||
Gross Carrying Amount At Close of Period, Land | 2,477 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 95,389 | |||
Gross Carrying Amount At Close of Period, Total | 97,866 | |||
Accumulated Depreciation | 7,578 | |||
Atlantic Beach FL One Ocean [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 32,574 | |||
Initial Cost of Land | 5,815 | |||
Initial Cost of FF&E, Buildings and improvements | 14,817 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 26,534 | |||
Gross Carrying Amount At Close of Period, Land | 5,815 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 41,351 | |||
Gross Carrying Amount At Close of Period, Total | 47,166 | |||
Accumulated Depreciation | 22,103 | |||
Nashville, TN Renaissance [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 114,968 | |||
Initial Cost of Land | 20,671 | |||
Initial Cost of FF&E, Buildings and improvements | 158,260 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 10,347 | |||
Gross Carrying Amount At Close of Period, Land | 20,671 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 168,607 | |||
Gross Carrying Amount At Close of Period, Total | 189,278 | |||
Accumulated Depreciation | 14,536 | |||
Palm Springs, CA Renaissance [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 50,544 | |||
Initial Cost of Land | 0 | |||
Initial Cost of FF&E, Buildings and improvements | 74,112 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 11,174 | |||
Gross Carrying Amount At Close of Period, Land | 0 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 85,286 | |||
Gross Carrying Amount At Close of Period, Total | 85,286 | |||
Accumulated Depreciation | 7,439 | |||
Ann Arbor, MI Sheraton Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 35,200 | |||
Initial Cost of Land | 4,158 | |||
Initial Cost of FF&E, Buildings and improvements | 35,042 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (295) | |||
Gross Carrying Amount At Close of Period, Land | 4,158 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 34,747 | |||
Gross Carrying Amount At Close of Period, Total | 38,905 | |||
Accumulated Depreciation | 2,685 | |||
Langhorne PA Sheraton Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 10,306 | |||
Initial Cost of Land | 2,037 | |||
Initial Cost of FF&E, Buildings and improvements | 12,424 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 12,837 | |||
Gross Carrying Amount At Close of Period, Land | 2,037 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 25,261 | |||
Gross Carrying Amount At Close of Period, Total | 27,298 | |||
Accumulated Depreciation | 12,030 | |||
Minneapolis MN Sheraton Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,591 | |||
Initial Cost of Land | 2,953 | |||
Initial Cost of FF&E, Buildings and improvements | 14,280 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 10,538 | |||
Gross Carrying Amount At Close of Period, Land | 2,953 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 24,818 | |||
Gross Carrying Amount At Close of Period, Total | 27,771 | |||
Accumulated Depreciation | 11,211 | |||
Indianapolis IN Sheraton Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 60,410 | |||
Initial Cost of Land | 3,100 | |||
Initial Cost of FF&E, Buildings and improvements | 22,041 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 26,023 | |||
Gross Carrying Amount At Close of Period, Land | 3,100 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 48,064 | |||
Gross Carrying Amount At Close of Period, Total | 51,164 | |||
Accumulated Depreciation | 21,396 | |||
Anchorage AK Sheraton Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 47,316 | |||
Initial Cost of Land | 4,023 | |||
Initial Cost of FF&E, Buildings and improvements | 39,363 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 15,475 | |||
Gross Carrying Amount At Close of Period, Land | 4,023 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 54,838 | |||
Gross Carrying Amount At Close of Period, Total | 58,861 | |||
Accumulated Depreciation | 18,119 | |||
San Diego CA Sheraton Hotel [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 29,185 | |||
Initial Cost of Land | 7,294 | |||
Initial Cost of FF&E, Buildings and improvements | 36,382 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 8,497 | |||
Gross Carrying Amount At Close of Period, Land | 7,294 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 44,879 | |||
Gross Carrying Amount At Close of Period, Total | 52,173 | |||
Accumulated Depreciation | 15,345 | |||
Coral Gables FL Hyatt Regency [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 63,379 | |||
Initial Cost of Land | 4,805 | |||
Initial Cost of FF&E, Buildings and improvements | 50,820 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 15,203 | |||
Gross Carrying Amount At Close of Period, Land | 4,805 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 66,023 | |||
