Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 24, 2017 | Jun. 30, 2016 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | DiamondRock Hospitality Co | ||
Entity Central Index Key | 1,298,946 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 200,200,902 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 1.8 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Property and equipment, net | $ 2,646,676,000 | $ 2,882,176,000 |
Restricted cash | 46,069,000 | 59,339,000 |
Due from hotel managers | 77,928,000 | 86,698,000 |
Favorable lease assets, net | 18,013,000 | 23,955,000 |
Prepaid and other assets | 37,682,000 | 46,758,000 |
Cash and cash equivalents | 243,095,000 | 213,584,000 |
Total assets | 3,069,463,000 | 3,312,510,000 |
Liabilities: | ||
Mortgage debt, net of unamortized debt issuance costs | 821,167,000 | 1,169,749,000 |
Term loan, net of unamortized debt issuance costs | 99,372,000 | 0 |
Senior unsecured credit facility | 0 | 0 |
Total debt | 920,539,000 | 1,169,749,000 |
Deferred income related to key money, net | 20,067,000 | 23,568,000 |
Unfavorable contract liabilities, net | 72,646,000 | 74,657,000 |
Deferred ground rent | 80,509,000 | 70,153,000 |
Due to hotel managers | 58,294,000 | 65,350,000 |
Dividends declared and unpaid | 25,567,000 | 25,599,000 |
Accounts payable and accrued expenses | 55,054,000 | 58,829,000 |
Total liabilities | 1,232,676,000 | 1,487,905,000 |
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; 200,200,902 and 200,741,777 shares issued and outstanding at December 31, 2016 and 2015, respectively | 2,002,000 | 2,007,000 |
Additional paid-in capital | 2,055,365,000 | 2,056,878,000 |
Accumulated deficit | (220,580,000) | (234,280,000) |
Total stockholders’ equity | 1,836,787,000 | 1,824,605,000 |
Total liabilities and stockholders’ equity | $ 3,069,463,000 | $ 3,312,510,000 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
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 | 200,200,902 | 200,741,777 |
Common stock, shares outstanding | 200,200,902 | 200,741,777 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rooms | $ 650,624 | $ 673,578 | $ 628,870 |
Food and beverage | 194,756 | 208,173 | 195,077 |
Other | 51,178 | 49,239 | 48,915 |
Total revenues | 896,558 | 930,990 | 872,862 |
Operating Expenses: | |||
Rooms | 159,151 | 163,549 | 162,870 |
Food and beverage | 125,916 | 137,297 | 135,402 |
Management fees | 30,143 | 30,633 | 30,027 |
Other hotel expenses | 302,805 | 317,623 | 295,826 |
Depreciation and amortization | 97,444 | 101,143 | 99,650 |
Impairment losses | 0 | 10,461 | 0 |
Hotel acquisition costs | 0 | 949 | 2,177 |
Corporate expenses | 23,629 | 24,061 | 22,267 |
Gain on insurance proceeds | 0 | 0 | (1,825) |
Gain on litigation settlement, net | 0 | 0 | (10,999) |
Total operating expenses, net | 739,088 | 785,716 | 735,395 |
Operating income | 157,470 | 145,274 | 137,467 |
Interest and other income, net | (762) | (688) | (3,027) |
Gain on repayments of notes receivable | 41,735 | 52,684 | 58,278 |
Gain on repayments of notes receivable | 0 | (3,927) | (13,550) |
Gain on sales of hotel properties, net | (10,698) | 0 | (50,969) |
Gain on hotel property acquisition | 0 | 0 | (23,894) |
Loss on early extinguishment of debt | 0 | 0 | 1,616 |
Total other expenses (income), net | 30,275 | 48,069 | (31,546) |
Income before income taxes | 127,195 | 97,205 | 169,013 |
Income tax expense | (12,399) | (11,575) | (5,636) |
Net income | $ 114,796 | $ 85,630 | $ 163,377 |
Earnings per share: | |||
Basic earnings per share (in dollars per share) | $ 0.57 | $ 0.43 | $ 0.83 |
Diluted earnings per share (in dollars per share) | $ 0.57 | $ 0.43 | $ 0.83 |
Weighted-average number of common shares outstanding: | |||
Basic (in shares) | 201,079,573 | 200,796,678 | 195,943,813 |
Diluted (in shares) | 201,676,258 | 201,459,934 | 196,682,981 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning Balance at Dec. 31, 2013 | $ 1,680,691 | $ 1,955 | $ 1,979,613 | $ (300,877) |
Beginning balance, shares at Dec. 31, 2013 | 195,470,791 | |||
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 | 163,377 | 163,377 | ||
Ending Balance at Dec. 31, 2014 | 1,828,987 | $ 2,000 | 2,045,755 | (218,768) |
Ending balance, shares at Dec. 31, 2014 | 199,964,041 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends per common share | (100,789) | 353 | (101,142) | |
Issuance and vesting of common stock grants, net | 2,987 | $ 2 | 2,985 | |
Issuance and vesting of common stock grants, net, shares | 253,130 | |||
Sale of common stock in secondary offerings, less placement fees and expenses | 7,790 | $ 5 | 7,785 | |
Sale of common stock in secondary offerings, less placement fees and expenses, shares | 524,606 | |||
Net income | 85,630 | 85,630 | ||
Ending Balance at Dec. 31, 2015 | 1,824,605 | $ 2,007 | 2,056,878 | (234,280) |
Ending balance, shares at Dec. 31, 2015 | 200,741,777 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||
Dividends per common share | (100,738) | 358 | (101,096) | |
Issuance and vesting of common stock grants, net | 4,636 | $ 2 | 4,634 | |
Issuance and vesting of common stock grants, net, shares | 187,362 | |||
Net income | 114,796 | 114,796 | ||
Repurchase of common shares, shares | (728,237) | |||
Repurchase of common stock, value | (6,512) | $ (7) | (6,505) | 0 |
Ending Balance at Dec. 31, 2016 | $ 1,836,787 | $ 2,002 | $ 2,055,365 | $ (220,580) |
Ending balance, shares at Dec. 31, 2016 | 200,200,902 |
Consolidated Statements of Sto6
Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends per common share (in dollars per share) | $ 0.50 | $ 0.5 | $ 0.41 |
Payments of stock issuance costs | $ 179 | $ 719 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Cash flows from operating activities: | |||
Net income | $ 114,796 | $ 85,630 | $ 163,377 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Real estate depreciation | 97,444 | 101,143 | 99,650 |
Corporate asset depreciation as corporate expenses | 66 | 80 | 105 |
Gain on sale of hotel properties, net | (10,698) | 0 | (50,969) |
Gain on repayments of notes receivable | 0 | (3,927) | (13,550) |
Loss on early extinguishment of debt | 0 | 0 | 1,616 |
Gain on hotel property acquisition | 0 | 0 | (23,894) |
Non-cash ground rent | 5,671 | 5,915 | 6,453 |
Non-cash amortization of financing costs, debt premium, and interest rate cap as interest | 2,302 | 2,353 | 2,564 |
Amortization of note receivable discount as interest income | 0 | 0 | (1,075) |
Impairment losses | 0 | 10,461 | 0 |
Amortization of favorable and unfavorable contracts, net | (1,912) | (1,651) | (1,410) |
Amortization of deferred income | (2,851) | (993) | (1,090) |
Stock-based compensation | 5,321 | 5,723 | 5,316 |
Deferred income tax expense | 10,405 | 10,292 | 5,159 |
Changes in assets and liabilities: | |||
Prepaid expenses and other assets | (1,547) | (3,144) | (305) |
Restricted cash | 55 | 12,606 | (8,409) |
Due to/from hotel managers | (1,056) | 106 | (5,711) |
Accounts payable and accrued expenses | (2,415) | 2,963 | 2,005 |
Net cash provided by operating activities | 215,581 | 227,557 | 179,832 |
Cash flows from investing activities: | |||
Hotel capital expenditures | (102,861) | (62,950) | (62,571) |
Hotel acquisitions | 0 | (150,400) | (297,388) |
Net proceeds from sale of properties | 183,874 | 0 | 182,117 |
Notes receivable repayments | 0 | 3,927 | 64,500 |
Change in restricted cash | 4,641 | 2,785 | 10,623 |
Purchase deposits | 0 | 0 | (2,850) |
Receipt of deferred key money | 0 | 3,000 | 0 |
Net cash provided by (used in) investing activities | 85,654 | (203,638) | (105,569) |
Cash flows from financing activities: | |||
Scheduled mortgage debt principal payments | (11,198) | (13,322) | (15,254) |
Repurchase of common stock and other | (7,197) | (2,735) | (2,418) |
Proceeds from sale of common stock, net | 0 | 7,790 | 63,062 |
Proceeds from mortgage debt | 0 | 355,000 | 86,000 |
Repayments of mortgage debt | (249,793) | (202,130) | (125,444) |
Proceeds from senior unsecured term loan | 100,000 | 0 | 0 |
Draws on senior unsecured credit facility | 75,000 | 195,000 | 156,320 |
Repayments of senior unsecured credit facility | (75,000) | (195,000) | (156,320) |
Payment of financing costs | (2,765) | (2,866) | (3,328) |
Purchase of interest rate cap | 0 | (325) | 0 |
Payment of cash dividends | (100,771) | (96,112) | (77,100) |
Net cash (used in) provided by financing activities | (271,724) | 45,300 | (74,482) |
Net increase (decrease) in cash and cash equivalents | 29,511 | 69,219 | (219) |
Cash and cash equivalents, beginning of year | 213,584 | 144,365 | 144,584 |
Cash and cash equivalents, end of year | 243,095 | 213,584 | 144,365 |
Supplemental Disclosure of Cash Flow Information: | |||
Cash paid for interest | 40,345 | 48,916 | 56,575 |
Cash paid for income taxes | 1,973 | 1,099 | 478 |
Capitalized interest | 0 | 0 | 914 |
Non-cash Financing Activities: | |||
Unpaid dividends | 25,567 | 25,599 | 20,922 |
Buyer assumption of mortgage debt on sale of hotel | $ 89,486 | $ 0 | $ 0 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
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 the majority of our hotels are operated under a brand owned by one of the leading global lodging brand companies (Marriott International, Inc. (“Marriott”) 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, 2016 , we owned 26 hotels with 9,472 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; Huntington Beach, California; Key West, Florida ( 2 ); New York, New York ( 4 ); 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 real estate investment trust, 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 Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
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 Financial Accounting Standards Board "(FASB") Accounting Standards Codification ("ASC") 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. In 2016, the Company adopted the FASB Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The Company evaluated the application of ASU No. 2015-02 and concluded that our operating partnership now meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we continue to consolidate our operating partnership. The Company’s sole significant asset is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. In addition, all of the Company's debt is an obligation of its operating partnership. Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation as a result of adopting ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. 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 property and related assets exceed the 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 property'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. Cash and Cash Equivalents We consider all highly liquid investments with an original maturity of three months or less to be cash equivalents. Revenue Recognition Revenues from operations of the hotels are recognized when the goods or 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, 2016 and 2015 . 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 Per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income 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 We do not have any comprehensive income other than net income. If we have any comprehensive income 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 that 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, the term of the franchise agreement, or other systematic and rational period, if appropriate. 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 cash and cash equivalents. 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 January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2017-01 on our consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2016-18 on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in practice as to how certain transactions are classified in the statement of cash flows. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2016-15 on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate the shares upon settlement of an award without causing the award to be classified as liability. This guidance is effective for annual periods beginning after December 15, 2016. We adopted ASU No. 2016-09 effective January 1, 2017 and it did not have a material impact on our financial position, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which primarily changes the lessee's accounting for operating leases by requiring recognition of lease right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. The primary impact of the new standard will be to the treatment of our ground leases, which represent a majority of all of our operating lease payments. We are evaluating the effect of the ASU on our consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. We adopted ASU No. 2015-03 effective January 1, 2016 and present all debt issuance costs, other than issuance costs related to our senior unsecured credit facility, as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, affecting only the presentation of our balance sheet. The adoption of ASU 2015-03 did not have a material impact on our financial position and had no impact on our results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which affects virtually all aspects of an entity’s revenue recognition. The new standard sets forth five prescribed steps to determine the timing and amount of revenue to be recognized to appropriately depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effectiveness of ASU No. 2014-09 to reporting periods beginning after December 15, 2017 and permitted early application for annual reporting periods beginning after December 15, 2016. While we have not completed our assessment of this standard, we do not expect it to materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel-level sales. Furthermore, for real estate sales to third parties, primarily a result of disposition of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of or accounting for these sales. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and Equipment Property and equipment as of December 31, 2016 and 2015 consists of the following (in thousands): 2016 2015 Land $ 553,769 $ 578,338 Land improvements 7,994 7,994 Buildings 2,355,871 2,538,719 Furniture, fixtures and equipment 428,991 458,577 Construction in progress 35,253 25,016 3,381,878 3,608,644 Less: accumulated depreciation (735,202 ) (726,468 ) $ 2,646,676 $ 2,882,176 As of December 31, 2016 and 2015 we had accrued capital expenditures of $10.8 million and $11.6 million , respectively. |
Favorable Lease Assets
Favorable Lease Assets | 12 Months Ended |
Dec. 31, 2016 | |
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 $2.3 million and $2.6 million as of December 31, 2016 and 2015 , respectively, consist of the following (in thousands): 2016 2015 Westin Boston Waterfront Hotel Ground Lease $ 17,859 $ 18,076 Hilton Minneapolis Ground Lease — 5,685 Lexington Hotel New York Tenant Leases 154 186 Hilton Boston Downtown Tenant Leases — 8 $ 18,013 $ 23,955 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 for the years ended December 31, 2016 , 2015 , and 2014 , was $0.3 million , $0.5 million , and $0.7 million , respectively. Amortization expense is expected to total $0.2 million annually for 2017 through 2021. We owned 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”). During the second quarter of 2015, we decided not to exercise the option to acquire the leasehold interest and recorded an impairment loss of $9.6 million , which includes the write-off of $0.6 million of other assets related to the lease right included within prepaid and other assets on the accompanying consolidated balance sheets. During 2015, we evaluated the Lexington Hotel New York favorable tenant leases for recoverability of the carrying value. The lease with one of the retail tenants at the Lexington Hotel New York was expected to terminate prior to the end of the lease term. We concluded that the asset was not realizable and recorded an impairment loss of $0.8 million during 2015. On June 30, 2016, we sold the Hilton Minneapolis (see Note 9). In connection with the sale, we wrote off the favorable ground lease asset, which is included in the gain of sale of hotel properties on the accompanying consolidated statements of operations for the year ended December 31, 2016 . |
Capital Stock
Capital Stock | 12 Months Ended |
Dec. 31, 2016 | |
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. We have 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 . We have not sold any shares since January 2015 and there is $128.3 million remaining under the ATM program. Our board of directors have approved a share repurchase program authorizing us to repurchase up to $150 million in shares of our common stock. Repurchases under this program will be made in open market or privately negotiated transactions as permitted by federal securities laws and other legal requirements. This authority may be exercised from time to time and in such amounts as market conditions warrant, and subject to regulatory considerations. The timing, manner, price and actual number of shares repurchased will depend on a variety of factors including stock 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. During the year ended December 31, 2016 , we repurchased 728,237 shares of our common stock at an average price of $8.92 per share for a total purchase price of $6.5 million . We have not repurchased any additional shares from December 31, 2016 through February 27, 2017 . We retired all repurchased shares on their respective settlement dates. As of February 27, 2017 , we have $143.5 million of authorized capacity remaining under our share repurchase program. Dividends We have paid the following dividends to holders of our common stock for the years ended December 31, 2016 and 2015 : Payment Date Record Date Dividend per Share April 10, 2015 March 31, 2015 $0.125 July 14, 2015 June 30, 2015 $0.125 October 13, 2015 September 30, 2015 $0.125 January 12, 2016 December 31, 2015 $0.125 April 12, 2016 March 31, 2016 $0.125 July 12, 2016 June 30, 2016 $0.125 October 12, 2016 September 30, 2016 $0.125 January 12, 2017 December 30, 2016 $0.125 Preferred Shares We are authorized to issue up to 10 million 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, 2016 and 2015 , 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, 2016 and 2015 , there were no operating partnership units held by unaffiliated third parties. |
Stock Incentive Plans
