Document_And_Entity_Informatio
Document And Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 01, 2015 | Jun. 30, 2014 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Apple Hospitality REIT, Inc. | ||
Document Type | 10-K | ||
Current Fiscal Year End Date | -19 | ||
Entity Common Stock, Shares Outstanding | 372,643,935 | ||
Entity Public Float | $0 | ||
Amendment Flag | FALSE | ||
Entity Central Index Key | 1418121 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets | ||
Investment in real estate, net of accumulated depreciation of $296,559 and $200,754, respectively | $3,492,821 | $1,443,498 |
Assets held for sale | 195,588 | 0 |
Cash and cash equivalents | 0 | 18,102 |
Restricted cash-furniture, fixtures and other escrows | 32,526 | 9,416 |
Due from third party managers, net | 22,879 | 10,421 |
Other assets, net | 35,935 | 9,844 |
Total Assets | 3,779,749 | 1,491,281 |
Liabilities | ||
Credit facility | 191,600 | 0 |
Mortgage debt | 517,970 | 162,551 |
Accounts payable and other liabilities | 55,555 | 16,919 |
Total Liabilities | 765,125 | 179,470 |
Shareholders' Equity | ||
Preferred stock, value issued | 0 | 0 |
Common stock, no par value, authorized 800,000,000 and 400,000,000 shares; issued and outstanding 373,820,814 and 182,784,131 shares, respectively | 3,737,328 | 1,807,377 |
Accumulated other comprehensive income (loss) | -511 | 0 |
Distributions greater than net income | -722,193 | -495,614 |
Total Shareholders' Equity | 3,014,624 | 1,311,811 |
Total Liabilities and Shareholders' Equity | 3,779,749 | 1,491,281 |
Series A Preferred Stock [Member] | ||
Shareholders' Equity | ||
Preferred stock, value issued | 0 | 0 |
Series B Convertible Preferred Stock [Member] | ||
Shareholders' Equity | ||
Preferred stock, value issued | $0 | $48 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Investment in real estate accumulated depreciation (in Dollars) | $296,559 | $200,754 |
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 | 400,000,000 |
Common stock, shares issued | 373,820,814 | 182,784,131 |
Common stock, shares outstanding | 373,820,814 | 182,784,131 |
Series A Preferred Stock [Member] | ||
Preferred stock, shares authorized | 400,000,000 | 400,000,000 |
Preferred stock, shares issued | 0 | 182,784,131 |
Preferred stock, shares outstanding | 0 | 182,784,131 |
Series B Convertible Preferred Stock [Member] | ||
Preferred stock, shares authorized | 480,000 | 480,000 |
Preferred stock, shares issued | 0 | 480,000 |
Preferred stock, shares outstanding | 0 | 480,000 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Room | $735,882 | $353,338 | $331,610 |
Other | 68,014 | 34,653 | 33,976 |
Total revenue | 803,896 | 387,991 | 365,586 |
Expenses: | |||
Operating | 206,829 | 100,113 | 94,103 |
Hotel administrative | 59,917 | 28,572 | 27,048 |
Sales and marketing | 64,555 | 32,855 | 31,263 |
Utilities | 30,816 | 14,641 | 14,034 |
Repair and maintenance | 32,938 | 14,794 | 13,355 |
Franchise fees | 33,463 | 16,013 | 14,503 |
Management fees | 27,377 | 13,226 | 12,262 |
Property taxes, insurance and other | 40,046 | 20,556 | 19,616 |
Ground lease | 8,341 | 302 | 368 |
General and administrative | 20,914 | 6,169 | 8,590 |
Transaction costs | 5,142 | 3,179 | 1,101 |
Series B convertible preferred share expense | 117,133 | 0 | 0 |
Loss on impairment of depreciable real estate assets | 10,988 | 0 | 0 |
Depreciation | 113,112 | 54,827 | 52,748 |
Total expenses | 771,571 | 305,247 | 288,991 |
Operating income | 32,325 | 82,744 | 76,595 |
Investment income from note receivable | 0 | 9,040 | 0 |
Interest and other expense, net | -23,523 | -8,446 | -6,745 |
Income before income taxes | 8,802 | 83,338 | 69,850 |
Income tax expense | -1,969 | -1,422 | -1,166 |
Income from continuing operations | 6,833 | 81,916 | 68,684 |
Income from discontinued operations, net of tax | 0 | 33,306 | 6,792 |
Net income | 6,833 | 115,222 | 75,476 |
Unrealized loss on interest rate derivative | -511 | 0 | 0 |
Comprehensive income | $6,322 | $115,222 | $75,476 |
Basic and diluted net income per common share | |||
From continuing operations (in Dollars per share) | $0.02 | $0.45 | $0.37 |
From discontinued operations (in Dollars per share) | $0 | $0.18 | $0.04 |
Total basic and diluted net income per common share (in Dollars per share) | $0.02 | $0.63 | $0.41 |
Weighted average common shares outstanding - basic and diluted (in Shares) | 342,977 | 182,616 | 182,222 |
CONSOLIDATED_STATEMENTS_OF_SHA
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (USD $) | Common Stock [Member] | Series B Convertible Preferred Stock [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Distributions in Excess of Net Income [Member] | Total |
In Thousands | |||||
Balance at Dec. 31, 2011 | $1,807,175 | $48 | $0 | ($243,633) | $1,563,590 |
Balance (in Shares) at Dec. 31, 2011 | 182,884 | 480 | |||
Issuance of common shares | 50,147 | 0 | 0 | 0 | 50,147 |
Issuance of common shares (in Shares) | 4,760 | 0 | |||
Unrealized loss on interest rate derivative | 0 | ||||
Common shares redeemed | -51,987 | 0 | 0 | 0 | -51,987 |
Common shares redeemed (in Shares) | -5,025 | 0 | |||
Net income | 0 | 0 | 0 | 75,476 | 75,476 |
Special distribution paid to shareholders ($0.75 per share) | 0 | 0 | 0 | -136,113 | -136,113 |
Cash monthly distributions declared and paid to shareholders | 0 | 0 | 0 | -154,980 | -154,980 |
Balance at Dec. 31, 2012 | 1,805,335 | 48 | 0 | -459,250 | 1,346,133 |
Balance (in Shares) at Dec. 31, 2012 | 182,619 | 480 | |||
Issuance of common shares | 22,034 | 0 | 0 | 0 | 22,034 |
Issuance of common shares (in Shares) | 2,143 | 0 | |||
Unrealized loss on interest rate derivative | 0 | ||||
Common shares redeemed | -19,992 | 0 | 0 | 0 | -19,992 |
Common shares redeemed (in Shares) | -1,978 | 0 | |||
Net income | 0 | 0 | 0 | 115,222 | 115,222 |
Cash monthly distributions declared and paid to shareholders | 0 | 0 | 0 | -151,586 | -151,586 |
Balance at Dec. 31, 2013 | 1,807,377 | 48 | 0 | -495,614 | 1,311,811 |
Balance (in Shares) at Dec. 31, 2013 | 182,784 | 480 | |||
Issuance of common shares | 1,815,119 | 0 | 0 | 0 | 1,815,119 |
Issuance of common shares (in Shares) | 179,665 | 0 | |||
Conversion of Series B convertible preferred shares into common shares | 117,181 | -48 | 0 | 0 | 117,133 |
Conversion of Series B convertible preferred shares into common shares (in Shares) | 11,602 | -480 | |||
Common shares repurchased | -2,349 | 0 | 0 | 0 | -2,349 |
Common shares repurchased (in Shares) | -230 | 0 | |||
Unrealized loss on interest rate derivative | 0 | 0 | -511 | 0 | -511 |
Net income | 0 | 0 | 0 | 6,833 | 6,833 |
Cash monthly distributions declared and paid to shareholders | 0 | 0 | 0 | -233,412 | -233,412 |
Balance at Dec. 31, 2014 | $3,737,328 | $0 | ($511) | ($722,193) | $3,014,624 |
Balance (in Shares) at Dec. 31, 2014 | 373,821 | 0 |
CONSOLIDATED_STATEMENTS_OF_SHA1
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Parentheticals) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Special distribution paid to shareholders | $0.75 | ||
Cash distributions paid to shareholders | $0.70 | $0.83 | $0.85 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income | $6,833 | $115,222 | $75,476 |
Adjustments to reconcile net income to cash provided by operating activities: | |||
Series B convertible preferred share expense | 117,133 | 0 | 0 |
Depreciation | 113,112 | 54,827 | 52,748 |
Loss on impairment of depreciable real estate assets | 10,988 | 0 | 0 |
Gain on sale of real estate | 0 | -33,306 | 0 |
Other non-cash (income) expenses, net | 1,117 | 314 | -1,671 |
Changes in operating assets and liabilities, net of amounts acquired or assumed with acquisitions: | |||
Decrease (increase) in due from third party managers, net | 1,931 | 330 | -1,146 |
Decrease (increase) in other assets, net | -1,486 | 369 | -588 |
Increase (decrease) in accounts payable and other liabilities | 2,559 | -310 | -1,853 |
Net cash provided by operating activities | 252,187 | 137,446 | 122,966 |
Cash flows from investing activities: | |||
Cash paid for acquisitions, net | 0 | -7,225 | -18,017 |
Capital improvements and development costs | -67,990 | -22,505 | -16,526 |
Decrease in capital improvement reserves | 3,938 | 68 | 569 |
Net proceeds (costs) from sale of assets | 5,648 | -377 | 135,410 |
Payments received on note receivable | 0 | 55,485 | 4,515 |
Net cash provided by (used in) investing activities | -58,404 | 25,446 | 105,951 |
Cash flows from financing activities: | |||
Net proceeds related to issuance of shares | 0 | 21,919 | 50,007 |
Redemptions of shares | -2,349 | -19,992 | -51,987 |
Monthly distributions paid to common shareholders | -233,412 | -151,586 | -154,980 |
Special distribution paid to common shareholders | 0 | 0 | -136,113 |
Payments on extinguished credit facilities | -129,490 | 0 | 0 |
Net proceeds from existing credit facility | 191,600 | 0 | 0 |
Proceeds from mortgage and other debt | 27,000 | 0 | 77,690 |
Payments of mortgage and other debt | -60,331 | -3,713 | -34,512 |
Financing costs | -4,903 | -445 | -728 |
Net cash used in financing activities | -211,885 | -153,817 | -250,623 |
Increase (decrease) in cash and cash equivalents | -18,102 | 9,075 | -21,706 |
Cash and cash equivalents, beginning of period | 18,102 | 9,027 | 30,733 |
Cash and cash equivalents, end of period | 0 | 18,102 | 9,027 |
Supplemental cash flow information: | |||
Interest paid | 29,671 | 9,721 | 7,973 |
Income taxes paid | 1,860 | 1,522 | 1,236 |
Supplemental disclosure of noncash investing and financing activities: | |||
Note receivable issued from sale of assets | 0 | 0 | 60,000 |
Merger transactions purchase price, net (see details in note 2) | 1,814,613 | 0 | 0 |
Conversion of Series B convertible preferred shares to common shares | $117,133 | $0 | $0 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1 |
Organization and Summary of Significant Accounting Policies | |
Organization | |
Apple Hospitality REIT, Inc., a Virginia corporation and formerly known as Apple REIT Nine, Inc., 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. Initial capitalization occurred on November 9, 2007 and operations began on July 31, 2008 when the Company acquired its first hotel. The Company concluded its best-efforts offering in December 2010. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. As of December 31, 2014, the Company owned 191 hotels located in 33 states with an aggregate of 23,790 rooms, including 19 hotels with an aggregate of 1,873 rooms classified as held for sale, 18 of which were sold to a third party in February 2015. 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 listed in the Index at Item 15(2) has not been audited. | |
The Company has elected to be treated as a REIT for federal income tax purposes. The REIT Modernization Act, effective January 1, 2001, permits real estate investment trusts to establish taxable businesses to conduct certain previously disallowed business activities. The Company has a wholly-owned taxable REIT subsidiary (or subsidiaries thereof) (collectively, the “Lessee”), 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 | |
Real estate is stated at cost, net of depreciation. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. Depreciation is computed using the straight-line method over average estimated useful lives of the assets, which are generally 39 years for buildings, 10 to 21 years for franchise fees, ten 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 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. 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. The Company expenses as incurred all transaction costs associated with the acquisitions of existing businesses, including title, legal, accounting, brokerage commissions and other related costs. | |
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 analysis compares each property’s net book value to each property’s estimated operating income using current operating results for each stabilized property and projected stabilized operating results based on the property’s market for properties that recently opened, were recently renovated or experienced other short-term business disruption. 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 not identified any impairment losses, and no impairment losses have been recorded to date, other than the loss on impairment of three properties totaling approximately $11.0 million recorded in 2014 as discussed in Note 3. The assumptions used in estimating the undiscounted cash flows and the fair values of the properties, as applicable, are subjective, and could change based on future operating performance and market conditions, which could result in future impairment charges for the properties. | |
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 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 on 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. See Recent Accounting Standards below. As discussed in Note 4, as of December 31, 2014, the Company had 19 hotels classified as held for sale. | |
Revenue Recognition | |
Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. | |
Comprehensive Income | |
Comprehensive income includes net income and other comprehensive income (loss), which for 2014 is comprised of an unrealized loss resulting from a hedging activity. The Company recorded no comprehensive income other than net income during 2013 and 2012. | |
Earnings Per Common Share | |
Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. There were no potential common shares with a dilutive effect for the years | |
ended December 31, 2014, 2013 and 2012. As a result, basic and dilutive earnings per common share were the same. As discussed in Note 2, as a result of becoming self-advised, the Series B convertible preferred shares converted to common shares effective March 1, 2014, resulting in approximately 11.6 million additional common shares outstanding. | |
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. Earnings and profits, which will determine the taxability of distributions to shareholders, will differ from income reported for financial reporting purposes primarily due to the differences for federal income tax purposes in the carrying value (basis) of the investment in properties and estimated useful lives used to compute depreciation, straight-line rent, the Series B convertible preferred share expense, transaction costs, loss on impairment of depreciable real estate assets, the gain on sale included in income from discontinued operations, and deferred interest earned on note receivable. Total distributions in 2014 of $0.70 per share for tax purposes were 62% ordinary income and 38% return of capital. The characterization of 2013 distributions of $0.83 per share for tax purposes was 59% ordinary income and 41% return of capital. The characterization of 2012 distributions of $1.60 per share for tax purposes was 28% ordinary income, 16% long-term capital gain and 56% return of capital. | |
The Lessee, as a taxable REIT subsidiary of the Company, is subject to federal and state income taxes. Due to historical cumulative operating losses, the taxable REIT subsidiary did not incur federal income tax for the three years ended December 31, 2014 and recorded a valuation allowance against the entire deferred asset for all periods presented. The total net operating loss carry forward for federal income tax purposes was approximately $101 million as of December 31, 2014, approximately $23 million as of December 31, 2013 and approximately $22 million at December 31, 2012. The net operating loss carry forward as of December 31, 2014 includes approximately $78 million of carry forwards that were assumed as part of the Company’s mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc., which may be used to offset the Company’s taxable income to a limited extent during future years. The net operating losses expire beginning in 2025. There are no material differences between the book and tax cost basis of the Company’s assets and liabilities, except for the carrying value (basis) of the investment in properties. The Company’s income tax expense as shown in the consolidated statements of operations primarily includes franchise and income taxes at the state jurisdiction level, which do not have any associated material deferred taxes. | |
As of December 31, 2014 the tax years that remain subject to examination by major tax jurisdictions generally include 2011-2014. | |
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 United States generally accepted accounting principles 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. | |
Reclassifications | |
Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income, shareholders’ equity or cash flows. | |
Recent Accounting Standards | |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. Early adoption is not permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations. Under this standard, only disposals representing a strategic shift that have, or will have, a major effect on operations and financial results should be presented as discontinued operations. As a result, the operations of sold properties will be included in continuing operations through the date of their disposal, unless the sale represents a strategic shift. The standard applies to all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted. The Company adopted the new standard effective January 1, 2014. Under this standard, the Company anticipates that the majority of hotel sales will not be classified as discontinued operations. | |
Mergers_with_Apple_REIT_Seven_
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Mergers, Acquisitions and Dispositions Disclosures [Text Block] | Note 2 | ||||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. | |||||||||
Effective March 1, 2014, the Company completed its mergers with Apple REIT Seven, Inc. (“Apple Seven”) and Apple REIT Eight, Inc. (“Apple Eight”) (the “A7 and A8 mergers”). Pursuant to the Agreement and Plan of Merger entered into on August 7, 2013, as amended (the “Merger Agreement”), Apple Seven and Apple Eight merged with and into Apple Seven Acquisition Sub, Inc. (“Seven Acquisition Sub”), a wholly owned subsidiary of the Company and Apple Eight Acquisition Sub, Inc. (“Eight Acquisition Sub”), a wholly owned subsidiary of the Company, respectively. Seven Acquisition Sub and Eight Acquisition Sub were formed solely for engaging in the A7 and A8 mergers and have not conducted any prior activities. Upon completion of the A7 and A8 mergers, the separate corporate existence of Apple Seven and Apple Eight ceased and Seven Acquisition Sub and Eight Acquisition Sub were the surviving corporations. Immediately following the effective time of the A7 and A8 mergers, the name of Seven Acquisition Sub was changed to Apple REIT Seven, Inc. and the name of Eight Acquisition Sub was changed to Apple REIT Eight, Inc. In addition, effective with the mergers, the Company’s name changed from Apple REIT Nine, Inc. to Apple Hospitality REIT, Inc. Upon completion of the A7 and A8 mergers, the Company’s common shares totaling 182.8 million prior to the mergers remained outstanding and: | |||||||||
· | Each issued and outstanding unit of Apple Seven (consisting of one Apple Seven common share together with one Apple Seven Series A preferred share) was converted into one common share of the Company, or a total of approximately 90.6 million common shares, and each issued and outstanding Series B convertible preferred share of Apple Seven was converted into a number of the Company’s common shares equal to 24.17104 multiplied by one, or a total of approximately 5.8 million common shares; and | ||||||||
· | Each issued and outstanding unit of Apple Eight (consisting of one Apple Eight common share together with one Apple Eight Series A preferred share) was converted into 0.85 common share of the Company, or a total of approximately 78.3 million common shares, and each issued and outstanding Series B convertible preferred share of Apple Eight was converted into a number of the Company’s common shares equal to 24.17104 multiplied by 0.85, or a total of approximately 4.9 million common shares. | ||||||||
The Company has accounted for the A7 and A8 mergers in accordance with the Accounting Standards Codification (“ASC”) 805, Business Combinations. The Company has been considered the acquirer for financial reporting purposes, which requires, among other things, that the assets acquired and liabilities assumed from Apple Seven and Apple Eight be recognized at their acquisition date fair values. For purpose of accounting for the transactions, the total consideration of the Company’s common shares transferred in the A7 and A8 mergers was estimated to be approximately $1.8 billion and was based on approximately 180 million common shares issued at a fair value estimate of $10.10 per common share. | |||||||||
The fair value estimate of the Company’s common stock was based upon a third party valuation and other analyses as of March 1, 2014, the effective time of the mergers. Since the Company’s common stock is not publicly traded, the fair value estimate was a Level 3 input under ASC 820, Fair Value Measurement, as it was derived from unobservable inputs. The fair value estimate was based on a combination of the income and market approaches as outlined in ASC 820. In the income approach, the fair value estimate was calculated from a discounted cash flow model using Apple Seven, Apple Eight and the Company’s (collectively, the “merged entities”) consolidated projected cash flows, as well as a discount rate and terminal capitalization rate based on market conditions at the effective time of the mergers and consistent with industry averages. In the market approach, the fair value estimate was calculated by applying multiples (using industry peers at the effective time of the mergers) to both the consolidated 2013 historical and 2014 projected combined revenue and operating results of the merged entities and using multiples of operating results from comparable transactions. | |||||||||
As contemplated in the Merger Agreement, in connection with completion of the A7 and A8 mergers, the Company became self-advised and the advisory agreements between the Company and Apple Nine Advisors, Inc. and Apple Suites Realty Group, Inc. were terminated. The termination of the advisory agreements resulted in the conversion of each issued and outstanding Series B convertible preferred share of the Company into 24.17104 common shares of the Company, or a total of approximately 11.6 million common shares. As a result of the conversion, all of the Company’s Series A preferred shares were terminated and the Company only has common shares outstanding. In conjunction with this event, during the first quarter of 2014, the Company recorded a non-cash expense totaling approximately $117.1 million, included in the Company’s consolidated statements of operations, to reflect the fair value estimate of the conversion of the Series B convertible preferred shares to common shares at a fair value estimate of $10.10 per common share. | |||||||||
On March 1, 2014, at the completion of the A7 and A8 mergers and related transactions, the Company had a total of approximately 374.1 million common shares outstanding. During the second quarter of 2014, the Company paid a total of approximately $2.3 million to shareholders holding approximately 0.2 million as converted common shares, who exercised appraisal rights in connection with the A7 and A8 mergers and related transactions, which was recorded as a reduction to shareholders’ equity and common shares outstanding. | |||||||||
All costs related to the A7 and A8 mergers are being expensed in the period they are incurred and are included in transaction costs in the Company’s consolidated statements of operations. In connection with these activities, the Company has incurred approximately $6.4 million in total merger costs (including approximately $0.8 million of costs incurred to defend the ongoing purported class action related to the A7 and A8 mergers discussed in Note 14), of which approximately $3.3 million and $3.1 million, respectively, was incurred during the years ended December 31, 2014 and 2013. | |||||||||
With the completion of the A7 and A8 mergers, the Company added 99 continuing hotels (consisting of 48 hotels from Apple Seven and 51 hotels from Apple Eight) to the Company’s real estate portfolio. As more fully described in Note 12, in connection with the A7 and A8 mergers, the Company acquired 12 existing ground and parking lot leases, with remaining terms from the date of the A7 and A8 mergers ranging from approximately 18 to 92 years, excluding any option periods to extend the initial lease term. | |||||||||
As more fully described in Note 6, effective March 1, 2014, upon completion of the A7 and A8 mergers, the Company assumed approximately $385.1 million in mortgage debt, prior to any fair value adjustments, secured by 34 properties. The Company also assumed the outstanding balances on Apple Seven’s and Apple Eight’s credit facilities totaling approximately $129.5 million, which were then terminated on March 3, 2014 when the Company entered into a new $345 million unsecured credit facility. | |||||||||
The following table summarizes the Company’s purchase price allocation for the A7 and A8 mergers, which represents its best estimate of the fair values of the assets acquired and liabilities assumed on March 1, 2014, the effective date of the mergers (in thousands): | |||||||||
Purchase Price Allocation | |||||||||
Assets: | |||||||||
Land | $ | 395,250 | |||||||
Building and improvements | 1,776,208 | ||||||||
Furniture, fixtures and equipment | 112,013 | ||||||||
Franchise fees | 3,296 | ||||||||
Investment in real estate | 2,286,767 | ||||||||
Cash and cash equivalents, restricted cash, due from third party managers and other assets | 75,951 | ||||||||
Total assets | 2,362,718 | ||||||||
Liabilities: | |||||||||
Credit facilities | 129,490 | ||||||||
Mortgage debt | 393,209 | ||||||||
Accounts payable and other liabilities | 25,406 | ||||||||
Total liabilities | 548,105 | ||||||||
Fair value estimate of net assets acquired | $ | 1,814,613 | |||||||
The allocation of the purchase price required a significant amount of judgment and was based upon valuations and other analyses described below that were finalized during the second quarter of 2014. Measurement period adjustments were made during the second quarter of 2014 to adjust real estate values to reflect new information obtained about facts and circumstances that existed as of the acquisition date. Changes to the initial purchase price allocation did not have a material impact on the Company’s consolidated financial statements. The Company engaged a valuation firm to assist in this analysis. The methodologies and significant inputs and assumptions used in deriving estimates of fair value vary and are based on the nature of the tangible or intangible asset acquired or liability assumed. The fair value of land, building and improvements, furniture, fixtures and equipment, and identifiable intangible assets and liabilities was developed based on the cost approach, market approach or income approach depending on available information and compared to a secondary approach when possible. The fair value of debt was estimated based on contractual future cash flows discounted using borrowing spreads and market interest rates that would be available to the Company for the issuance of debt with similar terms and remaining maturities. Significant inputs and assumptions associated with these approaches included estimates of future operating cash flows and discount rates based on an evaluation of 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). No goodwill was recorded in connection with the A7 and A8 mergers. | |||||||||
Total revenue and operating income related to the A7 and A8 mergers, from the effective date of the mergers through December 31, 2014 included in the Company’s consolidated statements of operations was approximately $385.6 million and approximately $77.2 million, respectively. | |||||||||
The following unaudited pro forma information for the years ended December 31, 2014 and 2013, is presented as if the A7 and A8 mergers, effective March 1, 2014, had occurred on January 1, 2013, and is based on assumptions and estimates considered appropriate by the Company. The pro forma information is provided for illustrative purposes only and does not necessarily reflect what the operating results would have been had the mergers been completed on January 1, 2013, nor is it necessarily indicative of future operating results. The pro forma information does not give effect to any cost synergies or other operating efficiencies that could result from the mergers. Amounts are in thousands except per share data. | |||||||||
(unaudited) | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Total revenue | $ | 864,744 | $ | 808,274 | |||||
Income from continuing operations | $ | 128,588 | $ | 136,454 | |||||
Income from discontinued operations | 0 | 33,306 | |||||||
Net income | $ | 128,588 | $ | 169,760 | |||||
Basic and diluted net income per common share | |||||||||
From continuing operations | $ | 0.34 | $ | 0.36 | |||||
From discontinued operations | 0 | 0.09 | |||||||
Total basic and diluted net income per common share | $ | 0.34 | $ | 0.45 | |||||
Weighted average common shares outstanding - basic and diluted | 373,821 | 373,653 | |||||||
For purposes of calculating these pro forma amounts, merger transaction costs and the expense related to the conversion of the Series B convertible preferred shares, each included in the Company’s consolidated statements of operations, were excluded from the pro forma amounts since these are attributable to the A7 and A8 mergers and related transactions and do not have an ongoing impact to the statements of operations. Merger transaction costs totaled approximately $3.3 million and $3.1 million for the years ended December 31, 2014 and 2013. The expense related to the conversion of the Series B convertible preferred shares was approximately $117.1 million for the year ended December 31, 2014. | |||||||||
Investment_in_Real_Estate
Investment in Real Estate | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate [Abstract] | |||||||||
Real Estate Disclosure [Text Block] | Note 3 | ||||||||
Investment in Real Estate | |||||||||
The Company’s investment in real estate consisted of the following (in thousands): | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 520,406 | $ | 143,946 | |||||
Building and Improvements | 3,010,314 | 1,360,634 | |||||||
Furniture, Fixtures and Equipment | 251,170 | 126,218 | |||||||
Franchise Fees | 7,490 | 4,572 | |||||||
Construction in Progress | 0 | 8,882 | |||||||
3,789,380 | 1,644,252 | ||||||||
Less Accumulated Depreciation | (296,559 | ) | (200,754 | ) | |||||
Investment in Real Estate, net | $ | 3,492,821 | $ | 1,443,498 | |||||
As of December 31, 2014, the Company owned 191 hotels with an aggregate of 23,790 rooms, located in 33 states, including 19 hotels with an aggregate of 1,873 rooms classified as held for sale, 18 of which were sold in February 2015. The table below shows the number of hotels and rooms by brand: | |||||||||
Number of Hotels and Guest Rooms by Brand | |||||||||
Number of | Number of | ||||||||
Brand | Hotels | Rooms | |||||||
Courtyard | 35 | 4,526 | |||||||
Hampton Inn | 33 | 3,818 | |||||||
Hilton Garden Inn | 31 | 4,118 | |||||||
Residence Inn | 26 | 2,939 | |||||||
Homewood Suites | 24 | 2,645 | |||||||
SpringHill Suites | 14 | 1,872 | |||||||
TownePlace Suites | 11 | 1,105 | |||||||
Fairfield Inn | 8 | 944 | |||||||
Marriott | 3 | 842 | |||||||
Embassy Suites | 2 | 316 | |||||||
Home2 Suites | 2 | 237 | |||||||
Hilton | 1 | 224 | |||||||
Renaissance | 1 | 204 | |||||||
Total | 191 | 23,790 | |||||||
Effective March 1, 2014, the Company completed the A7 and A8 mergers, which added 99 continuing hotels (consisting of 48 hotels from Apple Seven and 51 hotels from Apple Eight) to the Company’s real estate portfolio. The Apple Seven and Apple Eight properties are located in 27 states, with an aggregate of 6,209 and 5,912 rooms, respectively. As shown in the table setting forth the purchase price allocation for the A7 and A8 mergers in Note 2, the total real estate value of the A7 and A8 mergers was estimated to be approximately $2.3 billion. | |||||||||
In October 2014, the Company acquired, through a foreclosure sale, a Hampton Inn and Suites containing 88 rooms located in Burleson, Texas, which was recorded to investment in real estate at its estimated fair value of approximately $7.0 million, based on third party estimates and a discounted cash flow analysis. The foreclosure was a result of the borrower defaulting on a mortgage note collateralized by the hotel. The mortgage note was purchased by the Company for approximately $5.4 million, representing a discount to the outstanding principal, during 2010 resulting in a gain of approximately $0.7 million net of costs to complete the foreclosure, which is included in interest and other expense, net in the Company’s consolidated statement of operations. | |||||||||
In December 2014, the Company opened adjoining Courtyard and Residence Inn hotels located in downtown Richmond, Virginia. The Courtyard and Residence Inn contain 135 and 75 guest rooms, respectively, and are managed by White Lodging. The Company acquired the land in 2012 for approximately $3 million and in 2013 entered into a construction contract and began construction of the hotels. The Company’s total investment in these hotels at December 31, 2014 was approximately $38.0 million, including approximately $34.9 million in development costs. Additionally, the Company incurred approximately $0.6 million of pre-opening costs for the year ended December 31, 2014, which are included in transaction costs in the consolidated statements of operations. | |||||||||
During the third quarter of 2014, the Company identified 22 properties for potential sale. The properties were identified based on individual market conditions, the Company’s total investment in certain markets, and additional capital requirements for those properties. During October 2014, the Company began the process of marketing these assets. In December 2014, the Company entered into a purchase and sale agreement for 19 of the properties, of which 18 of the 19 properties under contract were sold in February 2015. As discussed in Note 4, these 19 properties have been classified as held for sale in the Company’s consolidated balance sheet at December 31, 2014. Since the sale of the remaining three properties (including the TownePlace Suites in Texarkana, Texas; SpringHill Suites in Baton Rouge, Louisiana; and Hampton Inn in Tupelo, Mississippi) are not probable at this time, the assets and liabilities related to these properties have not been classified as held for sale in the Company’s consolidated balance sheet at December 31, 2014. | |||||||||
Due to the change in the planned holding period of these properties, the undiscounted cash flows generated by three of these properties was estimated to be less than their carrying values; therefore the Company recognized an impairment loss of approximately $11.0 million in 2014 (of which $8.6 million and $2.4 million was recorded in the third and fourth quarter of 2014, respectively) to adjust the basis of these individual properties to their estimated fair values. The estimated fair values of these properties were based on third party estimates and discounted cash flow analyses, using expected future cash flows, an estimated discount rate of approximately 9%, estimated terminal capitalization rate of 7.5% and other market considerations. These estimates incorporate significant unobservable inputs and therefore are considered Level 3 inputs under the fair value hierarchy. The assumptions used in estimating the undiscounted cash flows and the fair values of the properties, as applicable, are subject to change based on future operating performance and market conditions. | |||||||||
Assets_Held_For_Sale
Assets Held For Sale | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Disclosure Of Long Lived Assets Held For Sale 1 [Abstract] | |||||||||||
Disclosure Of Long Lived Assets Held For Sale 1 [Text Block] | Note 4 | ||||||||||
Assets Held For Sale | |||||||||||
In December 2014, the Company entered into a purchase and sale agreement for 19 properties for $213 million. These properties were part of the 22 properties identified for potential sale during the third quarter of 2014, discussed in Note 3. These 19 properties have been classified as held for sale at historical cost (which is less than the contract price, net of costs to sell) in the Company’s consolidated balance sheet at December 31, 2014. In February 2015, the Company completed the sale of 18 of the 19 hotels for a total sales price of $206.4 million, resulting in a gain, which will be recorded in the first quarter of 2015. As contemplated in the purchase and sale agreement, the buyer exercised its right to exclude the remaining hotel (with a purchase price of $6.6 million) from the transaction. The Company plans to use the proceeds from the sale to reduce the outstanding balance under its revolving credit facility, acquire other hotel properties and fund hotel renovations. The following table lists the 19 hotels classified as held for sale as of December 31, 2014: | |||||||||||
City | State | Brand | Date Acquired | Rooms | |||||||
Huntsville | AL | TownePlace Suites | 3/1/14 | 86 | |||||||
Troy | AL | Courtyard | 6/18/09 | 90 | |||||||
Troy | AL | Hampton Inn | 3/1/14 | 82 | |||||||
Rogers | AR | Fairfield Inn & Suites | 3/1/14 | 99 | |||||||
Pueblo | CO | Hampton Inn & Suites | 10/31/08 | 81 | |||||||
Columbus | GA | TownePlace Suites | 3/1/14 | 86 | * | ||||||
Port Wentworth | GA | Hampton Inn | 3/1/14 | 106 | |||||||
Bowling Green | KY | Hampton Inn | 3/1/14 | 130 | |||||||
Alexandria | LA | Courtyard | 9/15/10 | 96 | |||||||
West Monroe | LA | Hilton Garden Inn | 7/30/10 | 134 | |||||||
Concord | NC | Hampton Inn | 3/1/14 | 101 | |||||||
Dunn | NC | Hampton Inn | 3/1/14 | 120 | |||||||
Jacksonville | NC | TownePlace Suites | 2/16/10 | 86 | |||||||
Matthews | NC | Hampton Inn | 3/1/14 | 91 | |||||||
Cincinnati | OH | Homewood Suites | 3/1/14 | 76 | |||||||
Tulsa | OK | Hampton Inn & Suites | 3/1/14 | 102 | |||||||
Jackson | TN | Courtyard | 12/16/08 | 94 | |||||||
Brownsville | TX | Courtyard | 3/1/14 | 90 | |||||||
San Antonio | TX | TownePlace Suites | 3/1/14 | 123 | |||||||
Total | 1,873 | ||||||||||
* As contemplated in the purchase and sale agreement, the buyer exercised its right to exclude this hotel from the sales transaction. | |||||||||||
Assets held for sale at December 31, 2014 consisted of the following (in thousands): | |||||||||||
Land | $ | 19,346 | |||||||||
Building and Improvements | 176,963 | ||||||||||
Furniture, Fixtures and Equipment | 15,156 | ||||||||||
Franchise Fees | 664 | ||||||||||
212,129 | |||||||||||
Less Accumulated Depreciation | (16,541 | ) | |||||||||
Assets Held for Sale | $ | 195,588 | |||||||||
The Company’s consolidated statements of operations include operating income of approximately $11.2 million, $4.2 million and $4.3 million for the years ended December 31, 2014, 2013 and 2012, respectively, relating to results of operations for the 19 hotels for the respective periods of ownership. Thirteen of the 19 hotels were originally acquired by the Company in the A7 and A8 mergers, effective March 1, 2014 (see table above for list of properties). As such, the historical operating results of the Company only include operations from March 1, 2014 to December 31, 2014 for these 13 hotels. | |||||||||||
The Hampton Inn located in Concord, North Carolina was encumbered by a mortgage with an outstanding balance of approximately $4.6 million, which is included in mortgage debt in the Company’s consolidated balance sheet as of December 31, 2014. This mortgage was extinguished prior to the sale on February 13, 2015. | |||||||||||
Investment_Income_and_Disconti
Investment Income and Discontinued Operations | 12 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | Note 5 |
Investment Income and Discontinued Operations | |
In April 2012, the Company completed the sale of its 406 acres of land and land improvements located on 110 sites in the Fort Worth, Texas area (“110 parcels”) and the assignment of the lease with a subsidiary of Chesapeake Energy Corporation (“Chesapeake”) for a total sale price of $198.4 million. The 110 parcels were acquired in April 2009 for a total purchase price of $147.3 million and were leased to Chesapeake under a long term lease for the production of natural gas. In conjunction with the sale, the Company received approximately $138.4 million in cash proceeds and issued a note receivable totaling $60.0 million to the purchaser (the “note”), which as noted below was repaid in full by the purchaser during 2013. The note was secured by a junior lien on the land and land improvements owned by the purchaser, had a stated interest rate of 10.5%, required interest only payments for the first three years of the note and had a maturity date of April 2049. Although the purchaser was not affiliated with the Company, a partner of the purchaser is also a member of the Board of Directors of Apple REIT Ten, Inc. In conjunction with the sale, the Company incurred a brokerage commission to Apple Suites Realty Group (“ASRG”), 100% owned by Glade M. Knight, the Company’s Executive Chairman and formerly Chairman and Chief Executive Officer of the Company, totaling approximately $4.0 million, representing 2% of the gross sales price. Of this amount, approximately $2.8 million was paid to ASRG during the second quarter of 2012 and the remaining $1.2 million was paid during the fourth quarter of 2013 upon repayment of the $60 million note. The $4.0 million commission was recorded as a reduction to the deferred gain on sale as described below. | |
In accordance with the Accounting Standards Codification on real estate sales, the sales transaction was accounted for under the cost recovery method, therefore the interest earned on the note and the gain on sale was deferred until total cash payments made by the purchaser, including principal and interest on the note due to the Company and the cash payment received by the Company at closing exceeded the Company’s cost basis of the 110 parcels sold. On November 1, 2013, the $60 million note receivable was repaid by the purchaser in full and the purchaser was released from all liability and obligations under the note. In exchange for the early payment and waiver by the purchaser of certain terms of the note, the Company agreed to waive approximately $0.5 million of interest for the month of October 2013. As a result of the repayment of the note, the Company recognized the deferred gain on sale totaling $33.3 million, which was included in income from discontinued operations as noted below, and deferred interest earned totaling $9.0 million as investment income in the fourth quarter of 2013. | |
The 110 parcels was a separate reportable segment and the results of operations and gain on sale for these properties have been classified in the consolidated statements of operations in the line item income from discontinued operations. Total income from discontinued operations for the years ended December 31, 2013 and 2012 totaled $33.3 million and $6.8 million, respectively. Prior to the sale, the lease was classified as an operating lease and rental income was recognized on a straight-line basis over the initial term of the lease. Rental revenue totaled approximately $6.8 million for the year ended December 31, 2012 and includes approximately $2.0 million of adjustments to record rent on a straight-line basis. | |
Credit_Facilities_and_Mortgage
Credit Facilities and Mortgage Debt | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Debt Disclosure [Text Block] | Note 6 | ||||||||||||||||||||||||
Credit Facilities and Mortgage Debt | |||||||||||||||||||||||||
Credit Facilities | |||||||||||||||||||||||||
