Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 26, 2015 | Jun. 30, 2014 |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | DiamondRock Hospitality Co | ||
Entity Central Index Key | 1298946 | ||
Current Fiscal Year End Date | -19 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | FALSE | ||
Entity Common Stock, Shares Outstanding | 200,488,647 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $2.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
ASSETS | ||
Property and equipment, net | $2,764,393 | $2,567,533 |
Restricted cash | 74,730 | 89,106 |
Due from hotel managers | 79,827 | 69,353 |
Note receivable | 0 | 50,084 |
Favorable lease assets, net | 34,274 | 39,936 |
Prepaid and other assets | 52,739 | 79,474 |
Deferred financing costs, net | 8,023 | 7,702 |
Cash and cash equivalents | 144,365 | 144,584 |
Total assets | 3,158,351 | 3,047,772 |
Liabilities: | ||
Mortgage debt | 1,038,330 | 1,091,861 |
Senior unsecured credit facility | 0 | 0 |
Total debt | 1,038,330 | 1,091,861 |
Deferred income related to key money, net | 21,561 | 23,707 |
Unfavorable contract liabilities, net | 76,220 | 78,093 |
Due to hotel managers | 59,169 | 54,225 |
Dividends declared and unpaid | 20,922 | 16,981 |
Accounts payable and accrued expenses | 113,162 | 102,214 |
Total other liabilities | 291,034 | 275,220 |
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value; 10,000,000 shares authorized; no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 400,000,000 shares authorized; 199,964,041 and 195,470,791 shares issued and outstanding at December 31, 2014 and 2013, respectively | 2,000 | 1,955 |
Additional paid-in capital | 2,045,755 | 1,979,613 |
Accumulated deficit | -218,768 | -300,877 |
Total stockholders’ equity | 1,828,987 | 1,680,691 |
Total liabilities and stockholders’ equity | $3,158,351 | $3,047,772 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Stockholders' Equity: | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 199,964,041 | 195,470,791 |
Common stock, shares outstanding | 199,964,041 | 195,470,791 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Rooms | $628,870 | $558,751 | $509,902 |
Food and beverage | 195,077 | 193,043 | 174,963 |
Other | 48,915 | 47,894 | 42,022 |
Total revenues | 872,862 | 799,688 | 726,887 |
Operating Expenses: | |||
Rooms | 162,870 | 151,040 | 135,437 |
Food and beverage | 135,402 | 136,454 | 124,890 |
Management fees | 30,027 | 25,546 | 24,307 |
Other hotel expenses | 295,826 | 284,523 | 254,265 |
Depreciation and amortization | 99,650 | 103,895 | 97,004 |
Impairment losses | 0 | 0 | 30,844 |
Hotel acquisition costs | 2,177 | 0 | 10,591 |
Corporate expenses | 22,267 | 23,072 | 21,095 |
Gain on insurance proceeds | -1,825 | 0 | 0 |
Gain on litigation settlement, net | -10,999 | 0 | 0 |
Total operating expenses | 735,395 | 724,530 | 698,433 |
Operating income | 137,467 | 75,158 | 28,454 |
Interest income | -3,027 | -6,328 | -305 |
Interest expense | 58,278 | 57,279 | 53,771 |
Gain on prepayment of note receivable | -13,550 | 0 | 0 |
Gain on sales of hotel properties, net | -50,969 | 0 | 0 |
Gain on hotel property acquisition | -23,894 | 0 | 0 |
Loss (gain) on early extinguishment of debt | 1,616 | 1,492 | -144 |
Total other (income) expenses, net | -31,546 | 52,443 | 53,322 |
Income (loss) from continuing operations before income taxes | 169,013 | 22,715 | -24,868 |
Income tax (expense) benefit | -5,636 | 1,113 | 6,793 |
Income (loss) from continuing operations | 163,377 | 23,828 | -18,075 |
Income from discontinued operations, net of income taxes | 0 | 25,237 | 1,483 |
Net income (loss) | $163,377 | $49,065 | ($16,592) |
Earnings (loss) per share: | |||
Continuing operations (in dollars per share) | $0.83 | $0.12 | ($0.10) |
Discontinued operations (in dollars per share) | $0 | $0.13 | $0.01 |
Basic and diluted loss per share (in dollars per share) | $0.83 | $0.25 | ($0.09) |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 195,943,813 | 195,478,353 | 180,826,124 |
Diluted (in shares) | 196,682,981 | 195,862,506 | 180,826,124 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data, unless otherwise specified | ||||
Beginning Balance at Dec. 31, 2011 | $1,502,157 | $1,675 | $1,708,427 | ($207,945) |
Beginning balance, shares at Dec. 31, 2011 | 167,502,359 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends per common share | -58,327 | 174 | -58,501 | |
Issuance and vesting of common stock grants, net | 1,562 | 4 | 1,558 | |
Issuance and vesting of common stock grants, net, shares | 431,810 | |||
Sale of common stock in secondary offerings, less placement fees and expenses | 199,790 | 200 | 199,590 | |
Sale of common stock in secondary offerings, less placement fees and expenses, shares | 20,000,000 | |||
Issuance of common stock in private placement for portfolio acquisition | 66,523 | 72 | 66,451 | |
Issuance of common stock in private placement for portfolio acquisition, shares | 7,211,538 | |||
Net income (loss) | -16,592 | -16,592 | ||
Ending Balance | 1,695,113 | 1,951 | 1,976,200 | -283,038 |
Ending balance, shares at Dec. 31, 2012 | 195,145,707 | |||
Beginning Balance at Dec. 31, 2012 | 1,695,113 | 1,951 | 1,976,200 | -283,038 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends per common share | -66,753 | 151 | -66,904 | |
Issuance and vesting of common stock grants, net | 3,266 | 4 | 3,262 | |
Issuance and vesting of common stock grants, net, shares | 325,084 | |||
Net income (loss) | 49,065 | 49,065 | ||
Ending Balance | 1,680,691 | 1,955 | 1,979,613 | -300,877 |
Ending balance, shares at Dec. 31, 2013 | 195,470,791 | |||
Beginning Balance at Dec. 31, 2013 | 1,680,691 | 1,955 | 1,979,613 | -300,877 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends per common share | -81,041 | 227 | -81,268 | |
Issuance and vesting of common stock grants, net | 2,898 | 3 | 2,895 | |
Issuance and vesting of common stock grants, net, shares | 275,690 | |||
Sale of common stock in secondary offerings, less placement fees and expenses | 63,062 | 42 | 63,020 | |
Sale of common stock in secondary offerings, less placement fees and expenses, shares | 4,217,560 | |||
Net income (loss) | 163,377 | 163,377 | ||
Ending Balance | $1,828,987 | $2,000 | $2,045,755 | ($218,768) |
Ending balance, shares at Dec. 31, 2014 | 199,964,041 |
Consolidated_Statements_of_Sto1
Consolidated Statements of Stockholders' Equity (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per common share (in dollars per share) | $0.41 | $0.34 | $0.32 |
Expenses in sale of common stock secondary offerings | $719 | $809 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | $163,377 | $49,065 | ($16,592) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Real estate depreciation | 99,650 | 105,655 | 101,498 |
Corporate asset depreciation as corporate expenses | 105 | 99 | 95 |
Gain on sale of hotel properties, net | -50,969 | -22,733 | -9,479 |
Gain on prepayment of note receivable | -13,550 | 0 | 0 |
Loss (gain) on early extinguishment of debt | 1,616 | 1,492 | -144 |
Gain on hotel property acquisition | -23,894 | 0 | 0 |
Non-cash ground rent | 6,453 | 6,787 | 6,694 |
Non-cash financing costs, debt premium, and interest rate cap as interest | 2,564 | 2,803 | 3,538 |
Amortization of note receivable discount as interest income | -1,075 | -2,602 | 0 |
Impairment losses | 0 | 0 | 45,534 |
Amortization of favorable and unfavorable contracts, net | -1,410 | -1,487 | -1,872 |
Amortization of deferred income | -1,090 | -2,150 | -999 |
Termination fee paid to hotel manager | 0 | -737 | 0 |
Stock-based compensation | 5,316 | 5,217 | 4,529 |
Payment of litigation settlement | 0 | 0 | -1,709 |
Deferred income tax expense (benefit) | 5,159 | -343 | -6,510 |
Changes in assets and liabilities: | |||
Prepaid expenses and other assets | -305 | -1,615 | -4,999 |
Restricted cash | -8,409 | 1,024 | -16,830 |
Due to/from hotel managers | -5,711 | 899 | -10,607 |
Accounts payable and accrued expenses | 2,005 | 2,360 | 991 |
Net cash provided by operating activities | 179,832 | 143,734 | 93,138 |
Cash flows from investing activities: | |||
Hotel capital expenditures | -62,571 | -107,307 | -49,262 |
Hotel acquisitions | -297,388 | 0 | -444,709 |
Net proceeds from sale of properties | 182,117 | 76,437 | 131,073 |
Mortgage loan principal payments | 64,500 | 6,574 | 996 |
Change in restricted cash | 10,623 | -17,279 | -6,072 |
Purchase deposits | -2,850 | -5,000 | -1,898 |
Receipt of deferred key money | 0 | 4,568 | 767 |
Net cash used in investing activities | -105,569 | -42,007 | -369,105 |
Cash flows from financing activities: | |||
Scheduled mortgage debt principal payments | -15,254 | -14,249 | -11,072 |
Repurchase of common stock and other | -2,418 | -1,952 | -2,967 |
Proceeds from sale of common stock, net | 63,062 | 0 | 199,790 |
Proceeds from mortgage debt | 86,000 | 165,000 | 244,368 |
Prepayment of mortgage debt | -125,444 | -28,779 | -26,963 |
Draws on senior unsecured credit facility | 156,320 | 25,000 | 200,000 |
Repayments of senior unsecured credit facility | -156,320 | -45,000 | -280,000 |
Payment of financing costs | -3,328 | -1,101 | -6,912 |
Purchase of interest rate cap | 0 | 0 | -934 |
Payment of cash dividends | -77,100 | -65,685 | -56,011 |
Net cash (used in) provided by financing activities | -74,482 | 33,234 | 259,299 |
Net (decrease) increase in cash and cash equivalents | -219 | 134,961 | -16,668 |
Cash and cash equivalents, beginning of year | 144,584 | 9,623 | 26,291 |
Cash and cash equivalents, end of year | 144,365 | 144,584 | 9,623 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid for interest | 56,575 | 55,605 | 55,294 |
Cash paid for income taxes | 478 | 795 | 1,723 |
Capitalized interest | 914 | 1,516 | 1,164 |
Non-cash Financing Activities: | |||
Unpaid dividends | 20,922 | 16,981 | 15,911 |
Buyer assumption of mortgage debt on sale of hotels | 0 | 0 | 180,000 |
Issuance of common stock in connection with acquisition of hotel portfolio | $0 | $0 | $66,523 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization |
DiamondRock Hospitality Company (the “Company” or “we”) is a lodging-focused real estate company that owns a portfolio of premium hotels and resorts. Our hotels are concentrated in key gateway cities and in destination resort locations and a substantial number of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”), Starwood Hotels & Resorts Worldwide, Inc. (“Starwood”) or Hilton Worldwide (“Hilton”)). We are an owner, as opposed to an operator, of the hotels in our portfolio. As an owner, we receive all of the operating profits or losses generated by our hotels after we pay fees to the hotel managers, which are based on the revenues and profitability of the hotels. | |
As of December 31, 2014, we owned 27 hotels with 10,552 rooms, located in the following markets: Atlanta, Georgia; Boston, Massachusetts (2); Burlington, Vermont; Charleston, South Carolina; Chicago, Illinois (2); Denver, Colorado (2); Fort Lauderdale, Florida; Fort Worth, Texas; Key West, Florida; Minneapolis, Minnesota; New York, New York (5); Orlando, Florida; Salt Lake City, Utah; San Diego, California; San Francisco, California; Sonoma, California; Washington D.C. (2); St. Thomas, U.S. Virgin Islands; and Vail, Colorado. | |
We conduct our business through a traditional umbrella partnership REIT, or UPREIT, in which our hotel properties are owned by our operating partnership, DiamondRock Hospitality Limited Partnership, or subsidiaries of our operating partnership. The Company is the sole general partner of our operating partnership and currently owns, either directly or indirectly, all of the limited partnership units of our operating partnership. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Basis of Presentation | |
Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the FASB ASC 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. | |
Use of Estimates | |
The preparation of the financial statements in conformity with U.S. GAAP 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Risks and Uncertainties | |
The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. | |
Fair Value Measurements | |
In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: | |
•Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities | |
•Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical | |
or similar assets in markets that are not active and model-derived valuations whose inputs are observable | |
•Level 3 - Model-derived valuations with unobservable inputs | |
Property and Equipment | |
Investments in hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are recorded at fair value upon acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. | |
Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. | |
We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. | |
We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. | |
Goodwill | |
Goodwill represents the excess of our cost to acquire a business over the net amounts assigned to assets acquired and liabilities assumed. Goodwill is not amortized, but is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Our goodwill is classified within other assets in the accompanying consolidated balance sheets. | |
Cash and Cash Equivalents | |
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |
Note Receivable | |
Notes receivable are carried at cost, net of any premiums or discounts which are recognized as an adjustment of yield over the remaining life of the note using the effective interest rate method. Notes receivable are evaluated for collectability and if collectability of the original amounts due is in doubt, the value is adjusted for impairment. Our impairment analysis considers the anticipated cash receipts as well as the underlying value of the collateral. If collectability is in doubt, the note is placed in non-accrual status. No interest is recorded on such notes until the timing and amounts of cash receipts can be reasonably estimated. We record cash payments received on non-accrual notes receivable as a reduction in basis. We continually assess the current facts and circumstances to determine whether we can reasonably estimate cash flows. If we can reasonably estimate the timing and amount of cash flows to be collected, then income recognition becomes possible. | |
Revenue Recognition | |
Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. | |
Income Taxes | |
We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. | |
We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. | |
In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly-owned subsidiary of Bloodstone TRS, Inc., our existing taxable REIT subsidiary, or TRS, except for the Frenchman’s Reef & Morning Star Marriott Beach Resort, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS. | |
We had no accruals for tax uncertainties as of December 31, 2014 and 2013. | |
Intangible Assets and Liabilities | |
Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. | |
Earnings (Loss) Per Share | |
Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period. | |
Stock-based Compensation | |
We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. | |
Comprehensive Income (Loss) | |
We do not have any comprehensive income (loss) other than net income (loss). If we have any comprehensive income (loss) in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. | |
Restricted Cash | |
Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements. | |
Deferred Financing Costs | |
Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. | |
Hotel Working Capital | |
The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions due to owner and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. | |
Key Money | |
Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to base management fees or franchise fees. | |
Straight-Line Rental Income and Expense | |
We record rental income and expense on leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease on a straight-line basis. | |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our note receivable and cash and cash equivalents. We perform periodic evaluations of the underlying hotel property securing the note receivable. See further discussion in Note 5. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. | |
Recently Issued Accounting Pronouncements | |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends U.S. GAAP to require reporting of discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This ASU is effective for the first annual reporting period beginning on or after December 15, 2014 with early adoption permitted. We have adopted this ASU effective January 1, 2014, Under this ASU, we anticipate the majority of our hotel sales will not be classified as discontinued operations. Hotel sales that have already been reported within discontinued operations in previously issued financial statements will continue to be reported under the previous guidance. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. This pronouncement will be effective for the first annual reporting period beginning after December 15, 2016. Early application is not permitted. The ASU permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that the ASU will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method or determined the effect of the ASU on our future financial reporting. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | Property and Equipment | |||||||
Property and equipment as of December 31, 2014 and 2013 consists of the following (in thousands): | ||||||||
2014 | 2013 | |||||||
Land | $ | 508,838 | $ | 394,957 | ||||
Land improvements | 7,994 | 7,994 | ||||||
Buildings | 2,427,274 | 2,321,666 | ||||||
Furniture, fixtures and equipment | 430,873 | 420,367 | ||||||
CIP | 13,784 | 23,104 | ||||||
3,388,763 | 3,168,088 | |||||||
Less: accumulated depreciation | (624,370 | ) | (600,555 | ) | ||||
$ | 2,764,393 | $ | 2,567,533 | |||||
As of December 31, 2014 and 2013 we had accrued capital expenditures of $6.2 million and $8.6 million, respectively. | ||||||||
During the year ended December 31, 2012, we recorded an impairment loss of $30.4 million related to the Oak Brook Hills Resort. We evaluated the recoverability of the hotel's carrying value given deteriorating operating forecasts. Based on our estimated undiscounted net cash flow, we concluded that the previous carrying value of the hotel was not recoverable. We estimated the fair value of the hotel using a discounted cash flow analysis and comparable sales information. In our analysis, we estimated the future net cash flows from the hotel based on historical operations and our projected future operating results. The expected useful life and holding period was based on the age of the property and our plan for the property as well as experience with similar properties. The capitalization rate was estimated using rates from recent comparable market transactions, and the discount rate was estimated using a risk adjusted rate of return. The fair value measurement of the property was a Level 3 measurement under the fair value hierarchy (see Note 2). The impairment loss includes the impairment related to the hotel's favorable ground lease asset. See Note 4 for further discussion. |
Favorable_Lease_Assets
Favorable Lease Assets | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Favorable Lease Assets | Favorable Lease Assets | |||||||
In connection with the acquisition of certain hotels, we have recognized intangible assets for favorable ground leases and tenant leases. Our favorable lease assets, net of accumulated amortization of $3.0 million and $6.8 million as of December 31, 2014 and 2013, respectively, consist of the following (in thousands): | ||||||||
2014 | 2013 | |||||||
Westin Boston Waterfront Hotel Ground Lease | $ | 18,293 | $ | 18,510 | ||||
Westin Boston Waterfront Hotel Lease Right | 9,045 | 9,045 | ||||||
Hilton Minneapolis Ground Lease | 5,760 | 5,835 | ||||||
Oak Brook Hills Resort Ground Lease | — | 5,058 | ||||||
Lexington Hotel New York Tenant Leases | 1,031 | 1,176 | ||||||
Hilton Boston Downtown Tenant Leases | 145 | 312 | ||||||
$ | 34,274 | $ | 39,936 | |||||
The favorable lease assets are recorded at the acquisition date and are generally amortized using the straight-line method over the remaining non-cancelable term of the lease agreement. Amortization expense was $0.7 million for the year ended December 31, 2014, $1.0 million for the year ended December 31, 2013 and $1.0 million for the year ended December 31, 2012. Amortization expense is expected to total $0.6 million for 2015, $0.5 million for 2016, and $0.4 million annually for 2017 through 2019. | ||||||||
We own a favorable lease asset related to the right to acquire a leasehold interest in a parcel of land adjacent to the Westin Boston Waterfront Hotel for the development of a 320 to 350 room hotel (the “lease right”). The option expires in 2016. We do not amortize the lease right but review the asset for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. An impairment loss of $0.5 million was recorded in 2012 due to lower comparable market rents in the City of Boston. No impairment loss was recorded in 2013 or 2014. | ||||||||
During the year ended December 31, 2012, we evaluated the Oak Brook Hills Resort favorable ground lease asset for recoverability of the carrying value. We concluded that the fair value of the ground lease was $5.6 million, resulting in an impairment loss of $1.4 million for the year ended December 31, 2012. No impairment loss was recorded in 2013 or 2014. In connection with the sale of the Oak Brook Hills Resort on April 14, 2014, we wrote off the favorable ground lease asset, which is included in the gain on sale of hotel properties on the accompanying consolidated statement of operations. | ||||||||
The fair value of the lease right is a Level 3 measurement under the fair value hierarchy (see Note 2) and is derived from a discounted cash flow model using the favorable difference between the estimated participating rents or actual rents in accordance with the lease terms and the estimated market rents. For the lease right, the discount rate is estimated using a risk adjusted rate of return, the estimated participating rents are estimated based on a hypothetical hotel comparable to our Westin Boston Waterfront Hotel, and market rents are based on comparable long-term ground leases in the City of Boston. For the Oak Brook Hills Resort favorable ground lease asset, the discount rate was estimated using a risk adjusted rate of return and market rents were based on comparable golf course leases across the United States. |
Note_Receivable
Note Receivable | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts and Notes Receivable, Net [Abstract] | ||||||||
Note Receivable | Note Receivable | |||||||
On May 21, 2014, we received $58.5 million for the prepayment of the senior mortgage loan secured by the 443-room Allerton Hotel in Chicago, Illinois (the "Allerton Loan"). As a result of the prepayment, we recorded a gain of $13.6 million. The Allerton Loan had an original principal balance of $66.0 million, which had a four-year term (plus a one-year extension option) and a fixed interest rate of 5.5%. Principal payments were based on a 30-year amortization schedule, but were only due to the extent there was available cash flow from operations. | ||||||||
We recorded the following amounts of interest income on the Allerton Loan (in thousands): | ||||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Contractual interest income | 1,317 | 3,456 | ||||||
Amortization of discount | 1,075 | 2,602 | ||||||
Total interest income | $ | 2,392 | $ | 6,058 | ||||
Capital_Stock
Capital Stock | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity [Abstract] | |||||
Capital Stock | Capital Stock | ||||
Common Shares | |||||
We are authorized to issue up to 400 million shares of common stock, $0.01 par value per share. Each outstanding share of common stock entitles the holder to one vote on all matters submitted to a vote of stockholders. Holders of our common stock are entitled to receive dividends out of assets legally available for the payment of dividends when authorized by our board of directors. | |||||
In November 2014, we commenced an “at-the-market” equity offering program (the “ATM program”), pursuant to which we may issue and sell shares of our common stock from time to time, having an aggregate offering price of up to $200 million. During the year ended December 31, 2014, we sold 4,217,560 shares of our common stock at an average price of $15.12 for net proceeds of $63.1 million. Subsequent to December 31, 2014, we sold 524,606 shares of our common stock at an average price of $15.18 for net proceeds of $7.9 million. | |||||
We have paid the following dividends to holders of our common stock for the years ended December 31, 2014 and 2013: | |||||
Payment Date | Record Date | Dividend | |||
per Share | |||||
April 12, 2013 | 28-Mar-13 | $0.09 | |||
July 11, 2013 | 28-Jun-13 | $0.09 | |||
October 10, 2013 | 30-Sep-13 | $0.09 | |||
January 10, 2014 | 31-Dec-13 | $0.09 | |||
April 10, 2014 | 31-Mar-14 | $0.10 | |||
July 10, 2014 | 30-Jun-14 | $0.10 | |||
October 10, 2014 | 30-Sep-14 | $0.10 | |||
January 12, 2015 | 31-Dec-14 | $0.10 | |||
Our board of directors voted in 2013 to authorize us to purchase up to $100 million in shares of our common stock. Repurchases under this program will be made in open market or privately negotiated transactions. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing and actual number of shares repurchased will depend on a variety of factors including price, corporate and regulatory requirements, market conditions, and other corporate liquidity requirements and priorities. The share repurchase program may be suspended or terminated at any time without prior notice. We have not repurchased any shares of our common stock since the program started. | |||||
Preferred Shares | |||||
We are authorized to issue up to 10,000,000 shares of preferred stock, $0.01 par value per share. Our board of directors is required to set for each class or series of preferred stock the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms or conditions of redemption. As of December 31, 2014 and 2013, there were no shares of preferred stock outstanding. | |||||
Operating Partnership Units | |||||
Holders of operating partnership units have certain redemption rights, which enable them to cause our operating partnership to redeem their units in exchange for cash per unit equal to the market price of our common stock, at the time of redemption, or, at our option for shares of our common stock on a one-for-one basis. The number of shares issuable upon exercise of the redemption rights will be adjusted upon the occurrence of stock splits, mergers, consolidations or similar pro-rata share transactions, which otherwise would have the effect of diluting the ownership interests of the limited partners or our stockholders. As of December 31, 2014 and 2013, there were no operating partnership units held by unaffiliated third parties. |
Stock_Incentive_Plans
Stock Incentive Plans | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||
Stock Incentive Plans | Stock Incentive Plans | ||||||||||