Stock Incentive Plans | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Incentive Plans | Stock Incentive Plans On February 17, 2016, our board of directors adopted the 2016 Equity Incentive Plan (the “ 2016 Plan”). The 2016 Plan was approved by our stockholders on May 3, 2016 and replaced the 2004 Stock Option and Incentive Plan, as amended (the " 2004 Plan"). We no longer make share grants and issuances under the 2004 Plan, although awards previously made under the 2004 Plan that are outstanding will remain in effect in accordance with the terms of that plan and the applicable award agreements. Under the 2016 Plan, we are authorized to issue up to 6,082,664 shares of our common stock. We have issued or committed to issue 67,847 shares under the 2016 Plan as of December 31, 2016 . In addition to these shares, additional shares of common stock could be issued in connection with the performance stock unit awards as further described below. Restricted Stock Awards Restricted stock awards issued to our officers and employees generally 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, 2014 to December 31, 2016 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2014 583,021 $ 9.80 Granted 249,311 12.39 Forfeited (537 ) 9.32 Vested (317,376 ) 10.19 Unvested balance at December 31, 2014 514,419 10.82 Granted 216,159 14.48 Forfeited (183 ) 9.08 Vested (255,828 ) 10.39 Unvested balance at December 31, 2015 474,567 12.72 Granted 461,281 8.94 Forfeited (126,610 ) 10.08 Vested (241,698 ) 11.83 Unvested balance at December 31, 2016 567,540 $ 10.62 The remaining share awards are expected to vest as follows: 244,411 during 2017 , 186,481 during 2018 , 125,424 during 2019 and 11,224 during 2020. As of December 31, 2016 , the unrecognized compensation cost related to restricted stock awards was $3.7 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, 2016 , 2015 , and 2014 , we recorded $2.8 million , $2.8 million and $3.2 million , respectively, of compensation expense related to restricted stock awards. Performance Stock Units Performance stock units ("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”). For the PSUs issued in 2014 and 2015 and vesting in 2017 and 2018, respectively, 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. For PSUs issued in 2016 and vesting in 2019, the calculation of total stockholder return relative to the total stockholder return of a peer group over a three -year performance period remained in effect for 75% of the number of PSUs to be earned in the performance period. The remaining 25% is determined based on achieving improvement in market share for each of our hotels over the three -year performance period. We measure compensation expense for the PSUs based upon the fair market value of the award at the grant date. Compensation expense is recognized on a straight-line basis over the three-year performance period and is included in corporate expenses in the accompanying condensed consolidated statements of operations. The grant date fair value of the portion of the PSUs based on our relative total stockholder return is determined using a Monte Carlo simulation performed by a third-party valuation firm. The grant date fair value of the portion of the PSUs based on improvement in market share for each of our hotels is the closing price of our common stock on the grant date. The determination of the grant-date fair values of the awards granted included the following assumptions: Award Grant Date Volatility Risk-Free Rate Fair Value at Grant Date March 3, 2013 39.2 % 0.36 % $ 9.55 March 3, 2014 33.5 % 0.66 % $ 12.77 May 15, 2014 33.1 % 0.80 % $ 9.88 February 27, 2015 22.9 % 1.01 % $ 12.13 February 26, 2016 24.3 % 0.93 % $ 8.42 A summary of our PSUs from January 1, 2014 to December 31, 2016 is as follows: Number of Units Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2014 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 Granted 218,467 12.13 Additional units from dividends 21,722 13.51 Unvested balance at December 31, 2015 676,359 11.41 Granted 310,398 8.54 Additional units from dividends 38,324 9.37 Vested (1) (242,096 ) 9.85 Forfeited (96,301 ) 10.74 Unvested balance at December 31, 2016 686,684 $ 10.65 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2016 was equal to 89.5% of the PSU Target Award. The remaining unvested target units are expected to vest as follows: 198,178 during 2017 , 206,778 during 2018 and 281,728 during 2019 . There will be no payout of shares of our common stock for target units vesting in 2017, as our total stockholder return fell below the 30th percentile of the total stockholder returns of the peer group over the three -year performance period. As of December 31, 2016 , the unrecognized compensation cost related to the PSUs was $2.7 million and is expected to be recognized on a straight-line basis over a period of 26 months. For the years ended December 31, 2016 , 2015 , and 2014 , we recorded approximately $2.0 million , $2.3 million , and $1.4 million , respectively, of compensation expense related to the PSUs. The compensation expense recorded for the year ended December 31, 2016 includes the reversal of $0.4 million of previously recognized compensation expense resulting from the forfeiture of PSUs related to the resignation of our former Executive Vice President and Chief Operating Officer. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding. Diluted earnings per share is calculated by dividing net income 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 per share (in thousands, except share and per-share data): Years Ended December 31, 2016 2015 2014 Numerator: Net income $ 114,796 $ 85,630 $ 163,377 Denominator: Weighted-average number of common shares outstanding—basic 201,079,573 200,796,678 195,943,813 Effect of dilutive securities: Unvested restricted common stock 47,468 129,640 181,310 Shares related to unvested PSUs 549,217 533,092 556,763 Unexercised stock appreciation rights — 524 1,095 Weighted-average number of common shares outstanding—diluted 201,676,258 201,459,934 196,682,981 Earnings per share: Basic earnings per share $ 0.57 $ 0.43 $ 0.83 Diluted earnings per share $ 0.57 $ 0.43 $ 0.83 We did not include the unexercised stock appreciation rights of 20,770 for the year ended December 31, 2016 as they would be anti-dilutive. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | Debt The following table sets forth information regarding the Company’s debt as of December 31, 2016 (dollars in thousands): Property Principal Balance Interest Rate Maturity Date Amortization Provisions Lexington Hotel New York $ 170,368 LIBOR + 2.25% (1) October 2017(2) Interest Only Salt Lake City Marriott Downtown 58,331 4.25 % November 2020 25 years Westin Washington D.C. City Center 66,848 3.99 % January 2023 25 years The Lodge at Sonoma, a Renaissance Resort & Spa 28,896 3.96 % April 2023 30 years Westin San Diego 66,276 3.94 % April 2023 30 years Courtyard Manhattan / Midtown East 85,451 4.40 % August 2024 30 years Renaissance Worthington 85,000 3.66 % May 2025 30 years JW Marriott Denver at Cherry Creek 64,579 4.33 % July 2025 30 years Boston Westin 201,470 4.36 % November 2025 30 years Unamortized debt issuance costs (6,052 ) Total mortgage debt, net of unamortized debt issuance costs 821,167 Senior unsecured term loan 100,000 LIBOR + 1.45% (3) May 2021 Interest Only Unamortized debt issuance costs (628 ) Senior unsecured term loan, net of unamortized debt issuance costs 99,372 Senior unsecured credit facility — LIBOR + 1.50% May 2020 (4) Interest Only Total debt, net of unamortized debt issuance costs $ 920,539 Weighted-Average Interest Rate 3.76% _____________ (1) The interest rate at December 31, 2016 is 2.87% . (2) The loan may be extended for two additional one -year terms subject to the satisfaction of certain conditions, including a debt yield based on trailing 12-month hotel cash flows equal to or greater than 13% at the time the first extension option is exercised, and the payment of an extension fee. As of December 31, 2016 , the debt yield was approximately 5.2% . (3) The interest rate at December 31, 2016 is 2.09% . (4) 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, 2016 are as follows (in thousands): 2017 $ 182,785 2018 13,642 2019 14,247 2020 66,238 2021 13,574 Thereafter 536,733 $ 827,219 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, 2016 , 9 of our 26 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. During the year ended December 31, 2016 , the cash trap provision was triggered on the mortgage loan secured by the Lexington Hotel New York. As of December 31, 2016 , we were in compliance with the financial covenants of our mortgage debt. On January 11, 2016, we repaid the mortgage loan secured by the Chicago Marriott Downtown Magnificent Mile. The loan had an outstanding principal balance of $201.7 million with interest at a fixed rate of 5.98% . On May 11, 2016 we repaid the mortgage loan secured by the Courtyard Manhattan Fifth Avenue. The loan had an outstanding principal balance of $48.1 million with interest at a fixed rate of 6.48% . On June 30, 2016, in connection with the sale of the Hilton Minneapolis, the buyer assumed $89.5 million of mortgage debt secured by the hotel. The loan had a fixed interest rate of 5.46% . Senior Unsecured Credit Facility We are party to a senior unsecured credit facility. On May 3, 2016, we amended and restated the facility to increase the capacity from $200 million to $300 million , decrease the pricing and extend the maturity date to May 2020 . 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. The facility also includes an accordion feature to expand up to $600 million , subject to lender consent. The interest rate on the facility is based upon LIBOR, plus an applicable margin. The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows: Leverage Ratio Applicable Margin Less than or equal to 35% 1.50 % Greater than 35% but less than or equal to 45% 1.65 % Greater than 45% but less than or equal to 50% 1.80 % Greater than 50% but less than or equal to 55% 2.00 % Greater than 55% 2.25 % In addition to the interest payable on amounts outstanding under the facility, we are required to pay an amount equal to (x) 0.20% of the unused portion of the facility if the average usage of the facility was greater than 50% or (y) 0.30% of the unused portion of the facility if the average usage of the facility was less than or equal to 50% . The facility also contains various corporate financial covenants. A summary of the most restrictive covenants is as follows: Actual at Covenant December 31, Maximum leverage ratio (1) 60% 22.1% Minimum fixed charge coverage ratio (2) 1.50x 4.5x Minimum tangible net worth (3) $1.91 billion $2.55 billion Secured recourse indebtedness Less than 45% of Total Asset Value 27.7% _____________________________ (1) Leverage ratio is net indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as 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, generally defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 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 seven properties with an unencumbered borrowing base value, as defined in the credit agreement, of not less than $500 million . As of December 31, 2016 , the unencumbered borrowing base included seven properties with a borrowing base value of $613.0 million . As of December 31, 2016 , we had no borrowings outstanding under the facility and the Company's leverage ratio was 22.1% . Accordingly, interest on our borrowings under the facility, if any, will be based on LIBOR plus 150 basis points for the next fiscal quarter. We incurred interest and unused credit facility fees on the facility of $1.3 million , $1.1 million and $0.9 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Senior Unsecured Term Loan On May 3, 2016, we closed on a new five -year $ 100 million senior unsecured term loan. The interest rate on the term loan is based on a pricing grid ranging from 145 to 220 basis points over LIBOR, based on the Company’s leverage ratio. The financial covenants of the term loan are identical to the covenants on our senior unsecured credit facility, which are described above. The applicable margin is based on the Company's leverage ratio, as follows: Leverage Ratio Applicable Margin Less than or equal to 35% 1.45 % Greater than 35% but less than or equal to 45% 1.60 % Greater than 45% but less than or equal to 50% 1.75 % Greater than 50% but less than or equal to 55% 1.95 % Greater than 55% 2.20 % As of December 31, 2016 , the Company's leverage ratio was 22.1% . Accordingly, interest on our borrowings under the term loan will be based on LIBOR plus 145 basis points for the following quarter. We incurred interest on the term loan of $1.3 million for the year ended December 31, 2016 . |
Dispositions
Dispositions | 12 Months Ended |
Dec. 31, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Dispositions | Dispositions On June 8, 2016 , we sold the 485 -room Orlando Airport Marriott to an unaffiliated third party for a contractual sales price of $63 million . We received net proceeds of approximately $65.8 million from the transaction, which included credit for the hotel's capital replacement reserve. We recognized a pre-tax gain on sale of the hotel of approximately $3.7 million . On June 30, 2016 , we sold the 821 -room Hilton Minneapolis to an unaffiliated third party for a contractual sales price of $140 million . The buyer assumed the $89.5 million mortgage loan secured by the hotel. We received net proceeds of approximately $54.8 million from the transaction, which included credit for the hotel's working capital. We recognized a pre-tax gain on sale of the hotel of approximately $4.9 million . On July 7, 2016 , we sold the 169 -room Hilton Garden Inn Chelsea/New York City to an unaffiliated third party for a contractual sales price of $65.0 million . We received net proceeds of approximately $63.3 million from the transaction. We recognized a pre-tax gain on sale of the hotel of approximately $2.0 million . 2015 Dispositions We had no dispositions during the year ended December 31, 2015 . 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 met 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. In 2015 , the hotel achieved the profit thresholds set forth and the loan was repaid in full. We recorded a gain on repayment of the loan of approximately $3.9 million for the year ended December 31, 2015 . 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 . Our consolidated statements of operations include the following pre-tax income (loss), inclusive of the gain on sale, from the hotel properties sold during the years ended December 31, 2016 , 2015 and 2014 (in thousands): 2016 2015 2014 Oak Brook Hills Resort $ — $ — $ (598 ) Los Angeles Airport Marriott — — 54,923 Orlando Airport Marriott 8,225 2,752 (339 ) Hilton Minneapolis 4,872 1,428 (2,093 ) Hilton Garden Inn Chelsea/New York City 3,107 3,272 3,385 Total pre-tax income $ 16,204 $ 7,452 $ 55,278 |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Acquisitions We had no acquisitions during the year ended December 31, 2016 . 2015 Acquisitions On February 6, 2015, we acquired the 157 -room Shorebreak Hotel located in Huntington Beach, California for a purchase price of $58.8 million . Upon acquisition of the hotel, we entered into a 10 -year management agreement with Kimpton Hotel and Restaurant Group, LLC. On June 30, 2015, we acquired the 184 -suite Sheraton Suites Key West located in Key West, Florida for a purchase price of $94.4 million . We assumed the existing management agreement with Ocean Properties. The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in our acquisitions (in thousands): Shorebreak Hotel Sheraton Suites Key West Land $ 19,908 $ 49,592 Building and improvements 37,525 42,958 Furniture, fixtures and equipment 1,338 1,378 Total fixed assets 58,771 93,928 Unfavorable lease liability (349 ) — Other assets and liabilities, net 401 500 Total $ 58,823 $ 94,428 Acquired properties are included in our results of operations from the date of acquisition. The following pro forma financial information for 2015 presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2015 were acquired on January 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. Year Ended December 31, 2015 (unaudited) Revenues $ 942,547 Net income $ 89,184 Earnings per share: Basic earnings per share $ 0.44 Diluted earnings per share $ 0.44 For the year ended December 31, 2015 , our consolidated statement of operations includes $20.8 million of revenues and $4.6 million of net income related to the operations of the hotels acquired in 2015 . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
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 for income taxes consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current - Federal $ — $ — $ — State 1,297 770 269 Foreign 697 515 208 1,994 1,285 477 Deferred - Federal 9,779 8,249 3,933 State 1,324 2,315 1,105 Foreign (698 ) (274 ) 121 10,405 10,290 5,159 Income tax provision $ 12,399 $ 11,575 $ 5,636 A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Statutory federal tax provision (35)% $ 44,518 $ 34,272 $ 59,155 Tax impact of REIT election (31,101 ) (21,544 ) (52,937 ) State income tax provision, net of federal tax benefit 1,703 1,745 893 Foreign income tax benefit (3,080 ) (2,266 ) (1,603 ) Foreign tax rate adjustment — — — Other 359 (632 ) 128 Income tax provision $ 12,399 $ 11,575 $ 5,636 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, 2016 , 2015 and 2014 , 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): 2016 2015 Deferred income related to key money $ 7,407 $ 8,844 Net operating loss carryforwards 15,650 25,210 Alternative minimum tax credit carryforwards 71 59 Other 343 335 Deferred tax assets 23,471 34,448 Less: Valuation allowance (400 ) (400 ) Subtotal 23,071 34,048 Land basis difference recorded in purchase accounting (4,260 ) (4,260 ) Depreciation and amortization (16,258 ) (16,784 ) Deferred tax liabilities (20,518 ) (21,044 ) Deferred tax asset, net $ 2,553 $ 13,004 As of December 31, 2016 , we had deferred tax assets of $15.7 million consisting of federal and state net operating loss carryforwards. The federal loss carryforwards of $12.6 million generally expire in 2029 through 2034 if not utilized by then. We believe that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax asset related to federal loss carryforwards prior to their expiration and have determined that no valuation allowance is required. The state loss carryforwards of $3.0 million generally expire in 2020 through 2034 if not utilized by then. The Company analyzes state loss carryforwards on a state by state basis and records a valuation allowance when we deem it more likely than not that future results will not generate sufficient taxable income in the respective state to realize the deferred tax asset prior to the expiration of the loss carryforwards. As of December 31, 2016 , we have a $0.4 million valuation allowance on the deferred tax asset related to the Illinois state loss carryforward. The remaining deferred tax assets of $7.8 million are expected to be recovered against reversing existing taxable temporary differences. 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 are party to a tax agreement with the USVI that reduces the income tax rate to approximately 7% . This agreement expires in February 2030. |
Relationship with Managers
Relationship with Managers | 12 Months Ended |
Dec. 31, 2016 | |