Effective March 1, 2014, upon completion of the A7 and A8 mergers, the Company assumed the outstanding balances on Apple Seven’s and Apple Eight’s credit facilities totaling approximately $129.5 million. On March 3, 2014, the Company terminated the Apple Seven and Apple Eight credit facilities and its $50 million unsecured credit facility, which as of the termination date had an outstanding balance of $9.6 million, and entered into a new $345 million unsecured credit facility (comprised of a $245 million revolving credit facility and a $100 million term loan). At the closing of the new credit facility, the Company borrowed $150 million under the new facility which was primarily used to repay Apple Seven’s, Apple Eight’s and the Company’s outstanding balances on their respective credit facilities and to pay approximately $3.3 million in closing costs, which are being amortized over the term of the new credit facility. The $345 million credit facility is available for working capital, hotel renovations and development and other general corporate purposes, including the funding of share repurchases and payment of distributions. The $345 million credit facility may be increased to $700 million, subject to certain conditions. Under the terms of the $345 million credit facility, the Company may make voluntary prepayments in whole or in part, at any time. The $245 million revolving credit facility matures in March 2018; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to March 2019. The $100 million term loan matures in March 2019. Interest payments on the $345 million credit facility are due monthly and the interest rate, subject to certain exceptions, is equal to the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 1.55% to 2.35%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. In conjunction with the $100 million term loan, the Company entered into an interest rate swap agreement for the same notional amount and maturity as the term loan. The interest rate swap agreement effectively provides the Company with payment requirements equal to a fixed interest rate on the term loan through the maturity of the loan in March 2019 (see Note 7 for more information on the interest rate swap agreement). The Company is also required to pay an unused facility fee of 0.20% or 0.30% on the unused portion of the $245 million revolving credit facility, based on the amount of borrowings outstanding during the quarter. As of December 31, 2014, the credit facility had an outstanding principal balance of $191.6 million, including the $100 million term loan. The annual variable interest rate on the $245 million revolving credit facility was approximately 1.77%, and the effective annual fixed interest rate on the $100 million term loan was approximately 3.13% as of December 31, 2014. | |||||||||||||||||||||||||
The $345 million credit facility contains customary affirmative covenants, negative covenants and events of defaults. In addition, the credit facility contains covenants restricting the level of certain investments and the following quarterly financial covenants (capitalized terms are defined in the credit agreement). | |||||||||||||||||||||||||
· | A ratio of Consolidated Total Indebtedness to Consolidated EBITDA of not more than 6.00 to 1.00 (subject to a higher amount in certain circumstances); | ||||||||||||||||||||||||
· | A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets of not more than 45%; | ||||||||||||||||||||||||
· | A minimum Consolidated Tangible Net Worth of $2.3 billion (plus 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date); | ||||||||||||||||||||||||
· | A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges 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 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 of not more than 60%; | ||||||||||||||||||||||||
· | A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets of not more than 10%; and | ||||||||||||||||||||||||
· | Restricted payments (including distributions and share repurchases), net of any proceeds from a dividend reinvestment plan, cannot exceed 100% of Funds From Operations during the Initial Period or any fiscal year thereafter, unless the Company is required to distribute more to meet REIT requirements. The percentage is reduced to 95% in the first fiscal year after a public listing of the Company’s equity interests. | ||||||||||||||||||||||||
The Company was in compliance with each of the applicable covenants at December 31, 2014. | |||||||||||||||||||||||||
The Company’s prior $50 million unsecured credit facility was originated in November 2012 and as noted above was extinguished and paid in full on March 3, 2014. The facility had an applicable annual interest rate equal to the one-month LIBOR plus a margin ranging from 2.25% to 2.75%, depending upon the Company’s leverage ratio as calculated under the terms of the credit agreement. The Company was also required to pay a fee of 0.30% or 0.40% on the unused | |||||||||||||||||||||||||
portion of the credit facility, based on the amount of borrowings outstanding during the quarter. As of December 31, 2013, there were no borrowings outstanding under the facility. | |||||||||||||||||||||||||
In May 2012, the Company entered into a loan agreement with a commercial bank, which provided for a $30 million non-revolving line of credit, which was extinguished and paid in full during the third quarter of 2012. Interest was payable quarterly and based on an annual rate of Daily LIBOR plus 2.75%. The loan agreement was guaranteed by Glade M. Knight, the Company’s Executive Chairman and formerly Chairman and Chief Executive Officer of the Company and was secured by assets of Mr. Knight. Mr. Knight did not receive any consideration in exchange for providing this guaranty and security. The independent directors of the Company’s Board of Directors approved Mr. Knight providing a guaranty under the loan agreement. | |||||||||||||||||||||||||
Mortgage Debt | |||||||||||||||||||||||||
As of December 31, 2014, the Company had approximately $513.3 million in outstanding property level debt secured by 47 properties, with maturity dates ranging from April 2015 to October 2032, stated interest rates ranging from 0% to 6.90% and effective interest rates ranging from 3.66% to 6.52%. The loans generally provide for monthly payments of principal and interest on an amortized basis. The loans are generally subject to 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 as of December 31, 2014 and December 31, 2013 for each of the Company’s debt obligations. All dollar amounts are in thousands. | |||||||||||||||||||||||||
Outstanding balance | Outstanding balance | ||||||||||||||||||||||||
Loan Assumption or | Principal Assumed | as of December 31, | as of December 31, | ||||||||||||||||||||||
Location | Brand | Interest Rate (1) | Origination Date | Maturity Date | or Originated | 2013 | 2014 | ||||||||||||||||||
Richmond, VA | Marriott | 6.95 | % | 3/1/14 | (2) | $ | 21,524 | $ | 0 | $ | 0 | ||||||||||||||
Suffolk, VA | TownePlace Suites | 6.03 | % | 3/1/14 | (3) | 6,138 | 0 | 0 | |||||||||||||||||
Suffolk, VA | Courtyard | 6.03 | % | 3/1/14 | -3 | 8,002 | 0 | 0 | |||||||||||||||||
New Orleans, LA | Homewood Suites | 5.85 | % | 3/1/14 | -4 | 14,331 | 0 | 0 | |||||||||||||||||
Overland Park, KS | Residence Inn | 5.74 | % | 3/1/14 | 4/1/15 | 6,018 | 5,833 | 0 | |||||||||||||||||
Dallas, TX | Hilton | 6.63 | % | 5/17/11 | 6/6/15 | 20,988 | 18,913 | 19,545 | |||||||||||||||||
Rogers, AR | Hampton Inn | 5.2 | % | 8/31/10 | 9/1/15 | 8,337 | 7,593 | 7,781 | |||||||||||||||||
St. Louis, MO | Hampton Inn | 5.3 | % | 8/31/10 | 9/1/15 | 13,915 | 12,692 | 13,001 | |||||||||||||||||
Kansas City, MO | Hampton Inn | 5.45 | % | 8/31/10 | 10/1/15 | 6,517 | 5,961 | 6,102 | |||||||||||||||||
Westford, MA | Residence Inn | 5.3 | % | -5 | 3/1/14 | 10/1/15 | 6,530 | 6,397 | 0 | ||||||||||||||||
Allen, TX | Hilton Garden Inn | 5.37 | % | 10/31/08 | 10/11/15 | 10,787 | 9,559 | 9,787 | |||||||||||||||||
Kansas City, MO | Residence Inn | 5.74 | % | 3/1/14 | 11/1/15 | 10,602 | 10,420 | 0 | |||||||||||||||||
Fayetteville, NC | Residence Inn | 5.14 | % | 3/1/14 | 12/1/15 | 6,545 | 6,410 | 0 | |||||||||||||||||
Austin, TX | Homewood Suites | 5.99 | % | 4/14/09 | 3/1/16 | 7,556 | 6,486 | 6,702 | |||||||||||||||||
Austin, TX | Hampton Inn | 5.95 | % | 4/14/09 | 3/1/16 | 7,553 | 6,478 | 6,696 | |||||||||||||||||
Tupelo, MS | Hampton Inn | 5.9 | % | 3/1/14 | 3/1/16 | 3,124 | 2,977 | 0 | |||||||||||||||||
Houston, TX | Residence Inn | 5.71 | % | 3/1/14 | 3/1/16 | 9,930 | 9,745 | 0 | |||||||||||||||||
Hilton Head, SC | Hilton Garden Inn | 6.29 | % | 3/1/14 | 4/11/16 | 5,557 | 5,410 | 0 | |||||||||||||||||
Round Rock, TX | Hampton Inn | 5.95 | % | 3/6/09 | 5/1/16 | 4,175 | 3,583 | 3,701 | |||||||||||||||||
Highlands Ranch, CO | Residence Inn | 5.94 | % | 3/1/14 | 6/1/16 | 10,494 | 10,327 | 0 | |||||||||||||||||
Texarkana, TX | Hampton Inn & Suites | 6.9 | % | 1/31/11 | 7/8/16 | 4,954 | 4,665 | 4,747 | |||||||||||||||||
Bristol, VA | Courtyard | 6.59 | % | 11/7/08 | 8/1/16 | 9,767 | 8,922 | 9,086 | |||||||||||||||||
Virginia Beach, VA | Courtyard | 6.02 | % | 3/1/14 | 11/11/16 | 13,931 | 13,695 | 0 | |||||||||||||||||
Virginia Beach, VA | Courtyard | 6.02 | % | 3/1/14 | 11/11/16 | 16,813 | 16,529 | 0 | |||||||||||||||||
Charlottesville, VA | Courtyard | 6.02 | % | 3/1/14 | 11/11/16 | 14,892 | 14,640 | 0 | |||||||||||||||||
Carolina Beach, NC | Courtyard | 6.02 | % | 3/1/14 | 11/11/16 | 12,009 | 11,806 | 0 | |||||||||||||||||
Winston-Salem, NC | Courtyard | 5.94 | % | 3/1/14 | 12/8/16 | 7,458 | 7,352 | 0 | |||||||||||||||||
Lewisville, TX (6) | Hilton Garden Inn | 0 | % | 10/16/08 | 12/31/16 | 3,750 | 2,000 | 2,000 | |||||||||||||||||
Oceanside, CA | Residence Inn | 4.24 | % | -5 | 3/1/14 | 1/13/17 | 15,662 | 15,402 | 0 | ||||||||||||||||
Burbank, CA | Residence Inn | 4.24 | % | -5 | 3/1/14 | 1/13/17 | 23,493 | 23,103 | 0 | ||||||||||||||||
Savannah, GA | Hilton Garden Inn | 5.87 | % | 3/1/14 | 2/1/17 | 4,977 | 4,849 | 0 | |||||||||||||||||
Greenville, SC | Residence Inn | 6.03 | % | 3/1/14 | 2/8/17 | 6,012 | 5,922 | 0 | |||||||||||||||||
Birmingham, AL | Homewood Suites | 6.03 | % | 3/1/14 | 2/8/17 | 10,908 | 10,745 | 0 | |||||||||||||||||
Jacksonville, FL | Homewood Suites | 6.03 | % | 3/1/14 | 2/8/17 | 15,856 | 15,619 | 0 | |||||||||||||||||
Concord, NC (7) | Hampton Inn | 6.1 | % | 3/1/14 | 3/1/17 | 4,718 | 4,644 | 0 | |||||||||||||||||
Irving, TX | Homewood Suites | 5.83 | % | 12/29/10 | 4/11/17 | 6,052 | 5,437 | 5,605 | |||||||||||||||||
Duncanville, TX | Hilton Garden Inn | 5.88 | % | 10/21/08 | 5/11/17 | 13,966 | 12,661 | 12,907 | |||||||||||||||||
Grapevine, TX | Hilton Garden Inn | 4.89 | % | 8/29/12 | 9/1/22 | 11,810 | 11,254 | 11,509 | |||||||||||||||||
Collegeville/Philadelphia, PA | Courtyard | 4.89 | % | 8/30/12 | 9/1/22 | 12,650 | 12,055 | 12,327 | |||||||||||||||||
Hattiesburg, MS | Courtyard | 5 | % | 3/1/14 | 9/1/22 | 5,732 | 5,627 | 0 | |||||||||||||||||
Rancho Bernardo, CA | Courtyard | 5 | % | 3/1/14 | 9/1/22 | 15,060 | 14,782 | 0 | |||||||||||||||||
Kirkland, WA | Courtyard | 5 | % | 3/1/14 | 9/1/22 | 12,145 | 11,921 | 0 | |||||||||||||||||
Seattle, WA | Residence Inn | 4.96 | % | 3/1/14 | 9/1/22 | 28,269 | 27,744 | 0 | |||||||||||||||||
Anchorage, AK | Embassy Suites | 4.97 | % | 9/13/12 | 10/1/22 | 23,230 | 22,193 | 22,686 | |||||||||||||||||
Somerset, NJ | Courtyard | 4.73 | % | 3/1/14 | 10/6/22 | 8,750 | 8,584 | 0 | |||||||||||||||||
Tukwila, WA | Homewood Suites | 4.73 | % | 3/1/14 | 10/6/22 | 9,431 | 9,251 | 0 | |||||||||||||||||
Prattville, AL | Courtyard | 4.12 | % | 3/1/14 | 2/6/23 | 6,596 | 6,462 | 0 | |||||||||||||||||
Huntsville, AL | Homewood Suites | 4.12 | % | 3/1/14 | 2/6/23 | 8,306 | 8,137 | 0 | |||||||||||||||||
San Diego, CA | Residence Inn | 3.97 | % | 3/1/14 | 3/6/23 | 18,600 | 18,216 | 0 | |||||||||||||||||
Miami, FL | Homewood Suites | 4.02 | % | 3/1/14 | 4/1/23 | 16,677 | 16,337 | 0 | |||||||||||||||||
New Orleans, LA | Homewood Suites | 4.36 | % | 7/17/14 | 8/11/24 | -4 | 27,000 | 26,806 | 0 | ||||||||||||||||
Malvern/Philadelphia, PA | Courtyard | 6.5 | % | 11/30/10 | 10/1/32 | -8 | 7,894 | 7,132 | 7,337 | ||||||||||||||||
$ | 585,991 | $ | 513,276 | $ | 161,519 | ||||||||||||||||||||
Unamortized fair value adjustment of assumed debt | 4,694 | 1,032 | |||||||||||||||||||||||
Total | $ | 517,970 | $ | 162,551 | |||||||||||||||||||||
(1) Unless otherwise noted, these rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates to market rates and is amortizing the adjustments to interest expense over the life of the loan. | |||||||||||||||||||||||||
(2) Loan (assumed on March 1, 2014) was repaid in full on June 3, 2014. | |||||||||||||||||||||||||
(3) Loans (assumed on March 1, 2014) were repaid in full on July 1, 2014. | |||||||||||||||||||||||||
(4) On July 1, 2014, the Company repaid in full the mortgage loan assumed with the A7 and A8 mergers, and on July 17, 2014 the Company originated new debt secured by this hotel. | |||||||||||||||||||||||||
(5) The annual fixed interest rate gives effect to an interest rate swap agreement assumed by the Company with the mortgage debt. | |||||||||||||||||||||||||
(6) Unsecured loan. | |||||||||||||||||||||||||
(7) Asset classified as held for sale as of December 31, 2014. | |||||||||||||||||||||||||
(8) Outstanding principal balance is callable by lender or prepayable by the Company beginning on October 1, 2016, and every five years thereafter until maturity, subject to certain conditions. | |||||||||||||||||||||||||
The aggregate amounts of principal payable under the Company’s total debt obligations (including mortgage debt and the balance outstanding under the Company’s credit facility), for the five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | |||||||||||||||||||||||||
2015 | $ | 93,888 | |||||||||||||||||||||||
2016 | 135,658 | ||||||||||||||||||||||||
2017 | 99,394 | ||||||||||||||||||||||||
2018 | 97,106 | ||||||||||||||||||||||||
2019 | 105,770 | ||||||||||||||||||||||||
Thereafter | 173,060 | ||||||||||||||||||||||||
704,876 | |||||||||||||||||||||||||
Unamortized fair value adjustment of assumed debt | 4,694 | ||||||||||||||||||||||||
Total | $ | 709,570 | |||||||||||||||||||||||
Upon completion of the A7 and A8 mergers on March 1, 2014, the Company assumed approximately $385.1 million in mortgage debt, prior to any fair value adjustments, secured by 34 properties. This assumed mortgage debt had maturity dates ranging from September 2014 to April 2023 and stated interest rates ranging from 3.97% to 6.95%. The Company incurred loan origination costs related to the assumption of the mortgage obligations totaling approximately $1.8 million. A fair value, net premium adjustment totaling approximately $8.1 million was recorded upon the assumption of above (premium) or below (discount) market rate mortgages. The effective interest rates on the applicable debt obligations assumed ranged from 3.66% to 4.68% at the date of assumption. The total fair value, net premium adjustment | |||||||||||||||||||||||||
for all of the Company’s debt assumptions (including debt assumed with the A7 and A8 mergers and other hotel acquisitions) 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 $4.5 million, $0.5 million and $0.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. The unamortized balance of the fair value, net premium adjustment was approximately $4.7 million and $1.0 million at December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||
With the assumption of mortgage obligations (including debt assumed with the A7 and A8 mergers and other hotel acquisitions) and with its originated loans and credit facilities, the Company incurred loan origination costs. Such costs are amortized over the period to maturity of the applicable mortgage loan or credit facility, as an addition to interest expense. Amortization of such costs totaled approximately $1.5 million, $0.5 million and $0.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
The Company’s interest expense in 2014, 2013 and 2012 is net of interest capitalized in conjunction with hotel renovations and construction totaling $1.9 million, $0.7 million and $0.7 million, respectively. | |||||||||||||||||||||||||
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Fair Value Disclosures [Abstract] | ||||||||||
Fair Value Disclosures [Text Block] | Note 7 | |||||||||
Fair Value of Financial Instruments | ||||||||||
Credit Facility and Mortgage 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, 2014, the carrying value and estimated fair value of the Company’s debt was approximately $709.6 million and $718.9 million. As of December 31, 2013, the carrying value and estimated fair value of the Company’s debt was approximately $162.6 million and $163.6 million. | ||||||||||
Derivative Instruments | ||||||||||
Currently, the Company uses interest rate swaps to manage its interest rate risks on variable rate debt. These instruments, as described below, are recorded at fair value and are included in accounts payable and other liabilities in the Company’s consolidated balance sheets. | ||||||||||
On March 1, 2014, the Company assumed three interest rate swap agreements with a commercial bank with an aggregate notional amount of $45.7 million that effectively fixes the interest rate on two separate variable-rate mortgage loans assumed with the A7 and A8 mergers through maturity. The fair value of the interest rate swap agreements assumed was approximately $0.5 million (liability) and was included in accounts payable and other liabilities as part of the purchase price allocation as discussed in Note 2. Under 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 LIBOR. As of December 31, 2014, the fair value of these swaps totaled approximately $0.3 million (liability). The interest rate swaps assumed are not designated by the Company as hedges for accounting purposes, and therefore the changes in the fair value for these swaps are recorded to interest and other expense, net in the Company’s consolidated statements of operations. For the year ended December 31, 2014, the change in fair value resulted in a decrease of $0.3 million to interest and other expense, net. | ||||||||||
In March 2014, the Company entered into an interest rate swap agreement with a commercial bank for the same notional amount and maturity as its $100 million term loan. The interest rate swap agreement effectively fixes the interest rate on the $100 million term loan (subject to the Company’s leverage ratio) through maturity. Under the terms of this interest rate swap, the Company pays a fixed interest rate of 1.58% and receives a floating rate of interest equal to the one month LIBOR. The interest rate swap agreement matures in March 2019. As of December 31, 2014, the fair value of this swap totaled approximately $0.5 million (liability). The interest rate swap has been designated by the Company as an effective cash flow hedge for accounting purposes, and therefore the effective portion of the changes in the fair value for this swap are recorded in accumulated other comprehensive income (loss), a component of shareholder’s equity in the Company’s consolidated balance sheets. For the year ended December 31, 2014, the change in fair value resulted in an unrealized loss of approximately $0.5 million in other comprehensive income (loss). The Company assesses, both at inception and on an ongoing basis, the effectiveness of its qualifying cash flow hedge. Hedge ineffectiveness is reported | ||||||||||
as a component of interest and other expense, net in the Company’s consolidated statements of operations. There was no ineffectiveness recorded on the designated hedge during the year ended December 31, 2014. | ||||||||||
The fair value 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 is a summary of the notional amounts, maturity dates and fair values (liabilities) of the interest rate swap agreements outstanding as of December 31, 2014 (in thousands): | ||||||||||
Related debt | Notional amount at | Maturity date | Fair value at | |||||||
31-Dec-14 | 31-Dec-14 | |||||||||
Term loan facility (1) | $ | 100,000 | 3/1/19 | $ | (511 | ) | ||||
Westford Residence Inn (2) | 6,397 | 10/1/15 | (74 | ) | ||||||
Oceanside Residence Inn/Burbank Residence Inn (2) | 38,505 | 1/13/15 | (11 | ) | ||||||
Oceanside Residence Inn/Burbank Residence Inn (2)/(3) | 38,440 | 1/13/17 | (183 | ) | ||||||
(1) Designated as a cash flow hedge. | ||||||||||
(2) Not designated as a cash flow hedge. | ||||||||||
(3) Effective date of the forward interest rate swap agreement is January 13, 2015, the same date the existing swap agreement matures. | ||||||||||
The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments. | ||||||||||
Related_Parties
Related Parties | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Note 8 |
Related Parties | |
The Company has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be 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. During the past two years, there have been changes to the Company’s contracts and its relationships with related parties as a result of the A7 and A8 mergers and related transactions completed on March 1, 2014 and the completion of Apple REIT Six, Inc.’s merger with a third party during 2013, as discussed below. No other new significant related party transactions occurred during these periods. | |
The term the “Apple REIT Entities” means the Company, Apple REIT Six, Inc. (“Apple Six”), Apple REIT Seven, Inc. (“Apple Seven”), Apple REIT Eight, Inc. (“Apple Eight”) and Apple REIT Ten, Inc. (“Apple Ten”). The term the “Advisors” means Apple Six Advisors, Inc., Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc. (“A9A”), Apple Ten Advisors, Inc. (“A10A”), Apple Suites Realty Group, Inc. (“ASRG”) and Apple Six Realty Group, Inc. The Advisors are wholly owned by Glade M. Knight, Executive Chairman of the Company and formerly Chairman and Chief Executive Officer of the Company. Prior to the A7 and A8 mergers, Mr. Knight was Chairman and Chief Executive Officer of Apple Seven and Apple Eight and is currently Chairman and Chief Executive Officer of Apple Ten. Mr. Knight is also a partner and Chief Executive Officer of Energy 11 GP, LLC, which is the general partner of Energy 11, L.P. Prior to the A7 and A8 mergers, members of the Company’s Board of Directors were also on the Board of Directors of Apple Seven and/or Apple Eight. Prior to January 1, 2015, one member of the Company’s Board of Directors was also on the Board of Directors of Apple Ten. Effective January 1, 2015, Justin G. Knight, the Company’s President and Chief Executive Officer, and Apple Ten’s President, was appointed to the Company’s Board of Directors. | |
On May 14, 2013, Apple Six merged with and into an entity that is not affiliated with the Apple REIT Entities or the Advisors. Pursuant to the terms and conditions of the merger agreement, dated as of November 29, 2012, upon completion | |
of the merger, the separate corporate existence of Apple Six ceased (the “A6 Merger”). Prior to the A6 Merger, Glade M. Knight was Chairman and Chief Executive Officer of Apple Six and members of the Company’s Board of Directors were also on the Board of Directors of Apple Six. | |
A7 and A8 Mergers and Related Transactions | |
Effective March 1, 2014, the Company completed its mergers with Apple Seven and Apple Eight. As contemplated in the Merger Agreement, in connection with the A7 and A8 mergers, the Company became self-advised and Apple Seven, Apple Eight and the Company terminated their advisory agreements with their respective Advisors, and Apple Fund Management, LLC (“AFM”) became a wholly owned subsidiary of the Company. Prior to the A7 and A8 mergers, AFM was a wholly owned subsidiary of A9A. As a result, the employees, including management, are now employed by the Company, rather than the Company’s external advisor. In addition, from and after the A7 and A8 mergers, the Company provides to Apple Ten the advisory services contemplated under the A10A advisory agreement, and the Company receives fees and reimbursement of expenses payable under the A10A advisory agreement from Apple Ten. AFM also continues to provide support services to A10A and ASRG, which have agreed to reimburse the Company for its costs in providing these services. | |
Pursuant to the terms of the termination agreement dated August 7, 2013, as amended, the advisory agreements and property acquisition/disposition agreements with respect to Apple Seven, Apple Eight and the Company were terminated effective immediately before the completion of the A7 and A8 mergers. No separate payments were made in connection with the termination of the advisory agreements and property acquisition/disposition agreements, and as a result, effective March 1, 2014, Apple Seven, Apple Eight and the Company no longer pay the various fees previously paid to their respective Advisors. As a result, the Company’s outstanding Series B convertible preferred shares were converted into the Company’s common shares in accordance with the provisions of the Company’s amended articles of incorporation and the Company’s outstanding Series A preferred shares were automatically terminated. In conjunction with this event, during the first quarter of 2014, the Company recorded a non-cash expense totaling approximately $117.1 million, included in the Company’s consolidated statements of operations, to reflect the fair value estimate of the conversion of the Series B convertible preferred shares to common shares at $10.10 per common share. | |
Pursuant to the assignment and transfer agreement dated August 7, 2013, as amended (the “Transfer Agreement”) between the Company, A9A and AFM, the Company acquired all of the membership interests in AFM from A9A effective immediately following the completion of the A7 and A8 mergers by assuming AFM’s assets and liabilities at historical cost, which approximated fair market value. The assets, net of liabilities were not material. In accordance with the Transfer Agreement, the Company assumed all of the obligations of the predecessor owners of AFM under prior transfer agreements involving the transfer of the membership interests in AFM (including Apple Hospitality Two, Inc., Apple Hospitality Five, Inc., Apple Six and A9A) and relieved the predecessor owners and the other advisory companies of any liability with respect to AFM which is not considered significant. | |
Pursuant to the subcontract agreement dated August 7, 2013, as amended (the “Subcontract Agreement”) between the Company and A10A, A10A subcontracted its obligations under the advisory agreement between A10A and Apple Ten to the Company. The Subcontract Agreement provides that, from and after the completion of the A7 and A8 mergers, the Company will provide to Apple Ten advisory services for a fee and will be reimbursed by Apple Ten for the use of the Company’s employees and corporate office and other costs associated with the advisory agreement, as described below. The subcontract with Apple Ten provides for an annual fee that will range from 0.1% to 0.25% (based on Apple Ten’s operating results) of total equity proceeds received by Apple Ten. Total advisory fees earned by the Company from Apple Ten from March 1, 2014 through December 31, 2014 totaled approximately $1.2 million, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations. | |
From and after the A7 and A8 mergers, the Company provides support services through AFM to Apple Ten, A10A and ASRG, which have agreed to reimburse the Company for its costs in providing these services. Total reimbursed costs received by the Company from these entities from March 1, 2014 through December 31, 2014 totaled approximately $3.0 million, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations. 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 each company. The allocation of costs is made by management of the companies and is reviewed at least annually by the Compensation Committees of each company. In making the allocation, management of each of the entities and their Compensation Committee consider all relevant facts related to each company’s level of business activity and the extent to which each company requires the services of particular personnel of AFM. Such payments are based on the actual costs of the | |
services and are not based on formal record keeping regarding the time these personnel devote to the company, but are based on a good faith estimate by the employee and/or his or her supervisor of the time devoted by the employee to the company. Although there is a potential conflict on time allocation of employees due to the fact that a senior manager, officer or staff member will provide services to more than one company, the Company believes that the executives and staff compensation sharing arrangement described above allows the companies to share costs yet attract and retain superior executives and staff. The cost sharing structure also allows each entity to maintain a much more cost effective structure than having separate staffing arrangements. | |
As part of the cost sharing arrangements, the day-to-day transactions may result in amounts due to or from the Company, Apple Ten, A10A and ASRG. To efficiently manage cash disbursements, the Company, Apple Ten, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies. This process allows each Company to minimize its cash on hand, which, in turn, reduces the cost of each companies’ credit facilities. This process is not significant to any of the companies. | |
Prior to A7 and A8 Mergers | |
Prior to the A7 and A8 mergers, the Company was externally managed and did not have any employees. Its advisor, A9A provided the Company with its day-to-day management. Pursuant to the advisory agreement with A9A, the Company paid fees (ranging from 0.1% to 0.25% of total equity proceeds received by the Company) and reimbursed certain costs, as described below, to A9A for these services. A9A provided the management services to the Company through AFM, a wholly owned subsidiary of A9A prior to the A7 and A8 mergers. Prior to the A6 Merger, AFM was a wholly owned subsidiary of Apple Six. Apple Seven and Apple Eight were also externally managed, and had similar arrangements with external advisors and AFM prior to the A7 and A8 mergers. Prior to the A7 and A8 mergers, total advisory fees incurred by the Company under the advisory agreement with A9A totaled approximately $0.5 million for the two months ended February 28, 2014, and $2.8 million and $2.9 million for the years ended December 31, 2013 and 2012, respectively and are included in general and administrative expenses in the Company’s consolidated statements of operations. | |
Prior to the A7 and A8 mergers, the Company had a contract with ASRG, to acquire and dispose of real estate assets for the Company. A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses was paid to ASRG for these services. As of December 31, 2014, payments to ASRG for fees under the terms of this contract related to the acquisition of assets have totaled approximately $33.6 million since inception. Of this amount, the Company incurred fees of approximately $0.1 million and $0.4 million for the years ended December 31, 2013 and 2012, which are included in transaction costs in the Company’s consolidated statements of operations. No fees were incurred by the Company during the two months ended February 28, 2014. In addition, the Company incurred a brokerage commission to ASRG totaling approximately $4.0 million related to the sale of the Company’s 110 parcels in April 2012, which was recorded as a reduction to the deferred gain on sale, which was subsequently recognized during the fourth quarter of 2013 upon repayment of the $60 million note. Of this amount, approximately $2.8 million was paid to ASRG in the second quarter of 2012 and the remaining $1.2 million was paid during the fourth quarter of 2013 upon repayment of the $60 million note. | |
In addition to the fees payable to A9A or ASRG, prior to the A7 and A8 mergers, the Company reimbursed to A9A or ASRG, or paid directly to AFM on behalf of A9A or ASRG, approximately $0.5 million for the two months ended February 28, 2014, and $2.7 million and $2.2 million for the years ended December 31, 2013 and 2012, respectively. The expenses reimbursed were approximately $0, $0 and $0.2 million respectively, for costs reimbursed under the contract with ASRG and approximately $0.5 million, $2.7 million and $2.0 million, respectively, for costs reimbursed under the contract with A9A for the two months ended February 28, 2014, and years ended December 31, 2013 and 2012. The costs are included in general and administrative expenses and are for the Company’s allocated share of the staffing and related costs provided by AFM at the direction of A9A. Each of the Advisors provided management services through the use of AFM to, respectively, the Company (prior to the A7 and A8 mergers), Apple Six (prior to the A6 Merger), Apple Seven and Apple Eight (prior to the A7 and A8 mergers) and Apple Ten. Upon completion of the A6 Merger, Apple Six and its advisors, Apple Six Advisors, Inc. and Apple Six Realty Group, Inc. (collectively “A6 Advisors”), no longer participated in the cost sharing arrangement, thereby increasing the remaining companies’ share of the allocated costs. | |
Also, in connection with the A6 Merger, on May 13, 2013, the Company acquired from Apple Six the Apple REIT Entities’ and Advisors’ headquarters in Richmond, Virginia (“Headquarters”) and assumed the Fort Worth, Texas office lease agreement for approximately $4.5 million, which approximated fair value at the time of acquisition based on third party market comparisons. As part of the purchase, the Company agreed to release Apple Six from any liabilities related | |
to the Headquarters or office lease. Prior to the A6 Merger, amounts reimbursed to AFM included both compensation for personnel and any office related costs associated with the Headquarters and office lease used by the companies. From May 14, 2013 through completion of the A7 and A8 mergers, office related costs were allocated from the Company to the other Apple REIT Entities and Advisors, excluding Apple Six and A6 Advisors after the A6 Merger. Each of these companies agreed to reimburse the Company for its share of these costs. For the two months ended February 28, 2014 and from the period May 14, 2013 through December 31, 2013, the Company received reimbursement of its costs totaling approximately $0.1 million and $0.6 million, respectively from the participating entities, which was recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations. | |
Prior to the A7 and A8 mergers, all of the office related costs and costs of AFM were allocated among the Apple REIT Entities and the Advisors, excluding Apple Six and A6 Advisors after the A6 Merger, under the same cost sharing structure as noted above under A7 and A8 Mergers and Related Transactions. Since, prior to the A7 and A8 mergers, the employees of AFM performed services for the Apple REIT Entities and Advisors at the direction of the Advisors, individuals, including executive officers, received a portion of their compensation at the direction of the Advisors and received consideration directly from the Advisors. | |
Professional Fees | |
The Company incurs professional fees such as accounting, auditing, legal and reporting, which are included in general and administrative expenses in the Company’s consolidated statements of operations. To be cost effective, these services received by the Company have been shared as applicable by the Company and the other Apple REIT Entities. The professionals cannot always specifically identify their fees for one company; therefore management allocates these costs across the companies that benefit from the services, which following the completion of the A6 merger and the A7 and A8 mergers include only the Company and Apple Ten. In addition, the Company and other Apple REIT Entities have incurred legal fees associated with the Legal Proceedings and Related Matters discussed in Note 14. The total costs for these legal matters for all of the Apple REIT Entities (excluding Apple Six after the A6 Merger and legal costs associated with the purported class action related to the A7 and A8 mergers discussed in Note 14) were approximately $0.8 million, $2.9 million and $7.3 million for the years ended December 31, 2014, 2013 and 2012, respectively, of which approximately $0.7 million, $0.8 million and $1.7 million, respectively was allocated to the Company. The Apple REIT Entities have received reimbursement from their director and officer insurance carriers for certain claims pertaining to these matters, of which approximately $0.6 million and $2.1 million was reimbursed directly to the Company during the years ended December 31, 2014 and 2013. The Company anticipates it will continue to incur costs associated with the legal proceedings discussed herein. | |
Apple Air Holding, LLC (“Apple Air”) | |
The Company, through a jointly-owned subsidiary, Apple Air, owns a Learjet used primarily for acquisition, asset management and renovation purposes. Prior to the A7 and A8 mergers, the Company owned a 24% equity investment in Apple Air and the other members of Apple Air were Apple Seven, Apple Eight and Apple Ten (which in connection with the A6 Merger, on May 13, 2013, acquired its membership interest in Apple Air from Apple Six). Effective March 1, 2014, with the completion of A7 and A8 mergers, the Company acquired the equity interests in Apple Air of Apple Seven and Apple Eight for a total purchase price of approximately $3.0 million, which approximated fair market value at the time of acquisition based on third party market comparisons, resulting in a 74% total equity ownership in Apple Air. Effective with the A7 and A8 mergers, Apple Air is now jointly owned by the Company and Apple Ten, with Apple Ten’s ownership interest accounted for as a minority interest, which as of December 31, 2014, totaled $1.0 million and is included in accounts payable and other liabilities in the Company’s consolidated balance sheet. Prior to the A7 and A8 mergers, the Company recorded its share of income and losses of Apple Air’s entity under the equity method of accounting and adjusted its investment in Apple Air accordingly. The Company’s equity investment was approximately $1.7 million as of December 31, 2013 and is included in other assets, net in the Company’s consolidated balance sheet. For the two months ended February 28, 2014 and years ended December 31, 2013 and 2012, the Company recorded a loss of approximately $0.04 million, $0.2 million and $0.2 million, respectively as its share of the net loss of Apple Air, which primarily relates to the depreciation of the aircraft, and is included in general and administrative expenses in the Company’s consolidated statements of operations. For the period March 1, 2014 through December 31, 2014, Apple Ten’s portion of Apple Air’s loss was approximately $0.2 million and is recorded as a reduction to general and administrative expenses. The aircraft is also leased to affiliates of the Company at market rates. From March 1, 2014 through December 31, 2014, revenue from affiliates was approximately $0.2 million. | |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | |
Dec. 31, 2014 | ||
Stockholders' Equity Note [Abstract] | ||
Stockholders' Equity Note Disclosure [Text Block] | Note 9 | |
Shareholders’ Equity | ||
Distributions | ||
For the years ended December 31, 2014, 2013 and 2012, the Company made distributions (excluding the Special Distribution discussed below) of $0.70, $0.83 and $0.85 per common share for a total of approximately $233.4 million, $151.6 million and $155.0 million, respectively. The Company’s current annual distribution rate, payable monthly is $0.68 per common share. As contemplated by the A7 and A8 mergers, the Board of Directors reduced the annual distribution rate from $0.83025 per common share to $0.66 per common share, effective with the March 2014 distribution. Effective with the September 2014 distribution, the Board of Directors increased the annual distribution rate from $0.66 per common share to $0.68 per common share. | ||
As a result of the sale of the 110 parcels, the Board of Directors approved a special distribution of $0.75 per common share, totaling $136.1 million on May 17, 2012 to shareholders of record on May 11, 2012 (the “Special Distribution”). In conjunction with the Special Distribution, the Company’s Board of Directors reduced the annual distribution rate from $0.88 per common share to $0.83 per common share effective with the June 2012 distribution. Effective August 2012, the Board of Directors slightly increased the annualized distribution rate from $0.83 per common share to $0.83025 per common share. | ||
Series A Preferred Shares and Series B Convertible Preferred Shares | ||
Prior to the A7 and A8 mergers: | ||
· | Approximately 182.8 million units (consisting of one common share and one Series A preferred share) were issued and outstanding. The Series A preferred shares had no voting rights and no conversion rights, and were not separately tradable from the common shares to which they related; and | |
· | 480,000 Series B convertible preferred shares were issued to Glade M. Knight in exchange for the payment by him of $0.10 per Series B convertible preferred share, or an aggregate of $48,000. There were no dividends payable on the Series B convertible preferred shares. | |
As contemplated in the Merger Agreement, in connection with completion of the A7 and A8 mergers, the Company became self-advised and the advisory agreements between the Company and A9A and ASRG were terminated. In accordance with the terms of the Company’s amended articles of incorporation, the termination of the advisory agreements resulted in the conversion of each issued and outstanding Series B convertible preferred share of the Company into 24.17104 common shares of the Company, or a total of approximately 11.6 million common shares. Additionally, as a result of the conversion, and in accordance with the terms of the Company’s amended articles of incorporation, all of the Company’s Series A preferred shares were terminated and the Company now only has common shares outstanding. In conjunction with this event, during the first quarter of 2014, the Company recorded a non-cash expense totaling approximately $117.1 million, included in the Company’s consolidated statements of operations, to reflect the fair value estimate of the conversion of the Series B convertible preferred shares to common shares at $10.10 per common share. Throughout these notes to the consolidated financial statements, units, common shares, and shares are used interchangeably. | ||
In connection with the A7 and A8 mergers, the Company issued approximately 180 million common shares to Apple Seven and Apple Eight shareholders. Also, in March 2014 the Company’s amended articles of incorporation were amended and restated to, among other things, increase the number of authorized common shares from 400 million to 800 million. | ||
During the second quarter of 2014, the Company paid a total of approximately $2.3 million to shareholders holding approximately 0.2 million as converted common shares, who exercised appraisal rights in connection with the A7 and A8 mergers and related transactions, which was recorded as a reduction to shareholders’ equity and common shares outstanding. | ||
Preferred Shares | ||
No preferred shares of the Company, other than the Series A preferred shares and Series B convertible preferred shares, have been issued, and in connection with the A7 and A8 mergers, effective March 1, 2014, the Series A preferred shares and Series B convertible preferred shares were terminated and are no longer outstanding. The Company’s amended articles of incorporation authorize issuance of up to 30 million additional preferred shares. The Company believes that the authorization to issue preferred shares benefits the Company and its shareholders by permitting flexibility in financing additional growth, giving the Company additional financing options in corporate planning and in responding to developments in business, including financing of additional acquisitions and other general corporate purposes. Having authorized preferred shares available for issuance in the future gives the Company the ability to respond to future developments and allows preferred shares to be issued without the expense and delay of a special shareholders’ meeting. At present, the Company has no specific financing or acquisition plans involving the issuance of additional preferred shares and the Company does not propose to fix the characteristics of any series of preferred shares in anticipation of issuing preferred shares. The Company cannot now predict whether or to what extent, if any, additional preferred shares will be used or if so used what the characteristics of a particular series may be. A series of preferred shares could be given rights that are superior to rights of holders of common shares and a series having preferential distribution rights could limit common share distributions and reduce the amount holders of common shares would otherwise receive on dissolution. Unless otherwise required by applicable law or regulation, the preferred shares would be issuable without further authorization by holders of the common shares and on such terms and for such consideration as may be determined by the Board of Directors. The preferred shares could be issued in one or more series having varying voting rights, redemption and conversion features, distribution (including liquidating distribution) rights and preferences, and other rights, including rights of approval of specified transactions. The voting rights and rights to distributions of the holders of common shares will be subject to the priority rights of the holders of any subsequently-issued preferred shares. | ||