We are authorized to issue up to 8,000,000 shares of our common stock under our 2004 Stock Option and Incentive Plan, as amended (the “Incentive Plan”), of which we have issued or committed to issue 3,695,750 shares as of December 31, 2014. In addition to these shares, additional shares of common stock could be issued in connection with the market stock unit awards and performance stock unit awards as further described below. | |||||||||||
Restricted Stock Awards | |||||||||||
Restricted stock awards issued to our officers and employees vest over a 3-year period from the date of the grant based on continued employment. We measure compensation expense for the restricted stock awards based upon the fair market value of our common stock at the date of grant. Compensation expense is recognized on a straight-line basis over the vesting period and is included in corporate expenses in the accompanying consolidated statements of operations. A summary of our restricted stock awards from January 1, 2012 to December 31, 2014 is as follows: | |||||||||||
Number of | Weighted- | ||||||||||
Shares | Average Grant | ||||||||||
Date Fair | |||||||||||
Value | |||||||||||
Unvested balance at January 1, 2012 | 1,010,127 | $ | 6.97 | ||||||||
Granted | 365,599 | 9.84 | |||||||||
Additional shares from dividends | 8,507 | 10.07 | |||||||||
Forfeited | (11,563 | ) | 10.05 | ||||||||
Vested | (696,559 | ) | 5.39 | ||||||||
Unvested balance at December 31, 2012 | 676,111 | 10.1 | |||||||||
Granted | 323,526 | 9.33 | |||||||||
Additional shares from dividends | 1,040 | 9.3 | |||||||||
Forfeited | (16,934 | ) | 9.65 | ||||||||
Vested | (400,722 | ) | 9.94 | ||||||||
Unvested balance at December 31, 2013 | 583,021 | 9.8 | |||||||||
Granted | 249,311 | 12.39 | |||||||||
Forfeited | (537 | ) | 9.32 | ||||||||
Vested | (317,376 | ) | 10.19 | ||||||||
Unvested balance at December 31, 2014 | 514,419 | $ | 10.82 | ||||||||
The unvested share awards are expected to vest as follows: 255,828 during 2015, 169,826 during 2016, 81,523 during 2017, and 7,242 during 2018. As of December 31, 2014, the unrecognized compensation cost related to restricted stock awards was $3.4 million and the weighted-average period over which the unrecognized compensation expense will be recorded is approximately 23 months. For the years ended December 31, 2014, 2013, and 2012, we recorded $3.2 million, $3.4 million and $3.3 million, respectively, of compensation expense related to restricted stock awards. The compensation expense for the years ended December 31, 2014 and 2013 include $0.3 million and $0.7 million, respectively, related to the accelerated vesting of awards in connection with employee separations. | |||||||||||
Market Stock Units | |||||||||||
From 2010 to 2012, we awarded our executive officers market stock units (“MSUs”). MSUs are restricted stock units that vest three years from the date of grant. As of December 31, 2014, there are 98,381 unvested MSUs outstanding, which represent awards granted in 2012. The unrecognized compensation cost related to the MSUs was less than $0.1 million as of December 31, 2014 and is expected to be recognized on a straight-line basis over a weighted average period of 2 months. For the years ended December 31, 2014, 2013, and 2012, we recorded approximately $0.3 million, $0.8 million and $0.9 million, respectively, of compensation expense related to MSUs. The compensation expense for the year ended December 31, 2013 includes $0.2 million related to the accelerated vesting of awards in connection with the departure of our former President and Chief Operating Officer on May 1, 2013. | |||||||||||
Performance Stock Units | |||||||||||
We have awarded our executive officers performance stock units (“PSUs”). PSUs are restricted stock units that vest three years from the date of grant. Each executive officer is granted a target number of PSUs (the “PSU Target Award”). The actual number of shares of common stock issued to each executive officer is subject to the achievement of certain levels of total stockholder return relative to the total stockholder return of a peer group of publicly-traded lodging REITs over a three-year performance period. There will be no payout of shares of our common stock if our total stockholder return falls below the 30th percentile of the total stockholder returns of the peer group. The maximum number of shares of common stock issued to an executive officer is equal to 150% of the PSU Target Award and is earned if our total stockholder return is equal to or greater than the 75th percentile of the total stockholder returns of the peer group. | |||||||||||
The fair values of the PSU awards are determined using a Monte Carlo simulation performed by a third-party valuation firm. Each simulation also considered the share performance of the Company and the peer group. The determination of the grant-date fair values of the awards included the following assumptions: | |||||||||||
Award Grant Date | Volatility | Risk-Free Rate | Fair Value at Grant Date | ||||||||
3-Mar-13 | 39.2 | % | 0.36 | % | $ | 9.55 | |||||
15-May-13 | 37.9 | % | 0.4 | % | $ | 10.41 | |||||
3-Mar-14 | 33.5 | % | 0.66 | % | $ | 12.77 | |||||
15-May-14 | 33.1 | % | 0.8 | % | $ | 9.88 | |||||
A summary of our PSUs from January 1, 2013 to December 31, 2014 is as follows: | |||||||||||
Number of | Weighted- | ||||||||||
Units | Average Grant | ||||||||||
Date Fair | |||||||||||
Value | |||||||||||
Unvested balance at January 1, 2013 | — | $ | — | ||||||||
Granted | 217,949 | 9.64 | |||||||||
Additional units from dividends | 5,227 | 10.37 | |||||||||
Unvested balance at December 31, 2013 | 223,176 | 9.66 | |||||||||
Granted | 200,685 | 12.33 | |||||||||
Additional units from dividends | 12,309 | 12.01 | |||||||||
Unvested balance at December 31, 2014 | 436,170 | $ | 10.95 | ||||||||
The unvested units are expected to vest as follows: 230,592 during 2016 and 205,578 during 2017. As of December 31, 2014, the unrecognized compensation cost related to the PSUs was $2.6 million and is expected to be recognized on a straight-line basis over a period of 22 months. For the years ended December 31, 2014 and 2013, we recorded approximately $1.4 million and $0.6 million of compensation expense related to the PSUs. |
Earnings_Loss_Per_Share
Earnings (Loss) Per Share | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Earnings (Loss) Per Share | Earnings (Loss) Per Share | |||||||||||
Basic earnings (loss) per share is calculated by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings (loss) per share is calculated by dividing net income (loss) available to common stockholders that has been adjusted for dilutive securities, by the weighted-average number of common shares outstanding including dilutive securities. | ||||||||||||
The following is a reconciliation of the calculation of basic and diluted earnings (loss) per share (in thousands, except share and per-share data): | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 163,377 | $ | 23,828 | $ | (18,075 | ) | |||||
Income from discontinued operations | — | 25,237 | 1,483 | |||||||||
Net income (loss) | $ | 163,377 | $ | 49,065 | $ | (16,592 | ) | |||||
Denominator: | ||||||||||||
Weighted-average number of common shares outstanding—basic | 195,943,813 | 195,478,353 | 180,826,124 | |||||||||
Effect of dilutive securities: | ||||||||||||
Unvested restricted common stock | 181,310 | 177,314 | — | |||||||||
Shares related to unvested MSUs and PSUs | 556,763 | 206,839 | — | |||||||||
Unexercised stock appreciation rights | 1,095 | — | — | |||||||||
Weighted-average number of common shares outstanding—diluted | 196,682,981 | 195,862,506 | 180,826,124 | |||||||||
Basic earnings (loss) per share: | ||||||||||||
Continuing operations | $ | 0.83 | $ | 0.12 | $ | (0.10 | ) | |||||
Discontinued operations | — | 0.13 | 0.01 | |||||||||
Total | $ | 0.83 | $ | 0.25 | $ | (0.09 | ) | |||||
Diluted earnings (loss) earnings per share: | ||||||||||||
Continuing operations | $ | 0.83 | $ | 0.12 | $ | (0.10 | ) | |||||
Discontinued operations | — | 0.13 | 0.01 | |||||||||
Total | $ | 0.83 | $ | 0.25 | $ | (0.09 | ) | |||||
We did not include the following shares in our calculation of diluted loss per share as they would be anti-dilutive: | ||||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Unvested restricted common stock | — | — | 161,266 | |||||||||
Unexercised stock appreciation rights | — | 262,461 | 262,461 | |||||||||
Shares related to unvested MSUs | — | — | 237,956 | |||||||||
Total | — | 262,461 | 661,683 | |||||||||
Debt
Debt | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Debt | Debt | |||||||||||
The following table sets forth information regarding the Company’s debt as of December 31, 2014: | ||||||||||||
Property | Principal | Interest Rate | Maturity Date | Amortization Provisions | ||||||||
Balance | ||||||||||||
(In thousands) | ||||||||||||
JW Marriott Denver at Cherry Creek | $ | 38,552 | 6.47 | % | Jul-15 | 25 years | ||||||
Renaissance Worthington | 52,859 | 5.4 | % | Jul-15 | 30 years | |||||||
Frenchman’s Reef & Morning Star Marriott Beach Resort | 56,595 | 5.44 | % | Aug-15 | 30 years | |||||||
Orlando Airport Marriott | 55,925 | 5.68 | % | Jan-16 | 30 years | |||||||
Chicago Marriott Downtown Magnificent Mile | 205,166 | 5.975 | % | Apr-16 | 30 years | |||||||
Courtyard Manhattan / Fifth Avenue | 48,970 | 6.48 | % | Jun-16 | 30 years | |||||||
Lexington Hotel New York | 170,368 | LIBOR + 2.50% (2.656% at December 31, 2014) | October 2017 (1) | Interest Only | ||||||||
Salt Lake City Marriott Downtown | 61,352 | 4.25 | % | Nov-20 | 25 years | |||||||
Hilton Minneapolis | 92,732 | 5.464 | % | May-21 | 25 years | |||||||
Westin Washington D.C. City Center | 70,635 | 3.99 | % | Jan-23 | 25 years | |||||||
The Lodge at Sonoma, a Renaissance Resort & Spa | 30,058 | 3.96 | % | Apr-23 | 30 years | |||||||
Westin San Diego | 68,937 | 3.94 | % | Apr-23 | 30 years | |||||||
Courtyard Manhattan / Midtown East | 86,000 | 4.4 | % | Aug-24 | 30 years | |||||||
Debt premium (2) | 181 | |||||||||||
Total mortgage debt | 1,038,330 | |||||||||||
Senior unsecured credit facility | — | LIBOR + 1.90% (2.09% at December 31, 2014) | January 2017 (3) | Interest Only | ||||||||
Total debt | $1,038,330 | |||||||||||
Weighted-Average Interest Rate | 4.95% | |||||||||||
_____________ | ||||||||||||
-1 | The loan may be extended for two additional one-year terms subject to the satisfaction of certain conditions and the payment of an extension fee. We amended the loan on October 8, 2014, which is discussed further below. | |||||||||||
-2 | Recorded upon our assumption of the JW Marriott Denver at Cherry Creek mortgage debt. | |||||||||||
-3 | The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. | |||||||||||
The aggregate debt maturities as of December 31, 2014 are as follows (in thousands): | ||||||||||||
2015 | $ | 160,860 | ||||||||||
2016 | 313,501 | |||||||||||
2017 | 9,751 | |||||||||||
2018 | 10,199 | |||||||||||
2019 (1) | 181,037 | |||||||||||
Thereafter | 362,982 | |||||||||||
$ | 1,038,330 | |||||||||||
_____________ | ||||||||||||
-1 | Assumes the Lexington Hotel New York mortgage loan is extended under the terms discussed above. | |||||||||||
Mortgage Debt | ||||||||||||
We have incurred limited recourse, property specific mortgage debt secured by certain of our hotels. In the event of default, the lender may only foreclose on the pledged assets; however, in the event of fraud, misapplication of funds or other customary recourse provisions, the lender may seek payment from us. As of December 31, 2014, 13 of our 27 hotel properties were secured by mortgage debt. Our mortgage debt contains certain property specific covenants and restrictions, including minimum debt service coverage ratios that trigger “cash trap” provisions as well as restrictions on incurring additional debt without lender consent. | ||||||||||||
The Lexington Hotel New York mortgage loan contains a quarterly financial covenant requiring a minimum debt service coverage ratio ("DSCR"), as defined in the loan agreement, of 1.1 times. As a result of the ongoing renovation of the hotel during most of 2013, the DSCR fell below the minimum requirement. We were able to cure the default by depositing the amount of the DSCR shortfall into a reserve with the lender. The DSCR is currently above the financial covenant and the reserve was released by the lender in August 2014. In addition, the cash trap provision was triggered on the loan during 2013. As of December 31, 2014, the lender held approximately $6.2 million in the cash trap. As of December 31, 2014, the hotel DSCR was above the minimum threshold and the cash trap was released in January 2015. | ||||||||||||
As of December 31, 2014, we were in compliance with the other financial covenants of our mortgage debt. | ||||||||||||
On December 10, 2014, we prepaid the $82.6 million loan secured by the Los Angeles Airport Marriott through defeasance, which was scheduled to mature in July 2015. The cost to defease the loan was approximately $1.6 million. We prepaid the loan in advance of our sale of the Los Angeles Airport Marriott on December 18, 2014. | ||||||||||||
On October 8, 2014, we amended the Lexington Hotel New York mortgage loan. The amended loan bears interest at a floating rate of LIBOR plus a spread that ranges from 175 basis points to 275 basis points based upon the achievement of certain hotel cash flow hurdles. The amendment extends the term of the loan by approximately 30 months to October 2017. The loan may be extended for two additional one-year terms subject to the satisfaction of certain financial and other conditions and the payment of an extension fee. During 2014, we paid approximately $1.3 million in fees to amend the loan, which are recorded in deferred financing costs on the accompanying consolidated balance sheet. | ||||||||||||
On July 18, 2014, we entered into a new $86 million mortgage loan secured by the Courtyard Manhattan/Midtown East. The new loan matures in 2024 and bears interest at a fixed rate of 4.40%. The new loan is interest-only for the first two years after which principal will amortize over 30 years. The hotel was previously encumbered by a $41.3 million mortgage loan bearing interest at 8.81%, which was prepaid in full on July 1, 2014. | ||||||||||||
Senior Unsecured Credit Facility | ||||||||||||
We are party to a $200 million unsecured credit facility, which expires in January 2017. The maturity date of the facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain other customary conditions. We also have the right to increase the amount of the facility up to $400 million with lender approval. Interest is paid on the periodic advances under the facility at varying rates, based upon LIBOR, plus an agreed-upon additional margin amount. The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows: | ||||||||||||
Ratio of Net Indebtedness to EBITDA | Applicable Margin | |||||||||||
Less than 4.00 to 1.00 | 1.75 | % | ||||||||||
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 | 1.9 | % | ||||||||||
Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 | 2.1 | % | ||||||||||
Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 | 2.2 | % | ||||||||||
Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 | 2.5 | % | ||||||||||
Greater than or equal to 6.50 to 1.00 | 2.75 | % | ||||||||||
In addition to the interest payable on amounts outstanding under the facility, we are required to pay an amount equal to 0.35% of the unused portion of the facility if the unused portion of the facility is greater than 50% or 0.25% if the unused portion of the facility is less than or equal to 50%. | ||||||||||||
The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows: | ||||||||||||
Actual at | ||||||||||||
Covenant | December 31, | |||||||||||
2014 | ||||||||||||
Maximum leverage ratio (1) | 60% | 34.80% | ||||||||||
Minimum fixed charge coverage ratio (2) | 1.50x | 2.85x | ||||||||||
Minimum tangible net worth (3) | $1.904 billion | $2.454 billion | ||||||||||
Secured recourse indebtedness | Less than 45% of Total Asset Value | 34.80% | ||||||||||
_____________________________ | ||||||||||||
-1 | Leverage ratio is total indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as a) total cash and cash equivalents and b) the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate. | |||||||||||
-2 | Fixed charge coverage ratio is Adjusted EBITDA, which is defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 fiscal months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period. | |||||||||||
-3 | Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances. | |||||||||||
The facility requires us to maintain a specific pool of unencumbered borrowing base properties. The unencumbered borrowing base assets must include a minimum of five properties with an unencumbered borrowing base value, as defined in the credit agreement, of not less than $250 million. As of December 31, 2014, the unencumbered borrowing base included five properties with a borrowing base value of $343.6 million. | ||||||||||||
As of December 31, 2014, we had no borrowings outstanding under the facility and the Company's ratio of net indebtedness to EBITDA was 3.6x. Accordingly, interest on our borrowings under the facility will be based on LIBOR plus 175 basis points for the next fiscal quarter. We incurred interest and unused credit facility fees on the facility of $0.9 million, $0.9 million and $2.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Dispositions
Dispositions | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Dispositions | Dispositions | ||||||||
Effective January 1, 2014, we adopted ASU No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends U.S. GAAP to require reporting of discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. As a result, the operations of hotels sold subsequent to December 31, 2013 are expected to be reported in continuing operations. | |||||||||
2014 Dispositions | |||||||||
On April 14, 2014, we sold the 386-room Oak Brook Hills Resort to an unaffiliated third party for $30.1 million, including $4.0 million of seller financing. The sale meets the requirements for accounting under the full accrual method. We recorded a gain on sale of the hotel of approximately $1.3 million, net of a $4.0 million valuation allowance on the loan receivable. The loan made to the buyer is unsecured and subordinate to the buyer's senior mortgage loan. The loan matures in August 2017 and has a one year interest-only period after which the loan will amortize based on a twenty-five year schedule. The interest rate on the loan for the first year is a floating rate of LIBOR plus 650 basis points. The interest rate margin increases by 100 basis points annually for the remainder of the loan term. The loan agreement provides for possible repayment options prior to the loan's maturity, including upon full repayment of the buyer's senior mortgage loan or the hotel achieving a certain operating profit threshold prior to loan maturity. | |||||||||
The loan receivable and the valuation allowance are included within prepaid and other assets on the accompanying consolidated balance sheet. Based on our estimates of the hotel’s future cash flows from operations and the fact that the note is unsecured and subordinate to the senior mortgage loan, we believe it is remote that we will collect all contractual amounts due under the loan. Accordingly, we recognized a full valuation allowance of $4.0 million. As of December 31, 2014, we have received interest payments of approximately $0.2 million, which are reflected in interest income on the accompanying consolidated statement of operations. | |||||||||
For the years ended December 31, 2014, 2013, and 2012, our consolidated statements of operations include $0.6 million pre-tax loss, $1.4 million pre-tax income, and $31.2 million pre-tax loss, respectively, related to the Oak Brook Hills Resort. | |||||||||
On December 18, 2014, we sold the 1,004-room Los Angeles Airport Marriott to an unaffiliated third party for a contractual purchase price of $147.5 million. We received net proceeds of approximately $158.6 million from the transaction, which included credit for the hotel's capital replacement reserve. We recognized a gain on sale of the hotel of approximately $49.7 million. In connection with the sale of the Los Angeles Airport Marriott, we executed a reverse 1031 exchange with the Westin Fort Lauderdale Beach Resort, which was purchased on December 3, 2014. The reverse 1031 exchange has no effect on our GAAP financial reporting and does not have a material impact on our tax positions and expected tax expense. | |||||||||
For the years ended December 31, 2014, 2013, and 2012, our consolidated statements of operations include $54.9 million, $1.8 million, and $0.2 million, respectively, of pre-tax income related to the Los Angeles Airport Marriott. | |||||||||
2013 and 2012 Dispositions | |||||||||
In November 2013, we sold the 487-room Torrance Marriott South Bay to an unaffiliated third party for a contractual sales price of $74 million, recognizing a gain of $22.7 million on the sale. The operating results, as well as the gain on sale, are reported in discontinued operations on the accompanying consolidated statements of operations. | |||||||||
We sold four hotels during 2012 in two separate transactions. In March 2012, we sold a three-hotel portfolio, which consisted of the Griffin Gate Marriott Resort and Spa, the Renaissance Waverly and the Renaissance Austin. In October 2012, we sold the Atlanta Westin North at Perimeter. The operating results of these hotels and the net gain on the sales are reported in discontinued operations on the accompanying consolidated statements of operations. | |||||||||
The following is a summary of the results of income from discontinued operations for the years ended December 31, 2013 and 2012 (in thousands, except per-share data): | |||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Hotel revenues | $ | 21,336 | $ | 55,654 | |||||
Hotel operating expenses | (15,977 | ) | (41,424 | ) | |||||
Operating income | 5,359 | 14,230 | |||||||
Depreciation and amortization | (1,759 | ) | (4,495 | ) | |||||
Interest income | 1 | 3 | |||||||
Interest expense | — | (2,297 | ) | ||||||
Impairment charge | — | (14,690 | ) | ||||||
Gain on sale of hotel properties, net | 22,733 | 9,479 | |||||||
Income tax expense | (1,097 | ) | (747 | ) | |||||
Income from discontinued operations | $ | 25,237 | $ | 1,483 | |||||
Basic and diluted income from discontinued operations per share | 0.13 | $ | 0.01 | ||||||
Acquisitions
Acquisitions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Acquisitions | Acquisitions | ||||||||||||
On August 15, 2014, we acquired the 106-room Inn at Key West located in Key West, Florida for a contractual purchase price of $47.5 million. The acquisition was funded with corporate cash on hand. We retained the existing hotel operator, Remington Management, LP, under an interim management agreement. In December 2014, we entered into a 10-year management agreement with Remington to continue to operate the hotel. | |||||||||||||
On August 29, 2014, we completed the acquisition of the newly constructed, 282-room Hilton Garden Inn Times Square Central in New York City. We had entered into the purchase and sale agreement to acquire this hotel upon its completion for a fixed purchase price of $127.2 million in early 2011. We had previously funded total purchase deposits of $26.9 million. The balance of the purchase price was funded with corporate cash on hand. The hotel opened on September 1, 2014 and is operated by Highgate Hotels, LP, subject to a franchise license agreement with Hilton Garden Inns Franchise LLC. The hotel meets the definition of a business and the acquisition was accounted for as a business combination. As such, the assets acquired were recorded at their fair values, which exceeded our contractual cost. During the three years between the date of the purchase and sale agreement and the date of acquisition, the real estate market for hotels located in Manhattan experienced an increase in valuations due to improved economic conditions in the market and the overall economy. This resulted in an increase in the fair value the hotel at the time of acquisition compared with our contractual purchase price, which resulted in a gain of approximately $23.9 million upon acquisition. | |||||||||||||
On December 3, 2014, we acquired the 432-room Westin Fort Lauderdale Beach Resort located in Fort Lauderdale, Florida for a contractual purchase price of $149.0 million. The acquisition was funded with a combination of corporate cash on hand and a draw on our senior unsecured credit facility. Upon acquisition of the hotel, we entered into a 10-year management agreement with HEI Hotels & Resorts and a 20-year franchise agreement with Starwood to license the hotel under the Westin brand. | |||||||||||||
The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands): | |||||||||||||
Inn at Key West | Hilton Garden Inn Times Square Central | Westin Fort Lauderdale Beach Resort | |||||||||||
Land | $ | 32,888 | $ | 60,300 | $ | 54,293 | |||||||
Building and improvements | 13,371 | 88,896 | 83,227 | ||||||||||
Furnitures, fixtures and equipment | 1,241 | 6,204 | 11,480 | ||||||||||
Total fixed assets | 47,500 | 155,400 | 149,000 | ||||||||||
Other assets and liabilities, net | 326 | 370 | 12 | ||||||||||
Total | $ | 47,826 | $ | 155,770 | $ | 149,012 | |||||||
The acquired properties are included in our results of operations from the date of acquisition. The following unaudited pro forma results of operations (in thousands, except per share data) reflect the acquisitions of the Inn at Key West and the Westin Fort Lauderdale Beach Resort as if they had occurred on January 1, 2013. The following pro forma results of operations do not include adjustments reflecting the acquisition of the Hilton Garden Inn Times Square Central, since the hotel opened on September 1, 2014. The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results. | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(unaudited) | |||||||||||||
Revenues | $ | 918,273 | $ | 846,099 | |||||||||
Income from continuing operations | 168,754 | 29,074 | |||||||||||
Net income | 168,754 | 54,312 | |||||||||||
Basic earnings per share: | |||||||||||||
Continuing operations | $ | 0.86 | $ | 0.15 | |||||||||
Net income | $ | 0.86 | $ | 0.28 | |||||||||
Diluted earnings per share: | |||||||||||||
Continuing operations | $ | 0.86 | $ | 0.15 | |||||||||
Net income | $ | 0.86 | $ | 0.28 | |||||||||
For the year ended December 31, 2014, our consolidated statement of operations include $15.2 million of revenues and $4.5 million of net income related to the operations of the hotels acquired in 2014. | |||||||||||||
On February 6, 2015, we acquired the 157-room Shorebreak Hotel located in Huntington Beach, California for a contractual purchase price of $58.5 million. The acquisition was funded with corporate cash on hand. Upon acquisition of the hotel, we entered into a 10-year management agreement with Kimpton Hotels. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Income Taxes | Income Taxes | |||||||||||
We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries are subject to federal, state, local and/or foreign income taxes. | ||||||||||||