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 9/2000 30 years Two ten-year periods Bethesda Marriott Suites Marriott 12/2004 21 years Two ten-year periods Boston Westin Waterfront Marriott 5/2004 20 years Four ten-year periods Chicago Marriott Downtown Marriott 3/2006 32 years Two ten-year periods Courtyard Denver Downtown Sage Hospitality 7/2011 5 years One five-year period Courtyard Manhattan/Fifth Avenue Marriott 12/2004 30 years None Courtyard Manhattan/Midtown East Marriott 11/2004 30 years Two ten-year periods Frenchman's Reef & Morning Star Marriott Beach Resort Marriott 9/2000 30 years Two ten-year periods The Gwen Chicago HEI Hotels & Resorts (1) 6/2016 10 years None Hilton Boston Downtown Davidson Hotels & Resorts 11/2012 7 years Two five-year periods Hilton Burlington Interstate Hotels & Resorts 12/2010 5 years Month-to-month Hilton Garden Inn New York City/Times Square Central Highgate Hotels 1/2011 10 years One five-year period Hotel Rex Joie de Vivre Hotels 9/2005 5 years Month-to-month Inn at Key West Ocean Properties (2) 12/2016 10 years Two five-year periods JW Marriott Denver at Cherry Creek Sage Hospitality 5/2011 5 years One five-year period Lexington Hotel New York Highgate Hotels 6/2011 10 years One five-year period Renaissance Charleston Marriott 1/2000 21 years Two five-year periods Renaissance Worthington Marriott 9/2000 30 years Two ten-year periods Salt Lake City Marriott Downtown Marriott 12/2001 30 years Three fifteen-year periods Sheraton Suites Key West Ocean Properties 6/2015 12 years None Shorebreak Hotel Kimpton Hotel & Restaurant Group 2/2015 10 years None The Lodge at Sonoma, a Renaissance Resort & Spa Marriott 10/2004 20 years One ten-year period Vail Marriott Mountain Resort & Spa Vail Resorts 6/2005 15½ years None Westin Fort Lauderdale Beach Resort HEI Hotels & Resorts 12/2014 10 years None Westin San Diego Interstate Hotels & Resorts 12/2010 5 years Month-to-month Westin Washington D.C. City Center HEI Hotels & Resorts 4/2015 10 years None ______________ (1) HEI Hotels & Resorts assumed management of the hotel in June 2016. The hotel was previously managed by Crescent Hotels & Resorts. (2) Ocean Properties assumed management of the hotel in December 2016. The hotel was previously managed by Noble House Hotels & Resorts. 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 % 18 % (5) 5 % Courtyard Denver Downtown 1.5 % (6) 10 % 4 % Courtyard Manhattan/Fifth Avenue 6 % 25 % 4 % Courtyard Manhattan/Midtown East 5 % 25 % 4 % Frenchman's Reef & Morning Star Marriott Beach Resort 3 % 15 % 5.5 % The Gwen Chicago 1.75 % (7) 15 % 4 % Hilton Boston Downtown 2 % 10 % 4 % Hilton Burlington 1.5 % (8) 10 % — Hilton Garden Inn New York City/Times Square Central 3 % 15 % 4 % Hotel Rex 3 % 10 % 4 % Inn at Key West 3 % 10 % 4 % JW Marriott Denver at Cherry Creek 2.5 % (9) 10 % 4 % Lexington Hotel New York 3 % (10) 20 % 5 % Renaissance Charleston 3 % (11) 20 % 5 % Renaissance Worthington 3 % 25 % 5 % Salt Lake City Marriott Downtown 1.5 % (12) 20 % 5 % Sheraton Suites Key West 3 % 10 % 4 % Shorebreak Hotel 2.5 % 15 % 4 % 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 % (13) 15 % 4 % Westin San Diego 1.5 % (8) 10 % 4 % Westin Washington D.C. City Center 2 % 15 % 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 2028 , after which the manager will receive 50% of the hotel's operating profits. (4) The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.9 million . (5) Calculated as 18% of net operating income. There is no owner's priority; however, the Company's contribution to the hotel's multi-year guest room renovation is treated as a deduction in calculating net operating income. (6) The base management fee is a sum of 1.5% of gross revenues and 1.5% of gross operating profit. (7) The base management fee increases to 2% for 2017 and 2.25% for 2018 through the remainder of the term. (8) Total management fees are capped at 2.5% of gross revenues. (9) The base management fees increased to 2.5% of gross revenues beginning May 19, 2016. (10) The base management fee will decrease to 2% from January 2017 through June 2017, and will then subsequently revert back to 3% . (11) The base management fee increased to 3.0% beginning September 2016 and will increase to 3.5% beginning September 2017 through the remainder of the term. (12) The base management fee decreased from 3% to 1.5% beginning May 2016 and will increase to 2.0% in May 2018 and to 3.0% in May 2021 through the remainder of the term. (13) The base management fee decreases to 2% beginning January 1, 2017. The following is a summary of management fees for the years ended December 31, 2016 , 2015 and 2014 (in thousands): Year Ended December 31, 2016 2015 2014 Base management fees $ 22,333 $ 23,228 $ 21,473 Incentive management fees 7,810 7,405 8,554 Total management fees $ 30,143 $ 30,633 $ 30,027 Nine of our hotels earned incentive management fees for the year ended December 31, 2016 . Seven of our hotels earned incentive management fees for the year ended December 31, 2015 . Ten of our hotels earned incentive management fees for the year ended December 31, 2014 . Performance Termination Provisions Our management agreements provide us with termination rights upon a manager's failure to meet certain financial performance criteria and manager's decision not to cure the failure by making a cure payment. Key Money Our managers and franchisors 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. During 2015, Starwood provided us with $3.0 million of key money in connection with our renovation associated with the brand conversion of the hotel formerly known as the Conrad Chicago to The Gwen, a Luxury Collection Hotel. The key money will be amortized against franchise fees over the anticipated period of the renovation--January 2016 through April 2017. We amortized $2.9 million of key money during the year ended December 31, 2016 , $1.0 million during the year ended December 31, 2015 , and $1.1 million during the year ended December 31, 2014 . In connection with the sale of the Los Angeles Airport Marriott on December 18, 2014, we wrote off $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 twelve franchised hotels: Date of Agreement Term Franchise Fee Vail Marriott Mountain Resort & Spa 6/2005 16 years 6% of gross room sales plus 3% of gross food and beverage sales JW Marriott Denver at Cherry Creek 5/2011 15 years 6% of gross room sales and 3% of gross food and beverage sales Lexington Hotel New York 3/2012 20 years 5% of gross room sales Courtyard Denver Downtown 7/2011 16 years 5.5% of gross room sales Hilton Boston Downtown 7/2012 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 12/2010 20 years 7% of gross room sales and 3% of gross food and beverage sales Westin San Diego 12/2010 20 years 7% of gross room sales and 3% of gross food and beverage sales Hilton Burlington 7/2012 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 6/2011 22 years 5% of gross room sales; program fee of 4.3% of gross room sales Westin Fort Lauderdale Beach Resort 12/2014 20 years 6% of gross room sales and 2% of gross food and beverage sales The Gwen Chicago 5/2015 20 years 4.5% of gross room sales Sheraton Suites Key West 2/2006 20 years 5% of gross room sales We recorded $21.8 million , $22.0 million and $15.3 million of franchise fees during the fiscal years ended December 31, 2016 , 2015 , and 2014 , 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, 2016 | |
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. Other Matters As previously reported, in February 2016, the Company was notified by the franchisor of one of its hotels that as a result of low guest satisfaction scores, the Company is in default under the franchise agreement for that hotel. The Company continues to proactively work with the franchisor and the manager of the hotel and developed and executed a plan aimed to improve guest satisfaction scores. To date, however, although guest satisfaction scores have improved, the franchisor has notified the Company that such improvement was not sufficient under the franchise agreement and the Company continues to be in default. While the franchisor has reserved all of its rights under the franchise agreement, including the right to terminate the franchise agreement in the future, no action to terminate the franchise agreement has been taken by the franchisor. In addition, the lender that holds the mortgage on this hotel received notice of the foregoing. The lender has provided written notice to the Company that although it has the right to call an event of default under the loan agreement after a notice and cure period has elapsed, the lender is not doing so but reserves all of its rights under the loan agreement. If the lender seeks to declare an event of default under the loan agreement, such event of default could result in a material adverse effect on the Company's business, financial condition or results of operation. While the Company continues to work diligently with the franchisor and manager to resolve the matter, no assurance can be given that the Company will be successful. If the Company is not successful, the franchisor may seek to terminate the franchise agreement and assert a claim it is owed a termination fee, including a payment for liquidated damages, which could result in a material adverse effect on the Company's business, financial condition or results of operation. 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 Shorebreak Hotel is subject to a ground lease that runs until 2100 , inclusive of two renewal options of 25 years each and one 24 -year renewal option. We own a 95.5% undivided interest in the land underlying the hotel and lease the remaining 4.5% under the ground lease. 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. A portion of the JW Marriott Denver at Cherry Creek is subject to a ground lease that covers approximately 5,500 square feet. The term of the ground lease runs through December 2030, inclusive of the two 5 -year renewal options. The lease may be indefinitely extended thereafter in one -year increments. The remainder of the land on which the hotel 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 and Westin Boston Waterfront Hotel ground leases) 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 $12.7 million , $15.1 million and $15.0 million for the years ended December 31, 2016 , 2015 and 2014 , respectively. Cash paid for ground rent was $7.0 million , $9.4 million and $8.9 million for the years ended December 31, 2016 , 2015 and 2014 , 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 $702,020 (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 Westin Boston Waterfront Hotel (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 JW Marriott Denver at Cherry Creek 1/2015 - 12/2020 $50,000 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (7) $60,000 Shorebreak Hotel Through 4/2016 $115,542 5/2016 - 4/2021 (8) $126,649 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, 2016. 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, 2016. (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) Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%. (8) Rent will increase on May 1, 2021 and every five years thereafter based on a Consumer Price Index calculation. Future minimum annual rental commitments under all non-cancelable operating leases as of December 31, 2016 are as follows (in thousands): 2017 $ 4,345 2018 3,886 2019 3,462 2020 3,418 2021 3,391 Thereafter 618,736 $ 637,238 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 , in thousands, are as follows: December 31, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 920,539 $ 906,156 $ 1,169,749 $ 1,152,351 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs. 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 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, 2016 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information We aggregate our operating segments using the criteria established by U.S. 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, 2016 represented by the following geographical areas as of and for the years ended December 31, 2016 , 2015 and 2014 : Revenues Net Assets 2016 2015 2014 2016 2015 2014 (In thousands) (In thousands) Chicago $ 126,273 $ 128,952 $ 132,690 $ 476,246 $ 449,742 $ 436,490 Los Angeles — — 64,923 — — — Boston 132,791 130,791 116,861 383,059 394,502 397,807 US Virgin Islands 66,949 64,383 65,586 114,135 116,618 118,458 New York 139,920 150,567 134,841 573,648 644,243 660,609 Minneapolis 24,788 54,247 49,704 — 124,339 131,080 Denver 36,077 36,516 34,206 108,961 111,221 113,670 Other 369,760 365,534 274,051 990,626 1,041,364 905,876 Total $ 896,558 $ 930,990 $ 872,862 $ 2,646,675 $ 2,882,029 $ 2,763,990 |
Quarterly Operating Results (Un
Quarterly Operating Results (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Operating Results (Unaudited) | Quarterly Operating Results (Unaudited) 2016 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 213,034 $ 256,664 $ 220,239 $ 206,621 Total operating expenses 188,723 198,559 178,936 172,870 Operating income $ 24,311 $ 58,105 $ 41,303 $ 33,751 Net income $ 16,778 $ 44,175 $ 29,937 $ 23,906 Basic earnings per share $ 0.08 $ 0.22 $ 0.15 $ 0.12 Diluted earnings per share $ 0.08 $ 0.22 $ 0.15 $ 0.12 2015 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 208,888 $ 249,801 $ 238,502 $ 233,799 Total operating expenses 187,482 205,637 197,086 195,511 Operating income $ 21,406 $ 44,164 $ 41,416 $ 38,288 Net income $ 10,641 $ 24,822 $ 24,464 $ 25,703 Basic earnings per share $ 0.05 $ 0.12 $ 0.12 $ 0.14 Diluted earnings per share $ 0.05 $ 0.12 $ 0.12 $ 0.14 |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2016 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | DiamondRock Hospitality Company Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2016 (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 $ 1,282 $ 3,623 $ 34,785 $ 38,408 $ (9,894 ) $ 28,514 2005 40 Years Bethesda Marriott Suites — — 45,656 1,914 — 47,570 47,570 (14,265 ) 33,305 2004 40 Years Boston Westin Waterfront (201,470 ) — 273,696 23,019 — 296,715 296,715 (72,872 ) 223,843 2007 40 Years Chicago Marriott Downtown — 36,900 347,921 58,121 36,900 406,042 442,942 (99,411 ) 343,531 2006 40 Years The Gwen Chicago — 31,650 76,961 7,880 31,650 84,841 116,491 (20,138 ) 96,353 2006 40 Years Courtyard Denver — 9,400 36,180 1,548 9,400 37,728 47,128 (5,057 ) 42,071 2011 40 Years Courtyard Manhattan/Fifth Avenue — — 34,685 3,999 — 38,684 38,684 (11,292 ) 27,392 2004 40 Years Courtyard Manhattan/Midtown East (85,451 ) 16,500 54,812 4,165 16,500 58,977 75,477 (17,222 ) 58,255 2004 40 Years Frenchman's Reef & Morning Star Marriott Beach Resort — 17,713 50,697 49,494 17,713 100,191 117,904 (24,039 ) 93,865 2005 40 Years Hilton Boston Downtown — 23,262 128,628 11,794 23,262 140,422 163,684 (14,961 ) 148,723 2012 40 Years Hilton Burlington — 9,197 40,644 1,985 9,197 42,629 51,826 (4,762 ) 47,064 2012 40 Years Hilton Garden Inn/New York Times Square Central — 60,300 88,896 182 60,300 89,078 149,378 (5,199 ) 144,179 2014 40 Years Hotel Rex — 7,856 21,085 (54 ) 7,856 21,031 28,887 (2,174 ) 26,713 2012 40 Years Inn at Key West — 32,888 13,371 225 32,888 13,596 46,484 (1,000 ) 45,484 2014 40 Years JW Marriott Denver (64,579 ) 9,200 63,183 1,445 9,200 64,628 73,828 (8,996 ) 64,832 2011 40 Years Lexington Hotel New York (170,368 ) 92,000 229,368 16,532 92,000 245,900 337,900 (32,904 ) 304,996 2011 40 Years Renaissance Charleston — 5,900 32,511 976 5,900 33,487 39,387 (5,260 ) 34,127 2010 40 Years Renaissance Worthington (85,000 ) 15,500 63,428 14,021 15,500 77,449 92,949 (18,982 ) 73,967 2005 40 Years Salt Lake City Marriott Downtown (58,331 ) — 45,815 4,088 855 49,048 49,903 (14,445 ) 35,458 2004 40 Years Sheraton Suites Key West — 49,592 42,958 148 49,592 43,106 92,698 (1,694 ) 91,004 2015 40 Years Shorebreak Hotel — 19,908 37,525 691 19,908 38,216 58,124 (1,819 ) 56,305 2015 40 Years The Lodge at Sonoma, a Renaissance Resort and Spa (28,896 ) 3,951 22,720 1,164 3,951 23,884 27,835 (10,033 ) 17,802 2004 40 Years Westin Fort Lauderdale Beach Resort — 54,293 83,227 1,435 54,293 84,662 138,955 (4,401 ) 134,554 2014 40 Years Westin San Diego (66,276 ) 22,902 95,617 6,935 22,902 102,552 125,454 (11,167 ) 114,287 2012 40 Years Westin Washington, D.C City Center (66,848 ) 24,579 122,229 10,484 24,579 132,713 157,292 (14,286 ) 143,006 2012 40 Years Vail Marriott Mountain Resort & Spa — 5,800 52,463 3,468 5,800 55,931 61,731 (15,679 ) 46,052 2005 40 Years Total $ (827,219 ) $ 552,914 $ 2,137,779 $ 226,941 $ 553,769 $ 2,363,865 $ 2,917,634 $ (441,952 ) $ 2,475,682 Notes: A) The change in total cost of properties for the fiscal years ended December 31, 2016 , 2015 and 2014 is as follows: Balance at December 31, 2013 $ 2,724,617 Additions: Acquisitions 332,975 Capital expenditures 26,831 Deductions: Dispositions and other (140,320 ) Balance at December 31, 2014 $ 2,944,103 Additions: Acquisitions $ 149,983 Capital expenditures 30,965 Deductions: Dispositions and other — Balance at December 31, 2015 $ 3,125,051 Additions: Acquisitions — Capital expenditures 61,823 Deductions: Dispositions and other (269,240 ) Balance at December 31, 2016 $ 2,917,634 B) The change in accumulated depreciation of real estate assets for the fiscal years ended December 31, 2016 , 2015 and 2014 is as follows: Balance at December 31, 2013 $ 324,913 Depreciation and amortization 59,965 Dispositions and other (11,312 ) Balance at December 31, 2014 355,462 Depreciation and amortization 63,847 Dispositions and other — Balance at December 31, 2015 419,309 Depreciation and amortization 65,490 Dispositions and other (42,847 ) Balance at December 31, 2016 $ 441,952 C) The aggregate cost of properties for Federal income tax purposes (in thousands) is approximately $2,791,802 as of December 31, 2016 . |
Summary of Significant Accoun25
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
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 Financial Accounting Standards Board "(FASB") Accounting Standards Codification ("ASC") 810, Consolidation , the Company will consolidate the entity when it is determined to be the primary beneficiary of the entity. In 2016, the Company adopted the FASB Accounting Standards Update (“ASU”) No. 2015-02, Consolidation (Topic 810): Amendments to the Consolidation Analysis . The Company evaluated the application of ASU No. 2015-02 and concluded that our operating partnership now meets the criteria of a variable interest entity. The Company is the primary beneficiary and, accordingly, we continue to consolidate our operating partnership. The Company’s sole significant asset is its investment in its operating partnership, and consequently, substantially all of the Company’s assets and liabilities represent those assets and liabilities of its operating partnership. In addition, all of the Company's debt is an obligation of its operating partnership. Certain reclassifications have been made to the prior period's financial statements to conform to the current year presentation as a result of adopting ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. |
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 property and related assets exceed the 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 property'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. |
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. |
