Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 01, 2018 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Apple Hospitality REIT, Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 230,339,578 | |
Amendment Flag | false | |
Entity Central Index Key | 1,418,121 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Large Accelerated Filer | |
Entity Well-known Seasoned Issuer | Yes | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Assets | ||
Investment in real estate, net of accumulated depreciation of $775,894 and $731,284, respectively | $ 4,829,776 | $ 4,793,159 |
Restricted cash-furniture, fixtures and other escrows | 31,438 | 29,791 |
Due from third party managers, net | 57,240 | 31,457 |
Other assets, net | 54,917 | 47,931 |
Total Assets | 4,973,371 | 4,902,338 |
Liabilities | ||
Revolving credit facility | 170,700 | 106,900 |
Term loans | 656,569 | 656,279 |
Mortgage debt | 500,189 | 459,017 |
Accounts payable and other liabilities | 89,439 | 109,057 |
Total Liabilities | 1,416,897 | 1,331,253 |
Shareholders’ Equity | ||
Preferred stock, authorized 30,000,000 shares; none issued and outstanding | 0 | 0 |
Common stock, no par value, authorized 800,000,000 shares; issued and outstanding 230,339,578 and 229,961,548 shares, respectively | 4,594,247 | 4,588,188 |
Accumulated other comprehensive income | 16,070 | 9,778 |
Distributions greater than net income | (1,053,843) | (1,026,881) |
Total Shareholders’ Equity | 3,556,474 | 3,571,085 |
Total Liabilities and Shareholders’ Equity | $ 4,973,371 | $ 4,902,338 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment in real estate accumulated depreciation (in Dollars) | $ 775,894 | $ 731,284 |
Preferred stock, shares authorized | 30,000,000 | 30,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, shares authorized | 800,000,000 | 800,000,000 |
Common stock, shares issued | 230,339,578 | 229,961,548 |
Common stock, shares outstanding | 230,339,578 | 229,961,548 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Room | $ 274,836 | $ 269,393 |
Other | 23,553 | 23,532 |
Total revenue | 298,389 | 292,925 |
Expenses: | ||
Operating | 75,954 | 75,154 |
Hotel administrative | 25,102 | 24,836 |
Sales and marketing | 25,332 | 24,109 |
Utilities | 10,283 | 9,753 |
Repair and maintenance | 12,453 | 11,916 |
Franchise fees | 12,733 | 12,474 |
Management fees | 10,472 | 10,212 |
Property taxes, insurance and other | 17,229 | 16,927 |
Ground lease | 2,850 | 2,816 |
General and administrative | 6,877 | 6,754 |
Loss on impairment of depreciable real estate assets | 0 | 7,875 |
Depreciation | 44,840 | 43,767 |
Total expenses | 244,125 | 246,593 |
Operating income | 54,264 | 46,332 |
Interest and other expense, net | (11,919) | (11,717) |
Income before income taxes | 42,345 | 34,615 |
Income tax expense | (163) | (250) |
Net income | 42,182 | 34,365 |
Other comprehensive income: | ||
Interest rate derivatives | 6,292 | 1,545 |
Comprehensive income | $ 48,474 | $ 35,910 |
Basic and diluted net income per common share (in Dollars per share) | $ 0.18 | $ 0.15 |
Weighted average common shares outstanding - basic and diluted (in Shares) | 230,515 | 223,047 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 42,182 | $ 34,365 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 44,840 | 43,767 |
Loss on impairment of depreciable real estate assets | 0 | 7,875 |
Other non-cash expenses, net | 1,992 | 1,849 |
Changes in operating assets and liabilities: | ||
Increase in due from third party managers, net | (25,920) | (26,222) |
Decrease (increase) in other assets, net | (2,485) | 9,345 |
Decrease in accounts payable and other liabilities | (7,746) | (34,814) |
Net cash provided by operating activities | 52,863 | 36,165 |
Cash flows from investing activities: | ||
Acquisition of hotel properties, net | (61,614) | (18,131) |
Deposits and other disbursements for potential acquisitions | (204) | 0 |
Capital improvements | (24,672) | (17,461) |
Net cash used in investing activities | (86,490) | (35,592) |
Cash flows from financing activities: | ||
Net proceeds related to issuance of common shares | 4,731 | 0 |
Repurchases of common shares | (4,304) | 0 |
Repurchases of common shares to satisfy employee withholding requirements | (876) | (432) |
Distributions paid to common shareholders | (69,144) | (66,908) |
Net proceeds from revolving credit facility | 63,800 | 96,600 |
Proceeds from mortgage debt | 44,000 | 0 |
Payments of mortgage debt | (2,933) | (31,949) |
Net cash provided by (used in) financing activities | 35,274 | (2,689) |
Net change in cash, cash equivalents and restricted cash | 1,647 | (2,116) |
Cash, cash equivalents and restricted cash, beginning of period | 29,791 | 29,425 |
Cash, cash equivalents and restricted cash, end of period | 31,438 | 27,309 |
Supplemental cash flow information: | ||
Interest paid | 11,760 | 11,855 |
Supplemental disclosure of noncash investing and financing activities: | ||
Accrued distribution to common shareholders | 23,020 | 22,301 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents, beginning of period | 0 | 0 |
Restricted cash-furniture, fixtures and other escrows, beginning of period | 29,791 | 29,425 |
Cash, cash equivalents and restricted cash, beginning of period | 29,791 | 29,425 |
Cash and cash equivalents, end of period | 0 | 0 |
Restricted cash-furniture, fixtures and other escrows, end of period | 31,438 | 27,309 |
Cash, cash equivalents and restricted cash, end of period | $ 31,438 | $ 27,309 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | 1. Organization and Summary of Significant Accounting Policies Organization Apple Hospitality REIT, Inc., together with its wholly-owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company is a self-advised REIT that invests in income-producing real estate, primarily in the lodging sector, in the United States. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of March 31, 2018, the Company owned 241 hotels with an aggregate of 30,585 rooms located in 34 states. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by United States generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”). Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2018. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Net Income Per Common Share Basic net income per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted net income per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. Basic and diluted net income per common share were the same for each of the periods presented. Accounting Standards Recently Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) Three Months Ended March 31, 2018 2017 Revenues: Room $ 274,836 $ 269,393 Food and beverage 15,710 16,733 Other 7,843 6,799 Total revenue $ 298,389 $ 292,925 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets Accounting Standards Codification (“ASC”) did not have a material impact on the Company’s consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. |
Investment in Real Estate
Investment in Real Estate | 3 Months Ended |
Mar. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate Disclosure [Text Block] | 2. Investment in Real Estate The Company’s investment in real estate consisted of the following (in thousands): March 31, December 31, 2018 2017 Land $ 730,763 $ 720,465 Building and Improvements 4,425,158 4,362,929 Furniture, Fixtures and Equipment 437,084 428,734 Franchise Fees 12,665 12,315 5,605,670 5,524,443 Less Accumulated Depreciation (775,894 ) (731,284 ) Investment in Real Estate, net $ 4,829,776 $ 4,793,159 As of March 31, 2018, the Company owned 241 hotels with an aggregate of 30,585 rooms located in 34 states. The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements. Acquisitions The Company acquired two hotels during the first three months of 2018. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price (a) Atlanta GA Hampton McKibbon 2/5/2018 119 $ 24,000 Memphis TN Hampton Crestline 2/5/2018 144 39,000 263 $ 63,000 (a) The gross purchase price excludes transaction costs. During the year ended December 31, 2017, the Company acquired six hotels including one in the first quarter of 2017. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price (a) Fort Worth TX Courtyard LBA 2/2/2017 124 $ 18,034 Birmingham (b) AL Hilton Garden Inn LBA 9/12/2017 104 19,162 Birmingham (b) AL Home2 Suites LBA 9/12/2017 106 19,276 Portland ME Residence Inn Pyramid 10/13/2017 179 55,750 Salt Lake City UT Residence Inn Huntington 10/20/2017 136 25,500 Anchorage AK Home2 Suites Stonebridge 12/1/2017 135 24,048 784 $ 161,770 (a) The gross purchase price excludes transaction costs. (b) The Hilton Garden Inn and Home2 Suites hotels in Birmingham, AL are part of an adjoining two-hotel complex located on the same site. The Company used borrowings under its $540 million revolving credit facility (the “revolving credit facility”) to purchase each of these hotels. The acquisitions of these hotel properties were accounted for as an acquisition of a group of assets, with costs incurred to effect the acquisition, which were not significant, capitalized as part of the cost of the assets acquired. For the two hotels acquired during the three months ended March 31, 2018, the amount of revenue and operating income For the hotel acquired during the three months ended March 31, 2017, the amount of revenue and operating income Hotel Contract Commitments As of March 31, 2018, the Company had outstanding contracts for the potential purchase of two additional hotels, which were under construction, for a total purchase price of approximately $65.0 million. The Phoenix Hampton Inn & Suites was acquired on May 2, 2018, the same day the hotel opened for business. It is anticipated that the construction of the Orlando Home2 Suites will be completed and opened for business during the fourth quarter of 2018, at which time a closing on this hotel is expected to occur. Although the Company is working towards acquiring this hotel, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on this hotel will occur under the outstanding purchase contract. The following table summarizes the location, brand, date of purchase contract, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at March 31, 2018. All dollar amounts are in thousands. Location Brand Date of Purchase Contract Rooms Refundable Deposits Gross Purchase Price Phoenix, AZ (a) Hampton 10/25/2016 210 $ 500 $ 44,300 Orlando, FL (b) Home2 Suites 1/18/2017 128 3 20,736 338 $ 503 $ 65,036 (a) Newly constructed hotel was acquired on May 2, 2018, the same day the hotel opened for business. (b) This hotel is currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of this hotel is expected to close during the fourth quarter of 2018. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing. The purchase of the Phoenix Hampton Inn & Suites was funded through the Company’s revolving credit facility and it is anticipated that the purchase of the Orlando Home2 Suites will be funded similarly if a closing occurs. Loss on Impairment of Depreciable Real Estate Assets During the first quarter of 2017, the Company identified two properties for potential sale and in April 2017, the Company entered into separate contracts with the same unrelated party for the sale of these properties. Due to the change in the anticipated hold period for each of these hotels, the Company reviewed the estimated undiscounted cash flows generated by each property and determined that, for each hotel, the undiscounted cash flows were less than its carrying value; therefore the Company recognized an impairment loss of approximately $7.9 million in the first quarter of 2017 to adjust the bases of these properties to their estimated fair values, which were based on the then contracted sale price, net of estimated selling costs, a Level 1 input under the fair value hierarchy. In May 2017, both of these contracts were terminated. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 3. Debt $965 Million Credit Facility The Company utilizes an unsecured “$965 million credit facility” comprised of (i) a $540 million revolving credit facility with an initial maturity date of May 18, 2019 and (ii) a $425 million term loan facility with a maturity date of May 18, 2020, consisting of three term loans, all funded during 2015 (the “$425 million term loans”). Subject to certain conditions including covenant compliance and additional fees, the revolving credit facility maturity date may be extended one year. The Company may make voluntary prepayments in whole or in part, at any time. Interest payments on the $965 million credit facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month LIBOR (the London Inter-Bank Offered Rate for a one-month term) plus a margin ranging from 1.50% to 2.30%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. The Company is also required to pay quarterly an unused facility fee at an annual rate of 0.20% or 0.30% on the unused portion of the revolving credit facility, based on the amount of borrowings outstanding during the quarter. $150 Million Term Loan Facility On April 8, 2016, the Company entered into an unsecured $150 million term loan facility with a syndicate of commercial banks (the “$150 million term loan facility”), consisting of a $50 million term loan that will mature on April 8, 2021 (the “$50 million term loan”) and a $100 million term loan that will mature on April 8, 2023 (the “$100 million term loan,” and collectively with the $50 million term loan, the “$150 million term loans”). The credit agreement contains requirements and covenants similar to the Company’s $965 million credit facility. The Company may make voluntary prepayments in whole or in part, at any time, subject to certain conditions. Interest payments on the $150 million term loan facility are due monthly and the interest rate is equal to an annual rate of the one-month LIBOR plus a margin ranging from 1.45% to 2.20% for the $50 million term loan and 1.80% to 2.60% for the $100 million term loan, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. $85 Million Term Loan On July 25, 2017, the Company entered into an unsecured $85 million term loan with a syndicate of commercial banks, with a maturity date of July 25, 2024 (the “$85 million term loan” and, together with the $425 million term loans and the $150 million term loans, the “term loans”). The credit agreement contains requirements and covenants similar to the Company’s $965 million credit facility. The Company may make voluntary prepayments in whole or in part, at any time, subject to certain conditions. Interest payments on the $85 million term loan are due monthly and As of March 31, 2018 and December 31, 2017, the details of the Company’s revolving credit facility and term loans were as set forth below. All dollar amounts are in thousands. As of March 31, 2018 As of December 31, 2017 Maturity Date Outstanding Balance Interest Rate Outstanding Balance Interest Rate Revolving credit facility (1) 5/18/2019 $ 170,700 3.43 % (2) $ 106,900 3.11 % (2) Term loans $425 million term loans 5/18/2020 425,000 3.16 % (3) 425,000 3.09 % (3) $50 million term loan 4/8/2021 50,000 2.54 % (4) 50,000 2.54 % (4) $100 million term loan 4/8/2023 100,000 3.13 % (4) 100,000 3.13 % (4) $85 million term loan 7/25/2024 85,000 3.76 % (4) 85,000 3.76 % (4) Total term loans at stated value 660,000 660,000 Unamortized debt issuance costs (3,431 ) (3,721 ) Total term loans 656,569 656,279 Total revolving credit facility and term loans $ 827,269 $ 763,179 (1) Unamortized debt issuance costs related to the revolving credit facility totaled approximately $1.3 million and $1.7 million as of March 31, 2018 and December 31, 2017, respectively, and are included in other assets, net in the Company’s consolidated balance sheets. (2) Annual variable interest rate at the balance sheet date. (3) Effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps on $322.5 million of the outstanding loan balance, resulting in an annual fixed interest rate of approximately 3.10% on this portion of the debt, subject to adjustment based on the Company’s leverage ratio, through maturity. See Note 4 for more information on the interest rate swap agreements. Remaining portion is variable rate debt. (4) Annual fixed interest rate at the balance sheet date which includes the effect of interest rate swaps on the outstanding loan balance, subject to adjustment based on the Company’s leverage ratio, through maturity. See Note 4 for more information on the interest rate swap agreements. The credit agreements governing the $965 million credit facility, the $150 million term loan facility and the $85 million term loan contain mandatory prepayment requirements, customary affirmative covenants, negative covenants and events of default. The credit agreements require that the Company comply with various covenants, which include, among others, a minimum tangible net worth, maximum debt limits, minimum interest and fixed charge coverage ratios, limits on dividend payments and share repurchases and restrictions on certain investments. The Company was in compliance with the applicable covenants at March 31, 2018. Mortgage Debt As of March 31, 2018, the Company had approximately $498.5 million in outstanding mortgage debt secured by 31 properties, with maturity dates ranging from June 2020 to January 2038, stated interest rates ranging from 3.55% to 6.25% and effective interest rates ranging from 3.55% to 4.97%. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of March 31, 2018 and December 31, 2017 for each of the Company’s debt obligations. All dollar amounts are in thousands. Location Brand Interest Rate (1) Loan Assumption or Origination Date Maturity Date Principal Assumed or Originated Outstanding balance as of March 31, 2018 Outstanding balance as of December 31, 2017 San Juan Capistrano, CA Residence Inn 4.15 % 9/1/2016 6/1/2020 $ 16,210 $ 15,687 $ 15,774 Colorado Springs, CO Hampton 6.25 % 9/1/2016 7/6/2021 7,923 7,719 7,754 Franklin, TN Courtyard 6.25 % 9/1/2016 8/6/2021 14,679 14,303 14,368 Franklin, TN Residence Inn 6.25 % 9/1/2016 8/6/2021 14,679 14,303 14,368 Grapevine, TX Hilton Garden Inn 4.89 % 8/29/2012 9/1/2022 11,810 10,334 10,412 Collegeville/Philadelphia, PA Courtyard 4.89 % 8/30/2012 9/1/2022 12,650 11,069 11,152 Hattiesburg, MS Courtyard 5.00 % 3/1/2014 9/1/2022 5,732 5,173 5,212 Rancho Bernardo/San Diego, CA Courtyard 5.00 % 3/1/2014 9/1/2022 15,060 13,591 13,692 Kirkland, WA Courtyard 5.00 % 3/1/2014 9/1/2022 12,145 10,960 11,042 Seattle, WA Residence Inn 4.96 % 3/1/2014 9/1/2022 28,269 25,496 25,687 Anchorage, AK Embassy Suites 4.97 % 9/13/2012 10/1/2022 23,230 20,408 20,560 Somerset, NJ Courtyard 4.73 % 3/1/2014 10/6/2022 8,750 7,872 7,932 Tukwila, WA Homewood Suites 4.73 % 3/1/2014 10/6/2022 9,431 8,484 8,549 Prattville, AL Courtyard 4.12 % 3/1/2014 2/6/2023 6,596 5,895 5,943 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 2/6/2023 8,306 7,424 7,483 San Diego, CA Residence Inn 3.97 % 3/1/2014 3/6/2023 18,600 16,599 16,733 Miami, FL Homewood Suites 4.02 % 3/1/2014 4/1/2023 16,677 14,903 15,022 Syracuse, NY Courtyard 4.75 % 10/16/2015 8/1/2024 (2) 11,199 10,567 10,637 Syracuse, NY Residence Inn 4.75 % 10/16/2015 8/1/2024 (2) 11,199 10,567 10,637 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 24,747 24,919 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 9,324 9,386 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 32,833 33,046 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 13,269 13,332 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,682 22,040 22,145 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 23,319 23,422 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 24,752 24,917 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 24,664 24,828 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 18,360 18,483 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 28,470 - Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 15,530 - San Jose, CA Homewood Suites 4.22 % 12/22/2017 1/1/2038 30,000 29,840 30,000 $ 528,600 498,502 457,435 Unamortized fair value adjustment of assumed debt 4,105 4,330 Unamortized debt issuance costs (2,418 ) (2,748 ) Total $ 500,189 $ 459,017 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. (2) Outstanding principal balance is callable by lender or prepayable by the Company on August 1, 2019. The aggregate amounts of principal payable under the Company’s total debt obligations (including mortgage debt, the revolving credit facility and term loans), for the five years subsequent to March 31, 2018 and thereafter are as follows (in thousands): 2018 (April - December) $ 9,730 2019 204,505 2020 453,349 2021 97,586 2022 109,252 Thereafter 454,780 1,329,202 Unamortized fair value adjustment of assumed debt 4,105 Unamortized debt issuance costs related to term loans and mortgage debt (5,849 ) Total $ 1,327,458 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 4. Fair Value of Financial Instruments Except as described below, the carrying value of the Company’s financial instruments approximates fair value due to the short-term nature of these financial instruments. Debt The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of March 31, 2018, both the carrying value and estimated fair value of the Company’s debt were approximately $1.3 billion. As of December 31, 2017, both the carrying value and estimated fair value of the Company’s debt were approximately $1.2 billion. Both the carrying value and estimated fair value of the Company’s debt (as discussed above) is net of unamortized debt issuance costs related to term loans and mortgage debt for each specific year. Derivative Instruments Currently, the Company uses interest rate swaps to manage