Our provision (benefit) for income taxes consists of the following (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current - Federal | $ | — | $ | — | $ | — | ||||||
State | 269 | 257 | 348 | |||||||||
Foreign | 208 | 70 | — | |||||||||
477 | 327 | 348 | ||||||||||
Deferred - Federal | 3,933 | (1,626 | ) | (5,374 | ) | |||||||
State | 1,105 | (167 | ) | (1,456 | ) | |||||||
Foreign | 121 | 353 | (311 | ) | ||||||||
5,159 | (1,440 | ) | (7,141 | ) | ||||||||
Income tax provision (benefit) from continuing operations | $ | 5,636 | $ | (1,113 | ) | $ | (6,793 | ) | ||||
Income tax provision from discontinued operations | $ | — | $ | 1,097 | $ | 747 | ||||||
A reconciliation of the statutory federal tax provision to our income tax provision (benefit) is as follows (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory federal tax provision (35)% | $ | 59,155 | $ | 7,950 | $ | (8,703 | ) | |||||
Tax impact of REIT election | (52,937 | ) | (8,641 | ) | 3,290 | |||||||
State income tax provision (benefit), net of federal tax benefit | 893 | 58 | (720 | ) | ||||||||
Foreign income tax benefit | (1,603 | ) | (552 | ) | (694 | ) | ||||||
Foreign tax rate adjustment | — | — | — | |||||||||
Other | 128 | 72 | 34 | |||||||||
Income tax provision (benefit) from continuing operations | $ | 5,636 | $ | (1,113 | ) | $ | (6,793 | ) | ||||
We are required to pay franchise taxes in certain jurisdictions. We recorded approximately $0.4 million of franchise taxes during each of the years ended December 31, 2014, 2013 and 2012, which are classified as corporate expenses in the accompanying consolidated statements of operations. | ||||||||||||
Deferred income taxes are recognized for temporary differences between the financial reporting bases of assets and liabilities and their respective tax bases and for operating loss and tax credit carryforwards based on enacted tax rates expected to be in effect when such amounts are paid. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realizable based on consideration of available evidence, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies. Deferred tax assets are included in prepaid and other assets and deferred tax liabilities are included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. The total deferred tax assets and liabilities are as follows (in thousands): | ||||||||||||
2014 | 2013 | |||||||||||
Deferred income related to key money | $ | 8,636 | $ | 9,406 | ||||||||
Net operating loss carryforwards | 31,178 | 28,663 | ||||||||||
Alternative minimum tax credit carryforwards | 72 | 129 | ||||||||||
Other | 601 | 1,228 | ||||||||||
Deferred tax assets | 40,487 | 39,426 | ||||||||||
Land basis difference recorded in purchase accounting | (4,260 | ) | (4,260 | ) | ||||||||
Depreciation and amortization | (12,947 | ) | (6,738 | ) | ||||||||
Deferred tax liabilities | (17,207 | ) | (10,998 | ) | ||||||||
Deferred tax asset, net | $ | 23,280 | $ | 28,428 | ||||||||
We believe that we will have sufficient future taxable income, including future reversals of existing taxable temporary differences, projected future taxable income and tax planning strategies to realize existing deferred tax assets. Deferred tax assets of $9.3 million are expected to be recovered against reversing existing taxable temporary differences. The remaining deferred tax assets of $31.2 million, primarily consisting of net operating loss carryforwards, are dependent upon future taxable earnings of the TRS. The net operating loss carryforwards expire in 2028, 2029, 2033 and 2034. | ||||||||||||
The Frenchman's Reef & Morning Star Marriott Beach Resort is owned by a subsidiary that has elected to be treated as a TRS, and is subject to U.S. Virgin Islands (USVI) income taxes. We were party to a tax agreement with the USVI that reduced the income tax rate to approximately 7%. This arrangement expired in February 2015. We are diligently working to extend this agreement, which, if extended, would relate back to the date of expiration, but we may not be successful. If the arrangement is not extended, we are subject to an income tax rate of 37.4%. |
Relationship_with_Managers
Relationship with Managers | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Relationships with Managers [Abstract] | ||||||||||||
Relationships With Managers | Relationships with Managers | |||||||||||
We are party to hotel management agreements for each of our hotels owned. The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our hotels. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement. | ||||||||||||
Property | Manager | Date of Agreement | Initial Term | Number of Renewal Terms | ||||||||
Atlanta Alpharetta Marriott | Marriott | Sep-00 | 30 years | Two ten-year periods | ||||||||
Bethesda Marriott Suites | Marriott | Dec-04 | 21 years | Two ten-year periods | ||||||||
Boston Westin Waterfront | Starwood | May-04 | 20 years | Four ten-year periods | ||||||||
Chicago Marriott Downtown | Marriott | Mar-06 | 32 years | Two ten-year periods | ||||||||
Conrad Chicago | Hilton | Nov-05 | 10 years | Two five-year periods | ||||||||
Courtyard Denver Downtown | Sage Hospitality | Jul-11 | 5 years | One five-year period | ||||||||
Courtyard Manhattan/Fifth Avenue | Marriott | Dec-04 | 30 years | None | ||||||||
Courtyard Manhattan/Midtown East | Marriott | Nov-04 | 30 years | Two ten-year periods | ||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | Marriott | Sep-00 | 30 years | Two ten-year periods | ||||||||
Hilton Boston Downtown | Davidson Hotels & Resorts | Nov-12 | 7 years | Two five-year periods | ||||||||
Hilton Burlington | Interstate Hotels & Resorts | Dec-10 | 5 years | Month-to-month | ||||||||
Hilton Garden Inn Chelsea/New York City | Alliance Hospitality Management | Sep-10 | 10 years | None | ||||||||
Hilton Garden Inn New York City/Times Square Central | Highgate Hotels | Jan-11 | 10 years | One five-year period | ||||||||
Hilton Minneapolis | Hilton | Mar-06 | 20 ¾ years | None | ||||||||
Hotel Rex | Joie de Vivre Hotels | Sep-05 | 5 years | Month-to-month | ||||||||
Inn at Key West | Remington Hotels | Dec-14 | 10 years | None | ||||||||
JW Marriott Denver at Cherry Creek | Sage Hospitality | May-11 | 5 years | One five-year period | ||||||||
Lexington Hotel New York | Highgate Hotels | Jun-11 | 10 years | One five-year period | ||||||||
Orlando Airport Marriott | Marriott | Nov-05 | 30 years | None | ||||||||
Renaissance Charleston | Marriott | Jan-00 | 21 years | Two five-year periods | ||||||||
Renaissance Worthington | Marriott | Sep-00 | 30 years | Two ten-year periods | ||||||||
Salt Lake City Marriott Downtown | Marriott | Dec-01 | 30 years | Three fifteen-year periods | ||||||||
The Lodge at Sonoma, a Renaissance Resort & Spa | Marriott | Oct-04 | 20 years | One ten-year period | ||||||||
Vail Marriott Mountain Resort & Spa | Vail Resorts | Jun-05 | 15½ years | None | ||||||||
Westin Fort Lauderdale Beach Resort | HEI Hotels & Resorts | Dec-14 | 10 years | None | ||||||||
Westin San Diego | Interstate Hotels & Resorts | Dec-10 | 5 years | Month-to-month | ||||||||
Westin Washington D.C. City Center | Interstate Hotels & Resorts | Dec-10 | 5 years | Month-to-month | ||||||||
Under our hotel management agreements, the hotel manager receives a base management fee and, if certain financial thresholds are met or exceeded, an incentive management fee. The base management fee is generally payable as a percentage of gross hotel revenues for each fiscal year. The incentive management fee is generally based on hotel operating profits, but the fee only applies to that portion of hotel operating profits above a negotiated return on our invested capital, which we refer to as the owner's priority. We refer to this excess of operating profits over the owner's priority as “available cash flow.” | ||||||||||||
The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties: | ||||||||||||
Property | Base Management Fee(1) | Incentive Management Fee(2) | FF&E Reserve Contribution(1) | |||||||||
Atlanta Alpharetta Marriott | 3 | % | 25 | % | 5 | % | ||||||
Bethesda Marriott Suites | 3 | % | 50 | % | -3 | 5 | % | -4 | ||||
Boston Westin Waterfront | 2.5 | % | 20 | % | 4 | % | ||||||
Chicago Marriott Downtown | 3 | % | 20 | % | -5 | 5 | % | |||||
Conrad Chicago | 3 | % | -6 | 15 | % | 4 | % | |||||
Courtyard Denver Downtown | 2 | % | -7 | 10 | % | 4 | % | |||||
Courtyard Manhattan/Fifth Avenue | 5.5 | % | -8 | 25 | % | 4 | % | |||||
Courtyard Manhattan/Midtown East | 5 | % | 25 | % | 4 | % | ||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | 3 | % | 15 | % | 5.5 | % | ||||||
Hilton Boston Downtown | 2 | % | 10 | % | 4 | % | ||||||
Hilton Burlington | 1.5 | % | -9 | 10 | % | — | ||||||
Hilton Garden Inn Chelsea/New York City | 2 | % | -14 | 10 | % | — | ||||||
Hilton Garden Inn New York City/Times Square Central | 2.5 | % | -10 | 20 | % | 4 | % | |||||
Hilton Minneapolis | 3 | % | 15 | % | 4 | % | ||||||
Hotel Rex | 3 | % | 10 | % | 4 | % | ||||||
Inn at Key West | 3 | % | 15 | % | 4 | % | ||||||
JW Marriott Denver at Cherry Creek | 2.25 | % | -11 | 10 | % | 4 | % | |||||
Lexington Hotel New York | 3 | % | 20 | % | 4 | % | ||||||
Orlando Airport Marriott | 3 | % | 25 | % | 5 | % | ||||||
Renaissance Charleston | 3.5 | % | 20 | % | 5 | % | ||||||
Renaissance Worthington | 3 | % | 25 | % | 5 | % | ||||||
Salt Lake City Marriott Downtown | 3 | % | 20 | % | 5 | % | ||||||
The Lodge at Sonoma, a Renaissance Resort & Spa | 3 | % | 20 | % | 5 | % | ||||||
Vail Marriott Mountain Resort & Spa | 3 | % | 20 | % | 4 | % | ||||||
Westin Fort Lauderdale Beach Resort | 2.25 | % | -12 | 15 | % | 4 | % | |||||
Westin San Diego | 1.5 | % | -9 | 10 | % | 4 | % | |||||
Westin Washington D.C. City Center | 0.75 | % | -13 | 10 | % | 4 | % | |||||
______________ | ||||||||||||
-1 | As a percentage of gross revenues. | |||||||||||
-2 | Based on a percentage of hotel operating profits above a specified return on our invested capital or specified operating profit thresholds. | |||||||||||
-3 | The owner's priority expires in 2027. | |||||||||||
-4 | The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.8 million. | |||||||||||
-5 | Calculated as 20% of net operating income before base management fees. There is no owner's priority. | |||||||||||
-6 | The base management fee is reduced by the amount in which operating profits do not meet the performance guarantee. The performance guarantee was $8.8 million in 2014 and base management fees were reduced to zero. | |||||||||||
-7 | The base management fee is 2.5% of gross revenues if the hotel achieves operating results in excess of 7% of our invested capital and 3% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital. | |||||||||||
-8 | The base management fee increases to 6% beginning in fiscal year 2015 for the remainder of the agreement. | |||||||||||
(9) The base management fee increased from 1.0% to 1.5% of gross revenues on July 12, 2014. Total management fees are capped at 2.5% of gross revenues. | ||||||||||||
(10) The base management fee increases to 3% beginning September 1, 2015. | ||||||||||||
-11 | The base management fee is 2.75% of gross revenues if the hotel achieves operating profits in excess of 7% of our invested capital and 3.25% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital. | |||||||||||
(12) The base management fee decreases to 2% beginning January 1, 2017. The base fee may be reduced in 2015 if the hotel does not meet a specified operating profit threshold, subject to a floor of 1% of gross revenues. | ||||||||||||
-13 | The base management fee increased from 0.5% to 0.75% of gross revenues on July 1, 2014. The base management fee increases to 1% in 2015, 1.25% in 2016, and 1.5% in 2017 through the remainder of the agreement. An additional base management fee of 0.5% and 0.25% of gross revenues will be earned if the hotel exceeds specified operating profit thresholds during 2015 and 2016, respectively. | |||||||||||
(14) The base management fee decreased to 1% for the period from January 1, 2014 through December 31, 2014. | ||||||||||||
The following is a summary of management fees from continuing operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Base management fees | $ | 21,473 | $ | 19,324 | $ | 18,757 | ||||||
Incentive management fees | 8,554 | 6,222 | 5,550 | |||||||||
Total management fees | $ | 30,027 | $ | 25,546 | $ | 24,307 | ||||||
Ten of our hotels earned incentive management fees for the year ended December 31, 2014. Eight of our hotels earned incentive management fees for the year ended December 31, 2013. Five of our hotels earned incentive management fees for the year ended December 31, 2012. | ||||||||||||
Performance Termination Provisions | ||||||||||||
Our management agreements provide us with termination rights upon a manager's failure to meet certain financial performance criteria and decision not to cure the failure by making a cure payment. | ||||||||||||
Key Money | ||||||||||||
Our managers have contributed to us certain amounts in exchange for the right to manage or franchise hotels we have acquired and in connection with the completion of certain brand enhancing capital projects. We refer to these amounts as “key money.” Key money is classified as deferred income in the accompanying consolidated balance sheets and amortized against management fees or franchise fees on the accompanying consolidated statements of operations. | ||||||||||||
We amortized $1.1 million of key money during the year ended December 31, 2014, $2.2 million during the year ended December 31, 2013, and $1.0 million during the year ended December 31, 2012. The amortization for the year ended December 31, 2013 includes $1.1 million of key money written off as a result of the change of hotel manager of the Oak Brook Hills Resort during 2013. This key money write-off is included within other hotel expenses on the accompanying consolidated statement of operations. | ||||||||||||
In connection with the sale of the Los Angeles Airport Marriott on December 18, 2014, we wrote of $1.1 million of unamortized key money. The key money write-off is included within the gain on sale of hotel properties, net on the accompanying consolidated statement of operations. | ||||||||||||
Franchise Agreements | ||||||||||||
The following table sets forth the terms of the hotel franchise agreements for our eleven franchised hotels: | ||||||||||||
Date of Agreement | Term | Franchise Fee | ||||||||||
Vail Marriott Mountain Resort & Spa | Jun-05 | 16 years | 6% of gross room sales plus 3% of gross food and beverage sales | |||||||||
Hilton Garden Inn Chelsea/New York City | Sep-10 | 17 years | Royalty fee of 5% of gross room sales and program fee of 4.3% of gross room sales | |||||||||
JW Marriott Denver at Cherry Creek | May-11 | 15 years | 6% of gross room sales and 3% of gross food and beverage sales | |||||||||
Lexington Hotel New York (1) | Mar-12 | 20 years | 3% of gross room sales (2) | |||||||||
Courtyard Denver Downtown | Jul-11 | 16 years | 5.5% of gross room sales | |||||||||
Hilton Boston Downtown | Jul-12 | 10 years | 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales | |||||||||
Westin Washington D.C. City Center | Dec-10 | 20 years | 7% of gross room sales and 3% of gross food and beverage sales | |||||||||
Westin San Diego | Dec-10 | 20 years | 7% of gross room sales and 3% of gross food and beverage sales | |||||||||
Hilton Burlington | Jul-12 | 10 years | 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales | |||||||||
Hilton Garden Inn New York/Times Square Central | Jun-11 | 22 years | 3% of gross room sales (3); program fee of 4.3% of gross room sales | |||||||||
Westin Fort Lauderdale Beach Resort | Dec-14 | 20 years | 6% of gross room sales and 2% of gross food and beverage sales | |||||||||
___________ | ||||||||||||
-1 | The agreement commenced on the date the hotel opened as a Autograph Collection hotel, which was August 19, 2013. | |||||||||||
-2 | Increased to 4% on the first anniversary of the agreement. Increases to 5% on the second anniversary of the agreement. | |||||||||||
(3) Increases to 4% on the first anniversary of the opening date, which was September 1, 2014, and 5% on the second anniversary of the opening date. | ||||||||||||
We recorded $15.3 million, $11.4 million and $8.4 million of franchise fees during the fiscal years ended December 31, 2014, 2013, and 2012, respectively, which are included in other hotel expenses on the accompanying consolidated statements of operations. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Commitments and Contingencies | Commitments and Contingencies | |||||
Litigation | ||||||
We are subject to various claims, lawsuits and legal proceedings, including routine litigation arising in the ordinary course of business, regarding the operation of our hotels and company matters. While it is not possible to ascertain the ultimate outcome of such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts covered by insurance will not have a material adverse impact on our financial condition or results of operations. The outcome of claims, lawsuits and legal proceedings brought against the Company, however, is subject to significant uncertainties. | ||||||
Westin Boston Waterfront Litigation Settlement | ||||||
In May 2014, we settled a legal action alleging certain issues related to the original construction of the Westin Boston Waterfront Hotel with the contractors and their insurers for $14.0 million in full and complete satisfaction of our claims against the contractors. The settlement resulted in a net gain of $11.0 million. We recorded the settlement net of a $1.2 million contingency fee paid to our legal counsel and $1.8 million of legal fees and other costs incurred over the course of the legal proceedings. The $1.8 million of legal fees and other costs were previously recorded as corporate expenses and the repayment of those costs through the settlement proceeds is recorded as a reduction of corporate expenses during the year ended December 31, 2014. | ||||||
Ground Leases | ||||||
Five of our hotels are subject to ground lease agreements that cover all of the land underlying the respective hotel: | ||||||
• | The Bethesda Marriott Suites hotel is subject to a ground lease that runs until 2087. There are no renewal options. | |||||
• | The Courtyard Manhattan/Fifth Avenue is subject to a ground lease that runs until 2085, inclusive of one 49-year renewal option. | |||||
• | The Salt Lake City Marriott Downtown is subject to two ground leases: one ground lease covers the land under the hotel and the other ground lease covers the portion of the hotel that extends into the City Creek Project. The term of the ground lease covering the land under the hotel runs through 2056, inclusive of our renewal options, and the term of the ground lease covering the extension runs through 2017. We own a 21% interest in the land under the hotel. | |||||
• | The Westin Boston Waterfront is subject to a ground lease that runs until 2099. There are no renewal options. | |||||
• | The Hilton Minneapolis is subject to a ground lease that runs until 2091. There are no renewal options. | |||||
In addition, a portion of the parking garage relating to the Renaissance Worthington is subject to three ground leases that cover, contiguously with each other, approximately one-fourth of the land on which the parking garage is constructed. Each of the ground leases has a term that runs through July 2067, inclusive of the three 15-year renewal options. The remainder of the land on which the parking garage is constructed is owned by us in fee simple. | ||||||
These ground leases generally require us to make rental payments (including a percentage of gross receipts as percentage rent with respect to the Courtyard Manhattan/Fifth Avenue ground lease) and payments for all, or in the case of the ground lease covering the Salt Lake City Marriott Downtown extension, our tenant's share of, charges, costs, expenses, assessments and liabilities, including real property taxes and utilities. Furthermore, these ground leases generally require us to obtain and maintain insurance covering the subject property. | ||||||
Ground rent expense was $15.0 million, $15.0 million and $14.6 million for the years ended December 31, 2014, 2013 and 2012, respectively. Cash paid for ground rent was $8.9 million, $8.5 million and $8.2 million for the years ended December 31, 2014, 2013 and 2012, respectively. | ||||||
The following table reflects the current and future annual rents under our ground leases: | ||||||
Property | Term (1) | Annual Rent | ||||
Ground leases under hotel: | Bethesda Marriott Suites | Through 4/2087 | $630,732 (2) | |||
Courtyard Manhattan/Fifth Avenue(3)(4) | 10/2007 - 9/2017 | $906,000 | ||||
10/2017 - 9/2027 | $1,132,812 | |||||
10/2027 - 9/2037 | $1,416,015 | |||||
10/2037 - 9/2047 | $1,770,019 | |||||
10/2047 - 9/2057 | $2,212,524 | |||||
10/2057 - 9/2067 | $2,765,655 | |||||
10/2067 - 9/2077 | $3,457,069 | |||||
10/2077 - 9/2085 | $4,321,336 | |||||
Salt Lake City Marriott Downtown (Ground lease for hotel) (5) | Through 12/2056 | Greater of $132,000 or 2.6% of annual gross room sales | ||||
(Ground lease for extension) | 1/2013 - 12/2017 | $11,305 | ||||
Westin Boston Waterfront Hotel (6) (Base rent) | 1/2013 - 12/2015 | $500,000 | ||||
1/2016 - 12/2020 | $750,000 | |||||
1/2021 - 12/2025 | $1,000,000 | |||||
1/2026 - 12/2030 | $1,500,000 | |||||
1/2031 - 12/2035 | $1,750,000 | |||||
1/2036 - 5/2099 | No base rent | |||||
(Percentage rent) | Through 12/2015 | 0% of annual gross revenue | ||||
1/2016 - 12/2025 | 1.0% of annual gross revenue | |||||
1/2026 - 12/2035 | 1.5% of annual gross revenue | |||||
1/2036 - 12/2045 | 2.75% of annual gross revenue | |||||
1/2046 - 12/2055 | 3.0% of annual gross revenue | |||||
1/2056 - 12/2065 | 3.25% of annual gross revenue | |||||
1/2066 - 5/2099 | 3.5% of annual gross revenue | |||||
Hilton Minneapolis (7) | 1/2014 - 12/2014 | $6,313,000 | ||||
1/2015 - 12/2015 | $6,629,000 | |||||
1/2016 - 12/2016 | $6,960,000 | |||||
1/2017 - 12/2017 | $7,308,000 | |||||
1/2018 - 12/2018 | $7,673,000 | |||||
1/2019 - 10/2091 | Annual real estate taxes | |||||
Ground leases under parking garage: | Renaissance Worthington | 8/2013 - 7/2022 | $40,400 | |||
8/2022 - 7/2037 | $46,081 | |||||
8/2037 - 7/2052 | $51,763 | |||||
8/2052 - 7/2067 | $57,444 | |||||
_____________ | ||||||
-1 | These terms assume our exercise of all renewal options. | |||||
-2 | Represents rent for the year ended December 31, 2014. Rent increases annually by 5.5%. | |||||
-3 | The ground lease term is 49 years. We have the right to renew the ground lease for an additional 49 year term on the same terms then applicable to the ground lease. | |||||
-4 | The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2014. | |||||
-5 | We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel. | |||||
-6 | Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. | |||||
-7 | The ground lease payment and related property tax liability were negotiated as a single payment in lieu of taxes. The single payments increase at a rate of 5% per year through 2018. Beginning in 2019, there will no longer be a stipulated single payment and the hotel will pay only the real property tax portion of the initial single payment based on the then assessed valuation and applicable tax rate. | |||||
Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2014 are as follows (in thousands): | ||||||
2015 | $ | 10,393 | ||||
2016 | 10,671 | |||||
2017 | 10,929 | |||||
2018 | 11,181 | |||||
2019 | 3,186 | |||||
Thereafter | 623,925 | |||||
$ | 670,285 | |||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||
The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2014 and 2013, in thousands, are as follows: | ||||||||||||||||
December 31, 2014 | 31-Dec-13 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Note receivable | $ | — | $ | — | $ | 50,084 | $ | 64,500 | ||||||||
Debt | $ | 1,038,330 | $ | 1,059,988 | $ | 1,091,861 | $ | 1,087,516 | ||||||||
The fair value of our mortgage debt is a Level 2 measurement under the fair value hierarchy (see Note 2). We estimate the fair value of our mortgage debt by discounting the future cash flows of each instrument at estimated market rates. The fair value of the note receivable, repaid in full in 2014, is a Level 2 measurement under the fair value hierarchy. We estimated the fair value of the note receivable by discounting the future cash flows related to the carrying value of the note receivable. The carrying value of our other financial instruments approximate fair value due to the short-term nature of these financial instruments. |
Segment_Information
Segment Information | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Segment Information | Segment Information | |||||||||||||||||||||||
We aggregate our operating segments using the criteria established by GAAP, including the similarities of our product offering, types of customers and method of providing service. | ||||||||||||||||||||||||
The following table sets forth revenues from continuing operations and net hotel long-lived assets owned as of December 31, 2014 represented by the following geographical areas as of and for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||||||||||||||
Revenues | Net Assets | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Chicago | $ | 132,690 | $ | 149,498 | $ | 144,260 | $ | 436,490 | $ | 462,938 | $ | 475,900 | ||||||||||||
Los Angeles | 64,923 | 58,608 | 56,727 | — | 99,258 | 154,556 | ||||||||||||||||||
Boston | 116,861 | 102,482 | 84,512 | 397,807 | 399,162 | 404,800 | ||||||||||||||||||
US Virgin Islands | 65,586 | 62,439 | 55,753 | 118,458 | 120,222 | 117,506 | ||||||||||||||||||
New York | 134,841 | 95,798 | 112,279 | 660,609 | 516,555 | 488,154 | ||||||||||||||||||
Minneapolis | 49,704 | 50,097 | 49,075 | 131,080 | 136,255 | 133,805 | ||||||||||||||||||
Denver | 34,206 | 31,909 | 29,469 | 113,670 | 115,447 | 116,834 | ||||||||||||||||||
Other | 274,051 | 248,857 | 194,812 | 905,876 | 714,004 | 717,471 | ||||||||||||||||||
Total | $ | 872,862 | $ | 799,688 | $ | 726,887 | $ | 2,763,990 | $ | 2,563,841 | $ | 2,609,026 | ||||||||||||
Quarterly_Operating_Results_Un
Quarterly Operating Results (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Quarterly Operating Results (Unaudited) | Quarterly Operating Results (Unaudited) | ||||||||||||||||
2014 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Total revenue | $ | 190,084 | $ | 229,934 | $ | 229,217 | $ | 223,627 | |||||||||
Total operating expenses | 180,022 | 174,897 | 191,045 | 189,431 | |||||||||||||
Operating income | $ | 10,062 | $ | 55,037 | $ | 38,172 | $ | 34,196 | |||||||||
Net income | $ | 4,037 | $ | 51,916 | $ | 43,808 | $ | 63,616 | |||||||||
Basic earnings per share | $ | 0.02 | $ | 0.27 | $ | 0.22 | $ | 0.32 | |||||||||
Diluted earnings per share | $ | 0.02 | $ | 0.26 | $ | 0.22 | $ | 0.32 | |||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Total revenue | $ | 175,863 | $ | 218,013 | $ | 204,345 | $ | 201,467 | |||||||||
Total operating expenses | 174,509 | 186,646 | 183,400 | 179,975 | |||||||||||||
Operating income | $ | 1,354 | $ | 31,367 | $ | 20,945 | $ | 21,492 | |||||||||
(Loss) income from continuing operations | $ | (4,799 | ) | $ | 14,120 | $ | 7,679 | $ | 6,828 | ||||||||
Income from discontinued operations | 673 | 952 | 885 | 22,727 | |||||||||||||