Revenue Recognition | Revenue Recognition Revenues from operations of the hotels are recognized when the goods or 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 Per Share | Earnings Per Share Basic earnings per share is calculated by dividing net income by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is calculated by dividing net income 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 | Comprehensive Income We do not have any comprehensive income other than net income. If we have any comprehensive income 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 that 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, the term of the franchise agreement, or other systematic and rational period, if appropriate. 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 cash and cash equivalents. 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 January 2017, the FASB issued ASU No. 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business , which clarifies the definition of a business to assist entities with evaluating whether transactions should be accounted for as acquisitions of assets or business combinations. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2017-01 on our consolidated financial statements and related disclosures. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash , which requires that the statement of cash flows explain the change during the period in the total cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2016-18 on our consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments , which is intended to reduce diversity in practice as to how certain transactions are classified in the statement of cash flows. This standard will be effective for annual periods beginning after December 15, 2017, although early adoption is permitted. We are evaluating the effect of ASU No. 2016-15 on our consolidated financial statements and related disclosures. In March 2016, the FASB issued ASU No. 2016-09, Compensation-Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting , which simplifies various aspects of how share-based payments are accounted for and presented in the financial statements. This standard requires companies to record all of the tax effects related to share-based payments through the income statement, allows companies to elect an accounting policy to either estimate the share based award forfeitures (and expense) or account for forfeitures (and expense) as they occur, and allows companies to withhold up to the maximum individual statutory tax rate the shares upon settlement of an award without causing the award to be classified as liability. This guidance is effective for annual periods beginning after December 15, 2016. We adopted ASU No. 2016-09 effective January 1, 2017 and it did not have a material impact on our financial position, results of operations or cash flows. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) , which primarily changes the lessee's accounting for operating leases by requiring recognition of lease right-of-use assets and lease liabilities. This standard is effective for annual reporting periods beginning after December 15, 2018, with early adoption permitted. The primary impact of the new standard will be to the treatment of our ground leases, which represent a majority of all of our operating lease payments. We are evaluating the effect of the ASU on our consolidated financial statements and related disclosures. In April 2015, the FASB issued ASU No. 2015-03, Interest-Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs , which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of the debt liability. We adopted ASU No. 2015-03 effective January 1, 2016 and present all debt issuance costs, other than issuance costs related to our senior unsecured credit facility, as a direct deduction from the carrying value of the debt liability. Adoption of this standard was applied retrospectively for all periods presented, affecting only the presentation of our balance sheet. The adoption of ASU 2015-03 did not have a material impact on our financial position and had no impact on our results of operations or cash flows. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) , which affects virtually all aspects of an entity’s revenue recognition. The new standard sets forth five prescribed steps to determine the timing and amount of revenue to be recognized to appropriately depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effectiveness of ASU No. 2014-09 to reporting periods beginning after December 15, 2017 and permitted early application for annual reporting periods beginning after December 15, 2016. While we have not completed our assessment of this standard, we do not expect it to materially affect the amount or timing of revenue recognition for revenues from room, food and beverage, and other hotel-level sales. Furthermore, for real estate sales to third parties, primarily a result of disposition of real estate in exchange for cash with few contingencies, we do not expect the standard to significantly impact the recognition of or accounting for these sales. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment as of December 31, 2016 and 2015 consists of the following (in thousands): 2016 2015 Land $ 553,769 $ 578,338 Land improvements 7,994 7,994 Buildings 2,355,871 2,538,719 Furniture, fixtures and equipment 428,991 458,577 Construction in progress 35,253 25,016 3,381,878 3,608,644 Less: accumulated depreciation (735,202 ) (726,468 ) $ 2,646,676 $ 2,882,176 |
Favorable Lease Assets (Tables)
Favorable Lease Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Finite-Lived Intangible Assets by Major Class | Our favorable lease assets, net of accumulated amortization of $2.3 million and $2.6 million as of December 31, 2016 and 2015 , respectively, consist of the following (in thousands): 2016 2015 Westin Boston Waterfront Hotel Ground Lease $ 17,859 $ 18,076 Hilton Minneapolis Ground Lease — 5,685 Lexington Hotel New York Tenant Leases 154 186 Hilton Boston Downtown Tenant Leases — 8 $ 18,013 $ 23,955 |
Capital Stock (Tables)
Capital Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Schedule of Dividends Payable | We have paid the following dividends to holders of our common stock for the years ended December 31, 2016 and 2015 : Payment Date Record Date Dividend per Share April 10, 2015 March 31, 2015 $0.125 July 14, 2015 June 30, 2015 $0.125 October 13, 2015 September 30, 2015 $0.125 January 12, 2016 December 31, 2015 $0.125 April 12, 2016 March 31, 2016 $0.125 July 12, 2016 June 30, 2016 $0.125 October 12, 2016 September 30, 2016 $0.125 January 12, 2017 December 30, 2016 $0.125 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2014 to December 31, 2016 is as follows: Number of Shares Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2014 583,021 $ 9.80 Granted 249,311 12.39 Forfeited (537 ) 9.32 Vested (317,376 ) 10.19 Unvested balance at December 31, 2014 514,419 10.82 Granted 216,159 14.48 Forfeited (183 ) 9.08 Vested (255,828 ) 10.39 Unvested balance at December 31, 2015 474,567 12.72 Granted 461,281 8.94 Forfeited (126,610 ) 10.08 Vested (241,698 ) 11.83 Unvested balance at December 31, 2016 567,540 $ 10.62 |
Performance Stock Units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Fair Value Valuation Assumptions | The determination of the grant-date fair values of the awards granted included the following assumptions: Award Grant Date Volatility Risk-Free Rate Fair Value at Grant Date March 3, 2013 39.2 % 0.36 % $ 9.55 March 3, 2014 33.5 % 0.66 % $ 12.77 May 15, 2014 33.1 % 0.80 % $ 9.88 February 27, 2015 22.9 % 1.01 % $ 12.13 February 26, 2016 24.3 % 0.93 % $ 8.42 |
Schedule of Nonvested Performance-based Units Activity | A summary of our PSUs from January 1, 2014 to December 31, 2016 is as follows: Number of Units Weighted- Average Grant Date Fair Value Unvested balance at January 1, 2014 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 Granted 218,467 12.13 Additional units from dividends 21,722 13.51 Unvested balance at December 31, 2015 676,359 11.41 Granted 310,398 8.54 Additional units from dividends 38,324 9.37 Vested (1) (242,096 ) 9.85 Forfeited (96,301 ) 10.74 Unvested balance at December 31, 2016 686,684 $ 10.65 ______________________ (1) The number of shares of common stock earned for the PSUs vested in 2016 was equal to 89.5% of the PSU Target Award. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 per share (in thousands, except share and per-share data): Years Ended December 31, 2016 2015 2014 Numerator: Net income $ 114,796 $ 85,630 $ 163,377 Denominator: Weighted-average number of common shares outstanding—basic 201,079,573 200,796,678 195,943,813 Effect of dilutive securities: Unvested restricted common stock 47,468 129,640 181,310 Shares related to unvested PSUs 549,217 533,092 556,763 Unexercised stock appreciation rights — 524 1,095 Weighted-average number of common shares outstanding—diluted 201,676,258 201,459,934 196,682,981 Earnings per share: Basic earnings per share $ 0.57 $ 0.43 $ 0.83 Diluted earnings per share $ 0.57 $ 0.43 $ 0.83 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Long Term Debt | The following table sets forth information regarding the Company’s debt as of December 31, 2016 (dollars in thousands): Property Principal Balance Interest Rate Maturity Date Amortization Provisions Lexington Hotel New York $ 170,368 LIBOR + 2.25% (1) October 2017(2) Interest Only Salt Lake City Marriott Downtown 58,331 4.25 % November 2020 25 years Westin Washington D.C. City Center 66,848 3.99 % January 2023 25 years The Lodge at Sonoma, a Renaissance Resort & Spa 28,896 3.96 % April 2023 30 years Westin San Diego 66,276 3.94 % April 2023 30 years Courtyard Manhattan / Midtown East 85,451 4.40 % August 2024 30 years Renaissance Worthington 85,000 3.66 % May 2025 30 years JW Marriott Denver at Cherry Creek 64,579 4.33 % July 2025 30 years Boston Westin 201,470 4.36 % November 2025 30 years Unamortized debt issuance costs (6,052 ) Total mortgage debt, net of unamortized debt issuance costs 821,167 Senior unsecured term loan 100,000 LIBOR + 1.45% (3) May 2021 Interest Only Unamortized debt issuance costs (628 ) Senior unsecured term loan, net of unamortized debt issuance costs 99,372 Senior unsecured credit facility — LIBOR + 1.50% May 2020 (4) Interest Only Total debt, net of unamortized debt issuance costs $ 920,539 Weighted-Average Interest Rate 3.76% _____________ (1) The interest rate at December 31, 2016 is 2.87% . (2) The loan may be extended for two additional one -year terms subject to the satisfaction of certain conditions, including a debt yield based on trailing 12-month hotel cash flows equal to or greater than 13% at the time the first extension option is exercised, and the payment of an extension fee. As of December 31, 2016 , the debt yield was approximately 5.2% . (3) The interest rate at December 31, 2016 is 2.09% . (4) 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, 2016 are as follows (in thousands): 2017 $ 182,785 2018 13,642 2019 14,247 2020 66,238 2021 13,574 Thereafter 536,733 $ 827,219 |
Summary of Leverage and Applicable Margin | The applicable margin is based on the Company's leverage ratio, as follows: Leverage Ratio Applicable Margin Less than or equal to 35% 1.45 % Greater than 35% but less than or equal to 45% 1.60 % Greater than 45% but less than or equal to 50% 1.75 % Greater than 50% but less than or equal to 55% 1.95 % Greater than 55% 2.20 % The applicable margin is based upon the Company’s ratio of net indebtedness to EBITDA, as follows: Leverage Ratio Applicable Margin Less than or equal to 35% 1.50 % Greater than 35% but less than or equal to 45% 1.65 % Greater than 45% but less than or equal to 50% 1.80 % Greater than 50% but less than or equal to 55% 2.00 % Greater than 55% 2.25 % |
Summary of the Most Restrictive Covenants for Senior Unsecured Credit Facility | The facility also contains various corporate financial covenants. A summary of the most restrictive covenants is as follows: Actual at Covenant December 31, Maximum leverage ratio (1) 60% 22.1% Minimum fixed charge coverage ratio (2) 1.50x 4.5x Minimum tangible net worth (3) $1.91 billion $2.55 billion Secured recourse indebtedness Less than 45% of Total Asset Value 27.7% _____________________________ (1) Leverage ratio is net indebtedness, as defined in the credit agreement, divided by total asset value, defined in the credit agreement as 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, generally defined in the credit agreement as EBITDA less FF&E reserves, for the most recently ending 12 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, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Pre-tax Income/(Loss) From Hotel Properties Sold | Our consolidated statements of operations include the following pre-tax income (loss), inclusive of the gain on sale, from the hotel properties sold during the years ended December 31, 2016 , 2015 and 2014 (in thousands): 2016 2015 2014 Oak Brook Hills Resort $ — $ — $ (598 ) Los Angeles Airport Marriott — — 54,923 Orlando Airport Marriott 8,225 2,752 (339 ) Hilton Minneapolis 4,872 1,428 (2,093 ) Hilton Garden Inn Chelsea/New York City 3,107 3,272 3,385 Total pre-tax income $ 16,204 $ 7,452 $ 55,278 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Schedule of Acquired Assets and Liabilities | The following table summarizes the estimated fair values of the assets acquired and liabilities assumed in our acquisitions (in thousands): Shorebreak Hotel Sheraton Suites Key West Land $ 19,908 $ 49,592 Building and improvements 37,525 42,958 Furniture, fixtures and equipment 1,338 1,378 Total fixed assets 58,771 93,928 Unfavorable lease liability (349 ) — Other assets and liabilities, net 401 500 Total $ 58,823 $ 94,428 |
Pro Forma Operating Information | The following pro forma financial information for 2015 presents our results of operations (in thousands, except per share data) as if the hotels acquired in 2015 were acquired on January 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. Year Ended December 31, 2015 (unaudited) Revenues $ 942,547 Net income $ 89,184 Earnings per share: Basic earnings per share $ 0.44 Diluted earnings per share $ 0.44 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Our provision for income taxes consists of the following (in thousands): Year Ended December 31, 2016 2015 2014 Current - Federal $ — $ — $ — State 1,297 770 269 Foreign 697 515 208 1,994 1,285 477 Deferred - Federal 9,779 8,249 3,933 State 1,324 2,315 1,105 Foreign (698 ) (274 ) 121 10,405 10,290 5,159 Income tax provision $ 12,399 $ 11,575 $ 5,636 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the statutory federal tax provision to our income tax provision is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Statutory federal tax provision (35)% $ 44,518 $ 34,272 $ 59,155 Tax impact of REIT election (31,101 ) (21,544 ) (52,937 ) State income tax provision, net of federal tax benefit 1,703 1,745 893 Foreign income tax benefit (3,080 ) (2,266 ) (1,603 ) Foreign tax rate adjustment — — — Other 359 (632 ) 128 Income tax provision $ 12,399 $ 11,575 $ 5,636 |
Schedule of Deferred Tax Assets and Liabilities | The total deferred tax assets and liabilities are as follows (in thousands): 2016 2015 Deferred income related to key money $ 7,407 $ 8,844 Net operating loss carryforwards 15,650 25,210 Alternative minimum tax credit carryforwards 71 59 Other 343 335 Deferred tax assets 23,471 34,448 Less: Valuation allowance (400 ) (400 ) Subtotal 23,071 34,048 Land basis difference recorded in purchase accounting (4,260 ) (4,260 ) Depreciation and amortization (16,258 ) (16,784 ) Deferred tax liabilities (20,518 ) (21,044 ) Deferred tax asset, net $ 2,553 $ 13,004 |
Relationship with Managers (Tab
Relationship with Managers (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 9/2000 30 years Two ten-year periods Bethesda Marriott Suites Marriott 12/2004 21 years Two ten-year periods Boston Westin Waterfront Marriott 5/2004 20 years Four ten-year periods Chicago Marriott Downtown Marriott 3/2006 32 years Two ten-year periods Courtyard Denver Downtown Sage Hospitality 7/2011 5 years One five-year period Courtyard Manhattan/Fifth Avenue Marriott 12/2004 30 years None Courtyard Manhattan/Midtown East Marriott 11/2004 30 years Two ten-year periods Frenchman's Reef & Morning Star Marriott Beach Resort Marriott 9/2000 30 years Two ten-year periods The Gwen Chicago HEI Hotels & Resorts (1) 6/2016 10 years None Hilton Boston Downtown Davidson Hotels & Resorts 11/2012 7 years Two five-year periods Hilton Burlington Interstate Hotels & Resorts 12/2010 5 years Month-to-month Hilton Garden Inn New York City/Times Square Central Highgate Hotels 1/2011 10 years One five-year period Hotel Rex Joie de Vivre Hotels 9/2005 5 years Month-to-month Inn at Key West Ocean Properties (2) 12/2016 10 years Two five-year periods JW Marriott Denver at Cherry Creek Sage Hospitality 5/2011 5 years One five-year period Lexington Hotel New York Highgate Hotels 6/2011 10 years One five-year period Renaissance Charleston Marriott 1/2000 21 years Two five-year periods Renaissance Worthington Marriott 9/2000 30 years Two ten-year periods Salt Lake City Marriott Downtown Marriott 12/2001 30 years Three fifteen-year periods Sheraton Suites Key West Ocean Properties 6/2015 12 years None Shorebreak Hotel Kimpton Hotel & Restaurant Group 2/2015 10 years None The Lodge at Sonoma, a Renaissance Resort & Spa Marriott 10/2004 20 years One ten-year period Vail Marriott Mountain Resort & Spa Vail Resorts 6/2005 15½ years None Westin Fort Lauderdale Beach Resort HEI Hotels & Resorts 12/2014 10 years None Westin San Diego Interstate Hotels & Resorts 12/2010 5 years Month-to-month Westin Washington D.C. City Center HEI Hotels & Resorts 4/2015 10 years None ______________ (1) HEI Hotels & Resorts assumed management of the hotel in June 2016. The hotel was previously managed by Crescent Hotels & Resorts. (2) Ocean Properties assumed management of the hotel in December 2016. The hotel was previously managed by Noble House Hotels & Resorts. |
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 % 18 % (5) 5 % Courtyard Denver Downtown 1.5 % (6) 10 % 4 % Courtyard Manhattan/Fifth Avenue 6 % 25 % 4 % Courtyard Manhattan/Midtown East 5 % 25 % 4 % Frenchman's Reef & Morning Star Marriott Beach Resort 3 % 15 % 5.5 % The Gwen Chicago 1.75 % (7) 15 % 4 % Hilton Boston Downtown 2 % 10 % 4 % Hilton Burlington 1.5 % (8) 10 % — Hilton Garden Inn New York City/Times Square Central 3 % 15 % 4 % Hotel Rex 3 % 10 % 4 % Inn at Key West 3 % 10 % 4 % JW Marriott Denver at Cherry Creek 2.5 % (9) 10 % 4 % Lexington Hotel New York 3 % (10) 20 % 5 % Renaissance Charleston 3 % (11) 20 % 5 % Renaissance Worthington 3 % 25 % 5 % Salt Lake City Marriott Downtown 1.5 % (12) 20 % 5 % Sheraton Suites Key West 3 % 10 % 4 % Shorebreak Hotel 2.5 % 15 % 4 % 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 % (13) 15 % 4 % Westin San Diego 1.5 % (8) 10 % 4 % Westin Washington D.C. City Center 2 % 15 % 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 2028 , after which the manager will receive 50% of the hotel's operating profits. (4) The contribution is reduced to 1% until operating profits exceed an owner's priority of $3.9 million . (5) Calculated as 18% of net operating income. There is no owner's priority; however, the Company's contribution to the hotel's multi-year guest room renovation is treated as a deduction in calculating net operating income. (6) The base management fee is a sum of 1.5% of gross revenues and 1.5% of gross operating profit. (7) The base management fee increases to 2% for 2017 and 2.25% for 2018 through the remainder of the term. (8) Total management fees are capped at 2.5% of gross revenues. (9) The base management fees increased to 2.5% of gross revenues beginning May 19, 2016. (10) The base management fee will decrease to 2% from January 2017 through June 2017, and will then subsequently revert back to 3% . (11) The base management fee increased to 3.0% beginning September 2016 and will increase to 3.5% beginning September 2017 through the remainder of the term. (12) The base management fee decreased from 3% to 1.5% beginning May 2016 and will increase to 2.0% in May 2018 and to 3.0% in May 2021 through the remainder of the term. (13) The base management fee decreases to 2% beginning January 1, 2017. |
Summary of Management Fees from Continuing Operations | The following is a summary of management fees for the years ended December 31, 2016 , 2015 and 2014 (in thousands): Year Ended December 31, 2016 2015 2014 Base management fees $ 22,333 $ 23,228 $ 21,473 Incentive management fees 7,810 7,405 8,554 Total management fees $ 30,143 $ 30,633 $ 30,027 |