its interest rate risks on variable rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the one-month LIBOR. The swaps are designed to effectively fix the interest payments on variable rate debt instruments. These swap instruments are recorded at fair value and are included in other assets, net, in the Company’s consolidated balance sheets. The fair values of the Company’s interest rate swap agreements are determined using the market standard methodology of netting the discounted future fixed cash payments and the discounted expected variable cash receipts, which is considered a Level 2 measurement under the fair value hierarchy. The variable cash receipts are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of March 31, 2018 and December 31, 2017. All dollar amounts are in thousands. Fair Value Asset Notional Amount at March 31, 2018 Hedge Type Origination Date Maturity Date Swap Fixed Interest Rate March 31, 2018 December 31, 2017 Cash flow hedge $ 212,500 5/21/2015 5/18/2020 1.58 % $ 3,478 $ 2,033 Cash flow hedge 110,000 7/2/2015 5/18/2020 1.62 % 1,709 951 Cash flow hedge 50,000 4/7/2016 3/31/2021 1.09 % 2,007 1,544 Cash flow hedge 100,000 4/7/2016 3/31/2023 1.33 % 5,819 4,098 Cash flow hedge 75,000 5/31/2017 6/30/2024 1.96 % 2,724 1,043 Cash flow hedge 10,000 8/10/2017 6/30/2024 2.01 % 333 109 $ 557,500 $ 16,070 $ 9,778 The Company assesses, both at inception and on an ongoing basis, the effectiveness of its qualifying cash flow hedges. The Company elected to early adopt ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities, The following table presents the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the three months ended March 31, 2018 and 2017 (in thousands): Net Unrealized Gain Recognized in Other Comprehensive Income Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Interest rate derivatives in cash flow hedging relationships $ 6,348 $ 723 $ 56 $ (822 ) Amounts reported in accumulated other comprehensive income will be reclassified to interest and other expense, net as interest payments are made or received on the Company’s variable-rate derivatives. The Company estimates that approximately $3.2 million of net unrealized gains included in accumulated other comprehensive income at March 31, 2018 will be reclassified as a decrease to interest and other expense, net within the next 12 months. |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 5. Related Parties The Company has, and is expected to continue to engage in, transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. There have been no changes to the contracts and relationships discussed in the 2017 Form 10-K. Below is a summary of the significant related party relationships in effect during the three months ended March 31, 2018 and 2017. Glade M. Knight, Executive Chairman of the Company, owns Apple Realty Group, Inc. (“ARG”), which receives support services from the Company and reimburses the Company for the cost of these services as discussed below. Mr. Knight is also currently a partner and Chief Executive Officer of Energy 11 GP, LLC and Energy Resources 12 GP, LLC, which are the respective general partners of Energy 11, L.P. and Energy Resources 12, L.P., each of which receive support services from ARG. The Company provides support services, including the use of the Company’s employees and corporate office, to ARG and is reimbursed by ARG for the cost of these services. The amounts reimbursed to the Company are based on the actual costs of the services and a good faith estimate of the proportionate amount of time incurred by the Company’s employees on behalf of ARG. Total reimbursed costs received by the Company from ARG for the three months ended March 31, 2018 and 2017 totaled approximately $0.2 million in each period, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations. As part of the cost sharing arrangement, certain day-to-day transactions may result in amounts due to or from the Company and ARG. To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. As of March 31, 2018 and December 31, 2017, total amounts due from ARG for reimbursements under the cost sharing structure each totaled approximately $0.3 million at each date, and are included in other assets, net in the Company’s consolidated balance sheets. The Company, through a wholly-owned subsidiary, Apple Air Holding, LLC, owns a Learjet used primarily for acquisition, asset management, renovation and public relations purposes. The aircraft is also leased to affiliates of the Company based on third party rates. Leasing activity to affiliates was not significant during the reporting periods. The Company also utilizes aircraft, owned through two entities, one of which is owned by the Company’s Executive Chairman, and the other, by its President and Chief Executive Officer, for acquisition, asset management, renovation and public relations purposes, and reimburses these entities at third party rates. Total costs incurred for the use of these aircraft during the three months ended March 31, 2018 and 2017 were approximately $0.03 million and $0.04 million, respectively, and are included in general and administrative expenses in the Company’s consolidated statements of operations. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 6. Shareholders’ Equity Distributions The Company’s current annual distribution rate, payable monthly, is $1.20 per common share. For the three months ended March 31, 2018 and 2017, the Company paid distributions of $0.30 per common share for a total of $69.1 million and $66.9 million, respectively. Additionally, in March 2018, the Company declared a monthly distribution of $0.10 per common share, totaling $23.0 million, which was recorded as a payable as of March 31, 2018 and paid in April 2018. As of December 31, 2017, a monthly distribution of $0.10 per common share, totaling $23.0 million, was recorded as a payable and paid in January 2018. These accrued distributions were included in accounts payable and other liabilities in the Company’s consolidated balance sheets. Issuance of Shares In February 2017, the Company executed an equity distribution agreement that allows the Company to sell, from time to time, up to an aggregate of $300 million of its common shares through sales agents under an at-the-market offering program (the “ATM Program”). Since inception of the ATM Program in February 2017 through March 31, 2018, the Company has sold approximately 7.2 million common shares at a weighted-average market sales price of approximately $19.56 per common share and received aggregate gross proceeds of approximately $139.8 million before commission and issuance costs, including the sale of approximately 0.2 million common shares during the three months ended March 31, 2018 at a weighted-average market sales price of approximately $19.73 per common share and receipt of aggregate gross proceeds of approximately $4.8 million. The Company used the proceeds from the sale of these shares to pay down borrowings on its revolving credit facility. No shares were issued under the ATM Program during the three months ended March 31, 2017. As of March 31, 2018, approximately $160.2 million remained available for issuance under the ATM Program. Share Repurchases During the first three months of 2018, the Company purchased, under its $475 million share repurchase program (the “Share Repurchase Program”), approximately 0.3 million of its common shares at a weighted-average market purchase price of approximately $16.89 per common share for an aggregate purchase price of approximately $4.3 million. The Company did not purchase any common shares under its Share Repurchase Program during the first three months of 2017. In March 2018, the Company established a new written trading plan as part of the Share Repurchase Program that provides for share repurchases in open market transactions that is intended to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. Repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with availability under its revolving credit facility. As of March 31, 2018, approximately $463.2 million remained available for repurchase under the Share Repurchase Program. The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2018 if not terminated earlier. |
Compensation Plans
Compensation Plans | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 7. Compensation Plans The Company annually establishes an incentive plan for its executive management. Under the incentive plan for 2018 (the “2018 Incentive Plan”), participants are eligible to receive a bonus based on the achievement of certain 2018 performance measures, consisting of operational performance metrics (including targeted Modified Funds from Operations per share, Comparable Hotels revenue per available room growth and Adjusted Hotel EBITDA Margin growth) and shareholder return metrics (including shareholder return relative to a peer group and total shareholder return, over one-year, two-year and three-year periods). The components of the operational performance metrics and shareholder return metrics are equally weighted and the two metrics each account for 50% of the total target incentive compensation. The range of potential aggregate payouts under the 2018 Incentive Plan is $0 - $20 million. Based on performance through March 31, 2018, the Company has accrued approximately $1.9 million as a liability for potential executive bonus payments under the 2018 Incentive Plan, which is included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of March 31, 2018 and in general and administrative expenses in the Company’s consolidated statement of operations for the three months ended March 31, 2018. Approximately 25% of awards under the 2018 Incentive Plan, if any, will be paid in cash, and 75% will be issued in stock under the Company’s 2014 Omnibus Incentive Plan, approximately two-thirds of which will vest at the end of 2018 and one-third of which will vest in December 2019. Under the incentive plan for 2017 (the “2017 Incentive Plan”), the Company recorded approximately $2.0 million in general and administrative expenses in the Company’s consolidated statement of operations for the three months ended March 31, 2017. Share Based Compensation Awards During the first quarters of 2018 and 2017, the Company issued 367,333 and 101,305 common shares earned under the 2017 Incentive Plan and the incentive plan for 2016 (the “2016 Incentive Plan”) (net of 48,533 and 19,667 common shares surrendered to satisfy tax withholding obligations) at $16.92 and $19.10 per share, or approximately $7.0 million and $2.3 million in share based compensation, including the surrendered shares, respectively. Of the total shares issued under the 2017 Incentive Plan, 223,421 shares were unrestricted at the time of issuance, and the remaining 143,912 restricted shares will vest on December 14, 2018. Of the total shares issued under the 2016 Incentive Plan, 60,028 shares were unrestricted at the time of issuance, and the remaining 41,277 restricted shares vested on December 15, 2017, of which 13,129 common shares were surrendered to satisfy tax withholding obligations. Of the total 2017 share based compensation, approximately $5.8 million was recorded as a liability as of December 31, 2017, which was included in accounts payable and other liabilities in the Company’s consolidated balance sheet and the remaining $1.2 million, which is subject to vesting on December 14, 2018, will be recognized as compensation expense proportionately throughout 2018. Of the total 2016 share based compensation, approximately $0.4 million, which vested on December 15, 2017, was recognized as compensation expense proportionately throughout 2017. For the three months ended March 31, 2018 and 2017, the Company recognized approximately $0.3 million and $0.1 million, respectively, of share based compensation expense related to the unvested restricted share awards. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | 8. Legal Proceedings Moses, et al. v. Apple Hospitality REIT, Inc., et al. As previously disclosed in the 2017 Form 10-K, on April 22, 2014, a purported shareholder of Apple REIT Seven, Inc. (“Apple Seven”) and Apple REIT Eight, Inc. (“Apple Eight”), 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, who purchased additional shares under the Dividend Reinvestment Plans (“DRIP”) of Apple Seven, Apple Eight and the Company between July 17, 2007 and February 12, 2014 (the “2014 DRIP litigation”). In January 2017, the parties reached an agreement in principle to settle the litigation which the court approved by order dated March 27, 2018. In January 2018, the Company funded the settlement amount of $5.5 million, which was included in accounts payable and other liabilities in the Company’s consolidated balance sheet as of December 31, 2017, and in transaction and litigation costs (reimbursements) in the Company’s consolidated statement of operations for the year ended December 31, 2016. Wilchfort, et al. v. Apple Hospitality REIT, Inc., et al. As previously disclosed in the 2017 Form 10-K, on February 24, 2017, a purported shareholder of Apple REIT Six, Inc. (“Apple Six”), Apple Seven and Apple Eight, filed a class action against, among others, the Company and the former individual directors of Apple Six, Apple Seven and Apple Eight, including Mr. Glade Knight (“the Apple REIT Defendants”), on behalf of all then-existing shareholders and former shareholders of Apple Six, Apple Seven and Apple Eight, who purchased additional shares under Apple Six’s, Apple Seven’s and Apple Eight’s DRIP between July 17, 2007 and December 2012 (in the case of Apple Six shareholders) or June 30, 2013 (in the case of Apple Seven and Apple Eight shareholders). On May 1, 2018, all of the Apple REIT Defendants were dismissed from the complaint without prejudice by the plaintiff. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 9. Subsequent Events In April 2018, the Company paid approximately $23.0 million, or $0.10 per outstanding common share, in distributions to its common shareholders. In April 2018, the Company declared a regular monthly cash distribution of $0.10 per common share for the month of May 2018. The distribution is payable on May 15, 2018. In April 2018, the Company, through one of its indirect wholly-owned subsidiaries, entered into a purchase contract for the purchase of all of the ownership interests in a limited liability company which plans to construct a dual-branded Hampton Inn & Suites and Home2 Suites by Hilton property in Cape Canaveral, Florida, with a combined total of 224 guest rooms for a purchase price of approximately $46.7 million. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied, and there can be no assurance that a closing on these hotels will occur. On May 2, 2018, the Company closed on the purchase of a newly constructed 210-room Hampton Inn & Suites in Phoenix, Arizona, the same day the hotel opened for business. The gross purchase price was approximately $44.3 million. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization Apple Hospitality REIT, Inc., together with its wholly-owned subsidiaries (the “Company”), is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company is a self-advised REIT that invests in income-producing real estate, primarily in the lodging sector, in the United States. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Although the Company has interests in potential variable interest entities through its purchase commitments, it is not the primary beneficiary as the Company does not have any elements of power in the decision making process of these entities, and therefore does not consolidate the entities. As of March 31, 2018, the Company owned 241 hotels with an aggregate of 30,585 rooms located in 34 states. The Company’s common shares are listed on the New York Stock Exchange (“NYSE”) under the ticker symbol “APLE.” |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by United States generally accepted accounting principles (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”). Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2018. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Earnings Per Share, Policy [Policy Text Block] | Net Income Per Common Share Basic net income per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted net income per common share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. Basic and diluted net income per common share were the same for each of the periods presented. |
New Accounting Pronouncements, Policy [Policy Text Block] | Accounting Standards Recently Adopted In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606) Three Months Ended March 31, 2018 2017 Revenues: Room $ 274,836 $ 269,393 Food and beverage 15,710 16,733 Other 7,843 6,799 Total revenue $ 298,389 $ 292,925 In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), Classification of Certain Cash Receipts and Cash Payments In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash In February 2017, the FASB issued ASU No. 2017-05, Other Income—Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20), Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets Accounting Standards Codification (“ASC”) did not have a material impact on the Company’s consolidated financial statements and related disclosures. In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (Topic 815), Targeted Improvements to Accounting for Hedging Activities adoption of this standard did not have a material impact on the Company’s consolidated financial statements and related disclosures. |
Organization and Summary of S16
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Disaggregation of Revenue [Table Text Block] | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (Topic 606). 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 became effective for annual and interim periods beginning after December 15, 2017. The Company adopted this standard as of January 1, 2018 using the modified retrospective approach. The Company evaluated each of its revenue streams under the new standard and concluded that the adoption of this standard did not impact the amount or timing of revenue recognition in the Company’s consolidated financial statements. The Company also considered and determined that the following disaggregated revenue reflects the nature and timing of its significant revenue streams (in thousands). Three Months Ended March 31, 2018 2017 Revenues: Room $ 274,836 $ 269,393 Food and beverage 15,710 16,733 Other 7,843 6,799 Total revenue $ 298,389 $ 292,925 |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investment in Real Estate (Tables) [Line Items] | |
Property, Plant and Equipment [Table Text Block] | The Company’s investment in real estate consisted of the following (in thousands): March 31, December 31, 2018 2017 Land $ 730,763 $ 720,465 Building and Improvements 4,425,158 4,362,929 Furniture, Fixtures and Equipment 437,084 428,734 Franchise Fees 12,665 12,315 5,605,670 5,524,443 Less Accumulated Depreciation (775,894 ) (731,284 ) Investment in Real Estate, net $ 4,829,776 $ 4,793,159 |
Schedule of Outstanding Contracts for Potential Purchase of Hotels [Table Text Block] | As of March 31, 2018, the Company had outstanding contracts for the potential purchase of two additional hotels, which were under construction, for a total purchase price of approximately $65.0 million. The Phoenix Hampton Inn & Suites was acquired on May 2, 2018, the same day the hotel opened for business. It is anticipated that the construction of the Orlando Home2 Suites will be completed and opened for business during the fourth quarter of 2018, at which time a closing on this hotel is expected to occur. Although the Company is working towards acquiring this hotel, there are many conditions to closing that have not yet been satisfied and there can be no assurance that a closing on this hotel will occur under the outstanding purchase contract. The following table summarizes the location, brand, date of purchase contract, expected number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts outstanding at March 31, 2018. All dollar amounts are in thousands. Location Brand Date of Purchase Contract Rooms Refundable Deposits Gross Purchase Price Phoenix, AZ (a) Hampton 10/25/2016 210 $ 500 $ 44,300 Orlando, FL (b) Home2 Suites 1/18/2017 128 3 20,736 338 $ 503 $ 65,036 (a) Newly constructed hotel was acquired on May 2, 2018, the same day the hotel opened for business. (b) This hotel is currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of this hotel is expected to close during the fourth quarter of 2018. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing. |
2018 Acquisitions [Member] | |
Investment in Real Estate (Tables) [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | The Company acquired two hotels during the first three months of 2018. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price (a) Atlanta GA Hampton McKibbon 2/5/2018 119 $ 24,000 Memphis TN Hampton Crestline 2/5/2018 144 39,000 263 $ 63,000 (a) The gross purchase price excludes transaction costs. |
2017 Acquisitions [Member] | |