Net (loss) income | $ | (4,126 | ) | $ | 15,072 | $ | 8,564 | $ | 29,555 | ||||||||
Basic and diluted (loss) earnings per share: | |||||||||||||||||
Continuing operations | $ | (0.02 | ) | $ | 0.07 | $ | 0.04 | $ | 0.03 | ||||||||
Discontinued operations | 0 | 0.01 | 0 | 0.12 | |||||||||||||
Total | $ | (0.02 | ) | $ | 0.08 | $ | 0.04 | $ | 0.15 | ||||||||
Real_Estate_and_Accumulated_De
Real Estate and Accumulated Depreciation | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | DiamondRock Hospitality Company | ||||||||||||||||||||||||||||||||||||||||
Schedule III - Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 (in thousands) | |||||||||||||||||||||||||||||||||||||||||
Costs | |||||||||||||||||||||||||||||||||||||||||
Initial Cost | Capitalized | Gross Amount at End of Year | |||||||||||||||||||||||||||||||||||||||
Building and | Subsequent to | Building and | Accumulated | Net Book | Year of | Depreciation | |||||||||||||||||||||||||||||||||||
Description | Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Total | Depreciation | Value | Acquisition | Life | ||||||||||||||||||||||||||||||
Atlanta Alpharetta Marriott | $ | — | $ | 3,623 | $ | 33,503 | $ | 879 | $ | 3,623 | $ | 34,382 | $ | 38,005 | $ | (8,160 | ) | $ | 29,845 | 2005 | 40 Years | ||||||||||||||||||||
Bethesda Marriott Suites | — | — | 45,656 | 1,764 | — | 47,420 | 47,420 | (11,851 | ) | 35,569 | 2004 | 40 Years | |||||||||||||||||||||||||||||
Boston Westin Waterfront | — | — | 273,696 | 22,029 | — | 295,725 | 295,725 | (57,698 | ) | 238,027 | 2007 | 40 Years | |||||||||||||||||||||||||||||
Chicago Marriott Downtown | (205,166 | ) | 36,900 | 347,921 | 19,405 | 36,900 | 367,326 | 404,226 | (79,692 | ) | 324,534 | 2006 | 40 Years | ||||||||||||||||||||||||||||
Conrad Chicago | — | 31,650 | 76,961 | 3,633 | 31,650 | 80,594 | 112,244 | (16,029 | ) | 96,215 | 2006 | 40 Years | |||||||||||||||||||||||||||||
Courtyard Denver | — | 9,400 | 36,180 | 1,223 | 9,400 | 37,403 | 46,803 | (3,167 | ) | 43,636 | 2011 | 40 Years | |||||||||||||||||||||||||||||
Courtyard Manhattan/Fifth Avenue | (48,970 | ) | — | 34,685 | 2,695 | — | 37,380 | 37,380 | (9,324 | ) | 28,056 | 2004 | 40 Years | ||||||||||||||||||||||||||||
Courtyard Manhattan/Midtown East | (86,000 | ) | 16,500 | 54,812 | 2,600 | 16,500 | 57,412 | 73,912 | (14,253 | ) | 59,659 | 2004 | 40 Years | ||||||||||||||||||||||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | (56,595 | ) | 17,713 | 50,697 | 46,859 | 17,713 | 97,556 | 115,269 | (15,949 | ) | 99,320 | 2005 | 40 Years | ||||||||||||||||||||||||||||
Hilton Boston Downtown | — | 23,262 | 128,628 | 2,086 | 23,262 | 130,714 | 153,976 | (8,005 | ) | 145,971 | 2012 | 40 Years | |||||||||||||||||||||||||||||
Hilton Burlington | — | 9,197 | 40,644 | 1,482 | 9,197 | 42,126 | 51,323 | (2,586 | ) | 48,737 | 2012 | 40 Years | |||||||||||||||||||||||||||||
Hilton Garden Inn Chelsea/New York City | — | 14,800 | 51,458 | 386 | 14,800 | 51,844 | 66,644 | (5,580 | ) | 61,064 | 2010 | 40 Years | |||||||||||||||||||||||||||||
Hilton Garden Inn/New York Times Square Central | — | 60,300 | 88,896 | — | 60,300 | 88,896 | 149,196 | (741 | ) | 148,455 | 2014 | 40 Years | |||||||||||||||||||||||||||||
Hilton Minneapolis | (92,732 | ) | — | 129,640 | 646 | — | 130,286 | 130,286 | (14,782 | ) | 115,504 | 2010 | 40 Years | ||||||||||||||||||||||||||||
Hotel Rex | — | 7,856 | 21,085 | (100 | ) | 7,856 | 20,985 | 28,841 | (1,120 | ) | 27,721 | 2012 | 40 Years | ||||||||||||||||||||||||||||
Inn at Key West | — | 32,888 | 13,371 | — | 32,888 | 13,371 | 46,259 | (163 | ) | 46,096 | 2014 | 40 Years | |||||||||||||||||||||||||||||
JW Marriott Denver | (38,552 | ) | 9,200 | 63,183 | 1,145 | 9,200 | 64,328 | 73,528 | (5,756 | ) | 67,772 | 2011 | 40 Years | ||||||||||||||||||||||||||||
Lexington Hotel New York | (170,368 | ) | 92,000 | 229,368 | 6,239 | 92,000 | 235,607 | 327,607 | (20,712 | ) | 306,895 | 2011 | 40 Years | ||||||||||||||||||||||||||||
Orlando Airport Marriott | (55,925 | ) | 9,769 | 57,803 | 3,747 | 9,769 | 61,550 | 71,319 | (13,783 | ) | 57,536 | 2005 | 40 Years | ||||||||||||||||||||||||||||
Renaissance Charleston | — | 5,900 | 32,511 | 508 | 5,900 | 33,019 | 38,919 | (3,589 | ) | 35,330 | 2010 | 40 Years | |||||||||||||||||||||||||||||
Renaissance Worthington | (52,859 | ) | 15,500 | 63,428 | 3,197 | 15,500 | 66,625 | 82,125 | (15,467 | ) | 66,658 | 2005 | 40 Years | ||||||||||||||||||||||||||||
Salt Lake City Marriott Downtown | (61,352 | ) | — | 45,815 | 3,917 | 855 | 48,877 | 49,732 | (11,975 | ) | 37,757 | 2004 | 40 Years | ||||||||||||||||||||||||||||
The Lodge at Sonoma, a Renaissance Resort and Spa | (30,058 | ) | 3,951 | 22,720 | 853 | 3,951 | 23,573 | 27,524 | (8,299 | ) | 19,225 | 2004 | 40 Years | ||||||||||||||||||||||||||||
Westin Fort Lauderdale Beach Resort | — | 54,293 | 83,227 | — | 54,293 | 83,227 | 137,520 | (177 | ) | 137,343 | 2014 | 40 Years | |||||||||||||||||||||||||||||
Westin San Diego | (68,937 | ) | 22,902 | 95,617 | 6,179 | 22,902 | 101,796 | 124,698 | (6,049 | ) | 118,649 | 2012 | 40 Years | ||||||||||||||||||||||||||||
Westin Washington, D.C City Center | (70,635 | ) | 24,579 | 122,229 | 6,254 | 24,579 | 128,483 | 153,062 | (7,678 | ) | 145,384 | 2012 | 40 Years | ||||||||||||||||||||||||||||
Vail Marriott Mountain Resort & Spa | — | 5,800 | 52,463 | 2,300 | 5,800 | 54,763 | 60,563 | (12,877 | ) | 47,686 | 2005 | 40 Years | |||||||||||||||||||||||||||||
Total | $ | (1,038,149 | ) | $ | 507,983 | $ | 2,296,197 | $ | 139,926 | $ | 508,838 | $ | 2,435,268 | $ | 2,944,106 | $ | (355,462 | ) | $ | 2,588,644 | |||||||||||||||||||||
Notes: | |||||||||||||||||||||||||||||||||||||||||
A) The change in total cost of properties for the fiscal years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 2,623,341 | |||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions | 495,999 | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 12,756 | ||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (333,545 | ) | |||||||||||||||||||||||||||||||||||||||
Impairment | (27,711 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | $ | 2,770,840 | |||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 15,089 | ||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (61,312 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | $ | 2,724,617 | |||||||||||||||||||||||||||||||||||||||
Additions: | |||||||||||||||||||||||||||||||||||||||||
Acquisitions | 332,975 | ||||||||||||||||||||||||||||||||||||||||
Capital expenditures | 26,834 | ||||||||||||||||||||||||||||||||||||||||
Deductions: | |||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (140,320 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 2,944,106 | |||||||||||||||||||||||||||||||||||||||
B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2011 | $ | 262,259 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 90,893 | ||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (76,320 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2012 | 276,832 | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 59,393 | ||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (11,312 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2013 | 324,913 | ||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 59,965 | ||||||||||||||||||||||||||||||||||||||||
Dispositions and other | (29,416 | ) | |||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 355,462 | |||||||||||||||||||||||||||||||||||||||
C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $2,825,486 as of December 31, 2014. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
Our financial statements include all of the accounts of the Company and its subsidiaries in accordance with U.S. GAAP. All intercompany accounts and transactions have been eliminated in consolidation. If the Company determines that it has an interest in a variable interest entity within the meaning of the FASB ASC 810, Consolidation, the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. | |
Use of Estimates | Use of Estimates |
The preparation of the financial statements in conformity with U.S. GAAP 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 revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Risks and Uncertainties | Risks and Uncertainties |
The state of the overall economy can significantly impact hotel operational performance and thus, impact our financial position. Should any of our hotels experience a significant decline in operational performance, it may affect our ability to make distributions to our stockholders and service debt or meet other financial obligations. | |
Fair Value Measurements | Fair Value Measurements |
In evaluating fair value, U.S. GAAP outlines a valuation framework and creates a fair value hierarchy that distinguishes between market assumptions based on market data (observable inputs) and a reporting entity’s own assumptions about market data (unobservable inputs). The hierarchy ranks the quality and reliability of inputs used to determine fair value, which are then classified and disclosed in one of the three categories. The three levels are as follows: | |
•Level 1 - Inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities | |
•Level 2 - Inputs include quoted prices in active markets for similar assets and liabilities, quoted prices for identical | |
or similar assets in markets that are not active and model-derived valuations whose inputs are observable | |
•Level 3 - Model-derived valuations with unobservable inputs | |
Property and Equipment | Property and Equipment |
Investments in hotel properties, land, land improvements, building and furniture, fixtures and equipment and identifiable intangible assets are recorded at fair value upon acquisition. Property and equipment purchased after the hotel acquisition date is recorded at cost. Replacements and improvements are capitalized, while repairs and maintenance are expensed as incurred. Upon the sale or retirement of a fixed asset, the cost and related accumulated depreciation is removed from the Company’s accounts and any resulting gain or loss is included in the statements of operations. | |
Depreciation is computed using the straight-line method over the estimated useful lives of the assets, generally 15 to 40 years for buildings, land improvements and building improvements and 1 to 10 years for furniture, fixtures and equipment. Leasehold improvements are amortized over the shorter of the lease term or the useful lives of the related assets. | |
We review our investments in hotel properties for impairment whenever events or changes in circumstances indicate that the carrying value of the hotel properties may not be recoverable. Events or circumstances that may cause a review include, but are not limited to, adverse changes in the demand for lodging at the properties due to declining national or local economic conditions and/or new hotel construction in markets where the hotels are located. When such conditions exist, management performs an analysis to determine if the estimated undiscounted future cash flows from operations and the proceeds from the ultimate disposition of a hotel exceed its carrying value. If the estimated undiscounted future cash flows are less than the carrying amount of the asset, an adjustment to reduce the carrying amount to the related hotel’s estimated fair market value is recorded and an impairment loss is recognized. | |
We will classify a hotel as held for sale in the period that we have made the decision to dispose of the hotel, a binding agreement to purchase the property has been signed under which the buyer has committed a significant amount of nonrefundable cash and no significant financing or other contingencies exist which could cause the transaction to not be completed in a timely manner. If these criteria are met, we will record an impairment loss if the fair value less costs to sell is lower than the carrying amount of the hotel and related assets and will cease recording depreciation expense. We will classify the assets and related liabilities as held for sale on the balance sheet. | |
Goodwill | Goodwill |
Goodwill represents the excess of our cost to acquire a business over the net amounts assigned to assets acquired and liabilities assumed. Goodwill is not amortized, but is evaluated for impairment annually or more frequently if events or changes in circumstances indicate that the carrying amount may not be recoverable. Our goodwill is classified within other assets in the accompanying consolidated balance sheets. | |
Cash and Cash Equivalents | Cash and Cash Equivalents |
We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. | |
Note Receivable | Note Receivable |
Notes receivable are carried at cost, net of any premiums or discounts which are recognized as an adjustment of yield over the remaining life of the note using the effective interest rate method. Notes receivable are evaluated for collectability and if collectability of the original amounts due is in doubt, the value is adjusted for impairment. Our impairment analysis considers the anticipated cash receipts as well as the underlying value of the collateral. If collectability is in doubt, the note is placed in non-accrual status. No interest is recorded on such notes until the timing and amounts of cash receipts can be reasonably estimated. We record cash payments received on non-accrual notes receivable as a reduction in basis. We continually assess the current facts and circumstances to determine whether we can reasonably estimate cash flows. If we can reasonably estimate the timing and amount of cash flows to be collected, then income recognition becomes possible. | |
Revenue Recognition | Revenue Recognition |
Revenues from operations of the hotels are recognized when the services are provided. Revenues consist of room sales, food and beverage sales and other hotel department revenues, such as telephone, parking, gift shop sales and resort fees. | |
Income Taxes | Income Taxes |
We account for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to the differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates in effect for the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in earnings during the period in which the new rate is enacted. | |
We have elected to be treated as a REIT under the provisions of the Internal Revenue Code, which requires that we distribute at least 90% of our taxable income annually to our stockholders and comply with certain other requirements. In addition to paying federal and state taxes on any retained income, we may be subject to taxes on “built in gains” on sales of certain assets. Our taxable REIT subsidiaries will generally be subject to federal, state, local and/or foreign income taxes. | |
In order for the income from our hotel property investments to constitute “rents from real properties” for purposes of the gross income tests required for REIT qualification, the income we earn cannot be derived from the operation of any of our hotels. Therefore, we lease each of our hotel properties to a wholly-owned subsidiary of Bloodstone TRS, Inc., our existing taxable REIT subsidiary, or TRS, except for the Frenchman’s Reef & Morning Star Marriott Beach Resort, which is owned by a Virgin Islands corporation, which we have elected to be treated as a TRS. | |
Intangible Assets and Liabilities | Intangible Assets and Liabilities |
Intangible assets or liabilities are recorded on non-market contracts assumed as part of the acquisition of certain hotels. We review the terms of agreements assumed in conjunction with the purchase of a hotel to determine if the terms are favorable or unfavorable compared to an estimated market agreement at the acquisition date. Favorable lease assets or unfavorable contract liabilities are recorded at the acquisition date and amortized using the straight-line method over the term of the agreement. We do not amortize intangible assets with indefinite useful lives, but we review these assets for impairment annually or at interim periods if events or circumstances indicate that the asset may be impaired. | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share |
Basic earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is calculated by dividing net income (loss) by the weighted-average number of common shares outstanding during the period plus other potentially dilutive securities such as stock grants or shares issuable in the event of conversion of operating partnership units. No adjustment is made for shares that are anti-dilutive during a period. | |
Stock-based Compensation | Stock-based Compensation |
We account for stock-based employee compensation using the fair value based method of accounting. We record the cost of awards with service or market conditions based on the grant-date fair value of the award. That cost is recognized over the period during which an employee is required to provide service in exchange for the award. No compensation cost is recognized for equity instruments for which employees do not render the requisite service. | |
Comprehensive Income (Loss) | Comprehensive Income (Loss) |
We do not have any comprehensive income (loss) other than net income (loss). If we have any comprehensive income (loss) in future periods, such that a statement of comprehensive income would be necessary, such statement will be reported as one statement with the consolidated statement of operations. | |
Restricted Cash | Restricted Cash |
Restricted cash primarily consists of reserves for replacement of furniture and fixtures held by our hotel managers and cash held in escrow pursuant to lender requirements. | |
Deferred Financing Costs | Deferred Financing Costs |
Financing costs are recorded at cost and consist of loan fees and other costs incurred in connection with the issuance of debt. Amortization of deferred financing costs is computed using a method, which approximates the effective interest method over the remaining life of the debt, and is included in interest expense in the accompanying consolidated statements of operations. | |
Hotel Working Capital | Hotel Working Capital |
The due from hotel managers consists of hotel level accounts receivable, periodic hotel operating distributions due to owner and prepaid and other assets held by the hotel managers on our behalf. The due to hotel managers represents liabilities incurred by the hotel on behalf of us in conjunction with the operation of our hotels which are legal obligations of the Company. | |
Key Money | Key Money |
Key money received in conjunction with entering into hotel management or franchise agreements or completing specific capital projects is deferred and amortized over the term of the hotel management agreement. Deferred key money is classified as deferred income in the accompanying consolidated balance sheets and amortized as an offset to base management fees or franchise fees. | |
Straight-Line Rental Income and Expense | Straight-Line Rental Income and Expense |
We record rental income and expense on leases that provide for minimum rental payments that increase in pre-established amounts over the remaining term of the lease on a straight-line basis. | |
Concentration of Credit Risk | Concentration of Credit Risk |
Financial instruments that potentially subject the Company to significant concentrations of credit risk consist principally of our note receivable and cash and cash equivalents. We perform periodic evaluations of the underlying hotel property securing the note receivable. See further discussion in Note 5. We maintain cash and cash equivalents with various financial institutions. We perform periodic evaluations of the relative credit standing of these financial institutions and limit the amount of credit exposure with any one institution. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update ("ASU") No. 2014-08, Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which amends U.S. GAAP to require reporting of discontinued operations only if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results. This ASU is effective for the first annual reporting period beginning on or after December 15, 2014 with early adoption permitted. We have adopted this ASU effective January 1, 2014, Under this ASU, we anticipate the majority of our hotel sales will not be classified as discontinued operations. Hotel sales that have already been reported within discontinued operations in previously issued financial statements will continue to be reported under the previous guidance. | |
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The ASU will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. This pronouncement will be effective for the first annual reporting period beginning after December 15, 2016. Early application is not permitted. The ASU permits the use of either the retrospective or cumulative effect transition method. We are evaluating the effect that the ASU will have on our consolidated financial statements and related disclosures. We have not yet selected a transition method or determined the effect of the ASU on our future financial reporting. |
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property and Equipment | Property and equipment as of December 31, 2014 and 2013 consists of the following (in thousands): | |||||||
2014 | 2013 | |||||||
Land | $ | 508,838 | $ | 394,957 | ||||
Land improvements | 7,994 | 7,994 | ||||||
Buildings | 2,427,274 | 2,321,666 | ||||||
Furniture, fixtures and equipment | 430,873 | 420,367 | ||||||
CIP | 13,784 | 23,104 | ||||||
3,388,763 | 3,168,088 | |||||||
Less: accumulated depreciation | (624,370 | ) | (600,555 | ) | ||||
$ | 2,764,393 | $ | 2,567,533 | |||||
Favorable_Lease_Assets_Tables
Favorable Lease Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ||||||||
Schedule of Finite-Lived Intangible Assets by Major Class | Our favorable lease assets, net of accumulated amortization of $3.0 million and $6.8 million as of December 31, 2014 and 2013, respectively, consist of the following (in thousands): | |||||||
2014 | 2013 | |||||||
Westin Boston Waterfront Hotel Ground Lease | $ | 18,293 | $ | 18,510 | ||||
Westin Boston Waterfront Hotel Lease Right | 9,045 | 9,045 | ||||||
Hilton Minneapolis Ground Lease | 5,760 | 5,835 | ||||||
Oak Brook Hills Resort Ground Lease | — | 5,058 | ||||||
Lexington Hotel New York Tenant Leases | 1,031 | 1,176 | ||||||
Hilton Boston Downtown Tenant Leases | 145 | 312 | ||||||
$ | 34,274 | $ | 39,936 | |||||
Note_Receivable_Tables
Note Receivable (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Accounts and Notes Receivable, Net [Abstract] | ||||||||
Schedule of Investment Income | We recorded the following amounts of interest income on the Allerton Loan (in thousands): | |||||||
Year Ended December 31, | ||||||||
2014 | 2013 | |||||||
Contractual interest income | 1,317 | 3,456 | ||||||
Amortization of discount | 1,075 | 2,602 | ||||||
Total interest income | $ | 2,392 | $ | 6,058 | ||||
Capital_Stock_Tables
Capital Stock (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Equity [Abstract] | |||||
Schedule of Dividends Payable | We have paid the following dividends to holders of our common stock for the years ended December 31, 2014 and 2013: | ||||
Payment Date | Record Date | Dividend | |||
per Share | |||||
April 12, 2013 | 28-Mar-13 | $0.09 | |||
July 11, 2013 | 28-Jun-13 | $0.09 | |||
October 10, 2013 | 30-Sep-13 | $0.09 | |||
January 10, 2014 | 31-Dec-13 | $0.09 | |||
April 10, 2014 | 31-Mar-14 | $0.10 | |||
July 10, 2014 | 30-Jun-14 | $0.10 | |||
October 10, 2014 | 30-Sep-14 | $0.10 | |||
January 12, 2015 | 31-Dec-14 | $0.10 |
Stock_Incentive_Plans_Tables
Stock Incentive Plans (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Schedule of Share Based Compensation Restricted Stock Activity | A summary of our restricted stock awards from January 1, 2012 to December 31, 2014 is as follows: | ||||||||||
Number of | Weighted- | ||||||||||
Shares | Average Grant | ||||||||||
Date Fair | |||||||||||
Value | |||||||||||
Unvested balance at January 1, 2012 | 1,010,127 | $ | 6.97 | ||||||||
Granted | 365,599 | 9.84 | |||||||||
Additional shares from dividends | 8,507 | 10.07 | |||||||||
Forfeited | (11,563 | ) | 10.05 | ||||||||
Vested | (696,559 | ) | 5.39 | ||||||||
Unvested balance at December 31, 2012 | 676,111 | 10.1 | |||||||||
Granted | 323,526 | 9.33 | |||||||||
Additional shares from dividends | 1,040 | 9.3 | |||||||||
Forfeited | (16,934 | ) | 9.65 | ||||||||
Vested | (400,722 | ) | 9.94 | ||||||||
Unvested balance at December 31, 2013 | 583,021 | 9.8 | |||||||||
Granted | 249,311 | 12.39 | |||||||||
Forfeited | (537 | ) | 9.32 | ||||||||
Vested | (317,376 | ) | 10.19 | ||||||||
Unvested balance at December 31, 2014 | 514,419 | $ | 10.82 | ||||||||
Performance Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Fair Value Valuation Assumptions | The fair values of the PSU awards are determined using a Monte Carlo simulation performed by a third-party valuation firm. Each simulation also considered the share performance of the Company and the peer group. The determination of the grant-date fair values of the awards included the following assumptions: | ||||||||||
Award Grant Date | Volatility | Risk-Free Rate | Fair Value at Grant Date | ||||||||
3-Mar-13 | 39.2 | % | 0.36 | % | $ | 9.55 | |||||
15-May-13 | 37.9 | % | 0.4 | % | $ | 10.41 | |||||
3-Mar-14 | 33.5 | % | 0.66 | % | $ | 12.77 | |||||
15-May-14 | 33.1 | % | 0.8 | % | $ | 9.88 | |||||
Schedule of Nonvested Performance-based Units Activity | A summary of our PSUs from January 1, 2013 to December 31, 2014 is as follows: | ||||||||||
Number of | Weighted- | ||||||||||
Units | Average Grant | ||||||||||
Date Fair | |||||||||||
Value | |||||||||||
Unvested balance at January 1, 2013 | — | $ | — | ||||||||
Granted | 217,949 | 9.64 | |||||||||
Additional units from dividends | 5,227 | 10.37 | |||||||||
Unvested balance at December 31, 2013 | 223,176 | 9.66 | |||||||||
Granted | 200,685 | 12.33 | |||||||||
Additional units from dividends | 12,309 | 12.01 | |||||||||
Unvested balance at December 31, 2014 | 436,170 | $ | 10.95 | ||||||||
Earnings_Loss_Per_Share_Tables
Earnings (Loss) Per Share (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Earnings Per Share [Abstract] | ||||||||||||
Schedule of earnings per share, basic and diluted | The following is a reconciliation of the calculation of basic and diluted earnings (loss) per share (in thousands, except share and per-share data): | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Numerator: | ||||||||||||
Income (loss) from continuing operations | $ | 163,377 | $ | 23,828 | $ | (18,075 | ) | |||||
Income from discontinued operations | — | 25,237 | 1,483 | |||||||||
Net income (loss) | $ | 163,377 | $ | 49,065 | $ | (16,592 | ) | |||||
Denominator: | ||||||||||||
Weighted-average number of common shares outstanding—basic | 195,943,813 | 195,478,353 | 180,826,124 | |||||||||
Effect of dilutive securities: | ||||||||||||
Unvested restricted common stock | 181,310 | 177,314 | — | |||||||||
Shares related to unvested MSUs and PSUs | 556,763 | 206,839 | — | |||||||||
Unexercised stock appreciation rights | 1,095 | — | — | |||||||||
Weighted-average number of common shares outstanding—diluted | 196,682,981 | 195,862,506 | 180,826,124 | |||||||||
Basic earnings (loss) per share: | ||||||||||||
Continuing operations | $ | 0.83 | $ | 0.12 | $ | (0.10 | ) | |||||
