Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 12, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Entity Registrant Name | APPLE HOSPITALITY REIT, INC. | ||
Trading Symbol | APLE | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Common Stock, Shares Outstanding | 241,525,568 | ||
Entity Public Float | $ 3,218,891,710 | ||
Amendment Flag | false | ||
Entity Central Index Key | 0001418121 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity File Number | 001-37389 | ||
Entity Incorporation, State or Country Code | VA | ||
Entity Tax Identification Number | 26-1379210 | ||
Entity Address, Address Line One | 814 East Main Street | ||
Entity Address, City or Town | Richmond | ||
Entity Address, State or Province | VA | ||
Entity Address, Postal Zip Code | 23219 | ||
City Area Code | (804) | ||
Local Phone Number | 344-8121 | ||
Title of 12(b) Security | Common Shares, no par value | ||
Security Exchange Name | NYSE | ||
Entity Interactive Data Current | Yes | ||
Documents Incorporated by Reference | Documents Incorporated by Reference The information required by Part III of this report, to the extent not set forth herein, is incorporated by reference from the Company’s definitive proxy statement to be filed with the Securities and Exchange Commission in connection with the Company’s annual meeting of shareholders to be held on May 23, 2024. | ||
Auditor Name | Ernst & Young LLP | ||
Auditor Location | Richmond, Virginia | ||
Auditor Firm ID | 42 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets | ||
Investment in real estate, net of accumulated depreciation and amortization of $1,662,942 and $1,492,097, respectively | $ 4,777,374 | $ 4,610,962 |
Assets held for sale | 15,283 | |
Cash and cash equivalents | 10,287 | 4,077 |
Restricted cash-furniture, fixtures and other escrows | 33,331 | 39,435 |
Due from third party managers, net | 36,437 | 43,331 |
Other assets, net | 64,586 | 74,909 |
Total Assets | 4,937,298 | 4,772,714 |
Liabilities | ||
Debt, net | 1,371,494 | 1,366,249 |
Finance lease liabilities | 111,892 | 112,006 |
Accounts payable and other liabilities | 129,931 | 116,064 |
Total Liabilities | 1,613,317 | 1,594,319 |
Shareholders' Equity | ||
Preferred stock, authorized 30,000,000 shares; none issued and outstanding | 0 | 0 |
Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 241,515,532 and 228,644,861 shares, respectively | 4,794,804 | 4,577,022 |
Accumulated other comprehensive income | 20,404 | 36,881 |
Distributions greater than net income | (1,491,227) | (1,435,508) |
Total Shareholders' Equity | 3,323,981 | 3,178,395 |
Total Liabilities and Shareholders' Equity | $ 4,937,298 | $ 4,772,714 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Investment in real estate accumulated depreciation (in Dollars) | $ 1,662,942 | $ 1,492,097 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 241,515,532 | 228,644,861 |
Common stock, shares outstanding | 241,515,532 | 228,644,861 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Total revenue | $ 1,343,800 | $ 1,238,417 | $ 933,869 |
Expenses: | |||
Total hotel operating expense | 780,725 | 710,481 | 542,178 |
Property taxes, insurance and other | 79,307 | 72,907 | 71,980 |
General and administrative | 47,401 | 42,464 | 41,038 |
Loss on impairment of depreciable real estate assets | 5,644 | 26,175 | 10,754 |
Depreciation and amortization | 183,242 | 181,697 | 184,471 |
Total expense | 1,096,319 | 1,033,724 | 850,421 |
Gain on sale of real estate | 1,785 | 3,596 | |
Operating income | 247,481 | 206,478 | 87,044 |
Interest and other expense, net | (68,857) | (59,733) | (67,748) |
Income before income taxes | 178,624 | 146,745 | 19,296 |
Income tax expense | (1,135) | (1,940) | (468) |
Net income | 177,489 | 144,805 | 18,828 |
Other comprehensive income (loss): | |||
Interest rate derivatives | (16,477) | 52,389 | 27,294 |
Comprehensive income | $ 161,012 | $ 197,194 | $ 46,122 |
Basic net income per common share | $ 0.77 | $ 0.63 | $ 0.08 |
Diluted net income per common share | $ 0.77 | $ 0.63 | $ 0.08 |
Weighted average common shares outstanding, basic | 229,329 | 228,946 | 226,361 |
Weighted average common shares outstanding, diluted | 229,329 | 228,946 | 226,361 |
Room [Member] | |||
Revenues: | |||
Total revenue | $ 1,226,159 | $ 1,139,436 | $ 871,436 |
Food and Beverage [Member] | |||
Revenues: | |||
Total revenue | 56,968 | 46,010 | 22,018 |
Other [Member] | |||
Revenues: | |||
Total revenue | 60,673 | 52,971 | 40,415 |
Direct Operating [Member] | |||
Expenses: | |||
Total hotel operating expense | 332,714 | 300,852 | 216,644 |
Hotel Administrative [Member] | |||
Expenses: | |||
Total hotel operating expense | 114,071 | 105,396 | 85,066 |
Sales and Marketing [Member] | |||
Expenses: | |||
Total hotel operating expense | 117,538 | 104,756 | 79,834 |
Utilities [Member] | |||
Expenses: | |||
Total hotel operating expense | 47,422 | 45,017 | 40,635 |
Repair and Maintenance [Member] | |||
Expenses: | |||
Total hotel operating expense | 65,412 | 58,729 | 47,660 |
Royalty [Member] | |||
Expenses: | |||
Total hotel operating expense | 59,315 | 53,901 | 40,949 |
Management Service [Member] | |||
Expenses: | |||
Total hotel operating expense | $ 44,253 | $ 41,830 | $ 31,390 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Distributions Greater Than Net Income [Member] |
Balance at Dec. 31, 2020 | $ 3,029,347 | $ 4,488,419 | $ (42,802) | $ (1,416,270) |
Balance (in Shares) at Dec. 31, 2020 | 223,212 | |||
Share based compensation, net | 5,933 | $ 5,933 | ||
Share based compensation, net (in Shares) | 367 | |||
Issuance of common shares, net | 75,000 | $ 75,000 | ||
Issuance of common shares, net (in Shares) | 4,677 | |||
Interest rate derivatives | 27,294 | 27,294 | ||
Net income | 18,828 | 18,828 | ||
Distributions declared to shareholders | (9,081) | 9,081 | ||
Balance at Dec. 31, 2021 | 3,147,321 | $ 4,569,352 | (15,508) | (1,406,523) |
Balance (in Shares) at Dec. 31, 2021 | 228,256 | |||
Share based compensation, net | 10,645 | $ 10,645 | ||
Share based compensation, net (in Shares) | 577 | |||
Equity issuance costs | (300) | $ (300) | ||
Common shares repurchased | (2,675) | $ (2,675) | ||
Common shares repurchased (in Shares) | (188) | |||
Interest rate derivatives | 52,389 | 52,389 | ||
Net income | 144,805 | 144,805 | ||
Distributions declared to shareholders | (173,790) | 173,790 | ||
Balance at Dec. 31, 2022 | 3,178,395 | $ 4,577,022 | 36,881 | (1,435,508) |
Balance (in Shares) at Dec. 31, 2022 | 228,645 | |||
Share based compensation, net | 8,772 | $ 8,772 | ||
Share based compensation, net (in Shares) | 525 | |||
Issuance of common shares, net | 215,890 | $ 215,890 | ||
Issuance of common shares, net (in Shares) | 12,826 | |||
Common shares repurchased | $ (6,880) | $ (6,880) | ||
Common shares repurchased (in Shares) | (500) | (480) | ||
Interest rate derivatives | $ (16,477) | (16,477) | ||
Net income | 177,489 | 177,489 | ||
Distributions declared to shareholders | (233,208) | 233,208 | ||
Balance at Dec. 31, 2023 | $ 3,323,981 | $ 4,794,804 | $ 20,404 | $ (1,491,227) |
Balance (in Shares) at Dec. 31, 2023 | 241,516 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Distributions declared to shareholders | $ 1.01 | $ 0.76 | $ 0.04 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 177,489 | $ 144,805 | $ 18,828 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Depreciation and amortization | 183,242 | 181,697 | 184,471 |
Loss on impairment of depreciable real estate assets | 5,644 | 26,175 | 10,754 |
Gain on sale of real estate | (1,785) | (3,596) | |
Other non-cash expenses, net | 8,708 | 8,653 | 10,284 |
Changes in operating assets and liabilities: | |||
Decrease (increase) in due from third party managers, net | 7,098 | (3,436) | (18,113) |
Decrease (increase) in other assets, net | (6,088) | (1,685) | 846 |
Increase in accounts payable and other liabilities | 22,951 | 14,022 | 14,088 |
Net cash provided by operating activities | 399,044 | 368,446 | 217,562 |
Cash flows from investing activities: | |||
Acquisition of hotel properties, net | (291,388) | (84,827) | (362,486) |
Disbursements for potential acquisitions, net | (1,177) | (893) | |
Capital improvements | (72,066) | (59,376) | (18,312) |
Net proceeds from sale of real estate | 8,293 | 231,008 | |
Net cash used in investing activities | (364,631) | (135,910) | (150,683) |
Cash flows from financing activities: | |||
Net proceeds (disbursements) related to issuance of common shares | 215,923 | (265) | 75,000 |
Repurchases of common shares | (6,880) | (2,675) | |
Repurchases of common shares to satisfy employee withholding requirements | (8,008) | (6,333) | (3,345) |
Distributions paid to common shareholders | (238,283) | (139,467) | (6,797) |
Net payments on revolving credit facility | (76,000) | (29,800) | |
Proceeds from term loans and senior notes | 50,000 | 175,000 | |
Payments of mortgage debt and other loans | (46,213) | (168,831) | (70,724) |
Principal payments on finance leases | (340) | (173) | (24,045) |
Financing costs | (506) | (10,229) | (1,587) |
Net cash used in financing activities | (34,307) | (228,973) | (61,298) |
Net change in cash, cash equivalents and restricted cash | 106 | 3,563 | 5,581 |
Cash, cash equivalents and restricted cash, beginning of period | 43,512 | 39,949 | 34,368 |
Cash, cash equivalents and restricted cash, end of period | 43,618 | 43,512 | 39,949 |
Supplemental cash flow information: | |||
Interest paid | 67,835 | 57,721 | 63,149 |
Income taxes paid | 1,293 | 1,699 | 637 |
Supplemental disclosure of noncash investing and financing activities: | |||
Notes payable originated from acquisitions | 56,000 | ||
Accrued distribution to common shareholders | 31,397 | 36,551 | 2,281 |
Accrued capital expenditures | 15,816 | 11,050 | 8,924 |
Reconciliation of cash, cash equivalents and restricted cash: | |||
Cash and cash equivalents, beginning of period | 4,077 | 3,282 | 5,556 |
Restricted cash-furniture, fixtures and other escrows, beginning of period | 39,435 | 36,667 | 28,812 |
Cash, cash equivalents and restricted cash, beginning of period | 43,512 | 39,949 | 34,368 |
Cash and cash equivalents, end of period | 10,287 | 4,077 | 3,282 |
Restricted cash-furniture, fixtures and other escrows, end of period | 33,331 | 39,435 | 36,667 |
Cash, cash equivalents and restricted cash, end of period | $ 43,618 | $ 43,512 | $ 39,949 |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Pay vs Performance Disclosure | |||
Net Income (Loss) | $ 177,489 | $ 144,805 | $ 18,828 |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Dec. 31, 2023 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Note 1 Organization and Summary of Significant Accounting Policies Organization Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states , including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024 . The Company also owns one property leased to third parties. All information related to the number of rooms included in these notes to the consolidated financial statements and Schedule III - Real Estate and Accumulated Depreciation and Amortization listed in the Index at Item 15 has not been audited. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” The Company has elected to be treated as a REIT for U.S. federal income tax purposes. The Company has a wholly-owned taxable REIT subsidiary (or subsidiaries thereof) (collectively, the “Lessee” or “TRS”), which leases all of the Company’s hotels. Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits. Restricted Cash Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5 % of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. The fair market value of restricted cash approximates its carrying value. Investment in Real Estate and Related Depreciation and Amortization Real estate is stated at cost, net of depreciation and amortization. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. As further discussed in Note 10, finance ground lease assets are capitalized at the estimated present value of the remaining minimum lease payments under the leases. Depreciation and amortization are computed using the straight-line method over the average estimated useful lives of the assets, which are generally 39 years for buildings, the remaining life of the lease for finance ground leases (which in some instances may include renewal options), 10 to 20 years for franchise fees, 10 years for major improvements and three to seven years for furniture and equipment. The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended. Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on the evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature, including comparable land sales as well as industry and Company data regarding building and furniture, fixture and equipment costs, including adjustments for estimated depreciation based on the age of the property acquired and time since its most recent renovation. The Company has not assigned any value to management contracts and franchise agreements as such contracts are generally at current market rates based on the remaining terms of the contracts and any other value attributable to these contracts is not considered material. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions and other related costs, being capitalized as part of the cost of the assets acquired, instead of accounted for separately as expenses in the period that they are incurred. The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The Company performs an annual recoverability analysis by comparing each property’s net book value to its estimated operating income based on assumptions and estimates about the property’s future revenues, expenses and capital expenditures after recovery from disruption resulting from COVID-19 and other disruptive events such as renovations or newly opened hotels in the same market. The Company’s planned initial hold period for each property is generally 39 years. If events or circumstances change, such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable, and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. The Company’s ongoing analyses and annual recoverability analyses have identified impairment losses on two properties recorded in 2023, two properties recorded in 2022 and five properties recorded in 2021 totaling approximately $ 5.6 million, $ 26.2 million and $ 10.8 million, respectively, as discussed in Note 2. Assets Held for Sale The Company classifies assets as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant contingencies exist which could prevent the transaction from being completed in a timely manner, and the sale is expected to close within one year. If these criteria are met, the Company will cease recording depreciation and amortization and will record an impairment charge if the fair value less costs to sell is less than the carrying amount of the disposal group. The Company will generally classify the impairment charge, together with the related operating results, as continuing operations in the Company’s consolidated statements of operations and classify the assets and related liabilities as held for sale in the Company’s consolidated balance sheets. If the Company’s plan of sale changes and the Company subsequently decides not to sell a property that is classified as held for sale, the property will be reclassified as held and used in the period the change occurs. As of December 31, 2023 , the Company had two hotels classified as held for sale, which were both sold to an unrelated party in February 2024, as discussed further in Note 3. As of December 31, 2022 , the Company did no t have any assets classified as held for sale. Revenue Recognition Revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other hotel revenues, and are presented on a disaggregated basis in the Company’s consolidated statements of operations. The Company recognizes hotel operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. Room revenue represents revenue from the occupancy of hotel rooms and is driven by the occupancy and average daily rate charged. Room revenue does not include ancillary services or fees charged. The contracts for room stays with customers generally are very short-term in duration and revenue is recognized over the course of the hotel stay. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Food and beverage revenue consists of revenue from group functions such as banquets and conferences as well as revenue from the restaurants and lounges at the Company’s hotels. Food and beverage revenue is recognized at the time the products or services are provided to the customer. Other operating revenue consists of ancillary revenues at the hotel, including attrition and cancelation fees, parking revenue and other guest services and offerings. Other operating revenue is generally recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy. Comprehensive Income Comprehensive income includes net income and other comprehensive income (loss), which is comprised of unrealized gains or losses resulting from hedging activity. Net Income Per Common Share Basic net income per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted net income per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. Basic and dilutive net income per common share were the same for each of the years presented. Income Taxes The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates (including any applicable corporate minimum tax) and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which it failed to qualify as a REIT, unless it satisfies certain relief provisions. The Company intends to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. The Lessee, as a taxable REIT subsidiary of the Company, is subject to federal and state income taxes. The Company’s income tax expense as shown in the consolidated statements of operations primarily consists of income taxes on the operations of the Lessee and franchise taxes on both the REIT and the Lessee at the state jurisdiction level. The Company accounts for income taxes using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2023, the tax years that remain subject to examination by major tax jurisdictions generally include 2020-2023. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes for uncertain tax positions is required in the Company's consolidated financial statements as of December 31, 2023, and 2022. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. The Company has and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). Sales and Marketing Costs Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservation systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion. Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. ( “ GAAP ” ) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Accounting Standards Recently Issued In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items on an annual and interim basis and disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and requires a public entity that has a single reportable segment to provide all disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. This ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This update requires disclosure, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements. |
Investment in Real Estate
Investment in Real Estate | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Investment in Real Estate | Note 2 Investment in Real Estate The Company’s investment in real estate consisted of the following (in thousands): December 31, December 31, 2023 2022 Land $ 828,868 $ 802,625 Building and improvements 4,917,105 4,656,343 Furniture, fixtures and equipment 571,026 522,082 Finance ground lease assets 102,084 102,084 Franchise fees 21,233 19,925 6,440,316 6,103,059 Less accumulated depreciation and amortization ( 1,662,942 ) ( 1,492,097 ) Investment in real estate, net $ 4,777,374 $ 4,610,962 As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states , including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024 . In May 2023, the Company entered into an operating lease for an initial 15-year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms (“non-hotel property”). Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 through the end of the lease term. The Company leases all of its 225 hotels to a wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements. 2023 and 2022 Acquisitions During 2023 , the Company acquired six hotels and one free-standing parking garage. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each property. All dollar amounts are in thousands. City State Brand Manager Date Rooms Gross Cleveland OH Courtyard Concord 6/30/2023 154 $ 31,000 Salt Lake City UT Courtyard North Central 10/11/2023 175 48,110 Salt Lake City UT Hyatt House North Central 10/11/2023 159 34,250 Salt Lake City (1) UT N/A North Central 10/11/2023 N/A 9,140 Renton WA Residence Inn InnVentures 10/18/2023 146 55,500 South Jordan UT Embassy Suites HHM 11/21/2023 192 36,750 Las Vegas NV SpringHill Suites Crescent 12/27/2023 299 75,000 1,125 $ 289,750 (1) This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand. During 2022 , the Company acquired two hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Rooms Gross Louisville KY AC Hotels Concord 10/25/2022 156 $ 51,000 Pittsburgh PA AC Hotels Concord 10/25/2022 134 34,000 290 $ 85,000 In 2023, the Company utilized its available cash on hand, net proceeds from sale of shares under the ATM program (as defined below) and availability under its Revolving Credit Facility (as defined below) to purchase the properties. In 2022, the Company utilized its available cash on hand and a $ 50 million draw on its $ 575 million term loan facility (as defined below) to purchase both hotels. The acquisitions of these hotel properties were accounted for as acquisitions of asset groups, whereby costs incurred to effect the acquisitions (which were not significant) were capitalized as part of the cost of the assets acquired. For the six hotels and free-standing parking garage acquired during 2023, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through December 31, 2023 was approximately $ 9.7 million and $ 1.6 million, respectively. For the two hotels acquired during 2022, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through December 31, 2022 was approximately $ 2.4 million and $ 0.6 million, respectively. Loss on Impairment of Depreciable Real Estate Assets During the years ended December 31, 2023, 2022 and 2021, the Company recorded impairment losses totaling approximately $ 5.6 million , $ 26.2 million and $ 10.8 million, respectively. During the fourth quarter of 2023, the Company identified indicators of impairment at two properties, due to declines in the current and forecasted cash flows and a shortened hold period. The Company performed a test of recoverability and determined that the carrying value for each property exceeded the estimated undiscounted future cash flows. The shortfalls in estimated cash flows were triggered by declines in existing and forecasted hotel market conditions and new supply in each respective market. For both hotels, the Company utilized an offer from an unrelated party, net of estimated selling costs (categorized as Level 2 inputs under the fair value hierarchy) to adjust the basis of the property to its estimated fair market value. Upon concluding that the carrying cost exceeded the estimated undiscounted future cash flows, the Company adjusted the carrying value of the two hotels (approximately $ 17.4 million as of December 31, 2023 ) to their estimated fair market value (approximately $ 11.8 million as of December 31, 2023), resulting in an impairment loss of $ 5.6 million . During the fourth quarter of 2022, the Company identified indicators of impairment at two properties, due to declines in the current and forecasted cash flows and a shortened hold period. The Company performed a test of recoverability and determined that the carrying value for each property exceeded the estimated undiscounted future cash flows. The shortfalls in estimated cash flows were triggered by declines in existing and forecasted hotel market conditions and new supply in each respective market. For one hotel, the Company engaged a third party to assist with the analysis of the fair market value. The fair market value of the hotel was estimated by using the income and market approaches, as applicable, as outlined under GAAP, using both observable market data (categorized as Level 2 inputs under the fair value hierarchy) and unobservable inputs that reflect the Company’s own internal assumptions and calculations (categorized as Level 3 inputs under the fair value hierarchy). Under the income approach, the fair value estimate was calculated from a discounted cash flow analysis, using expected future cash flows based on stabilized room revenue growth rates of 2.4 % to 4.8 %, estimated discount rates of approximately 7.5 % to 9.0 % and other market considerations. For the second hotel, the Company utilized offers from unrelated parties, net of estimated selling costs (categorized as Level 2 inputs under the fair value hierarchy) to adjust the basis of the property to its estimated fair market value. Upon concluding that the carrying cost exceeded the estimated undiscounted future cash flows, the Company adjusted the carrying value of the two hotels (approximately $ 47.2 million as of December 31, 2022) to their estimated fair market value (approximately $ 21.0 million as of December 31, 2022), resulting in an impairment loss of $ 26.2 million. During the first quarter of 2021, the Company identified 20 hotels for potential sale and, in April 2021, entered into a purchase contract with an unrelated party for the sale of the hotels for a gross sales price of $ 211.0 million. As a result, the Company recognized impairment losses totaling approximately $ 9.4 million in the first quarter of 2021, to adjust the carrying values of four of these hotels to their estimated fair values. The fair values of these properties were based on broker opinions of value using multiple methods to determine their value, including but not limited to replacement value, discounted cash flows and the income approach based on historical and forecasted operating results of the specific properties. These valuations are Level 3 inputs under the fair value hierarchy. The Company completed the sale of the hotels in July 2021. Additionally, during the first quarter of 2021, the Company identified the Overland Park, Kansas SpringHill Suites for potential sale and, in February 2021, entered into a purchase contract with an unrelated party for the sale of the hotel for a gross sales price of $ 5.3 million. As a result, the Company recognized an impairment loss totaling approximately $ 1.3 million in the first quarter of 2021, to adjust the carrying value of the hotel to its estimated fair value less cost to sell, which was based on the contracted sales price, a Level 1 input under the fair value hierarchy. The Company completed the sale of the hotel in April 2021. |
Assets Held for Sale and Dispos
Assets Held for Sale and Dispositions | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale and Dispositions | Note 3 Assets Held for Sale and Dispositions Assets Held for Sale In December 2023, the Company entered into a purchase contract with an unrelated party for the sale of both its 122 -room Hampton and 126 -room Homewood Suites in Rogers, Arkansas for a combined gross sales price of approximately $ 33.5 million. Since the buyer under the contract had completed its due diligence and had made a non-refundable deposit, as of December 31, 2023, the Company classified the hotels as assets held for sale in its consolidated balance sheet at their carrying value (which was less than the contract price, net of costs to sell). The Company completed the sale of both hotels in February 2024. A portion of the proceeds from the sale of the two hotels will be used to complete a 1031 Exchange with future acquisitions, which will result in the deferral of taxable gains of approximately $ 15 million. 2023 Dispositions There were no dispositions during the year ended December 31, 2023. 2022 Dispositions During the year ended December 31, 2022 , the Company sold one hotel, a 55 -room independent boutique hotel in Richmond, Virginia, to an unrelated party for a gross sales price of approximately $ 8.5 million, resulting in a gain on sale of approximately $ 1.8 million, net of transaction costs, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2022 . The hotel had a total carrying value of approximately $ 6.5 million at the time of the sale. 2021 Dispositions During the year ended December 31, 2021 , the Company sold 23 hotels in four separate transactions with unrelated parties for a total combined gross sales price of approximately $ 234.6 million, resulting in a combined net gain on sale, after giving effect to impairment charges of approximately $ 3.6 million, net of transaction costs, which is included in the Company’s consolidated statement of operations for the year ended December 31, 2021 . The 23 hotels had a total carrying value of approximately $ 227.2 million at the time of the sale. The following table lists the 23 hotels sold: City State Brand Date Sold Rooms Charlotte NC Homewood Suites 2/25/2021 118 Memphis TN Homewood Suites 3/16/2021 140 Overland Park KS SpringHill Suites 4/30/2021 102 Montgomery AL Hilton Garden Inn 7/22/2021 97 Montgomery AL Homewood Suites 7/22/2021 91 Rogers AR Residence Inn 7/22/2021 88 Phoenix AZ Courtyard 7/22/2021 127 Lakeland FL Courtyard 7/22/2021 78 Albany GA Fairfield 7/22/2021 87 Schaumburg IL Hilton Garden Inn 7/22/2021 166 Andover MA SpringHill Suites 7/22/2021 136 Fayetteville NC Residence Inn 7/22/2021 92 Greenville SC Residence Inn 7/22/2021 78 Jackson TN Hampton 7/22/2021 85 Johnson City TN Courtyard 7/22/2021 90 Allen TX Hampton 7/22/2021 103 Allen TX Hilton Garden Inn 7/22/2021 150 Beaumont TX Residence Inn 7/22/2021 133 Burleson/Fort Worth TX Hampton 7/22/2021 88 El Paso TX Hilton Garden Inn 7/22/2021 145 Irving TX Homewood Suites 7/22/2021 77 Richmond VA SpringHill Suites 7/22/2021 103 Vancouver WA SpringHill Suites 7/22/2021 119 Total 2,493 A portion of the proceeds from the sale of 20 hotels on July 22, 2021 were used to complete a 1031 Exchange, which resulted in the deferral of taxable gains of approximately $ 23.6 million. The properties acquired for the 1031 Exchange were the fee interest in the land at the Seattle, Washington Residence Inn and the AC Hotel in Portland, Maine. Excluding gains on sale of real estate, the Company’s consolidated statements of operations include operating income (loss) of approximately $ 2.7 million, $ 2.5 million and $( 6.3 ) million for the years ended December 31, 2023, 2022 and 2021 , respectively, relating to the results of operations of the 26 hotels noted above (the two hotels classified as held for sale at December 31, 2023, the one hotel sold in 2022 and the 23 hotels sold in 2021) for the period of ownership. The sale of these properties does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, and therefore the operating results for the period of ownership of these properties are included in income from continuing operations for the three years ended December 31, 2023 , as applicable. The net proceeds from the sale of the one hotel in 2022 were used for general corporate purposes, while the net proceeds from the sales of the 23 hotels in 2021 were used to pay down borrowings under the Company’s then-existing $ 425 million revolving credit facility and for general corporate purposes, including acquisitions of hotel properties. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Debt | Note 4 Debt Summary As of December 31, 2023 and 2022, the Company’s debt consisted of the following (in thousands): December 31, December 31, Revolving credit facility $ - $ - Term loans and senior notes, net 1,088,904 1,037,384 Mortgage debt, net 282,590 328,865 Debt, net $ 1,371,494 $ 1,366,249 The aggregate amounts of principal payable under the Company’s total debt obligations as of December 31, 2023 (including the Revolving Credit Facility (if any) (as defined below), term loans, senior notes and mortgage debt), for the five years subsequent to December 31, 2023 and thereafter are as follows (in thousands): 2024 $ 113,597 2025 295,140 2026 74,649 2027 278,602 2028 334,066 Thereafter 281,948 1,378,002 Unamortized fair value adjustment of assumed debt 526 Unamortized debt issuance costs ( 7,034 ) Total $ 1,371,494 The Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the annual SOFR for a one-month term (“one-month SOFR”) plus a 0.10 % SOFR spread adjustment . The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps in effect at December 31, 2023 and 2022, is set forth below. All dollar amounts are in thousands. December 31, Percentage December 31, Percentage Fixed-rate debt (1) $ 1,228,002 89 % $ 1,149,215 84 % Variable-rate debt 150,000 11 % 225,000 16 % Total $ 1,378,002 $ 1,374,215 Weighted-average interest rate of debt 4.26 % 3.93 % (1) Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements. Credit Facilities $1.2 Billion Credit Facility On July 25, 2022, the Company entered into a credit facility (the “$ 1.2 billion credit facility”) that is comprised of (i) a $ 650 million revolving credit facility with an initial maturity date of July 25, 2026 (the “Revolving Credit Facility”), (ii) a $ 275 million term loan with a maturity date of July 25, 2027 , funded at closing, and (iii) a $ 300 million term loan with a maturity date of Janu ary 31, 2028 ( including a $ 150 million delayed draw option until 180 days from closing) , of which $ 200 million was funded at closing , $ 50 million was funded on October 24, 2022 and the remaining $ 50 million was funded on January 17, 2023 (the term loans described in clauses (ii) and (iii) are referred to together as the “ $ 575 million term loan facility”). Subject to certain conditions, including covenant compliance and additional fees, the Revolving Credit Facility maturity date may be extended up to one year. The credit agreement for the $ 1.2 billion credit facility contains mandatory prepayment requirements, customary affirmative and negative covenants (as described below), restrictions on certain investments and events of default. The Company may make voluntary prepayments, in whole or in part, at any time. Interest payments on the $ 1.2 billion credit facility are due monthly, and the interest rate, subject to certain exceptions, is equal to the one-month SOFR plus a 0.10 % SOFR spread adjustment plus a margin ranging from 1.35 % to 2.25 %, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. As of December 31, 2023 , the Company had availability of $ 650 million under the Revolving Credit Facility. The Company is also required to pay quarterly an unused facility fee at an annual rate of 0.20 % or 0.25 % on the unused portion of the Revolving Credit Facility, based on the amount of borrowings outstanding during the quarter. $225 Million Term Loan Facility The Company also has an unsecured $ 225 million term loan facility that is comprised of (i) a $ 50 million term loan with an initial maturity date of August 2, 2023 , which was funded on August 2, 2018 , and (ii) a $ 175 million term loan with a maturity date of August 2, 2025 , of which $ 100 million was funded on August 2, 2018, and the remaining $ 75 million was funded on January 29, 2019 (the term loans described in clauses (i) and (ii) are referred to together as the “$ 225 million term loan facility”) . On July 19, 2023, the Company entered into an amendment of its $ 225 million term loan facility, which extended the maturity date of the existing $ 50 million term loan by two years to August 2, 2025 . The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions. Interest payments on the $ 225 million term loan facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10 % SOFR spread adjustment plus a margin ranging from 1.35 % to 2.50 %, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. 2017 $85 Million Term Loan Facility On July 25, 2017, the Company entered into an unsecured $ 85 million term loan facility with a maturity date of July 25, 2024 , consisting of one term loan (the “2017 $ 85 million term loan facility”) that was funded at closing. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions. Interest payments on the 2017 $ 85 million term loan facility are due monthly, and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10 % SOFR spread adjustment plus a margin ranging from 1.30 % to 2.10 %, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. 2019 $85 Million Term Loan Facility On December 31, 2019, the Company entered into an unsecured $ 85 million term loan facility with a maturity date of December 31, 2029 , consisting of one term loan funded at closing (the “2019 $ 85 million term loan facility”). Net proceeds from the 2019 $ 85 million term loan facility were used to pay down borrowings under the Company’s then-existing $ 425 million revolving credit f acility. The Company may make voluntary prepayments, in whole or in part, subject to certain conditions. Interest payments on the 2019 $ 85 milli on term loan facility are due monthly, and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month SOFR plus a 0.10 % SOFR spread adjustment plus a margin ranging from 1.70 % to 2.55 %, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. $50 Million Senior Notes Facility On March 16, 2020, the Company entered into an unsecured $ 50 million senior notes facility with a maturity date of March 31, 2030 , consisting of senior notes totaling $ 50 million funded at closing (the “$ 50 million senior notes facility”). Net proceeds from the $ 50 million senior notes facility were available to provide funding for general corporate purposes. T he Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $ 50 million senior notes facility are due quarterly, and the interest rate, subject to certain exceptions, ranges from an annual rate of 3.60 % to 4.35 % depending on the Company’s leverage ratio, as calculated under the terms of the note agreement. $75 Million Senior Notes Facility On June 2, 2022, the Company entered into an unsecured $ 75 million senior notes facility with a maturity date of June 2, 2029 , consisting of senior notes totaling $ 75 million funded at closing (the “$ 75 million senior notes facility”, and collectively with the $ 1.2 billion credit facility, the $ 225 million term loan facility, the 2017 $ 85 million term loan facility, the 2019 $ 85 million term loan facility and the $ 50 million senior notes facility, the “unsecured credit facilities”). Net proceeds from the $ 75 million senior notes facility were available to provide funding for general corporate purposes, including the repayment of borrowings under the Company’s then-existing $ 425 million revolving credit facility and repayment of mortgage debt. The Company may make voluntary prepayments, in whole or in part, at any time, subject to certain conditions, including make-whole provisions. Interest payments on the $ 75 million senior notes facility are due quarterly, and the interest rate, subject to certain exceptions, ranges from an annual rate of 4.88 % to 5.63 % depending on the Company’s leverage ratio, as calculated under the terms of the note agreement. As of December 31, 2023 and 2022, the details of the Company’s unsecured credit facilities were as set forth in the table below. All dollar amounts are in thousands. Outstanding Balance Interest Rate Maturity December 31, 2023 December 31, 2022 Revolving credit facility (1) SOFR + 0.10 % + 1.40 % - 2.25 % 7/25/2026 $ - $ - Term loans and senior notes $275 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 7/25/2027 275,000 275,000 $300 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 1/31/2028 300,000 250,000 $50 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 8/2/2025 (3) 50,000 50,000 $175 million term loan SOFR + 0.10 % + 1.65 % - 2.50 % 8/2/2025 175,000 175,000 2017 $85 million term loan SOFR + 0.10 % + 1.30 % - 2.10 % 7/25/2024 85,000 85,000 2019 $85 million term loan SOFR + 0.10 % + 1.70 % - 2.55 % 12/31/2029 85,000 85,000 $50 million senior notes 3.60 % - 4.35 % 3/31/2030 50,000 50,000 $75 million senior notes 4.88 % - 5.63 % 6/2/2029 75,000 75,000 Term loans and senior notes at stated 1,095,000 1,045,000 Unamortized debt issuance costs ( 6,096 ) ( 7,616 ) Term loans and senior notes, net 1,088,904 1,037,384 Credit facilities, net (1) $ 1,088,904 $ 1,037,384 Weighted-average interest rate (2) 4.35 % 3.92 % (1) Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $ 3.5 million and $ 4.8 million as of December 31, 2023 and December 31, 2022 , respectively, which are included in other assets, net in the Company’s consolidated balance sheets. (2) Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $ 820.0 million and $ 695.0 million of the outstanding variable-rate debt as of December 31, 2023 and 2022, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR at December 31, 2023 and December 31, 2022 was 5.35 % and 4.36 %, respectively. (3) On July 19, 2023, the Company entered into an amendment of its $ 225 million term loan facility, which extended the maturity date of the existing $ 50 million term loan by two years to August 2, 2025 . Credit Facilities Covenants The credit agreements governing the unsecured credit facilities (collectively, the “credit agreements”) contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default, including the following financial and restrictive covenants (capitalized terms not defined below are defined in the credit agreements): • A ratio of Consolidated Total Indebtedness to Consolidated EBITDA (“Maximum Consolidated Leverage Ratio”) of not more than 7.25 to 1.00; • A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets (“Maximum Secured Leverage Ratio”) of not more than 45 %; • A minimum Consolidated Tangible Net Worth of approximately $ 3.4 billion plus an amount equal to 75 % of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 25, 2022, subject to adjustment; • A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges (“Minimum Fixed Charge Coverage Ratio”) of not less than 1.50 to 1.00 for the trailing four full quarters; • A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness (“Minimum Unsecured Interest Coverage Ratio”) of not less than 2.00 to 1.00 for the trailing four full quarters; • A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value (“Maximum Unsecured Leverage Ratio”) of not more than 60 % (subject to a higher level in certain circumstances); and • A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets (“Maximum Secured Recourse Indebtedness”) of not more than 10 %. The Company was in compliance with the applicable covenants at December 31, 2023 . Mortgage Debt As of December 31, 2023, the Company had approximately $ 283.0 million in outstanding mortgage debt secured by 15 properties with maturity dates ranging from August 2024 to May 2038 , stated interest rates ranging from 3.40 % to 4.46 % and effective interest rates ranging from 3.40 % to 4.37 %. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of December 31, 2023 and 2022 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands. Location Brand Interest (1) Loan Maturity Principal Outstanding Outstanding Miami, FL Homewood Suites 4.02 % 3/1/2014 (2) $ 16,677 $ - $ 12,440 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 (3) 8,306 - 6,193 Prattville, AL Courtyard 4.12 % 3/1/2014 (3) 6,596 - 4,918 San Diego, CA Residence Inn 3.97 % 3/1/2014 (4) 18,600 - 13,827 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 20,304 21,161 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 7,713 8,024 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 27,337 28,400 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 11,707 12,019 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,681 19,445 19,963 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 20,685 21,194 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 20,526 21,326 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 20,453 21,250 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 15,226 15,819 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 24,237 25,057 Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 13,221 13,668 Richmond, VA Courtyard 3.40 % 2/12/2020 3/11/2030 14,950 13,832 14,144 Richmond, VA Residence Inn 3.40 % 2/12/2020 3/11/2030 14,950 13,832 14,144 Portland, ME Residence Inn 3.43 % 3/2/2020 3/1/2032 33,500 30,500 30,500 San Jose, CA Homewood Suites 4.22 % 12/22/2017 5/1/2038 30,000 23,984 25,168 $ 389,033 283,002 329,215 Unamortized fair value adjustment 526 819 Unamortized debt issuance costs ( 938 ) ( 1,169 ) Total $ 282,590 $ 328,865 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. (2) Loan was repaid in full on January 3, 2023. (3) Loan was repaid in full on February 6, 2023. (4) Loan was repaid in full on March 6, 2023. The total fair value, net premium adjustment for all of the Company’s debt assumptions is being amortized as a reduction to interest expense over the remaining term of the respective mortgages using a method approximating the effective interest rate method, and totaled approximately $ 0.3 million, $ 0.2 million and $ 0.6 million for the years ended December 31, 2023, 2022 and 2021, respectively. Debt issuance costs related to the assumption or origination of debt are amortized over the period to maturity of the applicable debt instrument, as an addition to interest expense, and totaled approximately $ 3.6 million, $ 4.0 million and $ 4.2 million for the three years ended December 31, 2023, 2022 and 2021, respectively. The Company’s interest expense in 2023, 2022 and 2021 is net of interest capitalized in conjunction with hotel renovations totaling approximately $ 1.5 million, $ 1.3 million and $ 0.3 million, respectively. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Note 5 Fair Value of Financial Instruments Except as described below, the carrying value of the Company’s financial instruments approximates fair value due to the short-term nature of these financial instruments. Debt The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of December 31, 2023, the carrying value and estimated fair value of the Company’s debt was approximately $ 1.4 billion and $ 1.3 billion , respectively. As of December 31, 2022 , the carrying value and estimated fair value of the Company’s debt were approximately $ 1.4 billion and $ 1.3 billion, respectively. Both the carrying value and estimated fair value of the Company’s debt (as discussed above) is net of unamortized debt issuance costs related to term loans and mortgage debt for each specific year. Derivative Instruments Currently, the Company uses interest rate swaps to manage its interest rate risk on variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the one-month SOFR plus a 0.10 % SOFR spread adjustment . The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. These swap instruments are recorded at fair value and, if in an asset position, are included in other assets, net, and, if in a liability position, are included in accounts payable and other liabilities in the Company’s consolidated balance sheets. The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of December 31, 2023 and 2022. All dollar amounts are in thousands. Fair Value Asset (Liability) Notional Amount at December 31, 2023 Origination Effective Maturity Swap Fixed December 31, December 31, Active interest rate swaps designated as cash flow hedges at December 31, 2023: $ 50,000 12/7/2018 5/18/2020 1/31/2024 2.71 % $ 114 $ 1,163 75,000 5/31/2017 7/31/2017 6/30/2024 1.95 % 1,202 3,026 10,000 8/10/2017 8/10/2017 6/30/2024 2.02 % 157 386 50,000 7/2/2019 7/5/2019 7/18/2024 1.64 % 956 2,298 50,000 8/21/2019 8/23/2019 8/18/2024 1.31 % 1,193 2,675 50,000 8/21/2019 8/23/2019 8/30/2024 1.32 % 1,239 2,703 75,000 8/21/2019 5/18/2020 5/18/2025 1.26 % 3,273 5,225 50,000 6/1/2018 1/31/2019 6/30/2025 2.88 % 1,117 1,655 25,000 12/6/2018 1/31/2020 6/30/2025 2.74 % 608 909 75,000 8/21/2019 5/18/2021 5/18/2026 1.29 % 4,580 6,506 125,000 11/3/2023 11/3/2023 11/18/2026 4.51 % ( 2,333 ) - 50,000 3/17/2023 3/20/2023 3/18/2028 3.50 % 268 - 50,000 3/17/2023 3/20/2023 3/20/2028 3.49 % 242 - 85,000 12/31/2019 12/31/2019 12/31/2029 1.87 % 7,788 9,511 820,000 20,404 36,057 Matured interest rate swap at December 31, 2023: $ 100,000 4/7/2016 9/30/2016 3/31/2023 1.30 % - 824 $ 20,404 $ 36,881 The Company assesses, both at inception and on an ongoing basis, the effectiveness of its qualifying cash flow hedges. As of December 31, 2023, all 14 active interest rate swap agreements listed above were designated as cash flow hedges. The change in the fair value of the Company’s designated cash flow hedges is recorded to accumulated other comprehensive income, a component of shareholder’s equity in the Company’s consolidated balance sheets. Amounts reported in accumulated other comprehensive income will be reclassified to interest and other expense, net as interest payments are made or received on the Company’s variable-rate derivatives. The Company estimates that approximately $ 15.8 million of net unrealized gains included in accumulated other comprehensive income at December 31, 2023 will be reclassified as a decrease to interest and other expense, net within the next 12 months. The following tables present the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2022 and 2021 (in thousands): Net Unrealized Gain Recognized in Other Comprehensive Income (Loss) 2023 2022 2021 Interest rate derivatives in cash flow hedging $ 5,870 $ 52,714 $ 15,904 Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net 2023 2022 2021 Interest rate derivatives in cash flow hedging $ 22,347 $ 325 $ ( 11,390 ) |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 6 Related Parties The Company has engaged in, and is expected to continue to engage in, transactions with related parties. These transactions cannot be construed to be at arm’s length, and the results of the Company’s operations may have been different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (including the relationships discussed in this section) and are required to approve any significant modifications to the existing relationships, as well as any new significant related party transactions. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction. Below is a summary of the significant related party relationships in effect and transactions that occurred during each of the three years ended December 31, 2023, 2022 and 2021, respectively. Glade M. Knight, Executive Chairman of the Company, owns Apple Realty Group, Inc. (“ARG”), which receives support services from the Company and reimburses the Company for the cost of these services as discussed below. Mr. Knight is also currently a partner and Chief Executive Officer of Energy 11 GP, LLC and Energy Resources 12 GP, LLC, which are the respective general partners of Energy 11, L.P. and Energy Resources 12, L.P., each of which receives support services from ARG. The Company provides support services, including the use of the Company’s employees and corporate office, to ARG and is reimbursed by ARG for the cost of these services. Under this cost sharing structure, amounts reimbursed to the Company include both compensation for personnel and office related costs (including office rent, utilities, office supplies, etc.) used by ARG. The amounts reimbursed to the Company are based on the actual costs of the services and a good faith estimate of the proportionate amount of time incurred by the Company’s employees on behalf of ARG. Total reimbursed costs allocated by the Company to ARG for the years ended December 31, 2023, 2022 and 2021 totaled approximately $ 1.2 million, $ 1.0 million and $ 0.8 million, respectively, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations. As part of the cost sharing arrangement, certain day-to-day transactions may result in amounts due to or from the Company and ARG. To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $ 1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. As of December 31, 2023 and 2022 , total amounts due from ARG for reimbursements under the cost sharing structure totaled approximately $ 0.5 million and $ 0.4 million, respectively, and are included in other assets, net in the Company’s consolidated balance sheets. The Company, through its wholly-owned subsidiary, Apple Air Holding, LLC, owns a Learjet used primarily for acquisition, asset management, renovation, investor, corporate and public relations and other business purposes. The aircraft is also leased to affiliates of the Company based on third-party rates. Lease activity was not significant during the reporting periods. From time to time, the Company utilizes aircraft, owned by an entity which is owned by the Company’s Executive Chairman, for acquisition, asset management, renovation, investor, corporate and public relations and other business purposes, and reimburses this entity at third-party rates. Total costs incurred for the use of the aircraft during 2023, 2022 and 2021 were less than $ 0.1 million in each respective year and are included in general and administrative expenses in the Company’s consolidated statements of operations. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Note 7 Shareholders’ Equity Distributions For the three years ended December 31, 2023, 2022 and 2021 , the Company paid distributions of $ 1.04 , $ 0.61 and $ 0.03 per common share, respectively, for a total of approximately $ 238.3 million, $ 139.5 million and $ 6.8 million, respectively . For the year ended December 31, 2023, i n addition to the regular monthly cash distribution of $ 0.08 per common share for December 2023, the Board of Directors approved a special one-time distribution of $ 0.05 per common share for a combined distribution of $ 0.13 per common share, totaling $ 31.4 million, which was recorded as a payable as of December 31, 2023 and paid in January 2024 . For the year ended December 31, 2022, in addition to the regular monthly cash distribution of $ 0.08 per common share approved by the Board of Directors in December 2022, the Board of Directors approved a special one-time distribution of $ 0.08 per common share for a combined distribution of $ 0.16 per common share, totaling $ 36.6 million, which was recorded as a payable as of December 31, 2022 and paid in January 2023. These accrued distributions were included in accounts payable and other liabilities in the Company’s consolidated balance sheets at December 31, 2023 and December 31, 2022, respectively. Issuance of Shares On August 12, 2020, the Company entered into an equity distribution agreement pursuant to which the Company may sell, from time to time, up to an aggregate of $ 300 million of its common shares under an at-the-market offering program (the “ATM Program”) under the Company’s prior shelf registration statement and the current shelf registration statement. During the year ended December 31, 2023, the Company sold approximately 12.8 million shares under its ATM Program at a weighted-average market sales price of approximately $ 17.05 per common share and received aggregate gross proceeds of approximately $ 218.6 million and proceeds net of offering costs, which included $ 2.6 million of commissions, of approximately $ 216.0 million. The Company used the net proceeds from the sale of these shares to pay down borrowings under the Revolving Credit Facility, acquisitions of hotel properties and for general corporate purposes. No shares were sold under the Company’s ATM Program during the year ended December 31, 2022. As of December 31, 2023, approximately $ 5.3 million remained available for issuance under the ATM Program. The Company plans to use future net proceeds from the sale of shares under the ATM Program, or under a similar successor program, for general corporate purposes which may include, among other things, acquisitions of hotel properties, the repayment of outstanding indebtedness, capital expenditures, improvement of properties in its portfolio and working capital. The Company may also use the net proceeds to acquire another REIT or other company that invests in income producing properties. Share Repurchases In May 2023, the Company’s Board of Directors approved a one-year extension of its existing share repurchase program, authorizing share repurchases up to an aggregate of $ 338.7 million (the “Share Repurchase Program”). The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2024 if not terminated or extended earlier. During the year ended December 31, 2023, the Company purchased approximately 0.5 million of its common shares under its Share Repurchase Program at a weighted-average market purchase price of approximately $ 14.34 per common share for an aggregate purchase price, including commissions, of approximately $ 6.9 million. Repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with cash on hand or availability under its unsecured credit facilities, subject to applicable restrictions under the Company’s unsecured credit facilities (if any). The timing of share repurchases and the number of common shares to be repurchased under the Share Repurchase Program will also depend upon prevailing market conditions, regulatory requirements and other factors. As of December 31, 2023, approximately $ 335.4 million remained available for purchase under the Share Repurchase Program. Preferred Shares No preferred shares of the Company are issued and outstanding. The Company’s amended and restated articles of incorporation authorize issuance of up to 30 million preferred shares. |
Compensation Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Compensation Plans | Note 8 Compensation Plans In May 2014, the Board of Directors adopted the Company’s 2014 Omnibus Incentive Plan (the “Omnibus Plan”), and in May 2015, the Company’s shareholders approved the Omnibus Plan. The Omnibus Plan permits the grant of awards of stock options, stock appreciation rights, restricted stock, stock units, deferred stock units, unrestricted stock, dividend equivalent rights, performance shares and other performance-based awards, other equity-based awards, and cash bonus awards to any employee, officer, or director of the Company or an affiliate of the Company, a consultant or adviser currently providing services to the Company or an affiliate of the Company, or any other person whose participation in the Omnibus Plan is determined by the Compensation Committee of the Board of Directors (the “Compensation Committee”) to be in the best interests of the Company. The maximum number of the Company’s common shares available for issuance under the Omnibus Plan is 10 million. As of December 31, 2023 , there were approximately 6.6 million common shares available for issuance under the Omnibus Plan. The Company annually establishes an incentive plan for its executive management team, which is approved by the Compensation Committee. Under the incentive plan for 2023 (the “2023 Incentive Plan”), participants are eligible to receive incentive compensation based on the achievement of certain 2023 performance measures, with one-half ( 50 %) of incentive compensation based on operational performance goals and met rics and one-half ( 50 %) of incentive compensation based on shareholder return metrics. With respect to the shareholder return metrics, 75 % of the target was based on shareholder return relative to a peer group and 25 % was based on total shareholder return metrics over one-year, two-year, and three-year periods. With respect to the operational performance goals and metrics, 25 % of the target was based on total revenues of the Company, 25 % was based on modified funds from operations per share (as defined within this Annual Report on Form 10-K) and 50 % of the target was based on operational performance goals, including: management of capital structure; evaluation and pursuit of accretive transactions; management of labor costs and improvement of employee productivity; enhancement of environmental, social and governance reporting; and enhancement of internal business intelligence tools. As of December 31, 2023, the range of potential aggregate payouts under the 2023 Incentive Plan was $ 0 - $ 27.1 million. Based on performance during 2023 , the Company accrued approximately $ 20.9 million as a liability for executive incentive compensation payments under the 2023 Incentive Plan, which is included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2023 and in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2023 . Additionally, approximately $ 3.3 million, which is subject to vesting on December 13, 2024, will be recognized proportionally throughout 2024. Approximately 25 % of target awards under the 2023 Incentive Plan will be paid in cash, and 75 % will be issued in common shares under the Company’s Omnibus Plan. The portion of awards under the 2023 Incentive Plan payable in common shares will be issued under the Company’s Omnibus Plan during the first quarter of 2024, approximately two-thirds of which will be unrestricted and one-third of which will be restricted and is subject to vesting on December 13, 2024. Under the incentive plan for 2022 (the “2022 Incentive Plan”), the Company accrued approximately $ 18.1 million including $ 12.5 million in share-based compensation as noted below, as a liability for executive incentive compensation payments, which was included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2022 and in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2022. Under the incentive plan for 2021 (the “2021 Incentive Plan”), the Company accrued approximately $ 18.5 million, including $ 12.9 million in share-based compensation as noted below, as a liability for executive incentive compensation payments, which was included in general and administrative expenses in the Company’s consolidated statement of operations for the year ended December 31, 2021. Share-Based Compensation Awards The following table sets forth information pertaining to the share-based compensation issued under the 2022 Incentive Plan, the 2021 Incentive Plan and the incentive plan for 2020 (the “2020 Incentive Plan”): 2022 Incentive Plan 2021 Incentive Plan 2020 Incentive Plan Period common shares issued First Quarter 2023 First Quarter 2022 First Quarter 2021 Common shares earned under each incentive plan 935,189 868,079 555,726 Common shares surrendered on issuance date to satisfy tax 263,026 245,597 117,647 Common shares earned and issued under each incentive plan, net of 672,163 622,482 438,079 Average of the high and low stock price on issuance date $ 16.70 $ 17.79 $ 14.03 Total share-based compensation earned, including the $ 15.6 (1) $ 15.4 (2) $ 7.8 (3) Of the total common shares earned and issued, total common shares 360,176 338,032 160,216 Of the total common shares earned and issued, total common shares 311,987 284,450 277,863 Restricted common shares vesting date December 8, 2023 December 9, 2022 December 10, 2021 Common shares surrendered on vesting date to satisfy tax 134,085 114,147 108,292 (1) Of the total 2022 share-based compensation, approximately $ 12.5 million was recognized as share-based compensation expense during the year ended December 31, 2022, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2022 , and the remaining $ 2.6 million, which vested on December 8, 2023 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2023 . (2) Of the total 2021 share-based compensation, approximately $ 12.9 million was recognized as share-based compensation expense during the year ended December 31, 2021, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2021 , and the remaining $ 2.5 million, which vested on December 9, 2022 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2022 . (3) Of the total 2020 share-based compensation, approximately $ 1.9 million, which vested on December 10, 2021 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2021 . Additionally, in conjunction with the appointment of five new officers of the Company on April 1, 2020, the Company issued to the new officer group a total of approximately 200,000 restricted common shares with an aggregate grant date fair value of approximately $ 1.8 million. For each grantee, the restricted shares vested on March 31, 2023 . The expense associated with the awards was amortized over the 3 -year vesting period. For the years ended December 31, 2023, 2022 and 2021, the Company recognized approximately $ 0.1 million, $ 0.6 million and $ 0.6 million, respectively, of share-based compensation expense related to these awards. Upon vesting on March 31, 2023, approximately 83,000 shares were surrendered to satisfy tax withholding obligations. Non-Employee Director Deferral Program In 2018, the Board of Directors adopted the Non-Employee Director Deferral Program (the “Director Deferral Program”) under the Omnibus Plan for the purpose of providing non-employee members of the Board of Directors the opportunity to elect to defer receipt of all or a portion of the annual retainer payable to them for their service on the Board of Directors, including amounts payable in both cash and fully vested shares of the Company’s common shares, in the form of deferred cash fees (“DCFs”) and/or deferred stock units (“DSUs”). DCFs and DSUs that are issued to the Company’s non-employee directors are fully vested and non-forfeitable on the grant date. The grant date fair values of DCFs are equal to the dollar value of the deferred fee on the grant date, while the grant date fair values of DSUs are equal to the fair market value of the Company’s common shares on the grant date. DCFs are settled for cash and DSUs are settled for shares of the Company’s common stock, which are deliverable upon either: i) termination of the director’s service from the Board of Directors, ii) a date previously elected by the director, or iii) the earlier of the two dates, as determined by the director at the time he or she makes the election. The deferred amounts will also be paid if prior to the date specified by the director, the Company experiences a change in control or upon death of the director. During the years ended December 31, 2023, 2022 and 2021 , non-employee directors participating in the Director Deferral Program deferred approximately $ 0.2 million, $ 0.3 million and $ 0.4 million, respectively, which is recorded as deferred compensation expense in general and administrative expenses in the Company’s consolidated statements of operations for the years then ended. On each quarterly deferral date (the date that a portion of the annual retainer would be paid), dividends earned on DSUs are credited to the deferral account in the form of additional DSUs based on dividends declared by the Company on its outstanding common shares during the quarter and the fair value of the common shares on such date. Outstanding DSUs at December 31, 2023 and 2022 were approximately 76,000 and 85,000 , with weighted-average grant date fair values of $ 15.48 and $ 15.20 , valued at $ 1.2 m illion and $ 1.3 million, respectively, which is included in common stock, a component of shareholders’ equity in the Company’s consolidated balance sheets as of December 31, 2023 and 2022 . |
Management and Franchise Agreem
Management and Franchise Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Contractors [Abstract] | |
Management and Franchise Agreements | Note 9 Management and Franchise Agreements Each of the Company’s 225 hotels owned as of December 31, 2023 is operated and managed under a separate management agreement with one of the following management companies or one of their affiliates, none of which are affiliated with the Company (number of hotels by manager are as of January 1, 2024): Manager Number of LBAM-Investor Group, LLC (“LBA”) 33 Dimension Development Two, LLC (“Dimension”) 31 Crestline Hotels & Resorts, LLC (“Crestline”) 25 Raymond Management Company, Inc. (“Raymond”) 22 Hersha Hospitality Management L.P. (“HHM”) 19 Texas Western Management Partners, LP (“Western”) 16 MHH Management, LLC (“McKibbon”) 14 Marriott International, Inc. (“Marriott”) 13 Newport Hospitality Group, Inc. (“Newport”) 11 North Central Hospitality, LLC (“North Central”) 11 Chartwell Hospitality, LLC (“Chartwell”) 10 InnVentures IVI, LP (“InnVentures”) 9 Concord Hospitality Enterprises Company, LLC (“Concord”) 4 Huntington Hotel Group, LP (“Huntington”) 3 White Lodging Services Corporation (“White Lodging”) 3 Crescent Hotels & Resorts, LLC (“Crescent”) 1 Total 225 The management agreements generally provide for initial terms of one to 30 years and are terminable by the Company for either failure to achieve performance thresholds, upon sale of the property, or without cause. As of December 31, 2023, approximately 85 % of the Company’s hotels operated under a variable management fee agreement, with an average initial term of approximately one to two years , which the Company believes better aligns incentives for each hotel manager to maximize each property’s performance than a base-plus-incentive management fee structure , as described below, which is more common throughout the industry. Under the variable fee structure, the management fee earned for each hotel is generally within a range of 2.5 % to 3.5 % of gross revenues. The performance measures are based on various financial and quality performance metrics. The Company’s remaining hotels operate under a management fee structure which generally includes the payment of base management fees and an opportunity for incentive management fees. Under this structure, base management fees are calculated as a percentage of gross revenues and the incentive management fees are calculated as a percentage of operating profit in excess of a priority return to the Company, as defined in the management agreements. In addition to the above, management fees for all of the Company’s hotels generally include accounting fees and other fees for centralized services, which are allocated among all of the hotels that receive the benefit of such services. During 2022 and 2021, in response to continued uncertainties related to the COVID-19 pandemic and its impact on hotel performance, the management fee under all variable management fee agreements was set to 3 % of gross revenues . The Company reinstated the variable management fee rates in 2023. For the years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $ 44.3 million , $ 41.8 million and $ 31.4 million , respectively, in management fees. Thirteen of the Company’s hotels are managed by affiliates of Marriott. The remainder of the Company’s hotels are managed by companies that are not affiliated with either Marriott, Hilton or Hyatt, and as a result, the branded hotels they manage were required to obtain separate franchise agreements with each respective franchisor. The franchise agreements generally provide for initial terms of approximately 10 to 30 years and generally provide for renewals subject to franchise requirements at the time of renewal. The Company pays various fees under these agreements, including the payment of royalty fees, marketing fees, reservation fees, a communications support fee, brand loyalty program fees and other similar fees based on room revenues. For the years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $ 59.3 million , $ 53.9 million and $ 40.9 million , respectively, in franchise royalty fees. |
Lease Commitments
Lease Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Lessee Operating And Financing Leases [Abstract] | |
Lease Commitments | Note 10 Lease Commitments The Company is the lessee on certain ground leases, hotel equipment leases and office space leases. As of December 31, 2023 , the Company had 14 hotels subject to ground leases and three parking lot ground leases with remaining terms ranging from approximately 15 to 95 years, excluding renewal options. Certain of its ground leases have options to extend beyond the initial lease term by periods ranging from five to 120 years . Leases with durations greater than 12 months are recognized on the balance sheet as right-of-use (“ROU”) assets and lease liabilities. The Company’s leases are classified as operating or finance leases. For leases with terms greater than 12 months, at inception of the lease the Company recognizes a ROU asset and lease liability at the estimated present value of the minimum lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Many of the Company’s leases include rental escalation clauses (including fixed scheduled rent increases) and renewal options that are factored into the determination of lease payments, when appropriate, which adjusts the present value of the remaining lease payments. The Company determines the present value of the lease payments utilizing interest rates implicit in the lease if determinable or, if not, it estimates its incremental borrowing rate from information available at lease commencement, such as estimates of rates the Company would pay for senior collateralized loans with terms similar to each lease. Operating Leases Twelve of the Company’s hotel and parking lot ground leases as well as certain applicable hotel equipment leases and office space leases are classified as operating leases, for which the Company has recorded ROU assets and lease liabilities. The ROU assets are included in other assets, net and the lease liabilities are included in accounts payable and other liabilities in the Company’s consolidated balance sheet. In addition, the Company's ROU asset balance includes intangible assets for below market ground leases and intangible liabilities for above market ground leases, as well as accrued straight-line lease liabilities related to these operating leases. Lease expense is recognized on a straight-line basis over the term of the respective lease and the value of each lease intangible is amortized over the term of the respective lease. Costs related to operating ground leases and hotel equipment leases are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases are included in general and administrative expense in the Company’s consolidated statements of operations. Finance Leases Five of the Company’s hotel ground leases are classified as finance leases, for which the Company recorded ROU assets and lease liabilities. The ROU assets are recorded as finance ground lease assets within investment in real estate, net and the lease liabilities are recorded as finance lease liabilities in the Company’s consolidated balance sheet. In addition, the Company’s ROU asset balance includes intangible assets for below market ground leases and intangible liabilities for above market ground leases related to these finance leases. The ROU asset and value of each lease intangible is amortized over the term of the respective lease. Costs related to finance ground leases are included in depreciation and amortization expense and interest and other expense, net in the Company’s consolidated statement of operations. Under the terms of the Company’s ground leases, certain minimum lease payments are subject to change based on criteria specified in the lease. Changes in minimum lease payments that are not fixed scheduled increases are reflected in the ROU asset and lease liability when the payments become fixed and determinable based on the actual criteria defined in the lease. Minimum lease payments may be estimated if the change date occurs and the new minimum lease payments are not yet determinable. Lease Position as of December 31, 2023 and 2022 The following table sets forth the lease-related assets and liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 and 2022. All dollar amounts are in thousands. December 31, Consolidated Balance Sheet 2023 2022 Assets Operating lease assets, net Other assets, net $ 25,389 $ 26,348 Finance ground lease assets, net (1) Investment in real estate, net 86,992 90,030 Total lease assets $ 112,381 $ 116,378 Liabilities Operating lease liabilities Accounts payable and other liabilities $ 11,447 $ 11,849 Finance lease liabilities Finance lease liabilities 111,892 112,006 Total lease liabilities $ 123,339 $ 123,855 Weighted-average remaining lease term Operating leases 36 years Finance leases 30 years Weighted-average discount rate Operating leases 5.49 % Finance leases 5.31 % (1) Finance ground lease assets are net of accumulated amortization of approximately $ 15.1 million and $ 12.1 million as of December 31, 2023 and 2022, respectively . Lease Costs for the Years Ended December 31, 2023, 2022 and 2021 The following table sets forth the lease costs related to the Company’s operating and finance ground leases included in the Company’s consolidated statement of operations for the years ended December 31, 2023 2022 and 2021 (in thousands): Year Ended December 31, Consolidated Statement of 2023 2022 2021 Operating lease costs (1) Property taxes, insurance and other $ 1,776 $ 1,794 $ 1,585 Finance lease costs: Amortization of lease assets Depreciation and amortization expense 3,038 3,038 5,178 Interest on lease liabilities Interest and other expense, net 5,877 5,872 9,415 Total lease costs $ 10,691 $ 10,704 $ 16,178 (1) Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company’s consolidated statement of operations. These costs are not significant for disclosure. Undiscounted Cash Flows The following table reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities and finance lease liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 (in thousands): Operating Leases Finance Leases 2024 $ 1,088 $ 6,174 2025 1,089 6,338 2026 889 6,500 2027 725 6,700 2028 713 6,879 Thereafter 29,634 216,675 Total minimum lease payments 34,138 249,266 Less: amount of lease payments representing 22,691 137,374 Present value of lease liabilities $ 11,447 $ 111,892 Supplemental Cash Flow Information The following table sets forth supplemental cash flow information related to the Company’s operating and finance leases for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the Operating cash flows for operating leases $ 1,106 $ 1,166 $ 1,109 Operating cash flows for finance leases 5,651 5,469 6,568 Financing cash flows for finance leases 340 173 24,045 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 Income Taxes The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Code. As a REIT, the Company is generally not subject to corporate level income taxes on REIT taxable income that is distributed to its shareholders. Income related to the Lessee, as a taxable REIT subsidiary (“TRS”) of the Company, is subject to federal and state income taxes. The components of income tax expense (benefit) are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ - $ ( 34 ) $ ( 15 ) State 1,135 1,974 483 Deferred: Federal - - - State - - - Income tax expense $ 1,135 $ 1,940 $ 468 Income tax expense for the years ended December 31, 2023 and 2022 was $ 1.1 million and $ 1.9 million, respectively. The decrease was primarily due to increases in 2022 state income taxes as a result of limitations placed by certain states on the application of prior net operating losses. Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands): Year Ended December 31, 2023 2022 2021 Statutory federal tax expense $ 37,273 $ 30,409 $ 3,954 Federal tax impact of REIT election ( 39,865 ) ( 27,261 ) 4,934 Statutory federal tax expense (benefit) at TRS ( 2,592 ) 3,148 8,888 State income tax expense (benefit), net of federal tax benefit 897 1,559 382 Change in valuation allowance 2,830 ( 2,767 ) ( 8,802 ) Income tax expense $ 1,135 $ 1,940 $ 468 As of December 31, 2023 , the Company had deferred tax assets of approximately $ 25 million consisting primarily of net operating loss carryforwards. A portion of the federal loss carryforwards expire beginning in 2029; however, a portion of the federal loss carryforwards do not expire. The state loss carryforwards have various expiration dates; however, for certain states some loss carryforwards do not expire. The TRS had a net operating loss carryforward for U.S federal income tax purposes of approximately $ 87 million as of December 31, 2023 , and $ 78 million as of December 31, 2022. The TRS has historical cumulative operating losses and is expected to be in a cumulative loss for the foreseeable future. As a result, the realizability of the Company’s deferred tax assets as of December 31, 2023 and 2022 is not reasonably assured. Therefore, the Company has recorded a valuation allowance equal to the full 100 % of the net deferred tax assets as of December 31, 2023, and 2022. Characterization of Distributions For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2023, 2022 and 2021, distributions per share were characterized as follows (unaudited): Year Ended December 31, 2023 2022 2021 Amount of distributions per share $ 1.01 $ 0.76 $ 0.04 Characterized as: Ordinary income 97 % 100 % 100 % Capital gain distributions 0 % 0 % 0 % Return of capital 3 % 0 % 0 % The Company utilized portions of its REIT net loss carryforward to reduce its taxable net income for the years ended December 31, 2022 and 2021. The total REIT net loss carryforward for U.S. federal income tax purposes was approximately $ 0 as of December 31, 2023 and 2022. No provision for U.S. federal income taxes has been included in the Company’s financial statements for the years ended December 31, 2023, 2022 and 2021 related to its REIT activities. |
Industry Segments
Industry Segments | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
Industry Segments | Note 12 Industry Segments The Company owns hotel properties throughout the U.S. that generate rental, food and beverage, and other property-related income. The Company separately evaluates the performance of each of its hotel properties. However, because each of the hotels has similar economic characteristics, facilities, and services, and each hotel is not individually significant, the properties have been aggregated into a single reportable segment. All segment disclosures are included in or can be derived from the Company’s consolidated financial statements. |
Hotel Purchase Contract Commitm
Hotel Purchase Contract Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Hotel Purchase Contract Commitments | Note 13 Hotel Purchase Contract Commitments As of December 31, 2023 , the Company had separate outstanding contracts for the potential purchase of two hotels, consisting of one hotel in Madison, Wisconsin and one hotel in Nashville, Tennessee, for a total combined purchase price of approximately $ 177.5 million. Both hotels are under development, with the hotel in Madison, Wisconsin currently planned to be completed and opened for business in mid-2024 and the hotel in Nashville, Tennessee currently planned to be completed and opened for business in late 2025, at which respective times the Company expects to complete the purchases of these hotels. If the closings occur, the Company plans to utilize its available cash or borrowings under its unsecured credit facilities available at closing to purchase the hotels under contract. Although the Company is working towards acquiring these hotels, in each case there are a number of conditions to closing that have not yet been satisfied, and there can be no assurance that closings on these hotels will occur under the outstanding purchase contracts. If the sellers meet all of the conditions to closing, the Company is obligated to specifically perform under the applicable purchase contracts and acquire these hotels. As these properties are under development, at this time, the sellers have not met all of the conditions to closing. The following table summarizes the location, expected franchise brand, date of purchase contract, expected number of rooms upon completion, refundable (if the seller does not meet its obligations under the contract) deposits paid and gross purchase price for each of the contracts outstanding as of December 31, 2023. All dollar amounts are in thousands. Location Brands Date of Rooms Refundable Gross Madison, WI Embassy Suites 7/27/2021 262 $ 893 $ 79,306 Nashville, TN Motto 5/16/2023 260 1,058 98,183 522 $ 1,951 $ 177,489 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 14 Subsequent Events On January 16, 2024, the Company paid approximately $ 31.4 million, or $ 0.13 per common share, in distributions to shareholders of record as of December 29, 2023 . On January 19, 2024 , the Company declared a monthly cash distribution of $ 0.08 per common share. The distribution of approximately $ 19.3 million was paid on February 15, 2024 , to shareholders of record as of January 31, 2024 . On February 9, 2024, the Company completed the sale of two existing hotels in Rogers, Arkansas, including a 122 -room Hampton and a 126 -room Homewood Suites, for a combined gross sales price of approximately $ 33.5 million. A portion of the proceeds from the sale of the two hotels will be used to complete a 1031 Exchange with future acquisitions, which is expected to result in the deferral of taxable gains of approximately $ 15 million. On February 16, 2024 , the Company declared a monthly cash distribution of $ 0.08 per common share. The distribution is payable on March 15, 2024 , to shareholders of record as of February 29, 2024 . |