Share Redemption Program | ||
In July 2009, the Company instituted a share redemption program (formerly known as the unit redemption program) to provide limited interim liquidity to its shareholders who have held their shares for at least one year, subject to certain restrictions and limitations. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the share redemption program. The maximum number of common shares that may be redeemed in any given year is five percent of the weighted average number of common shares outstanding during the 12-month period immediately prior to the date of redemption. On June 27, 2013, the Company announced the suspension of its share redemption program as it evaluated the A7 and A8 mergers, and as mandated by the Merger Agreement. As a result, the last redemption that occurred through December 31, 2014 was in the second quarter of 2013. Since the inception of the program through April 2012, shareholders were permitted to request redemption of common shares for a purchase price equal to 92% of the price paid per common share if the common shares had been owned for less than three years, or 100% of the price paid per common share if the common shares had been owned more than three years. From May 2012 through April 2013, the last scheduled redemption date, as a result of the Special Distribution, the purchase price per share under the Company’s share redemption program was adjusted by the amount of the Special Distribution. | ||
Since inception of the program through December 31, 2014, the Company has redeemed approximately 11.7 million common shares representing $121.2 million, including approximately 2.0 million common shares in the amount of $20.0 million and 5.0 million common shares in the amount of $52.0 million redeemed during 2013 and 2012, respectively. No common shares were redeemed under the program during 2014. Since July 2011, the total redemption requests have exceeded the authorized amount of redemptions and, as a result, the Board of Directors has limited the amount of redemptions as deemed prudent. Therefore, as contemplated in the program, beginning with the July 2011 redemption, the scheduled redemption date for the third quarter of 2011, the Company redeemed common shares on a pro-rata basis with approximately 41% and 18% of the amounts requested redeemed in the third and fourth quarters of 2011; 14%, 13%, 9% and 9% in the first, second, third and fourth quarter of 2012; and 8% in both the first and second quarters of 2013 leaving 12.1 million shares requested but not redeemed as of the last scheduled redemption date in the second quarter of 2013 (April 2013). Prior to July 2011, the Company redeemed 100% of redemption requests. | ||
In October 2014, the Board of Directors approved reinstating the Company’s share redemption program on a limited basis. Redemptions of common shares will be limited to death or eligible disability of a shareholder (in February 2015, the Board of Directors approved limiting redemptions to death of a shareholder only). The number of common shares that may be redeemed in any given year will also be limited based on the Company’s results of operations, cash flow from operations, and cash required for funding investing and financing activities. If requested redemptions exceed | ||
funds available for redemption, redemptions will be made on a pro rata basis. In January 2015, the Company redeemed approximately 1.2 million common shares at a price of $9.20 per common share, or a total of approximately $10.8 million. The Board of Directors will continue to review the redemption program and may, from time to time, change the terms (including the redemption price) of, suspend or terminate the redemption program as it deems prudent. | ||
Dividend Reinvestment Plan | ||
In December 2010, the Company instituted a Dividend Reinvestment Plan for its shareholders. The plan provides a way to increase shareholder investment in the Company by reinvesting dividends to purchase additional shares of the Company. The uses of the proceeds from this plan have historically included purchasing shares under the Company’s share redemption program, enhancing properties, satisfying financing obligations and other expenses, increasing working capital, funding various corporate operations, and acquiring hotels. The Company has registered 20.0 million shares for potential issuance under the plan. As a result of the Special Distribution, beginning in May 2012, the offering price per share under the Company’s Dividend Reinvestment Plan was adjusted by the amount of the Special Distribution (from $11.00 to $10.25). On June 27, 2013, the Company announced the suspension of its Dividend Reinvestment Plan as it evaluated the A7 and A8 mergers, and as mandated by the Merger Agreement. As a result, the last offering under the Dividend Reinvestment Plan occurred in June 2013 at $10.25 per share. Since inception of the plan through December 31, 2014, approximately 12.3 million shares, representing $131.0 million in proceeds to the Company, were issued under the plan. During the years ended December 31, 2013 and 2012, approximately 2.1 million shares, representing $22.0 million in proceeds to the Company and 4.8 million shares, representing $50.0 million in proceeds to the Company, were issued under the plan. | ||
Compensation_Plans
Compensation Plans | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | Note 10 |
Compensation Plans | |
In May 2014, the Board of Directors approved the Apple Hospitality REIT, Inc. 2014 Omnibus Incentive Plan (“Omnibus Plan”). The Omnibus Plan permits the grant of awards of stock options, stock appreciation rights, restricted stock, 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 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, 2014, no shares or awards had been issued under the Omnibus Plan. | |
Also in May 2014, the Board of Directors approved an incentive plan (“2014 Incentive Plan”), effective March 1, 2014, for participants and established incentive goals for 2014. Under the 2014 Incentive Plan, participants are eligible to receive a bonus to be determined pursuant to a weighted average formula based on the achievement of certain 2014 full year pro forma performance measures. The range of payout under the 2014 Incentive Plan was $0 - $12 million. Based on performance during 2014, the Company has accrued approximately $8.6 million as a liability for bonus payments under the 2014 Incentive Plan, which is included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2014 and general and administrative expense in the Company’s consolidated statement of operations for the year ended December 31, 2014. | |
Management_and_Franchise_Agree
Management and Franchise Agreements | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Contractors [Abstract] | |||||
Long-term Contracts or Programs Disclosure [Text Block] | Note 11 | ||||
Management and Franchise Agreements | |||||
Each of the Company’s 191 hotels owned as of December 31, 2014 is operated and managed under separate management agreements, which include affiliates of one of the following companies: | |||||
Manager | Number of Hotels | ||||
LBAM-Investor Group, L.L.C. ("LBA") | 34 | ||||
Dimension Development Two, LLC ("Dimension") | 25 | ||||
White Lodging Services Corporation ("White Lodging") | 25 | ||||
Texas Western Management Partners, L.P. ("Western") | 18 | ||||
Newport Hospitality Group, Inc. ("Newport") | 11 | ||||
Marriott International, Inc. ("Marriott") | 10 | ||||
Raymond Management Company, Inc. ("Raymond") | 10 | ||||
Crestline Hotels & Resorts, Inc. ("Crestline") | 9 | ||||
MHH Management, LLC ("McKibbon") | 9 | ||||
Vista Host, Inc. ("Vista Host") | 9 | ||||
Inn Ventures, Inc. ("Inn Ventures") | 8 | ||||
Pillar Hotels and Resorts, L.P. ("Pillar") | 7 | ||||
True North Hotel Group, Inc. ("True North") | 7 | ||||
Gateway Hospitality Group, Inc. ("Gateway") | 5 | ||||
Hilton Management LLC ("Hilton") | 3 | ||||
Stonebridge Realty Advisors, Inc. ("Stonebridge") | 1 | ||||
Total | 191 | ||||
The management agreements generally provide for initial terms of one to 30 years. Fees associated with the agreements generally include the payment of base management fees, incentive management fees, accounting fees, and other fees for centralized services which are allocated among all of the hotels that receive the benefit of such services. Base management fees are calculated as a percentage of gross revenues. 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. The Company has the option to terminate the management agreements if specified performance thresholds are not satisfied. For the years ended December 31, 2014, 2013 and 2012, the Company incurred approximately $27.4 million, $13.2 million and $12.3 million in management fees. | |||||
Crestline, Dimension, Gateway, Inn Ventures, LBA, McKibbon, Newport, Pillar, Raymond, Stonebridge, True North, Vista Host, Western and White Lodging are not affiliated with either Marriott or Hilton, and as a result, the hotels they manage were required to obtain separate franchise agreements with each respective franchisor. The Hilton franchise agreements generally provide for initial terms of 10 to 21 years and generally provide for renewals subject to franchise requirements at the time of renewal. Fees associated with these agreements generally include the payment of royalty fees and program fees based on room revenues. The Marriott franchise agreements generally provide for initial terms of six to 30 years and generally provide for renewals subject to franchise requirements at the time of renewal. Fees associated with these agreements generally include the payment of royalty fees, marketing fees, reservation fees and a communications support fee based on room revenues. For the years ended December 31, 2014, 2013 and 2012, the Company incurred approximately $33.5 million, $16.0 million and $14.5 million in franchise royalty fees. | |||||
Lease_Commitments
Lease Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Leases of Lessee Disclosure [Text Block] | Note 12 | ||||
Lease Commitments | |||||
The Company has ground leases relating to ten of the Company’s hotels and three parking lot leases, 12 of which were assumed as part of the A7 and A8 mergers, effective March 1, 2014. At the time of acquisition, the Company recorded an initial intangible asset for nine of these leases that were below market leases, which as of December 31, 2014 and 2013 totaled approximately $20.3 million and $0 and is included in other assets, net in the Company’s consolidated balance sheets. The Company recorded an initial intangible liability for three of these leases that were above market leases, which as of December 31, 2014 and 2013 totaled approximately $7.0 million and $0.4 million and is included in accounts payable and other liabilities in the Company’s consolidated balance sheets. The value of the lease intangibles | |||||
are amortized over the term of the respective leases and included in ground lease expense in the Company’s consolidated statements of operations, resulting in an increase of approximately $0.5 million to ground lease expense for the year ended December 31, 2014 and a decrease of approximately $44,000 to ground lease expense for each of the years ended December 31, 2013 and 2012. | |||||
The Company’s leases have remaining terms ranging from approximately 9 to 91 years, excluding any option periods to extend the initial lease term. The Company has options to extend certain leases beyond the initial lease term by periods ranging from five to 60 years. The leases are classified as operating leases. The leases generally have fixed scheduled rent increases, and lease expense is recognized on a straight-line basis over the remaining term of the leases. Ground lease expense includes approximately $2.9 million of adjustments to record rent on a straight-line basis for the year ended December 31, 2014. No straight-line rent adjustments were recorded for the years ended December 31, 2013 and 2012. | |||||
The aggregate amounts of the estimated minimum lease payments for the five years subsequent to December 31, 2014 and thereafter, are as follows (in thousands): | |||||
Total | |||||
2015 | $ | 5,575 | |||
2016 | 5,707 | ||||
2017 | 5,840 | ||||
2018 | 5,976 | ||||
2019 | 6,253 | ||||
Thereafter | 291,552 | ||||
Total | $ | 320,903 | |||
Industry_Segments
Industry Segments | 12 Months Ended |
Dec. 31, 2014 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | Note 13 |
Industry Segments | |
The Company owns hotel properties throughout the United States that generate rental 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 operating segment. All segment disclosures are included in, or can be derived from the Company’s consolidated financial statements. | |
Legal_Proceedings_and_Related_
Legal Proceedings and Related Matters | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | Note 14 |
Legal Proceedings and Related Matters | |
In re Apple REITS Litigation | |
On December 13, 2011, the United States District Court for the Eastern District of New York ordered that three putative class actions, Kronberg, et al. v. David Lerner Associates, Inc., et al., Kowalski v. Apple REIT Ten, Inc., et al., and Leff v. Apple REIT Ten, Inc., et al., be consolidated and amended the caption of the consolidated matter to be In re Apple REITs Litigation. The District Court also appointed lead plaintiffs and lead counsel for the consolidated action and ordered lead plaintiffs to file and serve a consolidated complaint by February 17, 2012. The Company was previously named as a party in all three of the above mentioned class action lawsuits. | |
On February 17, 2012, lead plaintiffs and lead counsel in the In re Apple REITs Litigation, Civil Action No. 1:11-cv- 02919-KAM-JO, filed an amended consolidated complaint in the United States District Court for the Eastern District of New York against the Company, ASRG, Apple Eight Advisors, Inc., A9A, A10A, AFM, Apple Six, Apple Seven, Apple Eight and Apple Ten, their directors and certain officers, and David Lerner Associates, Inc. and David Lerner. The consolidated complaint, which was dismissed in April 2013, was purportedly brought on behalf of all purchasers of units in the Company and the other Apple REIT Entities, or those who otherwise acquired these units that were offered and sold to them by David Lerner Associates, Inc., or its affiliates and on behalf of subclasses of shareholders in New Jersey, New York, Connecticut and Florida, and alleged that the Apple REIT Entities “misrepresented the investment objectives of the Apple REITs, the dividend payment policy of the Apple REITs, and the value of their Apple REIT investments.” The consolidated complaint asserted claims under Sections 11, 12 and 15 of the Securities Act of 1933, as well as claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, negligence, and unjust enrichment, and claims for | |
violation of the securities laws of Connecticut and Florida. The complaint sought, among other things, certification of a putative nationwide class and the state subclasses, damages, rescission of share purchases and other costs and expenses. | |
On April 18, 2012, the Company and the other defendants moved to dismiss the consolidated complaint in the In re Apple REITs Litigation. By Order entered on March 31, 2013 and opinion issued on April 3, 2013, the Court dismissed the consolidated complaint in its entirety with prejudice and without leave to amend. Plaintiffs filed a Notice of Appeal to the Second Circuit Court of Appeals on April 12, 2013, and filed their Brief for Plaintiffs-Appellants on July 26, 2013. Defendants-Appellees filed their Briefs on October 25, 2013. In response to the Defendants-Appellees Briefs, the Plaintiffs-Appellants filed a Reply Brief with the court on November 15, 2013. | |
On April 23, 2014, the United States Court of Appeals for the Second Circuit (the “Second Circuit”) entered a summary order in the consolidated class action referred to in the In re Apple REITs Litigation matter. In the summary order, the Second Circuit affirmed the dismissal by the United States District Court for the Eastern District of New York (the “District Court”) of the plaintiffs’ state and federal securities law claims and the unjust enrichment claim. The Second Circuit also noted that the District Court dismissed the plaintiffs’ remaining state common law claims based on its finding that the complaint did not allege any losses suffered by the plaintiff class, and held that, to the extent that the District Court relied on this rationale, its dismissal of the plaintiffs’ state law breach of fiduciary duty, aiding and abetting a breach of fiduciary duty, and negligence claims is vacated and remanded for further proceedings consistent with the summary order. Following remand, on June 6, 2014, defendants moved to dismiss plaintiffs’ remaining claims. | |
The Company will defend against the claims remanded to the District Court vigorously. At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any. | |
DCG&T et al. v. Knight, et al. | |
On January 31, 2014, two shareholders of the Company commenced a purported class action against the Company and its directors (the “Defendants”) in the United States District Court for the Eastern District of Virginia (DCG&T, et al. v. Knight, et al., No. 3:14cv67, E.D. Va.). An amended complaint was filed on March 24, 2014. The amended complaint alleges (i) that the A7 and A8 mergers are unfair to the Company’s shareholders, (ii) various breaches of fiduciary duty by the Company’s directors in connection with the A7 and A8 mergers, (iii) that the A7 and A8 mergers provide a financial windfall to insiders, and (iv) that the Joint Proxy Statement/Prospectus mailed to the Company’s shareholders in connection with the A7 and A8 mergers contains false and misleading disclosures about certain matters, and adds as parties certain Company management employees. | |
The amended complaint demands (i) an order stating that the action may be maintained as a class action, certifying plaintiffs as class representatives, and that the action may be maintained as a derivative action, (ii) that the merger and the conversion of common and preferred shares be rescinded, (iii) an award of damages, and (iv) reimbursement of plaintiffs’ attorneys’ fees and other costs. | |
On May 5, 2014, the Defendants moved to dismiss the amended complaint and filed an answer. | |
On December 18, 2014, the United States District Court for the Eastern District of Virginia issued an order granting the Defendants’ motion to dismiss in part and denying it in part. Specifically, the court dismissed each of Plaintiffs’ class action claims, but held that Plaintiffs could bring derivative claims for breach of fiduciary duties of care and loyalty and for conflicts of interest. | |
The Company believes that plaintiffs’ claims are without merit and intends to defend these cases vigorously. At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any. | |
Moses, et al. v. Apple Hospitality REIT, Inc., et al. | |
On April 22, 2014, Plaintiff Susan Moses, purportedly a shareholder of Apple Seven and Apple Eight, now part of the Company, filed a class action against the Company and several individual directors on behalf of all then-existing shareholders and former shareholders of Apple Seven and Apple Eight, now part of the Company, who purchased additional shares under the Apple REITs’ Dividend Reinvestment Plans (“DRIP”) between July 17, 2007 and February 12, 2014 (Susan Moses, et al. v. Apple Hospitality REIT, Inc., et al., No. 503487/2014, N.Y. Sup. (Kings County)). Plaintiff | |
brought suit in the Supreme Court of the State of New York in Kings County (Brooklyn) and alleged claims under Virginia law for breach of fiduciary duty against the individual directors, and constructive trust and unjust enrichment claims against the Company. Plaintiff alleges that the prices at which Plaintiff and the purported class members purchased additional shares through the DRIP were artificially inflated and not indicative of the true value of units in Apple Seven and Apple Eight. | |
On May 19, 2014, defendants removed the action to the United States District Court for the Eastern District of New York. Following the filing of defendants’ motion to dismiss and strike on June 6, 2014, Plaintiff filed an amended complaint on June 27, 2014 adding a claim for breach of contract. | |
On July 14, 2014, defendants moved to dismiss and strike Plaintiff’s amended complaint. | |
The Company believes that Plaintiff’s claims are without merit and intends to defend this case vigorously. At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any. | |
Wenzel v. Knight et al. | |
On June 16, 2014, Plaintiff Dorothy Wenzel, purportedly a shareholder of Apple Seven and Apple Eight, now part of the Company, filed a class action against Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., AFM and several officers and directors of the Company on behalf of all then-existing shareholders and former shareholders of Apple Seven and Apple Eight, now part of the Company, who purchased additional shares under the Apple REITs' Dividend Reinvestment Plans ("DRIP") between July 17, 2007 and June 30, 2013 (Wenzel v. Knight, et al., Case No. 3:14-cv-00432-REP, E.D. Va.). Plaintiff brought suit in the United States District Court for the Eastern District of Virginia and alleged claims under Virginia law for breach of fiduciary duty against the individual directors, as well as aiding and abetting a breach of fiduciary duty and negligence against Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., and AFM. Plaintiff alleges that the prices at which Plaintiff and the purported class members purchased additional shares through the DRIP were artificially inflated and not indicative of the true value of units in Apple Seven and Apple Eight. | |
On July 18, 2014, defendants moved to dismiss the complaint or to transfer the action to the Eastern District of New York to be consolidated with the Moses action. | |
On January 14, 2015, the United States District Court for the Eastern District of Virginia denied defendants’ motions to transfer and consolidate. | |
Also on January 14, 2015, the United States District Court for the Eastern District of Virginia issued an order granting the defendants’ motion to dismiss each count alleged by the Plaintiff. Specifically, the court dismissed each of Plaintiffs’ class action claims, but granted Plaintiff leave to amend its complaint to bring derivative claims for breach of fiduciary duties of care and loyalty and for conflicts of interest. The court also dismissed Plaintiff’s claims against Apple Seven for lack of standing. | |
On February 4, 2015, Plaintiff filed an amended complaint against the Company, Apple Eight Advisors, Inc., AFM, and several officers and directors of the Company alleging breach of contract, tortious interference with contract, fraud, negligence and violation of the Virginia Securities Act. | |
The Company believes that Plaintiff's claims are without merit and intends to defend this case vigorously. At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any. | |
SEC | |
On February 12, 2014, the Securities and Exchange Commission (“SEC”) entered into settlement agreements with Apple Six, Apple Seven, Apple Eight, the Company (collectively the “REITs”), their respective advisory companies (the “Advisors”), Executive Chairman and formerly Chief Executive Officer and Chairman Glade M. Knight, and Chief Financial Officer Bryan F. Peery. To effectuate the settlement, and without admitting or denying any of the SEC’s allegations, the REITs consented to the issuance of an administrative order alleging disclosure deficiencies and deficiencies in related controls resulting in violations of Sections 17(a)(2) and 17(a)(3) of the Securities Act of 1933 (for Apple Seven and Apple Eight only) and certain provisions of Sections 13 and 14 of the Securities Exchange Act of 1934 | |
(the “Exchange Act”). Specifically, the order alleges that from 2008 through 2011, the REITs had deficiencies related to the disclosure of the process used to price shares sold in their dividend reinvestment plans, disclosure of compensation paid to executives by the Advisors, and disclosure of transactions among the REITs. The Advisors, Mr. Knight and Mr. Peery, also without admitting or denying any allegations, consented to the issuance of the order alleging that, based on the alleged disclosure deficiencies described above, they were a cause of the REITs’ violations of certain provisions of Sections 13 and 14 of the Exchange Act. In addition, the order provides that Mr. Knight and Mr. Peery violated Section 16 of the Exchange Act based on Mr. Knight’s alleged failure to file timely with the SEC one Form 3 and one Form 4 for the Company, and Mr. Peery’s alleged failure to file timely one Form 4 for the Company. Further, the order provides that Mr. Knight and Mr. Peery each violated Rule 13a-14 of the Exchange Act based on the officer certifications they provided in their respective roles as Chief Executive Officer and Chief Financial Officer for the REITs. The order requires the REITs, the Advisors, Mr. Knight and Mr. Peery to cease and desist from committing or causing any such violations in the future, and requires the Advisors, Mr. Knight and Mr. Peery to pay civil penalties. The order had no impact on the Company’s financial statements. | |
Quarterly_Financial_Data_Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information [Text Block] | Note 15 | ||||||||||||||||
Quarterly Financial Data (Unaudited) | |||||||||||||||||
The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013. | |||||||||||||||||
2014 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenue | $ | 137,121 | $ | 232,568 | $ | 231,884 | $ | 202,323 | |||||||||
Income (loss) from continuing operations | $ | (94,462 | ) | $ | 43,799 | $ | 35,162 | $ | 22,334 | ||||||||
Income from discontinued operations, net of tax | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Net income (loss) | $ | (94,462 | ) | $ | 43,799 | $ | 35,162 | $ | 22,334 | ||||||||
Comprehensive income (loss) | $ | (93,994 | ) | $ | 42,885 | $ | 35,919 | $ | 21,512 | ||||||||
Basic and diluted net income (loss) per common share | |||||||||||||||||
From continuing operations | $ | (0.38 | ) | $ | 0.12 | $ | 0.09 | $ | 0.06 | ||||||||
From discontinued operations | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Net income (loss) per common share | $ | (0.38 | ) | $ | 0.12 | $ | 0.09 | $ | 0.06 | ||||||||
Distributions declared and paid per common share | $ | 0.1934 | $ | 0.165 | $ | 0.1667 | $ | 0.17 | |||||||||
2013 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenue | $ | 92,403 | $ | 104,572 | $ | 100,237 | $ | 90,779 | |||||||||
Income from continuing operations | $ | 16,906 | $ | 23,535 | $ | 18,165 | $ | 23,310 | |||||||||
Income from discontinued operations, net of tax | $ | 0 | $ | 0 | $ | 0 | $ | 33,306 | |||||||||
Net income | $ | 16,906 | $ | 23,535 | $ | 18,165 | $ | 56,616 | |||||||||
Comprehensive income | $ | 16,906 | $ | 23,535 | $ | 18,165 | $ | 56,616 | |||||||||
Basic and diluted net income per common share: | |||||||||||||||||
From continuing operations | $ | 0.09 | $ | 0.13 | $ | 0.1 | $ | 0.13 | |||||||||
From discontinued operations | $ | 0 | $ | 0 | $ | 0 | $ | 0.18 | |||||||||
Net income per common share | $ | 0.09 | $ | 0.13 | $ | 0.1 | $ | 0.31 | |||||||||
Distributions declared and paid per common share | $ | 0.2076 | $ | 0.2076 | $ | 0.2076 | $ | 0.2076 | |||||||||
The advisory fees earned by the Company from Apple Ten, effective March 1, 2014 are recorded as a reduction to general and administrative expenses in the consolidated statements of operations. During the first quarter of 2014, the advisory fees earned were included in total revenue in the consolidated statements of operations. Previously reported total revenue for the first quarter of 2014 has been adjusted to reflect the reclassification of advisory fees to general and administrative expenses. | |||||||||||||||||
Net income for the first quarter of 2014 includes a non-cash expense related to the conversion of the Series B convertible preferred shares to common shares totaling $117.1 million, representing a net loss of $(0.47) per basic and diluted income per common share. Net income for the third and fourth quarters of 2014 include losses on impairment of | |||||||||||||||||
depreciable assets of $8.6 million and $2.4 million, representing a net loss of $(0.02) and $(0.01) per basic and diluted income per common share, respectively. | |||||||||||||||||
Net income (loss) per common share for the four quarters of 2014 are non-additive in comparison to net income per common share for the year ended December 31, 2014 due to the equity issued in connection with the A7 and A8 mergers and related transactions, effective March 1, 2014. | |||||||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Note 16 |
Subsequent Events | |
In January and February 2015, the Company declared and paid approximately $21.2 million and $21.1 million, respectively, or $0.056667 per outstanding common share for each month, in distributions to its common shareholders. | |
In January 2015, under the Company’s limited share redemption program, the Company redeemed approximately 1.2 million common shares in the amount of $10.8 million. Redemptions were limited to death or eligible disability of a shareholder and were made at a price of $9.20 per common share. All eligible redemption requests were fulfilled. In February 2015, the Board of Directors approved limiting redemptions only to death of a shareholder. | |
On February 26, 2015, the Company completed the sale of 18 of its 19 hotels under contract with an aggregate of 1,787 rooms at a total sale price of $206.4 million. The sale resulted in a gain, which will be recorded in the first quarter of 2015. As contemplated in the purchase and sale agreement, the buyer exercised its right to exclude the remaining hotel (with a purchase price of $6.6 million) from the transaction. The Company plans to use the proceeds from the sale to reduce the outstanding balance under its revolving credit facility, acquire other hotel properties and fund hotel renovations. See Note 4 titled Assets Held for Sale for additional information. | |
SEC_Schedule_III_Real_Estate_a
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Text Block] | SCHEDULE III | ||||||||||||||||||||||||||||||||||||||
Real Estate and Accumulated Depreciation | |||||||||||||||||||||||||||||||||||||||
As of December 31, 2014 | |||||||||||||||||||||||||||||||||||||||
(dollars in thousands) | |||||||||||||||||||||||||||||||||||||||
Subsequently | |||||||||||||||||||||||||||||||||||||||
Capitalized | |||||||||||||||||||||||||||||||||||||||
Initial Cost | Bldg. | Total | |||||||||||||||||||||||||||||||||||||
Bldg./ | Imp. & | Gross | Acc. | Date of | Date | Depreciable | # of | ||||||||||||||||||||||||||||||||
City | State | Description | Encumbrances | Land (1) | FF&E /Other | FF&E | Cost (2) | Deprec. | Construction | Acquired | Life | Rooms | |||||||||||||||||||||||||||
Anchorage | AK | Embassy Suites | $ | 22,193 | $ | 2,955 | $ | 39,053 | $ | 227 | $ | 42,235 | $ | (6,117 | ) | 2008 | 10-Apr | 3 - 39 yrs. | 169 | ||||||||||||||||||||
Auburn | AL | Hilton Garden Inn | 0 | 1,580 | 9,659 | 54 | 11,293 | (331 | ) | 2001 | 14-Mar | 3 - 39 yrs. | 101 | ||||||||||||||||||||||||||
Birmingham | AL | Courtyard | 0 | 2,310 | 6,425 | 62 | 8,797 | (171 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 84 | ||||||||||||||||||||||||||
Birmingham | AL | Homewood Suites | 10,745 | 1,010 | 12,981 | 345 | 14,336 | (311 | ) | 2005 | 14-Mar | 3 - 39 yrs. | 95 | ||||||||||||||||||||||||||
Dothan | AL | Hilton Garden Inn | 0 | 1,037 | 10,581 | 114 | 11,732 | (2,326 | ) | 2009 | 9-Jun | 3 - 39 yrs. | 104 | ||||||||||||||||||||||||||
Dothan | AL | Residence Inn | 0 | 970 | 13,185 | 23 | 14,178 | (337 | ) | 2008 | 14-Mar | 3 - 39 yrs. | 84 | ||||||||||||||||||||||||||
Huntsville | AL | Hilton Garden Inn | 0 | 890 | 11,227 | 49 | 12,166 | (342 | ) | 2005 | 14-Mar | 3 - 39 yrs. | 101 | ||||||||||||||||||||||||||
Huntsville | AL | Homewood Suites | 8,137 | 210 | 15,654 | 116 | 15,980 | (386 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 107 | ||||||||||||||||||||||||||
Montgomery | AL | Hilton Garden Inn | 0 | 2,640 | 12,315 | 137 | 15,092 | (391 | ) | 2003 | 14-Mar | 3 - 39 yrs. | 97 | ||||||||||||||||||||||||||
Montgomery | AL | Homewood Suites | 0 | 1,760 | 10,818 | 160 | 12,738 | (401 | ) | 2004 | 14-Mar | 3 - 39 yrs. | 91 | ||||||||||||||||||||||||||
Prattville | AL | Courtyard | 6,462 | 2,050 | 9,101 | 880 | 12,031 | (297 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 84 | ||||||||||||||||||||||||||
Rogers | AR | Hampton Inn | 7,593 | 961 | 8,483 | 154 | 9,598 | (1,461 | ) | 1998 | 10-Aug | 3 - 39 yrs. | 122 | ||||||||||||||||||||||||||
Rogers | AR | Homewood Suites | 0 | 1,375 | 9,514 | 1,533 | 12,422 | (1,894 | ) | 2006 | 10-Apr | 3 - 39 yrs. | 126 | ||||||||||||||||||||||||||
Rogers | AR | Residence Inn | 0 | 1,130 | 12,417 | 15 | 13,562 | (377 | ) | 2003 | 14-Mar | 3 - 39 yrs. | 88 | ||||||||||||||||||||||||||
Springdale | AR | Residence Inn | 0 | 330 | 8,651 | 34 | 9,015 | (227 | ) | 2001 | 14-Mar | 3 - 39 yrs. | 72 | ||||||||||||||||||||||||||
Chandler | AZ | Courtyard | 0 | 1,061 | 16,008 | 114 | 17,183 | (2,337 | ) | 2009 | 10-Nov | 3 - 39 yrs. | 150 | ||||||||||||||||||||||||||
Chandler | AZ | Fairfield Inn & Suites | 0 | 778 | 11,272 | 72 | 12,122 | (1,618 | ) | 2009 | 10-Nov | 3 - 39 yrs. | 110 | ||||||||||||||||||||||||||
Phoenix | AZ | Courtyard | 0 | 1,413 | 14,669 | 1,845 | 17,927 | (2,299 | ) | 2007 | 10-Nov | 3 - 39 yrs. | 164 | ||||||||||||||||||||||||||
Phoenix | AZ | Residence Inn | 0 | 1,111 | 12,953 | 188 | 14,252 | (1,896 | ) | 2008 | 10-Nov | 3 - 39 yrs. | 129 | ||||||||||||||||||||||||||
Tucson | AZ | Hilton Garden Inn | 0 | 1,005 | 17,925 | 217 | 19,147 | (4,169 | ) | 2008 | 8-Jul | 3 - 39 yrs. | 125 | ||||||||||||||||||||||||||
Tucson | AZ | Residence Inn | 0 | 2,080 | 12,424 | 61 | 14,565 | (345 | ) | 2008 | 14-Mar | 3 - 39 yrs. | 124 | ||||||||||||||||||||||||||
Tucson | AZ | TownePlace Suites | 0 | 992 | 14,543 | 84 | 15,619 | (1,670 | ) | 2011 | 11-Oct | 3 - 39 yrs. | 124 | ||||||||||||||||||||||||||
Agoura Hills | CA | Homewood Suites | 0 | 3,430 | 21,290 | 1,104 | 25,824 | (541 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 125 | ||||||||||||||||||||||||||
Burbank | CA | Residence Inn | 23,103 | 32,270 | 41,559 | 1,327 | 75,156 | (1,043 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 166 | ||||||||||||||||||||||||||
Clovis | CA | Hampton Inn & Suites | 0 | 1,287 | 9,888 | 70 | 11,245 | (1,950 | ) | 2009 | 9-Jul | 3 - 39 yrs. | 86 | ||||||||||||||||||||||||||
Clovis | CA | Homewood Suites | 0 | 1,500 | 10,970 | 36 | 12,506 | (1,951 | ) | 2010 | 10-Feb | 3 - 39 yrs. | 83 | ||||||||||||||||||||||||||
Cypress | CA | Courtyard | 0 | 4,410 | 35,033 | 112 | 39,555 | (1,020 | ) | 1988 | 14-Mar | 3 - 39 yrs. | 180 | ||||||||||||||||||||||||||
Oceanside | CA | Residence Inn | 15,402 | 7,790 | 24,048 | 548 | 32,386 | (587 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 125 | ||||||||||||||||||||||||||
Rancho Bernardo | CA | Courtyard | 14,782 | 16,380 | 28,952 | 137 | 45,469 | (870 | ) | 1987 | 14-Mar | 3 - 39 yrs. | 210 | ||||||||||||||||||||||||||
Sacramento | CA | Hilton Garden Inn | 0 | 5,920 | 21,515 | 127 | 27,562 | (557 | ) | 1999 | 14-Mar | 3 - 39 yrs. | 154 | ||||||||||||||||||||||||||
San Bernardino | CA | Residence Inn | 0 | 1,490 | 13,662 | 1,569 | 16,721 | (1,808 | ) | 2006 | 11-Feb | 3 - 39 yrs. | 95 | ||||||||||||||||||||||||||
San Diego | CA | Hampton Inn | 0 | 13,570 | 36,644 | 94 | 50,308 | (863 | ) | 2001 | 14-Mar | 3 - 39 yrs. | 177 | ||||||||||||||||||||||||||
San Diego | CA | Hilton Garden Inn | 0 | 8,020 | 29,151 | 24 | 37,195 | (858 | ) | 2004 | 14-Mar | 3 - 39 yrs. | 200 | ||||||||||||||||||||||||||
San Diego | CA | Residence Inn | 18,216 | 22,400 | 20,640 | 47 | 43,087 | (688 | ) | 1999 | 14-Mar | 3 - 39 yrs. | 121 | ||||||||||||||||||||||||||
San Jose | CA | Homewood Suites | 0 | 12,860 | 28,084 | 4,505 | 45,449 | (995 | ) | 1991 | 14-Mar | 3 - 39 yrs. | 140 | ||||||||||||||||||||||||||
Santa Ana | CA | Courtyard | 0 | 3,082 | 21,051 | 55 | 24,188 | (2,660 | ) | 2011 | 11-May | 3 - 39 yrs. | 155 | ||||||||||||||||||||||||||
Santa Clarita | CA | Courtyard | 0 | 4,568 | 18,721 | 1,103 | 24,392 | (4,267 | ) | 2007 | 8-Sep | 3 - 39 yrs. | 140 | ||||||||||||||||||||||||||
Santa Clarita | CA | Fairfield Inn | 0 | 1,864 | 7,753 | 1,650 | 11,267 | (1,811 | ) | 1997 | 8-Oct | 3 - 39 yrs. | 66 | ||||||||||||||||||||||||||
Santa Clarita | CA | Hampton Inn | 0 | 1,812 | 15,761 | 1,593 | 19,166 | (4,176 | ) | 1988 | 8-Oct | 3 - 39 yrs. | 128 | ||||||||||||||||||||||||||
Santa Clarita | CA | Residence Inn | 0 | 2,539 | 14,493 | 3,408 | 20,440 | (3,679 | ) | 1997 | 8-Oct | 3 - 39 yrs. | 90 | ||||||||||||||||||||||||||
Tulare | CA | Hampton Inn & Suites | 0 | 400 | 9,194 | 70 | 9,664 | (244 | ) | 2008 | 14-Mar | 3 - 39 yrs. | 86 | ||||||||||||||||||||||||||
Highlands Ranch | CO | Hilton Garden Inn | 0 | 5,480 | 20,465 | 32 | 25,977 | (568 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 128 | ||||||||||||||||||||||||||
Highlands Ranch | CO | Residence Inn | 10,327 | 5,350 | 19,167 | 58 | 24,575 | (568 | ) | 1996 | 14-Mar | 3 - 39 yrs. | 117 | ||||||||||||||||||||||||||
Ft. Lauderdale | FL | Hampton Inn | 0 | 2,235 | 17,590 | 1,361 | 21,186 | (3,838 | ) | 2001 | 8-Dec | 3 - 39 yrs. | 109 | ||||||||||||||||||||||||||
Jacksonville | FL | Homewood Suites | 15,619 | 9,480 | 21,247 | 1,524 | 32,251 | (705 | ) | 2005 | 14-Mar | 3 - 39 yrs. | 119 | ||||||||||||||||||||||||||
Lakeland | FL | Courtyard | 0 | 3,740 | 10,813 | 102 | 14,655 | (269 | ) | 2000 | 14-Mar | 3 - 39 yrs. | 78 | ||||||||||||||||||||||||||
Miami | FL | Courtyard | 0 | 0 | 31,488 | 54 | 31,542 | (764 | ) | 2008 | 14-Mar | 3 - 39 yrs. | 118 | ||||||||||||||||||||||||||
Miami | FL | Hampton Inn & Suites | 0 | 1,972 | 9,987 | 2,205 | 14,164 | (2,672 | ) | 2000 | 10-Apr | 3 - 39 yrs. | 121 | ||||||||||||||||||||||||||
Miami | FL | Homewood Suites | 16,337 | 18,820 | 25,375 | 2,654 | 46,849 | (850 | ) | 2000 | 14-Mar | 3 - 39 yrs. | 159 | ||||||||||||||||||||||||||
Orlando | FL | Fairfield Inn & Suites | 0 | 3,140 | 22,580 | 416 | 26,136 | (4,415 | ) | 2009 | 9-Jul | 3 - 39 yrs. | 200 | ||||||||||||||||||||||||||
Orlando | FL | SpringHill Suites | 0 | 3,141 | 25,779 | 166 | 29,086 | (5,047 | ) | 2009 | 9-Jul | 3 - 39 yrs. | 200 | ||||||||||||||||||||||||||
Panama City | FL | Hampton Inn & Suites | 0 | 1,605 | 9,995 | 179 | 11,779 | (2,140 | ) | 2009 | 9-Mar | 3 - 39 yrs. | 95 | ||||||||||||||||||||||||||
Panama City | FL | TownePlace Suites | 0 | 908 | 9,549 | 52 | 10,509 | (1,749 | ) | 2010 | 10-Jan | 3 - 39 yrs. | 103 | ||||||||||||||||||||||||||
Sanford | FL | SpringHill Suites | 0 | 1,050 | 12,830 | 286 | 14,166 | (476 | ) | 2000 | 14-Mar | 3 - 39 yrs. | 105 | ||||||||||||||||||||||||||
Sarasota | FL | Homewood Suites | 0 | 480 | 14,120 | 183 | 14,783 | (488 | ) | 2005 | 14-Mar | 3 - 39 yrs. | 100 | ||||||||||||||||||||||||||
Tallahassee | FL | Hilton Garden Inn | 0 | 0 | 10,938 | 63 | 11,001 | (330 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 85 | ||||||||||||||||||||||||||
Tampa | FL | Embassy Suites | 0 | 1,824 | 20,034 | 593 | 22,451 | (2,798 | ) | 2007 | 10-Nov | 3 - 39 yrs. | 147 | ||||||||||||||||||||||||||
Tampa | FL | TownePlace Suites | 0 | 1,430 | 9,015 | 157 | 10,602 | (347 | ) | 1999 | 14-Mar | 3 - 39 yrs. | 94 | ||||||||||||||||||||||||||
Albany | GA | Fairfield Inn & Suites | 0 | 899 | 7,263 | 38 | 8,200 | (1,379 | ) | 2010 | 10-Jan | 3 - 39 yrs. | 87 | ||||||||||||||||||||||||||
Columbus | GA | SpringHill Suites | 0 | 1,270 | 10,060 | 20 | 11,350 | (260 | ) | 2008 | 14-Mar | 3 - 39 yrs. | 89 | ||||||||||||||||||||||||||
Macon | GA | Hilton Garden Inn | 0 | 0 | 15,043 | 62 | 15,105 | (431 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 101 | ||||||||||||||||||||||||||
Savannah | GA | Hilton Garden Inn | 4,849 | 0 | 14,716 | 34 | 14,750 | (378 | ) | 2004 | 14-Mar | 3 - 39 yrs. | 105 | ||||||||||||||||||||||||||
Boise | ID | Hampton Inn & Suites | 0 | 1,335 | 21,114 | 1,692 | 24,141 | (3,442 | ) | 2007 | 10-Apr | 3 - 39 yrs. | 186 | ||||||||||||||||||||||||||
Boise | ID | SpringHill Suites | 0 | 2,120 | 24,112 | 1,662 | 27,894 | (618 | ) | 1992 | 14-Mar | 3 - 39 yrs. | 230 | ||||||||||||||||||||||||||
Mettawa | IL | Hilton Garden Inn | 0 | 2,246 | 28,328 | 333 | 30,907 | (3,708 | ) | 2008 | 10-Nov | 3 - 39 yrs. | 170 | ||||||||||||||||||||||||||
Mettawa | IL | Residence Inn | 0 | 1,722 | 21,843 | 118 | 23,683 | (2,826 | ) | 2008 | 10-Nov | 3 - 39 yrs. | 130 | ||||||||||||||||||||||||||
Schaumburg | IL | Hilton Garden Inn | 0 | 1,450 | 19,122 | 334 | 20,906 | (2,697 | ) | 2008 | 10-Nov | 3 - 39 yrs. | 166 | ||||||||||||||||||||||||||
Warrenville | IL | Hilton Garden Inn | 0 | 1,171 | 20,894 | 314 | 22,379 | (2,772 | ) | 2008 | 10-Nov | 3 - 39 yrs. | 135 | ||||||||||||||||||||||||||
Indianapolis | IN | SpringHill Suites | 0 | 1,310 | 11,542 | 190 | 13,042 | (1,577 | ) | 2007 | 10-Nov | 3 - 39 yrs. | 130 | ||||||||||||||||||||||||||
Mishawaka | IN | Residence Inn | 0 | 898 | 12,862 | 150 | 13,910 | (1,722 | ) | 2007 | 10-Nov | 3 - 39 yrs. | 106 | ||||||||||||||||||||||||||
Overland Park | KS | Fairfield Inn & Suites | 0 | 1,230 | 11,713 | 19 | 12,962 | (314 | ) | 2008 | 14-Mar | 3 - 39 yrs. | 110 | ||||||||||||||||||||||||||
Overland Park | KS | Residence Inn | 5,833 | 1,790 | 20,633 | 43 | 22,466 | (635 | ) | 2000 | 14-Mar | 3 - 39 yrs. | 120 | ||||||||||||||||||||||||||
Overland Park | KS | SpringHill Suites | 0 | 1,060 | 8,263 | 34 | 9,357 | (365 | ) | 1998 | 14-Mar | 3 - 39 yrs. | 102 | ||||||||||||||||||||||||||
Wichita | KS | Courtyard | 0 | 1,940 | 9,739 | 766 | 12,445 | (408 | ) | 2000 | 14-Mar | 3 - 39 yrs. | 90 | ||||||||||||||||||||||||||
Baton Rouge | LA | SpringHill Suites | 0 | 1,280 | 13,870 | (3,704 | ) | -3 | 11,446 | (2,693 | ) | 2009 | 9-Sep | 3 - 39 yrs. | 119 | ||||||||||||||||||||||||
Lafayette | LA | Hilton Garden Inn | 0 | 0 | 17,898 | 2,022 | 19,920 | (3,291 | ) | 2006 | 10-Jul | 3 - 39 yrs. | 153 | ||||||||||||||||||||||||||
Lafayette | LA | SpringHill Suites | 0 | 709 | 9,400 | 30 | 10,139 | (1,260 | ) | 2011 | 11-Jun | 3 - 39 yrs. | 103 | ||||||||||||||||||||||||||
New Orleans | LA | Homewood Suites | 26,806 | 4,150 | 52,258 | 3,111 | 59,519 | (1,401 | ) | 2002 | 14-Mar | 3 - 39 yrs. | 166 | ||||||||||||||||||||||||||
Andover | MA | SpringHill Suites | 0 | 702 | 5,799 | 1,986 | 8,487 | (1,521 | ) | 2001 | 10-Nov | 3 - 39 yrs. | 136 | ||||||||||||||||||||||||||
Marlborough | MA | Residence Inn | 0 | 3,480 | 17,341 | 834 | 21,655 | (476 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 112 | ||||||||||||||||||||||||||
Westford | MA | Hampton Inn & Suites | 0 | 3,410 | 16,320 | 622 | 20,352 | (402 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 110 | ||||||||||||||||||||||||||
Westford | MA | Residence Inn | 6,397 | 1,760 | 20,791 | 133 | 22,684 | (547 | ) | 2001 | 14-Mar | 3 - 39 yrs. | 108 | ||||||||||||||||||||||||||
Annapolis | MD | Hilton Garden Inn | 0 | 4,350 | 13,974 | 55 | 18,379 | (391 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 126 | ||||||||||||||||||||||||||