Schedule of the Terms of the Hotel Franchise Agreements | The following table sets forth the terms of the hotel franchise agreements for our twelve franchised hotels: Date of Agreement Term Franchise Fee Vail Marriott Mountain Resort & Spa 6/2005 16 years 6% of gross room sales plus 3% of gross food and beverage sales JW Marriott Denver at Cherry Creek 5/2011 15 years 6% of gross room sales and 3% of gross food and beverage sales Lexington Hotel New York 3/2012 20 years 5% of gross room sales Courtyard Denver Downtown 7/2011 16 years 5.5% of gross room sales Hilton Boston Downtown 7/2012 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 12/2010 20 years 7% of gross room sales and 3% of gross food and beverage sales Westin San Diego 12/2010 20 years 7% of gross room sales and 3% of gross food and beverage sales Hilton Burlington 7/2012 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 6/2011 22 years 5% of gross room sales; program fee of 4.3% of gross room sales Westin Fort Lauderdale Beach Resort 12/2014 20 years 6% of gross room sales and 2% of gross food and beverage sales The Gwen Chicago 5/2015 20 years 4.5% of gross room sales Sheraton Suites Key West 2/2006 20 years 5% of gross room sales |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 $702,020 (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 Westin Boston Waterfront Hotel (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 JW Marriott Denver at Cherry Creek 1/2015 - 12/2020 $50,000 1/2021 - 12/2025 $55,000 1/2026 - 12/2030 (7) $60,000 Shorebreak Hotel Through 4/2016 $115,542 5/2016 - 4/2021 (8) $126,649 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, 2016. 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, 2016. (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) Beginning January 2031, we have the right to renew the ground lease in one-year increments at the prior year's annual rent plus 3%. (8) Rent will increase on May 1, 2021 and every five years thereafter based on a Consumer Price Index calculation. |
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, 2016 are as follows (in thousands): 2017 $ 4,345 2018 3,886 2019 3,462 2020 3,418 2021 3,391 Thereafter 618,736 $ 637,238 |
Fair Value of Financial Instr37
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 and 2015 , in thousands, are as follows: December 31, 2016 December 31, 2015 Carrying Amount (1) Fair Value Carrying Amount (1) Fair Value Debt $ 920,539 $ 906,156 $ 1,169,749 $ 1,152,351 _______________ (1) The carrying amount of debt is net of unamortized debt issuance costs. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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, 2016 represented by the following geographical areas as of and for the years ended December 31, 2016 , 2015 and 2014 : Revenues Net Assets 2016 2015 2014 2016 2015 2014 (In thousands) (In thousands) Chicago $ 126,273 $ 128,952 $ 132,690 $ 476,246 $ 449,742 $ 436,490 Los Angeles — — 64,923 — — — Boston 132,791 130,791 116,861 383,059 394,502 397,807 US Virgin Islands 66,949 64,383 65,586 114,135 116,618 118,458 New York 139,920 150,567 134,841 573,648 644,243 660,609 Minneapolis 24,788 54,247 49,704 — 124,339 131,080 Denver 36,077 36,516 34,206 108,961 111,221 113,670 Other 369,760 365,534 274,051 990,626 1,041,364 905,876 Total $ 896,558 $ 930,990 $ 872,862 $ 2,646,675 $ 2,882,029 $ 2,763,990 |
Quarterly Operating Results (39
Quarterly Operating Results (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | 2016 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 213,034 $ 256,664 $ 220,239 $ 206,621 Total operating expenses 188,723 198,559 178,936 172,870 Operating income $ 24,311 $ 58,105 $ 41,303 $ 33,751 Net income $ 16,778 $ 44,175 $ 29,937 $ 23,906 Basic earnings per share $ 0.08 $ 0.22 $ 0.15 $ 0.12 Diluted earnings per share $ 0.08 $ 0.22 $ 0.15 $ 0.12 2015 Quarter Ended March 31 June 30 September 30 December 31 (In thousands, except per share data) Total revenue $ 208,888 $ 249,801 $ 238,502 $ 233,799 Total operating expenses 187,482 205,637 197,086 195,511 Operating income $ 21,406 $ 44,164 $ 41,416 $ 38,288 Net income $ 10,641 $ 24,822 $ 24,464 $ 25,703 Basic earnings per share $ 0.05 $ 0.12 $ 0.12 $ 0.14 Diluted earnings per share $ 0.05 $ 0.12 $ 0.12 $ 0.14 |
Organization - Narrative (Detai
Organization - Narrative (Details) | Dec. 31, 2016hotelroom |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 26 |
Number of rooms in hotels, resorts and senior loan secured facility (in rooms) | room | 9,472 |
Atlanta, Georgia | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Boston, Massachusetts | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 2 |
Burlington, Vermont | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Charleston, South Carolina | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Chicago, Illinois | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 2 |
Denver, Colorado | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 2 |
Fort Lauderdale, Florida | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Fort Worth, Texas | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Huntington Beach, California | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Key West, Florida | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 2 |
New York, New York | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 4 |
Salt Lake City, Utah | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
San Diego, California | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
San Francisco, California | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Sonoma, California | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Washington D.C. | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 2 |
St. Thomas, U.S. Virgin Islands | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Vail, Colorado | |
Real Estate Properties [Line Items] | |
Number of hotels (in hotels) | 1 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue Recognition [Abstract] | ||
Unrecognized tax benefits | $ 0 | $ 0 |
Minimum | Buildings, Land Improvements, and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life (in years) | 15 years | |
Minimum | Furniture, Fixtures and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life (in years) | 1 year | |
Maximum | Buildings, Land Improvements, and Building Improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life (in years) | 40 years | |
Maximum | Furniture, Fixtures and Equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, useful life (in years) | 10 years |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property and Equipment | ||
Property and equipment, at cost | $ 3,381,878 | $ 3,608,644 |
Less: accumulated depreciation | (735,202) | (726,468) |
Property and equipment, net | 2,646,676 | 2,882,176 |
Accrued capital expenditures | 10,800 | 11,600 |
Land | ||
Property and Equipment | ||
Property and equipment, at cost | 553,769 | 578,338 |
Land improvements | ||
Property and Equipment | ||
Property and equipment, at cost | 7,994 | 7,994 |
Buildings | ||
Property and Equipment | ||
Property and equipment, at cost | 2,355,871 | 2,538,719 |
Furniture, fixtures and equipment | ||
Property and Equipment | ||
Property and equipment, at cost | 428,991 | 458,577 |
Construction in progress | ||
Property and Equipment | ||
Property and equipment, at cost | $ 35,253 | $ 25,016 |
Favorable Lease Assets - Narrat
Favorable Lease Assets - Narrative (Details) | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Dec. 31, 2016USD ($)room | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Amortization of intangible assets | $ 300,000 | $ 500,000 | $ 700,000 | |
Amortization in 2017 | 200,000 | |||
Amortization in 2018 | 0.2 | |||
Amortization in 2019 | 0.2 | |||
Amortization in 2020 | 0.2 | |||
Amortization in 2021 | 0.2 | |||
Write off of assets | 0 | 10,461,000 | $ 0 | |
Off-Market Favorable Lease | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Accumulated amortization | $ 2,300,000 | 2,600,000 | ||
Above Market Lease Rights | Boston Westin Waterfront Ground Lease | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Impairment of favorable lease asset | $ 9,600,000 | |||
Above Market Lease Rights | Lexington Hotel New York | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Impairment of favorable lease asset | $ 800,000 | |||
Prepaid Expenses and Other Current Assets | Above Market Lease Rights | Boston Westin Waterfront Ground Lease | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Write off of assets | $ 600,000 | |||
Minimum | Above Market Lease Rights | Boston Westin Waterfront Ground Lease | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Number of room hotel for development for which favorable lease assets are owned | room | 320 | |||
Maximum | Above Market Lease Rights | Boston Westin Waterfront Ground Lease | ||||
Indefinite-lived Intangible Assets by Major Class [Line Items] | ||||
Number of room hotel for development for which favorable lease assets are owned | room | 350 |
Favorable Lease Assets - Schedu
Favorable Lease Assets - Schedule of Favorable Lease Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Favorable lease assets, net | $ 18,013 | $ 23,955 |
Boston Westin Waterfront Ground Lease | Above Market Leases Ground | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount of the lease | 17,859 | 18,076 |
Minneapolis Hilton Ground Lease | Above Market Leases Ground | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount of the lease | 0 | 5,685 |
Lexington Hotel New York | Above Market Leases Ground | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount of the lease | 154 | 186 |
Hilton Boston Downtown | Above Market Leases Ground | ||
Finite-Lived Intangible Assets [Line Items] | ||
Carrying amount of the lease | $ 0 | $ 8 |
Capital Stock - Narrative (Deta
Capital Stock - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($)vote$ / sharesshares | Feb. 27, 2017USD ($) | Dec. 31, 2015$ / sharesshares | |
Dividends Payable [Line Items] | |||
Common stock, shares authorized | shares | 400,000,000 | 400,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |
Common stock votes | vote | 1 | ||
Preferred stock, shares authorized | shares | 10,000,000 | 10,000,000 | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | |
Preferred stock, shares outstanding | shares | 0 | 0 | |
Operating partnership units option to redeem for common stock | 1 | ||
Unaffiliated Third Parties | |||
Dividends Payable [Line Items] | |||
Units of partnership interest, amount | shares | 0 | 0 | |
Common Stock | |||
Dividends Payable [Line Items] | |||
Aggregate offering price | $ | $ 200,000,000 | ||
Remaining amount under ATM program | $ | 128,300,000 | ||
Amount authorized to be repurchased | $ | $ 150,000,000 | ||
Shares repurchased during period | shares | 728,237 | ||
Average cost per share | $ / shares | $ 8.92 | ||
Value of repurchased stock | $ | $ 6,500,000 | ||
Subsequent Event | |||
Dividends Payable [Line Items] | |||
Value amount of shares authorized to be repurchased (up to) | $ | $ 143,500,000 |
Capital Stock - Schedule of Div
Capital Stock - Schedule of Dividends Payable (Details) - $ / shares | Jan. 12, 2017 | Oct. 12, 2016 | Jul. 12, 2016 | Apr. 12, 2016 | Jan. 12, 2016 | Oct. 13, 2015 | Jul. 14, 2015 | Apr. 10, 2015 |
Dividends Payable [Line Items] | ||||||||
Payment Date | Oct. 12, 2016 | Jul. 12, 2016 | Apr. 12, 2016 | Jan. 12, 2016 | Oct. 13, 2015 | Jul. 14, 2015 | Apr. 10, 2015 | |
Record Date | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Dividends per common share (in dollars per share) | $ 0.1250 | $ 0.1250 | $ 0.125 | $ 0.125 | $ 0.1250 | $ 0.1250 | $ 0.125 | |
Subsequent Event | ||||||||
Dividends Payable [Line Items] | ||||||||
Payment Date | Jan. 12, 2017 | |||||||
Record Date | Dec. 30, 2016 | |||||||
Dividends per common share (in dollars per share) | $ 0.125 |
Stock Incentive Plans - Narrati
Stock Incentive Plans - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Feb. 17, 2016 | |
Restricted Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based payment, vesting period (years) | 3 years | |||
Expected to vest one year from balance sheet date | 244,411 | |||
Expected to vest two years from balance sheet date | 186,481 | |||
Expected to vest three years from balance sheet date | 125,424 | |||
Expected to vest four years from balance sheet date | 11,224 | |||
Unrecognized compensation cost | $ 3.7 | |||
Unrecognized compensation expense related to compensation awards, period for recognition (in months) | 23 months | |||
Compensation expense (in dollars) | $ 2.8 | $ 2.8 | $ 3.2 | |
Performance Stock Units | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based payment, vesting period (years) | 3 years | |||
Expected to vest one year from balance sheet date | 198,178 | |||
Expected to vest two years from balance sheet date | 206,778 | |||
Expected to vest three years from balance sheet date | 281,728 | |||
Unrecognized compensation cost | $ 2.7 | |||
Unrecognized compensation expense related to compensation awards, period for recognition (in months) | 26 months | |||
Compensation expense (in dollars) | $ 2 | $ 2.3 | $ 1.4 | |
Compensation expense, forfeitures | $ 0.4 | |||
Performance period | 3 years | |||
Percentage based on improvement in market share of hotels (as a percent) | 25.00% | |||
Maximum possible payout to executive officer as a percentage of the target award (as a percent) | 150.00% | |||
Performance Stock Units | Executive Officer | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of total stockholder return for payout of shares (as a percent) | 75.00% | |||
2016 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option and Incentive plan, shares authorized | 6,082,664 | |||
2004 Stock Option and Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares issued or committed to issue | 67,847 |
Stock Incentive Plans - Restric
Stock Incentive Plans - Restricted Stock Awards (Details) - Restricted Stock - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | 474,567 | 514,419 | 583,021 |
Number of shares, Granted | 461,281 | 216,159 | 249,311 |
Number of shares, Forfeited | (126,610) | (183) | (537) |
Number of shares, Vested | (241,698) | (255,828) | (317,376) |
Number of shares, Ending Balance | 567,540 | 474,567 | 514,419 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted-average grant date fair value, Beginning balance (in dollars per share) | $ 12.72 | $ 10.82 | $ 9.80 |
Weighted-average grant date fair value, Granted (in dollars per share) | 8.94 | 14.48 | 12.39 |
Weighted-average grant date fair value, Forfeited (in dollars per share) | 10.08 | 9.08 | 9.32 |
Weighted-average grant date fair value, Vested (in dollars per share) | 11.83 | 10.39 | 10.19 |
Weighted-average grant date fair value, Ending balance (in dollars per share) | $ 10.62 | $ 12.72 | $ 10.82 |
Stock Incentive Plans - Fair Va
Stock Incentive Plans - Fair Value Valuation Assumptions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant date fair value, Granted (in dollars per share) | $ 8.54 | $ 12.13 | $ 12.33 |
March 2013 Award | Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 39.20% | ||
Risk-Free Rate | 0.36% | ||
Weighted-average grant date fair value, Granted (in dollars per share) | $ 9.55 | ||
March 2014 Award | Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 33.50% | ||
Risk-Free Rate | 0.66% | ||
Weighted-average grant date fair value, Granted (in dollars per share) | $ 12.77 | ||
May 2014 Award | Performance Stock Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 33.10% | ||
Risk-Free Rate | 0.80% | ||
Weighted-average grant date fair value, Granted (in dollars per share) | $ 9.88 | ||
February 2015 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 22.90% | ||
Risk-Free Rate | 1.01% | ||
Weighted-average grant date fair value, Granted (in dollars per share) | $ 12.13 | ||
February 2016 Award | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 24.30% | ||
Risk-Free Rate | 0.93% | ||
Weighted-average grant date fair value, Granted (in dollars per share) | $ 8.42 |
Stock Incentive Plans - Perform
Stock Incentive Plans - Performance Stock Units (Details) - Performance Stock Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock of common stock earned for the PSUs vested in 2016 (as a percent) | 89.50% | ||
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 | 676,359 | 436,170 | 223,176 |
Number of shares, Granted | 310,398 | 218,467 | 200,685 |
Number of shares, Additional shares from dividends | 38,324 | 21,722 | 12,309 |
Number of shares, Vested | (242,096) | ||
Number of shares, Forfeited | (96,301) | ||
Number of shares, Ending Balance | 686,684 | 676,359 | 436,170 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Weighted-average grant date fair value, Beginning balance (in dollars per share) | $ 11.41 | $ 10.95 | $ 9.66 |
Weighted-average grant date fair value, Granted (in dollars per share) | 8.54 | 12.13 | 12.33 |
Weighted-average grant date fair value, Additional shares from dividends (in dollars per share) | 9.37 | 13.51 | 12.01 |
Weighted-average grant date fair value, Vested (in dollars per share) | 9.85 | ||
Weighted-average grant date fair value, Forfeited (in dollars per share) | 10.74 | ||
Weighted-average grant date fair value, Ending balance (in dollars per share) | $ 10.65 | $ 11.41 | $ 10.95 |
Earnings Per Share - Calculatio
Earnings Per Share - Calculation of EPS (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net income | $ 23,906 | $ 29,937 | $ 44,175 | $ 16,778 | $ 25,703 | $ 24,464 | $ 24,822 | $ 10,641 | $ 114,796 | $ 85,630 | $ 163,377 |
Denominator: | |||||||||||
Weighted-average number of common shares outstanding—basic | 201,079,573 | 200,796,678 | 195,943,813 | ||||||||
Effect of dilutive securities: | |||||||||||
Unvested restricted common stock | 47,468 | 129,640 | 181,310 | ||||||||
Shares related to unvested PSUs | 549,217 | 533,092 | 556,763 | ||||||||
Unexercised stock appreciation rights | 0 | 524 | 1,095 | ||||||||
Weighted-average number of common shares outstanding—diluted | 201,676,258 | 201,459,934 | 196,682,981 | ||||||||
Basic earnings per share (in dollars per share) | $ 0.12 | $ 0.15 | $ 0.22 | $ 0.08 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.05 | $ 0.57 | $ 0.43 | $ 0.83 |
Diluted earnings per share (in dollars per share) | $ 0.12 | $ 0.15 | $ 0.22 | $ 0.08 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.05 | $ 0.57 | $ 0.43 | $ 0.83 |
Stock Appreciation Rights (SARs) | |||||||||||
Earnings Per Share [Line Items] | |||||||||||
Antidilutive securities excluded from computation of earnings per share, amount | 20,770 |
Debt - Schedule of Long Term De
Debt - Schedule of Long Term Debt (Details) | 12 Months Ended | |
Dec. 31, 2016USD ($)renewal_term | Dec. 31, 2015USD ($) | |
Debt Instrument [Line Items] | ||
Principal Balance | $ 827,219,000 | |
Mortgage debt | 821,167,000 | $ 1,169,749,000 |
Senior unsecured credit facility | 0 | 0 |
Total debt | $ 920,539,000 | $ 1,169,749,000 |
Weighted - Average Interest Rate | 3.76% | |
Senior Unsecured Term Loan | ||
Debt Instrument [Line Items] | ||
Interest Rate | 2.09% | |
Interest rate description | LIBOR + 1.45% (3) | |
Senior Unsecured Term Loan | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 145.00% | |
Mortgages | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (6,052,000) | |
Mortgage debt | 821,167,000 | |
Mortgages | Lexington Hotel New York | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 170,368,000 | |
Mortgages | Lexington Hotel New York | LIBOR | ||
Debt Instrument [Line Items] | ||
Description of variable rate basis | LIBOR + 2.25% (1) | |
Basis spread on variable rate | 2.25% | |
Mortgages | Marriott Salt Lake City Downtown | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 58,331,000 | |
Interest Rate | 4.25% | |
Amortization provisions | 25 years | |
Mortgages | Westin Washington, D.C. City Center | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 66,848,000 | |
Interest Rate | 3.99% | |
Amortization provisions | 25 years | |
Mortgages | The Lodge at Sonoma, a Renaissance Resort and Spa | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 28,896,000 | |
Interest Rate | 3.96% | |
Amortization provisions | 30 years | |
Mortgages | Westin San Diego | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 66,276,000 | |
Interest Rate | 3.94% | |
Amortization provisions | 30 years | |