SCHEDULE III Real Estate and Ac
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization | SCHEDULE III Real Estate and Accumulated Depreciation and Amortization As of December 31, 2023 (dollars in thousands) Subsequently Initial Cost Capitalized Bldg./ Bldg. Total Acc. Date of Date Depreciable # of City State Description Encumbrances Land (1) /Other FF&E Cost (2) Deprec. Construction Acquired Life Rooms Anchorage AK Embassy Suites $ - $ 2,955 $ 39,053 $ 4,464 $ 46,472 $ ( 19,225 ) 2008 Apr-10 3 - 39 yrs. 169 Anchorage AK Home2 Suites - 2,683 21,606 198 24,487 ( 4,778 ) 2015 Dec-17 3 - 39 yrs. 135 Auburn AL Hilton Garden Inn - 1,580 9,659 1,179 12,418 ( 3,952 ) 2001 Mar-14 3 - 39 yrs. 101 Birmingham AL Courtyard - 2,310 6,425 1,707 10,442 ( 3,082 ) 2007 Mar-14 3 - 39 yrs. 84 Birmingham AL Hilton Garden Inn - 3,425 15,555 35 19,015 ( 3,854 ) 2017 Sep-17 3 - 39 yrs. 104 Birmingham AL Home2 Suites - 3,491 15,603 58 19,152 ( 3,702 ) 2017 Sep-17 3 - 39 yrs. 106 Birmingham AL Homewood Suites - 1,010 12,981 2,267 16,258 ( 5,367 ) 2005 Mar-14 3 - 39 yrs. 95 Dothan AL Hilton Garden Inn - 1,037 10,581 1,821 13,439 ( 5,934 ) 2009 Jun-09 3 - 39 yrs. 104 Dothan AL Residence Inn - 970 13,185 1,321 15,476 ( 4,621 ) 2008 Mar-14 3 - 39 yrs. 84 Huntsville AL Hampton - 550 11,962 774 13,286 ( 3,103 ) 2013 Sep-16 3 - 39 yrs. 98 Huntsville AL Hilton Garden Inn - 890 11,227 1,238 13,355 ( 4,189 ) 2005 Mar-14 3 - 39 yrs. 101 Huntsville AL Home2 Suites - 490 10,840 832 12,162 ( 2,809 ) 2013 Sep-16 3 - 39 yrs. 77 Huntsville AL Homewood Suites - 210 15,654 2,321 18,185 ( 6,135 ) 2006 Mar-14 3 - 39 yrs. 107 Mobile AL Hampton - - 11,452 1,832 13,284 ( 3,291 ) 2006 Sep-16 3 - 39 yrs. 101 Prattville AL Courtyard - 2,050 9,101 1,556 12,707 ( 3,616 ) 2007 Mar-14 3 - 39 yrs. 84 Chandler AZ Courtyard - 1,061 16,008 1,934 19,003 ( 7,715 ) 2009 Nov-10 3 - 39 yrs. 150 Chandler AZ Fairfield - 778 11,272 1,152 13,202 ( 5,271 ) 2009 Nov-10 3 - 39 yrs. 110 Phoenix AZ Courtyard - 1,413 14,669 2,970 19,052 ( 8,023 ) 2007 Nov-10 3 - 39 yrs. 164 Phoenix AZ Hampton - - 15,209 2,192 17,401 ( 4,372 ) 2008 Sep-16 3 - 39 yrs. 125 Phoenix AZ Hampton - 3,406 41,174 74 44,654 ( 8,259 ) 2018 May-18 3 - 39 yrs. 210 Phoenix AZ Homewood Suites - - 18,907 2,402 21,309 ( 5,455 ) 2008 Sep-16 3 - 39 yrs. 134 Phoenix AZ Residence Inn - 1,111 12,953 2,016 16,080 ( 6,774 ) 2008 Nov-10 3 - 39 yrs. 129 Scottsdale AZ Hilton Garden Inn - 6,000 26,861 2,568 35,429 ( 6,574 ) 2005 Sep-16 3 - 39 yrs. 122 Tempe AZ Hyatt House - - 24,001 7 24,008 ( 3,072 ) 2020 Aug-20 3 - 39 yrs. 105 Tempe AZ Hyatt Place - - 34,893 30 34,923 ( 4,364 ) 2020 Aug-20 3 - 39 yrs. 154 Tucson AZ Hilton Garden Inn - 1,005 17,925 2,326 21,256 ( 9,833 ) 2008 Jul-08 3 - 39 yrs. 125 Tucson AZ Residence Inn - 2,080 12,424 2,010 16,514 ( 5,224 ) 2008 Mar-14 3 - 39 yrs. 124 Tucson AZ TownePlace Suites - 992 14,543 1,322 16,857 ( 5,804 ) 2011 Oct-11 3 - 39 yrs. 124 Agoura Hills CA Homewood Suites - 3,430 21,290 2,633 27,353 ( 8,130 ) 2007 Mar-14 3 - 39 yrs. 125 Burbank CA Courtyard 20,526 12,916 41,218 5,483 59,617 ( 12,055 ) 2002 Aug-15 3 - 39 yrs. 190 Burbank CA Residence Inn - 32,270 41,559 5,141 78,970 ( 14,127 ) 2007 Mar-14 3 - 39 yrs. 166 Initial Cost Capitalized Bldg./ Bldg. Total Acc. Date of Date Depreciable # of City State Description Encumbrances Land (1) /Other FF&E Cost (2) Deprec. Construction Acquired Life Rooms Burbank CA SpringHill Suites 24,237 10,734 49,181 312 60,227 ( 12,686 ) 2015 Jul-15 3 - 39 yrs. 170 Clovis CA Hampton - 1,287 9,888 1,378 12,553 ( 5,235 ) 2009 Jul-09 3 - 39 yrs. 86 Clovis CA Homewood Suites - 1,500 10,970 1,861 14,331 ( 5,854 ) 2010 Feb-10 3 - 39 yrs. 83 Cypress CA Courtyard - 4,410 35,033 5,869 45,312 ( 12,496 ) 1988 Mar-14 3 - 39 yrs. 180 Cypress CA Hampton - 3,209 16,749 2,442 22,400 ( 6,065 ) 2006 Jun-15 3 - 39 yrs. 110 Oceanside CA Courtyard 11,707 3,080 25,769 2,411 31,260 ( 6,945 ) 2011 Sep-16 3 - 39 yrs. 142 Oceanside CA Residence Inn - 7,790 24,048 2,503 34,341 ( 8,517 ) 2007 Mar-14 3 - 39 yrs. 125 Rancho Bernardo/San Diego CA Courtyard - 16,380 28,952 3,611 48,943 ( 10,392 ) 1987 Mar-14 3 - 39 yrs. 210 Sacramento CA Hilton Garden Inn - 5,920 21,515 3,968 31,403 ( 9,404 ) 1999 Mar-14 3 - 39 yrs. 153 San Bernardino CA Residence Inn - 1,490 13,662 3,358 18,510 ( 6,715 ) 2006 Feb-11 3 - 39 yrs. 95 San Diego CA Courtyard 20,453 11,268 44,851 4,036 60,155 ( 12,938 ) 2002 Sep-15 3 - 39 yrs. 245 San Diego CA Hampton 15,226 13,570 36,644 4,199 54,413 ( 12,699 ) 2001 Mar-14 3 - 39 yrs. 177 San Diego CA Hilton Garden Inn - 8,020 29,151 5,319 42,490 ( 10,847 ) 2004 Mar-14 3 - 39 yrs. 200 San Diego CA Residence Inn - 22,400 20,640 2,802 45,842 ( 7,820 ) 1999 Mar-14 3 - 39 yrs. 121 San Jose CA Homewood Suites 23,984 12,860 28,084 5,631 46,575 ( 13,138 ) 1991 Mar-14 3 - 39 yrs. 140 San Juan Capistrano CA Residence Inn - - 32,292 1,913 34,205 ( 8,125 ) 2012 Sep-16 3 - 39 yrs. 130 Santa Ana CA Courtyard 13,221 3,082 21,051 2,496 26,629 ( 9,349 ) 2011 May-11 3 - 39 yrs. 155 Santa Clarita CA Courtyard - 4,568 18,721 3,077 26,366 ( 10,871 ) 2007 Sep-08 3 - 39 yrs. 140 Santa Clarita CA Fairfield - 1,864 7,753 2,173 11,790 ( 5,060 ) 1997 Oct-08 3 - 39 yrs. 66 Santa Clarita CA Hampton - 1,812 15,761 6,418 23,991 ( 11,282 ) 1988 Oct-08 3 - 39 yrs. 128 Santa Clarita CA Residence Inn - 2,539 14,493 5,628 22,660 ( 10,137 ) 1997 Oct-08 3 - 39 yrs. 90 Tustin CA Fairfield - 7,700 26,580 1,422 35,702 ( 6,302 ) 2013 Sep-16 3 - 39 yrs. 145 Tustin CA Residence Inn - 11,680 33,645 2,047 47,372 ( 8,374 ) 2013 Sep-16 3 - 39 yrs. 149 Colorado Springs CO Hampton - 1,780 15,860 750 18,390 ( 4,310 ) 2008 Sep-16 3 - 39 yrs. 101 Denver CO Hilton Garden Inn 27,337 9,940 57,595 2,666 70,201 ( 15,120 ) 2007 Sep-16 3 - 39 yrs. 221 Highlands Ranch CO Hilton Garden Inn - 5,480 20,465 689 26,634 ( 6,568 ) 2006 Mar-14 3 - 39 yrs. 128 Highlands Ranch CO Residence Inn - 5,350 19,167 3,690 28,207 ( 8,902 ) 1996 Mar-14 3 - 39 yrs. 117 Boca Raton FL Hilton Garden Inn - 7,220 22,177 2,924 32,321 ( 6,148 ) 2002 Sep-16 3 - 39 yrs. 149 Cape Canaveral FL Hampton - 2,594 20,951 12 23,557 ( 2,883 ) 2020 Apr-20 3 - 39 yrs. 116 Cape Canaveral FL Home2 Suites - 2,415 19,668 15 22,098 ( 2,773 ) 2020 Apr-20 3 - 39 yrs. 108 Cape Canaveral FL Homewood Suites - 2,780 23,967 398 27,145 ( 6,644 ) 2016 Sep-16 3 - 39 yrs. 153 Fort Lauderdale FL Hampton - 1,793 21,357 5,491 28,641 ( 9,463 ) 2002 Jun-15 3 - 39 yrs. 156 Fort Lauderdale FL Residence Inn - 5,760 26,727 422 32,909 ( 6,815 ) 2014 Sep-16 3 - 39 yrs. 156 Gainesville FL Hilton Garden Inn - 1,300 17,322 1,640 20,262 ( 4,520 ) 2007 Sep-16 3 - 39 yrs. 104 Gainesville FL Homewood Suites - 1,740 16,329 2,674 20,743 ( 4,777 ) 2005 Sep-16 3 - 39 yrs. 103 Jacksonville FL Homewood Suites - 9,480 21,247 4,614 35,341 ( 9,313 ) 2005 Mar-14 3 - 39 yrs. 119 Jacksonville FL Hyatt Place - 2,013 13,533 1,080 16,626 ( 2,991 ) 2009 Dec-18 3 - 39 yrs. 127 Miami FL Courtyard - - 31,488 2,148 33,636 ( 10,295 ) 2008 Mar-14 3 - 39 yrs. 118 Miami FL Hampton - 1,972 9,987 6,574 18,533 ( 8,878 ) 2000 Apr-10 3 - 39 yrs. 121 Miami FL Homewood Suites - 18,820 25,375 9,105 53,300 ( 12,034 ) 2000 Mar-14 3 - 39 yrs. 162 Subsequently Initial Cost Capitalized Bldg./ Bldg. Total Acc. Date of Date Depreciable # of City State Description Encumbrances Land (1) /Other FF&E Cost (2) Deprec. Construction Acquired Life Rooms Orlando FL Fairfield - 3,140 22,580 3,161 28,881 ( 11,771 ) 2009 Jul-09 3 - 39 yrs. 200 Orlando FL Home2 Suites - 2,731 18,063 134 20,928 ( 3,586 ) 2019 Mar-19 3 - 39 yrs. 128 Orlando FL SpringHill Suites - 3,141 25,779 3,328 32,248 ( 13,268 ) 2009 Jul-09 3 - 39 yrs. 200 Panama City FL Hampton - 1,605 9,995 1,489 13,089 ( 5,474 ) 2009 Mar-09 3 - 39 yrs. 95 Panama City FL TownePlace Suites - 908 9,549 633 11,090 ( 4,385 ) 2010 Jan-10 3 - 39 yrs. 103 Pensacola FL TownePlace Suites - 1,770 12,562 687 15,019 ( 3,306 ) 2008 Sep-16 3 - 39 yrs. 97 Tallahassee FL Fairfield - 960 11,734 949 13,643 ( 3,010 ) 2011 Sep-16 3 - 39 yrs. 97 Tallahassee FL Hilton Garden Inn - - 10,938 639 11,577 ( 3,854 ) 2006 Mar-14 3 - 39 yrs. 85 Tampa FL Embassy Suites - 1,824 20,034 4,066 25,924 ( 10,596 ) 2007 Nov-10 3 - 39 yrs. 147 Atlanta GA Home2 Suites - 740 23,122 1,271 25,133 ( 6,407 ) 2016 Jul-16 3 - 39 yrs. 128 Atlanta / Downtown GA Hampton - 7,861 16,374 3,978 28,213 ( 5,069 ) 1999 Feb-18 3 - 39 yrs. 119 Atlanta / Perimeter Dunwoody GA Hampton - 3,228 26,498 139 29,865 ( 4,966 ) 2016 Jun-18 3 - 39 yrs. 132 Macon GA Hilton Garden Inn - - 15,043 790 15,833 ( 5,133 ) 2007 Mar-14 3 - 39 yrs. 101 Savannah GA Hilton Garden Inn - - 14,716 2,367 17,083 ( 5,963 ) 2004 Mar-14 3 - 39 yrs. 105 Cedar Rapids IA Hampton - 1,590 11,364 387 13,341 ( 3,344 ) 2009 Sep-16 3 - 39 yrs. 103 Cedar Rapids IA Homewood Suites - 1,770 13,116 2,253 17,139 ( 4,310 ) 2010 Sep-16 3 - 39 yrs. 95 Davenport IA Hampton - 400 16,915 917 18,232 ( 4,693 ) 2007 Sep-16 3 - 39 yrs. 103 Boise ID Hampton 20,685 1,335 21,114 3,622 26,071 ( 11,237 ) 2007 Apr-10 3 - 39 yrs. 186 Des Plaines IL Hilton Garden Inn - 10,000 38,116 4,033 52,149 ( 9,871 ) 2005 Sep-16 3 - 39 yrs. 253 Hoffman Estates IL Hilton Garden Inn - 1,770 14,371 ( 2,298 ) (3) 13,843 ( 4,208 ) 2000 Sep-16 3 - 39 yrs. 184 Mettawa IL Hilton Garden Inn - 2,246 28,328 2,932 33,506 ( 12,757 ) 2008 Nov-10 3 - 39 yrs. 170 Mettawa IL Residence Inn - 1,722 21,843 2,224 25,789 ( 9,680 ) 2008 Nov-10 3 - 39 yrs. 130 Rosemont IL Hampton - 3,410 23,594 278 27,282 ( 6,255 ) 2015 Sep-16 3 - 39 yrs. 158 Skokie IL Hampton - 2,593 31,284 4,194 38,071 ( 8,874 ) 2000 Sep-16 3 - 39 yrs. 225 Warrenville IL Hilton Garden Inn - 1,171 20,894 2,888 24,953 ( 9,988 ) 2008 Nov-10 3 - 39 yrs. 135 Indianapolis IN SpringHill Suites - 1,310 11,542 2,616 15,468 ( 6,215 ) 2007 Nov-10 3 - 39 yrs. 130 Merrillville IN Hilton Garden Inn - 1,860 17,755 2,339 21,954 ( 4,989 ) 2008 Sep-16 3 - 39 yrs. 124 Mishawaka IN Residence Inn - 898 12,862 1,731 15,491 ( 6,173 ) 2007 Nov-10 3 - 39 yrs. 106 South Bend IN Fairfield - 2,090 23,361 1,716 27,167 ( 5,933 ) 2010 Sep-16 3 - 39 yrs. 119 Overland Park KS Fairfield - 1,230 11,713 1,738 14,681 ( 4,505 ) 2008 Mar-14 3 - 39 yrs. 110 Overland Park KS Residence Inn - 1,790 20,633 4,963 27,386 ( 9,221 ) 2000 Mar-14 3 - 39 yrs. 120 Wichita KS Courtyard - 1,940 6,525 1,367 (3) 9,832 ( 4,583 ) 2000 Mar-14 3 - 39 yrs. 90 Louisville KY AC Hotel - 5,004 46,548 - 51,552 ( 1,773 ) 2018 Oct-22 3 - 39 yrs. 156 Lafayette LA Hilton Garden Inn - - 17,898 6,591 24,489 ( 10,418 ) 2006 Jul-10 3 - 39 yrs. 153 Lafayette LA SpringHill Suites - 709 9,400 992 11,101 ( 4,072 ) 2011 Jun-11 3 - 39 yrs. 103 New Orleans LA Homewood Suites 20,304 4,150 52,258 14,076 70,484 ( 19,555 ) 2002 Mar-14 3 - 39 yrs. 166 Marlborough MA Residence Inn - 3,480 17,341 2,293 23,114 ( 6,801 ) 2006 Mar-14 3 - 39 yrs. 112 Subsequently Initial Cost Capitalized Bldg./ Bldg. Total Acc. Date of Date Depreciable # of City State Description Encumbrances Land (1) /Other FF&E Cost (2) Deprec. Construction Acquired Life Rooms Westford MA Hampton - 3,410 16,320 1,814 21,544 ( 5,914 ) 2007 Mar-14 3 - 39 yrs. 110 Westford MA Residence Inn 7,713 1,760 20,791 4,588 27,139 ( 8,800 ) 2001 Mar-14 3 - 39 yrs. 108 Annapolis MD Hilton Garden Inn - 4,350 13,974 2,067 20,391 ( 5,933 ) 2007 Mar-14 3 - 39 yrs. 126 Silver Spring MD Hilton Garden Inn - 1,361 16,094 1,760 19,215 ( 7,505 ) 2010 Jul-10 3 - 39 yrs. 107 Portland ME AC Hotel - 6,767 61,602 38 68,407 ( 4,533 ) 2018 Aug-21 3 - 39 yrs. 178 Portland ME Aloft Hotel - 6,002 47,177 14 53,193 ( 3,808 ) 2021 Sep-21 3 - 39 yrs. 157 Portland ME Residence Inn 30,500 4,440 51,534 1,034 57,008 ( 10,238 ) 2009 Oct-17 3 - 39 yrs. 179 Novi MI Hilton Garden Inn - 1,213 15,052 2,746 19,011 ( 7,857 ) 2008 Nov-10 3 - 39 yrs. 148 Maple Grove MN Hilton Garden Inn - 1,560 13,717 3,447 18,724 ( 5,136 ) 2003 Sep-16 3 - 39 yrs. 121 Rochester MN Hampton - 916 13,225 2,780 16,921 ( 7,552 ) 2009 Aug-09 3 - 39 yrs. 124 St. Paul MN Hampton - 2,523 29,365 336 32,224 ( 4,861 ) 2016 Mar-19 3 - 39 yrs. 160 Kansas City MO Hampton - 727 9,363 2,058 12,148 ( 5,330 ) 1999 Aug-10 3 - 39 yrs. 122 Kansas City MO Residence Inn - 2,000 20,818 3,904 26,722 ( 8,713 ) 2002 Mar-14 3 - 39 yrs. 106 St. Louis MO Hampton - 1,758 20,954 11,107 33,819 ( 15,303 ) 2003 Aug-10 3 - 39 yrs. 190 St. Louis MO Hampton - 758 15,287 4,093 20,138 ( 8,105 ) 2006 Apr-10 3 - 39 yrs. 126 Hattiesburg MS Courtyard - 1,390 11,324 1,824 14,538 ( 4,307 ) 2006 Mar-14 3 - 39 yrs. 84 Hattiesburg MS Residence Inn - 906 9,151 1,267 11,324 ( 5,087 ) 2008 Dec-08 3 - 39 yrs. 84 Carolina Beach NC Courtyard - 7,490 31,588 4,645 43,723 ( 11,920 ) 2003 Mar-14 3 - 39 yrs. 144 Charlotte NC Fairfield - 1,030 11,111 1,370 13,511 ( 3,436 ) 2010 Sep-16 3 - 39 yrs. 94 Durham NC Homewood Suites - 1,232 18,343 6,766 26,341 ( 12,205 ) 1999 Dec-08 3 - 39 yrs. 122 Fayetteville NC Home2 Suites - 746 10,563 1,665 12,974 ( 5,277 ) 2011 Feb-11 3 - 39 yrs. 118 Greensboro NC SpringHill Suites - 1,850 7,727 644 (3) 10,221 ( 3,721 ) 2004 Mar-14 3 - 39 yrs. 82 Jacksonville NC Home2 Suites - 910 12,527 1,317 14,754 ( 3,427 ) 2012 Sep-16 3 - 39 yrs. 105 Wilmington NC Fairfield - 1,310 13,034 1,770 16,114 ( 4,812 ) 2008 Mar-14 3 - 39 yrs. 122 Winston-Salem NC Hampton - 2,170 14,268 1,255 17,693 ( 3,620 ) 2010 Sep-16 3 - 39 yrs. 94 Omaha NE Courtyard - 6,700 36,829 6,473 50,002 ( 14,590 ) 1999 Mar-14 3 - 39 yrs. 181 Omaha NE Hampton - 1,710 22,636 554 24,900 ( 5,757 ) 2007 Sep-16 3 - 39 yrs. 139 Omaha NE Hilton Garden Inn 19,445 1,620 35,962 2,893 40,475 ( 9,269 ) 2001 Sep-16 3 - 39 yrs. 178 Omaha NE Homewood Suites - 1,890 22,014 1,598 25,502 ( 6,008 ) 2008 Sep-16 3 - 39 yrs. 123 Cranford NJ Homewood Suites - 4,550 23,828 4,224 32,602 ( 10,102 ) 2000 Mar-14 3 - 39 yrs. 108 Mahwah NJ Homewood Suites - 3,220 22,742 4,850 30,812 ( 10,041 ) 2001 Mar-14 3 - 39 yrs. 110 Mount Laurel NJ Homewood Suites - 1,589 13,476 6,536 21,601 ( 9,015 ) 2006 Jan-11 3 - 39 yrs. 118 Somerset NJ Courtyard - - 27,133 4,117 31,250 ( 14,155 ) 2002 Mar-14 3 - 25 yrs. 162 West Orange NJ Courtyard - 2,054 19,513 4,046 25,613 ( 9,876 ) 2005 Jan-11 3 - 39 yrs. 131 Las Vegas NV SpringHill Suites - 10,095 65,152 - 75,247 ( 184 ) 2009 Dec-23 3 - 39 yrs. 299 Islip/Ronkonkoma NY Hilton Garden Inn - 6,510 28,718 6,841 42,069 ( 11,980 ) 2003 Mar-14 3 - 39 yrs. 166 New York NY Independent - - 102,832 ( 71,655 ) (3), (5) 31,177 ( 20,314 ) 1916 Mar-14 3 - 32 yrs. Syracuse NY Courtyard - 812 23,278 867 24,957 ( 6,074 ) 2013 Oct-15 3 - 39 yrs. 102 Syracuse NY Residence Inn - 621 17,589 776 18,986 ( 4,765 ) 2013 Oct-15 3 - 39 yrs. 78 Cleveland OH Courtyard - 3,212 30,108 29 33,349 ( 701 ) 2023 Jun-23 3 - 39 yrs. 154 Mason OH Hilton Garden Inn - 1,120 16,770 1,260 19,150 ( 4,643 ) 2010 Sep-16 3 - 39 yrs. 110 Subsequently Initial Cost Capitalized Bldg./ Bldg. Total Acc. Date of Date Depreciable # of City State Description Encumbrances Land (1) /Other FF&E Cost (2) Deprec. Construction Acquired Life Rooms Twinsburg OH Hilton Garden Inn - 1,419 16,614 4,390 22,423 ( 10,620 ) 1999 Oct-08 3 - 39 yrs. 142 Oklahoma City OK Hampton - 1,430 31,327 2,798 35,555 ( 14,104 ) 2009 May-10 3 - 39 yrs. 200 Oklahoma City OK Hilton Garden Inn - 1,270 32,700 542 34,512 ( 7,781 ) 2014 Sep-16 3 - 39 yrs. 155 Oklahoma City OK Homewood Suites - 760 20,056 113 20,929 ( 4,901 ) 2014 Sep-16 3 - 39 yrs. 100 Oklahoma City (West) OK Homewood Suites - 1,280 13,340 761 15,381 ( 4,231 ) 2008 Sep-16 3 - 39 yrs. 90 Portland OR Hampton - 10,813 64,433 126 75,372 ( 4,149 ) 2017 Nov-21 3 - 39 yrs. 243 Collegeville/Philadelphia PA Courtyard - 2,115 17,953 5,004 25,072 ( 9,920 ) 2005 Nov-10 3 - 39 yrs. 132 Malvern/Philadelphia PA Courtyard - 996 20,374 2,408 23,778 ( 9,409 ) 2007 Nov-10 3 - 39 yrs. 127 Pittsburgh PA AC Hotel - 3,305 31,605 41 34,951 ( 1,298 ) 2018 Oct-22 3 - 39 yrs. 134 Pittsburgh PA Hampton - 2,503 18,537 5,072 26,112 ( 11,650 ) 1991 Dec-08 3 - 39 yrs. 132 Charleston SC Home2 Suites - 3,250 16,778 2,065 22,093 ( 4,814 ) 2011 Sep-16 3 - 39 yrs. 122 Columbia SC Hilton Garden Inn - 3,540 16,399 1,877 21,816 ( 6,410 ) 2006 Mar-14 3 - 39 yrs. 143 Columbia SC TownePlace Suites - 1,330 10,839 1,416 13,585 ( 3,402 ) 2009 Sep-16 3 - 39 yrs. 91 Greenville SC Hyatt Place - 2,802 27,700 33 30,535 ( 2,133 ) 2018 Sep-21 3 - 39 yrs. 130 Hilton Head SC Hilton Garden Inn - 3,600 11,386 2,811 17,797 ( 5,290 ) 2001 Mar-14 3 - 39 yrs. 104 Chattanooga TN Homewood Suites - 1,410 9,361 2,912 13,683 ( 5,292 ) 1997 Mar-14 3 - 39 yrs. 76 Franklin TN Courtyard - 2,510 31,341 819 34,670 ( 7,573 ) 2008 Sep-16 3 - 39 yrs. 126 Franklin TN Residence Inn - 2,970 29,208 1,652 33,830 ( 7,477 ) 2009 Sep-16 3 - 39 yrs. 124 Knoxville TN Homewood Suites - 2,160 14,704 2,327 19,191 ( 4,312 ) 2005 Sep-16 3 - 39 yrs. 103 Knoxville TN SpringHill Suites - 1,840 12,441 1,718 15,999 ( 3,609 ) 2006 Sep-16 3 - 39 yrs. 103 Knoxville TN TownePlace Suites - 1,190 7,920 1,723 10,833 ( 3,152 ) 2003 Sep-16 3 - 39 yrs. 97 Memphis TN Hampton - 2,449 37,097 4,872 44,418 ( 9,138 ) 2000 Feb-18 3 - 39 yrs. 144 Memphis TN Hilton Garden Inn - 4,501 33,688 86 38,275 ( 2,476 ) 2019 Oct-21 3 - 39 yrs. 150 Nashville TN Hilton Garden Inn - 2,754 39,997 4,285 47,036 ( 18,698 ) 2009 Sep-10 3 - 39 yrs. 194 Nashville TN Home2 Suites - 1,153 15,206 1,762 18,121 ( 6,457 ) 2012 May-12 3 - 39 yrs. 119 Nashville TN TownePlace Suites - 7,390 13,929 1,356 22,675 ( 3,998 ) 2012 Sep-16 3 - 39 yrs. 101 Addison TX SpringHill Suites - 1,210 19,700 3,244 24,154 ( 8,521 ) 2003 Mar-14 3 - 39 yrs. 159 Arlington TX Hampton - 1,217 8,738 1,861 11,816 ( 4,787 ) 2007 Dec-10 3 - 39 yrs. 98 Austin TX Courtyard - 1,579 18,487 2,307 22,373 ( 8,475 ) 2009 Nov-10 3 - 39 yrs. 145 Austin TX Fairfield - 1,306 16,504 2,173 19,983 ( 7,758 ) 2009 Nov-10 3 - 39 yrs. 150 Austin TX Hampton - 1,459 17,184 5,695 24,338 ( 10,872 ) 1996 Apr-09 3 - 39 yrs. 124 Austin TX Hilton Garden Inn - 1,614 14,451 2,426 18,491 ( 7,410 ) 2008 Nov-10 3 - 39 yrs. 117 Austin TX Homewood Suites - 1,898 16,462 6,576 24,936 ( 11,054 ) 1997 Apr-09 3 - 39 yrs. 97 Austin/Round Rock TX Hampton - 865 10,999 4,613 16,477 ( 7,554 ) 2001 Mar-09 3 - 39 yrs. 94 Austin/Round Rock TX Homewood Suites - 2,180 25,644 2,424 30,248 ( 6,182 ) 2010 Sep-16 3 - 39 yrs. 115 Dallas TX Homewood Suites - 4,920 29,427 3,384 37,731 ( 7,296 ) 2013 Sep-16 3 - 39 yrs. 130 Denton TX Homewood Suites - 990 14,895 492 16,377 ( 4,485 ) 2009 Sep-16 3 - 39 yrs. 107 El Paso TX Homewood Suites - 2,800 16,657 2,144 21,601 ( 6,500 ) 2008 Mar-14 3 - 39 yrs. 114 Subsequently Initial Cost Capitalized Bldg./ Bldg. Total Acc. Date of Date Depreciable # of City State Description Encumbrances Land (1) /Other FF&E Cost (2) Deprec. Construction Acquired Life Rooms Fort Worth TX Courtyard - 2,313 15,825 189 18,327 ( 4,314 ) 2017 Feb-17 3 - 39 yrs. 124 Fort Worth TX Hilton Garden Inn - 4,637 25,073 1,854 31,564 ( 1,660 ) 2012 Nov-21 3 - 39 yrs. 157 Fort Worth TX Homewood Suites - 3,309 18,397 466 22,172 ( 1,233 ) 2013 Nov-21 3 - 39 yrs. 112 Fort Worth TX TownePlace Suites - 2,104 16,311 1,925 20,340 ( 7,567 ) 2010 Jul-10 3 - 39 yrs. 140 Frisco TX Hilton Garden Inn - 2,507 12,981 1,719 17,207 ( 7,224 ) 2008 Dec-08 3 - 39 yrs. 102 Grapevine TX Hilton Garden Inn - 1,522 15,543 2,111 19,176 ( 7,574 ) 2009 Sep-10 3 - 39 yrs. 110 Houston TX Courtyard - 2,080 21,836 1,327 25,243 ( 5,719 ) 2012 Sep-16 3 - 39 yrs. 124 Houston TX Marriott - 4,143 46,623 ( 19,822 ) (3) 30,944 ( 19,349 ) 2010 Jan-10 3 - 39 yrs. 206 Houston TX Residence Inn - 12,070 19,769 2,263 34,102 ( 7,639 ) 2006 Mar-14 3 - 39 yrs. 129 Houston TX Residence Inn - 2,070 11,186 1,576 14,832 ( 3,505 ) 2012 Sep-16 3 - 39 yrs. 120 Lewisville TX Hilton Garden Inn - 3,361 23,919 3,422 30,702 ( 13,617 ) 2007 Oct-08 3 - 39 yrs. 165 San Antonio TX TownePlace Suites - 2,220 9,610 1,551 13,381 ( 4,089 ) 2007 Mar-14 3 - 39 yrs. 106 Shenandoah TX Courtyard - 3,350 17,256 158 20,764 ( 4,480 ) 2014 Sep-16 3 - 39 yrs. 124 Stafford TX Homewood Suites - 1,880 10,969 549 13,398 ( 4,376 ) 2006 Mar-14 3 - 39 yrs. 78 Texarkana TX Hampton - 636 8,723 2,522 11,881 ( 4,563 ) 2004 Jan-11 3 - 39 yrs. 81 Provo UT Residence Inn - 1,150 18,277 3,687 23,114 ( 7,885 ) 1996 Mar-14 3 - 39 yrs. 114 Salt Lake City UT Courtyard - 2,634 45,843 - 48,477 ( 330 ) 2015 Oct-23 3 - 39 yrs. 175 Salt Lake City UT Hyatt House - 4,312 (6) 39,525 - 43,837 ( 350 ) 2015 Oct-23 3 - 39 yrs. 159 Salt Lake City UT Residence Inn - 1,515 24,214 462 26,191 ( 5,132 ) 2014 Oct-17 3 - 39 yrs. 136 Salt Lake City UT SpringHill Suites - 1,092 16,465 2,060 19,617 ( 7,790 ) 2009 Nov-10 3 - 39 yrs. 143 South Jordan UT Embassy Suites - 1,532 35,478 - 37,010 ( 179 ) 2017 Nov-23 3 - 39 yrs. 192 Alexandria VA Courtyard - 6,860 19,681 4,560 31,101 ( 9,248 ) 1987 Mar-14 3 - 39 yrs. 178 Alexandria VA SpringHill Suites - 5,968 - 21,074 27,042 ( 9,053 ) 2011 Mar-09 3 - 39 yrs. 155 Charlottesville VA Courtyard - 21,130 27,737 3,819 52,686 ( 10,027 ) 2000 Mar-14 3 - 39 yrs. 139 Manassas VA Residence Inn - 1,395 14,962 3,784 20,141 ( 7,358 ) 2006 Feb-11 3 - 39 yrs. 107 Richmond VA Courtyard 13,832 2,003 - 23,463 25,466 ( 7,504 ) 2014 Jul-12 3 - 39 yrs. 135 Richmond VA Marriott - - 83,698 26,433 110,131 ( 39,514 ) 1984 Mar-14 3 - 39 yrs. 413 Richmond VA Residence Inn 13,832 1,113 - 12,807 13,920 ( 4,101 ) 2014 Jul-12 3 - 39 yrs. 75 Suffolk VA Courtyard - 940 5,186 1,786 7,912 ( 2,949 ) 2007 Mar-14 3 - 39 yrs. 92 Suffolk VA TownePlace Suites - 710 5,241 1,043 6,994 ( 2,436 ) 2007 Mar-14 3 - 39 yrs. 72 Virginia Beach VA Courtyard - 10,580 29,140 4,175 43,895 ( 11,121 ) 1999 Mar-14 3 - 39 yrs. 141 Virginia Beach VA Courtyard - 12,000 40,556 6,771 59,327 ( 14,662 ) 2002 Mar-14 3 - 39 yrs. 160 Kirkland WA Courtyard - 18,950 25,028 2,771 46,749 ( 9,119 ) 2006 Mar-14 3 - 39 yrs. 150 Renton WA Residence Inn - 6,744 49,162 - 55,906 ( 400 ) 2019 Oct-23 3 - 39 yrs. 146 Seattle WA Residence Inn - 63,484 92,786 5,735 162,005 ( 33,776 ) 1991 Mar-14 3 - 39 yrs. 234 Tukwila WA Homewood Suites - 8,130 16,659 4,783 29,572 ( 8,992 ) 1992 Mar-14 3 - 39 yrs. 106 Madison WI Hilton Garden Inn - 2,593 47,152 17 49,762 ( 4,795 ) 2021 Feb-21 3 - 39 yrs. 176 Richmond VA Corporate Office - 682 3,723 2,882 7,287 ( 3,520 ) 1893 May-13 3 - 39 yrs. N/A $ 283,002 $ 828,868 $ 4,986,304 $ 523,060 $ 6,338,232 $ ( 1,647,850 ) 29,652 Investment in Real Estate: 2023 2022 2021 Balance as of January 1 $ 6,000,975 $ 5,886,363 $ 5,764,977 Acquisitions 293,802 86,467 430,155 Improvements 76,832 61,745 25,824 Dispositions ( 227 ) ( 7,425 ) ( 336,905 ) Assets held for sale (4) ( 27,506 ) - 13,066 Impairment of depreciable assets ( 5,644 ) ( 26,175 ) ( 10,754 ) Total gross cost as of December 31 6,338,232 6,000,975 5,886,363 Finance ground lease assets as of 102,084 102,084 102,084 Total investment in real estate $ 6,440,316 $ 6,103,059 $ 5,988,447 Accumulated Depreciation and Amortization: 2023 2022 2021 Accumulated depreciation as of January 1 $ ( 1,480,043 ) $ ( 1,302,246 ) $ ( 1,224,832 ) Depreciation expense ( 180,185 ) ( 178,641 ) ( 179,275 ) Accumulated depreciation on dispositions 155 844 109,610 Assets held for sale (4) 12,223 - ( 7,750 ) Accumulated depreciation as of December 31 ( 1,647,850 ) ( 1,480,043 ) ( 1,302,246 ) Accumulated amortization of finance leases ( 15,092 ) ( 12,054 ) ( 9,016 ) Accumulated depreciation and amortization $ ( 1,662,942 ) $ ( 1,492,097 ) $ ( 1,311,262 ) (1) Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease. (2) The aggregate cost for U.S. federal income tax purposes is approximately $ 5.9 billion at December 31, 2023 (unaudited). (3) Amount includes a reduction in cost due to recognition of an impairment loss. (4) As of December 31, 2023 , the Company had two hotels classified as held for sale, which are not included in this schedule, and were both sold to an unrelated party in February 2024. (5) In May 2023, the Company entered into an operating lease for an initial 15 -year term with a third-party hotel operator at its independent boutique hotel in New York, New York for all hotel operations of the hotel’s 210 hotel rooms. Lease revenue from this property is recorded in other revenue in the Company’s consolidated statements of operations and comprehensive income. As a result of the lease agreement, this property is excluded from the Company’s hotel and room counts effective May 2023 and is considered a non-hotel property through the end of the lease term. (6) As part of the acquisition of the Courtyard and Hyatt House hotels in Salt Lake City, Utah, a corresponding free-standing parking garage that serves both hotels and the surrounding area was also acquired. All costs for the parking garage are presented with the Salt Lake City Hyatt House. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Organization | Organization Apple Hospitality REIT, Inc., formed in November 2007 as a Virginia corporation, together with its wholly-owned subsidiaries (the “Company”), is a self-advised real estate investment trust (“REIT”) that invests in income-producing real estate, primarily in the lodging sector, in the United States (“U.S.”). The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of December 31, 2023, the Company owned 225 hotels with an aggregate of 29,900 rooms located in 38 states , including two hotels with a total of 248 rooms classified as held for sale, which were both sold to an unrelated party in February 2024 . The Company also owns one property leased to third parties. All information related to the number of rooms included in these notes to the consolidated financial statements and Schedule III - Real Estate and Accumulated Depreciation and Amortization listed in the Index at Item 15 has not been audited. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” The Company has elected to be treated as a REIT for U.S. federal income tax purposes. The Company has a wholly-owned taxable REIT subsidiary (or subsidiaries thereof) (collectively, the “Lessee” or “TRS”), which leases all of the Company’s hotels. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of highly liquid investments with original maturities of three months or less. The fair market value of cash and cash equivalents approximates their carrying value. Cash balances may at times exceed federal depository insurance limits. |
Restricted Cash | Restricted Cash Restricted cash includes reserves for debt service, real estate taxes, and insurance, and reserves for furniture, fixtures, and equipment replacements of up to 5 % of property revenue for certain hotels, as required by certain management or mortgage debt agreement restrictions and provisions. The fair market value of restricted cash approximates its carrying value. |
Investment in Real Estate and Related Depreciation and Amortization | Investment in Real Estate and Related Depreciation and Amortization Real estate is stated at cost, net of depreciation and amortization. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. As further discussed in Note 10, finance ground lease assets are capitalized at the estimated present value of the remaining minimum lease payments under the leases. Depreciation and amortization are computed using the straight-line method over the average estimated useful lives of the assets, which are generally 39 years for buildings, the remaining life of the lease for finance ground leases (which in some instances may include renewal options), 10 to 20 years for franchise fees, 10 years for major improvements and three to seven years for furniture and equipment. The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended. Upon acquisition of real estate properties, the Company estimates the fair value of acquired tangible assets (consisting of land, buildings and improvements, and furniture, fixtures and equipment) and identified intangible assets and liabilities, including in-place leases, and assumed debt based on the evaluation of information and estimates available at that date. Fair values for these assets are not directly observable and estimates are based on comparables and other information which is subjective in nature, including comparable land sales as well as industry and Company data regarding building and furniture, fixture and equipment costs, including adjustments for estimated depreciation based on the age of the property acquired and time since its most recent renovation. The Company has not assigned any value to management contracts and franchise agreements as such contracts are generally at current market rates based on the remaining terms of the contracts and any other value attributable to these contracts is not considered material. Acquisitions of hotel properties are generally accounted for as acquisitions of a group of assets, with costs incurred to effect an acquisition, including title, legal, accounting, brokerage commissions and other related costs, being capitalized as part of the cost of the assets acquired, instead of accounted for separately as expenses in the period that they are incurred. The Company records impairment losses on hotel properties used in operations if indicators of impairment are present, and the sum of the undiscounted cash flows estimated to be generated by the respective properties over their estimated remaining useful life, based on historical and industry data, is less than the properties’ carrying amount. Indicators of impairment include a property with current or potential losses from operations, when it becomes more likely than not that a property will be sold before the end of its previously estimated useful life or when events, trends, contingencies or changes in circumstances indicate that a triggering event has occurred and an asset’s carrying value may not be recoverable. The Company monitors its properties on an ongoing basis by analytically reviewing financial performance and considers each property individually for purposes of reviewing for indicators of impairment. As many indicators of impairment are subjective, such as general economic and market declines, the Company also prepares an annual recoverability analysis for each of its properties to assist with its evaluation of impairment indicators. The Company performs an annual recoverability analysis by comparing each property’s net book value to its estimated operating income based on assumptions and estimates about the property’s future revenues, expenses and capital expenditures after recovery from disruption resulting from COVID-19 and other disruptive events such as renovations or newly opened hotels in the same market. The Company’s planned initial hold period for each property is generally 39 years. If events or circumstances change, such as the Company’s intended hold period for a property or if the operating performance of a property declines substantially for an extended period of time, the Company’s carrying value for a particular property may not be recoverable, and an impairment loss will be recorded. Impairment losses are measured as the difference between the asset’s fair value and its carrying value. The Company’s ongoing analyses and annual recoverability analyses have identified impairment losses on two properties recorded in 2023, two properties recorded in 2022 and five properties recorded in 2021 totaling approximately $ 5.6 million, $ 26.2 million and $ 10.8 million, respectively, as discussed in Note 2. |
Assets Held for Sale | Assets Held for Sale The Company classifies assets as held for sale when a binding agreement to sell the property has been signed under which the buyer has committed a significant amount of nonrefundable cash, no significant contingencies exist which could prevent the transaction from being completed in a timely manner, and the sale is expected to close within one year. If these criteria are met, the Company will cease recording depreciation and amortization and will record an impairment charge if the fair value less costs to sell is less than the carrying amount of the disposal group. The Company will generally classify the impairment charge, together with the related operating results, as continuing operations in the Company’s consolidated statements of operations and classify the assets and related liabilities as held for sale in the Company’s consolidated balance sheets. If the Company’s plan of sale changes and the Company subsequently decides not to sell a property that is classified as held for sale, the property will be reclassified as held and used in the period the change occurs. As of December 31, 2023 , the Company had two hotels classified as held for sale, which were both sold to an unrelated party in February 2024, as discussed further in Note 3. As of December 31, 2022 , the Company did no t have any assets classified as held for sale. |
Revenue Recognition | Revenue Recognition Revenues consist of amounts derived from hotel operations, including room sales, food and beverage sales, and other hotel revenues, and are presented on a disaggregated basis in the Company’s consolidated statements of operations. The Company recognizes hotel operating revenue when guest rooms are occupied, services have been provided or fees have been earned. Revenues are recorded net of any sales, occupancy or other taxes collected from customers on behalf of third parties. Room revenue represents revenue from the occupancy of hotel rooms and is driven by the occupancy and average daily rate charged. Room revenue does not include ancillary services or fees charged. The contracts for room stays with customers generally are very short-term in duration and revenue is recognized over the course of the hotel stay. The hotel reservation defines the terms of the agreement including an agreed-upon rate and length of stay. Food and beverage revenue consists of revenue from group functions such as banquets and conferences as well as revenue from the restaurants and lounges at the Company’s hotels. Food and beverage revenue is recognized at the time the products or services are provided to the customer. Other operating revenue consists of ancillary revenues at the hotel, including attrition and cancelation fees, parking revenue and other guest services and offerings. Other operating revenue is generally recognized at the time when the goods or services are provided to the customer or when the performance obligation is satisfied. Payment is due at the time that goods or services are rendered or billed. For room revenue, payment is typically due and paid in full at the end of the stay with some customers prepaying for their rooms prior to the stay. Payments received from a customer prior to arrival are recorded as an advance deposit and are recognized as revenue at the time of occupancy. |
Comprehensive Income | Comprehensive Income Comprehensive income includes net income and other comprehensive income (loss), which is comprised of unrealized gains or losses resulting from hedging activity. |
Net Income Per Common Share | Net Income Per Common Share Basic net income per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted net income per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. Basic and dilutive net income per common share were the same for each of the years presented. |
Income Taxes | Income Taxes The Company is operated as, and has elected to be taxed as, a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates (including any applicable corporate minimum tax) and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which it failed to qualify as a REIT, unless it satisfies certain relief provisions. The Company intends to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. As a REIT, the Company is generally not subject to U.S. federal corporate income tax on the portion of taxable income that is distributed to shareholders. The Lessee, as a taxable REIT subsidiary of the Company, is subject to federal and state income taxes. The Company’s income tax expense as shown in the consolidated statements of operations primarily consists of income taxes on the operations of the Lessee and franchise taxes on both the REIT and the Lessee at the state jurisdiction level. The Company accounts for income taxes using the asset and liability method. Under this 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 income tax bases, and for net operating loss, capital loss and tax credit carryforwards. The deferred tax assets and liabilities are measured using the enacted income tax rates in effect for the year in which those temporary differences are expected to be realized or settled. The effect on the deferred tax assets and liabilities from a change in tax rates is recognized in earnings in the period in which the new rate is enacted. However, deferred tax assets are recognized only to the extent that it is more likely than not that they will be realized based on consideration of all available evidence, including the future reversals of existing taxable temporary differences, future projected taxable income and tax planning strategies. Valuation allowances are provided if, based on the weight of the available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. The Company performs an annual review for any uncertain tax positions and, if necessary, will record the expected future tax consequences of uncertain tax positions in the consolidated financial statements. As of December 31, 2023, the tax years that remain subject to examination by major tax jurisdictions generally include 2020-2023. The Company evaluates whether a tax position of the Company is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. For tax positions meeting the more likely than not threshold, the tax amount recognized in the financial statements is reduced by the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant taxing authority. The Company has reviewed its tax positions for open tax years and has concluded no provision for income taxes for uncertain tax positions is required in the Company's consolidated financial statements as of December 31, 2023, and 2022. Interest and penalties related to uncertain tax benefits, if any, in the future will be recognized as operating expense. The Company has and may in the future enter into purchase and sale transactions in accordance with Section 1031 of the Internal Revenue Code of 1986, as amended, for the exchange of like-kind property to defer taxable gains on the sale of real estate properties (“1031 Exchange”). |
Sales and Marketing Costs | Sales and Marketing Costs Sales and marketing costs are expensed when incurred. These costs represent the expense for franchise advertising and reservation systems under the terms of the hotel management and franchise agreements and general and administrative expenses that are directly attributable to advertising and promotion. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. ( “ GAAP ” ) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Accounting Standards Recently Issued | Accounting Standards Recently Issued In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires disclosure of significant segment expenses and other segment items on an annual and interim basis and disclosure in interim periods about a reportable segment’s profit or loss and assets that are currently required annually. Additionally, it requires disclosure of the title and position of the Chief Operating Decision Maker (“CODM”) and requires a public entity that has a single reportable segment to provide all disclosures required by the amendments in this ASU and all existing segment disclosures in Topic 280. This ASU does not change how a public entity identifies its operating segments, aggregates them, or applies the quantitative thresholds to determine its reportable segments. The new standard is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This update requires disclosure, on an annual basis, a tabular rate reconciliation using both percentages and currency amounts, broken out into specified categories with certain reconciling items further broken out by nature and jurisdiction to the extent those items exceed a specified threshold. In addition, all entities are required to disclose income taxes paid, net of refunds received disaggregated by federal, state/local, and foreign and by jurisdiction if the amount is at least 5% of total income tax payments, net of refunds received. The new standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The amendments in this ASU may be applied prospectively by providing the revised disclosures for the period ending December 31, 2025 and continuing to provide the pre-ASU disclosures for the prior periods, or the amendments may be applied retrospectively by providing the revised disclosures for all periods presented. As of December 31, 2023, the Company has not adopted this ASU. The adoption of this ASU is expected to only impact disclosures with no impact on the Company’s consolidated financial statements. |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investment In Real Estate [Line Items] | |