Silver Spring | MD | Hilton Garden Inn | 0 | 1,361 | 16,094 | 101 | 17,556 | (2,495 | ) | 2010 | 10-Jul | 3 - 39 yrs. | 107 | ||||||||||||||||||||||||||
Novi | MI | Hilton Garden Inn | 0 | 1,213 | 15,052 | 354 | 16,619 | (2,217 | ) | 2008 | 10-Nov | 3 - 39 yrs. | 148 | ||||||||||||||||||||||||||
Rochester | MN | Hampton Inn & Suites | 0 | 916 | 13,225 | 108 | 14,249 | (2,680 | ) | 2009 | 9-Aug | 3 - 39 yrs. | 124 | ||||||||||||||||||||||||||
Kansas City | MO | Hampton Inn | 5,961 | 727 | 9,363 | 196 | 10,286 | (1,631 | ) | 1999 | 10-Aug | 3 - 39 yrs. | 122 | ||||||||||||||||||||||||||
Kansas City | MO | Residence Inn | 10,420 | 2,000 | 20,818 | 70 | 22,888 | (550 | ) | 2002 | 14-Mar | 3 - 39 yrs. | 106 | ||||||||||||||||||||||||||
St. Louis | MO | Hampton Inn | 12,692 | 1,758 | 20,954 | 1,531 | 24,243 | (3,383 | ) | 2003 | 10-Aug | 3 - 39 yrs. | 190 | ||||||||||||||||||||||||||
St. Louis | MO | Hampton Inn & Suites | 0 | 758 | 15,287 | 1,323 | 17,368 | (2,482 | ) | 2006 | 10-Apr | 3 - 39 yrs. | 126 | ||||||||||||||||||||||||||
Hattiesburg | MS | Courtyard | 5,627 | 1,390 | 11,324 | 6 | 12,720 | (273 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 84 | ||||||||||||||||||||||||||
Hattiesburg | MS | Residence Inn | 0 | 906 | 9,151 | 70 | 10,127 | (2,144 | ) | 2008 | 8-Dec | 3 - 39 yrs. | 84 | ||||||||||||||||||||||||||
Tupelo | MS | Hampton Inn | 2,977 | 140 | 6,503 | (4,483 | ) | -3 | 2,160 | (156 | ) | 1994 | 14-Mar | 3 - 39 yrs. | 96 | ||||||||||||||||||||||||
Carolina Beach | NC | Courtyard | 11,806 | 7,490 | 31,588 | 180 | 39,258 | (790 | ) | 2003 | 14-Mar | 3 - 39 yrs. | 144 | ||||||||||||||||||||||||||
Charlotte | NC | Homewood Suites | 0 | 1,031 | 4,937 | 4,154 | 10,122 | (3,710 | ) | 1990 | 8-Sep | 3 - 39 yrs. | 112 | ||||||||||||||||||||||||||
Durham | NC | Homewood Suites | 0 | 1,232 | 18,343 | 3,413 | 22,988 | (4,475 | ) | 1999 | 8-Dec | 3 - 39 yrs. | 122 | ||||||||||||||||||||||||||
Fayetteville | NC | Home2 Suites | 0 | 746 | 10,563 | 18 | 11,327 | (1,654 | ) | 2011 | 11-Feb | 3 - 39 yrs. | 118 | ||||||||||||||||||||||||||
Fayetteville | NC | Residence Inn | 6,410 | 3,530 | 19,799 | 50 | 23,379 | (601 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 92 | ||||||||||||||||||||||||||
Greensboro | NC | SpringHill Suites | 0 | 1,850 | 10,157 | 160 | 12,167 | (317 | ) | 2004 | 14-Mar | 3 - 39 yrs. | 82 | ||||||||||||||||||||||||||
Holly Springs | NC | Hampton Inn & Suites | 0 | 1,620 | 13,260 | 36 | 14,916 | (2,079 | ) | 2010 | 10-Nov | 3 - 39 yrs. | 124 | ||||||||||||||||||||||||||
Wilmington | NC | Fairfield Inn & Suites | 0 | 1,310 | 13,034 | 26 | 14,370 | (347 | ) | 2008 | 14-Mar | 3 - 39 yrs. | 122 | ||||||||||||||||||||||||||
Winston-Salem | NC | Courtyard | 7,352 | 3,860 | 11,585 | 92 | 15,537 | (412 | ) | 1998 | 14-Mar | 3 - 39 yrs. | 122 | ||||||||||||||||||||||||||
Omaha | NE | Courtyard | 0 | 6,700 | 36,829 | 106 | 43,635 | (923 | ) | 1999 | 14-Mar | 3 - 39 yrs. | 181 | ||||||||||||||||||||||||||
Cranford | NJ | Homewood Suites | 0 | 4,550 | 23,828 | 1,388 | 29,766 | (586 | ) | 2000 | 14-Mar | 3 - 39 yrs. | 108 | ||||||||||||||||||||||||||
Mahwah | NJ | Homewood Suites | 0 | 3,220 | 22,742 | 90 | 26,052 | (544 | ) | 2001 | 14-Mar | 3 - 39 yrs. | 110 | ||||||||||||||||||||||||||
Mount Laurel | NJ | Homewood Suites | 0 | 1,589 | 13,476 | 1,750 | 16,815 | (2,125 | ) | 2006 | 11-Jan | 3 - 39 yrs. | 118 | ||||||||||||||||||||||||||
Somerset | NJ | Courtyard | 8,584 | 0 | 27,133 | 142 | 27,275 | (983 | ) | 2002 | 14-Mar | 3 - 39 yrs. | 162 | ||||||||||||||||||||||||||
West Orange | NJ | Courtyard | 0 | 2,054 | 19,513 | 1,663 | 23,230 | (2,807 | ) | 2005 | 11-Jan | 3 - 39 yrs. | 131 | ||||||||||||||||||||||||||
Islip/Ronkonkoma | NY | Hilton Garden Inn | 0 | 6,510 | 28,718 | 80 | 35,308 | (781 | ) | 2003 | 14-Mar | 3 - 39 yrs. | 164 | ||||||||||||||||||||||||||
New York | NY | Renaissance | 0 | 0 | 102,832 | 329 | 103,161 | (3,039 | ) | 1916 | 14-Mar | 3 - 39 yrs. | 204 | ||||||||||||||||||||||||||
Twinsburg | OH | Hilton Garden Inn | 0 | 1,419 | 16,614 | 1,871 | 19,904 | (4,272 | ) | 1999 | 8-Oct | 3 - 39 yrs. | 142 | ||||||||||||||||||||||||||
Oklahoma City | OK | Hampton Inn & Suites | 0 | 1,430 | 31,327 | 141 | 32,898 | (4,778 | ) | 2009 | 10-May | 3 - 39 yrs. | 200 | ||||||||||||||||||||||||||
Collegeville/Philadelphia | PA | Courtyard | 12,055 | 2,115 | 17,953 | 1,762 | 21,830 | (2,869 | ) | 2005 | 10-Nov | 3 - 39 yrs. | 132 | ||||||||||||||||||||||||||
Malvern/Philadelphia | PA | Courtyard | 7,132 | 996 | 20,374 | 1,479 | 22,849 | (2,759 | ) | 2007 | 10-Nov | 3 - 39 yrs. | 127 | ||||||||||||||||||||||||||
Pittsburgh | PA | Hampton Inn | 0 | 2,503 | 18,537 | 1,296 | 22,336 | (3,960 | ) | 1991 | 8-Dec | 3 - 39 yrs. | 132 | ||||||||||||||||||||||||||
Columbia | SC | Hilton Garden Inn | 0 | 3,540 | 16,399 | 190 | 20,129 | (553 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 143 | ||||||||||||||||||||||||||
Greenville | SC | Residence Inn | 5,922 | 900 | 9,778 | 53 | 10,731 | (326 | ) | 1998 | 14-Mar | 3 - 39 yrs. | 78 | ||||||||||||||||||||||||||
Hilton Head | SC | Hilton Garden Inn | 5,410 | 3,600 | 11,386 | 106 | 15,092 | (318 | ) | 2001 | 14-Mar | 3 - 39 yrs. | 104 | ||||||||||||||||||||||||||
Chattanooga | TN | Homewood Suites | 0 | 1,410 | 9,361 | 95 | 10,866 | (260 | ) | 1997 | 14-Mar | 3 - 39 yrs. | 76 | ||||||||||||||||||||||||||
Jackson | TN | Hampton Inn & Suites | 0 | 692 | 12,281 | 315 | 13,288 | (2,520 | ) | 2007 | 8-Dec | 3 - 39 yrs. | 83 | ||||||||||||||||||||||||||
Johnson City | TN | Courtyard | 0 | 1,105 | 8,632 | 63 | 9,800 | (1,784 | ) | 2009 | 9-Sep | 3 - 39 yrs. | 90 | ||||||||||||||||||||||||||
Memphis | TN | Homewood Suites | 0 | 1,930 | 13,028 | 2,282 | 17,240 | (434 | ) | 1989 | 14-Mar | 3 - 39 yrs. | 140 | ||||||||||||||||||||||||||
Nashville | TN | Hilton Garden Inn | 0 | 2,754 | 39,997 | 129 | 42,880 | (5,549 | ) | 2009 | 10-Sep | 3 - 39 yrs. | 194 | ||||||||||||||||||||||||||
Nashville | TN | Home2 Suites | 0 | 1,153 | 15,206 | 10 | 16,369 | (1,488 | ) | 2012 | 12-May | 3 - 39 yrs. | 119 | ||||||||||||||||||||||||||
Addison | TX | SpringHill Suites | 0 | 1,210 | 19,700 | 85 | 20,995 | (626 | ) | 2003 | 14-Mar | 3 - 39 yrs. | 159 | ||||||||||||||||||||||||||
Allen | TX | Hampton Inn & Suites | 0 | 1,442 | 11,456 | 1,404 | 14,302 | (3,164 | ) | 2006 | 8-Sep | 3 - 39 yrs. | 103 | ||||||||||||||||||||||||||
Allen | TX | Hilton Garden Inn | 9,559 | 2,130 | 16,731 | 2,996 | 21,857 | (5,271 | ) | 2002 | 8-Oct | 3 - 39 yrs. | 150 | ||||||||||||||||||||||||||
Arlington | TX | Hampton Inn & Suites | 0 | 1,217 | 8,738 | 415 | 10,370 | (1,340 | ) | 2007 | 10-Dec | 3 - 39 yrs. | 98 | ||||||||||||||||||||||||||
Austin | TX | Courtyard | 0 | 1,579 | 18,487 | 96 | 20,162 | (2,579 | ) | 2009 | 10-Nov | 3 - 39 yrs. | 145 | ||||||||||||||||||||||||||
Austin | TX | Fairfield Inn & Suites | 0 | 1,306 | 16,504 | 81 | 17,891 | (2,316 | ) | 2009 | 10-Nov | 3 - 39 yrs. | 150 | ||||||||||||||||||||||||||
Austin | TX | Hampton Inn | 6,478 | 1,459 | 17,184 | 1,869 | 20,512 | (3,948 | ) | 1996 | 9-Apr | 3 - 39 yrs. | 124 | ||||||||||||||||||||||||||
Austin | TX | Hilton Garden Inn | 0 | 1,614 | 14,451 | 289 | 16,354 | (2,018 | ) | 2008 | 10-Nov | 3 - 39 yrs. | 117 | ||||||||||||||||||||||||||
Austin | TX | Homewood Suites | 6,486 | 1,898 | 16,462 | 2,223 | 20,583 | (4,059 | ) | 1997 | 9-Apr | 3 - 39 yrs. | 97 | ||||||||||||||||||||||||||
Beaumont | TX | Residence Inn | 0 | 1,177 | 16,180 | 124 | 17,481 | (3,745 | ) | 2008 | 8-Oct | 3 - 39 yrs. | 133 | ||||||||||||||||||||||||||
Burleson/Fort Worth | TX | Hampton Inn & Suites | 0 | 557 | 6,601 | 10 | 7,168 | (50 | ) | 2008 | 14-Oct | 3 - 39 yrs. | 88 | ||||||||||||||||||||||||||
Dallas | TX | Hilton | 18,913 | 2,221 | 40,350 | 6,911 | 49,482 | (6,871 | ) | 2001 | 11-May | 3 - 39 yrs. | 224 | ||||||||||||||||||||||||||
Duncanville | TX | Hilton Garden Inn | 12,661 | 2,378 | 15,935 | 2,363 | 20,676 | (4,716 | ) | 2005 | 8-Oct | 3 - 39 yrs. | 142 | ||||||||||||||||||||||||||
El Paso | TX | Hilton Garden Inn | 0 | 1,244 | 18,300 | 85 | 19,629 | (2,088 | ) | 2011 | 11-Dec | 3 - 39 yrs. | 145 | ||||||||||||||||||||||||||
El Paso | TX | Homewood Suites | 0 | 2,800 | 16,657 | 15 | 19,472 | (430 | ) | 2008 | 14-Mar | 3 - 39 yrs. | 114 | ||||||||||||||||||||||||||
Fort Worth | TX | TownePlace Suites | 0 | 2,104 | 16,311 | 62 | 18,477 | (2,495 | ) | 2010 | 10-Jul | 3 - 39 yrs. | 140 | ||||||||||||||||||||||||||
Frisco | TX | Hilton Garden Inn | 0 | 2,507 | 12,981 | 133 | 15,621 | (2,891 | ) | 2008 | 8-Dec | 3 - 39 yrs. | 102 | ||||||||||||||||||||||||||
Grapevine | TX | Hilton Garden Inn | 11,254 | 1,522 | 15,543 | 130 | 17,195 | (2,369 | ) | 2009 | 10-Sep | 3 - 39 yrs. | 110 | ||||||||||||||||||||||||||
Houston | TX | Marriott | 0 | 4,143 | 46,623 | 181 | 50,947 | (8,016 | ) | 2010 | 10-Jan | 3 - 39 yrs. | 206 | ||||||||||||||||||||||||||
Houston | TX | Residence Inn | 9,745 | 12,070 | 19,769 | 115 | 31,954 | (687 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 129 | ||||||||||||||||||||||||||
Irving | TX | Homewood Suites | 5,437 | 705 | 9,610 | 1,251 | 11,566 | (1,614 | ) | 2006 | 10-Dec | 3 - 39 yrs. | 77 | ||||||||||||||||||||||||||
Lewisville | TX | Hilton Garden Inn | 0 | 3,361 | 23,919 | 1,789 | 29,069 | (6,082 | ) | 2007 | 8-Oct | 3 - 39 yrs. | 165 | ||||||||||||||||||||||||||
Round Rock | TX | Hampton Inn | 3,583 | 865 | 10,999 | 1,419 | 13,283 | (2,666 | ) | 2001 | 9-Mar | 3 - 39 yrs. | 94 | ||||||||||||||||||||||||||
San Antonio | TX | TownePlace Suites | 0 | 2,220 | 9,610 | 46 | 11,876 | (275 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 106 | ||||||||||||||||||||||||||
Stafford | TX | Homewood Suites | 0 | 1,880 | 10,969 | 94 | 12,943 | (416 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 78 | ||||||||||||||||||||||||||
Texarkana | TX | Courtyard | 0 | 590 | 7,208 | 53 | 7,851 | (231 | ) | 2003 | 14-Mar | 3 - 39 yrs. | 90 | ||||||||||||||||||||||||||
Texarkana | TX | Hampton Inn & Suites | 4,665 | 636 | 8,723 | 962 | 10,321 | (1,408 | ) | 2004 | 11-Jan | 3 - 39 yrs. | 81 | ||||||||||||||||||||||||||
Texarkana | TX | TownePlace Suites | 0 | 430 | 6,571 | (2,673 | ) | -3 | 4,328 | (185 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 85 | ||||||||||||||||||||||||
Provo | UT | Residence Inn | 0 | 1,150 | 18,277 | 59 | 19,486 | (463 | ) | 1996 | 14-Mar | 3 - 39 yrs. | 114 | ||||||||||||||||||||||||||
Salt Lake City | UT | SpringHill Suites | 0 | 1,092 | 16,465 | 74 | 17,631 | (2,290 | ) | 2009 | 10-Nov | 3 - 39 yrs. | 143 | ||||||||||||||||||||||||||
Alexandria | VA | Courtyard | 0 | 6,860 | 19,681 | 253 | 26,794 | (542 | ) | 1987 | 14-Mar | 3 - 39 yrs. | 178 | ||||||||||||||||||||||||||
Alexandria | VA | SpringHill Suites | 0 | 5,968 | 0 | 18,958 | 24,926 | (2,926 | ) | 2011 | 9-Mar | 3 - 39 yrs. | 155 | ||||||||||||||||||||||||||
Bristol | VA | Courtyard | 8,922 | 1,723 | 19,162 | 1,745 | 22,630 | (4,716 | ) | 2004 | 8-Nov | 3 - 39 yrs. | 175 | ||||||||||||||||||||||||||
Charlottesville | VA | Courtyard | 14,640 | 21,130 | 27,737 | 173 | 49,040 | (794 | ) | 2000 | 14-Mar | 3 - 39 yrs. | 139 | ||||||||||||||||||||||||||
Chesapeake | VA | Marriott | 0 | 3,040 | 14,097 | 24 | 17,161 | (631 | ) | 2008 | 14-Mar | 3 - 39 yrs. | 226 | ||||||||||||||||||||||||||
Harrisonburg | VA | Courtyard | 0 | 2,480 | 12,757 | 68 | 15,305 | (380 | ) | 1999 | 14-Mar | 3 - 39 yrs. | 125 | ||||||||||||||||||||||||||
Manassas | VA | Residence Inn | 0 | 1,395 | 14,962 | 1,500 | 17,857 | (1,960 | ) | 2006 | 11-Feb | 3 - 39 yrs. | 107 | ||||||||||||||||||||||||||
Richmond | VA | Courtyard | 0 | 2,003 | 0 | 22,442 | 24,445 | (71 | ) | 2014 | 12-Jul | 3 - 39 yrs. | 135 | ||||||||||||||||||||||||||
Richmond | VA | Marriott | 0 | 0 | 83,698 | 4,436 | 88,134 | (2,437 | ) | 1984 | 14-Mar | 3 - 39 yrs. | 410 | ||||||||||||||||||||||||||
Richmond | VA | Residence Inn | 0 | 1,113 | 0 | 12,466 | 13,579 | (40 | ) | 2014 | 12-Jul | 3 - 39 yrs. | 75 | ||||||||||||||||||||||||||
Suffolk | VA | Courtyard | 0 | 940 | 5,186 | 18 | 6,144 | (160 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 92 | ||||||||||||||||||||||||||
Suffolk | VA | TownePlace Suites | 0 | 710 | 5,241 | 3 | 5,954 | (162 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 72 | ||||||||||||||||||||||||||
Virginia Beach | VA | Courtyard | 13,695 | 10,580 | 29,140 | 266 | 39,986 | (764 | ) | 1999 | 14-Mar | 3 - 39 yrs. | 141 | ||||||||||||||||||||||||||
Virginia Beach | VA | Courtyard | 16,529 | 12,000 | 40,556 | 286 | 52,842 | (983 | ) | 2002 | 14-Mar | 3 - 39 yrs. | 160 | ||||||||||||||||||||||||||
Kirkland | WA | Courtyard | 11,921 | 18,950 | 25,028 | 69 | 44,047 | (796 | ) | 2006 | 14-Mar | 3 - 39 yrs. | 150 | ||||||||||||||||||||||||||
Seattle | WA | Residence Inn | 27,744 | 0 | 92,786 | 601 | 93,387 | (2,663 | ) | 1991 | 14-Mar | 3 - 39 yrs. | 234 | ||||||||||||||||||||||||||
Tukwila | WA | Homewood Suites | 9,251 | 8,130 | 16,659 | 41 | 24,830 | (494 | ) | 1992 | 14-Mar | 3 - 39 yrs. | 106 | ||||||||||||||||||||||||||
Vancouver | WA | SpringHill Suites | 0 | 3,010 | 16,162 | 26 | 19,198 | (433 | ) | 2007 | 14-Mar | 3 - 39 yrs. | 119 | ||||||||||||||||||||||||||
Richmond | VA | Corporate Office | 0 | 682 | 3,723 | 140 | 4,545 | (435 | ) | 1893 | 13-May | 3 - 39 yrs. | N/A | ||||||||||||||||||||||||||
$ | 506,632 | $ | 520,406 | $ | 3,115,007 | $ | 153,967 | $ | 3,789,380 | $ | (296,559 | ) | 21,917 | ||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Real estate owned: | |||||||||||||||||||||||||||||||||||||||
Balance as of January 1 | $ | 1,644,252 | $ | 1,609,821 | $ | 1,573,901 | |||||||||||||||||||||||||||||||||
Acquisitions | 2,293,925 | 7,225 | 19,461 | ||||||||||||||||||||||||||||||||||||
Impairment of Depreciable Assets | (10,988 | ) | 0 | 0 | |||||||||||||||||||||||||||||||||||
Assets Held for Sale (4) | (212,129 | ) | 0 | 0 | |||||||||||||||||||||||||||||||||||
Improvements and Development Costs | 74,320 | 27,206 | 16,459 | ||||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | 3,789,380 | $ | 1,644,252 | $ | 1,609,821 | |||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
Accumulated depreciation: | |||||||||||||||||||||||||||||||||||||||
Balance as of January 1 | $ | (200,754 | ) | $ | (145,927 | ) | $ | (93,179 | ) | ||||||||||||||||||||||||||||||
Depreciation expense | (112,346 | ) | (54,827 | ) | (52,748 | ) | |||||||||||||||||||||||||||||||||
Assets Held for Sale (4) | 16,541 | 0 | 0 | ||||||||||||||||||||||||||||||||||||
Balance at December 31 | $ | (296,559 | ) | $ | (200,754 | ) | $ | (145,927 | ) | ||||||||||||||||||||||||||||||
(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 federal income tax purposes is approximately $3.6 billion at December 31, 2014 (unaudited). | |||||||||||||||||||||||||||||||||||||||
(3) Amount includes a reduction in cost due to recognition of an impairment loss. | |||||||||||||||||||||||||||||||||||||||
(4) The Company has 19 properties classified as held for sale as of December 31, 2014, and therefore are not included in this schedule. | |||||||||||||||||||||||||||||||||||||||
Accounting_Policies_by_Policy_
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization |
Apple Hospitality REIT, Inc., a Virginia corporation and formerly known as Apple REIT Nine, Inc., 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. Initial capitalization occurred on November 9, 2007 and operations began on July 31, 2008 when the Company acquired its first hotel. The Company concluded its best-efforts offering in December 2010. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. As of December 31, 2014, the Company owned 191 hotels located in 33 states with an aggregate of 23,790 rooms, including 19 hotels with an aggregate of 1,873 rooms classified as held for sale, 18 of which were sold to a third party in February 2015. 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 listed in the Index at Item 15(2) has not been audited. | |
The Company has elected to be treated as a REIT for federal income tax purposes. The REIT Modernization Act, effective January 1, 2001, permits real estate investment trusts to establish taxable businesses to conduct certain previously disallowed business activities. The Company has a wholly-owned taxable REIT subsidiary (or subsidiaries thereof) (collectively, the “Lessee”), which leases all of the Company’s hotels. | |
Cash and Cash Equivalents, Policy [Policy Text Block] | 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. | |
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] | 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. | |
Property, Plant and Equipment, Policy [Policy Text Block] | Investment in Real Estate and Related Depreciation |
Real estate is stated at cost, net of depreciation. Repair and maintenance costs are expensed as incurred while significant improvements, renovations, and replacements are capitalized. Depreciation is computed using the straight-line method over average estimated useful lives of the assets, which are generally 39 years for buildings, 10 to 21 years for franchise fees, ten 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 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. 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. The Company expenses as incurred all transaction costs associated with the acquisitions of existing businesses, including title, legal, accounting, brokerage commissions and other related costs. | |
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 analysis compares each property’s net book value to each property’s estimated operating income using current operating results for each stabilized property and projected stabilized operating results based on the property’s market for properties that recently opened, were recently renovated or experienced other short-term business disruption. 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 not identified any impairment losses, and no impairment losses have been recorded to date, other than the loss on impairment of three properties totaling approximately $11.0 million recorded in 2014 as discussed in Note 3. The assumptions used in estimating the undiscounted cash flows and the fair values of the properties, as applicable, are subjective, and could change based on future operating performance and market conditions, which could result in future impairment charges for the properties. | |
Assets Held for Sale [Policy Text Block] | 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 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 on 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. See Recent Accounting Standards below. As discussed in Note 4, as of December 31, 2014, the Company had 19 hotels classified as held for sale. | |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
Hotel revenue is recognized as earned, which is generally defined as the date upon which a guest occupies a room or utilizes the hotel’s services. | |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income |
Comprehensive income includes net income and other comprehensive income (loss), which for 2014 is comprised of an unrealized loss resulting from a hedging activity. The Company recorded no comprehensive income other than net income during 2013 and 2012. | |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Common Share |
Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the year. Diluted earnings per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the year. There were no potential common shares with a dilutive effect for the years | |
ended December 31, 2014, 2013 and 2012. As a result, basic and dilutive earnings per common share were the same. As discussed in Note 2, as a result of becoming self-advised, the Series B convertible preferred shares converted to common shares effective March 1, 2014, resulting in approximately 11.6 million additional common shares outstanding. | |
Income Tax, Policy [Policy Text Block] | 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. Earnings and profits, which will determine the taxability of distributions to shareholders, will differ from income reported for financial reporting purposes primarily due to the differences for federal income tax purposes in the carrying value (basis) of the investment in properties and estimated useful lives used to compute depreciation, straight-line rent, the Series B convertible preferred share expense, transaction costs, loss on impairment of depreciable real estate assets, the gain on sale included in income from discontinued operations, and deferred interest earned on note receivable. Total distributions in 2014 of $0.70 per share for tax purposes were 62% ordinary income and 38% return of capital. The characterization of 2013 distributions of $0.83 per share for tax purposes was 59% ordinary income and 41% return of capital. The characterization of 2012 distributions of $1.60 per share for tax purposes was 28% ordinary income, 16% long-term capital gain and 56% return of capital. | |
The Lessee, as a taxable REIT subsidiary of the Company, is subject to federal and state income taxes. Due to historical cumulative operating losses, the taxable REIT subsidiary did not incur federal income tax for the three years ended December 31, 2014 and recorded a valuation allowance against the entire deferred asset for all periods presented. The total net operating loss carry forward for federal income tax purposes was approximately $101 million as of December 31, 2014, approximately $23 million as of December 31, 2013 and approximately $22 million at December 31, 2012. The net operating loss carry forward as of December 31, 2014 includes approximately $78 million of carry forwards that were assumed as part of the Company’s mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc., which may be used to offset the Company’s taxable income to a limited extent during future years. The net operating losses expire beginning in 2025. There are no material differences between the book and tax cost basis of the Company’s assets and liabilities, except for the carrying value (basis) of the investment in properties. The Company’s income tax expense as shown in the consolidated statements of operations primarily includes franchise and income taxes at the state jurisdiction level, which do not have any associated material deferred taxes. | |
As of December 31, 2014 the tax years that remain subject to examination by major tax jurisdictions generally include 2011-2014. | |
Advertising Cost, Policy, Expensed Advertising Cost [Policy Text Block] | 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, Policy [Policy Text Block] | Use of Estimates |
The preparation of the financial statements in conformity with United States generally accepted accounting principles 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. | |
Reclassification, Policy [Policy Text Block] | Reclassifications |
Certain prior year amounts in the consolidated financial statements have been reclassified to conform to the current year presentation with no effect on previously reported net income, shareholders’ equity or cash flows. | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606), which affects virtually all aspects of an entity’s revenue recognition. The core principle of the new standard is that revenue should be recognized to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those years. Early adoption is not permitted. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. | |
In April 2014, the FASB issued ASU No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, which changes the requirements for reporting discontinued operations. Under this standard, only disposals representing a strategic shift that have, or will have, a major effect on operations and financial results should be presented as discontinued operations. As a result, the operations of sold properties will be included in continuing operations through the date of their disposal, unless the sale represents a strategic shift. The standard applies to all disposals (or classifications as held for sale) of components of an entity that occur within annual periods beginning on or after December 15, 2014, and interim periods within those years. Early adoption is permitted. The Company adopted the new standard effective January 1, 2014. Under this standard, the Company anticipates that the majority of hotel sales will not be classified as discontinued operations. |
Mergers_with_Apple_REIT_Seven_1
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Disclosure Text Block Supplement [Abstract] | |||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | The following table summarizes the Company’s purchase price allocation for the A7 and A8 mergers, which represents its best estimate of the fair values of the assets acquired and liabilities assumed on March 1, 2014, the effective date of the mergers (in thousands): | ||||||||
Purchase Price Allocation | |||||||||
Assets: | |||||||||
Land | $ | 395,250 | |||||||
Building and improvements | 1,776,208 | ||||||||
Furniture, fixtures and equipment | 112,013 | ||||||||
Franchise fees | 3,296 | ||||||||
Investment in real estate | 2,286,767 | ||||||||
Cash and cash equivalents, restricted cash, due from third party managers and other assets | 75,951 | ||||||||
Total assets | 2,362,718 | ||||||||
Liabilities: | |||||||||
Credit facilities | 129,490 | ||||||||
Mortgage debt | 393,209 | ||||||||
Accounts payable and other liabilities | 25,406 | ||||||||
Total liabilities | 548,105 | ||||||||
Fair value estimate of net assets acquired | $ | 1,814,613 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The following unaudited pro forma information for the years ended December 31, 2014 and 2013, is presented as if the A7 and A8 mergers, effective March 1, 2014, had occurred on January 1, 2013, and is based on assumptions and estimates considered appropriate by the Company. The pro forma information is provided for illustrative purposes only and does not necessarily reflect what the operating results would have been had the mergers been completed on January 1, 2013, nor is it necessarily indicative of future operating results. The pro forma information does not give effect to any cost synergies or other operating efficiencies that could result from the mergers. Amounts are in thousands except per share data. | ||||||||
(unaudited) | |||||||||
Year Ended December 31, | |||||||||
2014 | 2013 | ||||||||
Total revenue | $ | 864,744 | $ | 808,274 | |||||
Income from continuing operations | $ | 128,588 | $ | 136,454 | |||||
Income from discontinued operations | 0 | 33,306 | |||||||
Net income | $ | 128,588 | $ | 169,760 | |||||
Basic and diluted net income per common share | |||||||||
From continuing operations | $ | 0.34 | $ | 0.36 | |||||
From discontinued operations | 0 | 0.09 | |||||||
Total basic and diluted net income per common share | $ | 0.34 | $ | 0.45 | |||||
Weighted average common shares outstanding - basic and diluted | 373,821 | 373,653 |
Investment_in_Real_Estate_Tabl
Investment in Real Estate (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Real Estate [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | The Company’s investment in real estate consisted of the following (in thousands): | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Land | $ | 520,406 | $ | 143,946 | |||||
Building and Improvements | 3,010,314 | 1,360,634 | |||||||
Furniture, Fixtures and Equipment | 251,170 | 126,218 | |||||||
Franchise Fees | 7,490 | 4,572 | |||||||
Construction in Progress | 0 | 8,882 | |||||||
3,789,380 | 1,644,252 | ||||||||
Less Accumulated Depreciation | (296,559 | ) | (200,754 | ) | |||||
Investment in Real Estate, net | $ | 3,492,821 | $ | 1,443,498 | |||||
Schedule of Real Estate Properties [Table Text Block] | As of December 31, 2014, the Company owned 191 hotels with an aggregate of 23,790 rooms, located in 33 states, including 19 hotels with an aggregate of 1,873 rooms classified as held for sale, 18 of which were sold in February 2015. The table below shows the number of hotels and rooms by brand: | ||||||||
Number of Hotels and Guest Rooms by Brand | |||||||||
Number of | Number of | ||||||||
Brand | Hotels | Rooms | |||||||
Courtyard | 35 | 4,526 | |||||||
Hampton Inn | 33 | 3,818 | |||||||
Hilton Garden Inn | 31 | 4,118 | |||||||
Residence Inn | 26 | 2,939 | |||||||
Homewood Suites | 24 | 2,645 | |||||||
SpringHill Suites | 14 | 1,872 | |||||||
TownePlace Suites | 11 | 1,105 | |||||||
Fairfield Inn | 8 | 944 | |||||||
Marriott | 3 | 842 | |||||||
Embassy Suites | 2 | 316 | |||||||
Home2 Suites | 2 | 237 | |||||||
Hilton | 1 | 224 | |||||||
Renaissance | 1 | 204 | |||||||
Total | 191 | 23,790 |
Assets_Held_For_Sale_Tables
Assets Held For Sale (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Disclosure Of Long Lived Assets Held For Sale 1 [Abstract] | |||||||||||
Schedule of Hotels Held for Sale [Table Text Block] | The following table lists the 19 hotels classified as held for sale as of December 31, 2014: | ||||||||||
City | State | Brand | Date Acquired | Rooms | |||||||
Huntsville | AL | TownePlace Suites | 3/1/14 | 86 | |||||||
Troy | AL | Courtyard | 6/18/09 | 90 | |||||||
Troy | AL | Hampton Inn | 3/1/14 | 82 | |||||||
Rogers | AR | Fairfield Inn & Suites | 3/1/14 | 99 | |||||||
Pueblo | CO | Hampton Inn & Suites | 10/31/08 | 81 | |||||||
Columbus | GA | TownePlace Suites | 3/1/14 | 86 | * | ||||||
Port Wentworth | GA | Hampton Inn | 3/1/14 | 106 | |||||||
Bowling Green | KY | Hampton Inn | 3/1/14 | 130 | |||||||
Alexandria | LA | Courtyard | 9/15/10 | 96 | |||||||
West Monroe | LA | Hilton Garden Inn | 7/30/10 | 134 | |||||||
Concord | NC | Hampton Inn | 3/1/14 | 101 | |||||||
Dunn | NC | Hampton Inn | 3/1/14 | 120 | |||||||
Jacksonville | NC | TownePlace Suites | 2/16/10 | 86 | |||||||
Matthews | NC | Hampton Inn | 3/1/14 | 91 | |||||||
Cincinnati | OH | Homewood Suites | 3/1/14 | 76 | |||||||
Tulsa | OK | Hampton Inn & Suites | 3/1/14 | 102 | |||||||
Jackson | TN | Courtyard | 12/16/08 | 94 | |||||||
Brownsville | TX | Courtyard | 3/1/14 | 90 | |||||||
San Antonio | TX | TownePlace Suites | 3/1/14 | 123 | |||||||
Total | 1,873 | ||||||||||
* As contemplated in the purchase and sale agreement, the buyer exercised its right to exclude this hotel from the sales transaction. | |||||||||||
Disclosure of Long Lived Assets Held-for-sale [Table Text Block] | Assets held for sale at December 31, 2014 consisted of the following (in thousands): | ||||||||||
Land | $ | 19,346 | |||||||||
Building and Improvements | 176,963 | ||||||||||
Furniture, Fixtures and Equipment | 15,156 | ||||||||||
Franchise Fees | 664 | ||||||||||
212,129 | |||||||||||
Less Accumulated Depreciation | (16,541 | ) | |||||||||
Assets Held for Sale | $ | 195,588 |
Credit_Facilities_and_Mortgage1
Credit Facilities and Mortgage Debt (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Debt [Table Text Block] | As of December 31, 2014, the Company had approximately $513.3 million in outstanding property level debt secured by 47 properties, with maturity dates ranging from April 2015 to October 2032, stated interest rates ranging from 0% to 6.90% and effective interest rates ranging from 3.66% to 6.52%. The loans generally provide for monthly payments of principal and interest on an amortized basis. The loans are generally subject to 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 as of December 31, 2014 and December 31, 2013 for each of the Company’s debt obligations. All dollar amounts are in thousands. | ||||||||||||||||||||||||
Outstanding balance | Outstanding balance | ||||||||||||||||||||||||
Loan Assumption or | Principal Assumed | as of December 31, | as of December 31, | ||||||||||||||||||||||
Location | Brand | Interest Rate (1) | Origination Date | Maturity Date | or Originated | 2013 | 2014 | ||||||||||||||||||
Richmond, VA | Marriott | 6.95 | % | 3/1/14 | (2) | $ | 21,524 | $ | 0 | $ | 0 | ||||||||||||||
Suffolk, VA | TownePlace Suites | 6.03 | % | 3/1/14 | (3) | 6,138 | 0 | 0 | |||||||||||||||||
Suffolk, VA | Courtyard | 6.03 | % | 3/1/14 | -3 | 8,002 | 0 | 0 | |||||||||||||||||
New Orleans, LA | Homewood Suites | 5.85 | % | 3/1/14 | -4 | 14,331 | 0 | 0 | |||||||||||||||||
Overland Park, KS | Residence Inn | 5.74 | % | 3/1/14 | 4/1/15 | 6,018 | 5,833 | 0 | |||||||||||||||||
Dallas, TX | Hilton | 6.63 | % | 5/17/11 | 6/6/15 | 20,988 | 18,913 | 19,545 | |||||||||||||||||
Rogers, AR | Hampton Inn | 5.2 | % | 8/31/10 | 9/1/15 | 8,337 | 7,593 | 7,781 | |||||||||||||||||
St. Louis, MO | Hampton Inn | 5.3 | % | 8/31/10 | 9/1/15 | 13,915 | 12,692 | 13,001 | |||||||||||||||||
Kansas City, MO | Hampton Inn | 5.45 | % | 8/31/10 | 10/1/15 | 6,517 | 5,961 | 6,102 | |||||||||||||||||
Westford, MA | Residence Inn | 5.3 | % | -5 | 3/1/14 | 10/1/15 | 6,530 | 6,397 | 0 | ||||||||||||||||
Allen, TX | Hilton Garden Inn | 5.37 | % | 10/31/08 | 10/11/15 | 10,787 | 9,559 | 9,787 | |||||||||||||||||
Kansas City, MO | Residence Inn | 5.74 | % | 3/1/14 | 11/1/15 | 10,602 | 10,420 | 0 | |||||||||||||||||
Fayetteville, NC | Residence Inn | 5.14 | % | 3/1/14 | 12/1/15 | 6,545 | 6,410 | 0 | |||||||||||||||||
Austin, TX | Homewood Suites | 5.99 | % | 4/14/09 | 3/1/16 | 7,556 | 6,486 | 6,702 | |||||||||||||||||
Austin, TX | Hampton Inn | 5.95 | % | 4/14/09 | 3/1/16 | 7,553 | 6,478 | 6,696 | |||||||||||||||||
Tupelo, MS | Hampton Inn | 5.9 | % | 3/1/14 | 3/1/16 | 3,124 | 2,977 | 0 | |||||||||||||||||
Houston, TX | Residence Inn | 5.71 | % | 3/1/14 | 3/1/16 | 9,930 | 9,745 | 0 | |||||||||||||||||
Hilton Head, SC | Hilton Garden Inn | 6.29 | % | 3/1/14 | 4/11/16 | 5,557 | 5,410 | 0 | |||||||||||||||||
Round Rock, TX | Hampton Inn | 5.95 | % | 3/6/09 | 5/1/16 | 4,175 | 3,583 | 3,701 | |||||||||||||||||
Highlands Ranch, CO | Residence Inn | 5.94 | % | 3/1/14 | 6/1/16 | 10,494 | 10,327 | 0 | |||||||||||||||||
Texarkana, TX | Hampton Inn & Suites | 6.9 | % | 1/31/11 | 7/8/16 | 4,954 | 4,665 | 4,747 | |||||||||||||||||
Bristol, VA | Courtyard | 6.59 | % | 11/7/08 | 8/1/16 | 9,767 | 8,922 | 9,086 | |||||||||||||||||
Virginia Beach, VA | Courtyard | 6.02 | % | 3/1/14 | 11/11/16 | 13,931 | 13,695 | 0 | |||||||||||||||||
Virginia Beach, VA | Courtyard | 6.02 | % | 3/1/14 | 11/11/16 | 16,813 | 16,529 | 0 | |||||||||||||||||
Charlottesville, VA | Courtyard | 6.02 | % | 3/1/14 | 11/11/16 | 14,892 | 14,640 | 0 | |||||||||||||||||
Carolina Beach, NC | Courtyard | 6.02 | % | 3/1/14 | 11/11/16 | 12,009 | 11,806 | 0 | |||||||||||||||||
Winston-Salem, NC | Courtyard | 5.94 | % | 3/1/14 | 12/8/16 | 7,458 | 7,352 | 0 | |||||||||||||||||
Lewisville, TX (6) | Hilton Garden Inn | 0 | % | 10/16/08 | 12/31/16 | 3,750 | 2,000 | 2,000 | |||||||||||||||||
Oceanside, CA | Residence Inn | 4.24 | % | -5 | 3/1/14 | 1/13/17 | 15,662 | 15,402 | 0 | ||||||||||||||||
Burbank, CA | Residence Inn | 4.24 | % | -5 | 3/1/14 | 1/13/17 | 23,493 | 23,103 | 0 | ||||||||||||||||
Savannah, GA | Hilton Garden Inn | 5.87 | % | 3/1/14 | 2/1/17 | 4,977 | 4,849 | 0 | |||||||||||||||||
Greenville, SC | Residence Inn | 6.03 | % | 3/1/14 | 2/8/17 | 6,012 | 5,922 | 0 | |||||||||||||||||
Birmingham, AL | Homewood Suites | 6.03 | % | 3/1/14 | 2/8/17 | 10,908 | 10,745 | 0 | |||||||||||||||||
Jacksonville, FL | Homewood Suites | 6.03 | % | 3/1/14 | 2/8/17 | 15,856 | 15,619 | 0 | |||||||||||||||||
Concord, NC (7) | Hampton Inn | 6.1 | % | 3/1/14 | 3/1/17 | 4,718 | 4,644 | 0 | |||||||||||||||||
Irving, TX | Homewood Suites | 5.83 | % | 12/29/10 | 4/11/17 | 6,052 | 5,437 | 5,605 | |||||||||||||||||
Duncanville, TX | Hilton Garden Inn | 5.88 | % | 10/21/08 | 5/11/17 | 13,966 | 12,661 | 12,907 | |||||||||||||||||
Grapevine, TX | Hilton Garden Inn | 4.89 | % | 8/29/12 | 9/1/22 | 11,810 | 11,254 | 11,509 | |||||||||||||||||
Collegeville/Philadelphia, PA | Courtyard | 4.89 | % | 8/30/12 | 9/1/22 | 12,650 | 12,055 | 12,327 | |||||||||||||||||
Hattiesburg, MS | Courtyard | 5 | % | 3/1/14 | 9/1/22 | 5,732 | 5,627 | 0 | |||||||||||||||||
Rancho Bernardo, CA | Courtyard | 5 | % | 3/1/14 | 9/1/22 | 15,060 | 14,782 | 0 | |||||||||||||||||
Kirkland, WA | Courtyard | 5 | % | 3/1/14 | 9/1/22 | 12,145 | 11,921 | 0 | |||||||||||||||||
Seattle, WA | Residence Inn | 4.96 | % | 3/1/14 | 9/1/22 | 28,269 | 27,744 | 0 | |||||||||||||||||
Anchorage, AK | Embassy Suites | 4.97 | % | 9/13/12 | 10/1/22 | 23,230 | 22,193 | 22,686 | |||||||||||||||||
Somerset, NJ | Courtyard | 4.73 | % | 3/1/14 | 10/6/22 | 8,750 | 8,584 | 0 | |||||||||||||||||
Tukwila, WA | Homewood Suites | 4.73 | % | 3/1/14 | 10/6/22 | 9,431 | 9,251 | 0 | |||||||||||||||||
Prattville, AL | Courtyard | 4.12 | % | 3/1/14 | 2/6/23 | 6,596 | 6,462 | 0 | |||||||||||||||||
Huntsville, AL | Homewood Suites | 4.12 | % | 3/1/14 | 2/6/23 | 8,306 | 8,137 | 0 | |||||||||||||||||
San Diego, CA | Residence Inn | 3.97 | % | 3/1/14 | 3/6/23 | 18,600 | 18,216 | 0 | |||||||||||||||||
Miami, FL | Homewood Suites | 4.02 | % | 3/1/14 | 4/1/23 | 16,677 | 16,337 | 0 | |||||||||||||||||
New Orleans, LA | Homewood Suites | 4.36 | % | 7/17/14 | 8/11/24 | -4 | 27,000 | 26,806 | 0 | ||||||||||||||||
Malvern/Philadelphia, PA | Courtyard | 6.5 | % | 11/30/10 | 10/1/32 | -8 | 7,894 | 7,132 | 7,337 | ||||||||||||||||
$ | 585,991 | $ | 513,276 | $ | 161,519 | ||||||||||||||||||||
Unamortized fair value adjustment of assumed debt | 4,694 | 1,032 | |||||||||||||||||||||||
Total | $ | 517,970 | $ | 162,551 | |||||||||||||||||||||
(1) Unless otherwise noted, these rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates to market rates and is amortizing the adjustments to interest expense over the life of the loan. | |||||||||||||||||||||||||
(2) Loan (assumed on March 1, 2014) was repaid in full on June 3, 2014. | |||||||||||||||||||||||||
(3) Loans (assumed on March 1, 2014) were repaid in full on July 1, 2014. | |||||||||||||||||||||||||
(4) On July 1, 2014, the Company repaid in full the mortgage loan assumed with the A7 and A8 mergers, and on July 17, 2014 the Company originated new debt secured by this hotel. | |||||||||||||||||||||||||
(5) The annual fixed interest rate gives effect to an interest rate swap agreement assumed by the Company with the mortgage debt. | |||||||||||||||||||||||||
(6) Unsecured loan. | |||||||||||||||||||||||||
(7) Asset classified as held for sale as of December 31, 2014. | |||||||||||||||||||||||||
(8) Outstanding principal balance is callable by lender or prepayable by the Company beginning on October 1, 2016, and every five years thereafter until maturity, subject to certain conditions. | |||||||||||||||||||||||||
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate amounts of principal payable under the Company’s total debt obligations (including mortgage debt and the balance outstanding under the Company’s credit facility), for the five years subsequent to December 31, 2014 and thereafter are as follows (in thousands): | ||||||||||||||||||||||||
2015 | $ | 93,888 | |||||||||||||||||||||||
2016 | 135,658 | ||||||||||||||||||||||||
2017 | 99,394 | ||||||||||||||||||||||||
2018 | 97,106 | ||||||||||||||||||||||||
2019 | 105,770 | ||||||||||||||||||||||||
Thereafter | 173,060 | ||||||||||||||||||||||||
704,876 | |||||||||||||||||||||||||
Unamortized fair value adjustment of assumed debt | 4,694 | ||||||||||||||||||||||||
Total | $ | 709,570 |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2014 | ||||||||||
Fair Value Disclosures [Abstract] | ||||||||||
Schedule of Interest Rate Derivatives [Table Text Block] | The following is a summary of the notional amounts, maturity dates and fair values (liabilities) of the interest rate swap agreements outstanding as of December 31, 2014 (in thousands): | |||||||||
Related debt | Notional amount at | Maturity date | Fair value at | |||||||
31-Dec-14 | 31-Dec-14 | |||||||||
Term loan facility (1) | $ | 100,000 | 3/1/19 | $ | (511 | ) | ||||
Westford Residence Inn (2) | 6,397 | 10/1/15 | (74 | ) | ||||||
Oceanside Residence Inn/Burbank Residence Inn (2) | 38,505 | 1/13/15 | (11 | ) | ||||||
Oceanside Residence Inn/Burbank Residence Inn (2)/(3) | 38,440 | 1/13/17 | (183 | ) | ||||||
(1) Designated as a cash flow hedge. | ||||||||||
(2) Not designated as a cash flow hedge. | ||||||||||
(3) Effective date of the forward interest rate swap agreement is January 13, 2015, the same date the existing swap agreement matures. |
Management_and_Franchise_Agree1
Management and Franchise Agreements (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Contractors [Abstract] | |||||
Schedule of Hotel Properties Managed by Third Parties [Table Text Block] | Each of the Company’s 191 hotels owned as of December 31, 2014 is operated and managed under separate management agreements, which include affiliates of one of the following companies: | ||||
Manager | Number of Hotels | ||||
LBAM-Investor Group, L.L.C. ("LBA") | 34 | ||||
Dimension Development Two, LLC ("Dimension") | 25 | ||||
White Lodging Services Corporation ("White Lodging") | 25 | ||||
Texas Western Management Partners, L.P. ("Western") | 18 | ||||
Newport Hospitality Group, Inc. ("Newport") | 11 | ||||
Marriott International, Inc. ("Marriott") | 10 | ||||
Raymond Management Company, Inc. ("Raymond") | 10 | ||||
Crestline Hotels & Resorts, Inc. ("Crestline") | 9 | ||||
MHH Management, LLC ("McKibbon") | 9 | ||||
Vista Host, Inc. ("Vista Host") | 9 | ||||
Inn Ventures, Inc. ("Inn Ventures") | 8 | ||||
Pillar Hotels and Resorts, L.P. ("Pillar") | 7 | ||||
True North Hotel Group, Inc. ("True North") | 7 | ||||
Gateway Hospitality Group, Inc. ("Gateway") | 5 | ||||
Hilton Management LLC ("Hilton") | 3 | ||||
Stonebridge Realty Advisors, Inc. ("Stonebridge") | 1 | ||||
Total | 191 |
Lease_Commitments_Tables
Lease Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Leases [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | The aggregate amounts of the estimated minimum lease payments for the five years subsequent to December 31, 2014 and thereafter, are as follows (in thousands): | ||||
Total | |||||
2015 | $ | 5,575 | |||
2016 | 5,707 | ||||
2017 | 5,840 | ||||
2018 | 5,976 | ||||
2019 | 6,253 | ||||
Thereafter | 291,552 | ||||
Total | $ | 320,903 |
Quarterly_Financial_Data_Unaud1
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information [Table Text Block] | The following is a summary of quarterly results of operations for the years ended December 31, 2014 and 2013. | ||||||||||||||||
2014 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenue | $ | 137,121 | $ | 232,568 | $ | 231,884 | $ | 202,323 | |||||||||
Income (loss) from continuing operations | $ | (94,462 | ) | $ | 43,799 | $ | 35,162 | $ | 22,334 | ||||||||
Income from discontinued operations, net of tax | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Net income (loss) | $ | (94,462 | ) | $ | 43,799 | $ | 35,162 | $ | 22,334 | ||||||||
Comprehensive income (loss) | $ | (93,994 | ) | $ | 42,885 | $ | 35,919 | $ | 21,512 | ||||||||
Basic and diluted net income (loss) per common share | |||||||||||||||||
From continuing operations | $ | (0.38 | ) | $ | 0.12 | $ | 0.09 | $ | 0.06 | ||||||||
From discontinued operations | $ | 0 | $ | 0 | $ | 0 | $ | 0 | |||||||||
Net income (loss) per common share | $ | (0.38 | ) | $ | 0.12 | $ | 0.09 | $ | 0.06 | ||||||||
Distributions declared and paid per common share | $ | 0.1934 | $ | 0.165 | $ | 0.1667 | $ | 0.17 | |||||||||
2013 (in thousands except per share data) | First Quarter | Second Quarter | Third Quarter | Fourth Quarter | |||||||||||||
Total revenue | $ | 92,403 | $ | 104,572 | $ | 100,237 | $ | 90,779 | |||||||||
Income from continuing operations | $ | 16,906 | $ | 23,535 | $ | 18,165 | $ | 23,310 | |||||||||
Income from discontinued operations, net of tax | $ | 0 | $ | 0 | $ | 0 | $ | 33,306 | |||||||||
Net income | $ | 16,906 | $ | 23,535 | $ | 18,165 | $ | 56,616 | |||||||||
Comprehensive income | $ | 16,906 | $ | 23,535 | $ | 18,165 | $ | 56,616 | |||||||||
Basic and diluted net income per common share: | |||||||||||||||||
From continuing operations | $ | 0.09 | $ | 0.13 | $ | 0.1 | $ | 0.13 | |||||||||
From discontinued operations | $ | 0 | $ | 0 | $ | 0 | $ | 0.18 | |||||||||
Net income per common share | $ | 0.09 | $ | 0.13 | $ | 0.1 | $ | 0.31 | |||||||||
Distributions declared and paid per common share | $ | 0.2076 | $ | 0.2076 | $ | 0.2076 | $ | 0.2076 |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 01, 2014 | Feb. 28, 2015 | Jan. 31, 2015 | Feb. 26, 2015 | |
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Number of Reportable Segments | 1 | ||||||||
Percentage of Revenue Reserved for Replacements | up to 5% | ||||||||
Property, Plant and Equipment, Cost Capitalization | (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. | ||||||||