Investment in Real Estate (Tables) [Line Items] | |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | During the year ended December 31, 2017, the Company acquired six hotels including one in the first quarter of 2017. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands. City State Brand Manager Date Acquired Rooms Gross Purchase Price (a) Fort Worth TX Courtyard LBA 2/2/2017 124 $ 18,034 Birmingham (b) AL Hilton Garden Inn LBA 9/12/2017 104 19,162 Birmingham (b) AL Home2 Suites LBA 9/12/2017 106 19,276 Portland ME Residence Inn Pyramid 10/13/2017 179 55,750 Salt Lake City UT Residence Inn Huntington 10/20/2017 136 25,500 Anchorage AK Home2 Suites Stonebridge 12/1/2017 135 24,048 784 $ 161,770 (a) The gross purchase price excludes transaction costs. (b) The Hilton Garden Inn and Home2 Suites hotels in Birmingham, AL are part of an adjoining two-hotel complex located on the same site. |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of March 31, 2018 and December 31, 2017, the details of the Company’s revolving credit facility and term loans were as set forth below. All dollar amounts are in thousands. As of March 31, 2018 As of December 31, 2017 Maturity Date Outstanding Balance Interest Rate Outstanding Balance Interest Rate Revolving credit facility (1) 5/18/2019 $ 170,700 3.43 % (2) $ 106,900 3.11 % (2) Term loans $425 million term loans 5/18/2020 425,000 3.16 % (3) 425,000 3.09 % (3) $50 million term loan 4/8/2021 50,000 2.54 % (4) 50,000 2.54 % (4) $100 million term loan 4/8/2023 100,000 3.13 % (4) 100,000 3.13 % (4) $85 million term loan 7/25/2024 85,000 3.76 % (4) 85,000 3.76 % (4) Total term loans at stated value 660,000 660,000 Unamortized debt issuance costs (3,431 ) (3,721 ) Total term loans 656,569 656,279 Total revolving credit facility and term loans $ 827,269 $ 763,179 (1) Unamortized debt issuance costs related to the revolving credit facility totaled approximately $1.3 million and $1.7 million as of March 31, 2018 and December 31, 2017, respectively, and are included in other assets, net in the Company’s consolidated balance sheets. (2) Annual variable interest rate at the balance sheet date. (3) Effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps on $322.5 million of the outstanding loan balance, resulting in an annual fixed interest rate of approximately 3.10% on this portion of the debt, subject to adjustment based on the Company’s leverage ratio, through maturity. See Note 4 for more information on the interest rate swap agreements. Remaining portion is variable rate debt. (4) Annual fixed interest rate at the balance sheet date which includes the effect of interest rate swaps on the outstanding loan balance, subject to adjustment based on the Company’s leverage ratio, through maturity. See Note 4 for more information on the interest rate swap agreements. |
Schedule of Debt [Table Text Block] | As of March 31, 2018, the Company had approximately $498.5 million in outstanding mortgage debt secured by 31 properties, with maturity dates ranging from June 2020 to January 2038, stated interest rates ranging from 3.55% to 6.25% and effective interest rates ranging from 3.55% to 4.97%. The loans generally provide for monthly payments of principal and interest on an amortized basis and defeasance or prepayment penalties if prepaid. The following table sets forth the hotel properties securing each loan, the interest rate, loan assumption or origination date, maturity date, the principal amount assumed or originated, and the outstanding balance prior to any fair value adjustments or debt issuance costs as of March 31, 2018 and December 31, 2017 for each of the Company’s debt obligations. All dollar amounts are in thousands. Location Brand Interest Rate (1) Loan Assumption or Origination Date Maturity Date Principal Assumed or Originated Outstanding balance as of March 31, 2018 Outstanding balance as of December 31, 2017 San Juan Capistrano, CA Residence Inn 4.15 % 9/1/2016 6/1/2020 $ 16,210 $ 15,687 $ 15,774 Colorado Springs, CO Hampton 6.25 % 9/1/2016 7/6/2021 7,923 7,719 7,754 Franklin, TN Courtyard 6.25 % 9/1/2016 8/6/2021 14,679 14,303 14,368 Franklin, TN Residence Inn 6.25 % 9/1/2016 8/6/2021 14,679 14,303 14,368 Grapevine, TX Hilton Garden Inn 4.89 % 8/29/2012 9/1/2022 11,810 10,334 10,412 Collegeville/Philadelphia, PA Courtyard 4.89 % 8/30/2012 9/1/2022 12,650 11,069 11,152 Hattiesburg, MS Courtyard 5.00 % 3/1/2014 9/1/2022 5,732 5,173 5,212 Rancho Bernardo/San Diego, CA Courtyard 5.00 % 3/1/2014 9/1/2022 15,060 13,591 13,692 Kirkland, WA Courtyard 5.00 % 3/1/2014 9/1/2022 12,145 10,960 11,042 Seattle, WA Residence Inn 4.96 % 3/1/2014 9/1/2022 28,269 25,496 25,687 Anchorage, AK Embassy Suites 4.97 % 9/13/2012 10/1/2022 23,230 20,408 20,560 Somerset, NJ Courtyard 4.73 % 3/1/2014 10/6/2022 8,750 7,872 7,932 Tukwila, WA Homewood Suites 4.73 % 3/1/2014 10/6/2022 9,431 8,484 8,549 Prattville, AL Courtyard 4.12 % 3/1/2014 2/6/2023 6,596 5,895 5,943 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 2/6/2023 8,306 7,424 7,483 San Diego, CA Residence Inn 3.97 % 3/1/2014 3/6/2023 18,600 16,599 16,733 Miami, FL Homewood Suites 4.02 % 3/1/2014 4/1/2023 16,677 14,903 15,022 Syracuse, NY Courtyard 4.75 % 10/16/2015 8/1/2024 (2) 11,199 10,567 10,637 Syracuse, NY Residence Inn 4.75 % 10/16/2015 8/1/2024 (2) 11,199 10,567 10,637 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 24,747 24,919 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 9,324 9,386 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 32,833 33,046 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 13,269 13,332 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,682 22,040 22,145 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 23,319 23,422 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 24,752 24,917 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 24,664 24,828 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 18,360 18,483 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 28,470 - Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 15,530 - San Jose, CA Homewood Suites 4.22 % 12/22/2017 1/1/2038 30,000 29,840 30,000 $ 528,600 498,502 457,435 Unamortized fair value adjustment of assumed debt 4,105 4,330 Unamortized debt issuance costs (2,418 ) (2,748 ) Total $ 500,189 $ 459,017 (1) Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. (2) Outstanding principal balance is callable by lender or prepayable by the Company on August 1, 2019. |
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, the revolving credit facility and term loans), for the five years subsequent to March 31, 2018 and thereafter are as follows (in thousands): 2018 (April - December) $ 9,730 2019 204,505 2020 453,349 2021 97,586 2022 109,252 Thereafter 454,780 1,329,202 Unamortized fair value adjustment of assumed debt 4,105 Unamortized debt issuance costs related to term loans and mortgage debt (5,849 ) Total $ 1,327,458 |
Fair Value of Financial Instr19
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Interest Rate Derivatives [Table Text Block] | The following table sets forth information for each of the Company’s interest rate swap agreements outstanding as of March 31, 2018 and December 31, 2017. All dollar amounts are in thousands. Fair Value Asset Notional Amount at March 31, 2018 Hedge Type Origination Date Maturity Date Swap Fixed Interest Rate March 31, 2018 December 31, 2017 Cash flow hedge $ 212,500 5/21/2015 5/18/2020 1.58 % $ 3,478 $ 2,033 Cash flow hedge 110,000 7/2/2015 5/18/2020 1.62 % 1,709 951 Cash flow hedge 50,000 4/7/2016 3/31/2021 1.09 % 2,007 1,544 Cash flow hedge 100,000 4/7/2016 3/31/2023 1.33 % 5,819 4,098 Cash flow hedge 75,000 5/31/2017 6/30/2024 1.96 % 2,724 1,043 Cash flow hedge 10,000 8/10/2017 6/30/2024 2.01 % 333 109 $ 557,500 $ 16,070 $ 9,778 |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following table presents the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the three months ended March 31, 2018 and 2017 (in thousands): Net Unrealized Gain Recognized in Other Comprehensive Income Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net Three Months Ended March 31, Three Months Ended March 31, 2018 2017 2018 2017 Interest rate derivatives in cash flow hedging relationships $ 6,348 $ 723 $ 56 $ (822 ) |
Organization and Summary of S20
Organization and Summary of Significant Accounting Policies (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Number of Reportable Segments | 1 |
Number of Hotels | 241 |
Aggregate Number of Hotel Rooms | 30,585 |
Number of States in which Hotels are Located | 34 |
Organization and Summary of S21
Organization and Summary of Significant Accounting Policies (Details) - Disaggregation of Revenue - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Room | $ 274,836 | $ 269,393 |
Food and beverage | 15,710 | 16,733 |
Other | 7,843 | 6,799 |
Total revenue | $ 298,389 | $ 292,925 |
Investment in Real Estate (Deta
Investment in Real Estate (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017 | |
Investment in Real Estate (Details) [Line Items] | |||
Number of Hotels | 241 | ||
Aggregate Number of Hotel Rooms | 30,585 | ||
Number of States in which Hotels Are Located | 34 | ||
Revenues (in Dollars) | $ 298,389 | $ 292,925 | |
Operating Income (Loss) (in Dollars) | 54,264 | 46,332 | |
Impairment of Real Estate (in Dollars) | $ 0 | $ 7,875 | |
Execution of Sales Contracts in April 2017 Terminated in May 2017 [Member] | Hotels Identified for Potential Sale 1Q 2017 [Member] | |||
Investment in Real Estate (Details) [Line Items] | |||
Number of Hotels | 2 | ||
Impairment of Real Estate (in Dollars) | $ 7,900 | ||
Hotels Under Contract [Member] | |||
Investment in Real Estate (Details) [Line Items] | |||
Number of Hotels | 2 | ||
Purchase Contract Gross Purchase Price (in Dollars) | $ 65,000 | ||
Hotel Acquisitions [Member] | |||
Investment in Real Estate (Details) [Line Items] | |||
Number of Hotels | 2 | 1 | 6 |
Revenues (in Dollars) | $ 2,400 | $ 700 | |
Operating Income (Loss) (in Dollars) | $ 800 | $ 40 |
Investment in Real Estate (De23
Investment in Real Estate (Details) - Investment in Real Estate - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Investment in Real Estate [Abstract] | ||
Land | $ 730,763 | $ 720,465 |
Building and Improvements | 4,425,158 | 4,362,929 |
Furniture, Fixtures and Equipment | 437,084 | 428,734 |
Franchise Fees | 12,665 | 12,315 |
5,605,670 | 5,524,443 | |
Less Accumulated Depreciation | (775,894) | (731,284) |
Investment in Real Estate, net | $ 4,829,776 | $ 4,793,159 |
Investment in Real Estate (De24
Investment in Real Estate (Details) - Hotel Acquisitions $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Business Acquisition [Line Items] | |||
Rooms | 30,585 | ||
Hampton Atlanta, GA [Member] | |||
Business Acquisition [Line Items] | |||
State | GA | ||
Brand | Hampton | ||
Manager | McKibbon | ||
Date Acquired | Feb. 5, 2018 | ||
Rooms | 119 | ||
Gross Purchase Price | [1] | $ 24,000 | |
Hampton Memphis, TN [Member] | |||
Business Acquisition [Line Items] | |||
State | TN | ||
Brand | Hampton | ||
Manager | Crestline | ||
Date Acquired | Feb. 5, 2018 | ||
Rooms | 144 | ||
Gross Purchase Price | [1] | $ 39,000 | |
Total [Member] | |||
Business Acquisition [Line Items] | |||
Rooms | 263 | 784 | |
Gross Purchase Price | [1] | $ 63,000 | $ 161,770 |
[1] | The gross purchase price excludes transaction costs. |
Investment in Real Estate (De25