Discontinued operations | — | 0.13 | 0.01 | |||||||||
Total | $ | 0.83 | $ | 0.25 | $ | (0.09 | ) | |||||
Diluted earnings (loss) earnings per share: | ||||||||||||
Continuing operations | $ | 0.83 | $ | 0.12 | $ | (0.10 | ) | |||||
Discontinued operations | — | 0.13 | 0.01 | |||||||||
Total | $ | 0.83 | $ | 0.25 | $ | (0.09 | ) | |||||
Reconciliation of the calculation of basic and diluted earnings (loss) per share | We did not include the following shares in our calculation of diluted loss per share as they would be anti-dilutive: | |||||||||||
Years Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Unvested restricted common stock | — | — | 161,266 | |||||||||
Unexercised stock appreciation rights | — | 262,461 | 262,461 | |||||||||
Shares related to unvested MSUs | — | — | 237,956 | |||||||||
Total | — | 262,461 | 661,683 | |||||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Debt Disclosure [Abstract] | ||||||||||||
Summary of long term debt | The following table sets forth information regarding the Company’s debt as of December 31, 2014: | |||||||||||
Property | Principal | Interest Rate | Maturity Date | Amortization Provisions | ||||||||
Balance | ||||||||||||
(In thousands) | ||||||||||||
JW Marriott Denver at Cherry Creek | $ | 38,552 | 6.47 | % | Jul-15 | 25 years | ||||||
Renaissance Worthington | 52,859 | 5.4 | % | Jul-15 | 30 years | |||||||
Frenchman’s Reef & Morning Star Marriott Beach Resort | 56,595 | 5.44 | % | Aug-15 | 30 years | |||||||
Orlando Airport Marriott | 55,925 | 5.68 | % | Jan-16 | 30 years | |||||||
Chicago Marriott Downtown Magnificent Mile | 205,166 | 5.975 | % | Apr-16 | 30 years | |||||||
Courtyard Manhattan / Fifth Avenue | 48,970 | 6.48 | % | Jun-16 | 30 years | |||||||
Lexington Hotel New York | 170,368 | LIBOR + 2.50% (2.656% at December 31, 2014) | October 2017 (1) | Interest Only | ||||||||
Salt Lake City Marriott Downtown | 61,352 | 4.25 | % | Nov-20 | 25 years | |||||||
Hilton Minneapolis | 92,732 | 5.464 | % | May-21 | 25 years | |||||||
Westin Washington D.C. City Center | 70,635 | 3.99 | % | Jan-23 | 25 years | |||||||
The Lodge at Sonoma, a Renaissance Resort & Spa | 30,058 | 3.96 | % | Apr-23 | 30 years | |||||||
Westin San Diego | 68,937 | 3.94 | % | Apr-23 | 30 years | |||||||
Courtyard Manhattan / Midtown East | 86,000 | 4.4 | % | Aug-24 | 30 years | |||||||
Debt premium (2) | 181 | |||||||||||
Total mortgage debt | 1,038,330 | |||||||||||
Senior unsecured credit facility | — | LIBOR + 1.90% (2.09% at December 31, 2014) | January 2017 (3) | Interest Only | ||||||||
Total debt | $1,038,330 | |||||||||||
Weighted-Average Interest Rate | 4.95% | |||||||||||
_____________ | ||||||||||||
-1 | The loan may be extended for two additional one-year terms subject to the satisfaction of certain conditions and the payment of an extension fee. We amended the loan on October 8, 2014, which is discussed further below. | |||||||||||
-2 | Recorded upon our assumption of the JW Marriott Denver at Cherry Creek mortgage debt. | |||||||||||
-3 | The credit facility may be extended for an additional year upon the payment of applicable fees and the satisfaction of certain customary conditions. | |||||||||||
Schedule of maturities of long-term debt | The aggregate debt maturities as of December 31, 2014 are as follows (in thousands): | |||||||||||
2015 | $ | 160,860 | ||||||||||
2016 | 313,501 | |||||||||||
2017 | 9,751 | |||||||||||
2018 | 10,199 | |||||||||||
2019 (1) | 181,037 | |||||||||||
Thereafter | 362,982 | |||||||||||
$ | 1,038,330 | |||||||||||
_____________ | ||||||||||||
-1 | Assumes the Lexington Hotel New York mortgage loan is extended under the terms discussed above. | |||||||||||
Summary of leverage and applicable margin | The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows: | |||||||||||
Ratio of Net Indebtedness to EBITDA | Applicable Margin | |||||||||||
Less than 4.00 to 1.00 | 1.75 | % | ||||||||||
Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 | 1.9 | % | ||||||||||
Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 | 2.1 | % | ||||||||||
Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 | 2.2 | % | ||||||||||
Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 | 2.5 | % | ||||||||||
Greater than or equal to 6.50 to 1.00 | 2.75 | % | ||||||||||
Summary of the most restrictive covenants for senior unsecured credit facility | The facility contains various corporate financial covenants. A summary of the most restrictive covenants is as follows: | |||||||||||
Actual at | ||||||||||||
Covenant | December 31, | |||||||||||
2014 | ||||||||||||
Maximum leverage ratio (1) | 60% | 34.80% | ||||||||||
Minimum fixed charge coverage ratio (2) | 1.50x | 2.85x | ||||||||||
Minimum tangible net worth (3) | $1.904 billion | $2.454 billion | ||||||||||
Secured recourse indebtedness | Less than 45% of Total Asset Value | 34.80% | ||||||||||
_____________________________ | ||||||||||||
-1 | Leverage ratio is total indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as a) total cash and cash equivalents and b) the value of our owned hotels based on hotel net operating income divided by a defined capitalization rate. | |||||||||||
-2 | Fixed charge coverage ratio is Adjusted EBITDA, which is defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 fiscal months, to fixed charges, which is defined in the credit agreement as interest expense, all regularly scheduled principal payments and payments on capitalized lease obligations, for the same most recently ending 12-month period. | |||||||||||
-3 | Tangible net worth, as defined in the credit agreement, is (i) total gross book value of all assets, exclusive of depreciation and amortization, less intangible assets, total indebtedness, and all other liabilities, plus (ii) 75% of net proceeds from future equity issuances. |
Dispositions_Tables
Dispositions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Discontinued Operations and Disposal Groups [Abstract] | |||||||||
Summary of results of income (loss) from discontinued operations | The following is a summary of the results of income from discontinued operations for the years ended December 31, 2013 and 2012 (in thousands, except per-share data): | ||||||||
Years Ended December 31, | |||||||||
2013 | 2012 | ||||||||
Hotel revenues | $ | 21,336 | $ | 55,654 | |||||
Hotel operating expenses | (15,977 | ) | (41,424 | ) | |||||
Operating income | 5,359 | 14,230 | |||||||
Depreciation and amortization | (1,759 | ) | (4,495 | ) | |||||
Interest income | 1 | 3 | |||||||
Interest expense | — | (2,297 | ) | ||||||
Impairment charge | — | (14,690 | ) | ||||||
Gain on sale of hotel properties, net | 22,733 | 9,479 | |||||||
Income tax expense | (1,097 | ) | (747 | ) | |||||
Income from discontinued operations | $ | 25,237 | $ | 1,483 | |||||
Basic and diluted income from discontinued operations per share | 0.13 | $ | 0.01 | ||||||
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | |||||||||||||
Schedule of Acquired Assets and Liabilities | The following table summarizes the preliminary estimated fair value of the assets acquired and liabilities assumed in our acquisitions (in thousands): | ||||||||||||
Inn at Key West | Hilton Garden Inn Times Square Central | Westin Fort Lauderdale Beach Resort | |||||||||||
Land | $ | 32,888 | $ | 60,300 | $ | 54,293 | |||||||
Building and improvements | 13,371 | 88,896 | 83,227 | ||||||||||
Furnitures, fixtures and equipment | 1,241 | 6,204 | 11,480 | ||||||||||
Total fixed assets | 47,500 | 155,400 | 149,000 | ||||||||||
Other assets and liabilities, net | 326 | 370 | 12 | ||||||||||
Total | $ | 47,826 | $ | 155,770 | $ | 149,012 | |||||||
Pro Forma Operating Information | The pro forma information is not necessarily indicative of the results that actually would have occurred nor does it indicate future operating results. | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
(unaudited) | |||||||||||||
Revenues | $ | 918,273 | $ | 846,099 | |||||||||
Income from continuing operations | 168,754 | 29,074 | |||||||||||
Net income | 168,754 | 54,312 | |||||||||||
Basic earnings per share: | |||||||||||||
Continuing operations | $ | 0.86 | $ | 0.15 | |||||||||
Net income | $ | 0.86 | $ | 0.28 | |||||||||
Diluted earnings per share: | |||||||||||||
Continuing operations | $ | 0.86 | $ | 0.15 | |||||||||
Net income | $ | 0.86 | $ | 0.28 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Income Tax Disclosure [Abstract] | ||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Our provision (benefit) for income taxes consists of the following (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Current - Federal | $ | — | $ | — | $ | — | ||||||
State | 269 | 257 | 348 | |||||||||
Foreign | 208 | 70 | — | |||||||||
477 | 327 | 348 | ||||||||||
Deferred - Federal | 3,933 | (1,626 | ) | (5,374 | ) | |||||||
State | 1,105 | (167 | ) | (1,456 | ) | |||||||
Foreign | 121 | 353 | (311 | ) | ||||||||
5,159 | (1,440 | ) | (7,141 | ) | ||||||||
Income tax provision (benefit) from continuing operations | $ | 5,636 | $ | (1,113 | ) | $ | (6,793 | ) | ||||
Income tax provision from discontinued operations | $ | — | $ | 1,097 | $ | 747 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal tax provision to our income tax provision (benefit) is as follows (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Statutory federal tax provision (35)% | $ | 59,155 | $ | 7,950 | $ | (8,703 | ) | |||||
Tax impact of REIT election | (52,937 | ) | (8,641 | ) | 3,290 | |||||||
State income tax provision (benefit), net of federal tax benefit | 893 | 58 | (720 | ) | ||||||||
Foreign income tax benefit | (1,603 | ) | (552 | ) | (694 | ) | ||||||
Foreign tax rate adjustment | — | — | — | |||||||||
Other | 128 | 72 | 34 | |||||||||
Income tax provision (benefit) from continuing operations | $ | 5,636 | $ | (1,113 | ) | $ | (6,793 | ) | ||||
Schedule of Deferred Tax Assets and Liabilities | The total deferred tax assets and liabilities are as follows (in thousands): | |||||||||||
2014 | 2013 | |||||||||||
Deferred income related to key money | $ | 8,636 | $ | 9,406 | ||||||||
Net operating loss carryforwards | 31,178 | 28,663 | ||||||||||
Alternative minimum tax credit carryforwards | 72 | 129 | ||||||||||
Other | 601 | 1,228 | ||||||||||
Deferred tax assets | 40,487 | 39,426 | ||||||||||
Land basis difference recorded in purchase accounting | (4,260 | ) | (4,260 | ) | ||||||||
Depreciation and amortization | (12,947 | ) | (6,738 | ) | ||||||||
Deferred tax liabilities | (17,207 | ) | (10,998 | ) | ||||||||
Deferred tax asset, net | $ | 23,280 | $ | 28,428 | ||||||||
Relationship_with_Managers_Tab
Relationship with Managers (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Relationships with Managers [Abstract] | ||||||||||||
Schedule Sets Forth the Agreement Date, Initial Term and Number of Renewal Terms Under the Respective Hotel Management Agreements for Each of Our Owned Hotels | The following table sets forth the agreement date, initial term and number of renewal terms under the respective hotel management agreements for each of our hotels. Generally, the term of the hotel management agreements renew automatically for a negotiated number of consecutive periods upon the expiration of the initial term unless the property manager gives notice to us of its election not to renew the hotel management agreement. | |||||||||||
Property | Manager | Date of Agreement | Initial Term | Number of Renewal Terms | ||||||||
Atlanta Alpharetta Marriott | Marriott | Sep-00 | 30 years | Two ten-year periods | ||||||||
Bethesda Marriott Suites | Marriott | Dec-04 | 21 years | Two ten-year periods | ||||||||
Boston Westin Waterfront | Starwood | May-04 | 20 years | Four ten-year periods | ||||||||
Chicago Marriott Downtown | Marriott | Mar-06 | 32 years | Two ten-year periods | ||||||||
Conrad Chicago | Hilton | Nov-05 | 10 years | Two five-year periods | ||||||||
Courtyard Denver Downtown | Sage Hospitality | Jul-11 | 5 years | One five-year period | ||||||||
Courtyard Manhattan/Fifth Avenue | Marriott | Dec-04 | 30 years | None | ||||||||
Courtyard Manhattan/Midtown East | Marriott | Nov-04 | 30 years | Two ten-year periods | ||||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | Marriott | Sep-00 | 30 years | Two ten-year periods | ||||||||
Hilton Boston Downtown | Davidson Hotels & Resorts | Nov-12 | 7 years | Two five-year periods | ||||||||
Hilton Burlington | Interstate Hotels & Resorts | Dec-10 | 5 years | Month-to-month | ||||||||
Hilton Garden Inn Chelsea/New York City | Alliance Hospitality Management | Sep-10 | 10 years | None | ||||||||
Hilton Garden Inn New York City/Times Square Central | Highgate Hotels | Jan-11 | 10 years | One five-year period | ||||||||
Hilton Minneapolis | Hilton | Mar-06 | 20 ¾ years | None | ||||||||
Hotel Rex | Joie de Vivre Hotels | Sep-05 | 5 years | Month-to-month | ||||||||
Inn at Key West | Remington Hotels | Dec-14 | 10 years | None | ||||||||
JW Marriott Denver at Cherry Creek | Sage Hospitality | May-11 | 5 years | One five-year period | ||||||||
Lexington Hotel New York | Highgate Hotels | Jun-11 | 10 years | One five-year period | ||||||||
Orlando Airport Marriott | Marriott | Nov-05 | 30 years | None | ||||||||
Renaissance Charleston | Marriott | Jan-00 | 21 years | Two five-year periods | ||||||||
Renaissance Worthington | Marriott | Sep-00 | 30 years | Two ten-year periods | ||||||||
Salt Lake City Marriott Downtown | Marriott | Dec-01 | 30 years | Three fifteen-year periods | ||||||||
The Lodge at Sonoma, a Renaissance Resort & Spa | Marriott | Oct-04 | 20 years | One ten-year period | ||||||||
Vail Marriott Mountain Resort & Spa | Vail Resorts | Jun-05 | 15½ years | None | ||||||||
Westin Fort Lauderdale Beach Resort | HEI Hotels & Resorts | Dec-14 | 10 years | None | ||||||||
Westin San Diego | Interstate Hotels & Resorts | Dec-10 | 5 years | Month-to-month | ||||||||
Westin Washington D.C. City Center | Interstate Hotels & Resorts | Dec-10 | 5 years | Month-to-month | ||||||||
Schedule of Base Management Fee, Incentive Management Fee and FF&E Reserve Contribution | The following table sets forth the base management fee, incentive management fee and FF&E reserve contribution, generally due and payable each fiscal year, for each of our properties: | |||||||||||
Property | Base Management Fee(1) | Incentive Management Fee(2) | FF&E Reserve Contribution(1) | |||||||||
Atlanta Alpharetta Marriott | 3 | % | 25 | % | 5 | % | ||||||
Bethesda Marriott Suites | 3 | % | 50 | % | -3 | 5 | % | -4 | ||||
Boston Westin Waterfront | 2.5 | % | 20 | % | 4 | % | ||||||
Chicago Marriott Downtown | 3 | % | 20 | % | -5 | 5 | % | |||||
Conrad Chicago | 3 | % | -6 | 15 | % | 4 | % | |||||
Courtyard Denver Downtown | 2 | % | -7 | 10 | % | 4 | % | |||||
Courtyard Manhattan/Fifth Avenue | 5.5 | % | -8 | 25 | % | 4 | % | |||||
Courtyard Manhattan/Midtown East | 5 | % | 25 | % | 4 | % | ||||||
Frenchman's Reef & Morning Star Marriott Beach Resort | 3 | % | 15 | % | 5.5 | % | ||||||
Hilton Boston Downtown | 2 | % | 10 | % | 4 | % | ||||||
Hilton Burlington | 1.5 | % | -9 | 10 | % | — | ||||||
Hilton Garden Inn Chelsea/New York City | 2 | % | -14 | 10 | % | — | ||||||
Hilton Garden Inn New York City/Times Square Central | 2.5 | % | -10 | 20 | % | 4 | % | |||||
Hilton Minneapolis | 3 | % | 15 | % | 4 | % | ||||||
Hotel Rex | 3 | % | 10 | % | 4 | % | ||||||
Inn at Key West | 3 | % | 15 | % | 4 | % | ||||||
JW Marriott Denver at Cherry Creek | 2.25 | % | -11 | 10 | % | 4 | % | |||||
Lexington Hotel New York | 3 | % | 20 | % | 4 | % | ||||||
Orlando Airport Marriott | 3 | % | 25 | % | 5 | % | ||||||
Renaissance Charleston | 3.5 | % | 20 | % | 5 | % | ||||||
Renaissance Worthington | 3 | % | 25 | % | 5 | % | ||||||
Salt Lake City Marriott Downtown | 3 | % | 20 | % | 5 | % | ||||||
The Lodge at Sonoma, a Renaissance Resort & Spa | 3 | % | 20 | % | 5 | % | ||||||
Vail Marriott Mountain Resort & Spa | 3 | % | 20 | % | 4 | % | ||||||
Westin Fort Lauderdale Beach Resort | 2.25 | % | -12 | 15 | % | 4 | % | |||||
Westin San Diego | 1.5 | % | -9 | 10 | % | 4 | % | |||||
Westin Washington D.C. City Center | 0.75 | % | -13 | 10 | % | 4 | % | |||||
______________ | ||||||||||||
-1 | As a percentage of gross revenues. | |||||||||||
-2 | Based on a percentage of hotel operating profits above a specified return on our invested capital or specified operating profit thresholds. | |||||||||||
-3 | The owner's priority expires in 2027. | |||||||||||
-4 | The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.8 million. | |||||||||||
-5 | Calculated as 20% of net operating income before base management fees. There is no owner's priority. | |||||||||||
-6 | The base management fee is reduced by the amount in which operating profits do not meet the performance guarantee. The performance guarantee was $8.8 million in 2014 and base management fees were reduced to zero. | |||||||||||
-7 | The base management fee is 2.5% of gross revenues if the hotel achieves operating results in excess of 7% of our invested capital and 3% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital. | |||||||||||
-8 | The base management fee increases to 6% beginning in fiscal year 2015 for the remainder of the agreement. | |||||||||||
(9) The base management fee increased from 1.0% to 1.5% of gross revenues on July 12, 2014. Total management fees are capped at 2.5% of gross revenues. | ||||||||||||
(10) The base management fee increases to 3% beginning September 1, 2015. | ||||||||||||
-11 | The base management fee is 2.75% of gross revenues if the hotel achieves operating profits in excess of 7% of our invested capital and 3.25% of gross revenues if the hotel achieves operating profits in excess of 8% of our invested capital. | |||||||||||
(12) The base management fee decreases to 2% beginning January 1, 2017. The base fee may be reduced in 2015 if the hotel does not meet a specified operating profit threshold, subject to a floor of 1% of gross revenues. | ||||||||||||
-13 | The base management fee increased from 0.5% to 0.75% of gross revenues on July 1, 2014. The base management fee increases to 1% in 2015, 1.25% in 2016, and 1.5% in 2017 through the remainder of the agreement. An additional base management fee of 0.5% and 0.25% of gross revenues will be earned if the hotel exceeds specified operating profit thresholds during 2015 and 2016, respectively. | |||||||||||
(14) The base management fee decreased to 1% for the period from January 1, 2014 through December 31, 2014. | ||||||||||||
Summary of Management Fees from Continuing Operations | The following is a summary of management fees from continuing operations for the years ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||
Year Ended December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Base management fees | $ | 21,473 | $ | 19,324 | $ | 18,757 | ||||||
Incentive management fees | 8,554 | 6,222 | 5,550 | |||||||||
Total management fees | $ | 30,027 | $ | 25,546 | $ | 24,307 | ||||||
Schedule of the Terms of the Hotel Franchise Agreements | The following table sets forth the terms of the hotel franchise agreements for our eleven franchised hotels: | |||||||||||
Date of Agreement | Term | Franchise Fee | ||||||||||
Vail Marriott Mountain Resort & Spa | Jun-05 | 16 years | 6% of gross room sales plus 3% of gross food and beverage sales | |||||||||
Hilton Garden Inn Chelsea/New York City | Sep-10 | 17 years | Royalty fee of 5% of gross room sales and program fee of 4.3% of gross room sales | |||||||||
JW Marriott Denver at Cherry Creek | May-11 | 15 years | 6% of gross room sales and 3% of gross food and beverage sales | |||||||||
Lexington Hotel New York (1) | Mar-12 | 20 years | 3% of gross room sales (2) | |||||||||
Courtyard Denver Downtown | Jul-11 | 16 years | 5.5% of gross room sales | |||||||||
Hilton Boston Downtown | Jul-12 | 10 years | 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales | |||||||||
Westin Washington D.C. City Center | Dec-10 | 20 years | 7% of gross room sales and 3% of gross food and beverage sales | |||||||||
Westin San Diego | Dec-10 | 20 years | 7% of gross room sales and 3% of gross food and beverage sales | |||||||||
Hilton Burlington | Jul-12 | 10 years | 5% of gross room sales and 3% of gross food and beverage sales; program fee of 4% of gross room sales | |||||||||
Hilton Garden Inn New York/Times Square Central | Jun-11 | 22 years | 3% of gross room sales (3); program fee of 4.3% of gross room sales | |||||||||
Westin Fort Lauderdale Beach Resort | Dec-14 | 20 years | 6% of gross room sales and 2% of gross food and beverage sales | |||||||||
___________ | ||||||||||||
-1 | The agreement commenced on the date the hotel opened as a Autograph Collection hotel, which was August 19, 2013. | |||||||||||
-2 | Increased to 4% on the first anniversary of the agreement. Increases to 5% on the second anniversary of the agreement. | |||||||||||
(3) Increases to 4% on the first anniversary of the opening date, which was September 1, 2014, and 5% on the second anniversary of the opening date. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||
Dec. 31, 2014 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Schedule of Current and Future Minimum Rental Payments for Ground Leases | The following table reflects the current and future annual rents under our ground leases: | |||||
Property | Term (1) | Annual Rent | ||||
Ground leases under hotel: | Bethesda Marriott Suites | Through 4/2087 | $630,732 (2) | |||
Courtyard Manhattan/Fifth Avenue(3)(4) | 10/2007 - 9/2017 | $906,000 | ||||
10/2017 - 9/2027 | $1,132,812 | |||||
10/2027 - 9/2037 | $1,416,015 | |||||
10/2037 - 9/2047 | $1,770,019 | |||||
10/2047 - 9/2057 | $2,212,524 | |||||
10/2057 - 9/2067 | $2,765,655 | |||||
10/2067 - 9/2077 | $3,457,069 | |||||
10/2077 - 9/2085 | $4,321,336 | |||||
Salt Lake City Marriott Downtown (Ground lease for hotel) (5) | Through 12/2056 | Greater of $132,000 or 2.6% of annual gross room sales | ||||
(Ground lease for extension) | 1/2013 - 12/2017 | $11,305 | ||||
Westin Boston Waterfront Hotel (6) (Base rent) | 1/2013 - 12/2015 | $500,000 | ||||
1/2016 - 12/2020 | $750,000 | |||||
1/2021 - 12/2025 | $1,000,000 | |||||
1/2026 - 12/2030 | $1,500,000 | |||||
1/2031 - 12/2035 | $1,750,000 | |||||
1/2036 - 5/2099 | No base rent | |||||
(Percentage rent) | Through 12/2015 | 0% of annual gross revenue | ||||
1/2016 - 12/2025 | 1.0% of annual gross revenue | |||||
1/2026 - 12/2035 | 1.5% of annual gross revenue | |||||
1/2036 - 12/2045 | 2.75% of annual gross revenue | |||||
1/2046 - 12/2055 | 3.0% of annual gross revenue | |||||
1/2056 - 12/2065 | 3.25% of annual gross revenue | |||||
1/2066 - 5/2099 | 3.5% of annual gross revenue | |||||
Hilton Minneapolis (7) | 1/2014 - 12/2014 | $6,313,000 | ||||
1/2015 - 12/2015 | $6,629,000 | |||||
1/2016 - 12/2016 | $6,960,000 | |||||
1/2017 - 12/2017 | $7,308,000 | |||||
1/2018 - 12/2018 | $7,673,000 | |||||
1/2019 - 10/2091 | Annual real estate taxes | |||||
Ground leases under parking garage: | Renaissance Worthington | 8/2013 - 7/2022 | $40,400 | |||
8/2022 - 7/2037 | $46,081 | |||||
8/2037 - 7/2052 | $51,763 | |||||
8/2052 - 7/2067 | $57,444 | |||||
_____________ | ||||||
-1 | These terms assume our exercise of all renewal options. | |||||
-2 | Represents rent for the year ended December 31, 2014. Rent increases annually by 5.5%. | |||||
-3 | The ground lease term is 49 years. We have the right to renew the ground lease for an additional 49 year term on the same terms then applicable to the ground lease. | |||||
-4 | The total annual rent includes the fixed rent noted in the table plus a percentage rent equal to 5% of gross receipts for each lease year, but only to the extent that 5% of gross receipts exceeds the minimum fixed rent in such lease year. There was no such percentage rent earned during the year ended December 31, 2014. | |||||
-5 | We own a 21% interest in the land underlying the hotel and, as a result, 21% of the annual rent under the ground lease is paid to us by the hotel. | |||||
-6 | Total annual rent under the ground lease is capped at 2.5% of hotel gross revenues during the initial 30 years of the ground lease. | |||||
-7 | The ground lease payment and related property tax liability were negotiated as a single payment in lieu of taxes. The single payments increase at a rate of 5% per year through 2018. Beginning in 2019, there will no longer be a stipulated single payment and the hotel will pay only the real property tax portion of the initial single payment based on the then assessed valuation and applicable tax rate. | |||||
Schedule of Future Minimum Rental Commitments under Non-cancelable Operating Leases | Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2014 are as follows (in thousands): | |||||
2015 | $ | 10,393 | ||||
2016 | 10,671 | |||||
2017 | 10,929 | |||||
2018 | 11,181 | |||||
2019 | 3,186 | |||||
Thereafter | 623,925 | |||||
$ | 670,285 | |||||
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||
Fair value of certain financial assets and liabilities and other financial instruments | The fair value of certain financial assets and liabilities and other financial instruments as of December 31, 2014 and 2013, in thousands, are as follows: | |||||||||||||||
December 31, 2014 | 31-Dec-13 | |||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||
Amount | Amount | |||||||||||||||
Note receivable | $ | — | $ | — | $ | 50,084 | $ | 64,500 | ||||||||
Debt | $ | 1,038,330 | $ | 1,059,988 | $ | 1,091,861 | $ | 1,087,516 | ||||||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||
Revenues from continuing operations and long-lived assets | The following table sets forth revenues from continuing operations and net hotel long-lived assets owned as of December 31, 2014 represented by the following geographical areas as of and for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||||||||||||
Revenues | Net Assets | |||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | |||||||||||||||||||
(In thousands) | (In thousands) | |||||||||||||||||||||||
Chicago | $ | 132,690 | $ | 149,498 | $ | 144,260 | $ | 436,490 | $ | 462,938 | $ | 475,900 | ||||||||||||
Los Angeles | 64,923 | 58,608 | 56,727 | — | 99,258 | 154,556 | ||||||||||||||||||
Boston | 116,861 | 102,482 | 84,512 | 397,807 | 399,162 | 404,800 | ||||||||||||||||||
US Virgin Islands | 65,586 | 62,439 | 55,753 | 118,458 | 120,222 | 117,506 | ||||||||||||||||||
New York | 134,841 | 95,798 | 112,279 | 660,609 | 516,555 | 488,154 | ||||||||||||||||||
Minneapolis | 49,704 | 50,097 | 49,075 | 131,080 | 136,255 | 133,805 | ||||||||||||||||||
Denver | 34,206 | 31,909 | 29,469 | 113,670 | 115,447 | 116,834 | ||||||||||||||||||
Other | 274,051 | 248,857 | 194,812 | 905,876 | 714,004 | 717,471 | ||||||||||||||||||
Total | $ | 872,862 | $ | 799,688 | $ | 726,887 | $ | 2,763,990 | $ | 2,563,841 | $ | 2,609,026 | ||||||||||||
Quarterly_Operating_Results_Un1
Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Data [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | |||||||||||||||||
2014 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Total revenue | $ | 190,084 | $ | 229,934 | $ | 229,217 | $ | 223,627 | |||||||||
Total operating expenses | 180,022 | 174,897 | 191,045 | 189,431 | |||||||||||||
Operating income | $ | 10,062 | $ | 55,037 | $ | 38,172 | $ | 34,196 | |||||||||
Net income | $ | 4,037 | $ | 51,916 | $ | 43,808 | $ | 63,616 | |||||||||