Gross Carrying Amount At Close of Period, Total | 70,828 | |||
Accumulated Depreciation | 20,464 | |||
Hauppauge, NY Hyatt Regency [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 33,486 | |||
Initial Cost of Land | 6,284 | |||
Initial Cost of FF&E, Buildings and improvements | 35,669 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (2,062) | |||
Gross Carrying Amount At Close of Period, Land | 6,284 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 33,607 | |||
Gross Carrying Amount At Close of Period, Total | 39,891 | |||
Accumulated Depreciation | 4,934 | |||
Savannah, GA Hyatt Regency [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 69,252 | |||
Initial Cost of Land | 14,041 | |||
Initial Cost of FF&E, Buildings and improvements | 72,721 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 11,043 | |||
Gross Carrying Amount At Close of Period, Land | 14,041 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 83,764 | |||
Gross Carrying Amount At Close of Period, Total | 97,805 | |||
Accumulated Depreciation | 8,765 | |||
Key West FL Crowne Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 72,007 | |||
Initial Cost of Land | 0 | |||
Initial Cost of FF&E, Buildings and improvements | 27,514 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 17,112 | |||
Gross Carrying Amount At Close of Period, Land | 0 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 44,626 | |||
Gross Carrying Amount At Close of Period, Total | 44,626 | |||
Accumulated Depreciation | 19,709 | |||
Annapolis, MD Crowne Plaza [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 0 | |||
Initial Cost of FF&E, Buildings and improvements | 9,903 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 8,810 | |||
Gross Carrying Amount At Close of Period, Land | 0 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 18,713 | |||
Gross Carrying Amount At Close of Period, Total | 18,713 | |||
Accumulated Depreciation | 3,542 | |||
Annapolis MD Annapolis Inn [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 20,234 | |||
Initial Cost of Land | 3,028 | |||
Initial Cost of FF&E, Buildings and improvements | 7,833 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 9,206 | |||
Gross Carrying Amount At Close of Period, Land | 3,028 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 17,039 | |||
Gross Carrying Amount At Close of Period, Total | 20,067 | |||
Accumulated Depreciation | 7,481 | |||
Austin, TX Lakeway Resort & Spa [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 25,100 | |||
Initial Cost of Land | 4,541 | |||
Initial Cost of FF&E, Buildings and improvements | 28,940 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 5,296 | |||
Gross Carrying Amount At Close of Period, Land | 4,541 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 34,236 | |||
Gross Carrying Amount At Close of Period, Total | 38,777 | |||
Accumulated Depreciation | 6,589 | |||
Chicago, IL Silversmith [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 21,695 | |||
Initial Cost of Land | 4,782 | |||
Initial Cost of FF&E, Buildings and improvements | 22,398 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 991 | |||
Gross Carrying Amount At Close of Period, Land | 4,782 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 23,389 | |||
Gross Carrying Amount At Close of Period, Total | 28,171 | |||
Accumulated Depreciation | 4,479 | |||
Washington, DC The Churchill [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 46,456 | |||
Initial Cost of Land | 25,898 | |||
Initial Cost of FF&E, Buildings and improvements | 32,304 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 12,266 | |||
Gross Carrying Amount At Close of Period, Land | 25,898 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 44,570 | |||
Gross Carrying Amount At Close of Period, Total | 70,468 | |||
Accumulated Depreciation | 6,013 | |||
Washington, DC The Melrose [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 73,261 | |||
Initial Cost of Land | 29,277 | |||
Initial Cost of FF&E, Buildings and improvements | 62,507 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (1,283) | |||
Gross Carrying Amount At Close of Period, Land | 29,277 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 61,224 | |||
Gross Carrying Amount At Close of Period, Total | 90,501 | |||
Accumulated Depreciation | 4,871 | |||
New Orleans, LA Le Pavillon [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 43,750 | |||
Initial Cost of Land | 10,933 | |||
Initial Cost of FF&E, Buildings and improvements | 51,549 | |||
Costs Capitalized Since Acquisition, Land | (2,600) | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 7,084 | |||
Gross Carrying Amount At Close of Period, Land | 8,333 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 58,633 | |||
Gross Carrying Amount At Close of Period, Total | 66,966 | |||