Mortgages | Courtyard Manhattan / Midtown East | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 85,451,000 | |
Interest Rate | 4.40% | |
Amortization provisions | 30 years | |
Mortgages | Renaissance Worthington | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 85,000,000 | |
Interest Rate | 3.66% | |
Amortization provisions | 30 years | |
Mortgages | JW Marriot Denver at Cherry Creek | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 64,579,000 | |
Interest Rate | 4.33% | |
Amortization provisions | 30 years | |
Mortgages | Boston Westin Waterfront | ||
Debt Instrument [Line Items] | ||
Principal Balance | $ 201,470,000 | |
Interest Rate | 4.36% | |
Amortization provisions | 30 years | |
Senior Unsecured Term Loan | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | $ (628,000) | |
Total debt | 99,372,000 | |
Senior unsecured credit facility | ||
Debt Instrument [Line Items] | ||
Senior unsecured credit facility | $ 0 | |
Senior unsecured credit facility | LIBOR | ||
Debt Instrument [Line Items] | ||
Interest rate description | LIBOR + 1.50% | |
Basis spread on variable rate | 150.00% | |
Lexington Hotel New York | Mortgages | ||
Debt Instrument [Line Items] | ||
Interest rate at period end | 2.87% | |
Term loan, number of extensions subject to subject to the satisfaction of certain terms and conditions and the payment of an extension fee | renewal_term | 2 | |
Term loan, extension length | 1 year | |
Debt yield threshold percentage to extend loan | 0.13 | |
Debt yield, percentage | 0.052 |
Debt - Schedule of Maturities o
Debt - Schedule of Maturities of Long Term Debt (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Debt Disclosure [Abstract] | |
2,017 | $ 182,785 |
2,018 | 13,642 |
2,019 | 14,247 |
2,020 | 66,238 |
2,021 | 13,574 |
Thereafter | 536,733 |
Total debt | $ 827,219 |
Debt - Mortgage Debt (Details)
Debt - Mortgage Debt (Details) | Dec. 31, 2016hotel | Jun. 30, 2016USD ($) | May 11, 2016USD ($) | Jan. 11, 2016USD ($) |
Debt Instrument [Line Items] | ||||
Number of hotel properties secured by mortgage debt | hotel | 9 | |||
Number of hotels (in hotels) | hotel | 26 | |||
Chicago Marriott Downtown Magnificent Mile | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Outstanding principal balance | $ 201,700,000 | |||
Fixed rate percentage | 5.98% | |||
Courtyard Manhattan / Fifth Avenue | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Outstanding principal balance | $ 48,100,000 | |||
Fixed rate percentage | 6.48% | |||
Hilton Minneapolis | Mortgages | ||||
Debt Instrument [Line Items] | ||||
Outstanding principal balance | $ 89,500,000 | |||
Fixed rate percentage | 5.46% |
Debt - Schedule of Ratio of Net
Debt - Schedule of Ratio of Net Indebtedness (Details) - LIBOR - Line of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 150.00% |
Less than or equal to 35% | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 1.50% |
Greater than 35% but less than or equal to 45% | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 1.65% |
Greater than 45% but less than or equal to 50% | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 1.80% |
Greater than 50% but less than or equal to 55% | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 2.00% |
Greater than 55% | |
Line Of Credit Facility Leverage Range [Line Items] | |
Applicable Margin | 2.25% |
Debt - Senior Unsecured Credit
Debt - Senior Unsecured Credit Facility (Details) | 12 Months Ended | ||||
Dec. 31, 2016USD ($)hotel | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | May 03, 2016USD ($) | May 02, 2016USD ($) | |
Line of Credit Facility [Line Items] | |||||
Increase in credit facility | $ 600,000,000 | ||||
Percent of unused portion, line of credit facility, triggering lower commitment fee percentage | 50.00% | ||||
Minimum number of unencumbered borrowing base properties | hotel | 7 | ||||
Minimum unencumbered borrowing base (not less than) | $ 500,000,000 | ||||
Number of unencumbered borrowing base properties | hotel | 7 | ||||
Unencumbered borrowing base | $ 613,000,000 | ||||
Senior unsecured credit facility | $ 0 | $ 0 | |||
Senior Unsecured Term Loan | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 145.00% | ||||
Interest and unused credit facility fees | $ 1,300,000 | $ 1,100,000 | $ 900,000 | ||
Senior unsecured credit facility | |||||
Line of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 300,000,000 | $ 200,000,000 | |||
Senior unsecured credit facility | $ 0 | ||||
Senior unsecured credit facility | LIBOR | |||||
Line of Credit Facility [Line Items] | |||||
Basis spread on variable rate | 150.00% | ||||
Minimum | |||||
Line of Credit Facility [Line Items] | |||||
Commitment fee on unused percentage | 0.20% | ||||
Maximum | |||||
Line of Credit Facility [Line Items] | |||||
Commitment fee on unused percentage | 0.30% |
Debt - Schedule of Debt Covenan
Debt - Schedule of Debt Covenants (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Line of Credit Facility [Line Items] | |
Percent of net proceeds from future equity issuances | 75.00% |
Line Of Credit Facility Covenant | |
Line of Credit Facility [Line Items] | |
Maximum leverage ratio (as a percent) | 0.60 |
Minimum fixed charge coverage ratio | 1.50 |
Minimum tangible net worth | $ 1,913,000,000 |
Secured recourse indebtedness | 45.00% |
Line Of Credit Facility Covenant Actual Results | |
Line of Credit Facility [Line Items] | |
Maximum leverage ratio (as a percent) | 0.221 |
Minimum fixed charge coverage ratio | 4.50 |
Minimum tangible net worth | $ 2,550,000,000 |
Secured recourse indebtedness | 27.70% |
Debt - Senior Unsecured Term Lo
Debt - Senior Unsecured Term Loan (Details) - Senior Unsecured Term Loan | May 03, 2016USD ($) | Dec. 31, 2016USD ($) |
LIBOR | ||
Line Of Credit Facility Leverage Range [Line Items] | ||
Basis spread on variable rate | 145.00% | |
Interest incurred on the facility | $ 1,300,000 | |
Less than or equal to 35% | LIBOR | ||
Line Of Credit Facility Leverage Range [Line Items] | ||
Basis spread on variable rate | 1.45% | |
Greater than 35% but less than or equal to 45% | LIBOR | ||
Line Of Credit Facility Leverage Range [Line Items] | ||
Basis spread on variable rate | 1.60% | |
Greater than 45% but less than or equal to 50% | LIBOR | ||
Line Of Credit Facility Leverage Range [Line Items] | ||
Basis spread on variable rate | 1.75% | |
Greater than 50% but less than or equal to 55% | LIBOR | ||
Line Of Credit Facility Leverage Range [Line Items] | ||
Basis spread on variable rate | 1.95% | |
Greater than 55% | LIBOR | ||
Line Of Credit Facility Leverage Range [Line Items] | ||
Basis spread on variable rate | 2.20% | |
Medium-term Notes | ||
Line Of Credit Facility Leverage Range [Line Items] | ||
Debt instrument, term (in years) | 5 years | |
Outstanding principal balance | $ 100,000,000 | |
Minimum | Greater than 35% but less than or equal to 45% | ||
Summary of leverage and applicable margin | ||
Leverage Ratio | 0.35 | |
Minimum | Greater than 45% but less than or equal to 50% | ||
Summary of leverage and applicable margin | ||
Leverage Ratio | 0.45 | |
Minimum | Greater than 50% but less than or equal to 55% | ||
Summary of leverage and applicable margin | ||
Leverage Ratio | 0.5 | |
Minimum | Greater than 55% | ||
Summary of leverage and applicable margin | ||
Leverage Ratio | 0.55 | |
Minimum | Medium-term Notes | LIBOR | ||
Line Of Credit Facility Leverage Range [Line Items] | ||
Basis spread on variable rate | 145.00% | |
Maximum | Less than or equal to 35% | ||
Summary of leverage and applicable margin | ||
Leverage Ratio | 0.35 | |
Maximum | Greater than 35% but less than or equal to 45% | ||
Summary of leverage and applicable margin | ||
Leverage Ratio | 0.45 | |
Maximum | Greater than 45% but less than or equal to 50% | ||
Summary of leverage and applicable margin | ||
Leverage Ratio | 0.5 | |
Maximum | Greater than 50% but less than or equal to 55% | ||
Summary of leverage and applicable margin | ||
Leverage Ratio | 0.55 | |
Maximum | Medium-term Notes | LIBOR | ||
Line Of Credit Facility Leverage Range [Line Items] | ||
Basis spread on variable rate | 220.00% |
Dispositions - Narrative (Detai
Dispositions - Narrative (Details) $ in Thousands | Jul. 07, 2016USD ($)room | Jun. 30, 2016USD ($)room | Jun. 08, 2016USD ($)room | Dec. 18, 2014USD ($)room | Apr. 14, 2014USD ($)room | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Net proceeds from sale of properties | $ 183,874 | $ 0 | $ 182,117 | |||||
Gain on sale of hotel property | 10,698 | 0 | 50,969 | |||||
Mortgage debt | 821,167 | 1,169,749 | ||||||
Valuation allowance | 400 | 400 | ||||||
Nonoperating gains (losses) | 0 | $ 3,927 | $ 13,550 | |||||
Oak Brook Hills Resort | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of hotel rooms sold | room | 386 | |||||||
Net proceeds from sale of properties | $ 30,100 | |||||||
Gain on sale of hotel property | 1,300 | |||||||
Amount of seller financing | 4,000 | |||||||
Marriott Los Angeles Airport | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of hotel rooms sold | room | 1,004 | |||||||
Net proceeds from sale of properties | $ 158,600 | |||||||
Gain on sale of hotel property | 49,700 | |||||||
Net proceeds from sale of properties | $ 147,500 | |||||||
Prepaid Expenses and Other Current Assets | Oak Brook Hills Resort | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Valuation allowance | $ 4,000 | |||||||
Orlando, Florida | Orlando Airport Marriott | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of hotel rooms sold | room | 485 | |||||||
Contractual sales price | $ 63,000 | |||||||
Net proceeds from sale of properties | 65,800 | |||||||
Gain on sale of hotel property | $ 3,700 | |||||||
Minneapolis, Minnesota | Hilton Minneapolis | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of hotel rooms sold | room | 821 | |||||||
Contractual sales price | $ 140,000 | |||||||
Net proceeds from sale of properties | 54,800 | |||||||
Gain on sale of hotel property | 4,900 | |||||||
New York, New York | Hilton Garden Inn Chelsea/ New York City | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Number of hotel rooms sold | room | 169 | |||||||
Contractual sales price | $ 65,000 | |||||||
Net proceeds from sale of properties | 63,300 | |||||||
Gain on sale of hotel property | $ 2,000 | |||||||
Mortgages | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Mortgage debt | $ 821,167 | |||||||
Mortgages | Minneapolis, Minnesota | Hilton Minneapolis | ||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||||
Mortgage debt | $ 89,500 |
Dispositions - Schedule of Pre-
Dispositions - Schedule of Pre-tax Income/(Loss) From Hotel Properties Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax income (loss) | $ 16,204 | $ 7,452 | $ 55,278 |
Oak Brook, Illinois | Oak Brook Hills Resort | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax income (loss) | 0 | 0 | (598) |
Los Angeles | Marriott Los Angeles Airport | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax income (loss) | 0 | 0 | 54,923 |
Orlando, Florida | Orlando Airport Marriott | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax income (loss) | 8,225 | 2,752 | (339) |
Minneapolis, Minnesota | Hilton Minneapolis | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax income (loss) | 4,872 | 1,428 | (2,093) |
New York, New York | Hilton Garden Inn Chelsea/ New York City | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Pre-tax income (loss) | $ 3,107 | $ 3,272 | $ 3,385 |
Acquisitions - Narrative (Detai
Acquisitions - Narrative (Details) $ in Thousands | Feb. 06, 2015USD ($)room | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($)suite | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||||||||||
Revenues | $ 206,621 | $ 220,239 | $ 256,664 | $ 213,034 | $ 233,799 | $ 238,502 | $ 249,801 | $ 208,888 | $ 896,558 | $ 930,990 | $ 872,862 | |
Net income | $ 23,906 | $ 29,937 | $ 44,175 | $ 16,778 | $ 25,703 | $ 24,464 | $ 24,822 | $ 10,641 | $ 114,796 | 85,630 | $ 163,377 | |
Shorebreak Hotel | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of rooms acquired (in rooms) | room | 157 | |||||||||||
Purchase price | $ 58,823 | |||||||||||
Sheraton Suites Key West | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Number of rooms acquired (in rooms) | suite | 184 | |||||||||||
Purchase price | $ 94,428 | |||||||||||
Hotels Acquired in 2015 | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Revenues | 20,800 | |||||||||||
Net income | $ 4,600 | |||||||||||
Kimpton Hotels | Shorebreak Hotel | ||||||||||||
Business Acquisition [Line Items] | ||||||||||||
Management agreement | 10 years |
Acquisitions - Allocation of Fa
Acquisitions - Allocation of Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Feb. 06, 2015 |
Shorebreak Hotel | ||
Schedule of Acquired Assets and Liabilities | ||
Land | $ 19,908 | |
Building and improvements | 37,525 | |
Furnitures, fixtures and equipment | 1,338 | |
Total fixed assets | 58,771 | |
Unfavorable lease liability | (349) | |
Other assets and liabilities, net | 401 | |
Total | $ 58,823 | |
Sheraton Suites Key West | ||
Schedule of Acquired Assets and Liabilities | ||
Land | $ 49,592 | |
Building and improvements | 42,958 | |
Furnitures, fixtures and equipment | 1,378 | |
Total fixed assets | 93,928 | |
Unfavorable lease liability | 0 | |
Other assets and liabilities, net | 500 | |
Total | $ 94,428 |
Acquisitions - Pro Forma Inform
Acquisitions - Pro Forma Information (Details) - Inn At Key West $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)$ / shares | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
Revenues | $ | $ 942,547 |
Net income | $ | $ 89,184 |
Earnings per share: | |
Basic earnings per share (in dollars per share) | $ / shares | $ 0.44 |
Diluted earnings per share (in dollars per share) | $ / shares | $ 0.44 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit), Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Income Tax Expense (Benefit) | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 1,297 | 770 | 269 |
Foreign | 697 | 515 | 208 |
Current Income Tax Expense (Benefit) | 1,994 | 1,285 | 477 |
Deferred Income Tax Expense (Benefit) | |||
Federal | 9,779 | 8,249 | 3,933 |
State | 1,324 | 2,315 | 1,105 |
Foreign | (698) | (274) | 121 |
Deferred Income Tax Expense (Benefit) | 10,405 | 10,290 | 5,159 |
Income tax provision | $ 12,399 | $ 11,575 | $ 5,636 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Statutory Federal Tax Provision to Income Tax (Benefit) Provision (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory federal tax provision (35)% | $ 44,518 | $ 34,272 | $ 59,155 |
Tax impact of REIT election | (31,101) | (21,544) | (52,937) |
State income tax provision, net of federal tax benefit | 1,703 | 1,745 | 893 |
Foreign income tax benefit | (3,080) | (2,266) | (1,603) |
Foreign tax rate adjustment | 0 | 0 | 0 |
Other | 359 | (632) | 128 |
Income tax provision | $ 12,399 | $ 11,575 | $ 5,636 |
Statutory federal tax provision (as a percent) | 35.00% | 35.00% | 35.00% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Contingency [Line Items] | |||
Franchise tax expense | $ 400 | $ 400 | $ 400 |
Net operating loss carryforwards | 15,650 | 25,210 | |
Valuation allowance | 400 | $ 400 | |
Deferred tax assets expected to be recovered against reversing taxable temporary differences | 7,800 | ||
Domestic Tax Authority | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 12,600 | ||
State and Local Jurisdiction | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | $ 3,000 | ||
Frenchman's Reef & Morning Star Marriott Beach | |||
Income Tax Contingency [Line Items] | |||
New adjusted tax rate after the reduction (as a percent) | 7.00% |
Income Taxes - Total Deferred T
Income Taxes - Total Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Income Tax Disclosure [Abstract] | ||
Deferred income related to key money | $ 7,407 | $ 8,844 |
Net operating loss carryforwards | 15,650 | 25,210 |
Alternative minimum tax credit carryforwards | 71 | 59 |
Other | 343 | 335 |
Deferred tax assets | 23,471 | 34,448 |
Less: Valuation allowance | (400) | (400) |
Subtotal | 23,071 | 34,048 |
Land basis difference recorded in purchase accounting | (4,260) | (4,260) |
Depreciation and amortization | (16,258) | (16,784) |
Deferred tax liabilities | (20,518) | (21,044) |
Deferred tax asset, net | $ 2,553 | $ 13,004 |
Relationship with Managers - Sc
Relationship with Managers - Schedules of Management Agreements (Details) | 12 Months Ended |
Dec. 31, 2016renewal_term | |
Highgate Hotels | |
Real Estate Properties [Line Items] | |
Base management fee (as a percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 20.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 5.00% |
Atlanta Alpharetta Marriott | Marriott | |
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 percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 25.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 5.00% |
Bethesda Marriott Suites | Marriott | |
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 percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 50.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 5.00% |
Boston Westin Waterfront | Starwood | |
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 percentage of gross revenue) | 2.50% |
Incentive management fee (as a percentage of operating profit) | 20.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Chicago Marriott Downtown | Marriott | |
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 percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 18.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 5.00% |
Courtyard Denver Downtown | Sage Hospitality | |
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 percentage of gross revenue) | 1.50% |
Incentive management fee (as a percentage of operating profit) | 10.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Courtyard Manhattan / Fifth Avenue | Marriott | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 30 years |
Base management fee (as a percentage of gross revenue) | 6.00% |
Incentive management fee (as a percentage of operating profit) | 25.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Courtyard Manhattan / Midtown East | Marriott | |
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 percentage of gross revenue) | 5.00% |
Incentive management fee (as a percentage of operating profit) | 25.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Frenchman's Reef & Morning Star Marriott Beach | Marriott | |
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 percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 15.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 5.50% |
The Gwen Chicago | Crescent Hotels & Resorts | |
Real Estate Properties [Line Items] | |
Base management fee (as a percentage of gross revenue) | 1.75% |
Incentive management fee (as a percentage of operating profit) | 15.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
The Gwen Chicago | HEI Hotels and Resorts | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 10 years |
Hilton Boston | Davidson Hotels and Resorts | |
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 percentage of gross revenue) | 2.00% |
Incentive management fee (as a percentage of operating profit) | 10.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Hilton Burlington | Interstate Hotels and Resorts | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 5 years |
Base management fee (as a percentage of gross revenue) | 1.50% |
Incentive management fee (as a percentage of operating profit) | 10.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 0.00% |
Hilton Garden Inn New York City/Times Square Central | Highgate Hotels | |
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 percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 15.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Hotel Rex | Joie de Vivre Hotels | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 5 years |