Basic earnings per share | $ | 0.02 | $ | 0.27 | $ | 0.22 | $ | 0.32 | |||||||||
Diluted earnings per share | $ | 0.02 | $ | 0.26 | $ | 0.22 | $ | 0.32 | |||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
Total revenue | $ | 175,863 | $ | 218,013 | $ | 204,345 | $ | 201,467 | |||||||||
Total operating expenses | 174,509 | 186,646 | 183,400 | 179,975 | |||||||||||||
Operating income | $ | 1,354 | $ | 31,367 | $ | 20,945 | $ | 21,492 | |||||||||
(Loss) income from continuing operations | $ | (4,799 | ) | $ | 14,120 | $ | 7,679 | $ | 6,828 | ||||||||
Income from discontinued operations | 673 | 952 | 885 | 22,727 | |||||||||||||
Net (loss) income | $ | (4,126 | ) | $ | 15,072 | $ | 8,564 | $ | 29,555 | ||||||||
Basic and diluted (loss) earnings per share: | |||||||||||||||||
Continuing operations | $ | (0.02 | ) | $ | 0.07 | $ | 0.04 | $ | 0.03 | ||||||||
Discontinued operations | 0 | 0.01 | 0 | 0.12 | |||||||||||||
Total | $ | (0.02 | ) | $ | 0.08 | $ | 0.04 | $ | 0.15 | ||||||||
Organization_Details
Organization (Details) | Dec. 31, 2014 |
room | |
Hotel | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 27 |
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | 10,552 |
New York, New York [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 5 |
Denver, Colorado [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 2 |
Chicago, Illinois [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 2 |
Boston, Massachusetts [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 2 |
Vail, Colorado [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Washington D.C. [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 2 |
St. Thomas, U.S. Virgin Islands [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Sonoma, California [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
San Francisco, California [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
San Diego, California [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Salt Lake City, Utah [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Orlando, Florida [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Minneapolis, Minnesota [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Key West, Florida [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Fort Worth, Texas [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Fort Lauderdale, Florida [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Charleston, South Carolina [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Burlington, Vermont [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Atlanta, Georgia [Member] | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue Recognition [Abstract] | ||
Unrecognized tax benefits | 0 | $0 |
Minimum [Member] | Buildings, Land Improvements, and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life (in years) | 15 years | |
Minimum [Member] | Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life (in years) | 1 year | |
Maximum [Member] | Buildings, Land Improvements, and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life (in years) | 40 years | |
Maximum [Member] | Furniture, Fixtures and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life (in years) | 10 years |
Property_and_Equipment_Details
Property and Equipment (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Accrued capital expenditures | $8,600,000 | $6,200,000 |
Property and Equipment | ||
Property and equipment, at cost | 3,168,088,000 | 3,388,763,000 |
Less: accumulated depreciation | -600,555,000 | -624,370,000 |
Property and equipment, net | 2,567,533,000 | 2,764,393,000 |
Land [Member] | ||
Property and Equipment | ||
Property and equipment, at cost | 394,957,000 | 508,838,000 |
Land improvements [Member] | ||
Property and Equipment | ||
Property and equipment, at cost | 7,994,000 | 7,994,000 |
Buildings [Member] | ||
Property and Equipment | ||
Property and equipment, at cost | 2,321,666,000 | 2,427,274,000 |
Furniture, Fixtures and Equipment [Member] | ||
Property and Equipment | ||
Property and equipment, at cost | 420,367,000 | 430,873,000 |
CIP [Member] | ||
Property and Equipment | ||
Property and equipment, at cost | 23,104,000 | 13,784,000 |
Oak Brook Hills Marriott Resort [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Impairment loss | $30,400,000 |
Favorable_Lease_Assets_Details
Favorable Lease Assets (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Accumulated amortization | $3,000,000 | $6,800,000 | |
Favorable lease assets, net | 34,274,000 | 39,936,000 | |
Finite-lived intangible assets, amortization expense | 700,000 | 1,000,000 | 1,000,000 |
Amortization in 2015 | 600,000 | ||
Amortization in 2016 | 500,000 | ||
Amortization in 2017 | 400,000 | ||
Amortization in 2018 | 400,000 | ||
Amortization in 2019 | 400,000 | ||
Above Market Leases Ground [Member] | Boston Westin Waterfront Ground Lease [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Carrying amount of the lease | 18,293,000 | 18,510,000 | |
Above Market Leases Ground [Member] | Minneapolis Hilton Ground Lease [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Carrying amount of the lease | 5,760,000 | 5,835,000 | |
Above Market Leases Ground [Member] | Lexington Hotel New York [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Carrying amount of the lease | 1,031,000 | 1,176,000 | |
Above Market Leases Ground [Member] | Hilton Boston Downtown [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Carrying amount of the lease | 145,000 | 312,000 | |
Above Market Leases Ground [Member] | Oak Brook Hills Resort [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Carrying amount of the lease | 0 | 5,058,000 | |
Above Market Lease Rights [Member] | Boston Westin Waterfront Ground Lease [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Nonamortizable intangible asset | 9,045,000 | 9,045,000 | |
Impairment of favorable lease asset | 0 | 500,000 | |
Above Market Lease Rights [Member] | Boston Westin Waterfront Ground Lease [Member] | Minimum [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Number of room hotels for development for which favorable lease assets are owned (in rooms) | 320 | ||
Above Market Lease Rights [Member] | Boston Westin Waterfront Ground Lease [Member] | Maximum [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Number of room hotels for development for which favorable lease assets are owned (in rooms) | 350 | ||
Above Market Lease Rights [Member] | Oak Brook Hills Resort [Member] | |||
Indefinite-lived Intangible Assets by Major Class [Line Items] | |||
Impairment of favorable lease asset | 0 | 1,400,000 | |
Fair value of ground lease | $5,600,000 |
Note_Receivable_Details
Note Receivable (Details) (USD $) | 0 Months Ended | 12 Months Ended |
21-May-14 | Dec. 31, 2014 | |
rooms | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Number of rooms in senior loan secured facility (in rooms) | 10,552 | |
Allerton Loan [Member] | Mortgage Receivable [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Amount received from early repayment of senior mortgage loan | $58,500,000 | |
Number of rooms in senior loan secured facility (in rooms) | 443 | |
Gain on repayment of senior mortgage loan | 13,600,000 | |
Mortgage amount | $66,000,000 | |
Loan term | 4 years | |
Extension option term | 1 year | |
Fixed annual interest rate on mortgage loan | 5.50% | |
Amortization Schedule | 30 years |
Note_Receivable_Schedule_of_In
Note Receivable - Schedule of Investment Income (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Amortization of discount | $1,075 | $2,602 | $0 |
Total interest income | 3,027 | 6,328 | 305 |
Mortgage Receivable [Member] | Allerton Loan [Member] | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Contractual interest income | 1,317 | 3,456 | |
Amortization of discount | 1,075 | 2,602 | |
Total interest income | $2,392 | $6,058 |
Capital_Stock_Details
Capital Stock (Details) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 2 Months Ended | 1 Months Ended | ||||||||
Oct. 10, 2014 | Jul. 10, 2014 | Apr. 10, 2014 | Jan. 10, 2014 | Oct. 10, 2013 | Jul. 11, 2013 | Apr. 12, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 12, 2015 | Feb. 26, 2015 | Nov. 30, 2014 | |
vote | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Common stock, shares authorized | 400,000,000 | 400,000,000 | |||||||||||
Common stock, par value (in dollars per share) | $0.01 | $0.01 | |||||||||||
Common stock votes | 1 | ||||||||||||
Proceeds from sale of common stock | $63,062,000 | $0 | $199,790,000 | ||||||||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||||||||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 | |||||||||||
Preferred Stock, shares outstanding | 0 | 0 | |||||||||||
Operating partnership units option to redeem for common stock | 1 | ||||||||||||
Payment Date | 10-Oct-14 | 10-Jul-14 | 10-Apr-14 | 10-Jan-14 | 10-Oct-13 | 11-Jul-13 | 12-Apr-13 | ||||||
Record Date | 30-Sep-14 | 30-Jun-14 | 31-Mar-14 | 31-Dec-13 | 30-Sep-13 | 28-Jun-13 | 28-Mar-13 | ||||||
Dividends per common share (in dollars per share) | $0.10 | $0.10 | $0.10 | $0.09 | $0.09 | $0.09 | $0.09 | ||||||
Subsequent Event [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Proceeds from sale of common stock | 7,900,000 | ||||||||||||
Payment Date | 12-Jan-15 | ||||||||||||
Record Date | 31-Dec-14 | ||||||||||||
Dividends per common share (in dollars per share) | $0.10 | ||||||||||||
Unaffiliated Third Parties [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Units of Partnership Interest, Amount | 0 | 0 | |||||||||||
Common Stock [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Aggregate offering price | 200,000,000 | ||||||||||||
Common stock sold in offering | 4,217,560 | 20,000,000 | |||||||||||
Share price of common stock sold | $15.12 | ||||||||||||
Amount authorized to be repurchased | $100,000,000 | ||||||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||||
Dividends Payable [Line Items] | |||||||||||||
Common stock sold in offering | 524,606 | ||||||||||||
Share price of common stock sold | $15.18 |
Stock_Incentive_Plans_Details
Stock Incentive Plans (Details) (USD $) | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based payment, vesting period (years) | 3 years | |||
Weighted-average grant date fair value, Granted (in dollars per share) | $12.39 | $9.33 | $9.84 | |
Unvested shares outstanding | 514,419 | 583,021 | 676,111 | 1,010,127 |
Summary of Stock Appreciation Rights and Dividend Equivalent Rights | ||||
Expected to vest one year from balance sheet date | 255,828 | |||
Expected to vest two years from balance sheet date | 169,826 | |||
Expected to vest three years from balance sheet date | 81,523 | |||
Expected to vest four years from balance sheet date | 7,242 | |||
Unrecognized compensation cost (in dollars) | $3.40 | |||
Unrecognized compensation expense related to compensation awards, period for recognition (in months) | 23 months | |||
Compensation expense (in dollars) | 3.2 | 3.4 | 3.3 | |
Restricted Stock [Member] | President and Chief Operating Officer [Member] | ||||
Summary of Stock Appreciation Rights and Dividend Equivalent Rights | ||||
Accelerated vesting expense | 0.3 | 0.7 | ||
Market Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based payment, vesting period (years) | 3 years | |||
Unvested shares outstanding | 98,381 | |||
Summary of Stock Appreciation Rights and Dividend Equivalent Rights | ||||
Unrecognized compensation cost (in dollars) | 0.1 | |||
Unrecognized compensation expense related to compensation awards, period for recognition (in months) | 2 months | |||
Compensation expense (in dollars) | 0.3 | 0.8 | 0.9 | |
Market Stock Units [Member] | President and Chief Operating Officer [Member] | ||||
Summary of Stock Appreciation Rights and Dividend Equivalent Rights | ||||
Accelerated vesting expense | 0.2 | |||
Performance Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based payment, vesting period (years) | 3 years | |||
Weighted-average grant date fair value, Granted (in dollars per share) | $12.33 | $9.64 | ||
Unvested shares outstanding | 436,170,000 | 223,176,000 | 0 | |
Summary of Stock Appreciation Rights and Dividend Equivalent Rights | ||||
Expected to vest two years from balance sheet date | 230,592 | |||
Expected to vest three years from balance sheet date | 205,578 | |||
Unrecognized compensation cost (in dollars) | 2.6 | |||
Unrecognized compensation expense related to compensation awards, period for recognition (in months) | 22 months | |||
Compensation expense (in dollars) | $1.40 | $0.60 | ||
Stock Incentive Plans (Textuals) [Abstract] | ||||
Performance period | 3 years | |||
Maximum Possible Payout to Executive Officer as a Percentage of the Target Award (as a percent) | 150.00% | |||
Performance Stock Units [Member] | March 2013 Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value, Granted (in dollars per share) | $9.55 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Volatility | 39.20% | |||
Risk-Free Rate | 0.36% | |||
Performance Stock Units [Member] | May 2013 Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value, Granted (in dollars per share) | $10.41 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Volatility | 37.90% | |||
Risk-Free Rate | 0.40% | |||
Performance Stock Units [Member] | March 2014 Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value, Granted (in dollars per share) | $12.77 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Volatility | 33.50% | |||
Risk-Free Rate | 0.66% | |||
Performance Stock Units [Member] | May 2014 Award [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Weighted-average grant date fair value, Granted (in dollars per share) | $9.88 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ||||
Volatility | 33.10% | |||
Risk-Free Rate | 0.80% | |||
Incentive Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option and Incentive plan, shares authorized | 8,000,000 | |||
Number of Shares Issued or Committed to Issue | 3,695,750 |
Stock_Incentive_Plans_Restrict
Stock Incentive Plans - Restricted Stock Awards (Details) (Restricted Stock [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Number of shares, Beginning Balance | 583,021 | 676,111 | 1,010,127 |
Number of shares, Granted | 249,311 | 323,526 | 365,599 |
Number of shares, Additional shares from dividends | 1,040 | 8,507 | |
Number of shares, Forfeited | -537 | -16,934 | -11,563 |
Number of shares, Vested | -317,376 | -400,722 | -696,559 |
Number of shares, Ending Balance | 514,419 | 583,021 | 676,111 |
Weighted-average grant date fair value, Beginning balance (in dollars per share) | $9.80 | $10.10 | $6.97 |
Weighted-average grant date fair value, Granted (in dollars per share) | $12.39 | $9.33 | $9.84 |
Weighted-average grant date fair value, Additional shares from dividends (in dollars per share) | $9.30 | $10.07 | |
Weighted-average grant date fair value, Forfeited (in dollars per share) | $9.32 | $9.65 | $10.05 |
Weighted-average grant date fair value, Vested (in dollars per share) | $10.19 | $9.94 | $5.39 |
Weighted-average grant date fair value, Ending balance (in dollars per share) | $10.82 | $9.80 | $10.10 |
Stock_Incentive_Plans_Performa
Stock Incentive Plans - Performance Stock Units (Details) (Performance Stock Units [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Performance Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Number of shares, Beginning Balance | 223,176,000 | 0 |
Number of shares, Granted | 200,685,000 | 217,949,000 |
Number of shares, Additional shares from dividends | 12,309,000 | 5,227,000 |
Number of shares, Ending Balance | 436,170,000 | 223,176,000 |
Weighted-average grant date fair value, Beginning balance (in dollars per share) | $9.66 | $0 |
Weighted-average grant date fair value, Granted (in dollars per share) | $12.33 | $9.64 |
Weighted-average grant date fair value, Additional shares from dividends (in dollars per share) | $12.01 | $10.37 |
Weighted-average grant date fair value, Ending balance (in dollars per share) | $10.95 | $9.66 |
Earnings_Loss_Per_Share_Calcul
Earnings (Loss) Per Share - Calculation of EPS (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Numerator: | |||||||||||
Income (loss) from continuing operations | $6,828 | $7,679 | $14,120 | ($4,799) | $163,377 | $23,828 | ($18,075) | ||||
Income from discontinued operations, net of income taxes | 22,727 | 885 | 952 | 673 | 0 | 25,237 | 1,483 | ||||
Net income (loss) | $63,616 | $43,808 | $51,916 | $4,037 | $29,555 | $8,564 | $15,072 | ($4,126) | $163,377 | $49,065 | ($16,592) |
Denominator: | |||||||||||
Weighted-average number of common shares outstanding—basic | 195,943,813 | 195,478,353 | 180,826,124 | ||||||||
Effect of dilutive securities: | |||||||||||
Unvested restricted common stock | 181,310 | 177,314 | 0 | ||||||||
Shares related to unvested MSUs and PSUs | 556,763 | 206,839 | 0 | ||||||||
Unexercised stock appreciation rights | 1,095 | 0 | 0 | ||||||||
Weighted-average number of common shares outstanding—diluted | 196,682,981 | 195,862,506 | 180,826,124 | ||||||||
Basic earnings (loss) per share: | |||||||||||
Continuing operations (in dollars per share) | $0.83 | $0.12 | ($0.10) | ||||||||
Discontinued operations (in dollars per share) | $0 | $0.13 | $0.01 | ||||||||
Total (in dollars per share) | $0.32 | $0.22 | $0.27 | $0.02 | $0.83 | $0.25 | ($0.09) | ||||
Diluted earnings (loss) earnings per share: | |||||||||||
Continuing operations (in dollars per share) | $0.83 | $0.12 | ($0.10) | ||||||||
Discontinued operations (in dollars per share) | $0 | $0.13 | $0.01 | ||||||||
Total (in dollars per share) | $0.32 | $0.22 | $0.26 | $0.02 | $0.83 | $0.25 | ($0.09) |
Earnings_Loss_Per_Share_AntiDi
Earnings (Loss) Per Share - Anti-Dilutive (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted loss per share | 0 | 262,461 | 661,683 |
Shares related to unvested MSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted loss per share | 0 | 0 | 161,266 |
Unexercised stock appreciation rights [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted loss per share | 0 | 262,461 | 262,461 |
Unvested restricted common stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of diluted loss per share | 0 | 0 | 237,956 |
Debt_Schedule_of_Long_Term_Deb
Debt - Schedule of Long Term Debt (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Number_of_renewal_terms | ||
Debt Instrument [Line Items] | ||
Mortgage debt | 1,038,330 | $1,091,861 |
Senior unsecured credit facility | 0 | 0 |
Total debt | 1,038,330 | 1,091,861 |
Weighted - Average Interest Rate | 4.95% | |
Lexington Hotel New York [Member] | ||
Debt Instrument [Line Items] | ||
Term Loan, number of extensions subject to subject to the satisfaction of certain terms and conditions and the payment of an extension fee | 2 | |
Term Loans, extension length | 1 year | |
Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt premium | 181 | |
Mortgage debt | 1,038,330 | |
Mortgages [Member] | Courtyard Manhattan / Midtown East [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 86,000 | |
Interest Rate | 4.40% | |
Amortization Provisions | 30 years | |
Mortgages [Member] | Marriott Salt Lake City Downtown [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 61,352 | |
Interest Rate | 4.25% | |
Amortization Provisions | 25 years | |
Mortgages [Member] | Courtyard Manhattan / Fifth Avenue [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 48,970 | |
Interest Rate | 6.48% | |
Amortization Provisions | 30 years | |
Mortgages [Member] | Renaissance Worthington [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 52,859 | |
Interest Rate | 5.40% | |
Amortization Provisions | 30 years | |
Mortgages [Member] | Frenchman's Reef & Morning Star Marriott Beach [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 56,595 | |
Interest Rate | 5.44% | |
Amortization Provisions | 30 years | |
Mortgages [Member] | Orlando Airport Marriott [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 55,925 | |
Interest Rate | 5.68% | |
Amortization Provisions | 30 years | |
Mortgages [Member] | Chicago Marriott Downtown Magnificent Mile [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 205,166 | |
Interest Rate | 5.98% | |
Amortization Provisions | 30 years | |
Mortgages [Member] | Hilton Minneapolis [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 92,732 | |
Interest Rate | 5.46% | |
Amortization Provisions | 25 years | |
Mortgages [Member] | JW Marriot Denver at Cherry Creek [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 38,552 | |
Interest Rate | 6.47% | |
Amortization Provisions | 25 years | |
Mortgages [Member] | Lexington Hotel New York [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 170,368 | |
Interest rate at period end | 2.66% | |
Mortgages [Member] | Lexington Hotel New York [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | LIBOR + 2.50% (2.656% at December 31, 2014) | |
Basis spread on variable rate | 2.50% | |
Mortgages [Member] | The Lodge at Sonoma, a Renaissance Resort and Spa [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 30,058 | |
Interest Rate | 3.96% | |
Amortization Provisions | 30 years | |
Mortgages [Member] | Westin San Diego [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 68,937 | |
Interest Rate | 3.94% | |
Amortization Provisions | 30 years | |
Mortgages [Member] | Westin Washington, D.C. City Center [Member] | ||
Debt Instrument [Line Items] | ||
Principal Balance | 70,635 | |
Interest Rate | 3.99% | |
Amortization Provisions | 25 years | |
Senior unsecured credit facility [Member] | ||
Debt Instrument [Line Items] | ||
Senior unsecured credit facility | 0 | |
Senior unsecured credit facility [Member] | LIBOR [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate description | LIBOR + 1.90% (2.09% at December 31, 2014) | |
Basis spread on variable rate | 1.90% | |
Interest rate at period end | 2.09% |
Debt_Schedule_of_Maturities_of
Debt - Schedule of Maturities of Long Term Debt (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
2015 | $160,860 | |
2016 | 313,501 | |
2017 | 9,751 | |
2018 | 10,199 | |
2019 | 181,037 | |
Thereafter | 362,982 | |
Total debt | $1,038,330 | $1,091,861 |
Debt_Schedule_of_Ratio_of_Net_
Debt - Schedule of Ratio of Net Indebtedness (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Line Of Credit Facility Leverage Range [Line Items] | |
Percent Of Unused Portion Line Of Credit Facility Triggering Lower Commitment Fee Percentage | 50.00% |
Minimum [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Commitment fee on unused percentage | 0.35% |
Maximum [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Commitment fee on unused percentage | 0.25% |
Line of Credit [Member] | Minimum [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 4 |
Line of Credit [Member] | Minimum [Member] | Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 5 |
Line of Credit [Member] | Minimum [Member] | Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 5.5 |
Line of Credit [Member] | Minimum [Member] | Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 6 |
Line of Credit [Member] | Minimum [Member] | Greater than or equal to 6.50 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 6 |
Line of Credit [Member] | Maximum [Member] | Less than 4.00 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 4 |
Line of Credit [Member] | Maximum [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 5 |
Line of Credit [Member] | Maximum [Member] | Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 5.5 |
Line of Credit [Member] | Maximum [Member] | Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 6 |
Line of Credit [Member] | Maximum [Member] | Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Ratio of Net Indebtedness to EBITDA | 6.5 |
LIBOR [Member] | Line of Credit [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 1.90% |
LIBOR [Member] | Line of Credit [Member] | Less than 4.00 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 1.75% |
LIBOR [Member] | Line of Credit [Member] | Greater than or equal to 4.00 to 1.00 but less than 5.00 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 1.90% |
LIBOR [Member] | Line of Credit [Member] | Greater than or equal to 5.00 to 1.00 but less than 5.50 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 2.10% |
LIBOR [Member] | Line of Credit [Member] | Greater than or equal to 5.50 to 1.00 but less than 6.00 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 2.20% |
LIBOR [Member] | Line of Credit [Member] | Greater than or equal to 6.00 to 1.00 but less than 6.50 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 2.50% |
LIBOR [Member] | Line of Credit [Member] | Greater than or equal to 6.50 to 1.00 [Member] | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 2.75% |
Debt_Schedule_of_Debt_Covenant
Debt - Schedule of Debt Covenants (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Line Of Credit Facility Covenant Actual Results [Member] | |
Line of Credit Facility [Line Items] | |
Maximum leverage ratio | 0.348 |
Minimum fixed charge coverage ratio | 2.85 |
Minimum tangible net worth | $2,454 |
Secured recourse indebtedness | 34.80% |
Line Of Credit Facility Covenant [Member] | |
Line of Credit Facility [Line Items] | |
Maximum leverage ratio | 0.6 |
Minimum fixed charge coverage ratio | 1.5 |
Minimum tangible net worth | $1,904 |
Secured recourse indebtedness | 45.00% |
Debt_Textuals_Details
Debt - Textuals (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 08, 2014 | Dec. 10, 2014 | Jul. 18, 2014 | Jul. 01, 2014 | Mar. 31, 2015 | |
Hotel | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of hotel properties secured by mortgage debt | 13 | |||||||
Number of hotels (in hotels) | 27 | |||||||
Maximum borrowing capacity | $200,000,000 | |||||||
Increase in Credit Facility | 400,000,000 | |||||||
Percent of Net Proceeds from Future Equity Issuances | 75.00% | |||||||
Minimum number of unencumbered borrowing base properties | 5 | |||||||
Minimum unencumbered borrowing base | 250,000,000 | |||||||
Number of unencumbered borrowing base properties | 5 | |||||||
Unencumbered borrowing base | 343,600,000 | |||||||
Line Of Credit Facility Leverage Ratio | 3.6 | |||||||
Interest and unused credit facility fees | 900,000 | 900,000 | 2,700,000 | |||||
LIBOR [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 1.90% | |||||||
Interest rate at period end | 2.09% | |||||||
Lexington Hotel New York [Member] | Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Minimum debt service coverage ratio | 1.1 | |||||||
Cash trap amount | 6,200,000 | |||||||
Lexington Hotel New York [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Extension of loan term | 30 months | |||||||
Number of optional term extensions | 2 | |||||||
Extension option term | 1 year | |||||||
Marriott Los Angeles Airport [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment of loan | 82,600,000 | |||||||
Defeasance Expense | 1,600,000 | |||||||
Courtyard Manhattan / Midtown East [Member] | Mortgages [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Face Amount | $86,000,000 | $41,300,000 | ||||||
Interest rate on mortgage loan | 4.40% | 8.81% | ||||||
Interest only period | 2 years | |||||||
Loan amortization term | 30 years | |||||||
Maximum [Member] | Lexington Hotel New York [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 275.00% | |||||||