Impairment of Real Estate (in Dollars) | $10,988,000 | $0 | $0 | ||||||
Weighted Average Number Diluted Shares Outstanding Adjustment (in Shares) | 0 | 0 | 0 | ||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.70 | $0.83 | $0.85 | ||||||
Hotels Held for Sale [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 19 | 19 | |||||||
Number of Units in Real Estate Property | 1,873 | 1,873 | |||||||
Maximum Expected Time Period of Sale for Classification as Held for Sale | 1 year | ||||||||
Sale of Hotels Held for Sale [Member] | Subsequent Event [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 18 | ||||||||
Number of Units in Real Estate Property | 1,787 | ||||||||
Properties for Potential Sale [Member] | Real Estate Held and Used Impairment [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 3 | 3 | 3 | ||||||
Impairment of Real Estate (in Dollars) | 11,000,000 | 2,400,000 | 8,600,000 | ||||||
Properties for Potential Sale [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 22 | ||||||||
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 | ||||||||
Furniture and Equipment [Member] | Minimum [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 3 years | ||||||||
Furniture and Equipment [Member] | Maximum [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 7 years | ||||||||
Termination of Advisory Agreements [Member] | Series B Convertible Preferred Shares Converted to Common Shares [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in Shares) | 11,600,000 | ||||||||
Hotels [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 191 | 191 | |||||||
Number of States in which Entity Operates | 33 | 33 | |||||||
Hotel Property Initial Hold Period | 39 years | ||||||||
Aggregate Hotel Rooms [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Number of Units in Real Estate Property | 23,790 | 23,790 | |||||||
Subsequent Event [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.06 | $0.06 | |||||||
Franchise Fees [Member] | Minimum [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 10 years | ||||||||
Franchise Fees [Member] | Maximum [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Property, Plant and Equipment, Useful Life | 21 years | ||||||||
Apple Seven and Apple Eight Mergers [Member] | Federal Income Taxes And Taxability Of Shareholder Distributions [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Operating Loss Carryforwards (in Dollars) | 78,000,000 | 78,000,000 | |||||||
Federal Income Taxes And Taxability Of Shareholder Distributions [Member] | |||||||||
Organization and Summary of Significant Accounting Policies (Details) [Line Items] | |||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.70 | $0.83 | $1.60 | ||||||
Percentage of distribution paid characterized as ordinary income | 62.00% | 59.00% | 28.00% | ||||||
Percentage of distribution paid characterized as return of capital | 38.00% | 41.00% | 56.00% | ||||||
Percentage of distribution paid characterized as long-term capital gain | 16.00% | ||||||||
Operating Loss Carryforwards (in Dollars) | $101,000,000 | $23,000,000 | $22,000,000 | $101,000,000 | |||||
Operating Loss Carryforwards, Expiration | beginning in 2025 | ||||||||
Open Tax Years | 2011-2014 |
Mergers_with_Apple_REIT_Seven_2
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 24 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2014 | Jun. 30, 2014 | Dec. 31, 2014 | Mar. 03, 2014 | |
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Common Stock, Shares, Outstanding (in Shares) | 373,820,814 | 182,784,131 | 373,820,814 | ||||
Stock Issued During Period, Value, Acquisitions | $1,814,613,000 | $0 | $0 | ||||
Convertible Preferred Stock Converted to Other Securities | 117,133,000 | 0 | 0 | ||||
Stock Repurchased During Period, Value | -2,349,000 | ||||||
Transaction Costs | 5,142,000 | 3,179,000 | 1,101,000 | ||||
Revenues | 803,896,000 | 387,991,000 | 365,586,000 | ||||
Operating Income (Loss) | 32,325,000 | 82,744,000 | 76,595,000 | ||||
Total Consideration of Apple Hospitality's Common Shares Transferred [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | Apple Hospitality [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Stock Issued During Period, Value, Acquisitions | 1,800,000,000 | ||||||
Stock Issued During Period, Shares, Acquisitions (in Shares) | 180,000,000 | ||||||
Fair Value Estimate of Company Common Stock Per Share (in Dollars per share) | $10.10 | ||||||
Hotels Acquired from Apple Seven and Apple Eight Mergers [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Number of Real Estate Properties | 99 | ||||||
Hotels and Aggregate Hotel Rooms Acquired from Apple Seven Merger [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Number of Real Estate Properties | 48 | ||||||
Hotels and Aggregate Hotel Rooms Acquired from Apple Eight Merger [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Number of Real Estate Properties | 51 | ||||||
Common Shares Outstanding Prior to the Mergers [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | Apple Hospitality [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Common Stock, Shares, Outstanding (in Shares) | 182,800,000 | ||||||
Common Shares Outstanding Effective with the Mergers [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | Apple Hospitality [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Common Stock, Shares, Outstanding (in Shares) | 374,100,000 | ||||||
Exercised Appraisal Rights on As-Converted Common Shares [Member] | Apple Seven and Apple Eight Mergers [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Stock Repurchased During Period, Value | 2,300,000 | ||||||
Stock Repurchased During Period, Shares (in Shares) | 200,000 | ||||||
Termination of Advisory Agreements [Member] | Series B Convertible Preferred Shares Converted to Common Shares [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | 24.17104 | ||||||
Fair Value Estimate of Company Common Stock Per Share (in Dollars per share) | $10.10 | ||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities (in Shares) | 11,600,000 | ||||||
Convertible Preferred Stock Converted to Other Securities | 117,100,000 | ||||||
Apple Seven Unit and Series B Convertible Preferred Stock Conversion [Member] | Apple Seven and Apple Eight Mergers [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Unit Description | one Apple Seven common share together with one Apple Seven Series A preferred share | ||||||
Business Combination, Unit Exchange Ratio (in Shares) | 1 | ||||||
Business Combination, Common Shares Issued from Conversion of Acquiree Units (in Shares) | 90,600,000 | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | 24.17104 | ||||||
Business Combination, Common Shares Issued from Conversion of Acquiree Preferred Stock (in Shares) | 5,800,000 | ||||||
Apple Eight Unit and Series B Convertible Preferred Stock Conversion [Member] | Apple Seven and Apple Eight Mergers [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Unit Description | one Apple Eight common share together with one Apple Eight Series A preferred share | ||||||
Business Combination, Unit Exchange Ratio (in Shares) | 0.85 | ||||||
Business Combination, Common Shares Issued from Conversion of Acquiree Units (in Shares) | 78,300,000 | ||||||
Convertible Preferred Stock, Shares Issued upon Conversion (in Shares) | 24.17104 | ||||||
Business Combination, Common Shares Issued from Conversion of Acquiree Preferred Stock (in Shares) | 4,900,000 | ||||||
Excluded From Pro Forma Amounts [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Convertible Preferred Stock Converted to Other Securities | 117,100,000 | ||||||
Transaction Costs | 3,300,000 | 3,100,000 | |||||
Assumed Mortgage Debt [Member] | Apple Seven and Apple Eight Mergers [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 385,100,000 | ||||||
Number of Hotel Properties Used to Secure Debt | 34 | ||||||
Credit Facilities Assumed [Member] | Apple Seven and Apple Eight Mergers [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Credit Facilities | 129,500,000 | ||||||
$345 Million Unsecured Credit Facility [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | 345,000,000 | 345,000,000 | 345,000,000 | ||||
Apple Seven and Apple Eight Mergers [Member] | Hotel and Parking Lot Ground Leases Acquired [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Number of Properties Subject to Ground Leases | 12 | ||||||
Description of Lessee Leasing Arrangements, Operating Leases | remaining terms from the date of the A7 and A8 mergers ranging from approximately 18 to 92 years, excluding any option periods to extend the initial lease term | ||||||
Apple Seven and Apple Eight Mergers [Member] | Costs Incurred to Defend Ongoing Purported Class Action [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Transaction Costs | 800,000 | ||||||
Apple Seven and Apple Eight Mergers [Member] | |||||||
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) [Line Items] | |||||||
Transaction Costs | 3,300,000 | 3,100,000 | 6,400,000 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Credit Facilities | 129,490,000 | ||||||
Goodwill | 0 | ||||||
Revenues | 385,600,000 | ||||||
Operating Income (Loss) | $77,200,000 |
Mergers_with_Apple_REIT_Seven_3
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) - Schedule of Business Acquisition Purchase Price Allocation (Apple Seven and Apple Eight Mergers [Member], USD $) | Mar. 01, 2014 |
In Thousands, unless otherwise specified | |
Apple Seven and Apple Eight Mergers [Member] | |
Assets: | |
Land | $395,250 |
Building and improvements | 1,776,208 |
Furniture, fixtures and equipment | 112,013 |
Franchise fees | 3,296 |
Investment in real estate | 2,286,767 |
Cash and cash equivalents, restricted cash, due from third party managers and other assets | 75,951 |
Total assets | 2,362,718 |
Liabilities: | |
Credit facilities | 129,490 |
Mortgage debt | 393,209 |
Accounts payable and other liabilities | 25,406 |
Total liabilities | 548,105 |
Fair value estimate of net assets acquired | $1,814,613 |
Mergers_with_Apple_REIT_Seven_4
Mergers with Apple REIT Seven, Inc. and Apple REIT Eight, Inc. (Details) - Business Acquisition, Pro Forma Information (USD $) | 12 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Business Acquisition, Pro Forma Information [Abstract] | ||
Total revenue | $864,744 | $808,274 |
Income from continuing operations | 128,588 | 136,454 |
Income from discontinued operations | 0 | 33,306 |
Net income | $128,588 | $169,760 |
From continuing operations (in Dollars per share) | $0.34 | $0.36 |
From discontinued operations (in Dollars per share) | $0 | $0.09 |
Total basic and diluted net income per common share (in Dollars per share) | $0.34 | $0.45 |
Weighted average common shares outstanding - basic and diluted (in Shares) | 373,821 | 373,653 |
Investment_in_Real_Estate_Deta
Investment in Real Estate (Details) (USD $) | 12 Months Ended | 1 Months Ended | 24 Months Ended | 3 Months Ended | |||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Sep. 30, 2014 | Feb. 26, 2015 | Mar. 01, 2014 | |
Investment in Real Estate (Details) [Line Items] | |||||||||
Real Estate Investment Property, at Cost (in Dollars) | $3,789,380,000 | $1,644,252,000 | $3,789,380,000 | $3,789,380,000 | |||||
Impairment of Real Estate (in Dollars) | 10,988,000 | 0 | 0 | ||||||
Hotels Held for Sale [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 19 | 19 | 19 | ||||||
Number of Units in Real Estate Property | 1,873 | 1,873 | 1,873 | ||||||
Sale of Hotels Held for Sale [Member] | Subsequent Event [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 18 | ||||||||
Number of Units in Real Estate Property | 1,787 | ||||||||
Hotels Acquired from Apple Seven and Apple Eight Mergers [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 99 | ||||||||
Number of States in which Entity Operates | 27 | ||||||||
Hotels and Aggregate Hotel Rooms Acquired from Apple Seven Merger [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 48 | ||||||||
Number of Units in Real Estate Property | 6,209 | ||||||||
Hotels and Aggregate Hotel Rooms Acquired from Apple Eight Merger [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 51 | ||||||||
Number of Units in Real Estate Property | 5,912 | ||||||||
Hotel Acquired Through Foreclosure from Default on Mortgage Note Purchased in 2010 [Member] | Hampton Inn & Suites Burleson/Fort Worth, TX [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Units in Real Estate Property | 88 | ||||||||
Fair Value of Real Estate Acquired Through Foreclosure (in Dollars) | 7,000,000 | ||||||||
Payments to Acquire Mortgage Notes Receivable (in Dollars) | 5,400,000 | ||||||||
Gain on Acquisition of Investment in Real Estate (in Dollars) | 700,000 | ||||||||
Completion of Courtyard and Residence Inn Hotels Richmond, VA [Member] | Courtyard Richmond, VA [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Units in Real Estate Property | 135 | 135 | 135 | ||||||
Completion of Courtyard and Residence Inn Hotels Richmond, VA [Member] | Residence Inn Richmond, VA [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Units in Real Estate Property | 75 | 75 | 75 | ||||||
Completion of Courtyard and Residence Inn Hotels Richmond, VA [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Land Acquisition, Gross Purchase Price (in Dollars) | 3,000,000 | ||||||||
Real Estate Investment Property, at Cost (in Dollars) | 38,000,000 | 38,000,000 | 38,000,000 | ||||||
Total Construction and Development Costs (in Dollars) | 34,900,000 | ||||||||
Pre-Opening Costs (in Dollars) | 600,000 | ||||||||
Properties for Potential Sale [Member] | Real Estate Held and Used Impairment [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 3 | 3 | 3 | 3 | |||||
Impairment of Real Estate (in Dollars) | 11,000,000 | 2,400,000 | 8,600,000 | ||||||
Fair Value Inputs, Discount Rate | 9.00% | ||||||||
Fair Value Inputs, Estimated Terminal Capitalization Rate | 7.50% | ||||||||
Properties for Potential Sale [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 22 | ||||||||
Hotels [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Real Estate Properties | 191 | 191 | 191 | ||||||
Number of States in which Entity Operates | 33 | 33 | 33 | ||||||
Aggregate Hotel Rooms [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Units in Real Estate Property | 23,790 | 23,790 | 23,790 | ||||||
Hampton Inn & Suites Burleson/Fort Worth, TX [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Units in Real Estate Property | 88 | 88 | 88 | ||||||
Courtyard Richmond, VA [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Units in Real Estate Property | 135 | 135 | 135 | ||||||
Residence Inn Richmond, VA [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Number of Units in Real Estate Property | 75 | 75 | 75 | ||||||
Apple Seven and Apple Eight Mergers [Member] | |||||||||
Investment in Real Estate (Details) [Line Items] | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Investment in Real Estate (in Dollars) | 2,286,767,000 |
Investment_in_Real_Estate_Deta1
Investment in Real Estate (Details) - Investment in Real Estate (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investment in Real Estate [Abstract] | ||
Land | $520,406 | $143,946 |
Building and Improvements | 3,010,314 | 1,360,634 |
Furniture, Fixtures and Equipment | 251,170 | 126,218 |
Franchise Fees | 7,490 | 4,572 |
Construction in Progress | 0 | 8,882 |
3,789,380 | 1,644,252 | |
Less Accumulated Depreciation | -296,559 | -200,754 |
Investment in Real Estate, net | $3,492,821 | $1,443,498 |
Investment_in_Real_Estate_Deta2
Investment in Real Estate (Details) - Number of Hotels and Rooms by Brand | Dec. 31, 2014 |
Courtyard [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 35 |
Number of Rooms | 4,526 |
Hampton Inn [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 33 |
Number of Rooms | 3,818 |
Hilton Garden Inn [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 31 |
Number of Rooms | 4,118 |
Residence Inn [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 26 |
Number of Rooms | 2,939 |
Homewood Suites [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 24 |
Number of Rooms | 2,645 |
SpringHill Suites [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 14 |
Number of Rooms | 1,872 |
TownePlace Suites [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 11 |
Number of Rooms | 1,105 |
Fairfield Inn [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 8 |
Number of Rooms | 944 |
Marriott [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 3 |
Number of Rooms | 842 |
Embassy Suites [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 2 |
Number of Rooms | 316 |
Home2 Suites [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 2 |
Number of Rooms | 237 |
Hilton [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 1 |
Number of Rooms | 224 |
Renaissance [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 1 |
Number of Rooms | 204 |
Total [Member] | |
Real Estate Properties [Line Items] | |
Number of Hotels | 191 |
Number of Rooms | 23,790 |
Assets_Held_For_Sale_Details
Assets Held For Sale (Details) (USD $) | 12 Months Ended | 2 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2015 | Sep. 30, 2014 | |
Assets Held For Sale (Details) [Line Items] | |||||
Operating Income (Loss) | $32,325,000 | $82,744,000 | $76,595,000 | ||
Long-term Debt, Gross | 704,876,000 | ||||
Hotels Held for Sale [Member] | Hampton Inn Concord, NC [Member] | |||||
Assets Held For Sale (Details) [Line Items] | |||||
Long-term Debt, Gross | 4,600,000 | ||||
Hotels Held for Sale [Member] | Hotels Acquired from Apple Seven and Apple Eight Mergers [Member] | |||||
Assets Held For Sale (Details) [Line Items] | |||||
Number of Real Estate Properties | 13 | ||||
Hotels Held for Sale [Member] | |||||
Assets Held For Sale (Details) [Line Items] | |||||
Number of Real Estate Properties | 19 | ||||
Sale of Real Estate Assets, Gross Sales Price | 213,000,000 | ||||
Operating Income (Loss) | 11,200,000 | 4,200,000 | 4,300,000 | ||
Properties for Potential Sale [Member] | |||||
Assets Held For Sale (Details) [Line Items] | |||||
Number of Real Estate Properties | 22 | ||||
Sale of Hotels Held for Sale [Member] | Subsequent Event [Member] | |||||
Assets Held For Sale (Details) [Line Items] | |||||
Number of Real Estate Properties | 18 | ||||
Sale of Real Estate Assets, Gross Sales Price | 206,400,000 | ||||
Hotel Held for Sale Excluded from Sale [Member] | Subsequent Event [Member] | |||||
Assets Held For Sale (Details) [Line Items] | |||||
Sale of Real Estate Assets, Gross Sales Price | 6,600,000 | ||||
Hampton Inn Concord, NC [Member] | |||||
Assets Held For Sale (Details) [Line Items] | |||||
Long-term Debt, Gross | $0 | $4,644,000 |
Assets_Held_For_Sale_Details_S
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale | 12 Months Ended | |
Dec. 31, 2014 | ||
Hotels Held for Sale [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
Rooms | 1,873 | |
TownePlace Suites Huntsville, AL [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | AL | |
Brand | TownePlace Suites | |
Date Acquired | 1-Mar-14 | |
Rooms | 86 | |
Courtyard Troy, AL [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | AL | |
Brand | Courtyard | |
Date Acquired | 18-Jun-09 | |
Rooms | 90 | |
Hampton Inn Troy, AL [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | AL | |
Brand | Hampton Inn | |
Date Acquired | 1-Mar-14 | |
Rooms | 82 | |
Fairfield Inn & Suites Rogers, AR [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | AR | |
Brand | Fairfield Inn & Suites | |
Date Acquired | 1-Mar-14 | |
Rooms | 99 | |
Hampton Inn & Suites Pueblo, CO [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | CO | |
Brand | Hampton Inn & Suites | |
Date Acquired | 31-Oct-08 | |
Rooms | 81 | |
TownePlace Suites Columbus, GA [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | GA | |
Brand | TownePlace Suites | |
Date Acquired | 1-Mar-14 | |
Rooms | 86 | [1] |
Hampton Inn Port Wentworth, GA [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | GA | |
Brand | Hampton Inn | |
Date Acquired | 1-Mar-14 | |
Rooms | 106 | |
Hampton Inn Bowling Green, KY [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | KY | |
Brand | Hampton Inn | |
Date Acquired | 1-Mar-14 | |
Rooms | 130 | |
Courtyard Alexandria, LA [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | LA | |
Brand | Courtyard | |
Date Acquired | 15-Sep-10 | |
Rooms | 96 | |
Hilton Garden Inn West Monroe, LA [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | LA | |
Brand | Hilton Garden Inn | |
Date Acquired | 30-Jul-10 | |
Rooms | 134 | |
Hampton Inn Concord, NC [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | NC | |
Brand | Hampton Inn | |
Date Acquired | 1-Mar-14 | |
Rooms | 101 | |
Hampton Inn Dunn, NC [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | NC | |
Brand | Hampton Inn | |
Date Acquired | 1-Mar-14 | |
Rooms | 120 | |
TownePlace Suites Jacksonville, NC [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | NC | |
Brand | TownePlace Suites | |
Date Acquired | 16-Feb-10 | |
Rooms | 86 | |
Hampton Inn Matthews, NC [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | NC | |
Brand | Hampton Inn | |
Date Acquired | 1-Mar-14 | |
Rooms | 91 | |
Homewood Suites Cincinnati, OH [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | OH | |
Brand | Homewood Suites | |
Date Acquired | 1-Mar-14 | |
Rooms | 76 | |
Hampton Inn & Suites Tulsa, OK [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | OK | |
Brand | Hampton Inn & Suites | |
Date Acquired | 1-Mar-14 | |
Rooms | 102 | |
Courtyard Jackson, TN [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | TN | |
Brand | Courtyard | |
Date Acquired | 16-Dec-08 | |
Rooms | 94 | |
Courtyard Brownsville, TX [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | TX | |
Brand | Courtyard | |
Date Acquired | 1-Mar-14 | |
Rooms | 90 | |
TownePlace Suites San Antonio, TX [Member] | ||
Assets Held For Sale (Details) - Schedule of Hotels Held for Sale [Line Items] | ||
State | TX | |
Brand | TownePlace Suites | |
Date Acquired | 1-Mar-14 | |
Rooms | 123 | |
[1] | As contemplated in the purchase and sale agreement, the buyer exercised its right to exclude this hotel from the sales transaction. |
Assets_Held_For_Sale_Details_S1
Assets Held For Sale (Details) - Schedule of Assets Held for Sale (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale | $195,588 | $0 |
Land [Member] | Hotels Held for Sale [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale, gross | 19,346 | |
Building and Improvements [Member] | Hotels Held for Sale [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale, gross | 176,963 | |
Furniture, Fixtures and Equipment [Member] | Hotels Held for Sale [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale, gross | 15,156 | |
Franchise Fees [Member] | Hotels Held for Sale [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale, gross | 664 | |
Hotels Held for Sale [Member] | ||
Long Lived Assets Held-for-sale [Line Items] | ||
Assets Held for Sale, gross | 212,129 | |
Less Accumulated Depreciation | -16,541 | |
Assets Held for Sale | $195,588 |
Investment_Income_and_Disconti1
Investment Income and Discontinued Operations (Details) (USD $) | 12 Months Ended | 3 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | Apr. 30, 2009 | |
Investment Income and Discontinued Operations (Details) [Line Items] | ||||||
Proceeds from Sale of Real Estate Held-for-investment | $5,648,000 | ($377,000) | $135,410,000 | |||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 0 | 33,306,000 | 0 | |||
Recognition of Deferred Interest Earned on Note Receivable | 0 | 9,040,000 | 0 | |||
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | 0 | 33,306,000 | 6,792,000 | |||
Sale of 110 Sites Leased to Third Party [Member] | Deferred Gain on Sale [Member] | ||||||
Investment Income and Discontinued Operations (Details) [Line Items] | ||||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax | 33,300,000 | |||||
Sale of 110 Sites Leased to Third Party [Member] | Apple Suites Realty Group (ASRG) [Member] | Real Estate Disposal Fees Incurred [Member] | ||||||
Investment Income and Discontinued Operations (Details) [Line Items] | ||||||
Costs and Expenses, Related Party | 4,000,000 | |||||
Sale of 110 Sites Leased to Third Party [Member] | Apple Suites Realty Group (ASRG) [Member] | Real Estate Disposal Fees Paid [Member] | ||||||
Investment Income and Discontinued Operations (Details) [Line Items] | ||||||
Costs and Expenses, Related Party | 1,200,000 | 2,800,000 | ||||
Sale of 110 Sites Leased to Third Party [Member] | ||||||
Investment Income and Discontinued Operations (Details) [Line Items] | ||||||
Disposal Date | Apr-12 | |||||
Area of Land (in Acres) | 406 | |||||
Land Sites Sold | 110 | |||||
Land Parcels Sold | 110 | |||||
Total Sales Price of Real Estate Sold | 198,400,000 | |||||
Proceeds from Sale of Real Estate Held-for-investment | 138,400,000 | |||||
Note Receivable Issued | 60,000,000 | |||||
Note Receivable, Collateral | junior lien on the land and land improvements owned by the purchaser | |||||
Interest Rate on Note Receivable | 10.50% | |||||
Acquisition of 110 Sites Leased to Third Party [Member] | ||||||
Investment Income and Discontinued Operations (Details) [Line Items] | ||||||
Payments to Acquire Real Estate | 147,300,000 | |||||
$60 Million Note Receivable [Member] | ||||||
Investment Income and Discontinued Operations (Details) [Line Items] | ||||||
Proceeds from Collection of Notes Receivable | 60,000,000 | |||||
Note Receivable, Interest Waived | 500,000 | |||||
Recognition of Deferred Interest Earned on Note Receivable | 9,000,000 | |||||
Apple Suites Realty Group (ASRG) [Member] | ||||||
Investment Income and Discontinued Operations (Details) [Line Items] | ||||||
CEO Ownership of Related Parties | 100.00% | |||||
Real estate acquisition and disposal fee, Related Party, Percent | 2.00% | |||||
Discontinued Operations [Member] | 110 Sites Leased to Third Party [Member] | ||||||
Investment Income and Discontinued Operations (Details) [Line Items] | ||||||
Disposal Group, Including Discontinued Operation, Rental Income | 6,800,000 | |||||
Straight Line Rent | $2,000,000 |
Credit_Facilities_and_Mortgage2
Credit Facilities and Mortgage Debt (Details) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2014 | Mar. 03, 2014 | |
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Long-term Line of Credit | $191,600,000 | $0 | |||
Long-term Debt, Gross | 704,876,000 | ||||
Amortization of Debt Discount (Premium) | -4,500,000 | -500,000 | -500,000 | ||
Debt Instrument, Unamortized Discount (Premium), Net | -4,694,000 | -1,000,000 | |||
Amortization of Financing Costs | 1,500,000 | 500,000 | 400,000 | ||
Interest Costs Capitalized | 1,900,000 | 700,000 | 700,000 | ||
Credit Facilities Assumed [Member] | Apple Seven and Apple Eight Mergers [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Credit Facilities | 129,500,000 | ||||
$245 Million Unsecured Revolving Credit Facility [Member] | $345 Million Unsecured Credit Facility [Member] | Minimum [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||
$245 Million Unsecured Revolving Credit Facility [Member] | $345 Million Unsecured Credit Facility [Member] | Maximum [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||||
$245 Million Unsecured Revolving Credit Facility [Member] | $345 Million Unsecured Credit Facility [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 245,000,000 | 245,000,000 | |||
Debt Instrument, Maturity Date, Description | matures in March 2018; however, the Company has the right, upon satisfaction of certain conditions, including covenant compliance and payment of an extension fee, to extend the maturity date to March 2019 | ||||
Line of Credit Facility, Interest Rate at Period End | 1.77% | ||||
Unsecured $100 Million Term Loan [Member] | $345 Million Unsecured Credit Facility [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Long-term Line of Credit | 100,000,000 | ||||
Debt Instrument, Face Amount | 100,000,000 | ||||
Debt Instrument, Maturity Date, Description | matures in March 2019 | ||||
Derivative, Description of Hedged Item | In conjunction with the $100 million term loan, the Company entered into an interest rate swap agreement for the same notional amount and maturity as the term loan. The interest rate swap agreement effectively provides the Company with payment requirements equal to a fixed interest rate on the term loan through the maturity of the loan in March 2019 | ||||
Line of Credit Facility, Interest Rate at Period End | 3.13% | ||||
Mortgage Debt [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Instrument, Maturity Date, Description | maturity dates ranging from April 2015 to October 2032 | ||||
Long-term Debt, Gross | 513,300,000 | ||||
Number of Hotel Properties Used to Secure Debt | 47 | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 0.00% | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.90% | ||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 3.66% | ||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 6.52% | ||||
Assumed Mortgage Debt [Member] | Apple Seven and Apple Eight Mergers [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Issuance Cost | 1,800,000 | ||||
Debt Instrument, Maturity Date, Description | ranging from September 2014 to April 2023 | ||||
Number of Hotel Properties Used to Secure Debt | 34 | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Minimum | 3.97% | ||||
Debt Instrument, Interest Rate, Stated Percentage Rate Range, Maximum | 6.95% | ||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 3.66% | ||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Maximum | 4.68% | ||||
Noncash or Part Noncash Acquisition, Debt Assumed | 385,100,000 | ||||
Liabilities, Fair Value Adjustment | 8,100,000 | ||||
$345 Million Unsecured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.55% | ||||
$345 Million Unsecured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.35% | ||||
$345 Million Unsecured Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | ||||
$345 Million Unsecured Credit Facility [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Line of Credit Facility, Initiation Date | 3-Mar-14 | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 345,000,000 | 345,000,000 | |||
Long-term Line of Credit | 191,600,000 | ||||
Line of Credit Facility, Description | At the closing of the new credit facility, the Company borrowed $150 million under the new facility which was primarily used to repay Apple Seven’s, Apple Eight’s and the Company’s outstanding balances on their respective credit facilities and to pay approximately $3.3 million in closing costs | ||||
Amount Borrowed at Closing to Extinguish Previous Lines of Credit and Pay Closing Cost | 150,000,000 | ||||
Debt Issuance Cost | 3,300,000 | ||||
Line of Credit Facility, Borrowing Capacity, Description | The $345 million credit facility may be increased to $700 million, subject to certain conditions. | ||||
Line of Credit Facility, Covenant Terms | The $345 million credit facility contains customary affirmative covenants, negative covenants and events of defaults. In addition, the credit facility contains covenants restricting the level of certain investments and the following quarterly financial covenants (capitalized terms are defined in the credit agreement).· A ratio of Consolidated Total Indebtedness to Consolidated EBITDA of not more than 6.00 to 1.00 (subject to a higher amount in certain circumstances);· A ratio of Consolidated Secured Indebtedness to Consolidated Total Assets of not more than 45%;· A minimum Consolidated Tangible Net Worth of $2.3 billion (plus 75% of the Net Cash Proceeds from issuances and sales of Equity Interests occurring after the Closing Date);· A ratio of Adjusted Consolidated EBITDA to Consolidated Fixed Charges 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 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 of not more than 60%;· A ratio of Consolidated Secured Recourse Indebtedness to Consolidated Total Assets of not more than 10%; and· Restricted payments (including distributions and share repurchases), net of any proceeds from a dividend reinvestment plan, cannot exceed 100% of Funds From Operations during the Initial Period or any fiscal year thereafter, unless the Company is required to distribute more to meet REIT requirements. The percentage is reduced to 95% in the first fiscal year after a public listing of the Company’s equity interests.The Company was in compliance with each of the applicable covenants at December 31, 2014. | ||||
Prior $50 Million Revolving Credit Facility Terminated March 3, 2014 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||
Prior $50 Million Revolving Credit Facility Terminated March 3, 2014 [Member] | London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Prior $50 Million Revolving Credit Facility Terminated March 3, 2014 [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | ||||
Prior $50 Million Revolving Credit Facility Terminated March 3, 2014 [Member] | Minimum [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | ||||
Prior $50 Million Revolving Credit Facility Terminated March 3, 2014 [Member] | Maximum [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | ||||
Prior $50 Million Revolving Credit Facility Terminated March 3, 2014 [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Line of Credit Facility, Maximum Borrowing Capacity | 50,000,000 | ||||
Long-term Line of Credit | 0 | 9,600,000 | |||
Line of Credit Facility, Initiation Date | Nov-12 | ||||
Extinguishment of Non-Revolving Line of Credit [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Instrument, Description of Variable Rate Basis | Daily LIBOR | ||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||
Extinguishment of Non-Revolving Line of Credit [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Debt Instrument, Face Amount | 30,000,000 | ||||
Debt Instrument, Maturity Date, Description | third quarter of 2012 | ||||
Line of Credit Facility, Initiation Date | May-12 | ||||
Debt Instrument, Guaranty by Related Party, Description | The loan agreement was guaranteed by Glade M. Knight, the Company’s Executive Chairman and formerly Chairman and Chief Executive Officer of the Company and was secured by assets of Mr. Knight. Mr. Knight did not receive any consideration in exchange for providing this guaranty and security. | ||||
Apple Seven and Apple Eight Mergers [Member] | |||||
Credit Facilities and Mortgage Debt (Details) [Line Items] | |||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Credit Facilities | $129,490,000 |
Credit_Facilities_and_Mortgage3
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | ||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Outstanding Balance | $704,876 | |||
Unamortized fair value adjustment of assumed debt | 4,694 | 1,000 | ||
Total | 517,970 | 162,551 | ||
Marriott Richmond, VA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Marriott | |||
Interest Rate | 6.95% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Principal Assumed or Originated | 21,524 | |||
Outstanding Balance | 0 | 0 | [2] | |
TownePlace Suites Suffolk, VA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | TownePlace Suites | |||
Interest Rate | 6.03% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Principal Assumed or Originated | 6,138 | |||
Outstanding Balance | 0 | 0 | [3] | |
Courtyard Suffolk, VA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 6.03% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Principal Assumed or Originated | 8,002 | |||
Outstanding Balance | 0 | 0 | [3] | |
Homewood Suites New Orleans, LA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Homewood Suites | |||
Interest Rate | 5.85% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Principal Assumed or Originated | 14,331 | |||
Outstanding Balance | 0 | 0 | [4] | |
Residence Inn Overland Park, KS [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 5.74% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Apr-15 | |||
Principal Assumed or Originated | 6,018 | |||
Outstanding Balance | 0 | 5,833 | ||
Hilton Dallas, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hilton | |||
Interest Rate | 6.63% | [1] | ||
Loan Assumption or Origination Date | 17-May-11 | |||
Maturity Date | 6-Jun-15 | |||
Principal Assumed or Originated | 20,988 | |||
Outstanding Balance | 19,545 | 18,913 | ||
Hampton Inn Rogers, AR [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hampton Inn | |||
Interest Rate | 5.20% | [1] | ||
Loan Assumption or Origination Date | 31-Aug-10 | |||
Maturity Date | 1-Sep-15 | |||
Principal Assumed or Originated | 8,337 | |||
Outstanding Balance | 7,781 | 7,593 | ||
Hampton Inn St. Louis, MO [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hampton Inn | |||
Interest Rate | 5.30% | [1] | ||
Loan Assumption or Origination Date | 31-Aug-10 | |||
Maturity Date | 1-Sep-15 | |||
Principal Assumed or Originated | 13,915 | |||
Outstanding Balance | 13,001 | 12,692 | ||
Hampton Inn Kansas City, MO [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hampton Inn | |||
Interest Rate | 5.45% | [1] | ||
Loan Assumption or Origination Date | 31-Aug-10 | |||
Maturity Date | 1-Oct-15 | |||
Principal Assumed or Originated | 6,517 | |||
Outstanding Balance | 6,102 | 5,961 | ||
Residence Inn Westford, MA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 5.30% | [1],[5] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Oct-15 | |||
Principal Assumed or Originated | 6,530 | |||
Outstanding Balance | 0 | 6,397 | ||
Hilton Garden Inn Allen, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hilton Garden Inn | |||
Interest Rate | 5.37% | [1] | ||
Loan Assumption or Origination Date | 31-Oct-08 | |||
Maturity Date | 11-Oct-15 | |||
Principal Assumed or Originated | 10,787 | |||
Outstanding Balance | 9,787 | 9,559 | ||
Residence Inn Kansas City, MO [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 5.74% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Nov-15 | |||
Principal Assumed or Originated | 10,602 | |||
Outstanding Balance | 0 | 10,420 | ||
Residence Inn Fayetteville, NC [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 5.14% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Dec-15 | |||
Principal Assumed or Originated | 6,545 | |||
Outstanding Balance | 0 | 6,410 | ||
Homewood Suites Austin, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Homewood Suites | |||
Interest Rate | 5.99% | [1] | ||
Loan Assumption or Origination Date | 14-Apr-09 | |||
Maturity Date | 1-Mar-16 | |||
Principal Assumed or Originated | 7,556 | |||
Outstanding Balance | 6,702 | 6,486 | ||
Hampton Inn Austin, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hampton Inn | |||
Interest Rate | 5.95% | [1] | ||
Loan Assumption or Origination Date | 14-Apr-09 | |||
Maturity Date | 1-Mar-16 | |||
Principal Assumed or Originated | 7,553 | |||
Outstanding Balance | 6,696 | 6,478 | ||
Hampton Inn Tupelo, MS [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hampton Inn | |||
Interest Rate | 5.90% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Mar-16 | |||
Principal Assumed or Originated | 3,124 | |||
Outstanding Balance | 0 | 2,977 | ||
Residence Inn Houston, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 5.71% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Mar-16 | |||
Principal Assumed or Originated | 9,930 | |||
Outstanding Balance | 0 | 9,745 | ||
Hilton Garden Inn Hilton Head, SC [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hilton Garden Inn | |||
Interest Rate | 6.29% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 11-Apr-16 | |||
Principal Assumed or Originated | 5,557 | |||
Outstanding Balance | 0 | 5,410 | ||
Hampton Inn Round Rock, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hampton Inn | |||
Interest Rate | 5.95% | [1] | ||
Loan Assumption or Origination Date | 6-Mar-09 | |||
Maturity Date | 1-May-16 | |||
Principal Assumed or Originated | 4,175 | |||
Outstanding Balance | 3,701 | 3,583 | ||
Residence Inn Highlands Ranch, CO [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 5.94% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Jun-16 | |||
Principal Assumed or Originated | 10,494 | |||
Outstanding Balance | 0 | 10,327 | ||
Hampton Inn & Suites Texarkana, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hampton Inn & Suites | |||
Interest Rate | 6.90% | [1] | ||
Loan Assumption or Origination Date | 31-Jan-11 | |||
Maturity Date | 8-Jul-16 | |||
Principal Assumed or Originated | 4,954 | |||
Outstanding Balance | 4,747 | 4,665 | ||
Courtyard Bristol, VA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 6.59% | [1] | ||
Loan Assumption or Origination Date | 7-Nov-08 | |||
Maturity Date | 1-Aug-16 | |||
Principal Assumed or Originated | 9,767 | |||
Outstanding Balance | 9,086 | 8,922 | ||
Courtyard Virginia Beach, VA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 6.02% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 11-Nov-16 | |||
Principal Assumed or Originated | 13,931 | |||
Outstanding Balance | 0 | 13,695 | ||
Courtyard Virginia Beach, VA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 6.02% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 11-Nov-16 | |||
Principal Assumed or Originated | 16,813 | |||
Outstanding Balance | 0 | 16,529 | ||
Courtyard Charlottesville, VA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 6.02% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 11-Nov-16 | |||
Principal Assumed or Originated | 14,892 | |||
Outstanding Balance | 0 | 14,640 | ||
Courtyard Carolina Beach, NC [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 6.02% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 11-Nov-16 | |||
Principal Assumed or Originated | 12,009 | |||
Outstanding Balance | 0 | 11,806 | ||
Courtyard Winston-Salem, NC [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 5.94% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 8-Dec-16 | |||
Principal Assumed or Originated | 7,458 | |||
Outstanding Balance | 0 | 7,352 | ||
Hilton Garden Inn Lewisville, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hilton Garden Inn | [6] | ||
Interest Rate | 0.00% | [1] | ||
Loan Assumption or Origination Date | 16-Oct-08 | |||
Maturity Date | 31-Dec-16 | |||
Principal Assumed or Originated | 3,750 | |||
Outstanding Balance | 2,000 | 2,000 | ||
Residence Inn Oceanside, CA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 4.24% | [1],[5] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 13-Jan-17 | |||
Principal Assumed or Originated | 15,662 | |||
Outstanding Balance | 0 | 15,402 | ||
Residence Inn Burbank, CA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 4.24% | [1],[5] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 13-Jan-17 | |||
Principal Assumed or Originated | 23,493 | |||
Outstanding Balance | 0 | 23,103 | ||
Hilton Garden Inn Savannah, GA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hilton Garden Inn | |||
Interest Rate | 5.87% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Feb-17 | |||
Principal Assumed or Originated | 4,977 | |||
Outstanding Balance | 0 | 4,849 | ||
Residence Inn Greenville, SC [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 6.03% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 8-Feb-17 | |||
Principal Assumed or Originated | 6,012 | |||
Outstanding Balance | 0 | 5,922 | ||
Homewood Suites Birmingham, AL [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Homewood Suites | |||
Interest Rate | 6.03% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 8-Feb-17 | |||
Principal Assumed or Originated | 10,908 | |||
Outstanding Balance | 0 | 10,745 | ||
Homewood Suites Jacksonville, FL [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Homewood Suites | |||
Interest Rate | 6.03% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 8-Feb-17 | |||
Principal Assumed or Originated | 15,856 | |||
Outstanding Balance | 0 | 15,619 | ||
Hampton Inn Concord, NC [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hampton Inn | |||
Interest Rate | 6.10% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Mar-17 | [7] | ||
Principal Assumed or Originated | 4,718 | |||
Outstanding Balance | 0 | 4,644 | ||
Homewood Suites Irving, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Homewood Suites | |||
Interest Rate | 5.83% | [1] | ||
Loan Assumption or Origination Date | 29-Dec-10 | |||
Maturity Date | 11-Apr-17 | |||
Principal Assumed or Originated | 6,052 | |||
Outstanding Balance | 5,605 | 5,437 | ||