Schedule of Investment in Real Estate | The Company’s investment in real estate consisted of the following (in thousands): December 31, December 31, 2023 2022 Land $ 828,868 $ 802,625 Building and improvements 4,917,105 4,656,343 Furniture, fixtures and equipment 571,026 522,082 Finance ground lease assets 102,084 102,084 Franchise fees 21,233 19,925 6,440,316 6,103,059 Less accumulated depreciation and amortization ( 1,662,942 ) ( 1,492,097 ) Investment in real estate, net $ 4,777,374 $ 4,610,962 |
2023 Acquisitions [Member] | |
Investment In Real Estate [Line Items] | |
Schedule of Hotel Acquisitions | During 2023 , the Company acquired six hotels and one free-standing parking garage. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each property. All dollar amounts are in thousands. City State Brand Manager Date Rooms Gross Cleveland OH Courtyard Concord 6/30/2023 154 $ 31,000 Salt Lake City UT Courtyard North Central 10/11/2023 175 48,110 Salt Lake City UT Hyatt House North Central 10/11/2023 159 34,250 Salt Lake City (1) UT N/A North Central 10/11/2023 N/A 9,140 Renton WA Residence Inn InnVentures 10/18/2023 146 55,500 South Jordan UT Embassy Suites HHM 11/21/2023 192 36,750 Las Vegas NV SpringHill Suites Crescent 12/27/2023 299 75,000 1,125 $ 289,750 (1) This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand. |
2022 Acquisitions [Member] | |
Investment In Real Estate [Line Items] | |
Schedule of Hotel Acquisitions | During 2022 , the Company acquired two hotels. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price, excluding transaction costs, for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Rooms Gross Louisville KY AC Hotels Concord 10/25/2022 156 $ 51,000 Pittsburgh PA AC Hotels Concord 10/25/2022 134 34,000 290 $ 85,000 |
Assets Held for Sale and Disp_2
Assets Held for Sale and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
2021 Dispositions [Member] | |
Schedule of Hotels Sold | The following table lists the 23 hotels sold: City State Brand Date Sold Rooms Charlotte NC Homewood Suites 2/25/2021 118 Memphis TN Homewood Suites 3/16/2021 140 Overland Park KS SpringHill Suites 4/30/2021 102 Montgomery AL Hilton Garden Inn 7/22/2021 97 Montgomery AL Homewood Suites 7/22/2021 91 Rogers AR Residence Inn 7/22/2021 88 Phoenix AZ Courtyard 7/22/2021 127 Lakeland FL Courtyard 7/22/2021 78 Albany GA Fairfield 7/22/2021 87 Schaumburg IL Hilton Garden Inn 7/22/2021 166 Andover MA SpringHill Suites 7/22/2021 136 Fayetteville NC Residence Inn 7/22/2021 92 Greenville SC Residence Inn 7/22/2021 78 Jackson TN Hampton 7/22/2021 85 Johnson City TN Courtyard 7/22/2021 90 Allen TX Hampton 7/22/2021 103 Allen TX Hilton Garden Inn 7/22/2021 150 Beaumont TX Residence Inn 7/22/2021 133 Burleson/Fort Worth TX Hampton 7/22/2021 88 El Paso TX Hilton Garden Inn 7/22/2021 145 Irving TX Homewood Suites 7/22/2021 77 Richmond VA SpringHill Suites 7/22/2021 103 Vancouver WA SpringHill Suites 7/22/2021 119 Total 2,493 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Tables [Line Items] | |
Schedule of Future Minimum Debt Payments | The aggregate amounts of principal payable under the Company’s total debt obligations as of December 31, 2023 (including the Revolving Credit Facility (if any) (as defined below), term loans, senior notes and mortgage debt), for the five years subsequent to December 31, 2023 and thereafter are as follows (in thousands): 2024 $ 113,597 2025 295,140 2026 74,649 2027 278,602 2028 334,066 Thereafter 281,948 1,378,002 Unamortized fair value adjustment of assumed debt 526 Unamortized debt issuance costs ( 7,034 ) Total $ 1,371,494 |
Schedule of Total Fixed-Rate and Variable Rate Debt | The Company uses interest rate swaps to manage its interest rate risk on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the annual SOFR for a one-month term (“one-month SOFR”) plus a 0.10 % SOFR spread adjustment . The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps in effect at December 31, 2023 and 2022, is set forth below. All dollar amounts are in thousands. December 31, Percentage December 31, Percentage Fixed-rate debt (1) $ 1,228,002 89 % $ 1,149,215 84 % Variable-rate debt 150,000 11 % 225,000 16 % Total $ 1,378,002 $ 1,374,215 Weighted-average interest rate of debt 4.26 % 3.93 % (1) Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements. |
Summary [Member] | |
Debt Tables [Line Items] | |
Schedule of Long-term Debt Instruments | As of December 31, 2023 and 2022, the Company’s debt consisted of the following (in thousands): December 31, December 31, Revolving credit facility $ - $ - Term loans and senior notes, net 1,088,904 1,037,384 Mortgage debt, net 282,590 328,865 Debt, net $ 1,371,494 $ 1,366,249 |
Credit Facilities [Member] | |
Debt Tables [Line Items] | |
Schedule of Long-term Debt Instruments | As of December 31, 2023 and 2022, the details of the Company’s unsecured credit facilities were as set forth in the table below. All dollar amounts are in thousands. Outstanding Balance Interest Rate Maturity December 31, 2023 December 31, 2022 Revolving credit facility (1) SOFR + 0.10 % + 1.40 % - 2.25 % 7/25/2026 $ - $ - Term loans and senior notes $275 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 7/25/2027 275,000 275,000 $300 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 1/31/2028 300,000 250,000 $50 million term loan SOFR + 0.10 % + 1.35 % - 2.20 % 8/2/2025 (3) 50,000 50,000 $175 million term loan SOFR + 0.10 % + 1.65 % - 2.50 % 8/2/2025 175,000 175,000 2017 $85 million term loan SOFR + 0.10 % + 1.30 % - 2.10 % 7/25/2024 85,000 85,000 2019 $85 million term loan SOFR + 0.10 % + 1.70 % - 2.55 % 12/31/2029 85,000 85,000 $50 million senior notes 3.60 % - 4.35 % 3/31/2030 50,000 50,000 $75 million senior notes 4.88 % - 5.63 % 6/2/2029 75,000 75,000 Term loans and senior notes at stated 1,095,000 1,045,000 Unamortized debt issuance costs ( 6,096 ) ( 7,616 ) Term loans and senior notes, net 1,088,904 1,037,384 Credit facilities, net (1) $ 1,088,904 $ 1,037,384 Weighted-average interest rate (2) 4.35 % 3.92 % (1) Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $ 3.5 million and $ 4.8 million as of December 31, 2023 and December 31, 2022 , respectively, which are included in other assets, net in the Company’s consolidated balance sheets. (2) Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $ 820.0 million and $ 695.0 million of the outstanding variable-rate debt as of December 31, 2023 and 2022, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR at December 31, 2023 and December 31, 2022 was 5.35 % and 4.36 %, respectively. (3) On July 19, 2023, the Company entered into an amendment of its $ 225 million term loan facility, which extended the maturity date of the existing $ 50 million term loan by two years to August 2, 2025 . |
Mortgage Debt [Member] | |
Debt Tables [Line Items] | |
Schedule of Long-term Debt Instruments | As of December 31, 2023, the Company had approximately $ 283.0 million in outstanding mortgage debt secured by 15 properties with maturity dates ranging from August 2024 to May 2038 , stated interest rates ranging from 3.40 % to 4.46 % and effective interest rates ranging from 3.40 % to 4.37 %. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of December 31, 2023 and 2022 for each of the Company’s mortgage debt obligations. All dollar amounts are in thousands. Location Brand Interest (1) Loan Maturity Principal Outstanding Outstanding Miami, FL Homewood Suites 4.02 % 3/1/2014 (2) $ 16,677 $ - $ 12,440 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 (3) 8,306 - 6,193 Prattville, AL Courtyard 4.12 % 3/1/2014 (3) 6,596 - 4,918 San Diego, CA Residence Inn 3.97 % 3/1/2014 (4) 18,600 - 13,827 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 20,304 21,161 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 7,713 8,024 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 27,337 28,400 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 11,707 12,019 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,681 19,445 19,963 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 20,685 21,194 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 20,526 21,326 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 20,453 21,250 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 15,226 15,819 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 24,237 25,057 Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 13,221 13,668 Richmond, VA Courtyard 3.40 % 2/12/2020 3/11/2030 14,950 13,832 14,144 Richmond, VA Residence Inn 3.40 % 2/12/2020 3/11/2030 14,950 13,832 14,144 Portland, ME Residence Inn 3.43 % 3/2/2020 3/1/2032 33,500 30,500 30,500 San Jose, CA Homewood Suites 4.22 % 12/22/2017 5/1/2038 30,000 23,984 25,168 $ 389,033 283,002 329,215 Unamortized fair value adjustment 526 819 Unamortized debt issuance costs ( 938 ) ( 1,169 ) Total $ 282,590 $ 328,865 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. (2) Loan was repaid in full on January 3, 2023. (3) Loan was repaid in full on February 6, 2023. (4) Loan was repaid in full on March 6, 2023. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Interest Rate Swap Agreements | The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of December 31, 2023 and 2022. All dollar amounts are in thousands. Fair Value Asset (Liability) Notional Amount at December 31, 2023 Origination Effective Maturity Swap Fixed December 31, December 31, Active interest rate swaps designated as cash flow hedges at December 31, 2023: $ 50,000 12/7/2018 5/18/2020 1/31/2024 2.71 % $ 114 $ 1,163 75,000 5/31/2017 7/31/2017 6/30/2024 1.95 % 1,202 3,026 10,000 8/10/2017 8/10/2017 6/30/2024 2.02 % 157 386 50,000 7/2/2019 7/5/2019 7/18/2024 1.64 % 956 2,298 50,000 8/21/2019 8/23/2019 8/18/2024 1.31 % 1,193 2,675 50,000 8/21/2019 8/23/2019 8/30/2024 1.32 % 1,239 2,703 75,000 8/21/2019 5/18/2020 5/18/2025 1.26 % 3,273 5,225 50,000 6/1/2018 1/31/2019 6/30/2025 2.88 % 1,117 1,655 25,000 12/6/2018 1/31/2020 6/30/2025 2.74 % 608 909 75,000 8/21/2019 5/18/2021 5/18/2026 1.29 % 4,580 6,506 125,000 11/3/2023 11/3/2023 11/18/2026 4.51 % ( 2,333 ) - 50,000 3/17/2023 3/20/2023 3/18/2028 3.50 % 268 - 50,000 3/17/2023 3/20/2023 3/20/2028 3.49 % 242 - 85,000 12/31/2019 12/31/2019 12/31/2029 1.87 % 7,788 9,511 820,000 20,404 36,057 Matured interest rate swap at December 31, 2023: $ 100,000 4/7/2016 9/30/2016 3/31/2023 1.30 % - 824 $ 20,404 $ 36,881 |
Derivative Instruments, Gain (Loss) Recognized | The following tables present the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the years ended December 31, 2023, 2022 and 2021 (in thousands): Net Unrealized Gain Recognized in Other Comprehensive Income (Loss) 2023 2022 2021 Interest rate derivatives in cash flow hedging $ 5,870 $ 52,714 $ 15,904 Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net 2023 2022 2021 Interest rate derivatives in cash flow hedging $ 22,347 $ 325 $ ( 11,390 ) |
Compensation Plans (Tables)
Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Information Pertaining to Share-based Compensation Issued | The following table sets forth information pertaining to the share-based compensation issued under the 2022 Incentive Plan, the 2021 Incentive Plan and the incentive plan for 2020 (the “2020 Incentive Plan”): 2022 Incentive Plan 2021 Incentive Plan 2020 Incentive Plan Period common shares issued First Quarter 2023 First Quarter 2022 First Quarter 2021 Common shares earned under each incentive plan 935,189 868,079 555,726 Common shares surrendered on issuance date to satisfy tax 263,026 245,597 117,647 Common shares earned and issued under each incentive plan, net of 672,163 622,482 438,079 Average of the high and low stock price on issuance date $ 16.70 $ 17.79 $ 14.03 Total share-based compensation earned, including the $ 15.6 (1) $ 15.4 (2) $ 7.8 (3) Of the total common shares earned and issued, total common shares 360,176 338,032 160,216 Of the total common shares earned and issued, total common shares 311,987 284,450 277,863 Restricted common shares vesting date December 8, 2023 December 9, 2022 December 10, 2021 Common shares surrendered on vesting date to satisfy tax 134,085 114,147 108,292 (1) Of the total 2022 share-based compensation, approximately $ 12.5 million was recognized as share-based compensation expense during the year ended December 31, 2022, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2022 , and the remaining $ 2.6 million, which vested on December 8, 2023 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2023 . (2) Of the total 2021 share-based compensation, approximately $ 12.9 million was recognized as share-based compensation expense during the year ended December 31, 2021, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2021 , and the remaining $ 2.5 million, which vested on December 9, 2022 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2022 . (3) Of the total 2020 share-based compensation, approximately $ 1.9 million, which vested on December 10, 2021 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2021 . |
Management and Franchise Agre_2
Management and Franchise Agreements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Contractors [Abstract] | |
Schedule of Hotel Properties Managed by Third Parties | Each of the Company’s 225 hotels owned as of December 31, 2023 is operated and managed under a separate management agreement with one of the following management companies or one of their affiliates, none of which are affiliated with the Company (number of hotels by manager are as of January 1, 2024): Manager Number of LBAM-Investor Group, LLC (“LBA”) 33 Dimension Development Two, LLC (“Dimension”) 31 Crestline Hotels & Resorts, LLC (“Crestline”) 25 Raymond Management Company, Inc. (“Raymond”) 22 Hersha Hospitality Management L.P. (“HHM”) 19 Texas Western Management Partners, LP (“Western”) 16 MHH Management, LLC (“McKibbon”) 14 Marriott International, Inc. (“Marriott”) 13 Newport Hospitality Group, Inc. (“Newport”) 11 North Central Hospitality, LLC (“North Central”) 11 Chartwell Hospitality, LLC (“Chartwell”) 10 InnVentures IVI, LP (“InnVentures”) 9 Concord Hospitality Enterprises Company, LLC (“Concord”) 4 Huntington Hotel Group, LP (“Huntington”) 3 White Lodging Services Corporation (“White Lodging”) 3 Crescent Hotels & Resorts, LLC (“Crescent”) 1 Total 225 |
Lease Commitments (Tables)
Lease Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Lessee Operating And Financing Leases [Abstract] | |
Schedule of Lease-related Assets and Liabilities | The following table sets forth the lease-related assets and liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 and 2022. All dollar amounts are in thousands. December 31, Consolidated Balance Sheet 2023 2022 Assets Operating lease assets, net Other assets, net $ 25,389 $ 26,348 Finance ground lease assets, net (1) Investment in real estate, net 86,992 90,030 Total lease assets $ 112,381 $ 116,378 Liabilities Operating lease liabilities Accounts payable and other liabilities $ 11,447 $ 11,849 Finance lease liabilities Finance lease liabilities 111,892 112,006 Total lease liabilities $ 123,339 $ 123,855 Weighted-average remaining lease term Operating leases 36 years Finance leases 30 years Weighted-average discount rate Operating leases 5.49 % Finance leases 5.31 % (1) Finance ground lease assets are net of accumulated amortization of approximately $ 15.1 million and $ 12.1 million as of December 31, 2023 and 2022, respectively . |
Schedule of Lease Costs Related to Operating and Finance Ground Leases | The following table sets forth the lease costs related to the Company’s operating and finance ground leases included in the Company’s consolidated statement of operations for the years ended December 31, 2023 2022 and 2021 (in thousands): Year Ended December 31, Consolidated Statement of 2023 2022 2021 Operating lease costs (1) Property taxes, insurance and other $ 1,776 $ 1,794 $ 1,585 Finance lease costs: Amortization of lease assets Depreciation and amortization expense 3,038 3,038 5,178 Interest on lease liabilities Interest and other expense, net 5,877 5,872 9,415 Total lease costs $ 10,691 $ 10,704 $ 16,178 (1) Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company’s consolidated statement of operations. These costs are not significant for disclosure. |
Schedule of Undiscounted Cash Flows for Each of Next Five Years and Total of Remaining Years to Operating Lease Liabilities and Finance Lease Liabilities | The following table reconciles the undiscounted cash flows for each of the next five years and total of the remaining years to the operating lease liabilities and finance lease liabilities included in the Company’s consolidated balance sheet as of December 31, 2023 (in thousands): Operating Leases Finance Leases 2024 $ 1,088 $ 6,174 2025 1,089 6,338 2026 889 6,500 2027 725 6,700 2028 713 6,879 Thereafter 29,634 216,675 Total minimum lease payments 34,138 249,266 Less: amount of lease payments representing 22,691 137,374 Present value of lease liabilities $ 11,447 $ 111,892 |
Supplemental Cash Flow Information related to Operating and Finance Leases | The following table sets forth supplemental cash flow information related to the Company’s operating and finance leases for the years ended December 31, 2023, 2022 and 2021 (in thousands): Year Ended December 31, 2023 2022 2021 Cash paid for amounts included in the Operating cash flows for operating leases $ 1,106 $ 1,166 $ 1,109 Operating cash flows for finance leases 5,651 5,469 6,568 Financing cash flows for finance leases 340 173 24,045 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are as follows (in thousands): Year Ended December 31, 2023 2022 2021 Current: Federal $ - $ ( 34 ) $ ( 15 ) State 1,135 1,974 483 Deferred: Federal - - - State - - - Income tax expense $ 1,135 $ 1,940 $ 468 |
Schedule of Reconciliation Between the Provision For Income Taxes And Amounts Computed | Below is a reconciliation between the provision for income taxes and the amounts computed by applying the federal statutory income tax rate to the income or loss before taxes (in thousands): Year Ended December 31, 2023 2022 2021 Statutory federal tax expense $ 37,273 $ 30,409 $ 3,954 Federal tax impact of REIT election ( 39,865 ) ( 27,261 ) 4,934 Statutory federal tax expense (benefit) at TRS ( 2,592 ) 3,148 8,888 State income tax expense (benefit), net of federal tax benefit 897 1,559 382 Change in valuation allowance 2,830 ( 2,767 ) ( 8,802 ) Income tax expense $ 1,135 $ 1,940 $ 468 |
Schedule Of Characterization of Distributions | For income tax purposes, distributions paid consist of ordinary income, capital gains, return of capital or a combination thereof. For the years ended December 31, 2023, 2022 and 2021, distributions per share were characterized as follows (unaudited): Year Ended December 31, 2023 2022 2021 Amount of distributions per share $ 1.01 $ 0.76 $ 0.04 Characterized as: Ordinary income 97 % 100 % 100 % Capital gain distributions 0 % 0 % 0 % Return of capital 3 % 0 % 0 % |
Hotel Purchase Contract Commi_2
Hotel Purchase Contract Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Purchase Contract Outstanding | The following table summarizes the location, expected franchise brand, date of purchase contract, expected number of rooms upon completion, refundable (if the seller does not meet its obligations under the contract) deposits paid and gross purchase price for each of the contracts outstanding as of December 31, 2023. All dollar amounts are in thousands. Location Brands Date of Rooms Refundable Gross Madison, WI Embassy Suites 7/27/2021 262 $ 893 $ 79,306 Nashville, TN Motto 5/16/2023 260 1,058 98,183 522 $ 1,951 $ 177,489 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Property Room Hotel State Segment $ / shares | Dec. 31, 2022 USD ($) Property Hotel $ / shares | Dec. 31, 2021 USD ($) Property $ / shares | |
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Number of reportable segments | Segment | 1 | ||
Number of hotels | Hotel | 225 | ||
Aggregate number of hotel rooms | Room | 29,900 | ||
Number of states in which hotels are located | State | 38 | ||
Property, plant and equipment, cost capitalization | The Company considers expenditures to be capital in nature based on the following criteria: (1) for a single asset, the cost must be at least $500, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; (2) for group purchases of 10 or more identical assets, the unit cost for each asset must be at least $50, including all normal and necessary costs to place the asset in service, and the useful life must be at least one year; and (3) for major repairs to a single asset, the repair must be at least $2,500 and the useful life of the asset must be substantially extended. | ||
Hotel property initial hold period | 39 years | ||
Impairment of real estate | $ 5,644 | $ 26,175 | $ 10,754 |
Number of real estate properties held for sale | Hotel | 2 | 0 | |
Number of units in real estate properties held for sale | Room | 248 | ||
Common stock, dividends, per share, cash paid | $ / shares | $ 1.04 | $ 0.61 | $ 0.03 |
Amount of distributions per share | $ / shares | $ 1.01 | $ 0.76 | $ 0.04 |
Ordinary income | 97% | 100% | 100% |
Return of capital | 3% | 0% | 0% |
Provision for income taxes | $ 1,135 | $ 1,940 | $ 468 |
Real estate investment trust qualification description | To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement that it distribute at least 90% of its REIT taxable income, subject to certain adjustments and excluding any net capital gain, to shareholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates (including any applicable corporate minimum tax) and generally will be unable to re-elect REIT status until the fifth calendar year after the year in which it failed to qualify as a REIT, unless it satisfies certain relief provisions. The Company intends to adhere to the REIT qualification requirements and to maintain its qualification for taxation as a REIT. | ||
Real Estate Impairment Charges [Member] | |||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Number of real estate properties | Property | 2 | 2 | 5 |
Impairment of real estate | $ 5,600 | $ 26,200 | $ 10,800 |
Building [Member] | |||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, plant and equipment, useful life | 39 years | ||
Major Improvements [Member] | |||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Maximum [Member] | |||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Percentage of revenue reserved for replacements | 5% | ||
Maximum [Member] | Franchise Fees [Member] | |||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, plant and equipment, useful life | 20 years | ||
Maximum [Member] | Furniture and Fixtures [Member] | |||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, plant and equipment, useful life | 7 years | ||
Minimum [Member] | Franchise Fees [Member] | |||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, plant and equipment, useful life | 10 years | ||
Minimum [Member] | Furniture and Fixtures [Member] | |||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||
Property, plant and equipment, useful life | 3 years |
Investment In Real Estate - Sch
Investment In Real Estate - Schedule of Investment in Real Estate (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Property Plant And Equipment [Line Items] | |||
Real estate investment property, at cost | $ 6,440,316 | $ 6,103,059 | |
Less accumulated depreciation and amortization | (1,662,942) | (1,492,097) | $ (1,311,262) |
Investment in real estate, net | 4,777,374 | 4,610,962 | |
Land [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real estate investment property, at cost | 828,868 | 802,625 | |
Building and Improvements [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real estate investment property, at cost | 4,917,105 | 4,656,343 | |
Furniture, Fixtures and Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real estate investment property, at cost | 571,026 | 522,082 | |
Finance Ground Lease Assets [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real estate investment property, at cost | 102,084 | 102,084 | |
Franchise Fees [Member] | |||
Property Plant And Equipment [Line Items] | |||
Real estate investment property, at cost | $ 21,233 | $ 19,925 |
Investment in Real Estate - Add
Investment in Real Estate - Additional Information (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
May 31, 2023 Room | Oct. 31, 2022 USD ($) | Apr. 30, 2021 USD ($) | Dec. 31, 2022 USD ($) Hotel Room | Mar. 31, 2021 USD ($) Hotel | Dec. 31, 2023 USD ($) Room Hotel State ParkingStructure | Dec. 31, 2022 USD ($) Hotel Room | Dec. 31, 2021 USD ($) Hotel | |
Investment In Real Estate [Line Items] | ||||||||
Number of hotels | Hotel | 225 | |||||||
Aggregate number of hotel rooms | Room | 29,900 | |||||||
Number of states in which hotels are located | State | 38 | |||||||
Number of hotels held for sale | Hotel | 2 | 0 | ||||||
Number of rooms held for sale | Room | 248 | |||||||
Lessor, Operating Lease, Term of Contract | 15 years | |||||||
Loss on impairment of depreciable real estate assets | $ 5,644 | $ 26,175 | $ 10,754 | |||||
Estimated fair market value of hotels | $ 4,610,962 | 4,777,374 | 4,610,962 | |||||
Total revenue | 1,343,800 | 1,238,417 | 933,869 | |||||
Operating Income (Loss) | 247,481 | 206,478 | $ 87,044 | |||||
Proceeds from term loans and senior notes | $ 50,000 | 50,000 | 175,000 | |||||
Term loan facility, maximum borrowing capacity | $ 575,000 | 575,000 | ||||||
Minimum [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Stabilized room revenue growth rates percentage | 2.40% | |||||||
Estimated discount rates percentage | 7.50% | |||||||
Maximum [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Stabilized room revenue growth rates percentage | 4.80% | |||||||
Estimated discount rates percentage | 9% | |||||||
Hotel Sale Contracts and Loss on Impairment of Depreciable Real Estate Assets [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Number of hotels | Hotel | 20 | |||||||
Loss on impairment of depreciable real estate assets | $ 9,400 | 5,600 | 26,200 | |||||
Real Estate Investment, Carrying Value | $ 47,200 | 17,400 | 47,200 | |||||
Estimated fair market value of hotels | $ 21,000 | $ 11,800 | $ 21,000 | |||||
Purchase, gross sales price | $ 211,000 | |||||||
Hotels Sold [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Number of hotels | Hotel | 1 | 1 | 23 | |||||
Independent Boutique Hotel, New York [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Number of hotel rooms under operating lease | Room | 210 | |||||||
SpringHill Suites Overland Park, KS [Member] | Hotels Sold [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Loss on impairment of depreciable real estate assets | 1,300 | |||||||
Sale of Real Estate Assets, Gross Sales Price | $ 5,300 | |||||||
Hotel Acquisitions [Member] | ||||||||
Investment In Real Estate [Line Items] | ||||||||
Number of hotels | Hotel | 2 | 6 | 2 | |||||
Aggregate number of hotel rooms | Room | 290 | 1,125 | 290 | |||||
Number of parking structure purchased | ParkingStructure | 1 | |||||||
Total revenue | $ 9,700 | $ 2,400 | ||||||
Operating Income (Loss) | $ 1,600 | $ 600 |
Investment in Real Estate - S_2
Investment in Real Estate - Schedule of Hotel Acquisitions (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Room | Dec. 31, 2022 USD ($) Room | ||
Real Estate Properties [Line Items] | |||
Rooms | 29,900 | ||
Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 1,125 | 290 | |
Gross Purchase Price | $ | $ 289,750 | $ 85,000 | |
Courtyard Cleveland, OH [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 154 | ||
Courtyard Cleveland, OH [Member] | Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | Concord | ||
Date Acquired | Jun. 30, 2023 | ||
Rooms | 154 | ||
Gross Purchase Price | $ | $ 31,000 | ||
Courtyard Salt Lake City, UT [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 175 | ||
Courtyard Salt Lake City, UT [Member] | Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | North Central | ||
Date Acquired | Oct. 11, 2023 | ||
Rooms | 175 | ||
Gross Purchase Price | $ | $ 48,110 | ||
Hyatt House Salt Lake City, UT [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 159 | ||
Hyatt House Salt Lake City, UT [Member] | Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | North Central | ||
Date Acquired | Oct. 11, 2023 | ||
Rooms | 159 | ||
Gross Purchase Price | $ | $ 34,250 | ||
Salt Lake City, UT [Member] | Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | [1] | North Central | |
Date Acquired | [1] | Oct. 11, 2023 | |
Gross Purchase Price | $ | [1] | $ 9,140 | |
Residence Inn Renton, WA [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 146 | ||
Residence Inn Renton, WA [Member] | Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | InnVentures | ||
Date Acquired | Oct. 18, 2023 | ||
Rooms | 146 | ||
Gross Purchase Price | $ | $ 55,500 | ||
Embassy Suites South Jordan, UT [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 192 | ||
Embassy Suites South Jordan, UT [Member] | Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | HHM | ||
Date Acquired | Nov. 21, 2023 | ||
Rooms | 192 | ||
Gross Purchase Price | $ | $ 36,750 | ||
SpringHill Suites Las Vegas, NV [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 299 | ||
SpringHill Suites Las Vegas, NV [Member] | Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | Crescent | ||
Date Acquired | Dec. 27, 2023 | ||
Rooms | 299 | ||
Gross Purchase Price | $ | $ 75,000 | ||
AC Hotels Louisville, KY [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 156 | ||
AC Hotels Louisville, KY [Member] | Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | Concord | ||
Date Acquired | Oct. 25, 2022 | ||
Rooms | 156 | ||
Gross Purchase Price | $ | $ 51,000 | ||
AC Hotels Pittsburgh, PA [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 134 | ||
AC Hotels Pittsburgh, PA [Member] | Hotel Acquisitions [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | Concord | ||
Date Acquired | Oct. 25, 2022 | ||
Rooms | 134 | ||
Gross Purchase Price | $ | $ 34,000 | ||
[1] This property is a free-standing parking garage which serves both the Courtyard and Hyatt House hotels in Salt Lake City, Utah and the surrounding area, however, it is not affiliated with any brand. |
Assets Held for Sale and Disp_3
Assets Held for Sale and Dispositions - Additional Information (Details) $ in Thousands | 12 Months Ended | 36 Months Ended | ||||||
Jul. 22, 2021 USD ($) Hotel | Dec. 31, 2023 USD ($) Room Hotel | Dec. 31, 2022 USD ($) Hotel Room | Dec. 31, 2021 USD ($) Hotel Transaction | Dec. 31, 2023 USD ($) Room Hotel | Jun. 02, 2022 USD ($) | Mar. 31, 2021 Hotel | Dec. 31, 2020 USD ($) | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of hotels | Hotel | 225 | 225 | ||||||
Gain (Loss) on Disposition of Assets | $ 1,785 | $ 3,596 | ||||||
Aggregate number of hotel rooms | Room | 29,900 | 29,900 | ||||||
Revolving Credit Facility [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 425,000 | $ 425,000 | ||||||
Revolving Credit Facility [Member] | Prior to Refinancing [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Line Of Credit Facility Maximum Borrowing Capacity | $ 425,000 | |||||||
Hotels Sold [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of hotels | Hotel | 1 | 23 | ||||||
Hotels Sold [Member] | 2023 Dispositions [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of hotels | Hotel | 0 | 0 | ||||||
Hotels Sold [Member] | 2022 Dispositions [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of hotels | Hotel | 1 | |||||||
Sale of Real Estate Assets, Gross Sales Price | $ 8,500 | |||||||
Gain (Loss) on Disposition of Assets | 1,800 | |||||||
Real Estate Investment, Carrying Value | $ 6,500 | |||||||
Aggregate number of hotel rooms | Room | 55 | |||||||
Hotels Sold [Member] | 2021 Dispositions [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of hotels | Hotel | 20 | 23 | ||||||
Number of Transactions | Transaction | 4 | |||||||
Sale of Real Estate Assets, Gross Sales Price | $ 234,600 | |||||||
Gain (Loss) on Disposition of Assets | 3,600 | |||||||
Real Estate Investment, Carrying Value | 227,200 | |||||||
Deferral taxable gain | $ 23,600 | |||||||
Assets Held for Sale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Sale of Real Estate Assets, Gross Sales Price | $ 33,500 | |||||||
Deferral taxable gain | 15,000 | |||||||
Hotels Sold [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Operating income (loss), excluding gain (loss) on sale of real estate | 2,700 | $ 2,500 | $ 6,300 | |||||
Number of real estate properties | Hotel | 26 | |||||||
Hotel Sale Contracts and Loss on Impairment of Depreciable Real Estate Assets [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Number of hotels | Hotel | 20 | |||||||
Real Estate Investment, Carrying Value | $ 17,400 | $ 47,200 | $ 17,400 | |||||
Hampton Rogers A R [Member] | Assets Held for Sale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Aggregate number of hotel rooms | Room | 122 | 122 | ||||||
Homewood Suites Rogers A R [Member] | Assets Held for Sale [Member] | ||||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||||
Aggregate number of hotel rooms | Room | 126 | 126 |
Assets Held for Sale and Disp_4
Assets Held for Sale and Dispositions - Schedule of Hotels Sold (Details) | 12 Months Ended |
Dec. 31, 2021 Room | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Rooms | 2,493 |
Homewood Suites Charlotte, NC [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Feb. 25, 2021 |
Rooms | 118 |
Homewood Suites Memphis, TN [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Mar. 16, 2021 |
Rooms | 140 |
SpringHill Suites Overland Park, KS [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Apr. 30, 2021 |
Rooms | 102 |
Hilton Garden Inn Montgomery,AL [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 97 |
Homewood Suites Montgomery, AL [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 91 |
Residence Inn Rogers, AR [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 88 |
Courtyard Phoenix, AZ [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 127 |
Courtyard Lakeland, FL [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 78 |
Fairfield Albany, GA [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 87 |
Hilton Garden Inn Schaumburg, IL [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 166 |
SpringHill Suites Andover, MA [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 136 |
Residence Inn Fayetteville, NC [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 92 |
Residence Inn Greenville, SC [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 78 |
Hampton Jackson, TN [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 85 |
Courtyard Johnson City, TN [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 90 |
Hampton Allen, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 103 |
Hilton Garden Inn Allen, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 150 |
Residence Inn Beaumont, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 133 |
Hampton Burleson/FortWorth, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 88 |
Hilton Garden Inn El Paso, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 145 |
Homewood Suites Irving, TX [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 77 |
SpringHill Suites Richmond, VA [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 103 |
SpringHill Suites Vancouver, WA [Member] | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |
Date Sold | Jul. 22, 2021 |
Rooms | 119 |
Debt - Schedule of Debt (Detail
Debt - Schedule of Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
Term loans and senior notes, net | $ 1,088,904 | $ 1,037,384 |
Mortgage debt, net | 282,590 | 328,865 |
Debt, net | $ 1,371,494 | $ 1,366,249 |
Debt - Schedule of Future Minim
Debt - Schedule of Future Minimum Debt Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Disclosure [Abstract] | ||
2024 | $ 113,597 | |
2025 | 295,140 | |
2026 | 74,649 | |
2027 | 278,602 | |
2028 | 334,066 | |
Thereafter | 281,948 | |
Debt, gross | 1,378,002 | $ 1,374,215 |
Unamortized fair value adjustment of assumed debt | 526 | |
Unamortized debt issuance costs | (7,034) | |
Debt, net | $ 1,371,494 | $ 1,366,249 |
Debt - Schedule of Total Fixed-
Debt - Schedule of Total Fixed-Rate and Variable Rate Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |||
Fixed-rate debt | [1] | $ 1,228,002 | $ 1,149,215 |
Variable-rate debt | 150,000 | 225,000 | |
Debt, gross | $ 1,378,002 | $ 1,374,215 | |
Weighted-average interest rate of debt | 4.26% | 3.93% | |
Fixed-rate debt, Percentage | [1] | 89% | 84% |
Variable-rate debt, Percentage | 11% | 16% | |
[1] Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements. |
Debt - Additional Information (
Debt - Additional Information (Details) | 1 Months Ended | 12 Months Ended | 17 Months Ended | ||||||||||||||
Jul. 19, 2023 USD ($) | Dec. 31, 2019 USD ($) Loan | Jan. 29, 2019 USD ($) | Jul. 25, 2017 USD ($) Loan | Oct. 31, 2022 USD ($) | Dec. 31, 2023 USD ($) Hotel_Property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2023 USD ($) | Jan. 17, 2023 USD ($) | Oct. 24, 2022 USD ($) | Jul. 25, 2022 USD ($) | Jun. 02, 2022 USD ($) | Dec. 31, 2020 USD ($) | Mar. 16, 2020 USD ($) | Aug. 02, 2018 USD ($) | ||
Debt Details [Line Items] | |||||||||||||||||
Term loan facility, maximum borrowing capacity | $ 575,000,000 | ||||||||||||||||
Debt instrument, description of variable rate basis | plus a 0.10% SOFR spread adjustment | ||||||||||||||||
Proceeds from term loans and senior notes | $ 50,000,000 | $ 50,000,000 | 175,000,000 | ||||||||||||||
Outstanding debt | 1,378,002,000 | 1,374,215,000 | $ 1,378,002,000 | ||||||||||||||
Amortization of debt discount (premium) | (300,000) | (200,000) | $ (600,000) | ||||||||||||||
Amortization of debt issuance costs | 3,600,000 | 4,000,000 | 4,200,000 | ||||||||||||||
Interest costs capitalized | $ 1,500,000 | $ 1,300,000 | 300,000 | ||||||||||||||
SOFR spread adjustment rate | 0.10% | 0.10% | |||||||||||||||
2017 $85 Million Unsecured Term Loan Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Number of term loans | Loan | 1 | ||||||||||||||||
Debt instrument, face amount | $ 85,000,000 | $ 85,000,000 | $ 85,000,000 | ||||||||||||||
Debt instrument, maturity date | Jul. 25, 2024 | ||||||||||||||||
Debt instrument, description of variable rate basis | one-month SOFR plus a 0.10% SOFR spread adjustment | ||||||||||||||||
SOFR spread adjustment rate | 0.10% | 0.10% | |||||||||||||||
2019 $85 Million Unsecured Term Loan Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Number of term loans | Loan | 1 | ||||||||||||||||
Debt instrument, face amount | $ 85,000,000 | $ 85,000,000 | $ 85,000,000 | ||||||||||||||
Debt instrument, maturity date | Dec. 31, 2029 | ||||||||||||||||
Debt instrument, description of variable rate basis | one-month SOFR plus a 0.10% SOFR spread adjustment | ||||||||||||||||
SOFR spread adjustment rate | 0.10% | 0.10% | |||||||||||||||
$50 Million Senior Notes [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 50,000,000 | $ 50,000,000 | $ 50,000,000 | ||||||||||||||
Debt instrument, maturity date | Mar. 31, 2030 | ||||||||||||||||
$75 Million Senior Notes [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 75,000,000 | 75,000,000 | $ 75,000,000 | ||||||||||||||
Debt instrument, maturity date | Jun. 02, 2029 | ||||||||||||||||
Mortgage Debt [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, maturity date, description | maturity dates ranging from August 2024 to May 2038 | ||||||||||||||||
Outstanding debt | $ 283,000,000 | 283,000,000 | |||||||||||||||
Number of hotel properties used to secure debt | Hotel_Property | 15 | ||||||||||||||||
575 Million Unsecured Term Loan Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 575,000,000 | 575,000,000 | |||||||||||||||
$225 Million Unsecured Term Loan Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Term loan facility, maximum borrowing capacity | $ 225,000,000 | $ 225,000,000 | $ 225,000,000 | $ 225,000,000 | |||||||||||||
Debt instrument, description of variable rate basis | one-month SOFR plus a 0.10% SOFR spread adjustment | ||||||||||||||||
SOFR spread adjustment rate | 0.10% | 0.10% | |||||||||||||||
$225 Million Unsecured Term Loan Facility [Member] | $50 Million Unsecured Term Loan [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 50,000,000 | 50,000,000 | |||||||||||||||
Debt instrument, maturity date | Aug. 02, 2023 | ||||||||||||||||
Date of amended and restated credit facility | Aug. 02, 2018 | ||||||||||||||||
Debt instrument extended maturity date | Aug. 02, 2025 | ||||||||||||||||
Debt instrument extended maturity date term | 2 years | ||||||||||||||||
$225 Million Unsecured Term Loan Facility [Member] | $175 Million Unsecured Term Loan [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 100,000,000 | ||||||||||||||||
Debt instrument, maturity date | Aug. 02, 2025 | ||||||||||||||||
Total borrowing capacity under term loan | $ 175,000,000 | $ 175,000,000 | |||||||||||||||
Proceeds from term loans and senior notes | $ 75,000,000 | ||||||||||||||||
Debt instrument, description | $100 million was funded on August 2, 2018, and the remaining $75 million was funded on January 29, 2019 (the term loans described in clauses (i) and (ii) are referred to together as the “$225 million term loan facility”) | ||||||||||||||||