Investment in Real Estate (Details) - Hotel Acquisitions $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Business Acquisition [Line Items] | |||
Rooms | 30,585 | ||
Courtyard Fort Worth, TX [Member] | |||
Business Acquisition [Line Items] | |||
State | TX | ||
Brand | Courtyard | ||
Manager | LBA | ||
Date Acquired | Feb. 2, 2017 | ||
Rooms | 124 | ||
Gross Purchase Price | [1] | $ 18,034 | |
Hilton Garden Inn Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
State | AL | ||
Brand | [2] | Hilton Garden Inn | |
Manager | LBA | ||
Date Acquired | Sep. 12, 2017 | ||
Rooms | 104 | ||
Gross Purchase Price | [1] | $ 19,162 | |
Home2 Suites Birmingham, AL [Member] | |||
Business Acquisition [Line Items] | |||
State | AL | ||
Brand | [2] | Home2 Suites | |
Manager | LBA | ||
Date Acquired | Sep. 12, 2017 | ||
Rooms | 106 | ||
Gross Purchase Price | [1] | $ 19,276 | |
Residence Inn Portland, ME [Member] | |||
Business Acquisition [Line Items] | |||
State | ME | ||
Brand | Residence Inn | ||
Manager | Pyramid | ||
Date Acquired | Oct. 13, 2017 | ||
Rooms | 179 | ||
Gross Purchase Price | [1] | $ 55,750 | |
Residence Inn Salt Lake City, UT [Member] | |||
Business Acquisition [Line Items] | |||
State | UT | ||
Brand | Residence Inn | ||
Manager | Huntington | ||
Date Acquired | Oct. 20, 2017 | ||
Rooms | 136 | ||
Gross Purchase Price | [1] | $ 25,500 | |
Home2 Suites Anchorage, AK [Member] | |||
Business Acquisition [Line Items] | |||
State | AK | ||
Brand | Home2 Suites | ||
Manager | Stonebridge | ||
Date Acquired | Dec. 1, 2017 | ||
Rooms | 135 | ||
Gross Purchase Price | [1] | $ 24,048 | |
Total [Member] | |||
Business Acquisition [Line Items] | |||
Rooms | 263 | 784 | |
Gross Purchase Price | [1] | $ 63,000 | $ 161,770 |
[1] | The gross purchase price excludes transaction costs. | ||
[2] | The Hilton Garden Inn and Home2 Suites hotels in Birmingham, AL are part of an adjoining two-hotel complex located on the same site. |
Investment in Real Estate (De26
Investment in Real Estate (Details) - Outstanding Contracts $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($) | ||
Investment in Real Estate (Details) - Outstanding Contracts [Line Items] | ||
Rooms | 30,585 | |
Hotels Under Contract [Member] | ||
Investment in Real Estate (Details) - Outstanding Contracts [Line Items] | ||
Rooms | 338 | |
Refundable Deposits | $ 503 | |
Gross Purchase Price | $ 65,036 | |
Hotels Under Contract [Member] | Hotels Under Construction [Member] | Hampton Phoenix, AZ [Member] | ||
Investment in Real Estate (Details) - Outstanding Contracts [Line Items] | ||
Brand | Hampton | [1] |
Date of Purchase Contract | Oct. 25, 2016 | |
Rooms | 210 | |
Refundable Deposits | $ 500 | |
Gross Purchase Price | $ 44,300 | |
Hotels Under Contract [Member] | Hotels Under Construction [Member] | Home2 Suites Orlando, FL [Member] | ||
Investment in Real Estate (Details) - Outstanding Contracts [Line Items] | ||
Brand | Home2 Suites | [2] |
Date of Purchase Contract | Jan. 18, 2017 | |
Rooms | 128 | |
Refundable Deposits | $ 3 | |
Gross Purchase Price | $ 20,736 | |
[1] | Newly constructed hotel was acquired on May 2, 2018, the same day the hotel opened for business. | |
[2] | This hotel is currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise brand. Assuming all conditions to closing are met, the purchase of this hotel is expected to close during the fourth quarter of 2018. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the property is under construction, at this time, the seller has not met all of the conditions to closing. |
Debt (Details)
Debt (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Debt (Details) [Line Items] | ||
Debt Issuance Costs, Net (in Dollars) | $ 5,849 | |
Derivative, Notional Amount (in Dollars) | 557,500 | |
Long-term Debt, Gross (in Dollars) | $ 1,329,202 | |
Mortgage Debt [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Maturity Date, Description | maturity dates ranging from June 2020 to January 2038 | |
Long-term Debt, Gross (in Dollars) | $ 498,500 | |
Number of Hotel Properties Used to Secure Debt | 31 | |
Minimum [Member] | Mortgage Debt [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.55% | |
Debt Instrument, Interest Rate, Stated Percentage | 3.55% | |
Maximum [Member] | Mortgage Debt [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.97% | |
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |
$150 Million Unsecured Term Loan Facility [Member] | ||
Debt (Details) [Line Items] | ||
Term Loan Facility, Maximum Borrowing Capacity (in Dollars) | $ 150,000 | |
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |
$150 Million Unsecured Term Loan Facility [Member] | Minimum [Member] | $50 Million Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | |
$150 Million Unsecured Term Loan Facility [Member] | Minimum [Member] | $100 Million Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |
$150 Million Unsecured Term Loan Facility [Member] | Maximum [Member] | $50 Million Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.20% | |
$150 Million Unsecured Term Loan Facility [Member] | Maximum [Member] | $100 Million Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | |
$85 Million Unsecured Term Loan [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |
$85 Million Unsecured Term Loan [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | |
Funded During 2016 [Member] | $150 Million Unsecured Term Loan Facility [Member] | $50 Million Term Loan [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 8, 2021 | |
Debt Instrument, Face Amount (in Dollars) | $ 50,000 | |
Funded During 2016 [Member] | $150 Million Unsecured Term Loan Facility [Member] | $100 Million Term Loan [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Maturity Date | Apr. 8, 2023 | |
Debt Instrument, Face Amount (in Dollars) | $ 100,000 | |
Funded During 2017 [Member] | $85 Million Unsecured Term Loan [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Maturity Date | Jul. 25, 2024 | |
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |
Debt Instrument, Face Amount (in Dollars) | $ 85,000 | |
$965 Million Unsecured Credit Facility [Member] | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $ 965,000 | |
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |
$965 Million Unsecured Credit Facility [Member] | $540 Million Unsecured Revolving Credit Facility [Member] | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Maximum Borrowing Capacity (in Dollars) | $ 540,000 | |
Line of Credit Facility, Expiration Date | May 18, 2019 | |
Debt Instrument, Maturity Date, Description | maturity date may be extended one year | |
Debt Issuance Costs, Net (in Dollars) | $ 1,300 | $ 1,700 |
$965 Million Unsecured Credit Facility [Member] | Minimum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 1.50% | |
$965 Million Unsecured Credit Facility [Member] | Minimum [Member] | $540 Million Unsecured Revolving Credit Facility [Member] | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |
$965 Million Unsecured Credit Facility [Member] | Maximum [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||
Debt (Details) [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.30% | |
$965 Million Unsecured Credit Facility [Member] | Maximum [Member] | $540 Million Unsecured Revolving Credit Facility [Member] | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |
$965 Million Unsecured Credit Facility [Member] | Loans With Interest Rates Effectively Fixed By Interest Rate Swaps [Member] | $425 Million Term Loans [Member] | ||
Debt (Details) [Line Items] | ||
Derivative, Notional Amount (in Dollars) | $ 322,500 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.10% | |
$965 Million Unsecured Credit Facility [Member] | Funded During 2015 [Member] | $425 Million Term Loans [Member] | ||
Debt (Details) [Line Items] | ||
Term Loan Facility, Maximum Borrowing Capacity (in Dollars) | $ 425,000 | |
Debt Instrument, Maturity Date | May 18, 2020 | |
Number of Term Loans | 3 | |
Revolving Credit Facility and Term Loans [Member] | ||
Debt (Details) [Line Items] | ||
Line of Credit Facility, Covenant Terms | the $965 million credit facility, the $150 million term loan facility and the $85 million term loan contain mandatory prepayment requirements, customary affirmative covenants, negative covenants and events of default.  The credit agreements require that the Company comply with various covenants, which include, among others, a minimum tangible net worth, maximum debt limits, minimum interest and fixed charge coverage ratios, limits on dividend payments and share repurchases and restrictions on certain investments.  The Company was in compliance with the applicable covenants at March 31, 2018. |
Debt (Details) - Revolving Cred
Debt (Details) - Revolving Credit Facility and Term Loans - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Revolving credit facility outstanding balance (in Dollars) | $ 170,700 | $ 106,900 | |
Outstanding balance (in Dollars) | 1,329,202 | ||
Unamortized debt issuance costs (in Dollars) | (5,849) | ||
Total term loans (in Dollars) | 656,569 | 656,279 | |
Debt carrying value (in Dollars) | $ 1,327,458 | 1,200,000 | |
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | May 18, 2019 | ||
Revolving credit facility outstanding balance (in Dollars) | [1] | $ 170,700 | $ 106,900 |
Interest rate | [2] | 3.43% | 3.11% |
$425 Million Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | May 18, 2020 | ||
Interest rate | [3] | 3.16% | 3.09% |
Outstanding balance (in Dollars) | $ 425,000 | $ 425,000 | |
$50 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Apr. 8, 2021 | ||
Interest rate | [4] | 2.54% | 2.54% |
Outstanding balance (in Dollars) | $ 50,000 | $ 50,000 | |
$100 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Apr. 8, 2023 | ||
Interest rate | [4] | 3.13% | 3.13% |
Outstanding balance (in Dollars) | $ 100,000 | $ 100,000 | |
$85 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jul. 25, 2024 | ||
Interest rate | [4] | 3.76% | 3.76% |
Outstanding balance (in Dollars) | $ 85,000 | $ 85,000 | |
Total Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balance (in Dollars) | 660,000 | 660,000 | |
Unamortized debt issuance costs (in Dollars) | (3,431) | (3,721) | |
Total term loans (in Dollars) | 656,569 | 656,279 | |
Total Revolving Credit Facility and Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Debt carrying value (in Dollars) | $ 827,269 | $ 763,179 | |
[1] | Unamortized debt issuance costs related to the revolving credit facility totaled approximately $1.3 million and $1.7 million as of March 31, 2018 and December 31, 2017, respectively, and are included in other assets, net in the Company's consolidated balance sheets. | ||
[2] | Annual variable interest rate at the balance sheet date. | ||