Hilton Garden Inn Duncanville, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hilton Garden Inn | |||
Interest Rate | 5.88% | [1] | ||
Loan Assumption or Origination Date | 21-Oct-08 | |||
Maturity Date | 11-May-17 | |||
Principal Assumed or Originated | 13,966 | |||
Outstanding Balance | 12,907 | 12,661 | ||
Hilton Garden Inn Grapevine, TX [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Hilton Garden Inn | |||
Interest Rate | 4.89% | [1] | ||
Loan Assumption or Origination Date | 29-Aug-12 | |||
Maturity Date | 1-Sep-22 | |||
Principal Assumed or Originated | 11,810 | |||
Outstanding Balance | 11,509 | 11,254 | ||
Courtyard Philadelphia/Collegeville, PA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 4.89% | [1] | ||
Loan Assumption or Origination Date | 30-Aug-12 | |||
Maturity Date | 1-Sep-22 | |||
Principal Assumed or Originated | 12,650 | |||
Outstanding Balance | 12,327 | 12,055 | ||
Courtyard Hattiesburg, MS [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 5.00% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Sep-22 | |||
Principal Assumed or Originated | 5,732 | |||
Outstanding Balance | 0 | 5,627 | ||
Courtyard Rancho Bernardo, CA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 5.00% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Sep-22 | |||
Principal Assumed or Originated | 15,060 | |||
Outstanding Balance | 0 | 14,782 | ||
Courtyard Kirkland, WA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 5.00% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Sep-22 | |||
Principal Assumed or Originated | 12,145 | |||
Outstanding Balance | 0 | 11,921 | ||
Residence Inn Seattle, WA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 4.96% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Sep-22 | |||
Principal Assumed or Originated | 28,269 | |||
Outstanding Balance | 0 | 27,744 | ||
Embassy Suites Anchorage, AK [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Embassy Suites | |||
Interest Rate | 4.97% | [1] | ||
Loan Assumption or Origination Date | 13-Sep-12 | |||
Maturity Date | 1-Oct-22 | |||
Principal Assumed or Originated | 23,230 | |||
Outstanding Balance | 22,686 | 22,193 | ||
Courtyard Somerset, NJ [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 4.73% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 6-Oct-22 | |||
Principal Assumed or Originated | 8,750 | |||
Outstanding Balance | 0 | 8,584 | ||
Homewood Suites Tukwila, WA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Homewood Suites | |||
Interest Rate | 4.73% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 6-Oct-22 | |||
Principal Assumed or Originated | 9,431 | |||
Outstanding Balance | 0 | 9,251 | ||
Courtyard Pratville, AL [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 4.12% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 6-Feb-23 | |||
Principal Assumed or Originated | 6,596 | |||
Outstanding Balance | 0 | 6,462 | ||
Homewood Suites Huntsville, AL [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Homewood Suites | |||
Interest Rate | 4.12% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 6-Feb-23 | |||
Principal Assumed or Originated | 8,306 | |||
Outstanding Balance | 0 | 8,137 | ||
Residence Inn San Diego, CA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Residence Inn | |||
Interest Rate | 3.97% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 6-Mar-23 | |||
Principal Assumed or Originated | 18,600 | |||
Outstanding Balance | 0 | 18,216 | ||
Homewood Suites Miami, FL [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Homewood Suites | |||
Interest Rate | 4.02% | [1] | ||
Loan Assumption or Origination Date | 1-Mar-14 | |||
Maturity Date | 1-Apr-23 | |||
Principal Assumed or Originated | 16,677 | |||
Outstanding Balance | 0 | 16,337 | ||
Homewood Suites New Orleans, LA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Homewood Suites | |||
Interest Rate | 4.36% | [1] | ||
Loan Assumption or Origination Date | 17-Jul-14 | |||
Maturity Date | 11-Aug-24 | [4] | ||
Principal Assumed or Originated | 27,000 | |||
Outstanding Balance | 0 | 26,806 | ||
Courtyard Philadelphia/Malvern, PA [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Brand | Courtyard | |||
Interest Rate | 6.50% | [1] | ||
Loan Assumption or Origination Date | 30-Nov-10 | |||
Maturity Date | 1-Oct-32 | [8] | ||
Principal Assumed or Originated | 7,894 | |||
Outstanding Balance | 7,337 | 7,132 | ||
Total [Member] | ||||
Credit Facilities and Mortgage Debt (Details) - Mortgage Note Debt [Line Items] | ||||
Principal Assumed or Originated | 585,991 | |||
Outstanding Balance | 161,519 | 513,276 | ||
Unamortized fair value adjustment of assumed debt | 1,032 | 4,694 | ||
Total | $162,551 | $517,970 | ||
[1] | Unless otherwise noted, these rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates to market rates and is amortizing the adjustments to interest expense over the life of the loan. | |||
[2] | Loan (assumed on March 1, 2014) was repaid in full on June 3, 2014. | |||
[3] | Loans (assumed on March 1, 2014) were repaid in full on July 1, 2014. | |||
[4] | On July 1, 2014, the Company repaid in full the mortgage loan assumed with the A7 and A8 mergers, and on July 17, 2014 the Company originated new debt secured by this hotel. | |||
[5] | The annual fixed interest rate gives effect to an interest rate swap agreement assumed by the Company with the mortgage debt. | |||
[6] | Unsecured loan. | |||
[7] | Asset classified as held for sale as of December 31, 2014. | |||
[8] | Outstanding principal balance is callable by lender or prepayable by the Company beginning on October 1, 2016, and every five years thereafter until maturity, subject to certain conditions. |
Credit_Facilities_and_Mortgage4
Credit Facilities and Mortgage Debt (Details) - Future Minimum Debt Payments (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Future Minimum Debt Payments [Abstract] | ||
2015 | $93,888 | |
2016 | 135,658 | |
2017 | 99,394 | |
2018 | 97,106 | |
2019 | 105,770 | |
Thereafter | 173,060 | |
704,876 | ||
Unamortized fair value adjustment of assumed debt | 4,694 | 1,000 |
Total | $709,570 | $162,600 |
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Fair Value of Financial Instruments (Details) [Line Items] | ||||
Long-term Debt | $709,570,000 | $162,600,000 | ||
Long-term Debt, Fair Value | 718,900,000 | 163,600,000 | ||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -511,000 | 0 | 0 | |
Not Designated as Hedging Instrument [Member] | Interest Rate Swap Agreements Assumed March 1, 2014 [Member] | Apple Seven and Apple Eight Mergers [Member] | ||||
Fair Value of Financial Instruments (Details) [Line Items] | ||||
Number of Interest Rate Derivatives Held | 3 | |||
Derivative, Notional Amount | 45,700,000 | |||
Number of variable rate mortgage loans with interest rate swap agreements | 2 | |||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Interest Rate Swaps | -500,000 | |||
Derivative, Description of Terms | Company pays a fixed rate of interest and receives a floating rate of interest equal to the one month LIBOR | |||
Interest Rate Derivative Instruments Not Designated as Hedging Instruments at Fair Value, Net | -300,000 | |||
Derivative, Gain (Loss) on Derivative, Net | 300,000 | |||
Designated as Hedging Instrument [Member] | Unsecured $100 Million Term Loan Interest Rate Swap [Member] | ||||
Fair Value of Financial Instruments (Details) [Line Items] | ||||
Derivative, Notional Amount | 100,000,000 | [1] | ||
Derivative, Description of Terms | Company pays a fixed interest rate of 1.58% and receives a floating rate of interest equal to the one month LIBOR | |||
Derivative Inception Date | Mar-14 | |||
Cash Flow Hedges Derivative Instruments at Fair Value, Net | -500,000 | |||
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Net of Tax | -500,000 | |||
Gain (Loss) on Cash Flow Hedge Ineffectiveness, Net | $0 | |||
[1] | Designated as a cash flow hedge. |
Fair_Value_of_Financial_Instru3
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | |
Designated as Hedging Instrument [Member] | Unsecured $100 Million Term Loan Interest Rate Swap [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | $100,000 | [1] |
Maturity date | 1-Mar-19 | |
Fair value | -511 | |
Not Designated as Hedging Instrument [Member] | Westford Residence Inn Interest Rate Swap [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | 6,397 | [2] |
Maturity date | 1-Oct-15 | |
Fair value | -74 | |
Not Designated as Hedging Instrument [Member] | Burbank and Oceanside Residence Inns Interest Rate Swap [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | 38,505 | [2] |
Maturity date | 13-Jan-15 | |
Fair value | -11 | |
Not Designated as Hedging Instrument [Member] | Burbank and Oceanside Residence Inns Forward Interest Rate Swap Effective January 13, 2015 [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | 38,440 | [2],[3] |
Maturity date | 13-Jan-17 | |
Fair value | ($183) | |
[1] | Designated as a cash flow hedge. | |
[2] | Not designated as a cash flow hedge. | |
[3] | Effective date of the forward interest rate swap agreement is January 13, 2015, the same date the existing swap agreement matures. |
Related_Parties_Details
Related Parties (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 86 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Jun. 30, 2012 | 13-May-13 | Dec. 31, 2014 | Mar. 01, 2014 | |
Related Parties (Details) [Line Items] | ||||||||
Convertible Preferred Stock Converted to Other Securities | $117,133,000 | $0 | $0 | |||||
Related Party Transaction, Description of Transaction | To efficiently manage cash disbursements, the Company, Apple Ten, A10A or ASRG may make payments for any or all of the related companies. Under the cash management process, each of the companies may advance or defer up to $1 million at any time. Each month, any outstanding amounts are settled among the affected companies. This process allows each Company to minimize its cash on hand, which, in turn, reduces the cost of each companies’ credit facilities. This process is not significant to any of the companies. | |||||||
Sale of 110 Sites Leased to Third Party [Member] | Apple Suites Realty Group (ASRG) [Member] | Real Estate Disposal Fees Incurred [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Costs and Expenses, Related Party | 4,000,000 | |||||||
Sale of 110 Sites Leased to Third Party [Member] | Apple Suites Realty Group (ASRG) [Member] | Real Estate Disposal Fees Paid [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Costs and Expenses, Related Party | 1,200,000 | 2,800,000 | ||||||
Sale of 110 Sites Leased to Third Party [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Land Parcels Sold | 110 | |||||||
Acquisition of Headquarters and Assignment of Office Lease Agreement from Apple REIT Six, Inc. [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Related Party Transaction, Amounts of Transaction | 4,500,000 | |||||||
$60 Million Note Receivable [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Proceeds from Collection of Notes Receivable | 60,000,000 | |||||||
Apple Ten [Member] | Upon Completion of Apple Seven and Apple Eight Mergers and Related Transactions on March 1, 2014 and Thereafter [Member] | Subcontract Agreement between Apple Hospitality and Apple Ten Advisors, Inc. [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Management Advisory Fee Received From Related Party, Percent | 0.1% to 0.25% | |||||||
Apple Ten [Member] | Upon Completion of Apple Seven and Apple Eight Mergers and Related Transactions on March 1, 2014 and Thereafter [Member] | Advisory Fees Earned by Apple Hospitality [Member] | Subcontract Agreement between Apple Hospitality and Apple Ten Advisors, Inc. [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Related Party Transaction, Amounts of Transaction | -1,200,000 | |||||||
Apple Ten [Member] | Upon Completion of Apple Seven and Apple Eight Mergers and Related Transactions on March 1, 2014 and Thereafter [Member] | Apple Air Holding, LLC [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Income (Loss) Attributable to Noncontrolling Interest | -200,000 | |||||||
Apple Nine Advisors (A9A) [Member] | Prior to Apple Seven and Apple Eight Mergers and Related Transactions Completed March 1, 2014 [Member] | Advisory Fees Incurred [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Costs and Expenses, Related Party | 500,000 | 2,800,000 | 2,900,000 | |||||
Apple Nine Advisors (A9A) [Member] | Prior to Apple Seven and Apple Eight Mergers and Related Transactions Completed March 1, 2014 [Member] | Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Costs and Expenses, Related Party | 500,000 | 2,700,000 | 2,000,000 | |||||
Apple Nine Advisors (A9A) [Member] | Prior to Apple Seven and Apple Eight Mergers and Related Transactions Completed March 1, 2014 [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Management Advisory Fee Paid To Related Party, Percent | 0.1% to 0.25% | |||||||
Apple Suites Realty Group (ASRG) [Member] | Prior to Apple Seven and Apple Eight Mergers and Related Transactions Completed March 1, 2014 [Member] | Real Estate Acquisition Fees Incurred [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Costs and Expenses, Related Party | 0 | 100,000 | 400,000 | 33,600,000 | ||||
Apple Suites Realty Group (ASRG) [Member] | Prior to Apple Seven and Apple Eight Mergers and Related Transactions Completed March 1, 2014 [Member] | Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Costs and Expenses, Related Party | 0 | 0 | 200,000 | |||||
Apple Suites Realty Group (ASRG) [Member] | Prior to Apple Seven and Apple Eight Mergers and Related Transactions Completed March 1, 2014 [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Real estate acquisition and disposal fee, Related Party, Percent | 2.00% | |||||||
Apple Suites Realty Group (ASRG) [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Real estate acquisition and disposal fee, Related Party, Percent | 2.00% | |||||||
ASRG and A9A [Member] | Prior to Apple Seven and Apple Eight Mergers and Related Transactions Completed March 1, 2014 [Member] | Reimbursement to Related Party for Company's Proportionate Share of Staffing and Related Costs Provided by Related Party [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Costs and Expenses, Related Party | 500,000 | 2,700,000 | 2,200,000 | |||||
Apple Air Holding, LLC [Member] | Prior to Apple Seven and Apple Eight Mergers and Related Transactions Completed March 1, 2014 [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Equity Method Investment, Ownership Percentage | 24.00% | 24.00% | ||||||
Equity Method Investments | 1,700,000 | 1,700,000 | ||||||
Income (Loss) from Equity Method Investments | -40,000 | -200,000 | -200,000 | |||||
Apple Air Holding, LLC [Member] | Purchase of Apple Seven and Apple Eight Equity Interest [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Related Party Transaction, Amounts of Transaction | 3,000,000 | |||||||
Apple Air Holding, LLC [Member] | Upon Completion of Apple Seven and Apple Eight Mergers and Related Transactions on March 1, 2014 and Thereafter [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 74.00% | |||||||
Apple Air Holding, LLC [Member] | Apple Ten's Minority Interest [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Other Noncontrolling Interests | 1,000,000 | 1,000,000 | ||||||
Affiliated Entity [Member] | Upon Completion of Apple Seven and Apple Eight Mergers and Related Transactions on March 1, 2014 and Thereafter [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Aircraft Rental Revenue | 200,000 | |||||||
Upon Completion of Apple Seven and Apple Eight Mergers and Related Transactions on March 1, 2014 and Thereafter [Member] | 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 | -3,000,000 | |||||||
Prior to Apple Seven and Apple Eight Mergers and Related Transactions Completed March 1, 2014 [Member] | Reimbursement Received From Related Parties For Their Proportionate Share of Office Related Costs Provided by Apple Hospitality [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Related Party Transaction, Amounts of Transaction | -100,000 | -600,000 | ||||||
Termination of Advisory Agreements [Member] | Series B Convertible Preferred Shares Converted to Common Shares [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Convertible Preferred Stock Converted to Other Securities | 117,100,000 | |||||||
Fair Value Estimate of Company Common Stock Per Share (in Dollars per share) | $10.10 | |||||||
Legal Proceedings and SEC Investigation [Member] | All Apple REIT Entities [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Legal Fees | 800,000 | 2,900,000 | 7,300,000 | |||||
Legal Proceedings and SEC Investigation [Member] | Apple Hospitality [Member] | ||||||||
Related Parties (Details) [Line Items] | ||||||||
Legal Fees | 700,000 | 800,000 | 1,700,000 | |||||
Proceeds from Insurance Settlement, Operating Activities | $600,000 | $2,100,000 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 12 Months Ended | 0 Months Ended | 2 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 19 Months Ended | 3 Months Ended | 24 Months Ended | 66 Months Ended | 1 Months Ended | 14 Months Ended | 17 Months Ended | 49 Months Ended | 1 Months Ended | |||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2014 | Jul. 31, 2012 | Dec. 31, 2014 | 31-May-12 | Aug. 31, 2014 | Mar. 01, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2013 | Jun. 30, 2011 | Dec. 31, 2014 | Jan. 31, 2015 | Jun. 30, 2013 | Apr. 30, 2012 | Dec. 31, 2014 | Feb. 28, 2015 | |
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.70 | $0.83 | $0.85 | |||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock (in Dollars) | $233,412,000 | $151,586,000 | $154,980,000 | |||||||||||||||||||||||
Special Distribution, Amount Per Share (in Dollars per share) | $0.75 | |||||||||||||||||||||||||
Payments of Special Distribution (in Dollars) | 0 | 0 | 136,113,000 | |||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Preferred Stock, Shares Issued | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Preferred Stock, Value, Issued (in Dollars) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Convertible Preferred Stock Converted to Other Securities (in Dollars) | 117,133,000 | 0 | 0 | |||||||||||||||||||||||
Common Stock, Shares Authorized | 800,000,000 | 400,000,000 | 800,000,000 | 800,000,000 | 800,000,000 | |||||||||||||||||||||
Stock Repurchased During Period, Value (in Dollars) | -2,349,000 | |||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | |||||||||||||||||||||
Stock Redeemed or Called During Period, Value (in Dollars) | -19,992,000 | -51,987,000 | ||||||||||||||||||||||||
Sale of 110 Sites Leased to Third Party [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Land Parcels Sold | 110 | 110 | ||||||||||||||||||||||||
Total Consideration of Apple Hospitality's Common Shares Transferred [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | Apple Hospitality [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Fair Value Estimate of Company Common Stock Per Share (in Dollars per share) | $10.10 | $10.10 | ||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 180,000,000 | |||||||||||||||||||||||||
Series A Preferred Stock [Member] | Prior to Apple Seven and Apple Eight Mergers [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 182,800,000 | 182,800,000 | ||||||||||||||||||||||||
Preferred Stock, Shares Issued | 182,800,000 | 182,800,000 | ||||||||||||||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 182,784,131 | 0 | 0 | 0 | |||||||||||||||||||||
Preferred Stock, Shares Issued | 0 | 182,784,131 | 0 | 0 | 0 | |||||||||||||||||||||
Preferred Stock, Value, Issued (in Dollars) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | 400,000,000 | |||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | Prior to Apple Seven and Apple Eight Mergers [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 480,000 | 480,000 | ||||||||||||||||||||||||
Preferred Stock, Shares Issued | 480,000 | 480,000 | ||||||||||||||||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $0.10 | $0.10 | ||||||||||||||||||||||||
Preferred Stock, Value, Issued (in Dollars) | 48,000 | 48,000 | ||||||||||||||||||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Shares Outstanding | 0 | 480,000 | 0 | 0 | 0 | |||||||||||||||||||||
Preferred Stock, Shares Issued | 0 | 480,000 | 0 | 0 | 0 | |||||||||||||||||||||
Preferred Stock, Value, Issued (in Dollars) | 0 | 48,000 | 0 | 0 | 0 | |||||||||||||||||||||
Preferred Stock, Shares Authorized | 480,000 | 480,000 | 480,000 | 480,000 | 480,000 | |||||||||||||||||||||
Monthly Distributions [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.70 | $0.83 | $0.85 | |||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock (in Dollars) | 233,400,000 | 151,600,000 | 155,000,000 | |||||||||||||||||||||||
Annual Distribution [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Annual Distribution rate (in Dollars per share) | $0.83 | $0.68 | $0.88 | $0.66 | $0.83 | |||||||||||||||||||||
Special Distribution [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Special Distribution, Amount Per Share (in Dollars per share) | $0.75 | |||||||||||||||||||||||||
Payments of Special Distribution (in Dollars) | 136,100,000 | |||||||||||||||||||||||||
Dividends Payable, Date to be Paid | 17-May-12 | |||||||||||||||||||||||||
Dividends Payable, Date of Record | 11-May-12 | |||||||||||||||||||||||||
Prior to Apple Seven and Apple Eight Mergers [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Unit Description | one common share and one Series A preferred share | |||||||||||||||||||||||||
Authorized Common Shares Prior to Apple Seven and Apple Eight Mergers [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Common Stock, Shares Authorized | 400,000,000 | 400,000,000 | ||||||||||||||||||||||||
Authorized Common Shares per Amended And Restated Articles of Incorporation [Member] | Upon Completion of Apple Seven and Apple Eight Mergers [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Common Stock, Shares Authorized | 800,000,000 | 800,000,000 | ||||||||||||||||||||||||
Exercised Appraisal Rights on As-Converted Common Shares [Member] | Apple Seven and Apple Eight Mergers [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Stock Repurchased During Period, Value (in Dollars) | 2,300,000 | |||||||||||||||||||||||||
Stock Repurchased During Period, Shares | 200,000 | |||||||||||||||||||||||||
Additional Preferred Shares [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Preferred Stock, Shares Authorized | 30,000,000 | 30,000,000 | 30,000,000 | 30,000,000 | ||||||||||||||||||||||
Share Redemption Program (formerly known as Unit Redemption Program) [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Share Redemption Eligibility Period | 1 year | |||||||||||||||||||||||||
Weighted average number of common shares oustanding, percentage redeemable | 5.00% | |||||||||||||||||||||||||
Redemption rate, common shares owned less than 3 years | 92.00% | |||||||||||||||||||||||||
Redemption rate, common shares owned more than 3 years | 100.00% | |||||||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 0 | 2,000,000 | 5,000,000 | 11,700,000 | ||||||||||||||||||||||
Stock Redeemed or Called During Period, Value (in Dollars) | 20,000,000 | 52,000,000 | 121,200,000 | |||||||||||||||||||||||
Redemption requests redeemed, description | pro-rata basis | |||||||||||||||||||||||||
Redemption requests redeemed, percentage | 8.00% | 8.00% | 9.00% | 9.00% | 13.00% | 14.00% | 18.00% | 41.00% | 100.00% | |||||||||||||||||
Redemption requests not redeemed | 12,100,000 | 12,100,000 | 12,100,000 | |||||||||||||||||||||||
Reinstated Share Redemption Program [Member] | Subsequent Event [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Stock Redeemed or Called During Period, Shares | 1,200,000 | |||||||||||||||||||||||||
Stock Redeemed or Called During Period, Value (in Dollars) | 10,800,000 | |||||||||||||||||||||||||
Share Redemption, Purchase Price (in Dollars per share) | $9.20 | |||||||||||||||||||||||||
Dividend Reinvestment Plan [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Shares Authorized | 20,000,000 | 20,000,000 | 20,000,000 | 20,000,000 | ||||||||||||||||||||||
Dividend Reinvestment Plan, Offering Price Per Common Share (in Dollars per share) | $10.25 | $11 | ||||||||||||||||||||||||
Stock Issued During Period, Shares, Dividend Reinvestment Plan | 2,100,000 | 4,800,000 | 12,300,000 | |||||||||||||||||||||||
Stock Issued During Period, Value, Dividend Reinvestment Plan (in Dollars) | 22,000,000 | 50,000,000 | 131,000,000 | |||||||||||||||||||||||
Termination of Advisory Agreements [Member] | Series B Convertible Preferred Shares Converted to Common Shares [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Convertible Preferred Stock, Shares Issued upon Conversion | 24.17104 | 24.17104 | ||||||||||||||||||||||||
Stock Issued During Period, Shares, Conversion of Convertible Securities | 11,600,000 | |||||||||||||||||||||||||
Convertible Preferred Stock Converted to Other Securities (in Dollars) | 117,100,000 | |||||||||||||||||||||||||
Fair Value Estimate of Company Common Stock Per Share (in Dollars per share) | $10.10 | $10.10 | ||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||
Shareholders' Equity (Details) [Line Items] | ||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.06 | $0.06 | ||||||||||||||||||||||||
Payments of Ordinary Dividends, Common Stock (in Dollars) | $21,200,000 | $21,100,000 |
Compensation_Plans_Details
Compensation Plans (Details) (2014 Omnibus Incentive Plan [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Compensation Plans (Details) [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 10,000,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in Shares) | 0 |
Labor and Related Expense | $8,600,000 |
Accrued Bonuses, Current | 8,600,000 |
Minimum Potential Payout [Member] | |
Compensation Plans (Details) [Line Items] | |
Labor and Related Expense | 0 |
Maximum Potential Payout [Member] | |
Compensation Plans (Details) [Line Items] | |
Labor and Related Expense | $12,000,000 |
Management_and_Franchise_Agree2
Management and Franchise Agreements (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Management and Franchise Agreements (Details) [Line Items] | |||
Owned Property Management Costs | $27,377 | $13,226 | $12,262 |
Direct Operating Cost, Royalty Expense | $33,463 | $16,013 | $14,503 |
Hilton Franchise Agreements [Member] | Minimum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Franchise Agreement, Initial Term | 10 years | ||
Hilton Franchise Agreements [Member] | Maximum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Franchise Agreement, Initial Term | 21 years | ||
Marriott Franchise Agreements [Member] | Minimum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Franchise Agreement, Initial Term | 6 years | ||
Marriott Franchise Agreements [Member] | Maximum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Franchise Agreement, Initial Term | 30 years | ||
Hotels [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Number of Real Estate Properties | 191 | ||
Minimum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Management Agreement Initial Term | 1 year | ||
Maximum [Member] | |||
Management and Franchise Agreements (Details) [Line Items] | |||
Management Agreement Initial Term | 30 years |
Management_and_Franchise_Agree3
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties | 12 Months Ended |
Dec. 31, 2014 | |
LBA [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 34 |
Dimension [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 25 |
White Lodging [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 25 |
Western [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 18 |
Newport [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 11 |
Marriott [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 10 |
Raymond [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 10 |
Crestline [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 9 |
McKibbon [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 9 |
Vista Host [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 9 |
Inn Ventures [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 8 |
Pillar [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 7 |
True North [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 7 |
Gateway [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 5 |
Hilton [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 3 |
Stonebridge [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 1 |
Total [Member] | |
Management and Franchise Agreements (Details) - Schedule of Hotel Properties Managed by Third Parties [Line Items] | |
Number of Hotels Operated by Manager | 191 |
Lease_Commitments_Details
Lease Commitments (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
Mar. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Hotel and Parking Lot Ground Leases Acquired [Member] | Apple Seven and Apple Eight Mergers [Member] | ||||
Lease Commitments (Details) [Line Items] | ||||
Number of Land Leases Assumed | 12 | |||
Hotel and Parking Lot Ground Leases Acquired [Member] | Ground Leases Below Market Leases [Member] | ||||
Lease Commitments (Details) [Line Items] | ||||
Number of Land Leases Assumed | 9 | |||
Acquired Intangible Lease Asset, Net | $20,300,000 | $0 | ||
Hotel and Parking Lot Ground Leases Acquired [Member] | Ground Leases Above Market Leases [Member] | ||||
Lease Commitments (Details) [Line Items] | ||||
Number of Land Leases Assumed | 3 | |||
Acquired Intangible Lease Liability, Net | 7,000,000 | 400,000 | ||
Hotel and Parking Lot Ground Leases [Member] | ||||
Lease Commitments (Details) [Line Items] | ||||
Amortization of Intagible Lease Assets (Liabilities), Net | 500,000 | -44,000 | -44,000 | |
Straight Line Rent Expense | $2,900,000 | $0 | $0 | |
Minimum [Member] | Hotel and Parking Lot Ground Leases [Member] | ||||
Lease Commitments (Details) [Line Items] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 9 years | |||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 5 years | |||
Maximum [Member] | Hotel and Parking Lot Ground Leases [Member] | ||||
Lease Commitments (Details) [Line Items] | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 91 years | |||
Lessee Leasing Arrangements, Operating Leases, Renewal Term | 60 years | |||
Hotel Ground Leases [Member] | ||||
Lease Commitments (Details) [Line Items] | ||||
Number of Properties Subject to Ground Leases | 10 | |||
Parking Lot Ground Leases [Member] | ||||
Lease Commitments (Details) [Line Items] | ||||
Number of Properties Subject to Ground Leases | 3 |
Lease_Commitments_Details_Sche
Lease Commitments (Details) - Schedule of Future Minimum Rental Payments for Operating Leases (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Future Minimum Rental Payments for Operating Leases [Abstract] | |
2015 | $5,575 |
2016 | 5,707 |
2017 | 5,840 |
2018 | 5,976 |
2019 | 6,253 |
Thereafter | 291,552 |
Total | $320,903 |
Quarterly_Financial_Data_Unaud2
Quarterly Financial Data (Unaudited) (Details) (USD $) | 12 Months Ended | 3 Months Ended | ||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2014 |
Quarterly Financial Data (Unaudited) (Details) [Line Items] | ||||||
Convertible Preferred Stock Converted to Other Securities | $117,133 | $0 | $0 | |||
Earnings Per Share, Basic and Diluted | $0.02 | $0.63 | $0.41 | |||
Impairment of Real Estate | 10,988 | 0 | 0 | |||
Properties for Potential Sale [Member] | Real Estate Held and Used Impairment [Member] | ||||||
Quarterly Financial Data (Unaudited) (Details) [Line Items] | ||||||
Earnings Per Share, Basic and Diluted | ($0.01) | ($0.02) | ||||
Impairment of Real Estate | 11,000 | 2,400 | 8,600 | |||
Termination of Advisory Agreements [Member] | Series B Preferred Shares to Common Shares [Member] | Apple Seven and Apple Eight Mergers and Related Transactions [Member] | ||||||
Quarterly Financial Data (Unaudited) (Details) [Line Items] | ||||||
Convertible Preferred Stock Converted to Other Securities | $117,100 | |||||
Earnings Per Share, Basic and Diluted | ($0.47) |
Quarterly_Financial_Data_Unaud3
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information (USD $) | 12 Months Ended | 3 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | $803,896 | $387,991 | $365,586 | ||||||||
Income (loss) from continuing operations | 6,833 | 81,916 | 68,684 | ||||||||
Income from discontinued operations, net of tax | 0 | 33,306 | 6,792 | ||||||||
Net income (loss) | 6,833 | 115,222 | 75,476 | ||||||||
Comprehensive income (loss) | 6,322 | 115,222 | 75,476 | ||||||||
Basic and diluted net income (loss) per common share | |||||||||||
From continuing operations (in Dollars per share) | $0.02 | $0.45 | $0.37 | ||||||||
From discontinued operations (in Dollars per share) | $0 | $0.18 | $0.04 | ||||||||
Net income (loss) per common share (in Dollars per share) | $0.02 | $0.63 | $0.41 | ||||||||
Distributions declared and paid per common share (in Dollars per share) | $0.70 | $0.83 | $0.85 | ||||||||
First Quarter [Member] | |||||||||||
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | 137,121 | 92,403 | |||||||||
Income (loss) from continuing operations | -94,462 | 16,906 | |||||||||
Income from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income (loss) | -94,462 | 16,906 | |||||||||
Comprehensive income (loss) | -93,994 | 16,906 | |||||||||
Basic and diluted net income (loss) per common share | |||||||||||
From continuing operations (in Dollars per share) | ($0.38) | $0.09 | |||||||||
From discontinued operations (in Dollars per share) | $0 | $0 | |||||||||
Net income (loss) per common share (in Dollars per share) | ($0.38) | $0.09 | |||||||||
Distributions declared and paid per common share (in Dollars per share) | $0.19 | $0.21 | |||||||||
Second Quarter [Member] | |||||||||||
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | 232,568 | 104,572 | |||||||||
Income (loss) from continuing operations | 43,799 | 23,535 | |||||||||
Income from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income (loss) | 43,799 | 23,535 | |||||||||
Comprehensive income (loss) | 42,885 | 23,535 | |||||||||
Basic and diluted net income (loss) per common share | |||||||||||
From continuing operations (in Dollars per share) | $0.12 | $0.13 | |||||||||
From discontinued operations (in Dollars per share) | $0 | $0 | |||||||||
Net income (loss) per common share (in Dollars per share) | $0.12 | $0.13 | |||||||||
Distributions declared and paid per common share (in Dollars per share) | $0.17 | $0.21 | |||||||||
Third Quarter [Member] | |||||||||||
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | 231,884 | 100,237 | |||||||||
Income (loss) from continuing operations | 35,162 | 18,165 | |||||||||
Income from discontinued operations, net of tax | 0 | 0 | |||||||||
Net income (loss) | 35,162 | 18,165 | |||||||||
Comprehensive income (loss) | 35,919 | 18,165 | |||||||||
Basic and diluted net income (loss) per common share | |||||||||||
From continuing operations (in Dollars per share) | $0.09 | $0.10 | |||||||||
From discontinued operations (in Dollars per share) | $0 | $0 | |||||||||
Net income (loss) per common share (in Dollars per share) | $0.09 | $0.10 | |||||||||
Distributions declared and paid per common share (in Dollars per share) | $0.17 | $0.21 | |||||||||
Fourth Quarter [Member] | |||||||||||
Quarterly Financial Data (Unaudited) (Details) - Schedule of Quarterly Financial Information [Line Items] | |||||||||||
Total revenue | 202,323 | 90,779 | |||||||||
Income (loss) from continuing operations | 22,334 | 23,310 | |||||||||
Income from discontinued operations, net of tax | 0 | 33,306 | |||||||||
Net income (loss) | 22,334 | 56,616 | |||||||||
Comprehensive income (loss) | $21,512 | $56,616 | |||||||||
Basic and diluted net income (loss) per common share | |||||||||||
From continuing operations (in Dollars per share) | $0.06 | $0.13 | |||||||||
From discontinued operations (in Dollars per share) | $0 | $0.18 | |||||||||
Net income (loss) per common share (in Dollars per share) | $0.06 | $0.31 | |||||||||
Distributions declared and paid per common share (in Dollars per share) | $0.17 | $0.21 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 12 Months Ended | 2 Months Ended | 1 Months Ended | |||
Share data in Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 26, 2015 | Jan. 31, 2015 | Feb. 28, 2015 |
Subsequent Events (Details) [Line Items] | ||||||
Payments of Ordinary Dividends, Common Stock | $233,412,000 | $151,586,000 | $154,980,000 | |||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.70 | $0.83 | $0.85 | |||
Stock Redeemed or Called During Period, Value | -19,992,000 | -51,987,000 | ||||
Sale of Hotels Held for Sale [Member] | Subsequent Event [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Number of Real Estate Properties | 18 | |||||
Number of Units in Real Estate Property | 1,787 | |||||
Sale of Real Estate Assets, Gross Sales Price | 206,400,000 | |||||
Hotels Held for Sale [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Number of Real Estate Properties | 19 | |||||
Number of Units in Real Estate Property | 1,873 | |||||
Sale of Real Estate Assets, Gross Sales Price | 213,000,000 | |||||
Hotel Held for Sale Excluded from Sale [Member] | Subsequent Event [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Sale of Real Estate Assets, Gross Sales Price | 6,600,000 | |||||
Reinstated Share Redemption Program [Member] | Subsequent Event [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Stock Redeemed or Called During Period, Shares (in Shares) | 1,200 | |||||
Stock Redeemed or Called During Period, Value | 10,800,000 | |||||
Share Redemption, Purchase Price (in Dollars per share) | $9.20 | |||||
Subsequent Event [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Payments of Ordinary Dividends, Common Stock | $21,200,000 | $21,100,000 | ||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $0.06 | $0.06 |
SEC_Schedule_III_Real_Estate_a1
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) (USD $) | 12 Months Ended |
In Billions, unless otherwise specified | Dec. 31, 2014 |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (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. |
SEC Schedule III, Real Estate, Federal Income Tax Basis | $3.60 |
Hotels Held for Sale [Member] | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) [Line Items] | |
Number of Real Estate Properties | 19 |
SEC_Schedule_III_Real_Estate_a2
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Total Gross Cost | 3,789,380 | $1,644,252 | $1,609,821 | $1,573,901 | |
Accumulated Depreciation | -296,559 | -200,754 | -145,927 | -93,179 | |
Embassy Suites Anchorage, AK [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Embassy Suites Anchorage, AK [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Embassy Suites Anchorage, AK [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AK | ||||
Description | Embassy Suites | ||||
Encumbrances | 22,193 | ||||
Initial Cost, Land | 2,955 | [1] | |||
Initial Cost, Building, FF&E and Other | 39,053 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 227 | ||||
Total Gross Cost | 42,235 | [2] | |||
Accumulated Depreciation | -6,117 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 10-Apr | ||||
Number of Rooms | 169 | ||||
Hilton Garden Inn Auburn, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Auburn, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Auburn, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,580 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,659 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 54 | ||||
Total Gross Cost | 11,293 | [2] | |||
Accumulated Depreciation | -331 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 101 | ||||
Courtyard Birmingham, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Birmingham, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Birmingham, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,310 | [1] | |||
Initial Cost, Building, FF&E and Other | 6,425 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 62 | ||||
Total Gross Cost | 8,797 | [2] | |||
Accumulated Depreciation | -171 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 84 | ||||
Homewood Suites Birmingham, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Birmingham, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Birmingham, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Homewood Suites | ||||
Encumbrances | 10,745 | ||||
Initial Cost, Land | 1,010 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,981 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 345 | ||||
Total Gross Cost | 14,336 | [2] | |||
Accumulated Depreciation | -311 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 95 | ||||
Hilton Garden Inn Dothan, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Dothan, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Dothan, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,037 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,581 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 114 | ||||
Total Gross Cost | 11,732 | [2] | |||
Accumulated Depreciation | -2,326 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 9-Jun | ||||
Number of Rooms | 104 | ||||
Residence Inn Dothan, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Dothan, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Dothan, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 970 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,185 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 23 | ||||
Total Gross Cost | 14,178 | [2] | |||
Accumulated Depreciation | -337 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 84 | ||||
Hilton Garden Inn Huntsville, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Huntsville, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Huntsville, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 890 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,227 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 49 | ||||
Total Gross Cost | 12,166 | [2] | |||
Accumulated Depreciation | -342 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 101 | ||||
Homewood Suites Huntsville, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Huntsville, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Huntsville, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Homewood Suites | ||||
Encumbrances | 8,137 | ||||
Initial Cost, Land | 210 | [1] | |||
Initial Cost, Building, FF&E and Other | 15,654 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 116 | ||||
Total Gross Cost | 15,980 | [2] | |||
Accumulated Depreciation | -386 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 107 | ||||
Hilton Garden Inn Montgomery, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Montgomery, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Montgomery, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,640 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,315 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 137 | ||||
Total Gross Cost | 15,092 | [2] | |||
Accumulated Depreciation | -391 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 97 | ||||
Homewood Suites Montgomery, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Montgomery, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Montgomery, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,760 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,818 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 160 | ||||
Total Gross Cost | 12,738 | [2] | |||
Accumulated Depreciation | -401 | ||||
Date of Construction | 2004 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 91 | ||||
Courtyard Pratville, AL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Pratville, AL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Pratville, AL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AL | ||||
Description | Courtyard | ||||
Encumbrances | 6,462 | ||||
Initial Cost, Land | 2,050 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,101 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 880 | ||||
Total Gross Cost | 12,031 | [2] | |||
Accumulated Depreciation | -297 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 84 | ||||
Hampton Inn Rogers, AR [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn Rogers, AR [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn Rogers, AR [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AR | ||||
Description | Hampton Inn | ||||
Encumbrances | 7,593 | ||||