Credit Facilities [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Line of credit facility, covenant terms | Credit Facilities CovenantsThe credit agreements governing the unsecured credit facilities (collectively, the “credit agreements”) contain mandatory prepayment requirements, customary affirmative and negative covenants, restrictions on certain investments and events of default, including the following financial and restrictive covenants (capitalized terms not defined below are defined in the credit agreements):•A ratio of Consolidated Total Indebtedness to Consolidated EBITDA (“Maximum Consolidated Leverage Ratio”) of not more than 7.25 to 1.00;•A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets (“Maximum Secured Leverage Ratio”) of not more than 45%;•A minimum Consolidated Tangible Net Worth of approximately $3.4 billion plus an amount equal to 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date, July 25, 2022, subject to adjustment;•A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges (“Minimum Fixed Charge Coverage Ratio”) of not less than 1.50 to 1.00 for the trailing four full quarters;•A ratio of Unencumbered Adjusted NOI to Consolidated Implied Interest Expense for Consolidated Unsecured Indebtedness (“Minimum Unsecured Interest Coverage Ratio”) of not less than 2.00 to 1.00 for the trailing four full quarters;•A ratio of Consolidated Unsecured Indebtedness to Unencumbered Asset Value (“Maximum Unsecured Leverage Ratio”) of not more than 60% (subject to a higher level in certain circumstances); and•A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets (“Maximum Secured Recourse Indebtedness”) of not more than 10%.The Company was in compliance with the applicable covenants at December 31, 2023. | ||||||||||||||||
Unsecured Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Minimum consolidated tangible net worth | $ 3,400,000,000 | $ 3,400,000,000 | |||||||||||||||
Percentage of net cash proceeds from issuances and sales of equity interests | 75% | 75% | |||||||||||||||
$1.2 Billion Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 1,200,000,000 | $ 1,200,000,000 | $ 1,200,000,000 | ||||||||||||||
Debt instrument, description of variable rate basis | one-month SOFR plus a 0.10% SOFR spread adjustment | ||||||||||||||||
SOFR spread adjustment rate | 0.10% | 0.10% | |||||||||||||||
$1.2 Billion Credit Facility [Member] | $650 Million Revolving Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 650,000,000 | $ 650,000,000 | |||||||||||||||
Line of credit facility, remaining borrowing capacity | $ 650,000,000 | 650,000,000 | |||||||||||||||
Debt instrument extended maturity date | Jul. 25, 2026 | ||||||||||||||||
$1.2 Billion Credit Facility [Member] | $275 Million Term Loan Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 275,000,000 | 275,000,000 | |||||||||||||||
Debt instrument extended maturity date | Jul. 25, 2027 | ||||||||||||||||
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Term loan facility, maximum borrowing capacity | $ 300,000,000 | $ 300,000,000 | |||||||||||||||
Debt instrument extended maturity date | Jan. 31, 2028 | ||||||||||||||||
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Delayed Draw Term Loan [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, description | $150 million delayed draw option until 180 days from closing), of which $200 million was funded at closing | ||||||||||||||||
Term loan facility, remaining available capacity | 150,000,000 | ||||||||||||||||
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Loan Funded At Closing [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 200,000,000 | ||||||||||||||||
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Loans Funded On October Twenty Four Two Thousand Twenty Two [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 50,000,000 | ||||||||||||||||
$1.2 Billion Credit Facility [Member] | $300 Million Term Loan Facility [Member] | Loan Funded At January Seventeen Two Thousand Twenty Three [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, face amount | $ 50,000,000 | ||||||||||||||||
Revolving Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 425,000,000 | $ 425,000,000 | |||||||||||||||
Debt instrument, maturity date | [1] | Jul. 25, 2026 | |||||||||||||||
SOFR spread adjustment rate | [1] | 0.10% | 0.10% | ||||||||||||||
Revolving Credit Facility [Member] | Prior to Refinancing [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 425,000,000 | ||||||||||||||||
Revolving Credit Facility [Member] | Prior to Refinancing [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 425,000,000 | ||||||||||||||||
Minimum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | 1.30% | ||||||||||||||||
Minimum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | 1.70% | ||||||||||||||||
Minimum [Member] | $50 Million Senior Notes [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Note payable, fixed annual interest rate | 3.60% | 3.60% | |||||||||||||||
Minimum [Member] | $75 Million Senior Notes [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Note payable, fixed annual interest rate | 4.88% | 4.88% | |||||||||||||||
Minimum [Member] | Mortgage Debt [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Note payable, fixed annual interest rate | 3.40% | 3.40% | |||||||||||||||
Effective interest rates | 3.40% | 3.40% | |||||||||||||||
Minimum [Member] | $225 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | 1.35% | ||||||||||||||||
Minimum [Member] | Unsecured Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Ratio of adjusted consolidated EBITDA to consolidated fixed charges | 1.5 | 1.5 | |||||||||||||||
Ratio of unencumbered adjusted NOI to consolidated implied interest expense | 2 | 2 | |||||||||||||||
Minimum [Member] | $1.2 Billion Credit Facility [Member] | SOFR Interest Rate Margin [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | 1.35% | ||||||||||||||||
Minimum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | $650 Million Revolving Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.20% | ||||||||||||||||
Minimum [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | [1] | 1.40% | |||||||||||||||
Maximum [Member] | 2017 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | 2.10% | ||||||||||||||||
Maximum [Member] | 2019 $85 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | 2.55% | ||||||||||||||||
Maximum [Member] | $50 Million Senior Notes [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Note payable, fixed annual interest rate | 4.35% | 4.35% | |||||||||||||||
Maximum [Member] | $75 Million Senior Notes [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Note payable, fixed annual interest rate | 5.63% | 5.63% | |||||||||||||||
Maximum [Member] | Mortgage Debt [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Note payable, fixed annual interest rate | 4.46% | 4.46% | |||||||||||||||
Effective interest rates | 4.37% | 4.37% | |||||||||||||||
Maximum [Member] | $225 Million Unsecured Term Loan Facility [Member] | SOFR Interest Rate Margin [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | 2.50% | ||||||||||||||||
Maximum [Member] | Unsecured Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Ratio of consolidated total indebtedness to consolidated EBITDA | 7.25 | 7.25 | |||||||||||||||
Ratio of consolidated secured indebtedness to consolidated total assets | 45% | 45% | |||||||||||||||
Ratio of un secured indebtedness to unencumbered asset value ("Maximum Unsecured Leverage Ratio") | 60% | 60% | |||||||||||||||
Ratio of secured recourse indebtedness to consolidated total assets | 10% | 10% | |||||||||||||||
Maximum [Member] | $1.2 Billion Credit Facility [Member] | SOFR Interest Rate Margin [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | 2.25% | ||||||||||||||||
Maximum [Member] | $1.2 Billion Unsecured Credit Facility [Member] | $650 Million Revolving Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Line of credit facility, unused capacity, commitment fee percentage | 0.25% | ||||||||||||||||
Maximum [Member] | Revolving Credit Facility [Member] | |||||||||||||||||
Debt Details [Line Items] | |||||||||||||||||
Debt instrument, basis spread on variable rate | [1] | 2.25% | |||||||||||||||
[1] Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $ 3.5 million and $ 4.8 million as of December 31, 2023 and December 31, 2022 , respectively, which are included in other assets, net in the Company’s consolidated balance sheets. |
Debt - Schedule of Unsecured Cr
Debt - Schedule of Unsecured Credit Facilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 1,378,002 | $ 1,374,215 | |
Unamortized debt issuance costs | (7,034) | ||
Term loans and senior notes, net | 1,088,904 | 1,037,384 | |
Credit facilities, net | $ 1,371,494 | $ 1,366,249 | |
Weighted-average interest rate | 4.26% | 3.93% | |
SOFR spread adjustment rate | 0.10% | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | [1] | SOFR + 0.10% + 1.40% - 2.25% | |
Maturity Date | [1] | Jul. 25, 2026 | |
SOFR spread adjustment rate | [1] | 0.10% | |
Revolving Credit Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [1] | 1.40% | |
Revolving Credit Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | [1] | 2.25% | |
Million275 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | SOFR + 0.10% + 1.35% - 2.20% | ||
Maturity Date | Jul. 25, 2027 | ||
Outstanding Balance | $ 275,000 | $ 275,000 | |
SOFR spread adjustment rate | 0.10% | ||
Million275 Term Loan [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.35% | ||
Million275 Term Loan [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.20% | ||
Million300 Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | SOFR + 0.10% + 1.35% - 2.20% | ||
Maturity Date | Jan. 31, 2028 | ||
Outstanding Balance | $ 300,000 | 250,000 | |
SOFR spread adjustment rate | 0.10% | ||
Million300 Term Loan [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.35% | ||
Million300 Term Loan [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.20% | ||
$50 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | SOFR + 0.10% + 1.35% - 2.20% | ||
Maturity Date | [2] | Aug. 02, 2025 | |
Outstanding Balance | $ 50,000 | 50,000 | |
SOFR spread adjustment rate | 0.10% | ||
$50 Million Term Loan [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.35% | ||
$50 Million Term Loan [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.20% | ||
$175 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | SOFR + 0.10% + 1.65% - 2.50% | ||
Maturity Date | Aug. 02, 2025 | ||
Outstanding Balance | $ 175,000 | 175,000 | |
SOFR spread adjustment rate | 0.10% | ||
$175 Million Term Loan [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.65% | ||
$175 Million Term Loan [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.50% | ||
2017 $85 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | SOFR + 0.10% + 1.30% - 2.10% | ||
Maturity Date | Jul. 25, 2024 | ||
Outstanding Balance | $ 85,000 | 85,000 | |
SOFR spread adjustment rate | 0.10% | ||
2017 $85 Million Term Loan [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.30% | ||
2017 $85 Million Term Loan [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.10% | ||
2019 $85 Million Unsecured Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | SOFR + 0.10% + 1.70% - 2.55% | ||
Maturity Date | Dec. 31, 2029 | ||
Outstanding Balance | $ 85,000 | 85,000 | |
SOFR spread adjustment rate | 0.10% | ||
2019 $85 Million Unsecured Term Loan Facility [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 1.70% | ||
2019 $85 Million Unsecured Term Loan Facility [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Basis Spread on Variable Rate | 2.55% | ||
$50 Million Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | 3.60% - 4.35% | ||
Maturity Date | Mar. 31, 2030 | ||
Outstanding Balance | $ 50,000 | 50,000 | |
$50 Million Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 3.60% | ||
$50 Million Senior Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.35% | ||
$75 Million Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate, Description | 4.88% - 5.63% | ||
Maturity Date | Jun. 02, 2029 | ||
Outstanding Balance | $ 75,000 | 75,000 | |
$75 Million Senior Notes [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 4.88% | ||
$75 Million Senior Notes [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | 5.63% | ||
Term Loans and Senior Loans, Net [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 1,095,000 | 1,045,000 | |
Unamortized debt issuance costs | (6,096) | (7,616) | |
Term loans and senior notes, net | 1,088,904 | 1,037,384 | |
Credit Facilities, Net [Member] | |||
Debt Instrument [Line Items] | |||
Credit facilities, net | [1] | $ 1,088,904 | $ 1,037,384 |
Weighted-average interest rate | [3] | 4.35% | 3.92% |
[1] Excludes unamortized debt issuance costs related to the Revolving Credit Facility totaling approximately $ 3.5 million and $ 4.8 million as of December 31, 2023 and December 31, 2022 , respectively, which are included in other assets, net in the Company’s consolidated balance sheets. On July 19, 2023, the Company entered into an amendment of its $ 225 million term loan facility, which extended the maturity date of the existing $ 50 million term loan by two years to August 2, 2025 . Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $ 820.0 million and $ 695.0 million of the outstanding variable-rate debt as of December 31, 2023 and 2022, respectively. See Note 5 for more information on the interest rate swap agreements. The one-month SOFR at December 31, 2023 and December 31, 2022 was 5.35 % and 4.36 %, respectively. |
Debt - Schedule of Unsecured _2
Debt - Schedule of Unsecured Credit Facilities (Parentheticals) (Details) - USD ($) $ in Thousands | Jul. 19, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Aug. 02, 2018 |
Debt Details [Line Items] | ||||
Debt issuance costs, net | $ 7,034 | |||
Term loan facility, maximum borrowing capacity | $ 575,000 | |||
Secured Overnight Financing Rate (SOFR) [Member] | ||||
Debt Details [Line Items] | ||||
Debt Instrument, Basis of Variable Rate | 5.35% | 4.36% | ||
Outstanding Variable-Rate Debt Effectively Fixed By Interest Rate Swaps [Member] | ||||
Debt Details [Line Items] | ||||
Derivative, notional amount | $ 820,000 | $ 695,000 | ||
Revolving Credit Facilities [Member] | ||||
Debt Details [Line Items] | ||||
Debt issuance costs, net | 3,500 | $ 4,800 | ||
$225 Million Unsecured Term Loan Facility [Member] | ||||
Debt Details [Line Items] | ||||
Term loan facility, maximum borrowing capacity | $ 225,000 | $ 225,000 | $ 225,000 | |
$225 Million Unsecured Term Loan Facility [Member] | $50 Million Unsecured Term Loan [Member] | ||||
Debt Details [Line Items] | ||||
Debt instrument, face amount | $ 50,000 | $ 50,000 | ||
Debt instrument extended maturity date term | 2 years | |||
Debt instrument extended maturity date | Aug. 02, 2025 |
Debt - Schedule of Mortgage Deb
Debt - Schedule of Mortgage Debt Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 1,378,002 | $ 1,374,215 | |
Unamortized fair value adjustment of assumed debt | 526 | ||
Unamortized debt issuance costs | (7,034) | ||
Total | $ 282,590 | 328,865 | |
Homewood Suites Huntsville, AL [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.12% | |
Loan Assumption or Origination Date | Mar. 01, 2014 | ||
Note payable, principal assumed or originated | [2] | $ 8,306 | |
Outstanding Balance | [2] | 6,193 | |
Courtyard Prattville, AL [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.12% | |
Loan Assumption or Origination Date | Mar. 01, 2014 | ||
Note payable, principal assumed or originated | [2] | $ 6,596 | |
Outstanding Balance | [2] | 4,918 | |
Residence Inn San Diego, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 3.97% | |
Loan Assumption or Origination Date | Mar. 01, 2014 | ||
Note payable, principal assumed or originated | [3] | $ 18,600 | |
Outstanding Balance | [3] | 13,827 | |
Homewood Suites Miami, FL [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.02% | |
Loan Assumption or Origination Date | Mar. 01, 2014 | ||
Note payable, principal assumed or originated | [4] | $ 16,677 | |
Outstanding Balance | [4] | 12,440 | |
Homewood Suites New Orleans, LA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.36% | |
Loan Assumption or Origination Date | Jul. 17, 2014 | ||
Maturity Date | Aug. 11, 2024 | ||
Note payable, principal assumed or originated | $ 27,000 | ||
Outstanding Balance | $ 20,304 | 21,161 | |
Residence Inn Westford, MA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.28% | |
Loan Assumption or Origination Date | Mar. 18, 2015 | ||
Maturity Date | Apr. 11, 2025 | ||
Note payable, principal assumed or originated | $ 10,000 | ||
Outstanding Balance | $ 7,713 | 8,024 | |
Hilton Garden Inn Denver, CO [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.46% | |
Loan Assumption or Origination Date | Sep. 01, 2016 | ||
Maturity Date | Jun. 11, 2025 | ||
Note payable, principal assumed or originated | $ 34,118 | ||
Outstanding Balance | $ 27,337 | 28,400 | |
Courtyard Oceanside, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.28% | |
Loan Assumption or Origination Date | Sep. 01, 2016 | ||
Maturity Date | Oct. 01, 2025 | ||
Note payable, principal assumed or originated | $ 13,655 | ||
Outstanding Balance | $ 11,707 | 12,019 | |
Hilton Garden Inn Omaha, NE [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.28% | |
Loan Assumption or Origination Date | Sep. 01, 2016 | ||
Maturity Date | Oct. 01, 2025 | ||
Note payable, principal assumed or originated | $ 22,681 | ||
Outstanding Balance | $ 19,445 | 19,963 | |
Hampton Boise, ID [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.37% | |
Loan Assumption or Origination Date | May 26, 2016 | ||
Maturity Date | Jun. 11, 2026 | ||
Note payable, principal assumed or originated | $ 24,000 | ||
Outstanding Balance | $ 20,685 | 21,194 | |
Courtyard Burbank, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 3.55% | |
Loan Assumption or Origination Date | Nov. 03, 2016 | ||
Maturity Date | Dec. 01, 2026 | ||
Note payable, principal assumed or originated | $ 25,564 | ||
Outstanding Balance | $ 20,526 | 21,326 | |
Courtyard San Diego, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 3.55% | |
Loan Assumption or Origination Date | Nov. 03, 2016 | ||
Maturity Date | Dec. 01, 2026 | ||
Note payable, principal assumed or originated | $ 25,473 | ||
Outstanding Balance | $ 20,453 | 21,250 | |
Hampton San Diego, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 3.55% | |
Loan Assumption or Origination Date | Nov. 03, 2016 | ||
Maturity Date | Dec. 01, 2026 | ||
Note payable, principal assumed or originated | $ 18,963 | ||
Outstanding Balance | $ 15,226 | 15,819 | |
SpringHill Suites Burbank, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 3.94% | |
Loan Assumption or Origination Date | Mar. 09, 2018 | ||
Maturity Date | Apr. 01, 2028 | ||
Note payable, principal assumed or originated | $ 28,470 | ||
Outstanding Balance | $ 24,237 | 25,057 | |
Courtyard Santa Ana, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 3.94% | |
Loan Assumption or Origination Date | Mar. 09, 2018 | ||
Maturity Date | Apr. 01, 2028 | ||
Note payable, principal assumed or originated | $ 15,530 | ||
Outstanding Balance | $ 13,221 | 13,668 | |
Courtyard Richmond, VA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 3.40% | |
Loan Assumption or Origination Date | Feb. 12, 2020 | ||
Maturity Date | Mar. 11, 2030 | ||
Note payable, principal assumed or originated | $ 14,950 | ||
Outstanding Balance | $ 13,832 | 14,144 | |
Residence Inn Richmond, VA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 3.40% | |
Loan Assumption or Origination Date | Feb. 12, 2020 | ||
Maturity Date | Mar. 11, 2030 | ||
Note payable, principal assumed or originated | $ 14,950 | ||
Outstanding Balance | $ 13,832 | 14,144 | |
Residence Inn Portland, ME [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 3.43% | |
Loan Assumption or Origination Date | Mar. 02, 2020 | ||
Maturity Date | Mar. 01, 2032 | ||
Note payable, principal assumed or originated | $ 33,500 | ||
Outstanding Balance | $ 30,500 | 30,500 | |
Homewood Suites San Jose, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.22% | |
Loan Assumption or Origination Date | Dec. 22, 2017 | ||
Maturity Date | May 01, 2038 | ||
Note payable, principal assumed or originated | $ 30,000 | ||
Outstanding Balance | 23,984 | 25,168 | |
Aggregate Properties [Member] | |||
Debt Instrument [Line Items] | |||
Note payable, principal assumed or originated | 389,033 | ||
Outstanding Balance | 283,002 | 329,215 | |
Unamortized fair value adjustment of assumed debt | 526 | 819 | |
Unamortized debt issuance costs | $ (938) | $ (1,169) | |
[1] Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. Loan was repaid in full on February 6, 2023. Loan was repaid in full on March 6, 2023. Loan was repaid in full on January 3, 2023. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) Derivative_Instrument | Dec. 31, 2022 USD ($) | |
Fair Value of Financial Instruments [Line Items] | ||
Long-term debt, carrying value | $ 1,371,494 | $ 1,366,249 |
Long-term debt, fair value | 1,300,000 | $ 1,300,000 |
Interest rate cash flow hedge gain (loss) to be reclassified during next 12 months, net | $ 15,800 | |
Secured Overnight Financing Rate (SOFR) [Member] | ||
Fair Value of Financial Instruments [Line Items] | ||
Variable Rate | 0.10% | |
Interest Rate, Description | one-month SOFR plus a 0.10% SOFR spread adjustment | |
Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments [Line Items] | ||
Number of interest rate swap agreements | Derivative_Instrument | 14 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Schedule of Interest Rate Swap Agreements (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Fair value asset (liability) | $ 20,404 | $ 36,881 |
Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | 820,000 | |
Fair value asset (liability) | 20,404 | 36,057 |
Interest Rate Swap #1 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Dec. 07, 2018 | |
Effective Date | May 18, 2020 | |
Maturity date | Jan. 31, 2024 | |
Swap fixed interest rate | 2.71% | |
Fair value asset (liability) | $ 114 | 1,163 |
Interest Rate Swap #2 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | May 31, 2017 | |
Effective Date | Jul. 31, 2017 | |
Maturity date | Jun. 30, 2024 | |
Swap fixed interest rate | 1.95% | |
Fair value asset (liability) | $ 1,202 | 3,026 |
Interest Rate Swap #3 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 10,000 | |
Origination Date | Aug. 10, 2017 | |
Effective Date | Aug. 10, 2017 | |
Maturity date | Jun. 30, 2024 | |
Swap fixed interest rate | 2.02% | |
Fair value asset (liability) | $ 157 | 386 |
Interest Rate Swap #4 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Jul. 02, 2019 | |
Effective Date | Jul. 05, 2019 | |
Maturity date | Jul. 18, 2024 | |
Swap fixed interest rate | 1.64% | |
Fair value asset (liability) | $ 956 | 2,298 |
Interest Rate Swap #5 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | Aug. 23, 2019 | |
Maturity date | Aug. 18, 2024 | |
Swap fixed interest rate | 1.31% | |
Fair value asset (liability) | $ 1,193 | 2,675 |
Interest Rate Swap #6 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | Aug. 23, 2019 | |
Maturity date | Aug. 30, 2024 | |
Swap fixed interest rate | 1.32% | |
Fair value asset (liability) | $ 1,239 | 2,703 |
Interest Rate Swap #7 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | May 18, 2020 | |
Maturity date | May 18, 2025 | |
Swap fixed interest rate | 1.26% | |
Fair value asset (liability) | $ 3,273 | 5,225 |
Interest Rate Swap #8 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Jun. 01, 2018 | |
Effective Date | Jan. 31, 2019 | |
Maturity date | Jun. 30, 2025 | |
Swap fixed interest rate | 2.88% | |
Fair value asset (liability) | $ 1,117 | 1,655 |
Interest Rate Swap #9 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 25,000 | |
Origination Date | Dec. 06, 2018 | |
Effective Date | Jan. 31, 2020 | |
Maturity date | Jun. 30, 2025 | |
Swap fixed interest rate | 2.74% | |
Fair value asset (liability) | $ 608 | 909 |
Interest Rate Swap #10 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 75,000 | |
Origination Date | Aug. 21, 2019 | |
Effective Date | May 18, 2021 | |
Maturity date | May 18, 2026 | |
Swap fixed interest rate | 1.29% | |
Fair value asset (liability) | $ 4,580 | 6,506 |
Interest Rate Swap #11 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 125,000 | |
Origination Date | Nov. 03, 2023 | |
Effective Date | Nov. 03, 2023 | |
Maturity date | Nov. 18, 2026 | |
Swap fixed interest rate | 4.51% | |
Fair value asset (liability) | $ (2,333) | |
Interest Rate Swap #12 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Mar. 17, 2023 | |
Effective Date | Mar. 20, 2023 | |
Maturity date | Mar. 18, 2028 | |
Swap fixed interest rate | 3.50% | |
Fair value asset (liability) | $ 268 | |
Interest Rate Swap #13 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 50,000 | |
Origination Date | Mar. 17, 2023 | |
Effective Date | Mar. 20, 2023 | |
Maturity date | Mar. 20, 2028 | |
Swap fixed interest rate | 3.49% | |
Fair value asset (liability) | $ 242 | |
Interest Rate Swap #14 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 85,000 | |
Origination Date | Dec. 31, 2019 | |
Effective Date | Dec. 31, 2019 | |
Maturity date | Dec. 31, 2029 | |
Swap fixed interest rate | 1.87% | |
Fair value asset (liability) | $ 7,788 | 9,511 |
Interest Rate Swap #15 [Member] | Not Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments Schedule of Interest Rate Swap Agreements [Line Items] | ||
Derivative, notional amount | $ 100,000 | |
Origination Date | Apr. 07, 2016 | |
Effective Date | Sep. 30, 2016 | |
Maturity date | Mar. 31, 2023 | |
Swap fixed interest rate | 1.30% | |
Fair value asset (liability) | $ 824 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Derivative Instruments, Gain (Loss) Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments Gain Loss Recognized [Abstract] | |||
Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss) | $ 5,870 | $ 52,714 | $ 15,904 |
Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) to Interest and Other Expense, net | $ (22,347) | $ 325 | $ (11,390) |
Derivative Instrument, Gain (Loss) Reclassified from AOCI into Income, Effective Portion, Statement of Income or Comprehensive Income [Extensible Enumeration] | Interest Income (Expense), Net | Interest Income (Expense), Net | Interest Income (Expense), Net |
Related Parties - Additional In
Related Parties - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Aircraft Owned by Executive Officers [Member] | General and Administrative Expenses [Member] | |||
Related Parties Details [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 100,000 | $ 100,000 | $ 100,000 |
Reimbursement Received From Related Parties For Their Proportionate Share of Staffing and Office Related Costs Provided by Apple Hospitality [Member] | |||
Related Parties Details [Line Items] | |||
Related Party Transaction, Amounts of Transaction | 1,200,000 | 1,000,000 | $ 800,000 |
Reimbursement Received From Related Parties For Their Proportionate Share of Staffing and Office Related Costs Provided by Apple Hospitality [Member] | Apple Realty Group, Inc. [Member] | |||
Related Parties Details [Line Items] | |||
Other Receivables | $ 500,000 | $ 400,000 | |
Cost Sharing Arrangement [Member] | |||
Related Parties Details [Line Items] | |||
Related party transaction, Description of transaction | To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. | ||
Cost Sharing Arrangement [Member] | Maximum [Member] | |||
Related Parties Details [Line Items] | |||
Related Party Transaction, Amounts of Transaction | $ 1,000,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 12, 2020 | |
Shareholders Equity Details [Line Items] | ||||
Common stock, dividends, per share, cash paid | $ 1.04 | $ 0.61 | $ 0.03 | |
Payments of ordinary dividends, common stock | $ 238,283,000 | $ 139,467,000 | $ 6,797,000 | |
Accrued distribution | $ 31,397,000 | $ 36,551,000 | $ 2,281,000 | |
Cash distribution declared | $ 0.08 | $ 0.08 | ||
Commissions and issuance costs | $ 300,000 | |||
Proceeds from issuance of common stock, net of commissions | $ 216,000,000 | |||
Stock repurchase program, extended term | 1 year | |||
Stock repurchase program, authorized amount | $ 338,700,000 | |||
Share repurchase program, end period | 2024-07 | |||
Number of shares repurchased | 500,000 | |||
Stock repurchased value per share | $ 14.34 | |||
Stock repurchased value | $ 6,880,000 | $ 2,675,000 | ||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||
Preferred stock, shares issued (in shares) | 0 | 0 | ||
Preferred stock, shares authorized (in shares) | 30,000,000 | 30,000,000 | ||
Stock repurchase program, remaining available for repurchase | $ 335,400,000 | |||
Cash distribution, date to be paid | Jan. 31, 2024 | |||
Special One-time Distribution [Member] | ||||
Shareholders Equity Details [Line Items] | ||||
Cash distribution declared | $ 0.05 | $ 0.08 | ||
Combined Distribution [Member] | ||||
Shareholders Equity Details [Line Items] | ||||
Cash distribution declared | $ 0.13 | $ 0.16 | ||
ATM Program Executed August 12, 2020 [Member] | ||||
Shareholders Equity Details [Line Items] | ||||
Stock issuance program, authorized amount | $ 300,000,000 | |||
Issuance of common shares, net (in Shares) | 12,800,000 | 0 | ||
Shares issued weighted average market sales price per share (in dollars per share) | $ 17.05 | |||
Proceeds from issuance of common stock, gross | $ 218,600,000 | |||
Commissions and issuance costs | 2,600,000 | |||
Stock issuance program, available for issuance | $ 5,300,000 |
Compensation Plans - Additional
Compensation Plans - Additional Information (Details) | 3 Months Ended | 12 Months Ended | |||
Apr. 01, 2020 USD ($) Officer shares | Mar. 31, 2023 shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | |
New Officer Share-based Payment Arrangement [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Number of new officers | Officer | 5 | ||||
Share based compensation, net (in Shares) | shares | 200,000 | ||||
Total share-based compensation earned, including the surrendered shares (in millions) | $ 1,800,000 | ||||
Restricted common shares vesting date | Mar. 31, 2023 | ||||
Restriction period | 3 years | ||||
Share-based compensation expense | $ 100,000 | $ 600,000 | $ 600,000 | ||
Common shares surrendered on issuance date to satisfy tax withholding obligations | shares | 83,000 | ||||
2014 Omnibus Incentive Plan [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, number of shares authorized (in shares) | shares | 10,000,000 | ||||
Share-based compensation arrangement by share-based payment award, number of shares available for grant (in shares) | shares | 6,600,000 | ||||
2021 Executive Management Incentive Plan [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Accrued liability for potential executive bonus payments | 18,500,000 | ||||
2021 Executive Management Incentive Plan [Member] | Share Based Compensation [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Accrued bonuses share based compensation current | 12,900,000 | ||||
2022 Executive Management Incentive Plan [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Accrued liability for potential executive bonus payments | 18,100,000 | ||||
2022 Executive Management Incentive Plan [Member] | Share Based Compensation [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Accrued bonuses share based compensation current | 12,500,000 | ||||
2023 Executive Management Incentive Plan [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Incentive compensation, description | one-half (50%) of incentive compensation based on operational performance goals and metrics and one-half (50%) of incentive compensation based on shareholder return metrics. With respect to the shareholder return metrics, 75% of the target was based on shareholder return relative to a peer group and 25% was based on total shareholder return metrics over one-year, two-year, and three-year periods. | ||||
Operational performance metrics accounted for total target incentive compensation, percentage | 50% | ||||
Percentage of relative shareholder return metrics on shareholder return metrics | 75% | ||||
Percentage of total shareholder return metrics on shareholder return metrics | 25% | ||||
Operational performance goals and metrics percentage of the target based on modified funds | 25% | ||||
Percentage of operational performance goals based on revenue | 25% | ||||
Percentage of operational performance goals on target operating performance metrics | 50% | ||||
Shareholder return metrics accounted for total target incentive compensation, percentage | 50% | ||||
Accrued liability for potential executive bonus payments | $ 20,900,000 | ||||
Share-based compensation, subject to vesting | $ 3,300,000 | ||||
Portion of awards paid in cash | 25% | ||||
Portion of awards issued in equity | 75% | ||||
2023 Executive Management Incentive Plan [Member] | Potential Aggregate Payout [Member] | Minimum [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Labor and related expense | $ 0 | ||||
2023 Executive Management Incentive Plan [Member] | Potential Aggregate Payout [Member] | Maximum [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Labor and related expense | $ 27,100,000 | ||||
2023 Executive Management Incentive Plan [Member] | Unrestricted Shares at Time of Issuance [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2024 [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Share-based compensation arrangement, vesting description | two-thirds | ||||
2023 Executive Management Incentive Plan [Member] | Restricted Stock Vesting on December 13, 2024 [Member] | Share Based Compensation [Member] | Equity Awards Issued in the First Quarter of 2024 [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Share-based compensation arrangement, vesting description | one-third | ||||
Non-Employee Director Deferral Program Effective June 1, 2018 [Member] | |||||
Compensation Plans Details [Line Items] | |||||
Deferred compensation arrangement with individual, compensation expense | $ 200,000 | $ 300,000 | $ 400,000 | ||
Share-based compensation arrangement by share-based payment award, shares deferred (in shares) | shares | 76,000 | 85,000 | |||
Share-based compensation arrangement by share-based payment award, shares deferred weighted average grant date fair value (in dollars per share) | $ / shares | $ 15.48 | $ 15.20 | |||
Deferred Compensation Equity | $ 1,200,000 | $ 1,300,000 |
Compensation Plans - Informatio
Compensation Plans - Information Pertaining to Share-based Compensation Issued (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares | 134,085 | ||||
Share Based Compensation [Member] | 2020 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2021 [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Period common shares issued | First Quarter 2021 | ||||
Common shares earned under each incentive plan | 555,726 | ||||
Common shares surrendered on issuance date to satisfy tax withholding obligations | 117,647 | ||||
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations | 438,079 | ||||
Average of the high and low stock price on issuance date | $ 14.03 | ||||
Total share-based compensation earned, including the surrendered shares (in millions) | [1] | $ 7.8 | |||
Of the total common shares earned and issued, total common shares unrestricted at time of issuance | 160,216 | ||||
Of the total common shares earned and issued, total common shares restricted at time of issuance | 277,863 | ||||
Restricted common shares vesting date | Dec. 10, 2021 | ||||
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares | 108,292 | ||||
Share Based Compensation [Member] | 2021 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2022 [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Period common shares issued | First Quarter 2022 | ||||
Common shares earned under each incentive plan | 868,079 | ||||
Common shares surrendered on issuance date to satisfy tax withholding obligations | 245,597 | ||||
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations | 622,482 | ||||
Average of the high and low stock price on issuance date | $ 17.79 | ||||
Total share-based compensation earned, including the surrendered shares (in millions) | [2] | $ 15.4 | |||
Of the total common shares earned and issued, total common shares unrestricted at time of issuance | 338,032 | ||||
Of the total common shares earned and issued, total common shares restricted at time of issuance | 284,450 | ||||
Restricted common shares vesting date | Dec. 09, 2022 | ||||
Common shares surrendered on vesting date to satisfy tax withholding requirements resulting from vesting of restricted common shares | 114,147 | ||||
Share Based Compensation [Member] | 2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Period common shares issued | First Quarter 2023 | ||||
Common shares earned under each incentive plan | 935,189 | ||||
Common shares surrendered on issuance date to satisfy tax withholding obligations | 263,026 | ||||
Common shares earned and issued under each incentive plan, net of common shares surrendered on issuance date to satisfy tax withholding obligations | 672,163 | ||||
Average of the high and low stock price on issuance date | $ 16.70 | ||||
Total share-based compensation earned, including the surrendered shares (in millions) | [3] | $ 15.6 | |||
Of the total common shares earned and issued, total common shares unrestricted at time of issuance | 360,176 | ||||
Of the total common shares earned and issued, total common shares restricted at time of issuance | 311,987 | ||||
Restricted common shares vesting date | Dec. 08, 2023 | ||||
[1] Of the total 2020 share-based compensation, approximately $ 1.9 million, which vested on December 10, 2021 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2021 . Of the total 2021 share-based compensation, approximately $ 12.9 million was recognized as share-based compensation expense during the year ended December 31, 2021, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2021 , and the remaining $ 2.5 million, which vested on December 9, 2022 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2022 . Of the total 2022 share-based compensation, approximately $ 12.5 million was recognized as share-based compensation expense during the year ended December 31, 2022, and included in accounts payable and other liabilities in the Company's consolidated balance sheet at December 31, 2022 , and the remaining $ 2.6 million, which vested on December 8, 2023 and excludes any restricted shares forfeited or vested prior to that date, was recognized as share-based compensation expense during the year ended December 31, 2023 . |
Compensation Plans - Informat_2
Compensation Plans - Information Pertaining to Share-based Compensation Issued (Parenthetical) (Details) - Share Based Compensation [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
2020 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2021 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 1.9 | ||
2021 Executive Management Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation recorded as expense included in accounts payable and other liabilities | 12.9 | ||
2021 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2022 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation expense | $ 2.5 | $ 12.9 | |
2022 Executive Management Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation recorded as expense included in accounts payable and other liabilities | 12.5 | ||
2022 Executive Management Incentive Plan [Member] | Equity Awards Issued in the First Quarter of 2023 [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Share-based compensation recorded as expense included in accounts payable and other liabilities | $ 12.5 | ||
Share-based compensation expense | $ 2.6 |
Management and Franchise Agre_3
Management and Franchise Agreements - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Hotel | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Management And Franchise Agreements Details [Line Items] | |||
Number of hotels | Hotel | 225 | ||
Percentage of hotels operate under variable management fee agreement | 85% | ||
Cost of goods and services sold | $ | $ 780,725 | $ 710,481 | $ 542,178 |
Number of hotels operated by manager | Hotel | 225 | ||
Marriott [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Number of hotels operated by manager | Hotel | 13 | ||
Management Service [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Cost of goods and services sold | $ | $ 44,253 | 41,830 | 31,390 |
Royalty [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Cost of goods and services sold | $ | $ 59,315 | $ 53,901 | $ 40,949 |
Minimum [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Management agreement, initial term | 1 year | ||
Management agreement average initial term | 1 year | ||
Franchise agreement, initial term | 10 years | ||
Maximum [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Management agreement, initial term | 30 years | ||
Management agreement average initial term | 2 years | ||
Franchise agreement, initial term | 30 years | ||
Variable Management Fee Structure [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Management agreement, description | As of December 31, 2023, approximately 85% of the Company’s hotels operated under a variable management fee agreement, with an average initial term of approximately one to two years, which the Company believes better aligns incentives for each hotel manager to maximize each property’s performance than a base-plus-incentive management fee structure | ||
Hotel management fee, percentage | 3% | 3% | |
Variable Management Fee Structure [Member] | Minimum [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Hotel management fee, percentage | 2.50% | ||
Variable Management Fee Structure [Member] | Maximum [Member] | |||
Management And Franchise Agreements Details [Line Items] | |||
Hotel management fee, percentage | 3.50% |
Management and Franchise Agre_4
Management and Franchise Agreements - Management and Franchise Agreements (Details) | 12 Months Ended |
Dec. 31, 2023 Hotel | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 225 |
LBA [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 33 |
Dimension [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 31 |
Crestline [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 25 |
Raymond [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 22 |
HHM[Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 19 |
Western [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 16 |
McKibbon [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 14 |
Marriott [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 13 |
Newport [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 11 |