Base management fee (as a percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 10.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Inn At Key West | Noble House Hotels & Resorts | |
Real Estate Properties [Line Items] | |
Renewal term (in years) | 5 years |
Number of renewal terms (in years) | 2 |
Base management fee (as a percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 10.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Inn At Key West | Ocean Properties | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 10 years |
JW Marriot Denver at Cherry Creek | Sage Hospitality | |
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 percentage of gross revenue) | 2.50% |
Incentive management fee (as a percentage of operating profit) | 10.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Lexington Hotel New York | Highgate Hotels | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 10 years |
Renewal term (in years) | 5 years |
Number of renewal terms (in years) | 1 |
Renaissance Charleston | Marriott | |
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 percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 20.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 5.00% |
Renaissance Worthington | Marriott | |
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 percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 25.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 5.00% |
Salt Lake City Marriott Downtown | Marriott | |
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 percentage of gross revenue) | 1.50% |
Incentive management fee (as a percentage of operating profit) | 20.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 5.00% |
Sheraton Suites Key West | Ocean Properties | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 12 years |
Base management fee (as a percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 10.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Shorebreak Hotel | Kimpton Hotels | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 10 years |
Base management fee (as a percentage of gross revenue) | 2.50% |
Incentive management fee (as a percentage of operating profit) | 15.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
The Lodge at Sonoma, a Renaissance Resort and Spa | Marriott | |
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 percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 20.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 5.00% |
Vail Marriott Mountain Resort & Spa | Vail Resorts | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 15 years 6 months |
Base management fee (as a percentage of gross revenue) | 3.00% |
Incentive management fee (as a percentage of operating profit) | 20.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 10 years |
Base management fee (as a percentage of gross revenue) | 2.25% |
Incentive management fee (as a percentage of operating profit) | 15.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Westin San Diego | Interstate Hotels and Resorts | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 5 years |
Base management fee (as a percentage of gross revenue) | 1.50% |
Incentive management fee (as a percentage of operating profit) | 10.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Westin Washington, D.C. City Center | HEI Hotels and Resorts | |
Real Estate Properties [Line Items] | |
Initial term (in years) | 10 years |
Base management fee (as a percentage of gross revenue) | 2.00% |
Incentive management fee (as a percentage of operating profit) | 15.00% |
FF&E Reserve Contribution (as a percentage of gross revenue) | 4.00% |
Relationship with Managers - Fo
Relationship with Managers - Footnotes (Details) - USD ($) | Sep. 01, 2017 | Jul. 01, 2017 | Jan. 01, 2017 | May 19, 2016 | Apr. 30, 2016 | May 31, 2021 | May 31, 2018 | Sep. 30, 2016 | Jul. 31, 2016 | May 31, 2016 | Jun. 30, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Highgate Hotels | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Incentive management fee (as a percentage of operating profit) | 20.00% | |||||||||||||
Bethesda Marriott Suites | Marriott | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Incentive management fee (as a percentage of operating profit) | 50.00% | |||||||||||||
FF&E reserve contributions as a percentage of gross revenue, contribution percentage reduced (as a percent) | 1.00% | |||||||||||||
Operating profits exceeds owner's priority | $ 3,900,000 | |||||||||||||
Chicago Marriott Downtown | Marriott | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Incentive management fee (as a percentage of operating profit) | 18.00% | |||||||||||||
Operating profits exceeds owner's priority | $ 0 | |||||||||||||
Calculated as net operating income before incentive management fees (as a percent) | 18.00% | |||||||||||||
Courtyard Denver Downtown | Sage Hospitality | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Incentive management fee (as a percentage of operating profit) | 10.00% | |||||||||||||
Base management fee as a percent of gross revenue | 1.50% | |||||||||||||
Base management fee as a percent of gross operating profit | 1.50% | |||||||||||||
Hilton Burlington | Interstate Hotels and Resorts | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Incentive management fee (as a percentage of operating profit) | 10.00% | |||||||||||||
Property management fee percent fee of gross revenue, capped percentage | 2.50% | |||||||||||||
JW Marriot Denver at Cherry Creek | Sage Hospitality | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Incentive management fee (as a percentage of operating profit) | 10.00% | |||||||||||||
Base management fee (as a percent) | 2.50% | |||||||||||||
Renaissance Charleston | Marriott | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Incentive management fee (as a percentage of operating profit) | 20.00% | |||||||||||||
Additional base management fee (as a percent) | 3.00% | |||||||||||||
Salt Lake City Marriott Downtown | Marriott | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Incentive management fee (as a percentage of operating profit) | 20.00% | |||||||||||||
Base management fee reduction (as a percent) | 3.00% | 1.50% | ||||||||||||
Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Incentive management fee (as a percentage of operating profit) | 15.00% | |||||||||||||
Scenario, Forecast | The Gwen Chicago | HEI Hotels and Resorts | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Base management fee (as a percent) | 2.25% | 2.00% | ||||||||||||
Scenario, Forecast | Lexington Hotel New York | Highgate Hotels | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Additional base management fee (as a percent) | 3.00% | |||||||||||||
Base management fee reduction (as a percent) | 2.00% | |||||||||||||
Scenario, Forecast | Renaissance Charleston | Marriott | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Additional base management fee (as a percent) | 3.50% | |||||||||||||
Scenario, Forecast | Salt Lake City Marriott Downtown | Marriott | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Additional base management fee (as a percent) | 3.00% | 2.00% | ||||||||||||
Scenario, Forecast | Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts | ||||||||||||||
Real Estate Properties [Line Items] | ||||||||||||||
Base management fee (as a percent) | 2.00% |
Relationship with Managers - 70
Relationship with Managers - Schedule of Management Fees (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Relationships with Managers [Abstract] | |||
Base management fees | $ 22,333 | $ 23,228 | $ 21,473 |
Incentive management fees | 7,810 | 7,405 | 8,554 |
Management fees | $ 30,143 | $ 30,633 | $ 30,027 |
Relationship with Managers - Na
Relationship with Managers - Narrative (Details) $ in Thousands | Dec. 18, 2014USD ($) | Dec. 31, 2016USD ($)hotel | Dec. 31, 2015USD ($)hotel | Dec. 31, 2014USD ($)hotel |
Real Estate Properties [Line Items] | ||||
Number of hotels that earned incentive management fees | hotel | 9 | 7 | 10 | |
Amortization | $ 2,851 | $ 993 | $ 1,090 | |
Franchise fees expense | 21,800 | 22,000 | 15,300 | |
Key Money | ||||
Real Estate Properties [Line Items] | ||||
Amortization | 2,900 | $ 1,000 | $ 1,100 | |
Key Money | The Gwen Chicago | ||||
Real Estate Properties [Line Items] | ||||
Amortization | $ 3,000 | |||
Key Money | Marriott Los Angeles Airport | ||||
Real Estate Properties [Line Items] | ||||
Amortization | $ 1,100 |
Relationship with Managers - 72
Relationship with Managers - Schedule of Franchise Agreements (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Vail Marriott Mountain Resort & Spa | Vail Resorts | |
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 percent) | 3.00% |
JW Marriot Denver at Cherry Creek | Sage Hospitality | |
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 percent) | 3.00% |
Lexington Hotel New York | Highgate Hotels | |
Real Estate Properties [Line Items] | |
Franchise fee agreement term (in years) | 20 years |
Franchise fee as percentage of gross rooms revenue (as a percent) | 5.00% |
Courtyard Denver Downtown | Sage Hospitality | |
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 | Davidson Hotels and Resorts | |
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 percent) | 3.00% |
Program fee as a percentage of gross room revenue (as a percent) | 4.00% |
Westin Washington, D.C. City Center | Interstate Hotels and Resorts | |
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 percent) | 3.00% |
Westin San Diego | Interstate Hotels and Resorts | |
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 percent) | 3.00% |
Hilton Burlington | Interstate Hotels and Resorts | |
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 percent) | 3.00% |
Program fee as a percentage of gross room revenue (as a percent) | 4.00% |
Hilton Garden Inn New York City/Times Square Central | Highgate Hotels | |
Real Estate Properties [Line Items] | |
Franchise fee agreement term (in years) | 22 years |
Franchise fee as percentage of gross rooms revenue (as a percent) | 5.00% |
Program fee as a percentage of gross room revenue (as a percent) | 4.30% |
Westin Fort Lauderdale Beach Resort | HEI Hotels and Resorts | |
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 percent) | 2.00% |
The Gwen Chicago | Crescent Hotels & Resorts | |
Real Estate Properties [Line Items] | |
Franchise fee agreement term (in years) | 20 years |
Franchise fee as percentage of gross rooms revenue (as a percent) | 4.50% |
Sheraton Suites Key West | Ocean Properties | |
Real Estate Properties [Line Items] | |
Franchise fee agreement term (in years) | 20 years |
Franchise fee as percentage of gross rooms revenue (as a percent) | 5.00% |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016USD ($)ft²renewal_termhotelground_lease | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Real Estate Properties [Line Items] | |||
Number of properties subject to ground leases (in hotels) | hotel | 5 | ||
Ground rent expense | $ | $ 12.7 | $ 15.1 | $ 15 |
Cash paid for ground rent | $ | $ 7 | $ 9.4 | $ 8.9 |
Bethesda Marriott Suites | |||
Real Estate Properties [Line Items] | |||
Number of renewal periods (in ones) | 0 | ||
Courtyard Manhattan / Fifth Avenue | |||
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 | |||
Real Estate Properties [Line Items] | |||
Number of properties subject to ground leases (in hotels) | ground_lease | 2 | ||
Interest in land under hotel (as a percent of ownership) | 21.00% | ||
Boston Westin Waterfront | |||
Real Estate Properties [Line Items] | |||
Number of renewal periods (in ones) | 0 | ||
Renaissance Worthington | |||
Real Estate Properties [Line Items] | |||
Number of properties subject to ground leases (in hotels) | ground_lease | 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% | ||
JW Marriot Denver at Cherry Creek | |||
Real Estate Properties [Line Items] | |||
Number of renewal periods (in ones) | 2 | ||
Ground leases renewal option (in years) | 5 years | ||
Area of real estate property | ft² | 5,500 | ||
Incremental renewal option (in years) | 1 year | ||
First Set of Renewal Options | Shorebreak Hotel | |||
Real Estate Properties [Line Items] | |||
Number of renewal periods (in ones) | 2 | ||
Ground leases renewal option (in years) | 25 years | ||
Second Set of Renewal Options | Shorebreak Hotel | |||
Real Estate Properties [Line Items] | |||
Number of renewal periods (in ones) | 1 | ||
Ground leases renewal option (in years) | 24 years | ||
Long-Term Ground Lease | Shorebreak Hotel | |||
Real Estate Properties [Line Items] | |||
Ownership of undivided interest (as a percent of ownership) | 95.50% | ||
Land Underlying the Hotel and Lease | Shorebreak Hotel | |||
Real Estate Properties [Line Items] | |||
Interest in land under hotel (as a percent of ownership) | 4.50% |
Commitments and Contingencies74
Commitments and Contingencies - Ground Leases Annual Rent (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2031 | Dec. 31, 2016 | |
Schedule of Ground Leased Assets [Line Items] | ||
Annual increase in rent | 5.50% | |
Courtyard Manhattan / Fifth Avenue | ||
Schedule of Ground Leased Assets [Line Items] | ||
Term | 49 years | |
Ground leases renewal option (in years) | 49 years | |
Courtyard Manhattan / Fifth Avenue | Maximum | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent (as a percentage of gross revenue) | 5.00% | |
Marriott Salt Lake City Downtown | ||
Schedule of Ground Leased Assets [Line Items] | ||
Ownership percentage of hotel land | 21.00% | |
Annual rent reimbursed by hotel | 21.00% | |
Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Term | 30 years | |
Boston Westin Waterfront | Maximum | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent (as a percentage of gross revenue) | 2.50% | |
JW Marriot Denver at Cherry Creek | ||
Schedule of Ground Leased Assets [Line Items] | ||
Ground leases renewal option (in years) | 5 years | |
Renaissance Worthington | ||
Schedule of Ground Leased Assets [Line Items] | ||
Ground leases renewal option (in years) | 15 years | |
Through 4/2087 | Bethesda Marriott Suites | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | $ 702,020 | |
10/2007 - 9/2017 | Courtyard Manhattan / Fifth Avenue | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 906,000 | |
10/2017 - 9/2027 | Courtyard Manhattan / Fifth Avenue | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 1,132,812 | |
10/2027 - 9/2037 | Courtyard Manhattan / Fifth Avenue | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 1,416,015 | |
10/2037 - 9/2047 | Courtyard Manhattan / Fifth Avenue | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 1,770,019 | |
10/2047 - 9/2057 | Courtyard Manhattan / Fifth Avenue | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 2,212,524 | |
10/2057 - 9/2067 | Courtyard Manhattan / Fifth Avenue | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 2,765,655 | |
10/2067 - 9/2077 | Courtyard Manhattan / Fifth Avenue | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 3,457,069 | |
10/2077 - 9/2085 | Courtyard Manhattan / Fifth Avenue | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 4,321,336 | |
Through 12/2056 | Salt Lake City Marriott Downtown | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | $ 132,000 | |
Annual rent expense (as a percentage of gross room sales) | 2.60% | |
1/2013 - 12/2017 | Salt Lake City Marriott Downtown | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | $ 11,305 | |
1/2013 - 12/2015 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 500,000 | |
1/2015 - 12/2020 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 750,000 | |
1/2021 - 12/2025 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 1,000,000 | |
1/2021 - 12/2025 | JW Marriot Denver at Cherry Creek | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 55,000 | |
1/2025 - 12/2030 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 1,500,000 | |
1/2025 - 12/2030 | JW Marriot Denver at Cherry Creek | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 60,000 | |
1/2031 - 12/2035 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 1,750,000 | |
1/2036 - 5/2099 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | $ 0 | |
Through 12/2015 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent (as a percentage of gross revenue) | 0.00% | |
1/2016 - 12/2025 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent (as a percentage of gross revenue) | 1.00% | |
1/2026 - 12/2035 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent (as a percentage of gross revenue) | 1.50% | |
1/2036 - 12/2045 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent (as a percentage of gross revenue) | 2.75% | |
1/2046 - 12/2055 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent (as a percentage of gross revenue) | 3.00% | |
1/2056 - 12/2065 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent (as a percentage of gross revenue) | 3.25% | |
1/2066 - 5/2099 | Boston Westin Waterfront | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent (as a percentage of gross revenue) | 3.50% | |
1/2015 - 12/2020 | JW Marriot Denver at Cherry Creek | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | $ 50,000 | |
Through 4/2016 | Shorebreak Hotel | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 115,542 | |
5/2016 - 4/2021 | Shorebreak Hotel | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | $ 126,649 | |
Rent increase (in years) | 5 years | |
8/2013 - 7/2022 | Renaissance Worthington | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | $ 40,400 | |
8/2022 - 7/2037 | Renaissance Worthington | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 46,081 | |
8/2037 - 7/2052 | Renaissance Worthington | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | 51,763 | |
8/2052 - 7/2067 | Renaissance Worthington | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual rent | $ 57,444 | |
Scenario, Forecast | JW Marriot Denver at Cherry Creek | ||
Schedule of Ground Leased Assets [Line Items] | ||
Annual increase in rent | 3.00% | |
Rent increase (in years) | 1 year |
Commitments and Contingencies75
Commitments and Contingencies - Schedule Of Future Minimum Rental Commitments under Non-cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 4,345 |
2,018 | 3,886 |
2,019 | 3,462 |
2,020 | 3,418 |
2,021 | 3,391 |
Thereafter | 618,736 |
Total | $ 637,238 |
Fair Value of Financial Instr76
Fair Value of Financial Instruments - Fair Value of Certain Financial Assets and Liabilities and Other Financial Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | $ 920,539 | $ 1,169,749 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Carrying value | 920,539 | 1,169,749 |
Fair Value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value | $ 906,156 | $ 1,152,351 |
Segment Information (Details)
Segment Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | $ 206,621 | $ 220,239 | $ 256,664 | $ 213,034 | $ 233,799 | $ 238,502 | $ 249,801 | $ 208,888 | $ 896,558 | $ 930,990 | $ 872,862 |
Net Assets | 2,646,675 | 2,882,029 | 2,646,675 | 2,882,029 | 2,763,990 | ||||||
Chicago | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 126,273 | 128,952 | 132,690 | ||||||||
Net Assets | 476,246 | 449,742 | 476,246 | 449,742 | 436,490 | ||||||
Los Angeles | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 0 | 0 | 64,923 | ||||||||
Net Assets | 0 | 0 | 0 | 0 | 0 | ||||||
Boston | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 132,791 | 130,791 | 116,861 | ||||||||
Net Assets | 383,059 | 394,502 | 383,059 | 394,502 | 397,807 | ||||||
US Virgin Islands | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 66,949 | 64,383 | 65,586 | ||||||||