Minimum [Member] | Lexington Hotel New York [Member] | LIBOR [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 175.00% | |||||||
Scenario, Forecast [Member] | LIBOR [Member] | Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Basis spread on variable rate | 175.00% |
Dispositions_Details
Dispositions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 18, 2014 | Apr. 14, 2014 | Nov. 30, 2013 | Mar. 23, 2012 | |
Hotel | Hotel | Transaction | rooms | rooms | rooms | Hotel | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Net proceeds from sale of properties | $182,117,000 | $76,437,000 | $131,073,000 | ||||||||
Gain on sale of hotel property | 50,969,000 | 0 | 0 | ||||||||
Number of hotel portfolio properties sold (in hotels) | 4 | 4 | 3 | ||||||||
Number of transactions related to hotel sold | 2 | ||||||||||
Hotel revenues | 21,336,000 | 55,654,000 | |||||||||
Hotel operating expenses | -15,977,000 | -41,424,000 | |||||||||
Operating income | 5,359,000 | 14,230,000 | |||||||||
Depreciation and amortization | -1,759,000 | -4,495,000 | |||||||||
Interest income | 1,000 | 3,000 | |||||||||
Interest expense | 0 | -2,297,000 | |||||||||
Impairment charge | 0 | -14,690,000 | |||||||||
Gain on sale of hotel properties, net | 50,969,000 | 22,733,000 | 9,479,000 | ||||||||
Income tax (expense) benefit | 0 | -1,097,000 | -747,000 | ||||||||
Income (loss) from discontinued operations | 22,727,000 | 885,000 | 952,000 | 673,000 | 0 | 25,237,000 | 1,483,000 | ||||
Basic and diluted (loss) income from discontinued operations per share | $0.12 | $0 | $0.01 | $0 | $0 | $0.13 | $0.01 | ||||
Marriott Los Angeles Airport [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of hotel rooms sold | 1,004 | ||||||||||
Net proceeds from sale of properties | 158,600,000 | ||||||||||
Net proceeds from sale of properties | 147,500,000 | ||||||||||
Pre-tax income (loss) | 54,900,000 | 1,800,000 | 200,000 | ||||||||
Gain on sale of hotel properties, net | 49,700,000 | ||||||||||
Oak Brook Hills Resort [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of hotel rooms sold | 386 | ||||||||||
Net proceeds from sale of properties | 30,100,000 | ||||||||||
Amount of seller financing | 4,000,000 | ||||||||||
Gain on sale of hotel property | 1,300,000 | ||||||||||
Loan amortization term | 25 years | ||||||||||
Pre-tax income (loss) | -600,000 | 1,400,000 | -31,200,000 | ||||||||
Oak Brook Hills Resort [Member] | LIBOR [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Basis spread on variable rate | 6.50% | ||||||||||
Annual increase on variable rate spread | 1.00% | ||||||||||
Torrance Marriott South Bay [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Number of hotel rooms sold | 487 | ||||||||||
Net proceeds from sale of properties | 74,000,000 | ||||||||||
Gain on sale of hotel properties, net | 22,700,000 | ||||||||||
Prepaid Expenses and Other Current Assets [Member] | Oak Brook Hills Resort [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Valuation allowance | 4,000,000 | ||||||||||
Other Income [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Interest Income, Other | $200,000 |
Acquisitions_Allocation_of_Fai
Acquisitions - Allocation of Fair Value (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Inn At Key West [Member] | |
Schedule of Acquired Assets and Liabilities | |
Land | $32,888 |
Building and improvements | 13,371 |
Furnitures, fixtures and equipment | 1,241 |
Total fixed assets | 47,500 |
Other assets and liabilities, net | 326 |
Total | 47,826 |
Hilton Garden Inn Times Square Central [Member] | |
Schedule of Acquired Assets and Liabilities | |
Land | 60,300 |
Building and improvements | 88,896 |
Furnitures, fixtures and equipment | 6,204 |
Total fixed assets | 155,400 |
Other assets and liabilities, net | 370 |
Total | 155,770 |
Westin Fort Lauderdale Beach Resort [Member] | |
Schedule of Acquired Assets and Liabilities | |
Land | 54,293 |
Building and improvements | 83,227 |
Furnitures, fixtures and equipment | 11,480 |
Total fixed assets | 149,000 |
Other assets and liabilities, net | 12 |
Total | $149,012 |
Acquisitions_Pro_Forma_Informa
Acquisitions - Pro Forma Information (Details) (Inn At Key West and Westin Fort Lauderdale Beach Resort [Member], USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Inn At Key West and Westin Fort Lauderdale Beach Resort [Member] | ||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | ||
Revenues | $918,273 | $846,099 |
Income from continuing operations | 168,754 | 29,074 |
Net income | $168,754 | $54,312 |
Basic earnings per share: | ||
Continuing operations | $0.86 | $0.15 |
Net income | $0.86 | $0.28 |
Diluted earnings per share: | ||
Continuing operations | $0.86 | $0.15 |
Net income | $0.86 | $0.28 |
Acquisitions_Details
Acquisitions (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 15, 2014 | Aug. 29, 2014 | Dec. 03, 2014 | Feb. 06, 2015 | |
Business Acquisition [Line Items] | |||||||||||||||
Gain on purchase upon acquisition | $23,894,000 | $0 | $0 | ||||||||||||
Revenues | 223,627,000 | 229,217,000 | 229,934,000 | 190,084,000 | 201,467,000 | 204,345,000 | 218,013,000 | 175,863,000 | 872,862,000 | 799,688,000 | 726,887,000 | ||||
Net income (loss) | 63,616,000 | 43,808,000 | 51,916,000 | 4,037,000 | 29,555,000 | 8,564,000 | 15,072,000 | -4,126,000 | 163,377,000 | 49,065,000 | -16,592,000 | ||||
Inn At Key West [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of rooms acquired | 106 | ||||||||||||||
Contractual purchase price | 47,500,000 | ||||||||||||||
Hilton Garden Inn Times Square Central [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of rooms acquired | 282 | ||||||||||||||
Contractual purchase price | 127,200,000 | ||||||||||||||
Previously funded total purchase deposits | 26,900,000 | ||||||||||||||
Gain on purchase upon acquisition | 23,900,000 | ||||||||||||||
Westin Fort Lauderdale Beach Resort [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of rooms acquired | 432 | ||||||||||||||
Contractual purchase price | 149,000,000 | ||||||||||||||
Hotels Acquired in 2014 [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Revenues | 15,200,000 | ||||||||||||||
Net income (loss) | 4,500,000 | ||||||||||||||
Remington Hotels [Member] | Inn At Key West [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Management Agreement Term | 10 years | ||||||||||||||
HEI Hotels and Resorts [Member] | Westin Fort Lauderdale Beach Resort [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Management Agreement Term | 10 years | ||||||||||||||
Starwood [Member] | Westin Fort Lauderdale Beach Resort [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Management Agreement Term | 20 years | ||||||||||||||
Subsequent Event [Member] | Shorebreak Hotel [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Number of rooms acquired | 157 | ||||||||||||||
Contractual purchase price | $58,500,000 | ||||||||||||||
Subsequent Event [Member] | Kimpton Hotels [Member] | Shorebreak Hotel [Member] | |||||||||||||||
Business Acquisition [Line Items] | |||||||||||||||
Management Agreement Term | 10 years |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2014 |
Income Tax Contingency [Line Items] | ||
Franchise tax expense classified as corporate expenses | $0.40 | |
Deferred tax assets expected to be recovered against reversing taxable temporary differences | 9.3 | |
Deferred tax assets dependent upon future taxable earnings of TRS | 31.2 | |
Frenchman's Reef and Morning Star Marriott Beach [Member] | ||
Income Tax Contingency [Line Items] | ||
New adjusted tax rate after the reduction (as a percent) | 7.00% | |
Frenchman's Reef and Morning Star Marriott Beach [Member] | US Virgin Islands [Member] | ||
Income Tax Contingency [Line Items] | ||
Percentage of income tax rate if the agreement is not extended (as a percent) | 37.40% |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current Income Tax Expense (Benefit) | |||
Federal | $0 | $0 | $0 |
State | 269 | 257 | 348 |
Foreign | 208 | 70 | 0 |
Current Income Tax Expense (Benefit) | 477 | 327 | 348 |
Deferred Income Tax Expense (Benefit) | |||
Federal | 3,933 | -1,626 | -5,374 |
State | 1,105 | -167 | -1,456 |
Foreign | 121 | 353 | -311 |
Deferred Income Tax Expense (Benefit) | 5,159 | -1,440 | -7,141 |
Income tax provision (benefit) from continuing operations | 5,636 | -1,113 | -6,793 |
Income tax provision from discontinued operations | $0 | $1,097 | $747 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory federal tax provision (35)% | $59,155 | $7,950 | ($8,703) |
Tax impact of REIT election | -52,937 | -8,641 | 3,290 |
State income tax provision (benefit), net of federal tax benefit | 893 | 58 | -720 |
Foreign income tax benefit | -1,603 | -552 | -694 |
Foreign tax rate adjustment | 0 | 0 | 0 |
Other | 128 | 72 | 34 |
Income tax provision (benefit) from continuing operations | $5,636 | ($1,113) | ($6,793) |
Statutory federal tax provision (as a percent) | 35.00% | 35.00% | 35.00% |
Income_Taxes_Total_Deferred_Ta
Income Taxes - Total Deferred Tax Assets and Liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Deferred income related to key money | $8,636 | $9,406 |
Net operating loss carryforwards | 31,178 | 28,663 |
Alternative minimum tax credit carryforwards | 72 | 129 |
Other | 601 | 1,228 |
Deferred tax assets | 40,487 | 39,426 |
Land basis difference recorded in purchase accounting | -4,260 | -4,260 |
Depreciation and amortization | -12,947 | -6,738 |
Deferred tax liabilities | -17,207 | -10,998 |
Deferred tax asset, net | $23,280 | $28,428 |
Relationship_with_Managers_Sch
Relationship with Managers - Schdules of Management Agreements (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Highgate Hotels [Member] | |
Real Estate Properties [Line Items] | |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 20.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Atlanta Alpharetta Marriott [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 30 years |
Renewal Term (in years) | 10 years |
Number of renewal Terms (in years) | 2 |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 25.00% |
FF&E Reserve Contribution (as a percent) | 5.00% |
Bethesda Marriott Suites [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 21 years |
Renewal Term (in years) | 10 years |
Number of renewal Terms (in years) | 2 |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 50.00% |
FF&E Reserve Contribution (as a percent) | 5.00% |
Boston Westin Waterfront [Member] | Starwood [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 20 years |
Renewal Term (in years) | 10 years |
Number of renewal Terms (in years) | 4 |
Base Management Fee (as a percent) | 2.50% |
Incentive Management Fee (as a percent) | 20.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Chicago Marriott Downtown [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 32 years |
Renewal Term (in years) | 10 years |
Number of renewal Terms (in years) | 2 |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 20.00% |
FF&E Reserve Contribution (as a percent) | 5.00% |
Conrad Chicago [Member] | Hilton [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 10 years |
Renewal Term (in years) | 5 years |
Number of renewal Terms (in years) | 2 |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 15.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Courtyard Denver Downtown [Member] | Sage Hospitality [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 5 years |
Renewal Term (in years) | 5 years |
Number of renewal Terms (in years) | 1 |
Base Management Fee (as a percent) | 2.00% |
Incentive Management Fee (as a percent) | 10.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Courtyard Manhattan / Fifth Avenue [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 30 years |
Base Management Fee (as a percent) | 5.50% |
Incentive Management Fee (as a percent) | 25.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Courtyard Manhattan / Midtown East [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 30 years |
Renewal Term (in years) | 10 years |
Number of renewal Terms (in years) | 2 |
Base Management Fee (as a percent) | 5.00% |
Incentive Management Fee (as a percent) | 25.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Frenchman's Reef & Morning Star Marriott Beach [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 30 years |
Renewal Term (in years) | 10 years |
Number of renewal Terms (in years) | 2 |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 15.00% |
FF&E Reserve Contribution (as a percent) | 5.50% |
Hilton Boston [Member] | Davidson Hotels and Resorts [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 7 years |
Renewal Term (in years) | 5 years |
Number of renewal Terms (in years) | 2 |
Base Management Fee (as a percent) | 2.00% |
Incentive Management Fee (as a percent) | 10.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Hilton Burlington [Member] | Interstate Hotels and Resorts [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 5 years |
Base Management Fee (as a percent) | 1.50% |
Incentive Management Fee (as a percent) | 10.00% |
FF&E Reserve Contribution (as a percent) | 0.00% |
Hilton Garden Inn Chelsea/ New York City [Member] | Alliance Hospitality Management [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 10 years |
Base Management Fee (as a percent) | 2.00% |
Incentive Management Fee (as a percent) | 10.00% |
FF&E Reserve Contribution (as a percent) | 0.00% |
Hilton Garden Inn New York City/Times Square Central [Member] | Highgate Hotels [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 10 years |
Renewal Term (in years) | 5 years |
Number of renewal Terms (in years) | 1 |
Base Management Fee (as a percent) | 2.50% |
Incentive Management Fee (as a percent) | 20.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Hilton Minneapolis [Member] | Hilton [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 20 years 9 months |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 15.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Hotel Rex [Member] | Joie de Vivre Hotels [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 5 years |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 10.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Inn At Key West [Member] | Remington Hotels [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 10 years |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 15.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
JW Marriot Denver at Cherry Creek [Member] | Sage Hospitality [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 5 years |
Renewal Term (in years) | 5 years |
Number of renewal Terms (in years) | 1 |
Base Management Fee (as a percent) | 2.25% |
Incentive Management Fee (as a percent) | 10.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Lexington Hotel New York [Member] | Highgate Hotels [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 10 years |
Renewal Term (in years) | 5 years |
Number of renewal Terms (in years) | 1 |
Orlando Airport Marriott [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 30 years |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 25.00% |
FF&E Reserve Contribution (as a percent) | 5.00% |
Renaissance Charleston [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 21 years |
Renewal Term (in years) | 5 years |
Number of renewal Terms (in years) | 2 |
Base Management Fee (as a percent) | 3.50% |
Incentive Management Fee (as a percent) | 20.00% |
FF&E Reserve Contribution (as a percent) | 5.00% |
Renaissance Worthington [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 30 years |
Renewal Term (in years) | 10 years |
Number of renewal Terms (in years) | 2 |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 25.00% |
FF&E Reserve Contribution (as a percent) | 5.00% |
Salt Lake City Marriott Downtown [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 30 years |
Renewal Term (in years) | 15 years |
Number of renewal Terms (in years) | 3 |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 20.00% |
FF&E Reserve Contribution (as a percent) | 5.00% |
The Lodge at Sonoma, a Renaissance Resort and Spa [Member] | Marriott [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 20 years |
Renewal Term (in years) | 10 years |
Number of renewal Terms (in years) | 1 |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 20.00% |
FF&E Reserve Contribution (as a percent) | 5.00% |
Vail Marriott Mountain Resort & Spa [Member] | Vail Resorts [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 15 years 6 months |
Base Management Fee (as a percent) | 3.00% |
Incentive Management Fee (as a percent) | 20.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Westin Fort Lauderdale Beach Resort [Member] | HEI Hotels and Resorts [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 10 years |
Base Management Fee (as a percent) | 2.25% |
Incentive Management Fee (as a percent) | 15.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Westin San Diego [Member] | Interstate Hotels and Resorts [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 5 years |
Base Management Fee (as a percent) | 1.50% |
Incentive Management Fee (as a percent) | 10.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Westin Washington, D.C. City Center [Member] | Interstate Hotels and Resorts [Member] | |
Real Estate Properties [Line Items] | |
Initial Term (in years) | 5 years |
Base Management Fee (as a percent) | 0.75% |
Incentive Management Fee (as a percent) | 10.00% |
FF&E Reserve Contribution (as a percent) | 4.00% |
Relationship_with_Managers_Foo
Relationship with Managers - Footnotes (Details) (USD $) | 12 Months Ended | 0 Months Ended | 6 Months Ended | 0 Months Ended | 12 Months Ended | |||||
Dec. 31, 2014 | Jul. 12, 2014 | Jul. 11, 2014 | Jul. 01, 2014 | Jun. 30, 2014 | Sep. 01, 2015 | Jan. 01, 2017 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Highgate Hotels [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
FF&E Reserve Contribution (as a percent) | 4.00% | |||||||||
Bethesda Marriott Suites [Member] | Marriott [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
FF&E reserve contributions as a percentage of gross revenue, contribution percentage reduced (as a percent) | 1.00% | |||||||||
Operating profits exceeds owner's priority | 3,800,000 | |||||||||
FF&E Reserve Contribution (as a percent) | 5.00% | |||||||||
Chicago Marriott Downtown [Member] | Marriott [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Operating profits exceeds owner's priority | 0 | |||||||||
Calculated as net operating income before incentive management fees (as a perent) | 20.00% | |||||||||
FF&E Reserve Contribution (as a percent) | 5.00% | |||||||||
Conrad Chicago [Member] | Hilton [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Performance Guarantee based on operating profits | 8,800,000 | |||||||||
Base management fee reduction (as a percent) | 0.00% | |||||||||
FF&E Reserve Contribution (as a percent) | 4.00% | |||||||||
Courtyard Denver Downtown [Member] | Sage Hospitality [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 7% of invested capital (as a perent) | 2.50% | |||||||||
Base management fee of 2.5% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent) | 7.00% | |||||||||
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 8% of invested capital (as a perent) | 3.00% | |||||||||
Base management fee of 3% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent) | 8.00% | |||||||||
FF&E Reserve Contribution (as a percent) | 4.00% | |||||||||
Courtyard Manhattan / Fifth Avenue [Member] | Marriott [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Base Management Fee (as a percent) | 6.00% | |||||||||
FF&E Reserve Contribution (as a percent) | 4.00% | |||||||||
Hilton Burlington [Member] | Interstate Hotels and Resorts [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Base Management Fee (as a percent) | 1.50% | 1.00% | ||||||||
Property Management Fee Percent Fee Of Gross Revenue, Capped Percentage | 2.50% | |||||||||
FF&E Reserve Contribution (as a percent) | 0.00% | |||||||||
Hilton Garden Inn New York City/Times Square Central [Member] | Highgate Hotels [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
FF&E Reserve Contribution (as a percent) | 4.00% | |||||||||
Hilton Garden Inn Chelsea/ New York City [Member] | Alliance Hospitality Management [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Base Management Fee (as a percent) | 1.00% | |||||||||
FF&E Reserve Contribution (as a percent) | 0.00% | |||||||||
JW Marriot Denver at Cherry Creek [Member] | Sage Hospitality [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 7% of invested capital (as a perent) | 2.75% | |||||||||
Base management fee percentage of gross revenue if hotel achieves operating results in exceeds 8% of invested capital (as a perent) | 3.25% | |||||||||
Base management fee of 2.75% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent) | 7.00% | |||||||||
Base management fee of 3.25% of gross revenue if hotel achieves operating results in exceeds our invested capital (as a perent) | 8.00% | |||||||||
FF&E Reserve Contribution (as a percent) | 4.00% | |||||||||
Westin Fort Lauderdale Beach Resort [Member] | HEI Hotels and Resorts [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
FF&E Reserve Contribution (as a percent) | 4.00% | |||||||||
Orlando Airport Marriott [Member] | Marriott [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
FF&E Reserve Contribution (as a percent) | 5.00% | |||||||||
Westin Washington, D.C. City Center [Member] | Interstate Hotels and Resorts [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Base Management Fee (as a percent) | 0.75% | 0.50% | ||||||||
FF&E Reserve Contribution (as a percent) | 4.00% | |||||||||
Scenario, Forecast [Member] | Hilton Garden Inn New York City/Times Square Central [Member] | Highgate Hotels [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Base Management Fee (as a percent) | 3.00% | |||||||||
Scenario, Forecast [Member] | Westin Fort Lauderdale Beach Resort [Member] | HEI Hotels and Resorts [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Base management fee reduction (as a percent) | 1.00% | |||||||||
Base Management Fee (as a percent) | 2.00% | |||||||||
Scenario, Forecast [Member] | Westin Washington, D.C. City Center [Member] | Interstate Hotels and Resorts [Member] | ||||||||||
Real Estate Properties [Line Items] | ||||||||||
Base Management Fee (as a percent) | 1.00% | 1.50% | 1.25% | |||||||
Additional base management fee (as a percent) | 0.50% | 0.25% |
Relationship_with_Managers_Sch1
Relationship with Managers - Schedule of Management Fees (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Relationships with Managers [Abstract] | |||
Base management fees expense | $21,473 | $19,324 | $18,757 |
Incentive management fees expense | 8,554 | 6,222 | 5,550 |
Management fees | $30,027 | $25,546 | $24,307 |
Relationship_with_Managers_Sch2
Relationship with Managers - Schedule of Franchise Agreements (Details) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Mar. 31, 2012 | Jun. 30, 2011 | |
Vail Marriott Mountain Resort & Spa [Member] | Vail Resorts [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 16 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 6.00% | ||
Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | ||
Hilton Garden Inn Chelsea/ New York City [Member] | Alliance Hospitality Management [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 17 years | ||
Royalty fee as a percentage of gross room revenue (as a perent) | 5.00% | ||
Program fee as a percentage of gross room revenue (as a perent) | 4.30% | ||
JW Marriot Denver at Cherry Creek [Member] | Sage Hospitality [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 15 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 6.00% | ||
Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | ||
Lexington Hotel New York [Member] | Highgate Hotels [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 20 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 3.00% | ||
Franchise fee as percentage of gross rooms revenue (as a percent), 1st anniversary | 4.00% | ||
Franchise fee as percentage of gross rooms revenue (as a percent), 2nd anniversary | 5.00% | ||
Courtyard Denver Downtown [Member] | Sage Hospitality [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 16 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 5.50% | ||
Hilton Boston [Member] | Davidson Hotels and Resorts [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 10 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 5.00% | ||
Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | ||
Program fee as a percentage of gross room revenue (as a perent) | 4.00% | ||
Westin Washington, D.C. City Center [Member] | Interstate Hotels and Resorts [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 20 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 7.00% | ||
Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | ||
Westin San Diego [Member] | Interstate Hotels and Resorts [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 20 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 7.00% | ||
Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | ||
Hilton Burlington [Member] | Interstate Hotels and Resorts [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 10 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 5.00% | ||
Franchise fee as percentage of food and beverage revenue (as a perent) | 3.00% | ||
Program fee as a percentage of gross room revenue (as a perent) | 4.00% | ||
Hilton Garden Inn New York City/Times Square Central [Member] | Highgate Hotels [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 22 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 3.00% | ||
Program fee as a percentage of gross room revenue (as a perent) | 4.30% | ||
Franchise fee as percentage of gross rooms revenue (as a percent), 1st anniversary | 4.00% | ||
Franchise fee as percentage of gross rooms revenue (as a percent), 2nd anniversary | 5.00% | ||
Westin Fort Lauderdale Beach Resort [Member] | HEI Hotels and Resorts [Member] | |||
Real Estate Properties [Line Items] | |||
Franchise fee agreement term (in years) | 20 years | ||
Franchise fee as percentage of gross rooms revenue (as a percent) | 6.00% | ||
Franchise fee as percentage of food and beverage revenue (as a perent) | 2.00% |
Relationship_with_Managers_Nar
Relationship with Managers - Narrative (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Hotel | Hotel | Hotel | |
Real Estate Properties [Line Items] | |||
Number of hotels that earned incentive management fees | 10 | 8 | 5 |
Amortization | $1,090,000 | $2,150,000 | $999,000 |
Franchise fees expense | 15,300,000 | 11,400,000 | 8,400,000 |
Key Money [Member] | |||
Real Estate Properties [Line Items] | |||
Amortization | 1,100,000 | 2,200,000 | 1,000,000 |
Key Money [Member] | Oak Brook Hills Resort [Member] | |||
Real Estate Properties [Line Items] | |||
Amortization | 1,100,000 | ||
Key Money [Member] | Marriott Los Angeles Airport [Member] | |||
Real Estate Properties [Line Items] | |||
Amortization | $1,100,000 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Ground Leases Annual Rent (Details) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Schedule of Ground Leased Assets [Line Items] | |
Annual increase in rent | 5.50% |
Bethesda Marriott Suites [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual increase in rent | 5.00% |