North Central [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 11 |
Chartwell [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 10 |
InnVentures [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 9 |
Concord[Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 4 |
Huntington [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 3 |
White Lodging [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 3 |
Crescent [Member] | |
Management And Franchise Agreements Details Management And Franchise Agreements [Line Items] | |
Number of Hotels Operated by Manager | 1 |
Lease Commitments - Additional
Lease Commitments - Additional Information (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Lease Property | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Lease Commitments Details [Line Items] | ||||
Shareholders equity | $ | $ 3,323,981 | $ 3,178,395 | $ 3,147,321 | $ 3,029,347 |
Hotel Ground Lease [Member] | ||||
Lease Commitments Details [Line Items] | ||||
Number of properties subject to ground leases | Property | 14 | |||
Number of leases classified as finance leases | Lease | 5 | |||
Hotel Ground Lease [Member] | Minimum [Member] | ||||
Lease Commitments Details [Line Items] | ||||
Lessee, lease term of contract | 15 years | |||
Parking Lot Ground Lease [Member] | ||||
Lease Commitments Details [Line Items] | ||||
Number of properties subject to ground leases | Property | 3 | |||
Hotel and Parking Lot Ground Leases [Member] | ||||
Lease Commitments Details [Line Items] | ||||
Number of leases classified as operating leases | Lease | 12 | |||
Hotel and Parking Lot Ground Leases [Member] | Minimum [Member] | ||||
Lease Commitments Details [Line Items] | ||||
Lessee, lease renewal term | 5 years | |||
Hotel and Parking Lot Ground Leases [Member] | Maximum [Member] | ||||
Lease Commitments Details [Line Items] | ||||
Lessee, lease term of contract | 95 years | |||
Lessee, lease renewal term | 120 years |
Lease Commitments - Schedule of
Lease Commitments - Schedule of Lease-related Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Operating lease assets, net | $ 25,389 | $ 26,348 | |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | Other assets, net | |
Finance lease net right-of-use asset | [1] | $ 86,992 | $ 90,030 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Investment in real estate, net of accumulated depreciation and amortization of $1,662,942 and $1,492,097, respectively | Investment in real estate, net of accumulated depreciation and amortization of $1,662,942 and $1,492,097, respectively | |
Total lease assets | $ 112,381 | $ 116,378 | |
Liabilities | |||
Operating lease liabilities | $ 11,447 | $ 11,849 | |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accounts payable and other liabilities | Accounts payable and other liabilities | |
Finance lease liabilities | $ 111,892 | $ 112,006 | |
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Finance lease liabilities | Finance lease liabilities | |
Total lease liabilities | $ 123,339 | $ 123,855 | |
Weighted-average remaining lease term | |||
Operating leases | 36 years | ||
Finance leases | 30 years | ||
Weighted-average discount rate | |||
Operating leases | 5.49% | ||
Finance leases | 5.31% | ||
[1] Finance ground lease assets are net of accumulated amortization of approximately $ 15.1 million and $ 12.1 million as of December 31, 2023 and 2022, respectively |
Lease Commitments - Schedule _2
Lease Commitments - Schedule of Lease-related Assets and Liabilities (Parenthetical) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Lease Commitments Details [Line Items] | |||
Real estate investment property, accumulated depreciation | $ 1,662,942 | $ 1,492,097 | $ 1,311,262 |
Hotel Ground Lease [Member] | |||
Lease Commitments Details [Line Items] | |||
Real estate investment property, accumulated depreciation | $ 15,100 | $ 12,100 |
Lease Commitments - Schedule _3
Lease Commitments - Schedule of Lease Costs Related to Operating and Finance Ground Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Schedule Of Lease Cost [Abstract] | ||||
Operating lease costs | [1] | $ 1,776 | $ 1,794 | $ 1,585 |
Finance lease costs: | ||||
Amortization of lease assets | 3,038 | 3,038 | 5,178 | |
Interest on lease liabilities | 5,877 | 5,872 | 9,415 | |
Total lease costs | $ 10,691 | $ 10,704 | $ 16,178 | |
[1] Represents costs related to ground leases, including variable lease costs. Excludes costs related to hotel equipment leases, which are included in hotel operating expense and property taxes, insurance and other expense, and costs related to office space leases, which are included in general and administrative expense in the Company’s consolidated statement of operations. These costs are not significant for disclosure. |
Lease Commitments - Schedule _4
Lease Commitments - Schedule of Undiscounted Cash Flows for Each of Next Five Years and Total of Remaining Years to Operating Lease Liabilities and Finance Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Lease Commitments Details Maturity Of Lessee Lease Liabilities [Line Items] | ||
Present value of lease liabilities | $ 11,447 | $ 11,849 |
Present value of lease liabilities | 111,892 | $ 112,006 |
Operating Leases [Member] | ||
Lease Commitments Details Maturity Of Lessee Lease Liabilities [Line Items] | ||
2024 | 1,088 | |
2025 | 1,089 | |
2026 | 889 | |
2027 | 725 | |
2028 | 713 | |
Thereafter | 29,634 | |
Total minimum lease payments | 34,138 | |
Less: amount of lease payments representing interest | 22,691 | |
Present value of lease liabilities | 11,447 | |
Finance Leases [Member] | ||
Lease Commitments Details Maturity Of Lessee Lease Liabilities [Line Items] | ||
2024 | 6,174 | |
2025 | 6,338 | |
2026 | 6,500 | |
2027 | 6,700 | |
2028 | 6,879 | |
Thereafter | 216,675 | |
Total minimum lease payments | 249,266 | |
Less: amount of lease payments representing interest | 137,374 | |
Present value of lease liabilities | $ 111,892 |
Lease Commitments - Supplementa
Lease Commitments - Supplemental Cash Flow Information related to Operating and Finance Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Supplemental Cash Flow Information [Abstract] | |||
Operating cash flows for operating leases | $ 1,106 | $ 1,166 | $ 1,109 |
Operating cash flows for finance leases | 5,651 | 5,469 | 6,568 |
Financing cash flows for finance leases | $ 340 | $ 173 | $ 24,045 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ (34) | $ (15) | |
State | $ 1,135 | 1,974 | 483 |
Deffered | |||
Income tax expense | $ 1,135 | $ 1,940 | $ 468 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation Between the Provision for Income Taxes and Amounts Computed (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Statutory federal tax expense | $ 37,273 | $ 30,409 | $ 3,954 |
Federal tax impact of REIT election | (39,865) | (27,261) | 4,934 |
Statutory federal tax expense (benefit) at TRS | (2,592) | 3,148 | 8,888 |
State income tax expense (benefit), net of federal tax benefit | 897 | 1,559 | 382 |
Change in valuation allowance | 2,830 | (2,767) | (8,802) |
Income tax expense | $ 1,135 | $ 1,940 | $ 468 |
Income Taxes (Additional Inform
Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Deferred tax assets | $ 25,000 | ||
Income tax expense | $ 1,135 | $ 1,940 | $ 468 |
Valuation allowance percent | 100% | 100% | |
Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 0 | $ 0 | |
TRS | Domestic Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carryforwards | $ 87,000 | $ 78,000 |
Income Taxes - Schedule of Char
Income Taxes - Schedule of Characterization of Distributions (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Amount of distributions per share | $ 1.01 | $ 0.76 | $ 0.04 |
Ordinary income | 97% | 100% | 100% |
Capital gain distributions | 0% | 0% | 0% |
Return of capital | 3% | 0% | 0% |
Hotel Purchase Contract Commi_3
Hotel Purchase Contract Commitments - Additional Information (Details) $ in Thousands | Dec. 31, 2023 USD ($) Hotel Room |
Hotel Purchase Contract Commitments Details [Line Items] | |
Number of Units in Real Estate Property | Room | 29,900 |
Hotels Under Purchase Contract [Member] | |
Hotel Purchase Contract Commitments Details [Line Items] | |
Number of outstanding contracts | Hotel | 2 |
Purchase contract gross purchase price | $ | $ 177,489 |
Embassy Suites Inn Madison WI [Member] | Hotels Under Purchase Contract [Member] | |
Hotel Purchase Contract Commitments Details [Line Items] | |
Number of outstanding contracts | Hotel | 1 |
Purchase contract gross purchase price | $ | $ 79,306 |
Motto Nashville TN [Member] | Hotels Under Purchase Contract [Member] | |
Hotel Purchase Contract Commitments Details [Line Items] | |
Number of outstanding contracts | Hotel | 1 |
Purchase contract gross purchase price | $ | $ 98,183 |
Hotel Purchase Contract Commi_4
Hotel Purchase Contract Commitments - Schedule of Purchase Contract Outstanding (Details) - Hotels Under Purchase Contract [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) Room | |
Real Estate Properties [Line Items] | |
Rooms | Room | 522 |
Refundable Deposit | $ 1,951 |
Gross Purchase Price | $ 177,489 |
Embassy Suites Madison W I [Member] | |
Real Estate Properties [Line Items] | |
Date of Purchase Contract | Jul. 27, 2021 |
Rooms | Room | 262 |
Refundable Deposit | $ 893 |
Gross Purchase Price | $ 79,306 |
Motto Nashville TN [Member] | |
Real Estate Properties [Line Items] | |
Date of Purchase Contract | May 16, 2023 |
Rooms | Room | 260 |
Refundable Deposit | $ 1,058 |
Gross Purchase Price | $ 98,183 |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) - Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |||
Total revenue | $ 1,343,800 | $ 1,238,417 | $ 933,869 |
Net Income (Loss) | 177,489 | 144,805 | 18,828 |
Comprehensive income (loss) | $ 161,012 | $ 197,194 | $ 46,122 |
Basic net income per common share | $ 0.77 | $ 0.63 | $ 0.08 |
Diluted net income per common share | $ 0.77 | $ 0.63 | $ 0.08 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Feb. 16, 2024 $ / shares | Feb. 09, 2024 USD ($) Room Hotel | Jan. 19, 2024 USD ($) $ / shares | Jan. 16, 2024 USD ($) $ / shares | Dec. 31, 2023 USD ($) Room Hotel $ / shares | Dec. 31, 2022 USD ($) Hotel $ / shares | Dec. 31, 2021 USD ($) Hotel $ / shares | |
Subsequent Event [Line Items] | |||||||
Payments of ordinary dividends, common stock | $ | $ 238,283 | $ 139,467 | $ 6,797 | ||||
Common stock, dividends, per share, cash paid | $ / shares | $ 1.04 | $ 0.61 | $ 0.03 | ||||
Cash distribution declared | $ / shares | $ 0.08 | $ 0.08 | |||||
Cash distribution, date to be paid | Jan. 31, 2024 | ||||||
Number of hotels | Hotel | 225 | ||||||
Rooms | Room | 29,900 | ||||||
Hotels Sold [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of hotels | Hotel | 1 | 23 | |||||
Subsequent Event [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Payments of ordinary dividends, common stock | $ | $ 19,300 | $ 31,400 | |||||
Common stock, dividends, per share, cash paid | $ / shares | $ 0.13 | ||||||
Cash distribution declared | $ / shares | $ 0.08 | $ 0.08 | |||||
Cash distribution, date declared | Feb. 16, 2024 | Jan. 19, 2024 | |||||
Cash distribution, date to be paid | Mar. 15, 2024 | Feb. 15, 2024 | |||||
Cash distribution, date of record | Feb. 29, 2024 | Jan. 31, 2024 | Dec. 29, 2023 | ||||
Subsequent Event [Member] | Hotels Sold [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of hotels | Hotel | 2 | ||||||
Sale of real estate assets, gross sales price | $ | $ 33,500 | ||||||
Deferral taxable gain | $ | $ 15,000 | ||||||
Subsequent Event [Member] | Hotels Sold [Member] | Hampton Rogers A R [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Rooms | Room | 122 | ||||||
Subsequent Event [Member] | Hotels Sold [Member] | Homewood Suites Rogers A R [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Rooms | Room | 126 |
SCHEDULE III Real Estate and _2
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization - Schedule of Real Estate and Accumulated Depreciation (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) Room | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | ||
Real Estate Properties [Line Items] | |||||
Total Gross Cost | $ 6,338,232 | $ 6,000,975 | $ 5,886,363 | $ 5,764,977 | |
Accumulated Depreciation | $ (1,647,850) | $ (1,480,043) | $ (1,302,246) | $ (1,224,832) | |
Aggregate number of hotel rooms | Room | 29,900 | ||||
Total [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 283,002 | ||||
Initial Cost, Land | [1] | 828,868 | |||
Initial Cost, Building, FF&E, and Other | 4,986,304 | ||||
Subsequently Capitalized Building Improvements & FF&E | 523,060 | ||||
Total Gross Cost | 6,338,232 | ||||
Accumulated Depreciation | $ (1,647,850) | ||||
Aggregate number of hotel rooms | Room | 29,652 | ||||
Embassy Suites Anchorage, AK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,955 | |||
Initial Cost, Building, FF&E, and Other | 39,053 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,464 | ||||
Total Gross Cost | [2] | 46,472 | |||
Accumulated Depreciation | $ (19,225) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Apr-10 | ||||
Aggregate number of hotel rooms | Room | 169 | ||||
Embassy Suites Anchorage, AK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Embassy Suites Anchorage, AK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Anchorage, AK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,683 | |||
Initial Cost, Building, FF&E, and Other | 21,606 | ||||
Subsequently Capitalized Building Improvements & FF&E | 198 | ||||
Total Gross Cost | [2] | 24,487 | |||
Accumulated Depreciation | $ (4,778) | ||||
Date of Construction | 2015 | ||||
Date Acquired | Dec-17 | ||||
Aggregate number of hotel rooms | Room | 135 | ||||
Home2 Suites Anchorage, AK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Anchorage, AK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Auburn, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,580 | |||
Initial Cost, Building, FF&E, and Other | 9,659 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,179 | ||||
Total Gross Cost | [2] | 12,418 | |||
Accumulated Depreciation | $ (3,952) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hilton Garden Inn Auburn, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Auburn, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Birmingham, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,310 | |||
Initial Cost, Building, FF&E, and Other | 6,425 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,707 | ||||
Total Gross Cost | [2] | 10,442 | |||
Accumulated Depreciation | $ (3,082) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Courtyard Birmingham, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Birmingham, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Birmingham, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,425 | |||
Initial Cost, Building, FF&E, and Other | 15,555 | ||||
Subsequently Capitalized Building Improvements & FF&E | 35 | ||||
Total Gross Cost | [2] | 19,015 | |||
Accumulated Depreciation | $ (3,854) | ||||
Date of Construction | 2017 | ||||
Date Acquired | Sep-17 | ||||
Aggregate number of hotel rooms | Room | 104 | ||||
Hilton Garden Inn Birmingham, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Birmingham, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Birmingham, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,491 | |||
Initial Cost, Building, FF&E, and Other | 15,603 | ||||
Subsequently Capitalized Building Improvements & FF&E | 58 | ||||
Total Gross Cost | [2] | 19,152 | |||
Accumulated Depreciation | $ (3,702) | ||||
Date of Construction | 2017 | ||||
Date Acquired | Sep-17 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
Home2 Suites Birmingham, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Birmingham, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Birmingham, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,010 | |||
Initial Cost, Building, FF&E, and Other | 12,981 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,267 | ||||
Total Gross Cost | [2] | 16,258 | |||
Accumulated Depreciation | $ (5,367) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 95 | ||||
Homewood Suites Birmingham, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Birmingham, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Dothan, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,037 | |||
Initial Cost, Building, FF&E, and Other | 10,581 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,821 | ||||
Total Gross Cost | [2] | 13,439 | |||
Accumulated Depreciation | $ (5,934) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Jun-09 | ||||
Aggregate number of hotel rooms | Room | 104 | ||||
Hilton Garden Inn Dothan, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Dothan, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Dothan, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 970 | |||
Initial Cost, Building, FF&E, and Other | 13,185 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,321 | ||||
Total Gross Cost | [2] | 15,476 | |||
Accumulated Depreciation | $ (4,621) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Residence Inn Dothan, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Dothan, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Huntsville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 550 | |||
Initial Cost, Building, FF&E, and Other | 11,962 | ||||
Subsequently Capitalized Building Improvements & FF&E | 774 | ||||
Total Gross Cost | [2] | 13,286 | |||
Accumulated Depreciation | $ (3,103) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 98 | ||||
Hampton Huntsville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Huntsville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Huntsville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 890 | |||
Initial Cost, Building, FF&E, and Other | 11,227 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,238 | ||||
Total Gross Cost | [2] | 13,355 | |||
Accumulated Depreciation | $ (4,189) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hilton Garden Inn Huntsville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Huntsville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Huntsville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 490 | |||
Initial Cost, Building, FF&E, and Other | 10,840 | ||||
Subsequently Capitalized Building Improvements & FF&E | 832 | ||||
Total Gross Cost | [2] | 12,162 | |||
Accumulated Depreciation | $ (2,809) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 77 | ||||
Home2 Suites Huntsville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Huntsville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Huntsville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 210 | |||
Initial Cost, Building, FF&E, and Other | 15,654 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,321 | ||||
Total Gross Cost | [2] | 18,185 | |||
Accumulated Depreciation | $ (6,135) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 107 | ||||
Homewood Suites Huntsville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Huntsville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Mobile, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 11,452 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,832 | ||||
Total Gross Cost | [2] | 13,284 | |||
Accumulated Depreciation | $ (3,291) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hampton Mobile, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Mobile, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Prattville, AL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,050 | |||
Initial Cost, Building, FF&E, and Other | 9,101 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,556 | ||||
Total Gross Cost | [2] | 12,707 | |||
Accumulated Depreciation | $ (3,616) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Courtyard Prattville, AL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Prattville, AL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Chandler, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,061 | |||
Initial Cost, Building, FF&E, and Other | 16,008 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,934 | ||||
Total Gross Cost | [2] | 19,003 | |||
Accumulated Depreciation | $ (7,715) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 150 | ||||
Courtyard Chandler, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Chandler, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Chandler, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 778 | |||
Initial Cost, Building, FF&E, and Other | 11,272 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,152 | ||||
Total Gross Cost | [2] | 13,202 | |||
Accumulated Depreciation | $ (5,271) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Fairfield Chandler, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Chandler, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,413 | |||
Initial Cost, Building, FF&E, and Other | 14,669 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,970 | ||||
Total Gross Cost | [2] | 19,052 | |||
Accumulated Depreciation | $ (8,023) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 164 | ||||
Courtyard Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 15,209 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,192 | ||||
Total Gross Cost | [2] | 17,401 | |||
Accumulated Depreciation | $ (4,372) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 125 | ||||
Hampton Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,406 | |||
Initial Cost, Building, FF&E, and Other | 41,174 | ||||
Subsequently Capitalized Building Improvements & FF&E | 74 | ||||
Total Gross Cost | [2] | 44,654 | |||
Accumulated Depreciation | $ (8,259) | ||||
Date of Construction | 2018 | ||||
Date Acquired | May-18 | ||||
Aggregate number of hotel rooms | Room | 210 | ||||
Hampton Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 18,907 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,402 | ||||
Total Gross Cost | [2] | 21,309 | |||
Accumulated Depreciation | $ (5,455) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 134 | ||||
Homewood Suites Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Phoenix, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,111 | |||
Initial Cost, Building, FF&E, and Other | 12,953 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,016 | ||||
Total Gross Cost | [2] | 16,080 | |||
Accumulated Depreciation | $ (6,774) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 129 | ||||
Residence Inn Phoenix, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Phoenix, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Scottsdale, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,000 | |||
Initial Cost, Building, FF&E, and Other | 26,861 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,568 | ||||
Total Gross Cost | [2] | 35,429 | |||
Accumulated Depreciation | $ (6,574) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Hilton Garden Inn Scottsdale, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Scottsdale, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hyatt House Tempe, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 24,001 | ||||
Subsequently Capitalized Building Improvements & FF&E | 7 | ||||
Total Gross Cost | [2] | 24,008 | |||
Accumulated Depreciation | $ (3,072) | ||||
Date of Construction | 2020 | ||||
Date Acquired | Aug-20 | ||||
Aggregate number of hotel rooms | Room | 105 | ||||
Hyatt House Tempe, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hyatt House Tempe, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hyatt Place Tempe, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 34,893 | ||||
Subsequently Capitalized Building Improvements & FF&E | 30 | ||||
Total Gross Cost | [2] | 34,923 | |||
Accumulated Depreciation | $ (4,364) | ||||
Date of Construction | 2020 | ||||
Date Acquired | Aug-20 | ||||
Aggregate number of hotel rooms | Room | 154 | ||||
Hyatt Place Tempe, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hyatt Place Tempe, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Tucson, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,005 | |||
Initial Cost, Building, FF&E, and Other | 17,925 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,326 | ||||
Total Gross Cost | [2] | 21,256 | |||
Accumulated Depreciation | $ (9,833) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Jul-08 | ||||
Aggregate number of hotel rooms | Room | 125 | ||||
Hilton Garden Inn Tucson, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Tucson, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Tucson, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,080 | |||
Initial Cost, Building, FF&E, and Other | 12,424 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,010 | ||||
Total Gross Cost | [2] | 16,514 | |||
Accumulated Depreciation | $ (5,224) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Residence Inn Tucson, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Tucson, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Towne Place Suites Tucson, AZ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 992 | |||
Initial Cost, Building, FF&E, and Other | 14,543 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,322 | ||||
Total Gross Cost | [2] | 16,857 | |||
Accumulated Depreciation | $ (5,804) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Oct-11 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Towne Place Suites Tucson, AZ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Towne Place Suites Tucson, AZ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Agoura Hills, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,430 | |||
Initial Cost, Building, FF&E, and Other | 21,290 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,633 | ||||
Total Gross Cost | [2] | 27,353 | |||
Accumulated Depreciation | $ (8,130) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 125 | ||||
Homewood Suites Agoura Hills, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Agoura Hills, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Burbank, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 20,526 | ||||
Initial Cost, Land | [1] | 12,916 | |||
Initial Cost, Building, FF&E, and Other | 41,218 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,483 | ||||
Total Gross Cost | [2] | 59,617 | |||
Accumulated Depreciation | $ (12,055) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Aug-15 | ||||
Aggregate number of hotel rooms | Room | 190 | ||||
Courtyard Burbank, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Burbank, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Burbank, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 32,270 | |||
Initial Cost, Building, FF&E, and Other | 41,559 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,141 | ||||
Total Gross Cost | [2] | 78,970 | |||
Accumulated Depreciation | $ (14,127) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 166 | ||||
Residence Inn Burbank, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Burbank, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Burbank, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 24,237 | ||||
Initial Cost, Land | [1] | 10,734 | |||
Initial Cost, Building, FF&E, and Other | 49,181 | ||||
Subsequently Capitalized Building Improvements & FF&E | 312 | ||||
Total Gross Cost | [2] | 60,227 | |||
Accumulated Depreciation | $ (12,686) | ||||
Date of Construction | 2015 | ||||
Date Acquired | Jul-15 | ||||
Aggregate number of hotel rooms | Room | 170 | ||||
SpringHill Suites Burbank, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Burbank, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Clovis, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,287 | |||
Initial Cost, Building, FF&E, and Other | 9,888 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,378 | ||||
Total Gross Cost | [2] | 12,553 | |||
Accumulated Depreciation | $ (5,235) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Jul-09 | ||||
Aggregate number of hotel rooms | Room | 86 | ||||
Hampton Clovis, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Clovis, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Clovis, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,500 | |||
Initial Cost, Building, FF&E, and Other | 10,970 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,861 | ||||
Total Gross Cost | [2] | 14,331 | |||
Accumulated Depreciation | $ (5,854) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Feb-10 | ||||
Aggregate number of hotel rooms | Room | 83 | ||||
Homewood Suites Clovis, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Clovis, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Cypress, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,410 | |||
Initial Cost, Building, FF&E, and Other | 35,033 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,869 | ||||
Total Gross Cost | [2] | 45,312 | |||
Accumulated Depreciation | $ (12,496) | ||||
Date of Construction | 1988 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 180 | ||||
Courtyard Cypress, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Cypress, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Cypress, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,209 | |||
Initial Cost, Building, FF&E, and Other | 16,749 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,442 | ||||
Total Gross Cost | [2] | 22,400 | |||
Accumulated Depreciation | $ (6,065) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Jun-15 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Hampton Cypress, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Cypress, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Oceanside, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 11,707 | ||||
Initial Cost, Land | [1] | 3,080 | |||
Initial Cost, Building, FF&E, and Other | 25,769 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,411 | ||||
Total Gross Cost | [2] | 31,260 | |||
Accumulated Depreciation | $ (6,945) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 142 | ||||
Courtyard Oceanside, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Oceanside, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Oceanside, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,790 | |||
Initial Cost, Building, FF&E, and Other | 24,048 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,503 | ||||
Total Gross Cost | [2] | 34,341 | |||
Accumulated Depreciation | $ (8,517) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 125 | ||||
Residence Inn Oceanside, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Oceanside, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Rancho Bernardo / San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 16,380 | |||
Initial Cost, Building, FF&E, and Other | 28,952 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,611 | ||||
Total Gross Cost | [2] | 48,943 | |||
Accumulated Depreciation | $ (10,392) | ||||
Date of Construction | 1987 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 210 | ||||
Courtyard Rancho Bernardo / San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Rancho Bernardo / San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Sacramento, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,920 | |||
Initial Cost, Building, FF&E, and Other | 21,515 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,968 | ||||
Total Gross Cost | [2] | 31,403 | |||
Accumulated Depreciation | $ (9,404) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 153 | ||||
Hilton Garden Inn Sacramento, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Sacramento, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn San Bernardino, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,490 | |||
Initial Cost, Building, FF&E, and Other | 13,662 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,358 | ||||
Total Gross Cost | [2] | 18,510 | |||
Accumulated Depreciation | $ (6,715) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Feb-11 | ||||
Aggregate number of hotel rooms | Room | 95 | ||||
Residence Inn San Bernardino, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn San Bernardino, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 20,453 | ||||
Initial Cost, Land | [1] | 11,268 | |||
Initial Cost, Building, FF&E, and Other | 44,851 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,036 | ||||
Total Gross Cost | [2] | 60,155 | |||
Accumulated Depreciation | $ (12,938) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Sep-15 | ||||
Aggregate number of hotel rooms | Room | 245 | ||||
Courtyard San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 15,226 | ||||
Initial Cost, Land | [1] | 13,570 | |||
Initial Cost, Building, FF&E, and Other | 36,644 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,199 | ||||
Total Gross Cost | [2] | 54,413 | |||
Accumulated Depreciation | $ (12,699) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 177 | ||||
Hampton San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 8,020 | |||
Initial Cost, Building, FF&E, and Other | 29,151 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,319 | ||||
Total Gross Cost | [2] | 42,490 | |||
Accumulated Depreciation | $ (10,847) | ||||
Date of Construction | 2004 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 200 | ||||
Hilton Garden Inn San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn San Diego, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 22,400 | |||
Initial Cost, Building, FF&E, and Other | 20,640 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,802 | ||||
Total Gross Cost | [2] | 45,842 | |||
Accumulated Depreciation | $ (7,820) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 121 | ||||
Residence Inn San Diego, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn San Diego, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites San Jose, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 23,984 | ||||
Initial Cost, Land | [1] | 12,860 | |||
Initial Cost, Building, FF&E, and Other | 28,084 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,631 | ||||
Total Gross Cost | [2] | 46,575 | |||
Accumulated Depreciation | $ (13,138) | ||||
Date of Construction | 1991 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 140 | ||||
Homewood Suites San Jose, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites San Jose, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn San Juan Capistrano, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 32,292 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,913 | ||||
Total Gross Cost | [2] | 34,205 | |||
Accumulated Depreciation | $ (8,125) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 130 | ||||
Residence Inn San Juan Capistrano, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn San Juan Capistrano, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Santa Ana, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 13,221 | ||||
Initial Cost, Land | [1] | 3,082 | |||
Initial Cost, Building, FF&E, and Other | 21,051 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,496 | ||||
Total Gross Cost | [2] | 26,629 | |||
Accumulated Depreciation | $ (9,349) | ||||
Date of Construction | 2011 | ||||
Date Acquired | May-11 | ||||
Aggregate number of hotel rooms | Room | 155 | ||||
Courtyard Santa Ana, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Santa Ana, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Santa Clarita, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,568 | |||
Initial Cost, Building, FF&E, and Other | 18,721 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,077 | ||||
Total Gross Cost | [2] | 26,366 | |||
Accumulated Depreciation | $ (10,871) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-08 | ||||
Aggregate number of hotel rooms | Room | 140 | ||||
Courtyard Santa Clarita, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Santa Clarita, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Santa Clarita, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,864 | |||
Initial Cost, Building, FF&E, and Other | 7,753 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,173 | ||||
Total Gross Cost | [2] | 11,790 | |||
Accumulated Depreciation | $ (5,060) | ||||
Date of Construction | 1997 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 66 | ||||
Fairfield Santa Clarita, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Santa Clarita, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Santa Clarita, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,812 | |||
Initial Cost, Building, FF&E, and Other | 15,761 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,418 | ||||
Total Gross Cost | [2] | 23,991 | |||
Accumulated Depreciation | $ (11,282) | ||||
Date of Construction | 1988 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 128 | ||||
Hampton Santa Clarita, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Santa Clarita, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Santa Clarita, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,539 | |||
Initial Cost, Building, FF&E, and Other | 14,493 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,628 | ||||
Total Gross Cost | [2] | 22,660 | |||
Accumulated Depreciation | $ (10,137) | ||||
Date of Construction | 1997 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 90 | ||||
Residence Inn Santa Clarita, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Santa Clarita, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Tustin, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,700 | |||
Initial Cost, Building, FF&E, and Other | 26,580 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,422 | ||||
Total Gross Cost | [2] | 35,702 | |||
Accumulated Depreciation | $ (6,302) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 145 | ||||
Fairfield Tustin, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Tustin, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Tustin, CA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 11,680 | |||
Initial Cost, Building, FF&E, and Other | 33,645 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,047 | ||||
Total Gross Cost | [2] | 47,372 | |||
Accumulated Depreciation | $ (8,374) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 149 | ||||
Residence Inn Tustin, CA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Tustin, CA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Colorado Springs, CO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,780 | |||
Initial Cost, Building, FF&E, and Other | 15,860 | ||||
Subsequently Capitalized Building Improvements & FF&E | 750 | ||||
Total Gross Cost | [2] | 18,390 | |||
Accumulated Depreciation | $ (4,310) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hampton Colorado Springs, CO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Colorado Springs, CO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Denver, CO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 27,337 | ||||
Initial Cost, Land | [1] | 9,940 | |||
Initial Cost, Building, FF&E, and Other | 57,595 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,666 | ||||
Total Gross Cost | [2] | 70,201 | |||
Accumulated Depreciation | $ (15,120) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 221 | ||||
Hilton Garden Inn Denver, CO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Denver, CO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Highlands Ranch, CO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,480 | |||
Initial Cost, Building, FF&E, and Other | 20,465 | ||||
Subsequently Capitalized Building Improvements & FF&E | 689 | ||||
Total Gross Cost | [2] | 26,634 | |||
Accumulated Depreciation | $ (6,568) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 128 | ||||
Hilton Garden Inn Highlands Ranch, CO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Highlands Ranch, CO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Highlands Ranch, CO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,350 | |||
Initial Cost, Building, FF&E, and Other | 19,167 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,690 | ||||
Total Gross Cost | [2] | 28,207 | |||
Accumulated Depreciation | $ (8,902) | ||||
Date of Construction | 1996 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 117 | ||||
Residence Inn Highlands Ranch, CO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Highlands Ranch, CO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Boca Raton, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,220 | |||
Initial Cost, Building, FF&E, and Other | 22,177 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,924 | ||||
Total Gross Cost | [2] | 32,321 | |||
Accumulated Depreciation | $ (6,148) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 149 | ||||
Hilton Garden Inn Boca Raton, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Boca Raton, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Cape Canaveral, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,780 | |||
Initial Cost, Building, FF&E, and Other | 23,967 | ||||
Subsequently Capitalized Building Improvements & FF&E | 398 | ||||
Total Gross Cost | [2] | 27,145 | |||
Accumulated Depreciation | $ (6,644) | ||||
Date of Construction | 2016 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 153 | ||||
Homewood Suites Cape Canaveral, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Cape Canaveral, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Cape Canaveral, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,594 | |||
Initial Cost, Building, FF&E, and Other | 20,951 | ||||
Subsequently Capitalized Building Improvements & FF&E | 12 | ||||
Total Gross Cost | [2] | 23,557 | |||
Accumulated Depreciation | $ (2,883) | ||||
Date of Construction | 2020 | ||||
Date Acquired | Apr-20 | ||||
Aggregate number of hotel rooms | Room | 116 | ||||
Hampton Cape Canaveral, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Cape Canaveral, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Cape Canaveral, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,415 | |||
Initial Cost, Building, FF&E, and Other | 19,668 | ||||
Subsequently Capitalized Building Improvements & FF&E | 15 | ||||
Total Gross Cost | [2] | 22,098 | |||