Net Assets | 114,135 | 116,618 | 114,135 | 116,618 | 118,458 | ||||||
New York | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 139,920 | 150,567 | 134,841 | ||||||||
Net Assets | 573,648 | 644,243 | 573,648 | 644,243 | 660,609 | ||||||
Minneapolis | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 24,788 | 54,247 | 49,704 | ||||||||
Net Assets | 0 | 124,339 | 0 | 124,339 | 131,080 | ||||||
Denver | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 36,077 | 36,516 | 34,206 | ||||||||
Net Assets | 108,961 | 111,221 | 108,961 | 111,221 | 113,670 | ||||||
Other | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Revenues | 369,760 | 365,534 | 274,051 | ||||||||
Net Assets | $ 990,626 | $ 1,041,364 | $ 990,626 | $ 1,041,364 | $ 905,876 |
Quarterly Operating Results (78
Quarterly Operating Results (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Data [Abstract] | |||||||||||
Total revenue | $ 206,621 | $ 220,239 | $ 256,664 | $ 213,034 | $ 233,799 | $ 238,502 | $ 249,801 | $ 208,888 | $ 896,558 | $ 930,990 | $ 872,862 |
Total operating expenses | 172,870 | 178,936 | 198,559 | 188,723 | 195,511 | 197,086 | 205,637 | 187,482 | 739,088 | 785,716 | 735,395 |
Operating income | 33,751 | 41,303 | 58,105 | 24,311 | 38,288 | 41,416 | 44,164 | 21,406 | 157,470 | 145,274 | 137,467 |
Net income | $ 23,906 | $ 29,937 | $ 44,175 | $ 16,778 | $ 25,703 | $ 24,464 | $ 24,822 | $ 10,641 | $ 114,796 | $ 85,630 | $ 163,377 |
Basic earnings per share (in dollars per share) | $ 0.12 | $ 0.15 | $ 0.22 | $ 0.08 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.05 | $ 0.57 | $ 0.43 | $ 0.83 |
Diluted earnings per share (in dollars per share) | $ 0.12 | $ 0.15 | $ 0.22 | $ 0.08 | $ 0.14 | $ 0.12 | $ 0.12 | $ 0.05 | $ 0.57 | $ 0.43 | $ 0.83 |
Schedule III - Real Estate an79
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2016 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ (827,219,000) | |||
Initial Cost - Land | 552,914,000 | |||
Initial Cost - Buildings and Improvements | 2,137,779,000 | |||
Costs Capitalized Subsequent to Acquisition | 226,941,000 | |||
Gross Amount at End of Year - Land | 553,769,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 2,363,865,000 | |||
Gross Amount at End of Year - Total | $ 3,125,051,000 | $ 2,944,103,000 | $ 2,724,617,000 | 2,917,634,000 |
Accumulated Depreciation | (419,309,000) | (355,462,000) | (324,913,000) | (441,952,000) |
Net Book Value | 2,475,682,000 | |||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Balance at beginning of period | 3,125,051,000 | 2,944,103,000 | 2,724,617,000 | |
Additions: | ||||
Capital expenditures | 61,823,000 | 30,965,000 | 26,831,000 | |
Acquisitions | 0 | 149,983,000 | 332,975,000 | |
Deductions: | ||||
Dispositions and other | (269,240,000) | 0 | (140,320,000) | |
Balance at end of period | 2,917,634,000 | 3,125,051,000 | 2,944,103,000 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at beginning of period | (419,309,000) | (355,462,000) | (324,913,000) | |
Depreciation and amortization | 65,490,000 | 63,847,000 | 59,965,000 | |
Dispositions and other | (42,847,000) | 0 | (11,312,000) | |
Balance at end of period | (441,952,000) | $ (419,309,000) | $ (355,462,000) | |
Aggregate cost of properties for Federal income tax purposes | 2,791,802 | |||
Atlanta Alpharetta Marriott | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 3,623,000 | |||
Initial Cost - Buildings and Improvements | 33,503,000 | |||
Costs Capitalized Subsequent to Acquisition | 1,282,000 | |||
Gross Amount at End of Year - Land | 3,623,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 34,785,000 | |||
Gross Amount at End of Year - Total | 38,408,000 | 38,408,000 | ||
Accumulated Depreciation | $ (9,894,000) | (9,894,000) | ||
Net Book Value | 28,514,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 38,408,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (9,894,000) | |||
Bethesda Marriott Suites | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 45,656,000 | |||
Costs Capitalized Subsequent to Acquisition | 1,914,000 | |||
Gross Amount at End of Year - Land | 0 | |||
Gross Amount at End of Year - Buildings and Improvements | 47,570,000 | |||
Gross Amount at End of Year - Total | 47,570,000 | 47,570,000 | ||
Accumulated Depreciation | $ (14,265,000) | (14,265,000) | ||
Net Book Value | 33,305,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 47,570,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (14,265,000) | |||
Boston Westin Waterfront | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (201,470,000) | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 273,696,000 | |||
Costs Capitalized Subsequent to Acquisition | 23,019,000 | |||
Gross Amount at End of Year - Land | 0 | |||
Gross Amount at End of Year - Buildings and Improvements | 296,715,000 | |||
Gross Amount at End of Year - Total | 296,715,000 | 296,715,000 | ||
Accumulated Depreciation | $ (72,872,000) | (72,872,000) | ||
Net Book Value | 223,843,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 296,715,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (72,872,000) | |||
Chicago Marriott Downtown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 36,900,000 | |||
Initial Cost - Buildings and Improvements | 347,921,000 | |||
Costs Capitalized Subsequent to Acquisition | 58,121,000 | |||
Gross Amount at End of Year - Land | 36,900,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 406,042,000 | |||
Gross Amount at End of Year - Total | 442,942,000 | 442,942,000 | ||
Accumulated Depreciation | $ (99,411,000) | (99,411,000) | ||
Net Book Value | 343,531,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 442,942,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (99,411,000) | |||
The Gwen Chicago | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 31,650,000 | |||
Initial Cost - Buildings and Improvements | 76,961,000 | |||
Costs Capitalized Subsequent to Acquisition | 7,880,000 | |||
Gross Amount at End of Year - Land | 31,650,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 84,841,000 | |||
Gross Amount at End of Year - Total | 116,491,000 | 116,491,000 | ||
Accumulated Depreciation | $ (20,138,000) | (20,138,000) | ||
Net Book Value | 96,353,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 116,491,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (20,138,000) | |||
Courtyard Denver | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 9,400,000 | |||
Initial Cost - Buildings and Improvements | 36,180,000 | |||
Costs Capitalized Subsequent to Acquisition | 1,548,000 | |||
Gross Amount at End of Year - Land | 9,400,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 37,728,000 | |||
Gross Amount at End of Year - Total | 47,128,000 | 47,128,000 | ||
Accumulated Depreciation | $ (5,057,000) | (5,057,000) | ||
Net Book Value | 42,071,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 47,128,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (5,057,000) | |||
Courtyard Manhattan / Fifth Avenue | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 34,685,000 | |||
Costs Capitalized Subsequent to Acquisition | 3,999,000 | |||
Gross Amount at End of Year - Land | 0 | |||
Gross Amount at End of Year - Buildings and Improvements | 38,684,000 | |||
Gross Amount at End of Year - Total | 38,684,000 | 38,684,000 | ||
Accumulated Depreciation | $ (11,292,000) | (11,292,000) | ||
Net Book Value | 27,392,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 38,684,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (11,292,000) | |||
Courtyard Manhattan / Midtown East | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (85,451,000) | |||
Initial Cost - Land | 16,500,000 | |||
Initial Cost - Buildings and Improvements | 54,812,000 | |||
Costs Capitalized Subsequent to Acquisition | 4,165,000 | |||
Gross Amount at End of Year - Land | 16,500,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 58,977,000 | |||
Gross Amount at End of Year - Total | 75,477,000 | 75,477,000 | ||
Accumulated Depreciation | $ (17,222,000) | (17,222,000) | ||
Net Book Value | 58,255,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 75,477,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (17,222,000) | |||
Frenchman's Reef & Morning Star Marriott Beach | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 17,713,000 | |||
Initial Cost - Buildings and Improvements | 50,697,000 | |||
Costs Capitalized Subsequent to Acquisition | 49,494,000 | |||
Gross Amount at End of Year - Land | 17,713,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 100,191,000 | |||
Gross Amount at End of Year - Total | 117,904,000 | 117,904,000 | ||
Accumulated Depreciation | $ (24,039,000) | (24,039,000) | ||
Net Book Value | 93,865,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 117,904,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (24,039,000) | |||
Hilton Boston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 23,262,000 | |||
Initial Cost - Buildings and Improvements | 128,628,000 | |||
Costs Capitalized Subsequent to Acquisition | 11,794,000 | |||
Gross Amount at End of Year - Land | 23,262,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 140,422,000 | |||
Gross Amount at End of Year - Total | 163,684,000 | 163,684,000 | ||
Accumulated Depreciation | $ (14,961,000) | (14,961,000) | ||
Net Book Value | 148,723,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 163,684,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (14,961,000) | |||
Hilton Burlington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 9,197,000 | |||
Initial Cost - Buildings and Improvements | 40,644,000 | |||
Costs Capitalized Subsequent to Acquisition | 1,985,000 | |||
Gross Amount at End of Year - Land | 9,197,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 42,629,000 | |||
Gross Amount at End of Year - Total | 51,826,000 | 51,826,000 | ||
Accumulated Depreciation | $ (4,762,000) | (4,762,000) | ||
Net Book Value | 47,064,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 51,826,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (4,762,000) | |||
Hilton Garden Inn New York City/Times Square Central | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 60,300,000 | |||
Initial Cost - Buildings and Improvements | 88,896,000 | |||
Costs Capitalized Subsequent to Acquisition | 182,000 | |||
Gross Amount at End of Year - Land | 60,300,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 89,078,000 | |||
Gross Amount at End of Year - Total | 149,378,000 | 149,378,000 | ||
Accumulated Depreciation | $ (5,199,000) | (5,199,000) | ||
Net Book Value | 144,179,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 149,378,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (5,199,000) | |||
Hotel Rex | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 7,856,000 | |||
Initial Cost - Buildings and Improvements | 21,085,000 | |||
Costs Capitalized Subsequent to Acquisition | (54,000) | |||
Gross Amount at End of Year - Land | 7,856,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 21,031,000 | |||
Gross Amount at End of Year - Total | 28,887,000 | 28,887,000 | ||
Accumulated Depreciation | $ (2,174,000) | (2,174,000) | ||
Net Book Value | 26,713,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 28,887,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (2,174,000) | |||
Inn At Key West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 32,888,000 | |||
Initial Cost - Buildings and Improvements | 13,371,000 | |||
Costs Capitalized Subsequent to Acquisition | 225,000 | |||
Gross Amount at End of Year - Land | 32,888,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 13,596,000 | |||
Gross Amount at End of Year - Total | 46,484,000 | 46,484,000 | ||
Accumulated Depreciation | $ (1,000,000) | (1,000,000) | ||
Net Book Value | 45,484,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 46,484,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (1,000,000) | |||
JW Marriot Denver at Cherry Creek | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (64,579,000) | |||
Initial Cost - Land | 9,200,000 | |||
Initial Cost - Buildings and Improvements | 63,183,000 | |||
Costs Capitalized Subsequent to Acquisition | 1,445,000 | |||
Gross Amount at End of Year - Land | 9,200,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 64,628,000 | |||
Gross Amount at End of Year - Total | 73,828,000 | 73,828,000 | ||
Accumulated Depreciation | $ (8,996,000) | (8,996,000) | ||
Net Book Value | 64,832,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 73,828,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (8,996,000) | |||
Lexington Hotel New York | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (170,368,000) | |||
Initial Cost - Land | 92,000,000 | |||
Initial Cost - Buildings and Improvements | 229,368,000 | |||
Costs Capitalized Subsequent to Acquisition | 16,532,000 | |||
Gross Amount at End of Year - Land | 92,000,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 245,900,000 | |||
Gross Amount at End of Year - Total | 337,900,000 | 337,900,000 | ||
Accumulated Depreciation | $ (32,904,000) | (32,904,000) | ||
Net Book Value | 304,996,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 337,900,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (32,904,000) | |||
Renaissance Charleston | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 5,900,000 | |||
Initial Cost - Buildings and Improvements | 32,511,000 | |||
Costs Capitalized Subsequent to Acquisition | 976,000 | |||
Gross Amount at End of Year - Land | 5,900,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 33,487,000 | |||
Gross Amount at End of Year - Total | 39,387,000 | 39,387,000 | ||
Accumulated Depreciation | $ (5,260,000) | (5,260,000) | ||
Net Book Value | 34,127,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 39,387,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (5,260,000) | |||
Renaissance Worthington | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (85,000,000) | |||
Initial Cost - Land | 15,500,000 | |||
Initial Cost - Buildings and Improvements | 63,428,000 | |||
Costs Capitalized Subsequent to Acquisition | 14,021,000 | |||
Gross Amount at End of Year - Land | 15,500,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 77,449,000 | |||
Gross Amount at End of Year - Total | 92,949,000 | 92,949,000 | ||
Accumulated Depreciation | $ (18,982,000) | (18,982,000) | ||
Net Book Value | 73,967,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 92,949,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (18,982,000) | |||
Salt Lake City Marriott Downtown | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (58,331,000) | |||
Initial Cost - Land | 0 | |||
Initial Cost - Buildings and Improvements | 45,815,000 | |||
Costs Capitalized Subsequent to Acquisition | 4,088,000 | |||
Gross Amount at End of Year - Land | 855,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 49,048,000 | |||
Gross Amount at End of Year - Total | 49,903,000 | 49,903,000 | ||
Accumulated Depreciation | $ (14,445,000) | (14,445,000) | ||
Net Book Value | 35,458,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 49,903,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (14,445,000) | |||
Sheraton Suites Key West | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 49,592,000 | |||
Initial Cost - Buildings and Improvements | 42,958,000 | |||
Costs Capitalized Subsequent to Acquisition | 148,000 | |||
Gross Amount at End of Year - Land | 49,592,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 43,106,000 | |||
Gross Amount at End of Year - Total | 92,698,000 | 92,698,000 | ||
Accumulated Depreciation | $ (1,694,000) | (1,694,000) | ||
Net Book Value | 91,004,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 92,698,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (1,694,000) | |||
Shorebreak Hotel | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 19,908,000 | |||
Initial Cost - Buildings and Improvements | 37,525,000 | |||
Costs Capitalized Subsequent to Acquisition | 691,000 | |||
Gross Amount at End of Year - Land | 19,908,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 38,216,000 | |||
Gross Amount at End of Year - Total | 58,124,000 | 58,124,000 | ||
Accumulated Depreciation | $ (1,819,000) | (1,819,000) | ||
Net Book Value | 56,305,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 58,124,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (1,819,000) | |||
The Lodge at Sonoma, a Renaissance Resort and Spa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (28,896,000) | |||
Initial Cost - Land | 3,951,000 | |||
Initial Cost - Buildings and Improvements | 22,720,000 | |||
Costs Capitalized Subsequent to Acquisition | 1,164,000 | |||
Gross Amount at End of Year - Land | 3,951,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 23,884,000 | |||
Gross Amount at End of Year - Total | 27,835,000 | 27,835,000 | ||
Accumulated Depreciation | $ (10,033,000) | (10,033,000) | ||
Net Book Value | 17,802,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 27,835,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (10,033,000) | |||
Westin Fort Lauderdale Beach Resort | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 54,293,000 | |||
Initial Cost - Buildings and Improvements | 83,227,000 | |||
Costs Capitalized Subsequent to Acquisition | 1,435,000 | |||
Gross Amount at End of Year - Land | 54,293,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 84,662,000 | |||
Gross Amount at End of Year - Total | 138,955,000 | 138,955,000 | ||
Accumulated Depreciation | $ (4,401,000) | (4,401,000) | ||
Net Book Value | 134,554,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 138,955,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (4,401,000) | |||
Westin San Diego | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (66,276,000) | |||
Initial Cost - Land | 22,902,000 | |||
Initial Cost - Buildings and Improvements | 95,617,000 | |||
Costs Capitalized Subsequent to Acquisition | 6,935,000 | |||
Gross Amount at End of Year - Land | 22,902,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 102,552,000 | |||
Gross Amount at End of Year - Total | 125,454,000 | 125,454,000 | ||
Accumulated Depreciation | $ (11,167,000) | (11,167,000) | ||
Net Book Value | 114,287,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 125,454,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (11,167,000) | |||
Westin Washington, D.C. City Center | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | (66,848,000) | |||
Initial Cost - Land | 24,579,000 | |||
Initial Cost - Buildings and Improvements | 122,229,000 | |||
Costs Capitalized Subsequent to Acquisition | 10,484,000 | |||
Gross Amount at End of Year - Land | 24,579,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 132,713,000 | |||
Gross Amount at End of Year - Total | 157,292,000 | 157,292,000 | ||
Accumulated Depreciation | $ (14,286,000) | (14,286,000) | ||
Net Book Value | 143,006,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 157,292,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | (14,286,000) | |||
Vail Marriott Mountain Resort & Spa | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | 0 | |||
Initial Cost - Land | 5,800,000 | |||
Initial Cost - Buildings and Improvements | 52,463,000 | |||
Costs Capitalized Subsequent to Acquisition | 3,468,000 | |||
Gross Amount at End of Year - Land | 5,800,000 | |||
Gross Amount at End of Year - Buildings and Improvements | 55,931,000 | |||
Gross Amount at End of Year - Total | 61,731,000 | 61,731,000 | ||
Accumulated Depreciation | $ (15,679,000) | (15,679,000) | ||
Net Book Value | $ 46,052,000 | |||
Depreciation Life (in years) | 40 years | |||
Deductions: | ||||
Balance at end of period | $ 61,731,000 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Balance at end of period | $ (15,679,000) |