[3] | Effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps on $322.5 million of the outstanding loan balance, resulting in an annual fixed interest rate of approximately 3.10% on this portion of the debt, subject to adjustment based on the Company's leverage ratio, through maturity. See Note 4 for more information on the interest rate swap agreements. Remaining portion is variable rate debt. | ||
[4] | Annual fixed interest rate at the balance sheet date which includes the effect of interest rate swaps on the outstanding loan balance, subject to adjustment based on the Company's leverage ratio, through maturity. See Note 4 for more information on the interest rate swap agreements. |
Debt (Details) - Mortgage Note
Debt (Details) - Mortgage Note Debt - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Dec. 31, 2017 | ||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Outstanding Balance | $ 1,329,202 | ||
Unamortized fair value adjustment of assumed debt | 4,105 | ||
Unamortized debt issuance costs | (5,849) | ||
Total | $ 500,189 | $ 459,017 | |
Residence Inn San Juan Capistrano, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Residence Inn | ||
Interest Rate | [1] | 4.15% | |
Loan Assumption or Origination Date | Sep. 1, 2016 | ||
Maturity Date | Jun. 1, 2020 | ||
Principal Assumed or Originated | $ 16,210 | ||
Outstanding Balance | $ 15,687 | 15,774 | |
Hampton Colorado Springs, CO [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Hampton | ||
Interest Rate | [1] | 6.25% | |
Loan Assumption or Origination Date | Sep. 1, 2016 | ||
Maturity Date | Jul. 6, 2021 | ||
Principal Assumed or Originated | $ 7,923 | ||
Outstanding Balance | $ 7,719 | 7,754 | |
Courtyard Franklin, TN [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 6.25% | |
Loan Assumption or Origination Date | Sep. 1, 2016 | ||
Maturity Date | Aug. 6, 2021 | ||
Principal Assumed or Originated | $ 14,679 | ||
Outstanding Balance | $ 14,303 | 14,368 | |
Residence Inn Franklin, TN [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Residence Inn | ||
Interest Rate | [1] | 6.25% | |
Loan Assumption or Origination Date | Sep. 1, 2016 | ||
Maturity Date | Aug. 6, 2021 | ||
Principal Assumed or Originated | $ 14,679 | ||
Outstanding Balance | $ 14,303 | 14,368 | |
Hilton Garden Inn Grapevine, TX [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Hilton Garden Inn | ||
Interest Rate | [1] | 4.89% | |
Loan Assumption or Origination Date | Aug. 29, 2012 | ||
Maturity Date | Sep. 1, 2022 | ||
Principal Assumed or Originated | $ 11,810 | ||
Outstanding Balance | $ 10,334 | 10,412 | |
Courtyard Collegeville/Philadelphia, PA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 4.89% | |
Loan Assumption or Origination Date | Aug. 30, 2012 | ||
Maturity Date | Sep. 1, 2022 | ||
Principal Assumed or Originated | $ 12,650 | ||
Outstanding Balance | $ 11,069 | 11,152 | |
Courtyard Hattiesburg, MS [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 5.00% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Sep. 1, 2022 | ||
Principal Assumed or Originated | $ 5,732 | ||
Outstanding Balance | $ 5,173 | 5,212 | |
Courtyard Rancho Bernardo / San Diego, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 5.00% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Sep. 1, 2022 | ||
Principal Assumed or Originated | $ 15,060 | ||
Outstanding Balance | $ 13,591 | 13,692 | |
Courtyard Kirkland, WA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 5.00% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Sep. 1, 2022 | ||
Principal Assumed or Originated | $ 12,145 | ||
Outstanding Balance | $ 10,960 | 11,042 | |
Residence Inn Seattle, WA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Residence Inn | ||
Interest Rate | [1] | 4.96% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Sep. 1, 2022 | ||
Principal Assumed or Originated | $ 28,269 | ||
Outstanding Balance | $ 25,496 | 25,687 | |
Embassy Suites Anchorage, AK [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Embassy Suites | ||
Interest Rate | [1] | 4.97% | |
Loan Assumption or Origination Date | Sep. 13, 2012 | ||
Maturity Date | Oct. 1, 2022 | ||
Principal Assumed or Originated | $ 23,230 | ||
Outstanding Balance | $ 20,408 | 20,560 | |
Courtyard Somerset, NJ [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 4.73% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Oct. 6, 2022 | ||
Principal Assumed or Originated | $ 8,750 | ||
Outstanding Balance | $ 7,872 | 7,932 | |
Homewood Suites Tukwila, WA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Homewood Suites | ||
Interest Rate | [1] | 4.73% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Oct. 6, 2022 | ||
Principal Assumed or Originated | $ 9,431 | ||
Outstanding Balance | $ 8,484 | 8,549 | |
Courtyard Prattville, AL [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 4.12% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Feb. 6, 2023 | ||
Principal Assumed or Originated | $ 6,596 | ||
Outstanding Balance | $ 5,895 | 5,943 | |
Homewood Suites Huntsville, AL [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Homewood Suites | ||
Interest Rate | [1] | 4.12% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Feb. 6, 2023 | ||
Principal Assumed or Originated | $ 8,306 | ||
Outstanding Balance | $ 7,424 | 7,483 | |
Residence Inn San Diego, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Residence Inn | ||
Interest Rate | [1] | 3.97% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Mar. 6, 2023 | ||
Principal Assumed or Originated | $ 18,600 | ||
Outstanding Balance | $ 16,599 | 16,733 | |
Homewood Suites Miami, FL [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Homewood Suites | ||
Interest Rate | [1] | 4.02% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | Apr. 1, 2023 | ||
Principal Assumed or Originated | $ 16,677 | ||
Outstanding Balance | $ 14,903 | 15,022 | |
Courtyard Syracuse, NY [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 4.75% | |
Loan Assumption or Origination Date | Oct. 16, 2015 | ||
Maturity Date | [2] | Aug. 1, 2024 | |
Principal Assumed or Originated | $ 11,199 | ||
Outstanding Balance | $ 10,567 | 10,637 | |
Residence Inn Syracuse, NY [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Residence Inn | ||
Interest Rate | [1] | 4.75% | |
Loan Assumption or Origination Date | Oct. 16, 2015 | ||
Maturity Date | [2] | Aug. 1, 2024 | |
Principal Assumed or Originated | $ 11,199 | ||
Outstanding Balance | $ 10,567 | 10,637 | |
Homewood Suites New Orleans, LA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Homewood Suites | ||
Interest Rate | [1] | 4.36% | |
Loan Assumption or Origination Date | Jul. 17, 2014 | ||
Maturity Date | Aug. 11, 2024 | ||
Principal Assumed or Originated | $ 27,000 | ||
Outstanding Balance | $ 24,747 | 24,919 | |
Residence Inn Westford, MA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Residence Inn | ||
Interest Rate | [1] | 4.28% | |
Loan Assumption or Origination Date | Mar. 18, 2015 | ||
Maturity Date | Apr. 11, 2025 | ||
Principal Assumed or Originated | $ 10,000 | ||
Outstanding Balance | $ 9,324 | 9,386 | |
Hilton Garden Inn Denver, CO [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Hilton Garden Inn | ||
Interest Rate | [1] | 4.46% | |
Loan Assumption or Origination Date | Sep. 1, 2016 | ||
Maturity Date | Jun. 11, 2025 | ||
Principal Assumed or Originated | $ 34,118 | ||
Outstanding Balance | $ 32,833 | 33,046 | |
Courtyard Oceanside, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 4.28% | |
Loan Assumption or Origination Date | Sep. 1, 2016 | ||
Maturity Date | Oct. 1, 2025 | ||
Principal Assumed or Originated | $ 13,655 | ||
Outstanding Balance | $ 13,269 | 13,332 | |
Hilton Garden Inn Omaha, NE [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Hilton Garden Inn | ||
Interest Rate | [1] | 4.28% | |
Loan Assumption or Origination Date | Sep. 1, 2016 | ||
Maturity Date | Oct. 1, 2025 | ||
Principal Assumed or Originated | $ 22,682 | ||
Outstanding Balance | $ 22,040 | 22,145 | |
Hampton Boise, ID [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Hampton | ||
Interest Rate | [1] | 4.37% | |
Loan Assumption or Origination Date | May 26, 2016 | ||
Maturity Date | Jun. 11, 2026 | ||
Principal Assumed or Originated | $ 24,000 | ||
Outstanding Balance | $ 23,319 | 23,422 | |
Courtyard Burbank, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 3.55% | |
Loan Assumption or Origination Date | Nov. 3, 2016 | ||
Maturity Date | Dec. 1, 2026 | ||
Principal Assumed or Originated | $ 25,564 | ||
Outstanding Balance | $ 24,752 | 24,917 | |
Courtyard San Diego, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 3.55% | |
Loan Assumption or Origination Date | Nov. 3, 2016 | ||
Maturity Date | Dec. 1, 2026 | ||
Principal Assumed or Originated | $ 25,473 | ||
Outstanding Balance | $ 24,664 | 24,828 | |
Hampton San Diego, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Hampton | ||
Interest Rate | [1] | 3.55% | |
Loan Assumption or Origination Date | Nov. 3, 2016 | ||
Maturity Date | Dec. 1, 2026 | ||
Principal Assumed or Originated | $ 18,963 | ||
Outstanding Balance | $ 18,360 | 18,483 | |
SpringHill Suites Burbank, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | SpringHill Suites | ||
Interest Rate | [1] | 3.94% | |
Loan Assumption or Origination Date | Mar. 9, 2018 | ||
Maturity Date | Apr. 1, 2028 | ||
Principal Assumed or Originated | $ 28,470 | ||
Outstanding Balance | $ 28,470 | 0 | |
Courtyard Santa Ana, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Courtyard | ||
Interest Rate | [1] | 3.94% | |
Loan Assumption or Origination Date | Mar. 9, 2018 | ||
Maturity Date | Apr. 1, 2028 | ||
Principal Assumed or Originated | $ 15,530 | ||
Outstanding Balance | $ 15,530 | 0 | |
Homewood Suites San Jose, CA [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Brand | Homewood Suites | ||
Interest Rate | [1] | 4.22% | |
Loan Assumption or Origination Date | Dec. 22, 2017 | ||
Maturity Date | Jan. 1, 2038 | ||
Principal Assumed or Originated | $ 30,000 | ||
Outstanding Balance | 29,840 | 30,000 | |
Total [Member] | |||
Debt (Details) - Mortgage Note Debt [Line Items] | |||
Principal Assumed or Originated | 528,600 | ||
Outstanding Balance | 498,502 | 457,435 | |
Unamortized fair value adjustment of assumed debt | 4,105 | 4,330 | |
Unamortized debt issuance costs | (2,418) | (2,748) | |
Total | $ 500,189 | $ 459,017 | |
[1] | Interest rates are the rates per the loan agreement. For loans assumed, the Company adjusted the interest rates per the loan agreement to market rates and is amortizing the adjustments to interest expense over the life of the loan. | ||
[2] | Outstanding principal balance is callable by lender or prepayable by the Company on August 1, 2019. |
Debt (Details) - Future Minimum
Debt (Details) - Future Minimum Debt Payments - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Future Minimum Debt Payments [Abstract] | ||
2018 (April - December) | $ 9,730 | |
2,019 | 204,505 | |
2,020 | 453,349 | |
2,021 | 97,586 | |