Initial Cost, Land | 961 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,483 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 154 | ||||
Total Gross Cost | 9,598 | [2] | |||
Accumulated Depreciation | -1,461 | ||||
Date of Construction | 1998 | ||||
Date Acquired | 10-Aug | ||||
Number of Rooms | 122 | ||||
Homewood Suites Rogers, AR [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Rogers, AR [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Rogers, AR [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AR | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,375 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,514 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,533 | ||||
Total Gross Cost | 12,422 | [2] | |||
Accumulated Depreciation | -1,894 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 10-Apr | ||||
Number of Rooms | 126 | ||||
Residence Inn Rogers, AR [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Rogers, AR [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Rogers, AR [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AR | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,130 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,417 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 15 | ||||
Total Gross Cost | 13,562 | [2] | |||
Accumulated Depreciation | -377 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 88 | ||||
Residence Inn Springdale, AR [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Springdale, AR [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Springdale, AR [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AR | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 330 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,651 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 34 | ||||
Total Gross Cost | 9,015 | [2] | |||
Accumulated Depreciation | -227 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 72 | ||||
Courtyard Chandler, AZ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Chandler, AZ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Chandler, AZ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,061 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,008 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 114 | ||||
Total Gross Cost | 17,183 | [2] | |||
Accumulated Depreciation | -2,337 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 150 | ||||
Fairfield Inn & Suites Chandler, AZ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn & Suites Chandler, AZ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn & Suites Chandler, AZ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Fairfield Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 778 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,272 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 72 | ||||
Total Gross Cost | 12,122 | [2] | |||
Accumulated Depreciation | -1,618 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 110 | ||||
Courtyard Phoenix, AZ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Phoenix, AZ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Phoenix, AZ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,413 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,669 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,845 | ||||
Total Gross Cost | 17,927 | [2] | |||
Accumulated Depreciation | -2,299 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 164 | ||||
Residence Inn Phoenix, AZ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Phoenix, AZ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Phoenix, AZ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,111 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,953 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 188 | ||||
Total Gross Cost | 14,252 | [2] | |||
Accumulated Depreciation | -1,896 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 129 | ||||
Hilton Garden Inn Tucson, AZ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Tucson, AZ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Tucson, AZ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,005 | [1] | |||
Initial Cost, Building, FF&E and Other | 17,925 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 217 | ||||
Total Gross Cost | 19,147 | [2] | |||
Accumulated Depreciation | -4,169 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 8-Jul | ||||
Number of Rooms | 125 | ||||
Residence Inn Tucson, AZ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Tucson, AZ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Tucson, AZ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,080 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,424 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 61 | ||||
Total Gross Cost | 14,565 | [2] | |||
Accumulated Depreciation | -345 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 124 | ||||
TownePlace Suites Tucson, AZ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Tucson, AZ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Tucson, AZ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | AZ | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 992 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,543 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 84 | ||||
Total Gross Cost | 15,619 | [2] | |||
Accumulated Depreciation | -1,670 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 11-Oct | ||||
Number of Rooms | 124 | ||||
Homewood Suites Agoura Hills, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Agoura Hills, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Agoura Hills, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,430 | [1] | |||
Initial Cost, Building, FF&E and Other | 21,290 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,104 | ||||
Total Gross Cost | 25,824 | [2] | |||
Accumulated Depreciation | -541 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 125 | ||||
Residence Inn Burbank, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Burbank, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Burbank, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Residence Inn | ||||
Encumbrances | 23,103 | ||||
Initial Cost, Land | 32,270 | [1] | |||
Initial Cost, Building, FF&E and Other | 41,559 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,327 | ||||
Total Gross Cost | 75,156 | [2] | |||
Accumulated Depreciation | -1,043 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 166 | ||||
Hampton Inn & Suites Clovis, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Clovis, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Clovis, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,287 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,888 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 70 | ||||
Total Gross Cost | 11,245 | [2] | |||
Accumulated Depreciation | -1,950 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 9-Jul | ||||
Number of Rooms | 86 | ||||
Homewood Suites Clovis, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Clovis, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Clovis, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,500 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,970 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 36 | ||||
Total Gross Cost | 12,506 | [2] | |||
Accumulated Depreciation | -1,951 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 10-Feb | ||||
Number of Rooms | 83 | ||||
Courtyard Cypress, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Cypress, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Cypress, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 4,410 | [1] | |||
Initial Cost, Building, FF&E and Other | 35,033 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 112 | ||||
Total Gross Cost | 39,555 | [2] | |||
Accumulated Depreciation | -1,020 | ||||
Date of Construction | 1988 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 180 | ||||
Residence Inn Oceanside, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Oceanside, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Oceanside, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Residence Inn | ||||
Encumbrances | 15,402 | ||||
Initial Cost, Land | 7,790 | [1] | |||
Initial Cost, Building, FF&E and Other | 24,048 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 548 | ||||
Total Gross Cost | 32,386 | [2] | |||
Accumulated Depreciation | -587 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 125 | ||||
Courtyard Rancho Bernardo, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Rancho Bernardo, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Rancho Bernardo, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Courtyard | ||||
Encumbrances | 14,782 | ||||
Initial Cost, Land | 16,380 | [1] | |||
Initial Cost, Building, FF&E and Other | 28,952 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 137 | ||||
Total Gross Cost | 45,469 | [2] | |||
Accumulated Depreciation | -870 | ||||
Date of Construction | 1987 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 210 | ||||
Hilton Garden Inn Sacramento, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Sacramento, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Sacramento, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 5,920 | [1] | |||
Initial Cost, Building, FF&E and Other | 21,515 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 127 | ||||
Total Gross Cost | 27,562 | [2] | |||
Accumulated Depreciation | -557 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 154 | ||||
Residence Inn San Bernardino, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn San Bernardino, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn San Bernardino, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,490 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,662 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,569 | ||||
Total Gross Cost | 16,721 | [2] | |||
Accumulated Depreciation | -1,808 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 11-Feb | ||||
Number of Rooms | 95 | ||||
Hampton Inn San Diego, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn San Diego, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn San Diego, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Hampton Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 13,570 | [1] | |||
Initial Cost, Building, FF&E and Other | 36,644 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 94 | ||||
Total Gross Cost | 50,308 | [2] | |||
Accumulated Depreciation | -863 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 177 | ||||
Hilton Garden Inn San Diego, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn San Diego, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn San Diego, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 8,020 | [1] | |||
Initial Cost, Building, FF&E and Other | 29,151 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 24 | ||||
Total Gross Cost | 37,195 | [2] | |||
Accumulated Depreciation | -858 | ||||
Date of Construction | 2004 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 200 | ||||
Residence Inn San Diego, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn San Diego, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn San Diego, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Residence Inn | ||||
Encumbrances | 18,216 | ||||
Initial Cost, Land | 22,400 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,640 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 47 | ||||
Total Gross Cost | 43,087 | [2] | |||
Accumulated Depreciation | -688 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 121 | ||||
Homewood Suites San Jose, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites San Jose, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites San Jose, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 12,860 | [1] | |||
Initial Cost, Building, FF&E and Other | 28,084 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 4,505 | ||||
Total Gross Cost | 45,449 | [2] | |||
Accumulated Depreciation | -995 | ||||
Date of Construction | 1991 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 140 | ||||
Courtyard Santa Ana, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Santa Ana, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Santa Ana, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,082 | [1] | |||
Initial Cost, Building, FF&E and Other | 21,051 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 55 | ||||
Total Gross Cost | 24,188 | [2] | |||
Accumulated Depreciation | -2,660 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 11-May | ||||
Number of Rooms | 155 | ||||
Courtyard Santa Clarita, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Santa Clarita, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Santa Clarita, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 4,568 | [1] | |||
Initial Cost, Building, FF&E and Other | 18,721 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,103 | ||||
Total Gross Cost | 24,392 | [2] | |||
Accumulated Depreciation | -4,267 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 8-Sep | ||||
Number of Rooms | 140 | ||||
Fairfield Inn Santa Clarita, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn Santa Clarita, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn Santa Clarita, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Fairfield Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,864 | [1] | |||
Initial Cost, Building, FF&E and Other | 7,753 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,650 | ||||
Total Gross Cost | 11,267 | [2] | |||
Accumulated Depreciation | -1,811 | ||||
Date of Construction | 1997 | ||||
Date Acquired | 8-Oct | ||||
Number of Rooms | 66 | ||||
Hampton Inn Santa Clarita, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn Santa Clarita, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn Santa Clarita, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Hampton Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,812 | [1] | |||
Initial Cost, Building, FF&E and Other | 15,761 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,593 | ||||
Total Gross Cost | 19,166 | [2] | |||
Accumulated Depreciation | -4,176 | ||||
Date of Construction | 1988 | ||||
Date Acquired | 8-Oct | ||||
Number of Rooms | 128 | ||||
Residence Inn Santa Clarita, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Santa Clarita, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Santa Clarita, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,539 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,493 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 3,408 | ||||
Total Gross Cost | 20,440 | [2] | |||
Accumulated Depreciation | -3,679 | ||||
Date of Construction | 1997 | ||||
Date Acquired | 8-Oct | ||||
Number of Rooms | 90 | ||||
Hampton Inn & Suites Tulare, CA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Tulare, CA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Tulare, CA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CA | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 400 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,194 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 70 | ||||
Total Gross Cost | 9,664 | [2] | |||
Accumulated Depreciation | -244 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 86 | ||||
Hilton Garden Inn Highlands Ranch, CO [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Highlands Ranch, CO [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Highlands Ranch, CO [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CO | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 5,480 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,465 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 32 | ||||
Total Gross Cost | 25,977 | [2] | |||
Accumulated Depreciation | -568 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 128 | ||||
Residence Inn Highlands Ranch, CO [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Highlands Ranch, CO [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Highlands Ranch, CO [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | CO | ||||
Description | Residence Inn | ||||
Encumbrances | 10,327 | ||||
Initial Cost, Land | 5,350 | [1] | |||
Initial Cost, Building, FF&E and Other | 19,167 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 58 | ||||
Total Gross Cost | 24,575 | [2] | |||
Accumulated Depreciation | -568 | ||||
Date of Construction | 1996 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 117 | ||||
Hampton Inn Ft. Lauderdale, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn Ft. Lauderdale, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn Ft. Lauderdale, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Hampton Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,235 | [1] | |||
Initial Cost, Building, FF&E and Other | 17,590 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,361 | ||||
Total Gross Cost | 21,186 | [2] | |||
Accumulated Depreciation | -3,838 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 8-Dec | ||||
Number of Rooms | 109 | ||||
Homewood Suites Jacksonville, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Jacksonville, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Jacksonville, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Homewood Suites | ||||
Encumbrances | 15,619 | ||||
Initial Cost, Land | 9,480 | [1] | |||
Initial Cost, Building, FF&E and Other | 21,247 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,524 | ||||
Total Gross Cost | 32,251 | [2] | |||
Accumulated Depreciation | -705 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 119 | ||||
Courtyard Lakeland, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Lakeland, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Lakeland, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,740 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,813 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 102 | ||||
Total Gross Cost | 14,655 | [2] | |||
Accumulated Depreciation | -269 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 78 | ||||
Courtyard Miami, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Miami, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Miami, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 31,488 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 54 | ||||
Total Gross Cost | 31,542 | [2] | |||
Accumulated Depreciation | -764 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 118 | ||||
Hampton Inn & Suites Miami, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Miami, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Miami, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,972 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,987 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 2,205 | ||||
Total Gross Cost | 14,164 | [2] | |||
Accumulated Depreciation | -2,672 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 10-Apr | ||||
Number of Rooms | 121 | ||||
Homewood Suites Miami, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Miami, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Miami, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Homewood Suites | ||||
Encumbrances | 16,337 | ||||
Initial Cost, Land | 18,820 | [1] | |||
Initial Cost, Building, FF&E and Other | 25,375 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 2,654 | ||||
Total Gross Cost | 46,849 | [2] | |||
Accumulated Depreciation | -850 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 159 | ||||
Fairfield Inn & Suites Orlando, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn & Suites Orlando, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn & Suites Orlando, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Fairfield Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,140 | [1] | |||
Initial Cost, Building, FF&E and Other | 22,580 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 416 | ||||
Total Gross Cost | 26,136 | [2] | |||
Accumulated Depreciation | -4,415 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 9-Jul | ||||
Number of Rooms | 200 | ||||
SpringHill Suites Orlando, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Orlando, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Orlando, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,141 | [1] | |||
Initial Cost, Building, FF&E and Other | 25,779 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 166 | ||||
Total Gross Cost | 29,086 | [2] | |||
Accumulated Depreciation | -5,047 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 9-Jul | ||||
Number of Rooms | 200 | ||||
Hampton Inn & Suites Panama City, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Panama City, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Panama City, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,605 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,995 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 179 | ||||
Total Gross Cost | 11,779 | [2] | |||
Accumulated Depreciation | -2,140 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 9-Mar | ||||
Number of Rooms | 95 | ||||
TownePlace Suites Panama City, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Panama City, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Panama City, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 908 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,549 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 52 | ||||
Total Gross Cost | 10,509 | [2] | |||
Accumulated Depreciation | -1,749 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 10-Jan | ||||
Number of Rooms | 103 | ||||
SpringHill Suites Sanford, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Sanford, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Sanford, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,050 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,830 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 286 | ||||
Total Gross Cost | 14,166 | [2] | |||
Accumulated Depreciation | -476 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 105 | ||||
Homewood Suites Sarasota, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Sarasota, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Sarasota, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 480 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,120 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 183 | ||||
Total Gross Cost | 14,783 | [2] | |||
Accumulated Depreciation | -488 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 100 | ||||
Hilton Garden Inn Tallahassee, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Tallahassee, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Tallahassee, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,938 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 63 | ||||
Total Gross Cost | 11,001 | [2] | |||
Accumulated Depreciation | -330 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 85 | ||||
Embassy Suites Tampa, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Embassy Suites Tampa, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Embassy Suites Tampa, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | Embassy Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,824 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,034 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 593 | ||||
Total Gross Cost | 22,451 | [2] | |||
Accumulated Depreciation | -2,798 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 147 | ||||
TownePlace Suites Tampa, FL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Tampa, FL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Tampa, FL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | FL | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,430 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,015 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 157 | ||||
Total Gross Cost | 10,602 | [2] | |||
Accumulated Depreciation | -347 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 94 | ||||
Fairfield Inn & Suites Albany, GA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn & Suites Albany, GA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn & Suites Albany, GA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | GA | ||||
Description | Fairfield Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 899 | [1] | |||
Initial Cost, Building, FF&E and Other | 7,263 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 38 | ||||
Total Gross Cost | 8,200 | [2] | |||
Accumulated Depreciation | -1,379 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 10-Jan | ||||
Number of Rooms | 87 | ||||
SpringHill Suites Columbus, GA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Columbus, GA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Columbus, GA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | GA | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,270 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,060 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 20 | ||||
Total Gross Cost | 11,350 | [2] | |||
Accumulated Depreciation | -260 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 89 | ||||
Hilton Garden Inn Macon, GA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Macon, GA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Macon, GA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | GA | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 15,043 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 62 | ||||
Total Gross Cost | 15,105 | [2] | |||
Accumulated Depreciation | -431 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 101 | ||||
Hilton Garden Inn Savannah, GA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Savannah, GA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Savannah, GA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | GA | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 4,849 | ||||
Initial Cost, Land | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,716 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 34 | ||||
Total Gross Cost | 14,750 | [2] | |||
Accumulated Depreciation | -378 | ||||
Date of Construction | 2004 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 105 | ||||
Hampton Inn & Suites Boise, ID [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Boise, ID [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Boise, ID [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | ID | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,335 | [1] | |||
Initial Cost, Building, FF&E and Other | 21,114 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,692 | ||||
Total Gross Cost | 24,141 | [2] | |||
Accumulated Depreciation | -3,442 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 10-Apr | ||||
Number of Rooms | 186 | ||||
SpringHill Suites Boise, ID [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Boise, ID [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Boise, ID [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | ID | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,120 | [1] | |||
Initial Cost, Building, FF&E and Other | 24,112 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,662 | ||||
Total Gross Cost | 27,894 | [2] | |||
Accumulated Depreciation | -618 | ||||
Date of Construction | 1992 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 230 | ||||
Hilton Garden Inn Mettawa, IL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Mettawa, IL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Mettawa, IL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,246 | [1] | |||
Initial Cost, Building, FF&E and Other | 28,328 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 333 | ||||
Total Gross Cost | 30,907 | [2] | |||
Accumulated Depreciation | -3,708 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 170 | ||||
Residence Inn Mettawa, IL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Mettawa, IL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Mettawa, IL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IL | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,722 | [1] | |||
Initial Cost, Building, FF&E and Other | 21,843 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 118 | ||||
Total Gross Cost | 23,683 | [2] | |||
Accumulated Depreciation | -2,826 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 130 | ||||
Hilton Garden Inn Schaumburg, IL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Schaumburg, IL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Schaumburg, IL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,450 | [1] | |||
Initial Cost, Building, FF&E and Other | 19,122 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 334 | ||||
Total Gross Cost | 20,906 | [2] | |||
Accumulated Depreciation | -2,697 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 166 | ||||
Hilton Garden Inn Warrenville, IL [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Warrenville, IL [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Warrenville, IL [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IL | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,171 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,894 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 314 | ||||
Total Gross Cost | 22,379 | [2] | |||
Accumulated Depreciation | -2,772 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 135 | ||||
SpringHill Suites Indianapolis, IN [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Indianapolis, IN [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Indianapolis, IN [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IN | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,310 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,542 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 190 | ||||
Total Gross Cost | 13,042 | [2] | |||
Accumulated Depreciation | -1,577 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 130 | ||||
Residence Inn Mishawaka, IN [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Mishawaka, IN [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Mishawaka, IN [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | IN | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 898 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,862 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 150 | ||||
Total Gross Cost | 13,910 | [2] | |||
Accumulated Depreciation | -1,722 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 106 | ||||
Fairfield Inn & Suites Overland Park, KS [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn & Suites Overland Park, KS [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn & Suites Overland Park, KS [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | KS | ||||
Description | Fairfield Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,230 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,713 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 19 | ||||
Total Gross Cost | 12,962 | [2] | |||
Accumulated Depreciation | -314 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 110 | ||||
Residence Inn Overland Park, KS [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Overland Park, KS [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Overland Park, KS [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | KS | ||||
Description | Residence Inn | ||||
Encumbrances | 5,833 | ||||
Initial Cost, Land | 1,790 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,633 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 43 | ||||
Total Gross Cost | 22,466 | [2] | |||
Accumulated Depreciation | -635 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 120 | ||||
SpringHill Suites Overland Park, KS [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Overland Park, KS [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Overland Park, KS [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | KS | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,060 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,263 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 34 | ||||
Total Gross Cost | 9,357 | [2] | |||
Accumulated Depreciation | -365 | ||||
Date of Construction | 1998 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 102 | ||||
Courtyard Wichita, KS [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Wichita, KS [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Wichita, KS [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | KS | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,940 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,739 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 766 | ||||
Total Gross Cost | 12,445 | [2] | |||
Accumulated Depreciation | -408 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 90 | ||||
SpringHill Suites Baton Rouge, LA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Baton Rouge, LA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Baton Rouge, LA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | LA | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,280 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,870 | ||||
Subsequently Capitalized Builing Improvement and FF&E | -3,704 | [3] | |||
Total Gross Cost | 11,446 | [2] | |||
Accumulated Depreciation | -2,693 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 9-Sep | ||||
Number of Rooms | 119 | ||||
Hilton Garden Inn Lafayette, LA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Lafayette, LA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Lafayette, LA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | LA | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 17,898 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 2,022 | ||||
Total Gross Cost | 19,920 | [2] | |||
Accumulated Depreciation | -3,291 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 10-Jul | ||||
Number of Rooms | 153 | ||||
SpringHill Suites Lafayette, LA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Lafayette, LA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Lafayette, LA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | LA | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 709 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,400 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 30 | ||||
Total Gross Cost | 10,139 | [2] | |||
Accumulated Depreciation | -1,260 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 11-Jun | ||||
Number of Rooms | 103 | ||||
Homewood Suites New Orleans, LA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites New Orleans, LA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites New Orleans, LA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | LA | ||||
Description | Homewood Suites | ||||
Encumbrances | 26,806 | ||||
Initial Cost, Land | 4,150 | [1] | |||
Initial Cost, Building, FF&E and Other | 52,258 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 3,111 | ||||
Total Gross Cost | 59,519 | [2] | |||
Accumulated Depreciation | -1,401 | ||||
Date of Construction | 2002 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 166 | ||||
SpringHill Suites Andover, MA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Andover, MA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Andover, MA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MA | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 702 | [1] | |||
Initial Cost, Building, FF&E and Other | 5,799 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,986 | ||||
Total Gross Cost | 8,487 | [2] | |||
Accumulated Depreciation | -1,521 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 136 | ||||
Residence Inn Marlborough, MA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Marlborough, MA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Marlborough, MA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MA | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,480 | [1] | |||
Initial Cost, Building, FF&E and Other | 17,341 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 834 | ||||
Total Gross Cost | 21,655 | [2] | |||
Accumulated Depreciation | -476 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 112 | ||||
Hampton Inn & Suites Westford, MA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Westford, MA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Westford, MA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MA | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,410 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,320 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 622 | ||||
Total Gross Cost | 20,352 | [2] | |||
Accumulated Depreciation | -402 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 110 | ||||
Residence Inn Westford, MA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Westford, MA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Westford, MA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MA | ||||
Description | Residence Inn | ||||
Encumbrances | 6,397 | ||||
Initial Cost, Land | 1,760 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,791 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 133 | ||||
Total Gross Cost | 22,684 | [2] | |||
Accumulated Depreciation | -547 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 108 | ||||
Hilton Garden Inn Annapolis, MD [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Annapolis, MD [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Annapolis, MD [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MD | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 4,350 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,974 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 55 | ||||
Total Gross Cost | 18,379 | [2] | |||
Accumulated Depreciation | -391 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 126 | ||||
Hilton Garden Inn Silver Spring, MD [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Silver Spring, MD [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Silver Spring, MD [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MD | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,361 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,094 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 101 | ||||
Total Gross Cost | 17,556 | [2] | |||
Accumulated Depreciation | -2,495 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 10-Jul | ||||
Number of Rooms | 107 | ||||
Hilton Garden Inn Novi, MI [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Novi, MI [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Novi, MI [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MI | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,213 | [1] | |||
Initial Cost, Building, FF&E and Other | 15,052 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 354 | ||||
Total Gross Cost | 16,619 | [2] | |||
Accumulated Depreciation | -2,217 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 148 | ||||
Hampton Inn & Suites Rochester, MN [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Rochester, MN [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Rochester, MN [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MN | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 916 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,225 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 108 | ||||
Total Gross Cost | 14,249 | [2] | |||
Accumulated Depreciation | -2,680 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 9-Aug | ||||
Number of Rooms | 124 | ||||
Hampton Inn Kansas City, MO [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn Kansas City, MO [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn Kansas City, MO [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MO | ||||
Description | Hampton Inn | ||||
Encumbrances | 5,961 | ||||
Initial Cost, Land | 727 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,363 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 196 | ||||
Total Gross Cost | 10,286 | [2] | |||
Accumulated Depreciation | -1,631 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 10-Aug | ||||
Number of Rooms | 122 | ||||
Residence Inn Kansas City, MO [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Kansas City, MO [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Kansas City, MO [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MO | ||||
Description | Residence Inn | ||||
Encumbrances | 10,420 | ||||
Initial Cost, Land | 2,000 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,818 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 70 | ||||
Total Gross Cost | 22,888 | [2] | |||
Accumulated Depreciation | -550 | ||||
Date of Construction | 2002 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 106 | ||||
Hampton Inn St. Louis, MO [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn St. Louis, MO [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn St. Louis, MO [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MO | ||||
Description | Hampton Inn | ||||
Encumbrances | 12,692 | ||||
Initial Cost, Land | 1,758 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,954 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,531 | ||||
Total Gross Cost | 24,243 | [2] | |||
Accumulated Depreciation | -3,383 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 10-Aug | ||||
Number of Rooms | 190 | ||||
Hampton Inn & Suites St. Louis, MO [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites St. Louis, MO [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites St. Louis, MO [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MO | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 758 | [1] | |||
Initial Cost, Building, FF&E and Other | 15,287 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,323 | ||||
Total Gross Cost | 17,368 | [2] | |||
Accumulated Depreciation | -2,482 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 10-Apr | ||||
Number of Rooms | 126 | ||||
Courtyard Hattiesburg, MS [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Hattiesburg, MS [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Hattiesburg, MS [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MS | ||||
Description | Courtyard | ||||
Encumbrances | 5,627 | ||||
Initial Cost, Land | 1,390 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,324 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 6 | ||||
Total Gross Cost | 12,720 | [2] | |||
Accumulated Depreciation | -273 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 84 | ||||
Residence Inn Hattiesburg, MS [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Hattiesburg, MS [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Hattiesburg, MS [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MS | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 906 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,151 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 70 | ||||
Total Gross Cost | 10,127 | [2] | |||
Accumulated Depreciation | -2,144 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 8-Dec | ||||
Number of Rooms | 84 | ||||
Hampton Inn Tupelo, MS [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn Tupelo, MS [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn Tupelo, MS [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | MS | ||||
Description | Hampton Inn | ||||
Encumbrances | 2,977 | ||||
Initial Cost, Land | 140 | [1] | |||
Initial Cost, Building, FF&E and Other | 6,503 | ||||
Subsequently Capitalized Builing Improvement and FF&E | -4,483 | [3] | |||
Total Gross Cost | 2,160 | [2] | |||
Accumulated Depreciation | -156 | ||||
Date of Construction | 1994 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 96 | ||||
Courtyard Carolina Beach, NC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Carolina Beach, NC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Carolina Beach, NC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Courtyard | ||||
Encumbrances | 11,806 | ||||
Initial Cost, Land | 7,490 | [1] | |||
Initial Cost, Building, FF&E and Other | 31,588 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 180 | ||||
Total Gross Cost | 39,258 | [2] | |||
Accumulated Depreciation | -790 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 144 | ||||
Homewood Suites Charlotte, NC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Charlotte, NC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Charlotte, NC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,031 | [1] | |||
Initial Cost, Building, FF&E and Other | 4,937 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 4,154 | ||||
Total Gross Cost | 10,122 | [2] | |||
Accumulated Depreciation | -3,710 | ||||