Accumulated Depreciation | $ (2,773) | ||||
Date of Construction | 2020 | ||||
Date Acquired | Apr-20 | ||||
Aggregate number of hotel rooms | Room | 108 | ||||
Home2 Suites Cape Canaveral, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Cape Canaveral, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Fort Lauderdale, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,793 | |||
Initial Cost, Building, FF&E, and Other | 21,357 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,491 | ||||
Total Gross Cost | [2] | 28,641 | |||
Accumulated Depreciation | $ (9,463) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Jun-15 | ||||
Aggregate number of hotel rooms | Room | 156 | ||||
Hampton Fort Lauderdale, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Fort Lauderdale, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Fort Lauderdale, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,760 | |||
Initial Cost, Building, FF&E, and Other | 26,727 | ||||
Subsequently Capitalized Building Improvements & FF&E | 422 | ||||
Total Gross Cost | [2] | 32,909 | |||
Accumulated Depreciation | $ (6,815) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 156 | ||||
Residence Inn Fort Lauderdale, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Fort Lauderdale, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Gainesville, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,300 | |||
Initial Cost, Building, FF&E, and Other | 17,322 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,640 | ||||
Total Gross Cost | [2] | 20,262 | |||
Accumulated Depreciation | $ (4,520) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 104 | ||||
Hilton Garden Inn Gainesville, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Gainesville, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Gainesville, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,740 | |||
Initial Cost, Building, FF&E, and Other | 16,329 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,674 | ||||
Total Gross Cost | [2] | 20,743 | |||
Accumulated Depreciation | $ (4,777) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
Homewood Suites Gainesville, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Gainesville, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Jacksonville, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 9,480 | |||
Initial Cost, Building, FF&E, and Other | 21,247 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,614 | ||||
Total Gross Cost | [2] | 35,341 | |||
Accumulated Depreciation | $ (9,313) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 119 | ||||
Homewood Suites Jacksonville, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Jacksonville, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hyatt Place Jacksonville, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,013 | |||
Initial Cost, Building, FF&E, and Other | 13,533 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,080 | ||||
Total Gross Cost | [2] | 16,626 | |||
Accumulated Depreciation | $ (2,991) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Dec-18 | ||||
Aggregate number of hotel rooms | Room | 127 | ||||
Hyatt Place Jacksonville, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hyatt Place Jacksonville, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Miami, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 31,488 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,148 | ||||
Total Gross Cost | [2] | 33,636 | |||
Accumulated Depreciation | $ (10,295) | ||||
Date of Construction | 2008 | ||||
Aggregate number of hotel rooms | Room | 118 | ||||
Courtyard Miami, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Miami, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Miami, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,972 | |||
Initial Cost, Building, FF&E, and Other | 9,987 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,574 | ||||
Total Gross Cost | [2] | 18,533 | |||
Accumulated Depreciation | $ (8,878) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Apr-10 | ||||
Aggregate number of hotel rooms | Room | 121 | ||||
Hampton Miami, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Miami, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Orlando, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,731 | |||
Initial Cost, Building, FF&E, and Other | 18,063 | ||||
Subsequently Capitalized Building Improvements & FF&E | 134 | ||||
Total Gross Cost | [2] | 20,928 | |||
Accumulated Depreciation | $ (3,586) | ||||
Date of Construction | 2019 | ||||
Date Acquired | Mar-19 | ||||
Aggregate number of hotel rooms | Room | 128 | ||||
Home2 Suites Orlando, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Orlando, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Miami, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 18,820 | |||
Initial Cost, Building, FF&E, and Other | 25,375 | ||||
Subsequently Capitalized Building Improvements & FF&E | 9,105 | ||||
Total Gross Cost | [2] | 53,300 | |||
Accumulated Depreciation | $ (12,034) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 162 | ||||
Homewood Suites Miami, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Miami, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Dallas [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,920 | |||
Initial Cost, Building, FF&E, and Other | 29,427 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,384 | ||||
Total Gross Cost | [2] | 37,731 | |||
Accumulated Depreciation | $ (7,296) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 130 | ||||
Homewood Suites Dallas [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Dallas [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Panama City, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,605 | |||
Initial Cost, Building, FF&E, and Other | 9,995 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,489 | ||||
Total Gross Cost | [2] | 13,089 | |||
Accumulated Depreciation | $ (5,474) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Mar-09 | ||||
Aggregate number of hotel rooms | Room | 95 | ||||
Hampton Panama City, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Panama City, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Orlando, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,140 | |||
Initial Cost, Building, FF&E, and Other | 22,580 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,161 | ||||
Total Gross Cost | [2] | 28,881 | |||
Accumulated Depreciation | $ (11,771) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Jul-09 | ||||
Aggregate number of hotel rooms | Room | 200 | ||||
Fairfield Orlando, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Orlando, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Panama City, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 908 | |||
Initial Cost, Building, FF&E, and Other | 9,549 | ||||
Subsequently Capitalized Building Improvements & FF&E | 633 | ||||
Total Gross Cost | [2] | 11,090 | |||
Accumulated Depreciation | $ (4,385) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Jan-10 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
TownePlace Suites Panama City, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Panama City, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Pensacola, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,770 | |||
Initial Cost, Building, FF&E, and Other | 12,562 | ||||
Subsequently Capitalized Building Improvements & FF&E | 687 | ||||
Total Gross Cost | [2] | 15,019 | |||
Accumulated Depreciation | $ (3,306) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 97 | ||||
TownePlace Suites Pensacola, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Pensacola, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Orlando, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,141 | |||
Initial Cost, Building, FF&E, and Other | 25,779 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,328 | ||||
Total Gross Cost | [2] | 32,248 | |||
Accumulated Depreciation | $ (13,268) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Jul-09 | ||||
Aggregate number of hotel rooms | Room | 200 | ||||
SpringHill Suites Orlando, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Orlando, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Tallahassee, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 960 | |||
Initial Cost, Building, FF&E, and Other | 11,734 | ||||
Subsequently Capitalized Building Improvements & FF&E | 949 | ||||
Total Gross Cost | [2] | 13,643 | |||
Accumulated Depreciation | $ (3,010) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 97 | ||||
Fairfield Tallahassee, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Tallahassee, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Tallahassee, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 10,938 | ||||
Subsequently Capitalized Building Improvements & FF&E | 639 | ||||
Total Gross Cost | [2] | 11,577 | |||
Accumulated Depreciation | $ (3,854) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 85 | ||||
Hilton Garden Inn Tallahassee, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Tallahassee, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Embassy Suites Tampa, FL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,824 | |||
Initial Cost, Building, FF&E, and Other | 20,034 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,066 | ||||
Total Gross Cost | [2] | 25,924 | |||
Accumulated Depreciation | $ (10,596) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 147 | ||||
Embassy Suites Tampa, FL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Embassy Suites Tampa, FL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Atlanta / Downtown, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,861 | |||
Initial Cost, Building, FF&E, and Other | 16,374 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,978 | ||||
Total Gross Cost | [2] | 28,213 | |||
Accumulated Depreciation | $ (5,069) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Feb-18 | ||||
Aggregate number of hotel rooms | Room | 119 | ||||
Hampton Atlanta / Downtown, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Atlanta / Downtown, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Atlanta / Perimeter Dunwoody, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,228 | |||
Initial Cost, Building, FF&E, and Other | 26,498 | ||||
Subsequently Capitalized Building Improvements & FF&E | 139 | ||||
Total Gross Cost | [2] | 29,865 | |||
Accumulated Depreciation | $ (4,966) | ||||
Date of Construction | 2016 | ||||
Date Acquired | Jun-18 | ||||
Aggregate number of hotel rooms | Room | 132 | ||||
Hampton Atlanta / Perimeter Dunwoody, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Atlanta / Perimeter Dunwoody, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Atlanta, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 740 | |||
Initial Cost, Building, FF&E, and Other | 23,122 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,271 | ||||
Total Gross Cost | [2] | 25,133 | |||
Accumulated Depreciation | $ (6,407) | ||||
Date of Construction | 2016 | ||||
Date Acquired | Jul-16 | ||||
Aggregate number of hotel rooms | Room | 128 | ||||
Home2 Suites Atlanta, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Atlanta, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Macon, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 15,043 | ||||
Subsequently Capitalized Building Improvements & FF&E | 790 | ||||
Total Gross Cost | [2] | 15,833 | |||
Accumulated Depreciation | $ (5,133) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
Hilton Garden Inn Macon, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Macon, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Savannah, GA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 14,716 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,367 | ||||
Total Gross Cost | [2] | 17,083 | |||
Accumulated Depreciation | $ (5,963) | ||||
Date of Construction | 2004 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 105 | ||||
Hilton Garden Inn Savannah, GA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Savannah, GA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Cedar Rapids, IA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,590 | |||
Initial Cost, Building, FF&E, and Other | 11,364 | ||||
Subsequently Capitalized Building Improvements & FF&E | 387 | ||||
Total Gross Cost | [2] | 13,341 | |||
Accumulated Depreciation | $ (3,344) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
Hampton Cedar Rapids, IA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Cedar Rapids, IA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Cedar Rapids, IA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,770 | |||
Initial Cost, Building, FF&E, and Other | 13,116 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,253 | ||||
Total Gross Cost | [2] | 17,139 | |||
Accumulated Depreciation | $ (4,310) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 95 | ||||
Homewood Suites Cedar Rapids, IA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Cedar Rapids, IA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Davenport, IA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 400 | |||
Initial Cost, Building, FF&E, and Other | 16,915 | ||||
Subsequently Capitalized Building Improvements & FF&E | 917 | ||||
Total Gross Cost | [2] | 18,232 | |||
Accumulated Depreciation | $ (4,693) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
Hampton Davenport, IA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Davenport, IA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Boise, ID [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 20,685 | ||||
Initial Cost, Land | [1] | 1,335 | |||
Initial Cost, Building, FF&E, and Other | 21,114 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,622 | ||||
Total Gross Cost | [2] | 26,071 | |||
Accumulated Depreciation | $ (11,237) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Apr-10 | ||||
Aggregate number of hotel rooms | Room | 186 | ||||
Hampton Boise, ID [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Boise, ID [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Des Plaines, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 10,000 | |||
Initial Cost, Building, FF&E, and Other | 38,116 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,033 | ||||
Total Gross Cost | [2] | 52,149 | |||
Accumulated Depreciation | $ (9,871) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 253 | ||||
Hilton Garden Inn Des Plaines, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Des Plaines, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Hoffman Estates, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,770 | |||
Initial Cost, Building, FF&E, and Other | 14,371 | ||||
Subsequently Capitalized Building Improvements & FF&E | [3] | 2,298 | |||
Total Gross Cost | [2] | 13,843 | |||
Accumulated Depreciation | $ (4,208) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 184 | ||||
Hilton Garden Inn Hoffman Estates, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Hoffman Estates, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Mettawa, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,246 | |||
Initial Cost, Building, FF&E, and Other | 28,328 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,932 | ||||
Total Gross Cost | [2] | 33,506 | |||
Accumulated Depreciation | $ (12,757) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 170 | ||||
Hilton Garden Inn Mettawa, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Mettawa, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Mettawa, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,722 | |||
Initial Cost, Building, FF&E, and Other | 21,843 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,224 | ||||
Total Gross Cost | [2] | 25,789 | |||
Accumulated Depreciation | $ (9,680) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 130 | ||||
Residence Inn Mettawa, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Mettawa, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Rosemont, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,410 | |||
Initial Cost, Building, FF&E, and Other | 23,594 | ||||
Subsequently Capitalized Building Improvements & FF&E | 278 | ||||
Total Gross Cost | [2] | 27,282 | |||
Accumulated Depreciation | $ (6,255) | ||||
Date of Construction | 2015 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 158 | ||||
Hampton Rosemont, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Rosemont, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Skokie, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,593 | |||
Initial Cost, Building, FF&E, and Other | 31,284 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,194 | ||||
Total Gross Cost | [2] | 38,071 | |||
Accumulated Depreciation | $ (8,874) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 225 | ||||
Hampton Skokie, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Skokie, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Warrenville, IL [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,171 | |||
Initial Cost, Building, FF&E, and Other | 20,894 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,888 | ||||
Total Gross Cost | [2] | 24,953 | |||
Accumulated Depreciation | $ (9,988) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 135 | ||||
Hilton Garden Inn Warrenville, IL [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Warrenville, IL [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Indianapolis, IN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,310 | |||
Initial Cost, Building, FF&E, and Other | 11,542 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,616 | ||||
Total Gross Cost | [2] | 15,468 | |||
Accumulated Depreciation | $ (6,215) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 130 | ||||
SpringHill Suites Indianapolis, IN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Indianapolis, IN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Merrillville, IN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,860 | |||
Initial Cost, Building, FF&E, and Other | 17,755 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,339 | ||||
Total Gross Cost | [2] | 21,954 | |||
Accumulated Depreciation | $ (4,989) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Hilton Garden Inn Merrillville, IN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Merrillville, IN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Mishawaka, IN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 898 | |||
Initial Cost, Building, FF&E, and Other | 12,862 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,731 | ||||
Total Gross Cost | [2] | 15,491 | |||
Accumulated Depreciation | $ (6,173) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
Residence Inn Mishawaka, IN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Mishawaka, IN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield South Bend, IN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,090 | |||
Initial Cost, Building, FF&E, and Other | 23,361 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,716 | ||||
Total Gross Cost | [2] | 27,167 | |||
Accumulated Depreciation | $ (5,933) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 119 | ||||
Fairfield South Bend, IN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield South Bend, IN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Overland Park, KS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,230 | |||
Initial Cost, Building, FF&E, and Other | 11,713 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,738 | ||||
Total Gross Cost | [2] | 14,681 | |||
Accumulated Depreciation | $ (4,505) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Fairfield Overland Park, KS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Overland Park, KS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Overland Park, KS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,790 | |||
Initial Cost, Building, FF&E, and Other | 20,633 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,963 | ||||
Total Gross Cost | [2] | 27,386 | |||
Accumulated Depreciation | $ (9,221) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 120 | ||||
Residence Inn Overland Park, KS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Overland Park, KS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Wichita, KS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,940 | |||
Initial Cost, Building, FF&E, and Other | 6,525 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,367 | ||||
Total Gross Cost | [2] | 9,832 | |||
Accumulated Depreciation | $ (4,583) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 90 | ||||
Courtyard Wichita, KS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Wichita, KS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
AC Hotels Louisville, KY [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,004 | |||
Initial Cost, Building, FF&E, and Other | 46,548 | ||||
Total Gross Cost | [2] | 51,552 | |||
Accumulated Depreciation | $ (1,773) | ||||
Date of Construction | 2018 | ||||
Date Acquired | Oct-22 | ||||
Aggregate number of hotel rooms | Room | 156 | ||||
AC Hotels Louisville, KY [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
AC Hotels Louisville, KY [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Lafayette, LA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 17,898 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,591 | ||||
Total Gross Cost | [2] | 24,489 | |||
Accumulated Depreciation | $ (10,418) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Jul-10 | ||||
Aggregate number of hotel rooms | Room | 153 | ||||
Hilton Garden Inn Lafayette, LA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Lafayette, LA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Lafayette, LA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 709 | |||
Initial Cost, Building, FF&E, and Other | 9,400 | ||||
Subsequently Capitalized Building Improvements & FF&E | 992 | ||||
Total Gross Cost | [2] | 11,101 | |||
Accumulated Depreciation | $ (4,072) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Jun-11 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
SpringHill Suites Lafayette, LA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Lafayette, LA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites New Orleans, LA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 20,304 | ||||
Initial Cost, Land | [1] | 4,150 | |||
Initial Cost, Building, FF&E, and Other | 52,258 | ||||
Subsequently Capitalized Building Improvements & FF&E | 14,076 | ||||
Total Gross Cost | [2] | 70,484 | |||
Accumulated Depreciation | $ (19,555) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 166 | ||||
Homewood Suites New Orleans, LA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites New Orleans, LA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
AC Hotels Portland, ME [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,767 | |||
Initial Cost, Building, FF&E, and Other | 61,602 | ||||
Subsequently Capitalized Building Improvements & FF&E | 38 | ||||
Total Gross Cost | [2] | 68,407 | |||
Accumulated Depreciation | $ (4,533) | ||||
Date of Construction | 2018 | ||||
Date Acquired | Aug-21 | ||||
Aggregate number of hotel rooms | Room | 178 | ||||
AC Hotels Portland, ME [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
AC Hotels Portland, ME [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Marlborough, MA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,480 | |||
Initial Cost, Building, FF&E, and Other | 17,341 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,293 | ||||
Total Gross Cost | [2] | 23,114 | |||
Accumulated Depreciation | $ (6,801) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 112 | ||||
Residence Inn Marlborough, MA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Marlborough, MA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Aloft Hotel Portland, ME [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,002 | |||
Initial Cost, Building, FF&E, and Other | 47,177 | ||||
Subsequently Capitalized Building Improvements & FF&E | 14 | ||||
Total Gross Cost | [2] | 53,193 | |||
Accumulated Depreciation | $ (3,808) | ||||
Date of Construction | 2021 | ||||
Date Acquired | Sep-21 | ||||
Aggregate number of hotel rooms | Room | 157 | ||||
Aloft Hotel Portland, ME [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Aloft Hotel Portland, ME [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Westford, MA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,410 | |||
Initial Cost, Building, FF&E, and Other | 16,320 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,814 | ||||
Total Gross Cost | [2] | 21,544 | |||
Accumulated Depreciation | $ (5,914) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Hampton Westford, MA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Westford, MA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Portland, ME [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 30,500 | ||||
Initial Cost, Land | [1] | 4,440 | |||
Initial Cost, Building, FF&E, and Other | 51,534 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,034 | ||||
Total Gross Cost | [2] | 57,008 | |||
Accumulated Depreciation | $ (10,238) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Oct-17 | ||||
Aggregate number of hotel rooms | Room | 179 | ||||
Residence Inn Portland, ME [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Portland, ME [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Westford, MA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 7,713 | ||||
Initial Cost, Land | [1] | 1,760 | |||
Initial Cost, Building, FF&E, and Other | 20,791 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,588 | ||||
Total Gross Cost | [2] | 27,139 | |||
Accumulated Depreciation | $ (8,800) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 108 | ||||
Residence Inn Westford, MA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Westford, MA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Novi, MI [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,213 | |||
Initial Cost, Building, FF&E, and Other | 15,052 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,746 | ||||
Total Gross Cost | [2] | 19,011 | |||
Accumulated Depreciation | $ (7,857) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 148 | ||||
Hilton Garden Inn Novi, MI [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Novi, MI [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Annapolis, MD [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,350 | |||
Initial Cost, Building, FF&E, and Other | 13,974 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,067 | ||||
Total Gross Cost | [2] | 20,391 | |||
Accumulated Depreciation | $ (5,933) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 126 | ||||
Hilton Garden Inn Annapolis, MD [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Annapolis, MD [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Maple Grove, MN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,560 | |||
Initial Cost, Building, FF&E, and Other | 13,717 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,447 | ||||
Total Gross Cost | [2] | 18,724 | |||
Accumulated Depreciation | $ (5,136) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 121 | ||||
Hilton Garden Inn Maple Grove, MN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Maple Grove, MN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Silver Spring, MD [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,361 | |||
Initial Cost, Building, FF&E, and Other | 16,094 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,760 | ||||
Total Gross Cost | [2] | 19,215 | |||
Accumulated Depreciation | $ (7,505) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Jul-10 | ||||
Aggregate number of hotel rooms | Room | 107 | ||||
Hilton Garden Inn Silver Spring, MD [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Silver Spring, MD [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Rochester, MN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 916 | |||
Initial Cost, Building, FF&E, and Other | 13,225 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,780 | ||||
Total Gross Cost | [2] | 16,921 | |||
Accumulated Depreciation | $ (7,552) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Aug-09 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Hampton Rochester, MN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Rochester, MN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton St. Paul, MN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,523 | |||
Initial Cost, Building, FF&E, and Other | 29,365 | ||||
Subsequently Capitalized Building Improvements & FF&E | 336 | ||||
Total Gross Cost | [2] | 32,224 | |||
Accumulated Depreciation | $ (4,861) | ||||
Date of Construction | 2016 | ||||
Date Acquired | Mar-19 | ||||
Aggregate number of hotel rooms | Room | 160 | ||||
Hampton St. Paul, MN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton St. Paul, MN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Kansas City, MO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 727 | |||
Initial Cost, Building, FF&E, and Other | 9,363 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,058 | ||||
Total Gross Cost | [2] | 12,148 | |||
Accumulated Depreciation | $ (5,330) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Aug-10 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Hampton Kansas City, MO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Kansas City, MO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Kansas City, MO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,000 | |||
Initial Cost, Building, FF&E, and Other | 20,818 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,904 | ||||
Total Gross Cost | [2] | 26,722 | |||
Accumulated Depreciation | $ (8,713) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
Residence Inn Kansas City, MO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Kansas City, MO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton St. Louis, MO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,758 | |||
Initial Cost, Building, FF&E, and Other | 20,954 | ||||
Subsequently Capitalized Building Improvements & FF&E | 11,107 | ||||
Total Gross Cost | [2] | 33,819 | |||
Accumulated Depreciation | $ (15,303) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Aug-10 | ||||
Aggregate number of hotel rooms | Room | 190 | ||||
Hampton St. Louis, MO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton St. Louis, MO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton St. Louis, MO [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 758 | |||
Initial Cost, Building, FF&E, and Other | 15,287 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,093 | ||||
Total Gross Cost | [2] | 20,138 | |||
Accumulated Depreciation | $ (8,105) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Apr-10 | ||||
Aggregate number of hotel rooms | Room | 126 | ||||
Hampton St. Louis, MO [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton St. Louis, MO [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Hattiesburg, MS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,390 | |||
Initial Cost, Building, FF&E, and Other | 11,324 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,824 | ||||
Total Gross Cost | [2] | 14,538 | |||
Accumulated Depreciation | $ (4,307) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Courtyard Hattiesburg, MS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Hattiesburg, MS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Hattiesburg, MS [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 906 | |||
Initial Cost, Building, FF&E, and Other | 9,151 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,267 | ||||
Total Gross Cost | [2] | 11,324 | |||
Accumulated Depreciation | $ (5,087) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Dec-08 | ||||
Aggregate number of hotel rooms | Room | 84 | ||||
Residence Inn Hattiesburg, MS [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Hattiesburg, MS [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Carolina Beach, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,490 | |||
Initial Cost, Building, FF&E, and Other | 31,588 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,645 | ||||
Total Gross Cost | [2] | 43,723 | |||
Accumulated Depreciation | $ (11,920) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 144 | ||||
Courtyard Carolina Beach, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Carolina Beach, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Charlotte, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,030 | |||
Initial Cost, Building, FF&E, and Other | 11,111 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,370 | ||||
Total Gross Cost | [2] | 13,511 | |||
Accumulated Depreciation | $ (3,436) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 94 | ||||
Fairfield Charlotte, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Charlotte, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Durham, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,232 | |||
Initial Cost, Building, FF&E, and Other | 18,343 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,766 | ||||
Total Gross Cost | [2] | 26,341 | |||
Accumulated Depreciation | $ (12,205) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Dec-08 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Homewood Suites Durham, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Durham, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Fayetteville, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 746 | |||
Initial Cost, Building, FF&E, and Other | 10,563 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,665 | ||||
Total Gross Cost | [2] | 12,974 | |||
Accumulated Depreciation | $ (5,277) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Feb-11 | ||||
Aggregate number of hotel rooms | Room | 118 | ||||
Home2 Suites Fayetteville, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Fayetteville, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Greensboro, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,850 | |||
Initial Cost, Building, FF&E, and Other | 7,727 | ||||
Subsequently Capitalized Building Improvements & FF&E | 644 | ||||
Total Gross Cost | [2] | 10,221 | |||
Accumulated Depreciation | $ (3,721) | ||||
Date of Construction | 2004 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 82 | ||||
SpringHill Suites Greensboro, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Greensboro, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Jacksonville, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 910 | |||
Initial Cost, Building, FF&E, and Other | 12,527 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,317 | ||||
Total Gross Cost | [2] | 14,754 | |||
Accumulated Depreciation | $ (3,427) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 105 | ||||
Home2 Suites Jacksonville, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Jacksonville, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Wilmington, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,310 | |||
Initial Cost, Building, FF&E, and Other | 13,034 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,770 | ||||
Total Gross Cost | [2] | 16,114 | |||
Accumulated Depreciation | $ (4,812) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Fairfield Wilmington, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Wilmington, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Winston-Salem, NC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,170 | |||
Initial Cost, Building, FF&E, and Other | 14,268 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,255 | ||||
Total Gross Cost | [2] | 17,693 | |||
Accumulated Depreciation | $ (3,620) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 94 | ||||
Hampton Winston-Salem, NC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Winston-Salem, NC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Omaha, NE [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,700 | |||
Initial Cost, Building, FF&E, and Other | 36,829 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,473 | ||||
Total Gross Cost | [2] | 50,002 | |||
Accumulated Depreciation | $ (14,590) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 181 | ||||
Courtyard Omaha, NE [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Omaha, NE [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Omaha, NE [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,710 | |||
Initial Cost, Building, FF&E, and Other | 22,636 | ||||
Subsequently Capitalized Building Improvements & FF&E | 554 | ||||
Total Gross Cost | [2] | 24,900 | |||
Accumulated Depreciation | $ (5,757) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 139 | ||||
Hampton Omaha, NE [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Omaha, NE [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Omaha, NE [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 19,445 | ||||
Initial Cost, Land | [1] | 1,620 | |||
Initial Cost, Building, FF&E, and Other | 35,962 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,893 | ||||
Total Gross Cost | [2] | 40,475 | |||
Accumulated Depreciation | $ (9,269) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 178 | ||||
Hilton Garden Inn Omaha, NE [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Omaha, NE [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Omaha, NE {Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,890 | |||
Initial Cost, Building, FF&E, and Other | 22,014 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,598 | ||||
Total Gross Cost | [2] | 25,502 | |||
Accumulated Depreciation | $ (6,008) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 123 | ||||
Homewood Suites Omaha, NE {Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Omaha, NE {Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Cranford, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,550 | |||
Initial Cost, Building, FF&E, and Other | 23,828 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,224 | ||||
Total Gross Cost | [2] | 32,602 | |||
Accumulated Depreciation | $ (10,102) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 108 | ||||
Homewood Suites Cranford, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Cranford, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Mahwah, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,220 | |||
Initial Cost, Building, FF&E, and Other | 22,742 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,850 | ||||
Total Gross Cost | [2] | 30,812 | |||
Accumulated Depreciation | $ (10,041) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Homewood Suites Mahwah, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Mahwah, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Mount Laurel, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,589 | |||
Initial Cost, Building, FF&E, and Other | 13,476 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,536 | ||||
Total Gross Cost | [2] | 21,601 | |||
Accumulated Depreciation | $ (9,015) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Jan-11 | ||||
Aggregate number of hotel rooms | Room | 118 | ||||
Homewood Suites Mount Laurel, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Mount Laurel, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Somerset, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 27,133 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,117 | ||||
Total Gross Cost | [2] | 31,250 | |||
Accumulated Depreciation | $ (14,155) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 162 | ||||
Courtyard Somerset, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Somerset, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 25 years | ||||
Courtyard West Orange, NJ [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,054 | |||
Initial Cost, Building, FF&E, and Other | 19,513 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,046 | ||||
Total Gross Cost | [2] | 25,613 | |||
Accumulated Depreciation | $ (9,876) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Jan-11 | ||||
Aggregate number of hotel rooms | Room | 131 | ||||
Courtyard West Orange, NJ [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard West Orange, NJ [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Las Vegas, NV [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 10,095 | |||
Initial Cost, Building, FF&E, and Other | 65,152 | ||||
Total Gross Cost | [2] | 75,247 | |||
Accumulated Depreciation | $ (184) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Dec-23 | ||||
Aggregate number of hotel rooms | Room | 299 | ||||
SpringHill Suites Las Vegas, NV [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Las Vegas, NV [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,510 | |||
Initial Cost, Building, FF&E, and Other | 28,718 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,841 | ||||
Total Gross Cost | [2] | 42,069 | |||
Accumulated Depreciation | $ (11,980) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 166 | ||||
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
N/A New York, NY [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 102,832 | ||||
Subsequently Capitalized Building Improvements & FF&E | (71,655) | ||||
Total Gross Cost | [2] | 31,177 | |||
Accumulated Depreciation | $ (20,314) | ||||
Date of Construction | 1916 | ||||
Date Acquired | Mar-14 | ||||
N/A New York, NY [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
N/A New York, NY [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 32 years | ||||
Courtyard Syracuse, NY [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 812 | |||
Initial Cost, Building, FF&E, and Other | 23,278 | ||||
Subsequently Capitalized Building Improvements & FF&E | 867 | ||||
Total Gross Cost | [2] | 24,957 | |||
Accumulated Depreciation | $ (6,074) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Oct-15 | ||||
Aggregate number of hotel rooms | Room | 102 | ||||
Courtyard Syracuse, NY [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Syracuse, NY [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Syracuse, NY [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 621 | |||
Initial Cost, Building, FF&E, and Other | 17,589 | ||||
Subsequently Capitalized Building Improvements & FF&E | 776 | ||||
Total Gross Cost | [2] | 18,986 | |||
Accumulated Depreciation | $ (4,765) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Oct-15 | ||||
Aggregate number of hotel rooms | Room | 78 | ||||
Residence Inn Syracuse, NY [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Syracuse, NY [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Cleveland, OH [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,212 | |||
Initial Cost, Building, FF&E, and Other | 30,108 | ||||
Subsequently Capitalized Building Improvements & FF&E | 29 | ||||
Total Gross Cost | [2] | 33,349 | |||
Accumulated Depreciation | $ (701) | ||||
Date of Construction | 2023 | ||||
Date Acquired | Jun-23 | ||||
Aggregate number of hotel rooms | Room | 154 | ||||
Courtyard Cleveland, OH [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Cleveland, OH [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Mason, OH [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,120 | |||
Initial Cost, Building, FF&E, and Other | 16,770 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,260 | ||||
Total Gross Cost | [2] | 19,150 | |||
Accumulated Depreciation | $ (4,643) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Hilton Garden Inn Mason, OH [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Mason, OH [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Malvern/Philadelphia, PA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 996 | |||
Initial Cost, Building, FF&E, and Other | 20,374 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,408 | ||||
Total Gross Cost | [2] | 23,778 | |||
Accumulated Depreciation | $ (9,409) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 127 | ||||
Courtyard Malvern/Philadelphia, PA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Malvern/Philadelphia, PA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
AC Hotels Pittsburgh, PA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,305 | |||
Initial Cost, Building, FF&E, and Other | 31,605 | ||||
Subsequently Capitalized Building Improvements & FF&E | 41 | ||||
Total Gross Cost | [2] | 34,951 | |||
Accumulated Depreciation | $ (1,298) | ||||
Date of Construction | 2018 | ||||
Date Acquired | Oct-22 | ||||
Aggregate number of hotel rooms | Room | 134 | ||||
AC Hotels Pittsburgh, PA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
AC Hotels Pittsburgh, PA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Twinsburg, OH [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,419 | |||
Initial Cost, Building, FF&E, and Other | 16,614 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,390 | ||||
Total Gross Cost | [2] | 22,423 | |||
Accumulated Depreciation | $ (10,620) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 142 | ||||
Hilton Garden Inn Twinsburg, OH [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Twinsburg, OH [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Pittsburgh, PA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,503 | |||
Initial Cost, Building, FF&E, and Other | 18,537 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,072 | ||||
Total Gross Cost | [2] | 26,112 | |||
Accumulated Depreciation | $ (11,650) | ||||
Date of Construction | 1991 | ||||
Date Acquired | Dec-08 | ||||
Aggregate number of hotel rooms | Room | 132 | ||||
Hampton Pittsburgh, PA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Pittsburgh, PA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Oklahoma City, OK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,430 | |||
Initial Cost, Building, FF&E, and Other | 31,327 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,798 | ||||
Total Gross Cost | [2] | 35,555 | |||
Accumulated Depreciation | $ (14,104) | ||||
Date of Construction | 2009 | ||||
Date Acquired | May-10 | ||||
Aggregate number of hotel rooms | Room | 200 | ||||
Hampton Oklahoma City, OK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Oklahoma City, OK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Charleston, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,250 | |||
Initial Cost, Building, FF&E, and Other | 16,778 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,065 | ||||
Total Gross Cost | [2] | 22,093 | |||
Accumulated Depreciation | $ (4,814) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 122 | ||||
Home2 Suites Charleston, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Charleston, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Austin/Round Rock Tx [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,180 | |||
Initial Cost, Building, FF&E, and Other | 25,644 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,424 | ||||
Total Gross Cost | [2] | 30,248 | |||
Accumulated Depreciation | $ (6,182) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 115 | ||||
Homewood Suites Austin/Round Rock Tx [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Austin/Round Rock Tx [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Oklahoma City, OK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,270 | |||
Initial Cost, Building, FF&E, and Other | 32,700 | ||||
Subsequently Capitalized Building Improvements & FF&E | 542 | ||||
Total Gross Cost | [2] | 34,512 | |||
Accumulated Depreciation | $ (7,781) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 155 | ||||
Hilton Garden Inn Oklahoma City, OK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Oklahoma City, OK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Columbia, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,540 | |||
Initial Cost, Building, FF&E, and Other | 16,399 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,877 | ||||
Total Gross Cost | [2] | 21,816 | |||
Accumulated Depreciation | $ (6,410) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 143 | ||||
Hilton Garden Inn Columbia, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Columbia, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Oklahoma City, OK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 760 | |||
Initial Cost, Building, FF&E, and Other | 20,056 | ||||
Subsequently Capitalized Building Improvements & FF&E | 113 | ||||
Total Gross Cost | [2] | 20,929 | |||
Accumulated Depreciation | $ (4,901) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 100 | ||||
Homewood Suites Oklahoma City, OK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Oklahoma City, OK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Columbia, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,330 | |||
Initial Cost, Building, FF&E, and Other | 10,839 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,416 | ||||
Total Gross Cost | [2] | 13,585 | |||
Accumulated Depreciation | $ (3,402) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 91 | ||||
TownePlace Suites Columbia, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Columbia, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Oklahoma City (West), OK [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,280 | |||
Initial Cost, Building, FF&E, and Other | 13,340 | ||||
Subsequently Capitalized Building Improvements & FF&E | 761 | ||||
Total Gross Cost | [2] | 15,381 | |||
Accumulated Depreciation | $ (4,231) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 90 | ||||
Homewood Suites Oklahoma City (West), OK [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Oklahoma City (West), OK [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hyatt Place Greenville, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,802 | |||
Initial Cost, Building, FF&E, and Other | 27,700 | ||||
Subsequently Capitalized Building Improvements & FF&E | 33 | ||||
Total Gross Cost | [2] | 30,535 | |||
Accumulated Depreciation | $ (2,133) | ||||
Date of Construction | 2018 | ||||
Date Acquired | Sep-21 | ||||
Aggregate number of hotel rooms | Room | 130 | ||||
Hyatt Place Greenville, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hyatt Place Greenville, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Portland, OR [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 10,813 | |||
Initial Cost, Building, FF&E, and Other | 64,433 | ||||
Subsequently Capitalized Building Improvements & FF&E | 126 | ||||
Total Gross Cost | [2] | 75,372 | |||
Accumulated Depreciation | $ (4,149) | ||||
Date of Construction | 2017 | ||||
Date Acquired | Nov-21 | ||||
Aggregate number of hotel rooms | Room | 243 | ||||
Hampton Portland, OR [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Portland, OR [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Hilton Head, SC [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,600 | |||
Initial Cost, Building, FF&E, and Other | 11,386 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,811 | ||||
Total Gross Cost | [2] | 17,797 | |||
Accumulated Depreciation | $ (5,290) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 104 | ||||
Hilton Garden Inn Hilton Head, SC [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Hilton Head, SC [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Collegeville/Philadelphia, PA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,115 | |||
Initial Cost, Building, FF&E, and Other | 17,953 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,004 | ||||
Total Gross Cost | [2] | 25,072 | |||
Accumulated Depreciation | $ (9,920) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 132 | ||||
Courtyard Collegeville/Philadelphia, PA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Collegeville/Philadelphia, PA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Chattanooga, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,410 | |||
Initial Cost, Building, FF&E, and Other | 9,361 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,912 | ||||
Total Gross Cost | [2] | 13,683 | |||
Accumulated Depreciation | $ (5,292) | ||||
Date of Construction | 1997 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 76 | ||||
Homewood Suites Chattanooga, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Chattanooga, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Franklin, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,510 | |||
Initial Cost, Building, FF&E, and Other | 31,341 | ||||
Subsequently Capitalized Building Improvements & FF&E | 819 | ||||
Total Gross Cost | [2] | 34,670 | |||
Accumulated Depreciation | $ (7,573) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 126 | ||||
Courtyard Franklin, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Franklin, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Franklin, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,970 | |||
Initial Cost, Building, FF&E, and Other | 29,208 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,652 | ||||
Total Gross Cost | [2] | 33,830 | |||
Accumulated Depreciation | $ (7,477) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Residence Inn Franklin, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Franklin, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Austin/Round Rock TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 865 | |||
Initial Cost, Building, FF&E, and Other | 10,999 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,613 | ||||
Total Gross Cost | [2] | 16,477 | |||
Accumulated Depreciation | $ (7,554) | ||||
Date of Construction | 2001 | ||||
Date Acquired | Mar-09 | ||||
Aggregate number of hotel rooms | Room | 94 | ||||
Hampton Austin/Round Rock TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Austin/Round Rock TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Knoxville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,160 | |||
Initial Cost, Building, FF&E, and Other | 14,704 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,327 | ||||
Total Gross Cost | [2] | 19,191 | |||
Accumulated Depreciation | $ (4,312) | ||||
Date of Construction | 2005 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
Homewood Suites Knoxville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Knoxville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Knoxville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,840 | |||
Initial Cost, Building, FF&E, and Other | 12,441 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,718 | ||||
Total Gross Cost | [2] | 15,999 | |||
Accumulated Depreciation | $ (3,609) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 103 | ||||
SpringHill Suites Knoxville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Knoxville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Knoxville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,190 | |||
Initial Cost, Building, FF&E, and Other | 7,920 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,723 | ||||
Total Gross Cost | [2] | 10,833 | |||
Accumulated Depreciation | $ (3,152) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 97 | ||||
TownePlace Suites Knoxville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Knoxville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Memphis, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,449 | |||
Initial Cost, Building, FF&E, and Other | 37,097 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,872 | ||||
Total Gross Cost | [2] | 44,418 | |||
Accumulated Depreciation | $ (9,138) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Feb-18 | ||||
Aggregate number of hotel rooms | Room | 144 | ||||
Hampton Memphis, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Memphis, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Memphis, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,501 | |||
Initial Cost, Building, FF&E, and Other | 33,688 | ||||
Subsequently Capitalized Building Improvements & FF&E | 86 | ||||
Total Gross Cost | [2] | 38,275 | |||
Accumulated Depreciation | $ (2,476) | ||||
Date of Construction | 2019 | ||||
Date Acquired | Oct-21 | ||||
Aggregate number of hotel rooms | Room | 150 | ||||
Hilton Garden Inn Memphis, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Memphis, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Nashville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,754 | |||
Initial Cost, Building, FF&E, and Other | 39,997 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,285 | ||||
Total Gross Cost | [2] | 47,036 | |||
Accumulated Depreciation | $ (18,698) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-10 | ||||
Aggregate number of hotel rooms | Room | 194 | ||||
Hilton Garden Inn Nashville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Nashville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Nashville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,153 | |||
Initial Cost, Building, FF&E, and Other | 15,206 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,762 | ||||
Total Gross Cost | [2] | 18,121 | |||
Accumulated Depreciation | $ (6,457) | ||||
Date of Construction | 2012 | ||||
Date Acquired | May-12 | ||||
Aggregate number of hotel rooms | Room | 119 | ||||
Home2 Suites Nashville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Nashville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Nashville, TN [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 7,390 | |||
Initial Cost, Building, FF&E, and Other | 13,929 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,356 | ||||
Total Gross Cost | [2] | 22,675 | |||
Accumulated Depreciation | $ (3,998) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 101 | ||||
TownePlace Suites Nashville, TN [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Nashville, TN [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Addison, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,210 | |||
Initial Cost, Building, FF&E, and Other | 19,700 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,244 | ||||
Total Gross Cost | [2] | 24,154 | |||
Accumulated Depreciation | $ (8,521) | ||||
Date of Construction | 2003 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 159 | ||||
SpringHill Suites Addison, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Addison, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Arlington, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,217 | |||
Initial Cost, Building, FF&E, and Other | 8,738 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,861 | ||||
Total Gross Cost | [2] | 11,816 | |||
Accumulated Depreciation | $ (4,787) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Dec-10 | ||||
Aggregate number of hotel rooms | Room | 98 | ||||
Hampton Arlington, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Arlington, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,579 | |||
Initial Cost, Building, FF&E, and Other | 18,487 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,307 | ||||
Total Gross Cost | [2] | 22,373 | |||
Accumulated Depreciation | $ (8,475) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 145 | ||||
Courtyard Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,306 | |||
Initial Cost, Building, FF&E, and Other | 16,504 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,173 | ||||
Total Gross Cost | [2] | 19,983 | |||
Accumulated Depreciation | $ (7,758) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 150 | ||||
Fairfield Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,459 | |||
Initial Cost, Building, FF&E, and Other | 17,184 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,695 | ||||
Total Gross Cost | [2] | 24,338 | |||
Accumulated Depreciation | $ (10,872) | ||||
Date of Construction | 1996 | ||||
Date Acquired | Apr-09 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Hampton Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,614 | |||
Initial Cost, Building, FF&E, and Other | 14,451 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,426 | ||||
Total Gross Cost | [2] | 18,491 | |||
Accumulated Depreciation | $ (7,410) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 117 | ||||
Hilton Garden Inn Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Austin, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,898 | |||
Initial Cost, Building, FF&E, and Other | 16,462 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,576 | ||||
Total Gross Cost | [2] | 24,936 | |||
Accumulated Depreciation | $ (11,054) | ||||
Date of Construction | 1997 | ||||
Date Acquired | Apr-09 | ||||
Aggregate number of hotel rooms | Room | 97 | ||||
Homewood Suites Austin, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Austin, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Denton, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 990 | |||
Initial Cost, Building, FF&E, and Other | 14,895 | ||||
Subsequently Capitalized Building Improvements & FF&E | 492 | ||||
Total Gross Cost | [2] | 16,377 | |||
Accumulated Depreciation | $ (4,485) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 107 | ||||
Homewood Suites Denton, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Denton, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites El Paso, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,800 | |||
Initial Cost, Building, FF&E, and Other | 16,657 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,144 | ||||
Total Gross Cost | [2] | 21,601 | |||
Accumulated Depreciation | $ (6,500) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 114 | ||||
Homewood Suites El Paso, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites El Paso, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Fort Worth, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,313 | |||
Initial Cost, Building, FF&E, and Other | 15,825 | ||||
Subsequently Capitalized Building Improvements & FF&E | 189 | ||||
Total Gross Cost | [2] | 18,327 | |||
Accumulated Depreciation | $ (4,314) | ||||
Date of Construction | 2017 | ||||
Date Acquired | Feb-17 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Courtyard Fort Worth, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Fort Worth, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Fort Worth, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,637 | |||
Initial Cost, Building, FF&E, and Other | 25,073 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,854 | ||||
Total Gross Cost | [2] | 31,564 | |||
Accumulated Depreciation | $ (1,660) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Nov-21 | ||||
Aggregate number of hotel rooms | Room | 157 | ||||
Hilton Garden Inn Fort Worth, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Fort Worth, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Fort Worth, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,309 | |||
Initial Cost, Building, FF&E, and Other | 18,397 | ||||
Subsequently Capitalized Building Improvements & FF&E | 466 | ||||
Total Gross Cost | [2] | 22,172 | |||
Accumulated Depreciation | $ (1,233) | ||||
Date of Construction | 2013 | ||||
Date Acquired | Nov-21 | ||||
Aggregate number of hotel rooms | Room | 112 | ||||
Homewood Suites Fort Worth, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Fort Worth, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Fort Worth, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,104 | |||
Initial Cost, Building, FF&E, and Other | 16,311 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,925 | ||||
Total Gross Cost | [2] | 20,340 | |||
Accumulated Depreciation | $ (7,567) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Jul-10 | ||||
Aggregate number of hotel rooms | Room | 140 | ||||
TownePlace Suites Fort Worth, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Fort Worth, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Frisco, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,507 | |||
Initial Cost, Building, FF&E, and Other | 12,981 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,719 | ||||
Total Gross Cost | [2] | 17,207 | |||
Accumulated Depreciation | $ (7,224) | ||||
Date of Construction | 2008 | ||||
Date Acquired | Dec-08 | ||||
Aggregate number of hotel rooms | Room | 102 | ||||
Hilton Garden Inn Frisco, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Frisco, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Grapevine, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,522 | |||
Initial Cost, Building, FF&E, and Other | 15,543 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,111 | ||||
Total Gross Cost | [2] | 19,176 | |||
Accumulated Depreciation | $ (7,574) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Sep-10 | ||||
Aggregate number of hotel rooms | Room | 110 | ||||
Hilton Garden Inn Grapevine, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Grapevine, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Houston, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,080 | |||
Initial Cost, Building, FF&E, and Other | 21,836 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,327 | ||||
Total Gross Cost | [2] | 25,243 | |||
Accumulated Depreciation | $ (5,719) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Courtyard Houston, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Houston, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Marriott Houston, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 4,143 | |||
Initial Cost, Building, FF&E, and Other | 46,623 | ||||
Subsequently Capitalized Building Improvements & FF&E | [3] | 19,822 | |||
Total Gross Cost | [2] | 30,944 | |||
Accumulated Depreciation | $ (19,349) | ||||
Date of Construction | 2010 | ||||
Date Acquired | Jan-10 | ||||
Aggregate number of hotel rooms | Room | 206 | ||||
Marriott Houston, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Marriott Houston, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Houston, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 12,070 | |||
Initial Cost, Building, FF&E, and Other | 19,769 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,263 | ||||
Total Gross Cost | [2] | 34,102 | |||
Accumulated Depreciation | $ (7,639) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 129 | ||||
Residence Inn Houston, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Houston, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Houston, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,070 | |||
Initial Cost, Building, FF&E, and Other | 11,186 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,576 | ||||
Total Gross Cost | [2] | 14,832 | |||
Accumulated Depreciation | $ (3,505) | ||||
Date of Construction | 2012 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 120 | ||||
Residence Inn Houston, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Houston, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Lewisville, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,361 | |||
Initial Cost, Building, FF&E, and Other | 23,919 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,422 | ||||
Total Gross Cost | [2] | 30,702 | |||
Accumulated Depreciation | $ (13,617) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Oct-08 | ||||
Aggregate number of hotel rooms | Room | 165 | ||||
Hilton Garden Inn Lewisville, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Lewisville, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites San Antonio, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,220 | |||
Initial Cost, Building, FF&E, and Other | 9,610 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,551 | ||||
Total Gross Cost | [2] | 13,381 | |||
Accumulated Depreciation | $ (4,089) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
TownePlace Suites San Antonio, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites San Antonio, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Shenandoah, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 3,350 | |||
Initial Cost, Building, FF&E, and Other | 17,256 | ||||
Subsequently Capitalized Building Improvements & FF&E | 158 | ||||
Total Gross Cost | [2] | 20,764 | |||
Accumulated Depreciation | $ (4,480) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Sep-16 | ||||
Aggregate number of hotel rooms | Room | 124 | ||||
Courtyard Shenandoah, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Shenandoah, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Stafford, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,880 | |||
Initial Cost, Building, FF&E, and Other | 10,969 | ||||
Subsequently Capitalized Building Improvements & FF&E | 549 | ||||
Total Gross Cost | [2] | 13,398 | |||
Accumulated Depreciation | $ (4,376) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 78 | ||||
Homewood Suites Stafford, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Stafford, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Texarkana, TX [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 636 | |||
Initial Cost, Building, FF&E, and Other | 8,723 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,522 | ||||
Total Gross Cost | [2] | 11,881 | |||
Accumulated Depreciation | $ (4,563) | ||||
Date of Construction | 2004 | ||||
Date Acquired | Jan-11 | ||||
Aggregate number of hotel rooms | Room | 81 | ||||
Hampton Texarkana, TX [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Texarkana, TX [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Provo, UT [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,150 | |||
Initial Cost, Building, FF&E, and Other | 18,277 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,687 | ||||
Total Gross Cost | [2] | 23,114 | |||
Accumulated Depreciation | $ (7,885) | ||||
Date of Construction | 1996 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 114 | ||||
Residence Inn Provo, UT [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Provo, UT [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard, Salt Lake City, UT [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,634 | |||
Initial Cost, Building, FF&E, and Other | 45,843 | ||||
Total Gross Cost | [2] | 48,477 | |||
Accumulated Depreciation | $ (330) | ||||
Date of Construction | 2015 | ||||
Date Acquired | Oct-23 | ||||
Aggregate number of hotel rooms | Room | 175 | ||||
Courtyard, Salt Lake City, UT [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard, Salt Lake City, UT [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hyatt House Salt Lake City, UT [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1],[4] | $ 4,312 | |||
Initial Cost, Building, FF&E, and Other | 39,525 | ||||
Total Gross Cost | [2] | 43,837 | |||
Accumulated Depreciation | $ (350) | ||||
Date of Construction | 2015 | ||||
Date Acquired | Oct-23 | ||||
Aggregate number of hotel rooms | Room | 159 | ||||
Hyatt House Salt Lake City, UT [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hyatt House Salt Lake City, UT [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Salt Lake City, UT [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,515 | |||
Initial Cost, Building, FF&E, and Other | 24,214 | ||||
Subsequently Capitalized Building Improvements & FF&E | 462 | ||||
Total Gross Cost | [2] | 26,191 | |||
Accumulated Depreciation | $ (5,132) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Oct-17 | ||||
Aggregate number of hotel rooms | Room | 136 | ||||
Residence Inn Salt Lake City, UT [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Salt Lake City, UT [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Salt Lake City, UT [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,092 | |||
Initial Cost, Building, FF&E, and Other | 16,465 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,060 | ||||
Total Gross Cost | [2] | 19,617 | |||
Accumulated Depreciation | $ (7,790) | ||||
Date of Construction | 2009 | ||||
Date Acquired | Nov-10 | ||||
Aggregate number of hotel rooms | Room | 143 | ||||
SpringHill Suites Salt Lake City, UT [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Salt Lake City, UT [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Embassy Suites South Jordan, UT [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,532 | |||
Initial Cost, Building, FF&E, and Other | 35,478 | ||||
Total Gross Cost | [2] | 37,010 | |||
Accumulated Depreciation | $ (179) | ||||
Date of Construction | 2017 | ||||
Date Acquired | Nov-23 | ||||
Aggregate number of hotel rooms | Room | 192 | ||||
Embassy Suites South Jordan, UT [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Embassy Suites South Jordan, UT [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Alexandria, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,860 | |||
Initial Cost, Building, FF&E, and Other | 19,681 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,560 | ||||
Total Gross Cost | [2] | 31,101 | |||
Accumulated Depreciation | $ (9,248) | ||||
Date of Construction | 1987 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 178 | ||||
Courtyard Alexandria, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Alexandria, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Alexandria, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 5,968 | |||
Subsequently Capitalized Building Improvements & FF&E | 21,074 | ||||
Total Gross Cost | [2] | 27,042 | |||
Accumulated Depreciation | $ (9,053) | ||||
Date of Construction | 2011 | ||||
Date Acquired | Mar-09 | ||||
Aggregate number of hotel rooms | Room | 155 | ||||
SpringHill Suites Alexandria, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Alexandria, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Charlottesville, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 21,130 | |||
Initial Cost, Building, FF&E, and Other | 27,737 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,819 | ||||
Total Gross Cost | [2] | 52,686 | |||
Accumulated Depreciation | $ (10,027) | ||||
Date of Construction | 2000 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 139 | ||||
Courtyard Charlottesville, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Charlottesville, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Manassas, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 1,395 | |||
Initial Cost, Building, FF&E, and Other | 14,962 | ||||
Subsequently Capitalized Building Improvements & FF&E | 3,784 | ||||
Total Gross Cost | [2] | 20,141 | |||
Accumulated Depreciation | $ (7,358) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Feb-11 | ||||
Aggregate number of hotel rooms | Room | 107 | ||||
Residence Inn Manassas, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Manassas, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 13,832 | ||||
Initial Cost, Land | [1] | 2,003 | |||
Subsequently Capitalized Building Improvements & FF&E | 23,463 | ||||
Total Gross Cost | [2] | 25,466 | |||
Accumulated Depreciation | $ (7,504) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Jul-12 | ||||
Aggregate number of hotel rooms | Room | 135 | ||||
Courtyard Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Marriott Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Building, FF&E, and Other | $ 83,698 | ||||
Subsequently Capitalized Building Improvements & FF&E | 26,433 | ||||
Total Gross Cost | [2] | 110,131 | |||
Accumulated Depreciation | $ (39,514) | ||||
Date of Construction | 1984 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 413 | ||||
Marriott Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Marriott Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Encumbrances | $ 13,832 | ||||
Initial Cost, Land | [1] | 1,113 | |||
Subsequently Capitalized Building Improvements & FF&E | 12,807 | ||||
Total Gross Cost | [2] | 13,920 | |||
Accumulated Depreciation | $ (4,101) | ||||
Date of Construction | 2014 | ||||
Date Acquired | Jul-12 | ||||
Aggregate number of hotel rooms | Room | 75 | ||||
Residence Inn Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Suffolk, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 940 | |||
Initial Cost, Building, FF&E, and Other | 5,186 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,786 | ||||
Total Gross Cost | [2] | 7,912 | |||
Accumulated Depreciation | $ (2,949) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 92 | ||||
Courtyard Suffolk, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Suffolk, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Suffolk, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 710 | |||
Initial Cost, Building, FF&E, and Other | 5,241 | ||||
Subsequently Capitalized Building Improvements & FF&E | 1,043 | ||||
Total Gross Cost | [2] | 6,994 | |||
Accumulated Depreciation | $ (2,436) | ||||
Date of Construction | 2007 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 72 | ||||
TownePlace Suites Suffolk, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Suffolk, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Virginia Beach, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 10,580 | |||
Initial Cost, Building, FF&E, and Other | 29,140 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,175 | ||||
Total Gross Cost | [2] | 43,895 | |||
Accumulated Depreciation | $ (11,121) | ||||
Date of Construction | 1999 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 141 | ||||
Courtyard Virginia Beach, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Virginia Beach, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Virginia Beach, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 12,000 | |||
Initial Cost, Building, FF&E, and Other | 40,556 | ||||
Subsequently Capitalized Building Improvements & FF&E | 6,771 | ||||
Total Gross Cost | [2] | 59,327 | |||
Accumulated Depreciation | $ (14,662) | ||||
Date of Construction | 2002 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 160 | ||||
Courtyard Virginia Beach, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Virginia Beach, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Kirkland, WA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 18,950 | |||
Initial Cost, Building, FF&E, and Other | 25,028 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,771 | ||||
Total Gross Cost | [2] | 46,749 | |||
Accumulated Depreciation | $ (9,119) | ||||
Date of Construction | 2006 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 150 | ||||
Courtyard Kirkland, WA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Kirkland, WA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Renton, WA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 6,744 | |||
Initial Cost, Building, FF&E, and Other | 49,162 | ||||
Total Gross Cost | [2] | 55,906 | |||
Accumulated Depreciation | $ (400) | ||||
Date of Construction | 2019 | ||||
Date Acquired | Oct-23 | ||||
Aggregate number of hotel rooms | Room | 146 | ||||
Residence Inn Renton, WA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Renton, WA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Seattle, WA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 63,484 | |||
Initial Cost, Building, FF&E, and Other | 92,786 | ||||
Subsequently Capitalized Building Improvements & FF&E | 5,735 | ||||
Total Gross Cost | [2] | 162,005 | |||
Accumulated Depreciation | $ (33,776) | ||||
Date of Construction | 1991 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 234 | ||||
Residence Inn Seattle, WA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Seattle, WA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Tukwila, WA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 8,130 | |||
Initial Cost, Building, FF&E, and Other | 16,659 | ||||
Subsequently Capitalized Building Improvements & FF&E | 4,783 | ||||
Total Gross Cost | [2] | 29,572 | |||
Accumulated Depreciation | $ (8,992) | ||||
Date of Construction | 1992 | ||||
Date Acquired | Mar-14 | ||||
Aggregate number of hotel rooms | Room | 106 | ||||
Homewood Suites Tukwila, WA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Tukwila, WA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Madison, WI [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 2,593 | |||
Initial Cost, Building, FF&E, and Other | 47,152 | ||||
Subsequently Capitalized Building Improvements & FF&E | 17 | ||||
Total Gross Cost | [2] | 49,762 | |||
Accumulated Depreciation | $ (4,795) | ||||
Date of Construction | 2021 | ||||
Date Acquired | Feb-21 | ||||
Aggregate number of hotel rooms | Room | 176 | ||||
Hilton Garden Inn Madison, WI [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Madison, WI [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
Corporate Office Richmond, VA [Member] | |||||
Real Estate Properties [Line Items] | |||||
Initial Cost, Land | [1] | $ 682 | |||
Initial Cost, Building, FF&E, and Other | 3,723 | ||||
Subsequently Capitalized Building Improvements & FF&E | 2,882 | ||||
Total Gross Cost | [2] | 7,287 | |||
Accumulated Depreciation | $ (3,520) | ||||
Date of Construction | 1893 | ||||
Date Acquired | May-13 | ||||
Corporate Office Richmond, VA [Member] | Minimum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 3 years | ||||
Corporate Office Richmond, VA [Member] | Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Depreciable Life | 39 years | ||||
[1] Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease. The aggregate cost for U.S. federal income tax purposes is approximately $ 5.9 billion at December 31, 2023 (unaudited). Amount includes a reduction in cost due to recognition of an impairment loss. As part of the acquisition of the Courtyard and Hyatt House hotels in Salt Lake City, Utah, a corresponding free-standing parking garage that serves both hotels and the surrounding area was also acquired. All costs for the parking garage are presented with the Salt Lake City Hyatt House. |
SCHEDULE III Real Estate and _3
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization - Rollforward of Investment in Real Estate and Accumulated Depreciation and Amortization (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Rollforward Of Investment In Real Estate And Accumulated Depreciation And Amortization [Abstract] | ||||
Balance as of January 1 | $ 6,000,975 | $ 5,886,363 | $ 5,764,977 | |
Acquisitions | 293,802 | 86,467 | 430,155 | |
Improvements | 76,832 | 61,745 | 25,824 | |
Dispositions | (227) | (7,425) | (336,905) | |
Assets held for sale | [1] | (27,506) | 13,066 | |
Impairment of depreciable assets | (5,644) | (26,175) | (10,754) | |
Total gross cost as of December 31 | 6,338,232 | 6,000,975 | 5,886,363 | |
Finance ground lease assets as of December 31 | 102,084 | 102,084 | 102,084 | |
Total investment in real estate | 6,440,316 | 6,103,059 | 5,988,447 | |
Accumulated depreciation as of January 1 | (1,480,043) | (1,302,246) | (1,224,832) | |
Depreciation expense | (180,185) | (178,641) | (179,275) | |
Accumulated depreciation on dispositions | 155 | 844 | 109,610 | |
Assets held for sale | [1] | 12,223 | (7,750) | |
Accumulated depreciation as of December 31 | (1,647,850) | (1,480,043) | (1,302,246) | |
Accumulated amortization of finance leases as of December 31 | (15,092) | (12,054) | (9,016) | |
Accumulated depreciation and amortization as of December 31 | $ (1,662,942) | $ (1,492,097) | $ (1,311,262) | |
[1] As of December 31, 2023 , the Company had two hotels classified as held for sale, which are not included in this schedule, and were both sold to an unrelated party in February 2024. |
SCHEDULE III Real Estate and _4
SCHEDULE III Real Estate and Accumulated Depreciation and Amortization - Rollforward of Investment in Real Estate and Accumulated Depreciation and Amortization (Parenthetical) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |
May 31, 2023 Room | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
S C H E D U L E I I I Real Estate And Accumulated Depreciation And Amortization Details [Line Items] | |||
Land Ownership Description | Land is owned fee simple unless cost is $0, which means the property is subject to a ground lease. | ||
Outstanding debt | $ 1,378,002 | $ 1,374,215 | |
Lessor, lease term of contract | 15 years | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Federal Income Tax Basis (in Dollars) | 5,900,000 | ||
Independent Boutique Hotel, New York [Member] | |||
S C H E D U L E I I I Real Estate And Accumulated Depreciation And Amortization Details [Line Items] | |||
Number of hotel rooms under operating lease | Room | 210 | ||
Mortgage Debt [Member] | |||
S C H E D U L E I I I Real Estate And Accumulated Depreciation And Amortization Details [Line Items] | |||
Outstanding debt | $ 283,000 |