2,022 | 109,252 | |
Thereafter | 454,780 | |
1,329,202 | ||
Unamortized fair value adjustment of assumed debt | 4,105 | |
Unamortized debt issuance costs related to term loans and mortgage debt | (5,849) | |
Total | $ 1,327,458 | $ 1,200,000 |
Fair Value of Financial Instr31
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Long-term Debt, Fair Value | $ 1,300,000 | $ 1,200,000 |
Long-term Debt | $ 1,327,458 | $ 1,200,000 |
Derivative, Description of Terms | Company pays a fixed rate of interest and receives a floating rate of interest equal to the one-month LIBOR | |
Net unrealized gains in accumulated other comprehensive income (loss) expected to be reclassified to interest expense within the next 12 months | $ 3,200 |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | $ 557,500 | |
Fair value asset (liability) | 16,070 | $ 9,778 |
Interest Rate Swap #1 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | $ 212,500 | |
Origination Date | May 21, 2015 | |
Maturity date | May 18, 2020 | |
Swap fixed interest rate | 1.58% | |
Fair value asset (liability) | $ 3,478 | 2,033 |
Interest Rate Swap #2 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | $ 110,000 | |
Origination Date | Jul. 2, 2015 | |
Maturity date | May 18, 2020 | |
Swap fixed interest rate | 1.62% | |
Fair value asset (liability) | $ 1,709 | 951 |
Interest Rate Swap #3 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | $ 50,000 | |
Origination Date | Apr. 7, 2016 | |
Maturity date | Mar. 31, 2021 | |
Swap fixed interest rate | 1.09% | |
Fair value asset (liability) | $ 2,007 | 1,544 |
Interest Rate Swap #4 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | $ 100,000 | |
Origination Date | Apr. 7, 2016 | |
Maturity date | Mar. 31, 2023 | |
Swap fixed interest rate | 1.33% | |
Fair value asset (liability) | $ 5,819 | 4,098 |
Interest Rate Swap #5 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | $ 75,000 | |
Origination Date | May 31, 2017 | |
Maturity date | Jun. 30, 2024 | |
Swap fixed interest rate | 1.96% | |
Fair value asset (liability) | $ 2,724 | 1,043 |
Interest Rate Swap #6 [Member] | Designated as Hedging Instrument [Member] | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | ||
Notional amount | $ 10,000 | |
Origination Date | Aug. 10, 2017 | |
Maturity date | Jun. 30, 2024 | |
Swap fixed interest rate | 2.01% | |
Fair value asset (liability) | $ 333 | $ 109 |
Fair Value of Financial Instr33
Fair Value of Financial Instruments (Details) - Derivative Instruments, Gain (Loss) Recognized - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) Recognized [Abstract] | ||
Net Unrealized Gain Recognized in Other Comprehensive Income | $ 6,348 | $ 723 |
Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net | $ 56 | $ (822) |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Related Parties (Details) [Line Items] | |||
Related Party Transaction, Description of Transaction | To efficiently manage cash disbursements, the Company or ARG may make payments for the other company.  Under this cash management process, each company may advance or defer up to $1 million at any time.  Each quarter, any outstanding amounts are settled between the companies.  This process allows each company to minimize its cash on hand and reduces the cost for each company.  The amounts outstanding at any point in time are not significant to either of the companies. | ||
Aircraft Owned by Executive Officers [Member] | |||
Related Parties (Details) [Line Items] | |||
Aircraft Rental Expense | $ 30 | $ 40 | |
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 | (200) | $ (200) | |
Due from Related Parties | $ 300 | $ 300 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands, shares in Millions | 3 Months Ended | 14 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Mar. 31, 2018 | Dec. 31, 2017 | |
Shareholders' Equity (Details) [Line Items] | ||||
Payments of Ordinary Dividends, Common Stock | $ 69,144 | $ 66,908 | ||
Dividends Payable | $ 23,020 | $ 22,301 | $ 23,020 | |
Annual Distribution [Member] | ||||
Shareholders' Equity (Details) [Line Items] | ||||
Annual Distribution rate (in Dollars per share) | $ 1.20 | |||
Distributions [Member] | ||||
Shareholders' Equity (Details) [Line Items] | ||||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ 0.30 | $ 0.30 | ||
Payments of Ordinary Dividends, Common Stock | $ 69,100 | $ 66,900 | ||
Dividends Payable, Amount Per Share (in Dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | |
Dividends Payable | $ 23,000 | $ 23,000 | $ 23,000 | |
ATM Program [Member] | ||||
Shareholders' Equity (Details) [Line Items] | ||||
Stock Issuance Program, Authorized Amount | $ 300,000 | $ 300,000 | ||
Stock Issued During Period, Shares, New Issues (in Shares) | 0.2 | 0 | 7.2 | |
Shares Issued Weighted Average Market Sales Price Per Share (in Dollars per share) | $ 19.73 | $ 19.56 | ||
Proceeds From Issuance of Common Stock, Gross | $ 4,800 | $ 139,800 | ||
Stock Issuance Program, Available for Issuance | 160,200 | 160,200 | ||
Share Repurchase Program [Member] | ||||
Shareholders' Equity (Details) [Line Items] | ||||
Stock Repurchase Program, Authorized Amount | $ 475,000 | 475,000 | ||
Stock Repurchased and Retired During Period, Shares (in Shares) | 0.3 | 0 | ||
Stock Repurchased During Period, Weighted Average Market Purchase Price Per Share (in Dollars per share) | $ 16.89 | |||
Stock Repurchased and Retired During Period, Value | $ 4,300 | |||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 463,200 | $ 463,200 | ||
Share Repurchase Program, End Date | July 2,018 |
Compensation Plans (Details)
Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
2018 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Compensation Arrangement by Cash and Share-based Payment Award, Component Description | The components of the operational performance metrics and shareholder return metrics are equally weighted and the two metrics each account for 50% of the total target incentive compensation. | ||
Labor and Related Expense | $ 1.9 | ||
Accrued Bonuses, Current | $ 1.9 | ||
Portion of Awards Paid in Cash | 25.00% | ||
Portion of Awards Issued in Equity | 75.00% | ||
2017 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Labor and Related Expense | $ 2 | ||
Equity Awards Vesting at the End of 2018 [Member] | 2018 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Portion | two-thirds | ||
Equity Awards Vesting in December 2019 [Member] | 2018 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Portion | one-third | ||
Share Based Compensation [Member] | Equity Awards Issued in First Quarter of 2018 [Member] | 2017 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in Shares) | 367,333 | ||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited (in Shares) | 48,533 | ||
Shares Issued, Price Per Share (in Dollars per share) | $ 16.92 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 7 | ||
Accrued Bonuses, Share Based Compensation, Current | $ 5.8 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 1.2 | ||
Share Based Compensation [Member] | Equity Awards Issued in First Quarter of 2017 [Member] | 2016 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in Shares) | 101,305 | ||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited (in Shares) | 19,667 | ||
Shares Issued, Price Per Share (in Dollars per share) | $ 19.10 | ||
Stock Issued During Period, Value, Share-based Compensation, Gross | $ 2.3 | ||
Share Based Compensation [Member] | Unrestricted Shares at Time of Issuance [Member] | Equity Awards Issued in First Quarter of 2018 [Member] | 2017 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in Shares) | 223,421 | ||
Share Based Compensation [Member] | Unrestricted Shares at Time of Issuance [Member] | Equity Awards Issued in First Quarter of 2017 [Member] | 2016 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in Shares) | 60,028 | ||
Share Based Compensation [Member] | Restricted Shares Vesting on December 14, 2018 [Member] | Equity Awards Issued in First Quarter of 2018 [Member] | 2017 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross (in Shares) | 143,912 | ||
Allocated Share-based Compensation Expense | $ 0.3 | ||
Share Based Compensation [Member] | Restricted Shares Vesting on December 15, 2017 [Member] | Equity Awards Issued in First Quarter of 2017 [Member] | 2016 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Stock Issued During Period, Shares, Share-based Compensation, Forfeited (in Shares) | 13,129 | ||
Stock Issued During Period, Shares, Share-based Compensation, Gross (in Shares) | 41,277 | ||
Allocated Share-based Compensation Expense | $ 0.1 | $ 0.4 | |
Potential Aggregate Payout [Member] | Minimum [Member] | 2018 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Labor and Related Expense | 0 | ||
Potential Aggregate Payout [Member] | Maximum [Member] | 2018 Executive Management Incentive Plan [Member] | |||
Compensation Plans (Details) [Line Items] | |||
Labor and Related Expense | $ 20 |
Legal Proceedings (Details)
Legal Proceedings (Details) - Settlement of 2014 DRIP Litigation [Member] - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |
Jan. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2017 | |
Legal Proceedings (Details) [Line Items] | |||
Estimated Litigation Liability | $ 5.5 | ||
Transaction and Litigation Costs (Reimbursements) | $ 5.5 | ||
Payments for Legal Settlements | $ 5.5 |
Subsequent Events (Details)
Subsequent Events (Details) $ / shares in Units, $ in Thousands | May 02, 2018USD ($) | Apr. 30, 2018USD ($)$ / shares | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) |
Subsequent Events (Details) [Line Items] | ||||
Payments of Ordinary Dividends, Common Stock | $ 69,144 | $ 66,908 | ||
Aggregate Number of Hotel Rooms | 30,585 | |||
Hotels Under Contract [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Aggregate Number of Hotel Rooms | 338 | |||
Purchase Contract Gross Purchase Price | $ 65,036 | |||
Subsequent Event [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Payments of Ordinary Dividends, Common Stock | $ 23,000 | |||
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share) | $ / shares | $ 0.10 | |||
Common Stock, Dividends, Per Share, Declared (in Dollars per share) | $ / shares | $ 0.10 | |||
Dividends Payable, Date to be Paid | May 15, 2018 | |||
Subsequent Event [Member] | Hotel Acquisitions [Member] | Hampton Inn & Suites Phoenix, AZ [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Aggregate Number of Hotel Rooms | 210 | |||
Acquisition Consideration Transferred | $ 44,300 | |||
Subsequent Event [Member] | Hotels Under Construction [Member] | Hotels Under Contract [Member] | Hampton Inn & Suites and Home2 Suites Cape Canaveral, FL [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Aggregate Number of Hotel Rooms | 224 | |||
Purchase Contract Gross Purchase Price | $ 46,700 |