Date of Construction | 1990 | ||||
Date Acquired | 8-Sep | ||||
Number of Rooms | 112 | ||||
Homewood Suites Durham, NC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Durham, NC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Durham, NC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,232 | [1] | |||
Initial Cost, Building, FF&E and Other | 18,343 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 3,413 | ||||
Total Gross Cost | 22,988 | [2] | |||
Accumulated Depreciation | -4,475 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 8-Dec | ||||
Number of Rooms | 122 | ||||
Home2 Suites Fayetteville, NC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Fayetteville, NC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Fayetteville, NC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Home2 Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 746 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,563 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 18 | ||||
Total Gross Cost | 11,327 | [2] | |||
Accumulated Depreciation | -1,654 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 11-Feb | ||||
Number of Rooms | 118 | ||||
Residence Inn Fayetteville, NC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Fayetteville, NC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Fayetteville, NC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Residence Inn | ||||
Encumbrances | 6,410 | ||||
Initial Cost, Land | 3,530 | [1] | |||
Initial Cost, Building, FF&E and Other | 19,799 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 50 | ||||
Total Gross Cost | 23,379 | [2] | |||
Accumulated Depreciation | -601 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 92 | ||||
SpringHill Suites Greensboro, NC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Greensboro, NC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Greensboro, NC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,850 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,157 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 160 | ||||
Total Gross Cost | 12,167 | [2] | |||
Accumulated Depreciation | -317 | ||||
Date of Construction | 2004 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 82 | ||||
Hampton Inn & Suites Holly Springs, NC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Holly Springs, NC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Holly Springs, NC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,620 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,260 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 36 | ||||
Total Gross Cost | 14,916 | [2] | |||
Accumulated Depreciation | -2,079 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 124 | ||||
Fairfield Inn & Suites Wilmington, NC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn & Suites Wilmington, NC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn & Suites Wilmington, NC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Fairfield Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,310 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,034 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 26 | ||||
Total Gross Cost | 14,370 | [2] | |||
Accumulated Depreciation | -347 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 122 | ||||
Courtyard Winston-Salem, NC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Winston-Salem, NC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Winston-Salem, NC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NC | ||||
Description | Courtyard | ||||
Encumbrances | 7,352 | ||||
Initial Cost, Land | 3,860 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,585 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 92 | ||||
Total Gross Cost | 15,537 | [2] | |||
Accumulated Depreciation | -412 | ||||
Date of Construction | 1998 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 122 | ||||
Courtyard Omaha, NE [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Omaha, NE [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Omaha, NE [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NE | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 6,700 | [1] | |||
Initial Cost, Building, FF&E and Other | 36,829 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 106 | ||||
Total Gross Cost | 43,635 | [2] | |||
Accumulated Depreciation | -923 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 181 | ||||
Homewood Suites Cranford, NJ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Cranford, NJ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Cranford, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NJ | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 4,550 | [1] | |||
Initial Cost, Building, FF&E and Other | 23,828 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,388 | ||||
Total Gross Cost | 29,766 | [2] | |||
Accumulated Depreciation | -586 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 108 | ||||
Homewood Suites Mahwah, NJ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Mahwah, NJ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Mahwah, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NJ | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,220 | [1] | |||
Initial Cost, Building, FF&E and Other | 22,742 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 90 | ||||
Total Gross Cost | 26,052 | [2] | |||
Accumulated Depreciation | -544 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 110 | ||||
Homewood Suites Mount Laurel, NJ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Mount Laurel, NJ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Mount Laurel, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NJ | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,589 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,476 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,750 | ||||
Total Gross Cost | 16,815 | [2] | |||
Accumulated Depreciation | -2,125 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 11-Jan | ||||
Number of Rooms | 118 | ||||
Courtyard Somerset, NJ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Somerset, NJ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Somerset, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NJ | ||||
Description | Courtyard | ||||
Encumbrances | 8,584 | ||||
Initial Cost, Land | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 27,133 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 142 | ||||
Total Gross Cost | 27,275 | [2] | |||
Accumulated Depreciation | -983 | ||||
Date of Construction | 2002 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 162 | ||||
Courtyard West Orange, NJ [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard West Orange, NJ [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard West Orange, NJ [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NJ | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,054 | [1] | |||
Initial Cost, Building, FF&E and Other | 19,513 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,663 | ||||
Total Gross Cost | 23,230 | [2] | |||
Accumulated Depreciation | -2,807 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 11-Jan | ||||
Number of Rooms | 131 | ||||
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Islip/Ronkonkoma, NY [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NY | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 6,510 | [1] | |||
Initial Cost, Building, FF&E and Other | 28,718 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 80 | ||||
Total Gross Cost | 35,308 | [2] | |||
Accumulated Depreciation | -781 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 164 | ||||
Renaissance New York, NY [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Renaissance New York, NY [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Renaissance New York, NY [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | NY | ||||
Description | Renaissance | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 102,832 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 329 | ||||
Total Gross Cost | 103,161 | [2] | |||
Accumulated Depreciation | -3,039 | ||||
Date of Construction | 1916 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 204 | ||||
Hilton Garden Inn Twinsburg, OH [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Twinsburg, OH [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Twinsburg, OH [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | OH | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,419 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,614 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,871 | ||||
Total Gross Cost | 19,904 | [2] | |||
Accumulated Depreciation | -4,272 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 8-Oct | ||||
Number of Rooms | 142 | ||||
Hampton Inn & Suites Oklahoma City, OK [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Oklahoma City, OK [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Oklahoma City, OK [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | OK | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,430 | [1] | |||
Initial Cost, Building, FF&E and Other | 31,327 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 141 | ||||
Total Gross Cost | 32,898 | [2] | |||
Accumulated Depreciation | -4,778 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 10-May | ||||
Number of Rooms | 200 | ||||
Courtyard Philadelphia/Collegeville, PA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Philadelphia/Collegeville, PA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Philadelphia/Collegeville, PA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | PA | ||||
Description | Courtyard | ||||
Encumbrances | 12,055 | ||||
Initial Cost, Land | 2,115 | [1] | |||
Initial Cost, Building, FF&E and Other | 17,953 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,762 | ||||
Total Gross Cost | 21,830 | [2] | |||
Accumulated Depreciation | -2,869 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 132 | ||||
Courtyard Philadelphia/Malvern, PA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Philadelphia/Malvern, PA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Philadelphia/Malvern, PA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | PA | ||||
Description | Courtyard | ||||
Encumbrances | 7,132 | ||||
Initial Cost, Land | 996 | [1] | |||
Initial Cost, Building, FF&E and Other | 20,374 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,479 | ||||
Total Gross Cost | 22,849 | [2] | |||
Accumulated Depreciation | -2,759 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 127 | ||||
Hampton Inn Pittsburgh, PA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn Pittsburgh, PA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn Pittsburgh, PA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | PA | ||||
Description | Hampton Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,503 | [1] | |||
Initial Cost, Building, FF&E and Other | 18,537 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,296 | ||||
Total Gross Cost | 22,336 | [2] | |||
Accumulated Depreciation | -3,960 | ||||
Date of Construction | 1991 | ||||
Date Acquired | 8-Dec | ||||
Number of Rooms | 132 | ||||
Hilton Garden Inn Columbia, SC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Columbia, SC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Columbia, SC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | SC | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,540 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,399 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 190 | ||||
Total Gross Cost | 20,129 | [2] | |||
Accumulated Depreciation | -553 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 143 | ||||
Residence Inn Greenville, SC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Greenville, SC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Greenville, SC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | SC | ||||
Description | Residence Inn | ||||
Encumbrances | 5,922 | ||||
Initial Cost, Land | 900 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,778 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 53 | ||||
Total Gross Cost | 10,731 | [2] | |||
Accumulated Depreciation | -326 | ||||
Date of Construction | 1998 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 78 | ||||
Hilton Garden Inn Hilton Head, SC [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Hilton Head, SC [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Hilton Head, SC [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | SC | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 5,410 | ||||
Initial Cost, Land | 3,600 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,386 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 106 | ||||
Total Gross Cost | 15,092 | [2] | |||
Accumulated Depreciation | -318 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 104 | ||||
Homewood Suites Chattanooga, TN [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Chattanooga, TN [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Chattanooga, TN [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,410 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,361 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 95 | ||||
Total Gross Cost | 10,866 | [2] | |||
Accumulated Depreciation | -260 | ||||
Date of Construction | 1997 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 76 | ||||
Hampton Inn & Suites Jackson, TN [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Jackson, TN [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Jackson, TN [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 692 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,281 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 315 | ||||
Total Gross Cost | 13,288 | [2] | |||
Accumulated Depreciation | -2,520 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 8-Dec | ||||
Number of Rooms | 83 | ||||
Courtyard Johnson City, TN [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Johnson City, TN [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Johnson City, TN [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,105 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,632 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 63 | ||||
Total Gross Cost | 9,800 | [2] | |||
Accumulated Depreciation | -1,784 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 9-Sep | ||||
Number of Rooms | 90 | ||||
Homewood Suites Memphis, TN [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Memphis, TN [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Memphis, TN [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,930 | [1] | |||
Initial Cost, Building, FF&E and Other | 13,028 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 2,282 | ||||
Total Gross Cost | 17,240 | [2] | |||
Accumulated Depreciation | -434 | ||||
Date of Construction | 1989 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 140 | ||||
Hilton Garden Inn Nashville, TN [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Nashville, TN [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Nashville, TN [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,754 | [1] | |||
Initial Cost, Building, FF&E and Other | 39,997 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 129 | ||||
Total Gross Cost | 42,880 | [2] | |||
Accumulated Depreciation | -5,549 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 10-Sep | ||||
Number of Rooms | 194 | ||||
Home2 Suites Nashville, TN [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Home2 Suites Nashville, TN [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Home2 Suites Nashville, TN [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TN | ||||
Description | Home2 Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,153 | [1] | |||
Initial Cost, Building, FF&E and Other | 15,206 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 10 | ||||
Total Gross Cost | 16,369 | [2] | |||
Accumulated Depreciation | -1,488 | ||||
Date of Construction | 2012 | ||||
Date Acquired | 12-May | ||||
Number of Rooms | 119 | ||||
SpringHill Suites Addison, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Addison, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Addison, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,210 | [1] | |||
Initial Cost, Building, FF&E and Other | 19,700 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 85 | ||||
Total Gross Cost | 20,995 | [2] | |||
Accumulated Depreciation | -626 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 159 | ||||
Hampton Inn & Suites Allen, TX {Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Allen, TX {Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Allen, TX {Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,442 | [1] | |||
Initial Cost, Building, FF&E and Other | 11,456 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,404 | ||||
Total Gross Cost | 14,302 | [2] | |||
Accumulated Depreciation | -3,164 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 8-Sep | ||||
Number of Rooms | 103 | ||||
Hilton Garden Inn Allen, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Allen, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Allen, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 9,559 | ||||
Initial Cost, Land | 2,130 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,731 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 2,996 | ||||
Total Gross Cost | 21,857 | [2] | |||
Accumulated Depreciation | -5,271 | ||||
Date of Construction | 2002 | ||||
Date Acquired | 8-Oct | ||||
Number of Rooms | 150 | ||||
Hampton Inn & Suites Arlington, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Arlington, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Arlington, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,217 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,738 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 415 | ||||
Total Gross Cost | 10,370 | [2] | |||
Accumulated Depreciation | -1,340 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 10-Dec | ||||
Number of Rooms | 98 | ||||
Courtyard Austin, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Austin, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Austin, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,579 | [1] | |||
Initial Cost, Building, FF&E and Other | 18,487 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 96 | ||||
Total Gross Cost | 20,162 | [2] | |||
Accumulated Depreciation | -2,579 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 145 | ||||
Fairfield Inn & Suites Austin, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Fairfield Inn & Suites Austin, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Fairfield Inn & Suites Austin, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Fairfield Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,306 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,504 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 81 | ||||
Total Gross Cost | 17,891 | [2] | |||
Accumulated Depreciation | -2,316 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 150 | ||||
Hampton Inn Austin, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn Austin, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn Austin, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hampton Inn | ||||
Encumbrances | 6,478 | ||||
Initial Cost, Land | 1,459 | [1] | |||
Initial Cost, Building, FF&E and Other | 17,184 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,869 | ||||
Total Gross Cost | 20,512 | [2] | |||
Accumulated Depreciation | -3,948 | ||||
Date of Construction | 1996 | ||||
Date Acquired | 9-Apr | ||||
Number of Rooms | 124 | ||||
Hilton Garden Inn Austin, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Austin, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Austin, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,614 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,451 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 289 | ||||
Total Gross Cost | 16,354 | [2] | |||
Accumulated Depreciation | -2,018 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 117 | ||||
Homewood Suites Austin, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Austin, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Austin, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Homewood Suites | ||||
Encumbrances | 6,486 | ||||
Initial Cost, Land | 1,898 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,462 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 2,223 | ||||
Total Gross Cost | 20,583 | [2] | |||
Accumulated Depreciation | -4,059 | ||||
Date of Construction | 1997 | ||||
Date Acquired | 9-Apr | ||||
Number of Rooms | 97 | ||||
Residence Inn Beaumont, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Beaumont, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Beaumont, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,177 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,180 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 124 | ||||
Total Gross Cost | 17,481 | [2] | |||
Accumulated Depreciation | -3,745 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 8-Oct | ||||
Number of Rooms | 133 | ||||
Hampton Inn & Suites Burleson/Fort Worth, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Burleson/Fort Worth, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Burleson/Fort Worth, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 557 | [1] | |||
Initial Cost, Building, FF&E and Other | 6,601 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 10 | ||||
Total Gross Cost | 7,168 | [2] | |||
Accumulated Depreciation | -50 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Oct | ||||
Number of Rooms | 88 | ||||
Hilton Dallas, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Dallas, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Dallas, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hilton | ||||
Encumbrances | 18,913 | ||||
Initial Cost, Land | 2,221 | [1] | |||
Initial Cost, Building, FF&E and Other | 40,350 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 6,911 | ||||
Total Gross Cost | 49,482 | [2] | |||
Accumulated Depreciation | -6,871 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 11-May | ||||
Number of Rooms | 224 | ||||
Hilton Garden Inn Duncanville, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Duncanville, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Duncanville, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 12,661 | ||||
Initial Cost, Land | 2,378 | [1] | |||
Initial Cost, Building, FF&E and Other | 15,935 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 2,363 | ||||
Total Gross Cost | 20,676 | [2] | |||
Accumulated Depreciation | -4,716 | ||||
Date of Construction | 2005 | ||||
Date Acquired | 8-Oct | ||||
Number of Rooms | 142 | ||||
Hilton Garden Inn El Paso, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn El Paso, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn El Paso, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,244 | [1] | |||
Initial Cost, Building, FF&E and Other | 18,300 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 85 | ||||
Total Gross Cost | 19,629 | [2] | |||
Accumulated Depreciation | -2,088 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 11-Dec | ||||
Number of Rooms | 145 | ||||
Homewood Suites El Paso, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites El Paso, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites El Paso, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,800 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,657 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 15 | ||||
Total Gross Cost | 19,472 | [2] | |||
Accumulated Depreciation | -430 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 114 | ||||
TownePlace Suites Fort Worth, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Fort Worth, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Fort Worth, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,104 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,311 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 62 | ||||
Total Gross Cost | 18,477 | [2] | |||
Accumulated Depreciation | -2,495 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 10-Jul | ||||
Number of Rooms | 140 | ||||
Hilton Garden Inn Frisco, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Frisco, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Frisco, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,507 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,981 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 133 | ||||
Total Gross Cost | 15,621 | [2] | |||
Accumulated Depreciation | -2,891 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 8-Dec | ||||
Number of Rooms | 102 | ||||
Hilton Garden Inn Grapevine, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Grapevine, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Grapevine, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hilton Garden Inn | ||||
Encumbrances | 11,254 | ||||
Initial Cost, Land | 1,522 | [1] | |||
Initial Cost, Building, FF&E and Other | 15,543 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 130 | ||||
Total Gross Cost | 17,195 | [2] | |||
Accumulated Depreciation | -2,369 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 10-Sep | ||||
Number of Rooms | 110 | ||||
Marriott Houston, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Marriott Houston, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Marriott Houston, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Marriott | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 4,143 | [1] | |||
Initial Cost, Building, FF&E and Other | 46,623 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 181 | ||||
Total Gross Cost | 50,947 | [2] | |||
Accumulated Depreciation | -8,016 | ||||
Date of Construction | 2010 | ||||
Date Acquired | 10-Jan | ||||
Number of Rooms | 206 | ||||
Residence Inn Houston, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Houston, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Houston, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Residence Inn | ||||
Encumbrances | 9,745 | ||||
Initial Cost, Land | 12,070 | [1] | |||
Initial Cost, Building, FF&E and Other | 19,769 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 115 | ||||
Total Gross Cost | 31,954 | [2] | |||
Accumulated Depreciation | -687 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 129 | ||||
Homewood Suites Irving, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Irving, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Irving, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Homewood Suites | ||||
Encumbrances | 5,437 | ||||
Initial Cost, Land | 705 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,610 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,251 | ||||
Total Gross Cost | 11,566 | [2] | |||
Accumulated Depreciation | -1,614 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 10-Dec | ||||
Number of Rooms | 77 | ||||
Hilton Garden Inn Lewisville, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hilton Garden Inn Lewisville, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hilton Garden Inn Lewisville, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hilton Garden Inn | [4] | |||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,361 | [1] | |||
Initial Cost, Building, FF&E and Other | 23,919 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,789 | ||||
Total Gross Cost | 29,069 | [2] | |||
Accumulated Depreciation | -6,082 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 8-Oct | ||||
Number of Rooms | 165 | ||||
Hampton Inn Round Rock, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn Round Rock, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn Round Rock, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hampton Inn | ||||
Encumbrances | 3,583 | ||||
Initial Cost, Land | 865 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,999 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,419 | ||||
Total Gross Cost | 13,283 | [2] | |||
Accumulated Depreciation | -2,666 | ||||
Date of Construction | 2001 | ||||
Date Acquired | 9-Mar | ||||
Number of Rooms | 94 | ||||
TownePlace Suites San Antonio, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites San Antonio, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites San Antonio, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,220 | [1] | |||
Initial Cost, Building, FF&E and Other | 9,610 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 46 | ||||
Total Gross Cost | 11,876 | [2] | |||
Accumulated Depreciation | -275 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 106 | ||||
Homewood Suites Stafford, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Stafford, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Stafford, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Homewood Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,880 | [1] | |||
Initial Cost, Building, FF&E and Other | 10,969 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 94 | ||||
Total Gross Cost | 12,943 | [2] | |||
Accumulated Depreciation | -416 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 78 | ||||
Courtyard Texarkana, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Texarkana, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Texarkana, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 590 | [1] | |||
Initial Cost, Building, FF&E and Other | 7,208 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 53 | ||||
Total Gross Cost | 7,851 | [2] | |||
Accumulated Depreciation | -231 | ||||
Date of Construction | 2003 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 90 | ||||
Hampton Inn & Suites Texarkana, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Hampton Inn & Suites Texarkana, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Hampton Inn & Suites Texarkana, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | Hampton Inn & Suites | ||||
Encumbrances | 4,665 | ||||
Initial Cost, Land | 636 | [1] | |||
Initial Cost, Building, FF&E and Other | 8,723 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 962 | ||||
Total Gross Cost | 10,321 | [2] | |||
Accumulated Depreciation | -1,408 | ||||
Date of Construction | 2004 | ||||
Date Acquired | 11-Jan | ||||
Number of Rooms | 81 | ||||
TownePlace Suites Texarkana, TX [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Texarkana, TX [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Texarkana, TX [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | TX | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 430 | [1] | |||
Initial Cost, Building, FF&E and Other | 6,571 | ||||
Subsequently Capitalized Builing Improvement and FF&E | -2,673 | [3] | |||
Total Gross Cost | 4,328 | [2] | |||
Accumulated Depreciation | -185 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 85 | ||||
Residence Inn Provo, UT [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Provo, UT [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Provo, UT [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | UT | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,150 | [1] | |||
Initial Cost, Building, FF&E and Other | 18,277 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 59 | ||||
Total Gross Cost | 19,486 | [2] | |||
Accumulated Depreciation | -463 | ||||
Date of Construction | 1996 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 114 | ||||
SpringHill Suites Salt Lake City, UT [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Salt Lake City, UT [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Salt Lake City, UT [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | UT | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,092 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,465 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 74 | ||||
Total Gross Cost | 17,631 | [2] | |||
Accumulated Depreciation | -2,290 | ||||
Date of Construction | 2009 | ||||
Date Acquired | 10-Nov | ||||
Number of Rooms | 143 | ||||
Courtyard Alexandria, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Alexandria, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Alexandria, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 6,860 | [1] | |||
Initial Cost, Building, FF&E and Other | 19,681 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 253 | ||||
Total Gross Cost | 26,794 | [2] | |||
Accumulated Depreciation | -542 | ||||
Date of Construction | 1987 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 178 | ||||
SpringHill Suites Alexandria, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Alexandria, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Alexandria, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 5,968 | [1] | |||
Initial Cost, Building, FF&E and Other | 0 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 18,958 | ||||
Total Gross Cost | 24,926 | [2] | |||
Accumulated Depreciation | -2,926 | ||||
Date of Construction | 2011 | ||||
Date Acquired | 9-Mar | ||||
Number of Rooms | 155 | ||||
Courtyard Bristol, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Bristol, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Bristol, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Courtyard | ||||
Encumbrances | 8,922 | ||||
Initial Cost, Land | 1,723 | [1] | |||
Initial Cost, Building, FF&E and Other | 19,162 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,745 | ||||
Total Gross Cost | 22,630 | [2] | |||
Accumulated Depreciation | -4,716 | ||||
Date of Construction | 2004 | ||||
Date Acquired | 8-Nov | ||||
Number of Rooms | 175 | ||||
Courtyard Charlottesville, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Charlottesville, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Charlottesville, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Courtyard | ||||
Encumbrances | 14,640 | ||||
Initial Cost, Land | 21,130 | [1] | |||
Initial Cost, Building, FF&E and Other | 27,737 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 173 | ||||
Total Gross Cost | 49,040 | [2] | |||
Accumulated Depreciation | -794 | ||||
Date of Construction | 2000 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 139 | ||||
Marriott Chesapeake, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Marriott Chesapeake, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Marriott Chesapeake, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Marriott | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,040 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,097 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 24 | ||||
Total Gross Cost | 17,161 | [2] | |||
Accumulated Depreciation | -631 | ||||
Date of Construction | 2008 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 226 | ||||
Courtyard Harrisonburg, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Harrisonburg, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Harrisonburg, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,480 | [1] | |||
Initial Cost, Building, FF&E and Other | 12,757 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 68 | ||||
Total Gross Cost | 15,305 | [2] | |||
Accumulated Depreciation | -380 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 125 | ||||
Residence Inn Manassas, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Manassas, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Manassas, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,395 | [1] | |||
Initial Cost, Building, FF&E and Other | 14,962 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 1,500 | ||||
Total Gross Cost | 17,857 | [2] | |||
Accumulated Depreciation | -1,960 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 11-Feb | ||||
Number of Rooms | 107 | ||||
Courtyard Richmond, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Richmond, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Richmond, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 2,003 | [1] | |||
Initial Cost, Building, FF&E and Other | 0 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 22,442 | ||||
Total Gross Cost | 24,445 | [2] | |||
Accumulated Depreciation | -71 | ||||
Date of Construction | 2014 | ||||
Date Acquired | 12-Jul | ||||
Number of Rooms | 135 | ||||
Marriott Richmond, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Marriott Richmond, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Marriott Richmond, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Marriott | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 83,698 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 4,436 | ||||
Total Gross Cost | 88,134 | [2] | |||
Accumulated Depreciation | -2,437 | ||||
Date of Construction | 1984 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 410 | ||||
Residence Inn Richmond, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Richmond, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Richmond, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Residence Inn | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 1,113 | [1] | |||
Initial Cost, Building, FF&E and Other | 0 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 12,466 | ||||
Total Gross Cost | 13,579 | [2] | |||
Accumulated Depreciation | -40 | ||||
Date of Construction | 2014 | ||||
Date Acquired | 12-Jul | ||||
Number of Rooms | 75 | ||||
Courtyard Suffolk, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Suffolk, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Suffolk, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Courtyard | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 940 | [1] | |||
Initial Cost, Building, FF&E and Other | 5,186 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 18 | ||||
Total Gross Cost | 6,144 | [2] | |||
Accumulated Depreciation | -160 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 92 | ||||
TownePlace Suites Suffolk, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
TownePlace Suites Suffolk, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
TownePlace Suites Suffolk, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | TownePlace Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 710 | [1] | |||
Initial Cost, Building, FF&E and Other | 5,241 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 3 | ||||
Total Gross Cost | 5,954 | [2] | |||
Accumulated Depreciation | -162 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 72 | ||||
Courtyard Virginia Beach, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Virginia Beach, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Virginia Beach, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Courtyard | ||||
Encumbrances | 13,695 | ||||
Initial Cost, Land | 10,580 | [1] | |||
Initial Cost, Building, FF&E and Other | 29,140 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 266 | ||||
Total Gross Cost | 39,986 | [2] | |||
Accumulated Depreciation | -764 | ||||
Date of Construction | 1999 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 141 | ||||
Courtyard Virginia Beach, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Virginia Beach, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Virginia Beach, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Courtyard | ||||
Encumbrances | 16,529 | ||||
Initial Cost, Land | 12,000 | [1] | |||
Initial Cost, Building, FF&E and Other | 40,556 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 286 | ||||
Total Gross Cost | 52,842 | [2] | |||
Accumulated Depreciation | -983 | ||||
Date of Construction | 2002 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 160 | ||||
Courtyard Kirkland, WA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Courtyard Kirkland, WA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Courtyard Kirkland, WA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | WA | ||||
Description | Courtyard | ||||
Encumbrances | 11,921 | ||||
Initial Cost, Land | 18,950 | [1] | |||
Initial Cost, Building, FF&E and Other | 25,028 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 69 | ||||
Total Gross Cost | 44,047 | [2] | |||
Accumulated Depreciation | -796 | ||||
Date of Construction | 2006 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 150 | ||||
Residence Inn Seattle, WA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Residence Inn Seattle, WA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Residence Inn Seattle, WA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | WA | ||||
Description | Residence Inn | ||||
Encumbrances | 27,744 | ||||
Initial Cost, Land | 0 | [1] | |||
Initial Cost, Building, FF&E and Other | 92,786 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 601 | ||||
Total Gross Cost | 93,387 | [2] | |||
Accumulated Depreciation | -2,663 | ||||
Date of Construction | 1991 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 234 | ||||
Homewood Suites Tukwila, WA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Homewood Suites Tukwila, WA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Homewood Suites Tukwila, WA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | WA | ||||
Description | Homewood Suites | ||||
Encumbrances | 9,251 | ||||
Initial Cost, Land | 8,130 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,659 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 41 | ||||
Total Gross Cost | 24,830 | [2] | |||
Accumulated Depreciation | -494 | ||||
Date of Construction | 1992 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 106 | ||||
SpringHill Suites Vancouver, WA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
SpringHill Suites Vancouver, WA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
SpringHill Suites Vancouver, WA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | WA | ||||
Description | SpringHill Suites | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 3,010 | [1] | |||
Initial Cost, Building, FF&E and Other | 16,162 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 26 | ||||
Total Gross Cost | 19,198 | [2] | |||
Accumulated Depreciation | -433 | ||||
Date of Construction | 2007 | ||||
Date Acquired | 14-Mar | ||||
Number of Rooms | 119 | ||||
Corporate Office Richmond, VA [Member] | Minimum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 3 years | ||||
Corporate Office Richmond, VA [Member] | Maximum [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Depreciable Life | 39 years | ||||
Corporate Office Richmond, VA [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
State | VA | ||||
Description | Corporate Office | ||||
Encumbrances | 0 | ||||
Initial Cost, Land | 682 | [1] | |||
Initial Cost, Building, FF&E and Other | 3,723 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 140 | ||||
Total Gross Cost | 4,545 | [2] | |||
Accumulated Depreciation | -435 | ||||
Date of Construction | 1893 | ||||
Date Acquired | 13-May | ||||
Number of Rooms | |||||
Total [Member] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Schedule of Real Estate and Accumulated Depreciation [Line Items] | |||||
Encumbrances | 506,632 | ||||
Initial Cost, Land | 520,406 | [1] | |||
Initial Cost, Building, FF&E and Other | 3,115,007 | ||||
Subsequently Capitalized Builing Improvement and FF&E | 153,967 | ||||
Total Gross Cost | 3,789,380 | [2] | |||
Accumulated Depreciation | -296,559 | ||||
Number of Rooms | 21,917 | ||||
[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 federal income tax purposes is approximately $3.6 billion at December 31, 2014 (unaudited). | ||||
[3] | Amount includes a reduction in cost due to recognition of an impairment loss. | ||||
[4] | Unsecured loan. |
SEC_Schedule_III_Real_Estate_a3
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure (Details) - Rollforward of Real Estate Owned and Accumulated Depreciation (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Real estate owned: | ||||
Balance as of January 1 | $1,644,252 | $1,609,821 | $1,573,901 | |
Acquisitions | 2,293,925 | 7,225 | 19,461 | |
Impairment of Depreciable Assets | -10,988 | 0 | 0 | |
Assets Held for Sale (4) | -212,129 | [1] | 0 | 0 |
Improvements and Development Costs | 74,320 | 27,206 | 16,459 | |
Balance at December 31 | 3,789,380 | 1,644,252 | 1,609,821 | |
Accumulated depreciation: | ||||
Balance as of January 1 | -200,754 | -145,927 | -93,179 | |
Depreciation expense | -112,346 | -54,827 | -52,748 | |
Assets Held for Sale (4) | 16,541 | [1] | 0 | 0 |
Balance at December 31 | ($296,559) | ($200,754) | ($145,927) | |
[1] | The Company has 19 properties classified as held for sale as of December 31, 2014, and therefore are not included in this schedule. |