Courtyard Manhattan / Fifth Avenue [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Term | 49 years |
Ground leases renewal option (in years) | 49 years |
Courtyard Manhattan / Fifth Avenue [Member] | Maximum [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent (as a percentage of gross revenue) | 5.00% |
Marriott Salt Lake City Downtown [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Ownership percentage of hotel land | 21.00% |
Annual rent reimbursed by hotel | 21.00% |
Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Term | 30 years |
Boston Westin Waterfront [Member] | Maximum [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent (as a percentage of gross revenue) | 2.50% |
Renaissance Worthington [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Ground leases renewal option (in years) | 15 years |
Through 4/2087 [Member] | Bethesda Marriott Suites [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 630,732 |
10/2007 - 9/2017 [Member] | Courtyard Manhattan / Fifth Avenue [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 906,000 |
10/2017 - 9/2027 [Member] | Courtyard Manhattan / Fifth Avenue [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 1,132,812 |
10/2027 - 9/2037 [Member] | Courtyard Manhattan / Fifth Avenue [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 1,416,015 |
10/2037 - 9/2047 [Member] | Courtyard Manhattan / Fifth Avenue [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 1,770,019 |
10/2047 - 9/2057 [Member] | Courtyard Manhattan / Fifth Avenue [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 2,212,524 |
10/2057 - 9/2067 [Member] | Courtyard Manhattan / Fifth Avenue [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 2,765,655 |
10/2067 - 9/2077 [Member] | Courtyard Manhattan / Fifth Avenue [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 3,457,069 |
10/2077 - 9/2085 [Member] | Courtyard Manhattan / Fifth Avenue [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 4,321,336 |
Through 12/2056 [Member] | Salt Lake City Marriott Downtown [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 132,000 |
Annual Rent (as a percentage of gross room sales) | 2.60% |
1/2036 - 5/2099 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 0 |
1/2013 - 12/2017 [Member] | Salt Lake City Marriott Downtown [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 11,305 |
1/2013 - 12/2015 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 500,000 |
1/2015 - 12/2020 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 750,000 |
1/2021 - 12/2025 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 1,000,000 |
1/2025 - 12/2030 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 1,500,000 |
1/2031 - 12/2035 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 1,750,000 |
Through 12/2015 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent (as a percentage of gross revenue) | 0.00% |
1/2016 - 12/2025 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent (as a percentage of gross revenue) | 1.00% |
1/2026 - 12/2035 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent (as a percentage of gross revenue) | 1.50% |
1/2036 - 12/2045 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent (as a percentage of gross revenue) | 2.75% |
1/2046 - 12/2055 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent (as a percentage of gross revenue) | 3.00% |
1/2056 - 12/2065 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent (as a percentage of gross revenue) | 3.25% |
1/2066 -5/2099 [Member] | Boston Westin Waterfront [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent (as a percentage of gross revenue) | 3.50% |
1/2014 - 12/2014 [Member] | Hilton Minneapolis [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 6,313,000 |
1/2015 - 12/2015 [Member] | Hilton Minneapolis [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 6,629,000 |
1/2016 - 12/2016 [Member] | Hilton Minneapolis [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 6,960,000 |
1/2017 - 12/2017 [Member] | Hilton Minneapolis [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 7,308,000 |
1/2018 - 12/2018 [Member] | Hilton Minneapolis [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 7,673,000 |
8/2013 - 7/2022 [Member] | Renaissance Worthington [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 40,400 |
8/2022 - 7/2037 [Member] | Renaissance Worthington [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 46,081 |
8/2037 - 7/2052 [Member] | Renaissance Worthington [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 51,763 |
8/2052 - 7/2067 [Member] | Renaissance Worthington [Member] | |
Schedule of Ground Leased Assets [Line Items] | |
Annual Rent | 57,444 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Details) (USD $) | 12 Months Ended | 1 Months Ended | 9 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | 31-May-14 | Sep. 30, 2014 | |
Hotel | |||||
Real Estate Properties [Line Items] | |||||
Gain related to settlement amount | $10,999,000 | $0 | $0 | ||
Number of properties subject to ground leases (in hotels) | 5 | ||||
Ground rent expense | 15,000,000 | 15,000,000 | 14,600,000 | ||
Cash paid for ground rent | 8,900,000 | 8,500,000 | 8,200,000 | ||
Bethesda Marriott Suites [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of renewal periods (in ones) | 0 | ||||
Courtyard Manhattan / Fifth Avenue [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of renewal periods (in ones) | 1 | ||||
Ground leases renewal option (in years) | 49 years | ||||
Marriott Salt Lake City Downtown [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of properties subject to ground leases (in hotels) | 2 | ||||
Interest in land under hotel (as a percent of ownership) | 21.00% | ||||
Boston Westin Waterfront [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of renewal periods (in ones) | 0 | ||||
Hilton Minneapolis [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of renewal periods (in ones) | 0 | ||||
Renaissance Worthington [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of properties subject to ground leases (in hotels) | 3 | ||||
Number of renewal periods (in ones) | 3 | ||||
Ground leases renewal option (in years) | 15 years | ||||
Percentage of land on which the parking garage is constructed | 25.00% | ||||
Boston Westin Waterfront [Member] | |||||
Real Estate Properties [Line Items] | |||||
Settlement amount | 14,000,000 | ||||
Gain related to settlement amount | 11,000,000 | ||||
Contingency fee paid | 1,200,000 | ||||
Corporate and Other Expenses [Member] | Boston Westin Waterfront [Member] | |||||
Real Estate Properties [Line Items] | |||||
Legal fees | $1,800,000 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Schedule Of Future Minimum Rental Commitments under Non-cancelable Operating Leases (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $10,393 |
2016 | 10,671 |
2017 | 10,929 |
2018 | 11,181 |
2019 | 3,186 |
Thereafter | 623,925 |
Total | $670,285 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Note receivable | $0 | $50,084 |
Debt | 1,038,330 | 1,091,861 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Note receivable | 0 | 64,500 |
Debt | $1,059,988 | $1,087,516 |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $223,627 | $229,217 | $229,934 | $190,084 | $201,467 | $204,345 | $218,013 | $175,863 | $872,862 | $799,688 | $726,887 |
Net Assets | 2,763,990 | 2,563,841 | 2,763,990 | 2,563,841 | 2,609,026 | ||||||
Chicago [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 132,690 | 149,498 | 144,260 | ||||||||
Net Assets | 436,490 | 462,938 | 436,490 | 462,938 | 475,900 | ||||||
Los Angeles [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 64,923 | 58,608 | 56,727 | ||||||||
Net Assets | 0 | 99,258 | 0 | 99,258 | 154,556 | ||||||
Boston [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 116,861 | 102,482 | 84,512 | ||||||||
Net Assets | 397,807 | 399,162 | 397,807 | 399,162 | 404,800 | ||||||
US Virgin Islands [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 65,586 | 62,439 | 55,753 | ||||||||
Net Assets | 118,458 | 120,222 | 118,458 | 120,222 | 117,506 | ||||||
New York City [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 134,841 | 95,798 | 112,279 | ||||||||
Net Assets | 660,609 | 516,555 | 660,609 | 516,555 | 488,154 | ||||||
Minneapolis [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 49,704 | 50,097 | 49,075 | ||||||||
Net Assets | 131,080 | 136,255 | 131,080 | 136,255 | 133,805 | ||||||
Denver [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 34,206 | 31,909 | 29,469 | ||||||||
Net Assets | 113,670 | 115,447 | 113,670 | 115,447 | 116,834 | ||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 274,051 | 248,857 | 194,812 | ||||||||
Net Assets | $905,876 | $714,004 | $905,876 | $714,004 | $717,471 |
Quarterly_Operating_Results_Un2
Quarterly Operating Results (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenue | $223,627 | $229,217 | $229,934 | $190,084 | $201,467 | $204,345 | $218,013 | $175,863 | $872,862 | $799,688 | $726,887 |
Total operating expenses | 189,431 | 191,045 | 174,897 | 180,022 | 179,975 | 183,400 | 186,646 | 174,509 | 735,395 | 724,530 | 698,433 |
Operating income | 34,196 | 38,172 | 55,037 | 10,062 | 21,492 | 20,945 | 31,367 | 1,354 | 137,467 | 75,158 | 28,454 |
(Loss) income from continuing operations | 6,828 | 7,679 | 14,120 | -4,799 | 163,377 | 23,828 | -18,075 | ||||
Income from discontinued operations | 22,727 | 885 | 952 | 673 | 0 | 25,237 | 1,483 | ||||
Net income | 63,616 | 43,808 | 51,916 | 4,037 | 29,555 | 8,564 | 15,072 | -4,126 | 163,377 | 49,065 | -16,592 |
Basic earnings per share (in dollars per share) | $0.32 | $0.22 | $0.27 | $0.02 | $0.83 | $0.25 | ($0.09) | ||||
Assets, Net | $2,763,990 | $2,563,841 | $2,763,990 | $2,563,841 | $2,609,026 | ||||||
Diluted earnings per share (in dollars per share) | $0.32 | $0.22 | $0.26 | $0.02 | $0.83 | $0.25 | ($0.09) | ||||
Basic and diluted (loss) earnings per share: | |||||||||||
Continuing operations (in dollars per share) | $0.03 | $0.04 | $0.07 | ($0.02) | $0.83 | $0.12 | ($0.10) | ||||
Discontinued operations (in dollars per share) | $0.12 | $0 | $0.01 | $0 | $0 | $0.13 | $0.01 | ||||
Basic and diluted loss per share (in dollars per share) | $0.15 | $0.04 | $0.08 | ($0.02) | $0.83 | $0.25 | ($0.09) |
Real_Estate_and_Accumulated_De1
Real Estate and Accumulated Depreciation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | ($1,038,149) | ||
Initial Cost - Land | 507,983 | ||
Initial Cost - Buildings and Improvements | 2,296,197 | ||
Costs Capitalized Subsequent to Acquisition | 139,926 | ||
Gross Amount at End of Year - Land | 508,838 | ||
Gross Amount at End of Year - Buildings and Improvements | 2,435,268 | ||
Gross Amount at End of Year - Total | 2,944,106 | 2,724,617 | 2,770,840 |
Accumulated Depreciation | -355,462 | -324,913 | -276,832 |
Net Book Value | 2,588,644 | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | |||
Balance at beginning of period | 2,724,617 | 2,770,840 | 2,623,341 |
Additions: | |||
Acquisitions | 332,975 | 495,999 | |
Capital expenditures | 26,834 | 15,089 | 12,756 |
Deductions: | |||
Dispositions and other | -140,320 | -61,312 | -333,545 |
Impairment | -27,711 | ||
Balance at end of period | 2,944,106 | 2,724,617 | 2,770,840 |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at beginning of period | 324,913 | 276,832 | 262,259 |
Depreciation and amortization | 59,965 | 59,393 | 90,893 |
Dispositions and other | -29,416 | -11,312 | -76,320 |
Balance at end of period | 355,462 | 324,913 | 276,832 |
Aggregate cost of properties for Federal income tax purposes | 2,825,486 | ||
Atlanta Alpharetta Marriott [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 3,623 | ||
Initial Cost - Buildings and Improvements | 33,503 | ||
Costs Capitalized Subsequent to Acquisition | 879 | ||
Gross Amount at End of Year - Land | 3,623 | ||
Gross Amount at End of Year - Buildings and Improvements | 34,382 | ||
Gross Amount at End of Year - Total | 38,005 | ||
Accumulated Depreciation | -8,160 | ||
Net Book Value | 29,845 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 38,005 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 8,160 | ||
Bethesda Marriott Suites [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 0 | ||
Initial Cost - Buildings and Improvements | 45,656 | ||
Costs Capitalized Subsequent to Acquisition | 1,764 | ||
Gross Amount at End of Year - Land | 0 | ||
Gross Amount at End of Year - Buildings and Improvements | 47,420 | ||
Gross Amount at End of Year - Total | 47,420 | ||
Accumulated Depreciation | -11,851 | ||
Net Book Value | 35,569 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 47,420 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 11,851 | ||
Boston Westin Waterfront [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 0 | ||
Initial Cost - Buildings and Improvements | 273,696 | ||
Costs Capitalized Subsequent to Acquisition | 22,029 | ||
Gross Amount at End of Year - Land | 0 | ||
Gross Amount at End of Year - Buildings and Improvements | 295,725 | ||
Gross Amount at End of Year - Total | 295,725 | ||
Accumulated Depreciation | -57,698 | ||
Net Book Value | 238,027 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 295,725 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 57,698 | ||
Chicago Marriott Downtown [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -205,166 | ||
Initial Cost - Land | 36,900 | ||
Initial Cost - Buildings and Improvements | 347,921 | ||
Costs Capitalized Subsequent to Acquisition | 19,405 | ||
Gross Amount at End of Year - Land | 36,900 | ||
Gross Amount at End of Year - Buildings and Improvements | 367,326 | ||
Gross Amount at End of Year - Total | 404,226 | ||
Accumulated Depreciation | -79,692 | ||
Net Book Value | 324,534 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 404,226 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 79,692 | ||
Conrad Chicago [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 31,650 | ||
Initial Cost - Buildings and Improvements | 76,961 | ||
Costs Capitalized Subsequent to Acquisition | 3,633 | ||
Gross Amount at End of Year - Land | 31,650 | ||
Gross Amount at End of Year - Buildings and Improvements | 80,594 | ||
Gross Amount at End of Year - Total | 112,244 | ||
Accumulated Depreciation | -16,029 | ||
Net Book Value | 96,215 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 112,244 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 16,029 | ||
Courtyard Denver [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 9,400 | ||
Initial Cost - Buildings and Improvements | 36,180 | ||
Costs Capitalized Subsequent to Acquisition | 1,223 | ||
Gross Amount at End of Year - Land | 9,400 | ||
Gross Amount at End of Year - Buildings and Improvements | 37,403 | ||
Gross Amount at End of Year - Total | 46,803 | ||
Accumulated Depreciation | -3,167 | ||
Net Book Value | 43,636 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 46,803 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 3,167 | ||
Courtyard Manhattan / Fifth Avenue [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -48,970 | ||
Initial Cost - Land | 0 | ||
Initial Cost - Buildings and Improvements | 34,685 | ||
Costs Capitalized Subsequent to Acquisition | 2,695 | ||
Gross Amount at End of Year - Land | 0 | ||
Gross Amount at End of Year - Buildings and Improvements | 37,380 | ||
Gross Amount at End of Year - Total | 37,380 | ||
Accumulated Depreciation | -9,324 | ||
Net Book Value | 28,056 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 37,380 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 9,324 | ||
Courtyard Manhattan / Midtown East [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -86,000 | ||
Initial Cost - Land | 16,500 | ||
Initial Cost - Buildings and Improvements | 54,812 | ||
Costs Capitalized Subsequent to Acquisition | 2,600 | ||
Gross Amount at End of Year - Land | 16,500 | ||
Gross Amount at End of Year - Buildings and Improvements | 57,412 | ||
Gross Amount at End of Year - Total | 73,912 | ||
Accumulated Depreciation | -14,253 | ||
Net Book Value | 59,659 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 73,912 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 14,253 | ||
Frenchman's Reef and Morning Star Marriott Beach [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -56,595 | ||
Initial Cost - Land | 17,713 | ||
Initial Cost - Buildings and Improvements | 50,697 | ||
Costs Capitalized Subsequent to Acquisition | 46,859 | ||
Gross Amount at End of Year - Land | 17,713 | ||
Gross Amount at End of Year - Buildings and Improvements | 97,556 | ||
Gross Amount at End of Year - Total | 115,269 | ||
Accumulated Depreciation | -15,949 | ||
Net Book Value | 99,320 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 115,269 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 15,949 | ||
Hilton Boston [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 23,262 | ||
Initial Cost - Buildings and Improvements | 128,628 | ||
Costs Capitalized Subsequent to Acquisition | 2,086 | ||
Gross Amount at End of Year - Land | 23,262 | ||
Gross Amount at End of Year - Buildings and Improvements | 130,714 | ||
Gross Amount at End of Year - Total | 153,976 | ||
Accumulated Depreciation | -8,005 | ||
Net Book Value | 145,971 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 153,976 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 8,005 | ||
Hilton Burlington [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 9,197 | ||
Initial Cost - Buildings and Improvements | 40,644 | ||
Costs Capitalized Subsequent to Acquisition | 1,482 | ||
Gross Amount at End of Year - Land | 9,197 | ||
Gross Amount at End of Year - Buildings and Improvements | 42,126 | ||
Gross Amount at End of Year - Total | 51,323 | ||
Accumulated Depreciation | -2,586 | ||
Net Book Value | 48,737 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 51,323 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 2,586 | ||
Hilton Garden Inn Chelsea/ New York City [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 14,800 | ||
Initial Cost - Buildings and Improvements | 51,458 | ||
Costs Capitalized Subsequent to Acquisition | 386 | ||
Gross Amount at End of Year - Land | 14,800 | ||
Gross Amount at End of Year - Buildings and Improvements | 51,844 | ||
Gross Amount at End of Year - Total | 66,644 | ||
Accumulated Depreciation | -5,580 | ||
Net Book Value | 61,064 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 66,644 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 5,580 | ||
Hilton Garden Inn New York City/Times Square Central [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 60,300 | ||
Initial Cost - Buildings and Improvements | 88,896 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross Amount at End of Year - Land | 60,300 | ||
Gross Amount at End of Year - Buildings and Improvements | 88,896 | ||
Gross Amount at End of Year - Total | 149,196 | ||
Accumulated Depreciation | -741 | ||
Net Book Value | 148,455 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 149,196 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 741 | ||
Hilton Minneapolis [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -92,732 | ||
Initial Cost - Land | 0 | ||
Initial Cost - Buildings and Improvements | 129,640 | ||
Costs Capitalized Subsequent to Acquisition | 646 | ||
Gross Amount at End of Year - Land | 0 | ||
Gross Amount at End of Year - Buildings and Improvements | 130,286 | ||
Gross Amount at End of Year - Total | 130,286 | ||
Accumulated Depreciation | -14,782 | ||
Net Book Value | 115,504 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 130,286 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 14,782 | ||
Hotel Rex [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 7,856 | ||
Initial Cost - Buildings and Improvements | 21,085 | ||
Costs Capitalized Subsequent to Acquisition | -100 | ||
Gross Amount at End of Year - Land | 7,856 | ||
Gross Amount at End of Year - Buildings and Improvements | 20,985 | ||
Gross Amount at End of Year - Total | 28,841 | ||
Accumulated Depreciation | -1,120 | ||
Net Book Value | 27,721 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 28,841 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 1,120 | ||
Inn At Key West [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 32,888 | ||
Initial Cost - Buildings and Improvements | 13,371 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross Amount at End of Year - Land | 32,888 | ||
Gross Amount at End of Year - Buildings and Improvements | 13,371 | ||
Gross Amount at End of Year - Total | 46,259 | ||
Accumulated Depreciation | -163 | ||
Net Book Value | 46,096 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 46,259 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 163 | ||
JW Marriot Denver at Cherry Creek [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -38,552 | ||
Initial Cost - Land | 9,200 | ||
Initial Cost - Buildings and Improvements | 63,183 | ||
Costs Capitalized Subsequent to Acquisition | 1,145 | ||
Gross Amount at End of Year - Land | 9,200 | ||
Gross Amount at End of Year - Buildings and Improvements | 64,328 | ||
Gross Amount at End of Year - Total | 73,528 | ||
Accumulated Depreciation | -5,756 | ||
Net Book Value | 67,772 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 73,528 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 5,756 | ||
Lexington Hotel New York [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -170,368 | ||
Initial Cost - Land | 92,000 | ||
Initial Cost - Buildings and Improvements | 229,368 | ||
Costs Capitalized Subsequent to Acquisition | 6,239 | ||
Gross Amount at End of Year - Land | 92,000 | ||
Gross Amount at End of Year - Buildings and Improvements | 235,607 | ||
Gross Amount at End of Year - Total | 327,607 | ||
Accumulated Depreciation | -20,712 | ||
Net Book Value | 306,895 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 327,607 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 20,712 | ||
Orlando Airport Marriott [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -55,925 | ||
Initial Cost - Land | 9,769 | ||
Initial Cost - Buildings and Improvements | 57,803 | ||
Costs Capitalized Subsequent to Acquisition | 3,747 | ||
Gross Amount at End of Year - Land | 9,769 | ||
Gross Amount at End of Year - Buildings and Improvements | 61,550 | ||
Gross Amount at End of Year - Total | 71,319 | ||
Accumulated Depreciation | -13,783 | ||
Net Book Value | 57,536 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 71,319 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 13,783 | ||
Renaissance Charleston [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 5,900 | ||
Initial Cost - Buildings and Improvements | 32,511 | ||
Costs Capitalized Subsequent to Acquisition | 508 | ||
Gross Amount at End of Year - Land | 5,900 | ||
Gross Amount at End of Year - Buildings and Improvements | 33,019 | ||
Gross Amount at End of Year - Total | 38,919 | ||
Accumulated Depreciation | -3,589 | ||
Net Book Value | 35,330 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 38,919 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 3,589 | ||
Renaissance Worthington [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -52,859 | ||
Initial Cost - Land | 15,500 | ||
Initial Cost - Buildings and Improvements | 63,428 | ||
Costs Capitalized Subsequent to Acquisition | 3,197 | ||
Gross Amount at End of Year - Land | 15,500 | ||
Gross Amount at End of Year - Buildings and Improvements | 66,625 | ||
Gross Amount at End of Year - Total | 82,125 | ||
Accumulated Depreciation | -15,467 | ||
Net Book Value | 66,658 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 82,125 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 15,467 | ||
Salt Lake City Marriott Downtown [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -61,352 | ||
Initial Cost - Land | 0 | ||
Initial Cost - Buildings and Improvements | 45,815 | ||
Costs Capitalized Subsequent to Acquisition | 3,917 | ||
Gross Amount at End of Year - Land | 855 | ||
Gross Amount at End of Year - Buildings and Improvements | 48,877 | ||
Gross Amount at End of Year - Total | 49,732 | ||
Accumulated Depreciation | -11,975 | ||
Net Book Value | 37,757 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 49,732 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 11,975 | ||
The Lodge at Sonoma, a Renaissance Resort and Spa [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -30,058 | ||
Initial Cost - Land | 3,951 | ||
Initial Cost - Buildings and Improvements | 22,720 | ||
Costs Capitalized Subsequent to Acquisition | 853 | ||
Gross Amount at End of Year - Land | 3,951 | ||
Gross Amount at End of Year - Buildings and Improvements | 23,573 | ||
Gross Amount at End of Year - Total | 27,524 | ||
Accumulated Depreciation | -8,299 | ||
Net Book Value | 19,225 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 27,524 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 8,299 | ||
Westin Fort Lauderdale Beach Resort [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 54,293 | ||
Initial Cost - Buildings and Improvements | 83,227 | ||
Costs Capitalized Subsequent to Acquisition | 0 | ||
Gross Amount at End of Year - Land | 54,293 | ||
Gross Amount at End of Year - Buildings and Improvements | 83,227 | ||
Gross Amount at End of Year - Total | 137,520 | ||
Accumulated Depreciation | -177 | ||
Net Book Value | 137,343 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 137,520 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 177 | ||
Westin San Diego [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -68,937 | ||
Initial Cost - Land | 22,902 | ||
Initial Cost - Buildings and Improvements | 95,617 | ||
Costs Capitalized Subsequent to Acquisition | 6,179 | ||
Gross Amount at End of Year - Land | 22,902 | ||
Gross Amount at End of Year - Buildings and Improvements | 101,796 | ||
Gross Amount at End of Year - Total | 124,698 | ||
Accumulated Depreciation | -6,049 | ||
Net Book Value | 118,649 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 124,698 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 6,049 | ||
Westin Washington, D.C. City Center [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | -70,635 | ||
Initial Cost - Land | 24,579 | ||
Initial Cost - Buildings and Improvements | 122,229 | ||
Costs Capitalized Subsequent to Acquisition | 6,254 | ||
Gross Amount at End of Year - Land | 24,579 | ||
Gross Amount at End of Year - Buildings and Improvements | 128,483 | ||
Gross Amount at End of Year - Total | 153,062 | ||
Accumulated Depreciation | -7,678 | ||
Net Book Value | 145,384 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 153,062 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | 7,678 | ||
Vail Marriott Mountain Resort & Spa [Member] | |||
Real Estate and Accumulated Depreciation [Line Items] | |||
Encumbrances | 0 | ||
Initial Cost - Land | 5,800 | ||
Initial Cost - Buildings and Improvements | 52,463 | ||
Costs Capitalized Subsequent to Acquisition | 2,300 | ||
Gross Amount at End of Year - Land | 5,800 | ||
Gross Amount at End of Year - Buildings and Improvements | 54,763 | ||
Gross Amount at End of Year - Total | 60,563 | ||
Accumulated Depreciation | -12,877 | ||
Net Book Value | 47,686 | ||
Depreciation Life (in years) | 40 years | ||
Deductions: | |||
Balance at end of period | 60,563 | ||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | |||
Balance at end of period | $12,877 |