Accumulated Depreciation | 4,630 | |||
Fort Worth TX Ashton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 5,336 | |||
Initial Cost of Land | 800 | |||
Initial Cost of FF&E, Buildings and improvements | 7,187 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,333 | |||
Gross Carrying Amount At Close of Period, Land | 800 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 8,520 | |||
Gross Carrying Amount At Close of Period, Total | 9,320 | |||
Accumulated Depreciation | 1,265 | |||
Princeton, NJ Westin [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 49,732 | |||
Initial Cost of Land | 6,475 | |||
Initial Cost of FF&E, Buildings and improvements | 52,195 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 6,260 | |||
Gross Carrying Amount At Close of Period, Land | 6,475 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 58,455 | |||
Gross Carrying Amount At Close of Period, Total | 64,930 | |||
Accumulated Depreciation | 5,419 | |||
Atlanta, GA W [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 40,500 | |||
Initial Cost of Land | 2,353 | |||
Initial Cost of FF&E, Buildings and improvements | 54,383 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | (629) | |||
Gross Carrying Amount At Close of Period, Land | 2,353 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 53,754 | |||
Gross Carrying Amount At Close of Period, Total | 56,107 | |||
Accumulated Depreciation | 4,068 | |||
Minneapolis, MN W [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 53,789 | |||
Initial Cost of Land | 8,430 | |||
Initial Cost of FF&E, Buildings and improvements | 79,713 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 806 | |||
Gross Carrying Amount At Close of Period, Land | 8,430 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 80,519 | |||
Gross Carrying Amount At Close of Period, Total | 88,949 | |||
Accumulated Depreciation | 7,095 | |||
Minneapolis, MN Le Meridien [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 2,752 | |||
Initial Cost of FF&E, Buildings and improvements | 12,248 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,800 | |||
Gross Carrying Amount At Close of Period, Land | 2,752 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 14,048 | |||
Gross Carrying Amount At Close of Period, Total | 16,800 | |||
Accumulated Depreciation | 961 | |||
Atlanta, GA Hotel Indigo [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 16,100 | |||
Initial Cost of Land | 3,230 | |||
Initial Cost of FF&E, Buildings and improvements | 23,713 | |||
Costs Capitalized Since Acquisition, Land | 0 | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 168 | |||
Gross Carrying Amount At Close of Period, Land | 3,230 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 23,881 | |||
Gross Carrying Amount At Close of Period, Total | 27,111 | |||
Accumulated Depreciation | 1,460 | |||
Orlando FL World Quest Resort [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost of Land | 1,432 | |||
Initial Cost of FF&E, Buildings and improvements | 9,870 | |||
Costs Capitalized Since Acquisition, Land | (49) | |||
Costs Capitalized Since Acquisition, FF&E, Buildings and improvements | 1,136 | |||
Gross Carrying Amount At Close of Period, Land | 1,383 | |||
Gross Carrying Amount At Close of Period, FF&E, Buildings and improvements | 11,006 | |||
Gross Carrying Amount At Close of Period, Total | 12,389 | |||
Accumulated Depreciation | $ 2,201 |
Real Estate And Accumulated D89
Real Estate And Accumulated Depreciation (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Investment in Real Estate: | |||
Beginning balance | $ 5,054,564 | $ 5,181,466 | $ 2,719,716 |
Additions | 225,461 | 206,022 | 2,531,312 |
Impairment/write-offs | (111,820) | (85,338) | (57,596) |
Sales/disposals | (85,709) | (227,988) | (11,966) |
Assets held for sale | (18,202) | (19,598) | 0 |
Ending balance | 5,064,294 | 5,054,564 | 5,181,466 |
Accumulated Depreciation: | |||
Beginning balance | 894,001 | 761,782 | 591,105 |
Depreciation expense | 247,220 | 245,953 | 211,434 |
Impairment/write-offs | (101,008) | (67,022) | (37,647) |
Sales/disposals | (11,364) | (44,346) | (3,110) |
Assets held for sale | (470) | (2,366) | 0 |
Ending balance | 1,028,379 | 894,001 | 761,782 |
Investment in Real Estate, net | $ 4,035,915 | $ 4,160,563 | $ 4,419,684 |
Real Estate and Accumulated D90
Real Estate and Accumulated Depreciation (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Minimum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years 6 months |
Minimum [Member] | Furniture, fixtures and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 1 year 6 months |
Maximum [Member] | Building and Building Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 39 years |
Maximum [Member] | Furniture, fixtures and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |