Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Oct. 31, 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 | 228,773,774 | |
Amendment Flag | false | |
Entity Central Index Key | 1,418,121 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Investment in real estate, net of accumulated depreciation of $864,719 and $731,284, respectively | $ 4,825,058 | $ 4,793,159 |
Restricted cash-furniture, fixtures and other escrows | 34,488 | 29,791 |
Due from third party managers, net | 47,991 | 31,457 |
Other assets, net | 60,921 | 47,931 |
Total Assets | 4,968,458 | 4,902,338 |
Liabilities | ||
Debt, net | 1,320,000 | 1,222,196 |
Accounts payable and other liabilities | 95,996 | 109,057 |
Total Liabilities | 1,415,996 | 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 230,350,294 and 229,961,548 shares, respectively | 4,595,207 | 4,588,188 |
Accumulated other comprehensive income | 19,467 | 9,778 |
Distributions greater than net income | (1,062,212) | (1,026,881) |
Total Shareholders' Equity | 3,552,462 | 3,571,085 |
Total Liabilities and Shareholders' Equity | $ 4,968,458 | $ 4,902,338 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investment in real estate accumulated depreciation (in Dollars) | $ 864,719 | $ 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 | 230,350,294 | 229,961,548 |
Common stock, shares outstanding | 230,350,294 | 229,961,548 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Total revenue | $ 332,197 | $ 324,926 | $ 975,300 | $ 949,555 |
Hotel operating expense: | ||||
Hotel operating expense | 185,248 | 179,829 | 544,108 | 528,295 |
Property taxes, insurance and other | 19,230 | 17,598 | 55,140 | 52,346 |
Ground lease | 2,818 | 2,831 | 8,580 | 8,486 |
General and administrative | 3,370 | 5,350 | 16,968 | 18,255 |
Transaction and litigation costs (reimbursements) | 0 | 0 | 0 | (2,586) |
Loss on impairment of depreciable real estate assets | 0 | 0 | 3,135 | 7,875 |
Depreciation | 46,169 | 44,110 | 136,752 | 131,770 |
Total expenses | 256,835 | 249,718 | 764,683 | 744,441 |
Gain (loss) on sale of real estate | 0 | (157) | 0 | 15,983 |
Operating income | 75,362 | 75,051 | 210,617 | 221,097 |
Interest and other expense, net | (13,140) | (12,024) | (38,269) | (35,590) |
Income before income taxes | 62,222 | 63,027 | 172,348 | 185,507 |
Income tax expense | (100) | (203) | (414) | (712) |
Net income | 62,122 | 62,824 | 171,934 | 184,795 |
Other comprehensive income: | ||||
Interest rate derivatives | 1,657 | 259 | 9,689 | 629 |
Comprehensive income | $ 63,779 | $ 63,083 | $ 181,623 | $ 185,424 |
Basic and diluted net income per common share (in Dollars per share) | $ 0.27 | $ 0.28 | $ 0.75 | $ 0.83 |
Weighted average common shares outstanding - basic and diluted (in Shares) | 230,351 | 223,057 | 230,402 | 223,052 |
Occupancy [Member] | ||||
Revenues: | ||||
Total revenue | $ 307,794 | $ 302,298 | $ 901,652 | $ 877,974 |
Food and Beverage [Member] | ||||
Revenues: | ||||
Total revenue | 14,629 | 15,246 | 46,857 | 49,911 |
Hotel, Other [Member] | ||||
Revenues: | ||||
Total revenue | 9,774 | 7,382 | 26,791 | 21,670 |
Direct Operating [Member] | ||||
Hotel operating expense: | ||||
Hotel operating expense | 81,318 | 79,975 | 238,514 | 235,474 |
Hotel Administrative [Member] | ||||
Hotel operating expense: | ||||
Hotel operating expense | 25,722 | 24,842 | 77,382 | 74,895 |
Sales and Marketing [Member] | ||||
Hotel operating expense: | ||||
Hotel operating expense | 27,265 | 25,488 | 80,765 | 75,867 |
Public Utilities [Member] | ||||
Hotel operating expense: | ||||
Hotel operating expense | 12,163 | 12,036 | 32,693 | 31,982 |
Repair and Maintenance [Member] | ||||
Hotel operating expense: | ||||
Hotel operating expense | 13,204 | 12,199 | 39,133 | 36,394 |
Royalty [Member] | ||||
Hotel operating expense: | ||||
Hotel operating expense | 14,326 | 13,974 | 41,840 | 40,611 |
Management Service [Member] | ||||
Hotel operating expense: | ||||
Hotel operating expense | $ 11,250 | $ 11,315 | $ 33,781 | $ 33,072 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net income | $ 171,934 | $ 184,795 |
Adjustments to reconcile net income to cash provided by operating activities: | ||
Depreciation | 136,752 | 131,770 |
Loss on impairment of depreciable real estate assets | 3,135 | 7,875 |
Gain on sale of real estate | 0 | (15,983) |
Other non-cash expenses, net | 5,990 | 5,372 |
Changes in operating assets and liabilities: | ||
Increase in due from third party managers, net | (16,873) | (20,883) |
(Increase) decrease in other assets, net | (4,104) | 8,030 |
Increase (decrease) in accounts payable and other liabilities | 46 | (20,944) |
Net cash provided by operating activities | 296,880 | 280,032 |
Cash flows from investing activities: | ||
Acquisition of hotel properties, net | (135,189) | (56,794) |
Deposits and other disbursements for potential acquisitions | (537) | (1,810) |
Capital improvements | (52,669) | (41,370) |
Net proceeds from sale of real estate | 9,800 | 28,374 |
Net cash used in investing activities | (178,595) | (71,600) |
Cash flows from financing activities: | ||
Net proceeds related to issuance of common shares | 4,677 | 0 |
Repurchases of common shares | (4,304) | 0 |
Repurchases of common shares to satisfy employee withholding requirements | (876) | (432) |
Distributions paid to common shareholders | (207,265) | (200,716) |
Net proceeds from existing revolving credit facility | 173,400 | 0 |
Net payments on extinguished revolving credit facility | (106,900) | (53,300) |
Proceeds from term loans | 575,000 | 85,000 |
Repayments of term loans | (575,000) | 0 |
Proceeds from mortgage debt | 44,000 | 0 |
Payments of mortgage debt | (9,327) | (37,219) |
Financing costs | (6,993) | (891) |
Net cash used in financing activities | (113,588) | (207,558) |
Net change in cash, cash equivalents and restricted cash | 4,697 | 874 |
Cash, cash equivalents and restricted cash, beginning of period | 29,791 | 29,425 |
Cash, cash equivalents and restricted cash, end of period | 34,488 | 30,299 |
Supplemental cash flow information: | ||
Interest paid | 37,509 | 35,049 |
Supplemental disclosure of noncash investing and financing activities: | ||
Accrued distribution to common shareholders | 23,021 | 22,302 |
Mortgage debt assumed by buyer upon sale of real estate | 0 | 27,073 |
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 and cash equivalents, end of period | 0 | 0 |
Restricted cash-furniture, fixtures and other escrows, end of period | $ 34,488 | $ 30,299 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 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 September 30, 2018, the Company owned 241 hotels with an aggregate of 30,754 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 and nine months ended September 30, 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. Reclassifications Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported net income or shareholders’ equity. Effective November 5, 2018, the Securities and Exchange Commission (“SEC”) eliminated Rule 3-15(a)(1) of Regulation S-X which had required REITs to present gains and losses on the sale of real estate outside of operating income in the consolidated statements of operations. As a result, the Company has included gain (loss) on sale of real estate that is not a discontinued operation as a component of operating income in accordance with Accounting Standards Codification (“ASC”) Topic 360, Property, Plant and Equipment 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 ) 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 In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (T opic 815), Targeted Improvements to Accounting for Hedging Activities Accounting Standards Recently Issued In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842, Leases, Leases (Topic 842) , Targeted Improvements , Leases (Topic 840) |
Investment in Real Estate
Investment in Real Estate | 9 Months Ended |
Sep. 30, 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): September 30, December 31, 2018 2017 Land $ 736,139 $ 720,465 Building and Improvements 4,483,712 4,362,929 Furniture, Fixtures and Equipment 456,964 428,734 Franchise Fees 12,962 12,315 5,689,777 5,524,443 Less Accumulated Depreciation (864,719 ) (731,284 ) Investment in Real Estate, net $ 4,825,058 $ 4,793,159 As of September 30, 2018, the Company owned 241 hotels with an aggregate of 30,754 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 four hotels during the first nine 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 (1) Atlanta/Downtown GA Hampton McKibbon 2/5/2018 119 $ 24,000 Memphis TN Hampton Crestline 2/5/2018 144 39,000 Phoenix AZ Hampton North Central 5/2/2018 210 44,300 Atlanta/Perimeter Dunwoody GA Hampton LBA 6/28/2018 132 29,500 605 $ 136,800 (1) The gross purchase price excludes transaction costs. During the year ended December 31, 2017, the Company acquired six hotels including three hotels in the first nine months 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 (1) Fort Worth TX Courtyard LBA 2/2/2017 124 $ 18,034 Birmingham (2) AL Hilton Garden Inn LBA 9/12/2017 104 19,162 Birmingham (2) 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 (1) The gross purchase price excludes transaction costs. (2) The hotels in Birmingham, AL are part of an adjoining dual-branded complex located on the same site. The Company used borrowings under its 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 four hotels acquired during the nine months ended September 30, 2018, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through September 30, 2018 was approximately $13.2 million and $3.5 million, respectively. For the three hotels acquired during the nine months ended September 30, 2017, the amount of revenue and operating income included in the Company’s consolidated statement of operations from the date of acquisition through September 30, 2017 was approximately $3.3 million and $0.5 million, respectively. Hotel Purchase Contract Commitments As of September 30, 2018, the Company had outstanding contracts for the potential purchase of five hotels for a total purchase price of approximately $130.8 million. All five hotels are under development and are planned to be completed and opened for business over the next six to 27 months from September 30, 2018, at which time closings on these hotels are expected to occur. 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 closing on these hotels will occur under the outstanding purchase contracts. 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 September 30, 2018. All dollar amounts are in thousands. Location (1) Brands Date of Purchase Contract Rooms Refundable Deposits Gross Purchase Price Orlando, FL Home2 Suites 1/18/2017 128 $ 3 $ 20,736 Cape Canaveral, FL (2) Hampton and Home2 Suites 4/11/2018 224 3 46,704 Tempe, AZ (3) Hyatt House and Hyatt Place 6/13/2018 254 360 63,341 606 $ 366 $ 130,781 (1) These hotels are currently under development. The table shows the expected number of rooms upon hotel completion and the expected franchise brands. Assuming all conditions to closing are met, the purchases of these hotels are expected to occur over the next six to 27 months from September 30, 2018. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under development, at this time, the seller has not met all of the conditions to closing. (2) These hotels are part of an adjoining combined 224-room, dual-branded complex that will be located on the same site. (3) These hotels are part of an adjoining combined 254-room, dual-branded complex that will be located on the same site. The Company intends to use borrowings under its credit facilities to purchase the hotels under contract if a closing occurs. Loss on Impairment of Depreciable Real Estate Assets During the second quarter of 2018, the Company identified three properties for potential sale: the Columbus, Georgia SpringHill Suites and TownePlace Suites (the “two Columbus hotels”) and the Springdale, Arkansas Residence Inn. In May 2018, the Company entered into separate contracts with the same unrelated party for the sale of the two Columbus hotels. As a result, the Company recognized an impairment loss of approximately $0.5 million in the second quarter of 2018, representing the difference between the carrying values of the two Columbus hotels and the contracted sales prices, net of estimated selling costs, which are Level 1 inputs under the fair value hierarchy. As further discussed in Note 3, the Company completed the sale of the two Columbus hotels in July 2018. As of June 30, 2018, the Company had committed to sell the Springdale, Arkansas Residence Inn and received offers from unrelated parties that it was pursuing at that time. Due to the change in the anticipated hold period for this hotel, the Company reviewed the estimated undiscounted cash flows to be generated by the property and determined that the undiscounted cash flows were less than its carrying value. As a result, the Company recognized an impairment loss of approximately $2.6 million in the second quarter of 2018 to adjust the basis of this property to its estimated fair value, which was based on the previous offers received, net of estimated selling costs, which is a Level 2 input under the fair value hierarchy. As further discussed in Note 3, during the third quarter of 2018, the Company entered into a contract with an unrelated party for the sale of the Springdale, Arkansas Residence Inn. The two Columbus hotels were previously identified for potential sale during the first quarter of 2017, at which time the Company recognized an impairment loss of approximately $7.9 million to adjust the bases of these properties to their estimated fair values, which were based on the then contracted sales prices, which were terminated in May 2017, net of estimated selling costs, a Level 1 input under the fair value hierarchy. |
Dispositions and Hotel Sale Con
Dispositions and Hotel Sale Contracts | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 3 . Dispositions and Hotel Sale Contracts Dispositions In May 2018, the Company entered into separate purchase and sale agreements with the same unrelated party for the sale of its 89-room SpringHill Suites and its 86-room TownePlace Suites hotels in Columbus, Georgia for a total combined gross sales price of $10.0 million. As discussed in Note 2, during the second quarter of 2018, the Company recognized an impairment loss of approximately $0.5 million to adjust the bases of these properties to their estimated fair values, which were based on the contracted sales prices, net of estimated selling costs. On July 13, 2018, the Company completed the sale of the hotels. In December 2016, the Company entered into a purchase and sale agreement with an unrelated party for the sale of its 224-room Hilton hotel in Dallas, Texas for a gross sales price of approximately $56.1 million, as amended. On April 20, 2017, the Company completed the sale resulting in a gain of approximately $16.0 million, which is included in the Company’s consolidated statement of operations for the nine months ended September 30, 2017. The hotel had a carrying value totaling approximately $39.0 million at the date of sale. Under the contract, at closing, the mortgage loan secured by the Dallas, Texas Hilton hotel was assumed by the buyer with the buyer receiving a credit for the amount assumed, which was approximately $27.1 million at the date of sale. The Company’s consolidated statements of operations include operating income (loss), excluding gain (loss) on sale of real estate, of approximately $(0.01) million and $0.2 million for the three months ended September 30, 2018 and 2017, respectively, and approximately $(0.4) million and $(6.4) million for the nine months ended September 30, 2018 and 2017, respectively, relating to the results of operations of the three hotels sold as noted above (the two Columbus hotels sold in July 2018, and the Dallas, Texas Hilton sold in April 2017). The sale of these properties does not represent a strategic shift that has, or will have, a major effect on the Company’s operations and financial results, and therefore the operating results for the period of ownership of these properties are included in income from continuing operations for the three and nine months ended September 30, 2018 and 2017. The net proceeds from the sales were used to pay down borrowings on the Company’s revolving credit facility. Hotel Sale Contracts In August 2018, the Company entered into a purchase and sale agreement with an unrelated party for the sale of 16 properties for a gross sales price of $175 million, which, net of estimated selling costs, exceeds the carrying value of the properties, totaling approximately $162 million, as of September 30, 2018. The following table lists the 16 hotels under the purchase and sale agreement: City State Brand Rooms Prattville AL Courtyard 84 Rogers AR Residence Inn 88 Lakeland FL Courtyard 78 Sarasota FL Homewood Suites 100 Tampa FL TownePlace Suites 94 Albany GA Fairfield Inn & Suites 87 Baton Rouge LA SpringHill Suites 119 Hattiesburg MS Residence Inn 84 Holly Springs NC Hampton 124 Jackson TN Hampton 85 Johnson City TN Courtyard 90 Duncanville TX Hilton Garden Inn 142 Texarkana TX Courtyard 90 Texarkana TX TownePlace Suites 85 Bristol VA Courtyard 175 Harrisonburg VA Courtyard 125 Total 1,650 In September 2018, the Company entered into a purchase and sale agreement with an unrelated party for the sale of the 72-room Springdale, Arkansas Residence Inn for a gross sales price of approximately $5.8 million, which, net of estimated selling costs, exceeds its carrying value, totaling approximately $5.5 million, as of September 30, 2018. As discussed in Note 2, during the second quarter of 2018, the Company recognized an impairment loss of approximately $2.6 million to adjust the basis of this property to its estimated fair value, which was based on the offers received at that time, net of estimated selling costs. The sale contracts noted above are subject to a number of conditions to closing and therefore there can be no assurance that a closing on these hotels will occur. If the closings occur, these sales are expected to be completed within the next three to six months from September 30, 2018. Since the due diligence period under these contracts has not passed and the deposits made by the buyers are refundable as of September 30, 2018, the assets and liabilities related to these properties have not been classified as held for sale in the Company’s consolidated balance sheet at September 30, 2018. The Company plans to use the net proceeds from the sales to pay down borrowings on its revolving credit facility. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | 4 . Debt Summary As of September 30, 2018 and December 31, 2017, the Company’s debt consisted of the following (in thousands): September 30, 2018 December 31, 2017 Revolving credit facility $ 173,400 $ 106,900 Term loans, net 653,072 656,279 Mortgage debt, net 493,528 459,017 Debt, net $ 1,320,000 $ 1,222,196 The aggregate amounts of principal payable under the Company’s total debt obligations as of September 30, 2018 (including the revolving credit facility, term loans and mortgage debt), for the five years subsequent to September 30, 2018 and thereafter are as follows (in thousands): 2018 (October - December) $ 3,337 2019 33,805 2020 28,349 2021 47,586 2022 282,652 Thereafter 929,780 1,325,509 Unamortized fair value adjustment of assumed debt 3,654 Unamortized debt issuance costs related to term loans and mortgage debt (9,163 ) Total $ 1,320,000 The Company uses interest rate swaps to manage its interest rate risks on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the London Inter-Bank Offered Rate for a one-month term (“one-month LIBOR”). The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps, is set forth below. All dollar amounts are in thousands. September 30, 2018 Percentage December 31, 2017 Percentage Fixed-rate debt (1) $ 1,049,609 79 % $ 1,014,935 83 % Variable-rate debt 275,900 21 % 209,400 17 % Total $ 1,325,509 $ 1,224,335 Weighted-average interest rate of debt 3.68 % 3.64 % (1) Revolving Credit Facility and Term Loans $850 Million Credit Facility Prior to the Company’s refinancing of the facility in July 2018, the Company utilized an unsecured “$965 million credit facility” comprised of (i) a $540 million revolving credit facility with a 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”). On July 27, 2018, the Company entered into an amendment and restatement of its $965 million credit facility, reducing the borrowing capacity to $850 million and extending the maturity dates (the “$850 million credit facility”). The $850 million credit facility is comprised of (i) a $425 million revolving credit facility with an initial maturity date of July 27, 2022 and (ii) a $425 million term loan facility consisting of two term loans: a $200 million term loan with a maturity date of July 27, 2023, and a $225 million term loan with a maturity date of January 31, 2024, both funded at closing (the “$425 million term loan facility”). At closing, the Company repaid the outstanding $425 million term loans under the $965 million credit facility with the proceeds from the $425 million term loan facility under the $850 million credit facility and borrowed approximately $196 million under the $425 million revolving credit facility to repay the outstanding balance on the $540 million revolving credit facility and to pay closing costs. Subject to certain conditions including covenant compliance and additional fees, the $425 million revolving credit facility maturity date may be extended up to one year. The Company may make voluntary prepayments in whole or in part, at any time. Interest payments on the $850 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 plus a margin ranging from 1.35% to 2.25%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. The Company is also required to pay quarterly an unused facility fee at an annual rate of 0.20% or 0.25% on the unused portion of the $425 million revolving credit facility, based on the amount of borrowings outstanding during the quarter. $225 Million Term Loan Facility Prior to the Company’s refinancing of the facility in August 2018, the Company utilized an unsecured $150 million term loan facility (the “$150 million term loan facility”), consisting of a $50 million term loan with a maturity date of April 8, 2021 and a $100 million term loan with a maturity date of April 8, 2023 (the “$150 million term loans”). On August 2, 2018, the Company entered into an amendment and restatement of its $150 million term loan facility, increasing the borrowing capacity to $225 million and extending the maturity dates (the “$225 million term loan facility”). The $225 million term loan facility is comprised of (i) a $50 million term loan with a maturity date of August 2, 2023, which was funded at closing, and (ii) a $175 million term loan with a maturity date of August 2, 2025, of which $100 million was drawn at closing and the remaining $75 million may be drawn by the Company no later than January 31, 2019. At closing, the Company repaid the $150 million term loans under the $150 million term loan facility. The credit agreement contains requirements and covenants similar to the Company’s $850 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 $225 million term loan facility are due monthly and the interest rate, subject to certain exceptions, is equal to an annual rate of the one-month LIBOR plus a margin ranging from 1.35% to 2.50%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. $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 $850 million credit facility and the $225 million term loan facility, the “credit facilities”). Although no material terms were changed, the credit agreement was amended and restated in August 2018 as a result of the refinancings noted above. The amended and restated credit agreement contains requirements and covenants similar to the Company’s $850 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 the interest rate is equal to an annual rate of the one-month LIBOR plus a margin ranging from 1.80% to 2.60%, depending upon the Company’s leverage ratio, as calculated under the terms of the credit agreement. As of September 30, 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. September 30, 2018 December 31, 2017 Maturity Date Outstanding Balance Interest Rate Outstanding Balance Interest Rate Revolving credit facility (1) 7/27/2022 $ 173,400 LIBOR + 1.40% - 2.25% $ 106,900 LIBOR + 1.55% - 2.30% Term loans $200 million term loan 7/27/2023 200,000 LIBOR + 1.35% - 2.20% - n/a $225 million term loan 1/31/2024 225,000 LIBOR + 1.35% - 2.20% - n/a $425 million term loans repaid 7/27/18 - n/a 425,000 LIBOR + 1.50% - 2.25% $50 million term loan 8/2/2023 50,000 LIBOR + 1.35% - 2.20% - n/a $175 million term loan 8/2/2025 100,000 LIBOR + 1.65% - 2.50% - n/a $50 million term loan repaid 8/2/18 - n/a 50,000 LIBOR + 1.45% - 2.20% $100 million term loan repaid 8/2/18 - n/a 100,000 LIBOR + 1.80% - 2.60% $85 million term loan 7/25/2024 85,000 LIBOR + 1.80% - 2.60% 85,000 LIBOR + 1.80% - 2.60% Term loans at stated value 660,000 660,000 Unamortized debt issuance costs (6,928 ) (3,721 ) Term loans, net 653,072 656,279 Revolving credit facility and term loans, net (1)(2) $ 826,472 3.23% $ 763,179 3.14% (1) (2) The credit agreements governing the credit facilities 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 and restrictions on certain investments. The Company was in compliance with the applicable covenants at September 30, 2018. Mortgage Debt As of September 30, 2018, the Company had approximately $492.1 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 September 30, 2018 and December 31, 2017 for each of the Company’s mortgage 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 September 30, 2018 Outstanding balance as of December 31, 2017 San Juan Capistrano, CA Residence Inn 4.15 % 9/1/2016 6/1/2020 $ 16,210 $ 15,519 $ 15,774 Colorado Springs, CO Hampton 6.25 % 9/1/2016 7/6/2021 7,923 7,652 7,754 Franklin, TN Courtyard 6.25 % 9/1/2016 8/6/2021 14,679 14,181 14,368 Franklin, TN Residence Inn 6.25 % 9/1/2016 8/6/2021 14,679 14,181 14,368 Grapevine, TX Hilton Garden Inn 4.89 % 8/29/2012 9/1/2022 11,810 10,181 10,412 Collegeville/Philadelphia, PA Courtyard 4.89 % 8/30/2012 9/1/2022 12,650 10,905 11,152 Hattiesburg, MS Courtyard 5.00 % 3/1/2014 9/1/2022 5,732 5,098 5,212 Rancho Bernardo/San Diego, CA Courtyard 5.00 % 3/1/2014 9/1/2022 15,060 13,392 13,692 Kirkland, WA Courtyard 5.00 % 3/1/2014 9/1/2022 12,145 10,800 11,042 Seattle, WA Residence Inn 4.96 % 3/1/2014 9/1/2022 28,269 25,122 25,687 Anchorage, AK Embassy Suites 4.97 % 9/13/2012 10/1/2022 23,230 20,111 20,560 Somerset, NJ Courtyard 4.73 % 3/1/2014 10/6/2022 8,750 7,754 7,932 Tukwila, WA Homewood Suites 4.73 % 3/1/2014 10/6/2022 9,431 8,357 8,549 Prattville, AL Courtyard 4.12 % 3/1/2014 2/6/2023 (2) 6,596 5,802 5,943 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 2/6/2023 8,306 7,306 7,483 San Diego, CA Residence Inn 3.97 % 3/1/2014 3/6/2023 18,600 16,334 16,733 Miami, FL Homewood Suites 4.02 % 3/1/2014 4/1/2023 16,677 14,668 15,022 Syracuse, NY Courtyard 4.75 % 10/16/2015 8/1/2024 (3) 11,199 10,428 10,637 Syracuse, NY Residence Inn 4.75 % 10/16/2015 8/1/2024 (3) 11,199 10,428 10,637 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 24,407 24,919 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 9,200 9,386 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 32,415 33,046 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 13,142 13,332 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,682 21,829 22,145 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 23,119 23,422 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 24,417 24,917 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 24,330 24,828 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 18,112 18,483 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 28,189 - Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 15,376 - San Jose, CA Homewood Suites 4.22 % 12/22/2017 1/1/2038 30,000 29,354 30,000 $ 528,600 492,109 457,435 Unamortized fair value adjustment of assumed debt 3,654 4,330 Unamortized debt issuance costs (2,235 ) (2,748 ) Total $ 493,528 $ 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) Assets securing this loan are under contract to be sold as of September 30, 2018. Under the purchase and sale agreement, the purchaser is required to assume the loan at closing. (3) Outstanding principal balance is callable by lender or prepayable by the Company on August 1, 2019. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 5 . Fair Value of Financial Instruments Except as described below, the carrying value of the Company’s financial instruments approximates fair value due to the short-term nature of these financial instruments. Debt The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of a debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs under the fair value hierarchy. Market rates take into consideration general market conditions and maturity. As of September 30, 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 September 30, 2018 and December 31, 2017. All dollar amounts are in thousands. Notional Amount at Fair Value Asset Hedge Type September 30, 2018 Origination Date Maturity Date Swap Fixed Interest Rate September 30, 2018 December 31, 2017 Cash flow hedge $ 212,500 5/21/2015 5/18/2020 1.58 % $ 4,020 $ 2,033 Cash flow hedge 110,000 7/2/2015 5/18/2020 1.62 % 2,011 951 Cash flow hedge 50,000 4/7/2016 3/31/2021 1.09 % 2,160 1,544 Cash flow hedge 100,000 4/7/2016 3/31/2023 1.33 % 6,732 4,098 Cash flow hedge 75,000 5/31/2017 6/30/2024 1.96 % 3,860 1,043 Cash flow hedge 10,000 8/10/2017 6/30/2024 2.01 % 487 109 Cash flow hedge (1) 50,000 6/1/2018 6/30/2025 2.89 % 197 - $ 607,500 $ 19,467 $ 9,778 (1) 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 tables present the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2018 and 2017 (in thousands): Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net Three Months Ended September 30, Three Months Ended September 30, 2018 2017 2018 2017 Interest rate derivatives in cash flow hedging relationships $ 2,415 $ (144 ) $ 758 $ (403 ) Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net Nine Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest rate derivatives in cash flow hedging relationships $ 11,015 $ (1,154 ) $ 1,326 $ (1,783 ) 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 $5.8 million of net unrealized gains included in accumulated other comprehensive income at September 30, 2018 will be reclassified as a decrease to interest and other expense, net within the next 12 months. |
Related Parties
Related Parties | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 6 . 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 nine months ended September 30, 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 allocated by the Company to ARG for the nine months ended September 30, 2018 and 2017 totaled approximately $0.7 million and $0.5 million, respectively, and are recorded as a reduction to general and administrative expenses in the Company’s consolidated statements of operations. As part of the cost sharing arrangement, certain day-to-day transactions may result in amounts due to or from the Company and ARG. To efficiently manage cash disbursements, the Company or ARG may make payments for the other company. Under this cash management process, each company may advance or defer up to $1 million at any time. Each quarter, any outstanding amounts are settled between the companies. This process allows each company to minimize its cash on hand and reduces the cost for each company. The amounts outstanding at any point in time are not significant to either of the companies. As of September 30, 2018 and December 31, 2017, total amounts due from ARG for reimbursements under the cost sharing structure each totaled approximately $0.3 million, 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 nine months ended September 30, 2018 and 2017 were approximately $0.1 million for each respective period, and are included in general and administrative expenses in the Company’s consolidated statements of operations. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 7 . Shareholders ’ Equity Distributions The Company’s current annual distribution rate, payable monthly, is $1.20 per common share. For the three months ended September 30, 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. For the nine months ended September 30, 2018 and 2017, the Company paid distributions of $0.90 per common share for a total of $207.3 million and $200.7 million, respectively. Additionally, in September 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 September 30, 2018 and paid in October 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 September 30, 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 first quarter of 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 nine months ended September 30, 2017. As of September 30, 2018, approximately $160.2 million remained available for issuance under the ATM Program. Share Repurchase s In May 2018, the Board of Directors approved an extension of the Company’s existing share repurchase program (the “Share Repurchase Program”), authorizing share repurchases up to an aggregate of $464 million. The Share Repurchase Program may be suspended or terminated at any time by the Company and will end in July 2019 if not terminated earlier. In March 2018, the Company established a 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. During the first nine months of 2018, the Company purchased, under its 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 nine months of 2017. Repurchases under the Share Repurchase Program have been funded, and the Company intends to fund future repurchases, with availability under its credit facilities. |
Compensation Plans
Compensation Plans | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure Text Block Supplement [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 8 . Compensation Plan s 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 September 30, 2018, the Company has accrued approximately $2.5 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 September 30, 2018 and in general and administrative expense in the Company’s consolidated statement of operations for the nine months ended September 30, 2018. As a result of lower anticipated 2018 performance, during the three months ended September 30, 2018, the Company reduced the previously recorded accrual by approximately $1.2 million, resulting in a reduction to general and administrative expense for the period. 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 $1.2 million and $4.7 million in general and administrative expenses in the Company’s consolidated statements of operations for the three and nine months ended September 30, 2017, respectively. 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 September 30, 2018 and 2017, the Company recognized approximately $0.3 million and $0.1 million, respectively, and for the nine months ended September 30, 2018 and 2017, the Company recognized approximately $0.9 million and $0.3 million, respectively, of share-based compensation expense related to the unvested restricted share awards. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 9 . Subsequent Events In October 2018, the Company paid approximately $23.0 million, or $0.10 per outstanding common share, in distributions to its common shareholders. In October 2018, the Company declared a regular monthly cash distribution of $0.10 per common share for the month of November 2018. The distribution is payable on November 15, 2018. In October 2018, the Company entered into a contract to purchase an existing 127-room Hyatt Place in Jacksonville, Florida, for a gross purchase price of $15.5 million. 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. During the month of October 2018, the Company purchased, under its Share Repurchase Program, approximately 1.6 million of its common shares, at a weighted-average market purchase price of approximately $16.35 per common share, for an aggregate purchase price of approximately $25.8 million. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 9 Months Ended |
Sep. 30, 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 September 30, 2018, the Company owned 241 hotels with an aggregate of 30,754 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 and nine months ended September 30, 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. |
Reclassification, Policy [Policy Text Block] | Reclassifications Certain prior period amounts in the consolidated financial statements have been reclassified to conform to the current period presentation with no effect on previously reported net income or shareholders’ equity. Effective November 5, 2018, the Securities and Exchange Commission (“SEC”) eliminated Rule 3-15(a)(1) of Regulation S-X which had required REITs to present gains and losses on the sale of real estate outside of operating income in the consolidated statements of operations. As a result, the Company has included gain (loss) on sale of real estate that is not a discontinued operation as a component of operating income in accordance with Accounting Standards Codification (“ASC”) Topic 360, Property, Plant and Equipment |
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 ) 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 In August 2017, the FASB issued ASU No. 2017-12, Derivatives and Hedging (T opic 815), Targeted Improvements to Accounting for Hedging Activities Accounting Standards Recently Issued In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (Topic 842), Land Easement Practical Expedient for Transition to Topic 842 Codification Improvements to Topic 842, Leases, Leases (Topic 842) , Targeted Improvements , Leases (Topic 840) |
Investment in Real Estate (Tabl
Investment in Real Estate (Tables) | 9 Months Ended |
Sep. 30, 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): September 30, December 31, 2018 2017 Land $ 736,139 $ 720,465 Building and Improvements 4,483,712 4,362,929 Furniture, Fixtures and Equipment 456,964 428,734 Franchise Fees 12,962 12,315 5,689,777 5,524,443 Less Accumulated Depreciation (864,719 ) (731,284 ) Investment in Real Estate, net $ 4,825,058 $ 4,793,159 |
Schedule of Outstanding Contracts for Potential Purchase of Real Estate Properties [Table Text Block] | As of September 30, 2018, the Company had outstanding contracts for the potential purchase of five hotels for a total purchase price of approximately $130.8 million. All five hotels are under development and are planned to be completed and opened for business over the next six to 27 months from September 30, 2018, at which time closings on these hotels are expected to occur. 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 closing on these hotels will occur under the outstanding purchase contracts. 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 September 30, 2018. All dollar amounts are in thousands. Location (1) Brands Date of Purchase Contract Rooms Refundable Deposits Gross Purchase Price Orlando, FL Home2 Suites 1/18/2017 128 $ 3 $ 20,736 Cape Canaveral, FL (2) Hampton and Home2 Suites 4/11/2018 224 3 46,704 Tempe, AZ (3) Hyatt House and Hyatt Place 6/13/2018 254 360 63,341 606 $ 366 $ 130,781 (1) These hotels are currently under development. The table shows the expected number of rooms upon hotel completion and the expected franchise brands. Assuming all conditions to closing are met, the purchases of these hotels are expected to occur over the next six to 27 months from September 30, 2018. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under development, at this time, the seller has not met all of the conditions to closing. (2) These hotels are part of an adjoining combined 224-room, dual-branded complex that will be located on the same site. (3) These hotels are part of an adjoining combined 254-room, dual-branded complex that will be located on the same site. |
2018 Acquisitions [Member] | |
Investment in Real Estate (Tables) [Line Items] | |
Schedule of Real Estate Properties [Table Text Block] | The Company acquired four hotels during the first nine 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 (1) Atlanta/Downtown GA Hampton McKibbon 2/5/2018 119 $ 24,000 Memphis TN Hampton Crestline 2/5/2018 144 39,000 Phoenix AZ Hampton North Central 5/2/2018 210 44,300 Atlanta/Perimeter Dunwoody GA Hampton LBA 6/28/2018 132 29,500 605 $ 136,800 (1) The gross purchase price excludes transaction costs. |
2017 Acquisitions [Member] | |
Investment in Real Estate (Tables) [Line Items] | |
Schedule of Real Estate Properties [Table Text Block] | During the year ended December 31, 2017, the Company acquired six hotels including three hotels in the first nine months 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 (1) Fort Worth TX Courtyard LBA 2/2/2017 124 $ 18,034 Birmingham (2) AL Hilton Garden Inn LBA 9/12/2017 104 19,162 Birmingham (2) 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 (1) The gross purchase price excludes transaction costs. (2) The hotels in Birmingham, AL are part of an adjoining dual-branded complex located on the same site. |
Dispositions and Hotel Sale C_2
Dispositions and Hotel Sale Contracts (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Real Estate Properties Sale Contract [Table Text Block] | In August 2018, the Company entered into a purchase and sale agreement with an unrelated party for the sale of 16 properties for a gross sales price of $175 million, which, net of estimated selling costs, exceeds the carrying value of the properties, totaling approximately $162 million, as of September 30, 2018. The following table lists the 16 hotels under the purchase and sale agreement: City State Brand Rooms Prattville AL Courtyard 84 Rogers AR Residence Inn 88 Lakeland FL Courtyard 78 Sarasota FL Homewood Suites 100 Tampa FL TownePlace Suites 94 Albany GA Fairfield Inn & Suites 87 Baton Rouge LA SpringHill Suites 119 Hattiesburg MS Residence Inn 84 Holly Springs NC Hampton 124 Jackson TN Hampton 85 Johnson City TN Courtyard 90 Duncanville TX Hilton Garden Inn 142 Texarkana TX Courtyard 90 Texarkana TX TownePlace Suites 85 Bristol VA Courtyard 175 Harrisonburg VA Courtyard 125 Total 1,650 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt (Tables) [Line Items] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | The aggregate amounts of principal payable under the Company’s total debt obligations as of September 30, 2018 (including the revolving credit facility, term loans and mortgage debt), for the five years subsequent to September 30, 2018 and thereafter are as follows (in thousands): 2018 (October - December) $ 3,337 2019 33,805 2020 28,349 2021 47,586 2022 282,652 Thereafter 929,780 1,325,509 Unamortized fair value adjustment of assumed debt 3,654 Unamortized debt issuance costs related to term loans and mortgage debt (9,163 ) Total $ 1,320,000 |
Schedule of Total Fixed-Rate and Variable-Rate Debt [Table Text Block] | The Company uses interest rate swaps to manage its interest rate risks on a portion of its variable-rate debt. Throughout the terms of these interest rate swaps, the Company pays a fixed rate of interest and receives a floating rate of interest equal to the London Inter-Bank Offered Rate for a one-month term (“one-month LIBOR”). The swaps are designed to effectively fix the interest payments on variable-rate debt instruments. See Note 5 for more information on the interest rate swap agreements. The Company’s total fixed-rate and variable-rate debt, after giving effect to its interest rate swaps, is set forth below. All dollar amounts are in thousands. September 30, 2018 Percentage December 31, 2017 Percentage Fixed-rate debt (1) $ 1,049,609 79 % $ 1,014,935 83 % Variable-rate debt 275,900 21 % 209,400 17 % Total $ 1,325,509 $ 1,224,335 Weighted-average interest rate of debt 3.68 % 3.64 % (1) |
Summary [Member] | |
Debt (Tables) [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of September 30, 2018 and December 31, 2017, the Company’s debt consisted of the following (in thousands): September 30, 2018 December 31, 2017 Revolving credit facility $ 173,400 $ 106,900 Term loans, net 653,072 656,279 Mortgage debt, net 493,528 459,017 Debt, net $ 1,320,000 $ 1,222,196 |
Revolving Credit Facility and Term Loans [Member] | |
Debt (Tables) [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of September 30, 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. September 30, 2018 December 31, 2017 Maturity Date Outstanding Balance Interest Rate Outstanding Balance Interest Rate Revolving credit facility (1) 7/27/2022 $ 173,400 LIBOR + 1.40% - 2.25% $ 106,900 LIBOR + 1.55% - 2.30% Term loans $200 million term loan 7/27/2023 200,000 LIBOR + 1.35% - 2.20% - n/a $225 million term loan 1/31/2024 225,000 LIBOR + 1.35% - 2.20% - n/a $425 million term loans repaid 7/27/18 - n/a 425,000 LIBOR + 1.50% - 2.25% $50 million term loan 8/2/2023 50,000 LIBOR + 1.35% - 2.20% - n/a $175 million term loan 8/2/2025 100,000 LIBOR + 1.65% - 2.50% - n/a $50 million term loan repaid 8/2/18 - n/a 50,000 LIBOR + 1.45% - 2.20% $100 million term loan repaid 8/2/18 - n/a 100,000 LIBOR + 1.80% - 2.60% $85 million term loan 7/25/2024 85,000 LIBOR + 1.80% - 2.60% 85,000 LIBOR + 1.80% - 2.60% Term loans at stated value 660,000 660,000 Unamortized debt issuance costs (6,928 ) (3,721 ) Term loans, net 653,072 656,279 Revolving credit facility and term loans, net (1)(2) $ 826,472 3.23% $ 763,179 3.14% (1) (2) |
Mortgage Debt [Member] | |
Debt (Tables) [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | As of September 30, 2018, the Company had approximately $492.1 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 September 30, 2018 and December 31, 2017 for each of the Company’s mortgage 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 September 30, 2018 Outstanding balance as of December 31, 2017 San Juan Capistrano, CA Residence Inn 4.15 % 9/1/2016 6/1/2020 $ 16,210 $ 15,519 $ 15,774 Colorado Springs, CO Hampton 6.25 % 9/1/2016 7/6/2021 7,923 7,652 7,754 Franklin, TN Courtyard 6.25 % 9/1/2016 8/6/2021 14,679 14,181 14,368 Franklin, TN Residence Inn 6.25 % 9/1/2016 8/6/2021 14,679 14,181 14,368 Grapevine, TX Hilton Garden Inn 4.89 % 8/29/2012 9/1/2022 11,810 10,181 10,412 Collegeville/Philadelphia, PA Courtyard 4.89 % 8/30/2012 9/1/2022 12,650 10,905 11,152 Hattiesburg, MS Courtyard 5.00 % 3/1/2014 9/1/2022 5,732 5,098 5,212 Rancho Bernardo/San Diego, CA Courtyard 5.00 % 3/1/2014 9/1/2022 15,060 13,392 13,692 Kirkland, WA Courtyard 5.00 % 3/1/2014 9/1/2022 12,145 10,800 11,042 Seattle, WA Residence Inn 4.96 % 3/1/2014 9/1/2022 28,269 25,122 25,687 Anchorage, AK Embassy Suites 4.97 % 9/13/2012 10/1/2022 23,230 20,111 20,560 Somerset, NJ Courtyard 4.73 % 3/1/2014 10/6/2022 8,750 7,754 7,932 Tukwila, WA Homewood Suites 4.73 % 3/1/2014 10/6/2022 9,431 8,357 8,549 Prattville, AL Courtyard 4.12 % 3/1/2014 2/6/2023 (2) 6,596 5,802 5,943 Huntsville, AL Homewood Suites 4.12 % 3/1/2014 2/6/2023 8,306 7,306 7,483 San Diego, CA Residence Inn 3.97 % 3/1/2014 3/6/2023 18,600 16,334 16,733 Miami, FL Homewood Suites 4.02 % 3/1/2014 4/1/2023 16,677 14,668 15,022 Syracuse, NY Courtyard 4.75 % 10/16/2015 8/1/2024 (3) 11,199 10,428 10,637 Syracuse, NY Residence Inn 4.75 % 10/16/2015 8/1/2024 (3) 11,199 10,428 10,637 New Orleans, LA Homewood Suites 4.36 % 7/17/2014 8/11/2024 27,000 24,407 24,919 Westford, MA Residence Inn 4.28 % 3/18/2015 4/11/2025 10,000 9,200 9,386 Denver, CO Hilton Garden Inn 4.46 % 9/1/2016 6/11/2025 34,118 32,415 33,046 Oceanside, CA Courtyard 4.28 % 9/1/2016 10/1/2025 13,655 13,142 13,332 Omaha, NE Hilton Garden Inn 4.28 % 9/1/2016 10/1/2025 22,682 21,829 22,145 Boise, ID Hampton 4.37 % 5/26/2016 6/11/2026 24,000 23,119 23,422 Burbank, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,564 24,417 24,917 San Diego, CA Courtyard 3.55 % 11/3/2016 12/1/2026 25,473 24,330 24,828 San Diego, CA Hampton 3.55 % 11/3/2016 12/1/2026 18,963 18,112 18,483 Burbank, CA SpringHill Suites 3.94 % 3/9/2018 4/1/2028 28,470 28,189 - Santa Ana, CA Courtyard 3.94 % 3/9/2018 4/1/2028 15,530 15,376 - San Jose, CA Homewood Suites 4.22 % 12/22/2017 1/1/2038 30,000 29,354 30,000 $ 528,600 492,109 457,435 Unamortized fair value adjustment of assumed debt 3,654 4,330 Unamortized debt issuance costs (2,235 ) (2,748 ) Total $ 493,528 $ 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) Assets securing this loan are under contract to be sold as of September 30, 2018. Under the purchase and sale agreement, the purchaser is required to assume the loan at closing. (3) Outstanding principal balance is callable by lender or prepayable by the Company on August 1, 2019. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 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 September 30, 2018 and December 31, 2017. All dollar amounts are in thousands. Notional Amount at Fair Value Asset Hedge Type September 30, 2018 Origination Date Maturity Date Swap Fixed Interest Rate September 30, 2018 December 31, 2017 Cash flow hedge $ 212,500 5/21/2015 5/18/2020 1.58 % $ 4,020 $ 2,033 Cash flow hedge 110,000 7/2/2015 5/18/2020 1.62 % 2,011 951 Cash flow hedge 50,000 4/7/2016 3/31/2021 1.09 % 2,160 1,544 Cash flow hedge 100,000 4/7/2016 3/31/2023 1.33 % 6,732 4,098 Cash flow hedge 75,000 5/31/2017 6/30/2024 1.96 % 3,860 1,043 Cash flow hedge 10,000 8/10/2017 6/30/2024 2.01 % 487 109 Cash flow hedge (1) 50,000 6/1/2018 6/30/2025 2.89 % 197 - $ 607,500 $ 19,467 $ 9,778 (1) |
Derivative Instruments, Gain (Loss) [Table Text Block] | The following tables present the effect of derivative instruments in cash flow hedging relationships in the Company’s consolidated statements of operations and comprehensive income for the three and nine months ended September 30, 2018 and 2017 (in thousands): Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net Three Months Ended September 30, Three Months Ended September 30, 2018 2017 2018 2017 Interest rate derivatives in cash flow hedging relationships $ 2,415 $ (144 ) $ 758 $ (403 ) Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, net Nine Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Interest rate derivatives in cash flow hedging relationships $ 11,015 $ (1,154 ) $ 1,326 $ (1,783 ) |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Number of Reportable Segments | 1 |
Number of Hotels | 241 |
Aggregate Number of Hotel Rooms | 30,754 |
Number of States in which Hotels are Located | 34 |
Investment in Real Estate (Deta
Investment in Real Estate (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017 | |
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Hotels | 241 | 241 | |||||
Aggregate Number of Hotel Rooms | 30,754 | 30,754 | |||||
Number of States in which Hotels Are Located | 34 | 34 | |||||
Revenue from Contract with Customer, Excluding Assessed Tax (in Dollars) | $ 332,197 | $ 324,926 | $ 975,300 | $ 949,555 | |||
Operating Income (Loss) (in Dollars) | 75,362 | 75,051 | 210,617 | 221,097 | |||
Impairment of Real Estate (in Dollars) | $ 0 | $ 0 | $ 3,135 | $ 7,875 | |||
Hotel Acquisitions [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Hotels | 4 | 3 | 6 | ||||
Revenue from Contract with Customer, Excluding Assessed Tax (in Dollars) | $ 13,200 | $ 3,300 | |||||
Operating Income (Loss) (in Dollars) | $ 3,500 | 500 | |||||
Hotels Under Contract [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Aggregate Number of Hotel Rooms | 606 | 606 | |||||
Purchase Contract Gross Purchase Price (in Dollars) | $ 130,781 | $ 130,781 | |||||
Hotels Under Development [Member] | Hotels Under Contract [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Hotels | 5 | ||||||
Purchase Contract Gross Purchase Price (in Dollars) | $ 130,800 | $ 130,800 | |||||
Hotel Construction, Time to Completion | over the next six to 27 months | ||||||
Hotels Identified for Potential Sale 2Q 2018 [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Hotels | 3 | ||||||
Hotels Identified for Potential Sale 2Q 2018 [Member] | SpringHill Suites and TownePlace Suites Columbus, GA [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Hotels | 2 | ||||||
Impairment of Real Estate (in Dollars) | $ 500 | $ 500 | |||||
Hotels Identified for Potential Sale 2Q 2018 [Member] | Residence Inn Springdale, AR [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Impairment of Real Estate (in Dollars) | $ 2,600 | $ 2,600 | |||||
Hotels Sold, July 2018 [Member] | Hotels Identified for Potential Sale 2Q 2018 [Member] | SpringHill Suites and TownePlace Suites Columbus, GA [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Hotels | 2 | 2 | |||||
Hotels Identified for Potential Sale 1Q 2017 [Member] | SpringHill Suites and TownePlace Suites Columbus, GA [Member] | Sales Contracts Terminated in May 2017 [Member] | |||||||
Investment in Real Estate (Details) [Line Items] | |||||||
Number of Hotels | 2 | ||||||
Impairment of Real Estate (in Dollars) | $ 7,900 | $ 7,900 |
Investment in Real Estate (De_2
Investment in Real Estate (Details) - Investment in Real Estate - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Investment in Real Estate [Abstract] | ||
Land | $ 736,139 | $ 720,465 |
Building and Improvements | 4,483,712 | 4,362,929 |
Furniture, Fixtures and Equipment | 456,964 | 428,734 |
Franchise Fees | 12,962 | 12,315 |
5,689,777 | 5,524,443 | |
Less Accumulated Depreciation | (864,719) | (731,284) |
Investment in Real Estate, net | $ 4,825,058 | $ 4,793,159 |
Investment in Real Estate (De_3
Investment in Real Estate (Details) - Hotel Acquisitions $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Real Estate Properties [Line Items] | |||
Rooms | 30,754 | ||
Hampton Atlanta/Downtown, GA [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | McKibbon | ||
Date Acquired | Feb. 5, 2018 | ||
Rooms | 119 | ||
Gross Purchase Price | [1] | $ 24,000 | |
Hampton Memphis, TN [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | Crestline | ||
Date Acquired | Feb. 5, 2018 | ||
Rooms | 144 | ||
Gross Purchase Price | [1] | $ 39,000 | |
Hampton Phoenix, AZ [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | North Central | ||
Date Acquired | May 2, 2018 | ||
Rooms | 210 | ||
Gross Purchase Price | [1] | $ 44,300 | |
Hampton Atlanta/Perimeter Dunwoody, GA [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | LBA | ||
Date Acquired | Jun. 28, 2018 | ||
Rooms | 132 | ||
Gross Purchase Price | [1] | $ 29,500 | |
Total [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 605 | 784 | |
Gross Purchase Price | [1] | $ 136,800 | $ 161,770 |
[1] | The gross purchase price excludes transaction costs. |
Investment in Real Estate (De_4
Investment in Real Estate (Details) - Hotel Acquisitions $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | ||
Real Estate Properties [Line Items] | |||
Rooms | 30,754 | ||
Courtyard Fort Worth, TX [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | LBA | ||
Date Acquired | Feb. 2, 2017 | ||
Rooms | 124 | ||
Gross Purchase Price | [1] | $ 18,034 | |
Hilton Garden Inn Birmingham, AL [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | LBA | ||
Date Acquired | Sep. 12, 2017 | ||
Rooms | 104 | ||
Gross Purchase Price | [1] | $ 19,162 | |
Home2 Suites Birmingham, AL [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | LBA | ||
Date Acquired | Sep. 12, 2017 | ||
Rooms | 106 | ||
Gross Purchase Price | [1] | $ 19,276 | |
Residence Inn Portland, ME [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | Pyramid | ||
Date Acquired | Oct. 13, 2017 | ||
Rooms | 179 | ||
Gross Purchase Price | [1] | $ 55,750 | |
Residence Inn Salt Lake City, UT [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | Huntington | ||
Date Acquired | Oct. 20, 2017 | ||
Rooms | 136 | ||
Gross Purchase Price | [1] | $ 25,500 | |
Home2 Suites Anchorage, AK [Member] | |||
Real Estate Properties [Line Items] | |||
Manager | Stonebridge | ||
Date Acquired | Dec. 1, 2017 | ||
Rooms | 135 | ||
Gross Purchase Price | [1] | $ 24,048 | |
Total [Member] | |||
Real Estate Properties [Line Items] | |||
Rooms | 605 | 784 | |
Gross Purchase Price | [1] | $ 136,800 | $ 161,770 |
[1] | The gross purchase price excludes transaction costs. |
Investment in Real Estate (De_5
Investment in Real Estate (Details) - Outstanding Contracts - Hotels Under Contract [Member] $ in Thousands | 9 Months Ended | |
Sep. 30, 2018USD ($) | ||
Investment in Real Estate (Details) - Outstanding Contracts [Line Items] | ||
Rooms | 606 | |
Refundable Deposits | $ 366 | |
Gross Purchase Price | $ 130,781 | |
Home2 Suites Orlando, FL [Member] | ||
Investment in Real Estate (Details) - Outstanding Contracts [Line Items] | ||
Date of Purchase Contract | Jan. 18, 2017 | |
Rooms | 128 | [1] |
Refundable Deposits | $ 3 | |
Gross Purchase Price | $ 20,736 | |
Hampton and Home2 Suites Cape Canaveral, FL [Member] | ||
Investment in Real Estate (Details) - Outstanding Contracts [Line Items] | ||
Date of Purchase Contract | Apr. 11, 2018 | |
Rooms | 224 | [1],[2] |
Refundable Deposits | $ 3 | |
Gross Purchase Price | $ 46,704 | |
Hyatt House and Hyatt Place Tempe, AZ [Member] | ||
Investment in Real Estate (Details) - Outstanding Contracts [Line Items] | ||
Date of Purchase Contract | Jun. 13, 2018 | |
Rooms | 254 | [1],[3] |
Refundable Deposits | $ 360 | |
Gross Purchase Price | $ 63,341 | |
[1] | These hotels are currently under development. The table shows the expected number of rooms upon hotel completion and the expected franchise brands. Assuming all conditions to closing are met, the purchases of these hotels are expected to occur over the next six to 27 months from September 30, 2018. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under development, at this time, the seller has not met all of the conditions to closing. | |
[2] | These hotels are part of an adjoining combined 224-room, dual-branded complex that will be located on the same site. | |
[3] | These hotels are part of an adjoining combined 254-room, dual-branded complex that will be located on the same site. |
Dispositions and Hotel Sale C_3
Dispositions and Hotel Sale Contracts (Details) $ in Thousands | Apr. 20, 2017USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) |
Hotels Sold [Member] | ||||||
Dispositions and Hotel Sale Contracts (Details) [Line Items] | ||||||
Operating Income (Loss), Excluding Gain (Loss) on Sale of Real Estate | $ (10) | $ 200 | $ (400) | $ (6,400) | ||
Number of Hotels | 2 | 3 | 2 | 3 | ||
Hotels Sold [Member] | Hilton Dallas, TX [Member] | ||||||
Dispositions and Hotel Sale Contracts (Details) [Line Items] | ||||||
Aggregate Number of Hotel Rooms | 224 | |||||
Sale of Real Estate Assets, Gross Sales Price | $ 56,100 | |||||
Gain (Loss) on Disposition of Assets | 16,000 | |||||
Real Estate Held-for-sale | 39,000 | |||||
Long-term Debt, Gross | $ 27,100 | |||||
SpringHill Suites Columbus, GA [Member] | Hotels Sold [Member] | ||||||
Dispositions and Hotel Sale Contracts (Details) [Line Items] | ||||||
Aggregate Number of Hotel Rooms | 89 | 89 | ||||
TownePlace Suites Columbus, GA [Member] | Hotels Sold [Member] | ||||||
Dispositions and Hotel Sale Contracts (Details) [Line Items] | ||||||
Aggregate Number of Hotel Rooms | 86 | 86 | ||||
SpringHill Suites and TownePlace Suites Columbus, GA [Member] | Hotels Sold [Member] | ||||||
Dispositions and Hotel Sale Contracts (Details) [Line Items] | ||||||
Sale of Real Estate Assets, Gross Sales Price | $ 10,000 | $ 10,000 | ||||
Impairment of Real Estate | $ 500 | $ 500 | ||||
16 Hotels [Member] | Hotels Under Sale Contracts [Member] | ||||||
Dispositions and Hotel Sale Contracts (Details) [Line Items] | ||||||
Number of Hotels | 16 | 16 | ||||
Purchase and Sale Agreement, Gross Sales Price | $ 175,000 | $ 175,000 | ||||
Real Estate Investment, Carrying Value | $ 162,000 | $ 162,000 | ||||
Residence Inn Springdale, AR [Member] | Hotels Under Sale Contracts [Member] | ||||||
Dispositions and Hotel Sale Contracts (Details) [Line Items] | ||||||
Aggregate Number of Hotel Rooms | 72 | 72 | ||||
Impairment of Real Estate | $ 2,600 | $ 2,600 | ||||
Purchase and Sale Agreement, Gross Sales Price | $ 5,800 | 5,800 | ||||
Real Estate Investment, Carrying Value | $ 5,500 | $ 5,500 |
Dispositions and Hotel Sale C_4
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement | Sep. 30, 2018 |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 30,754 |
Courtyard Prattville, AL [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 84 |
Residence Inn Rogers, AR [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 88 |
Courtyard Lakeland, FL [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 78 |
Homewood Suites Sarasota, FL [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 100 |
TownePlace Suites Tampa, FL [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 94 |
Fairfield Inn & Suites Albany, GA [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 87 |
SpringHill Suites Baton Rouge, LA [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 119 |
Residence Inn Hattiesburg, MS [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 84 |
Hampton Holly Springs, NC [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 124 |
Hampton Jackson, TN [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 85 |
Courtyard Johnson City, TN [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 90 |
Hilton Garden Inn Duncanville, TX [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 142 |
Courtyard Texarkana, TX [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 90 |
TownePlace Suites Texarkana, TX [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 85 |
Courtyard Bristol, VA [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 175 |
Courtyard Harrisonburg, VA [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 125 |
16 Hotels Under Sale Contracts [Member] | |
Dispositions and Hotel Sale Contracts (Details) - Schedule of 16 Hotels Under Purchase and Sale Agreement [Line Items] | |
Rooms | 1,650 |
Debt (Details)
Debt (Details) $ in Thousands | Aug. 02, 2018USD ($) | Jul. 27, 2018USD ($) | Jul. 25, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Debt (Details) [Line Items] | ||||||
Repayments of Unsecured Debt | $ 575,000 | $ 0 | ||||
Proceeds from Lines of Credit | 173,400 | $ 0 | ||||
Debt Issuance Costs, Net | 9,163 | |||||
Derivative, Notional Amount | 607,500 | |||||
Long-term Debt, Gross | 1,325,509 | $ 1,224,335 | ||||
Prior $965 Million Unsecured Credit Facility Amended and Restated on July 27, 2018 [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 965,000 | |||||
$850 Million Unsecured Credit Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 850,000 | |||||
Date of Amended and Restated Credit Facility | Jul. 27, 2018 | |||||
Credit Facility Amendment and Restatement Description | the Company entered into an amendment and restatement of its $965 million credit facility, reducing the borrowing capacity to $850 million and extending the maturity dates | |||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |||||
$225 Million Unsecured Term Loan Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Term Loan Facility, Maximum Borrowing Capacity | $ 225,000 | |||||
Date of Amended and Restated Credit Facility | Aug. 2, 2018 | |||||
Credit Facility Amendment and Restatement Description | the Company entered into an amendment and restatement of its $150 million term loan facility, increasing the borrowing capacity to $225 million and extending the maturity dates | |||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |||||
Revolving Credit Facilities [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Issuance Costs, Net | $ 3,800 | 1,700 | ||||
Credit Facilities [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Covenant Terms | The credit agreements governing the credit facilities 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 and restrictions on certain investments.  The Company was in compliance with the applicable covenants at September 30, 2018. | |||||
Extinguished $540 Million Unsecured Revolving Credit Facility [Member] | Prior $965 Million Unsecured Credit Facility Amended and Restated on July 27, 2018 [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 540,000 | |||||
$425 Million Unsecured Revolving Credit Facility [Member] | $850 Million Unsecured Credit Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 425,000 | |||||
Line of Credit Facility, Expiration Date | Jul. 27, 2022 | |||||
Proceeds from Lines of Credit | $ 196,000 | |||||
Debt Instrument, Maturity Date, Description | maturity date may be extended up to one year | |||||
$425 Million Unsecured Revolving Credit Facility [Member] | Minimum [Member] | $850 Million Unsecured Credit Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | |||||
$425 Million Unsecured Revolving Credit Facility [Member] | Maximum [Member] | $850 Million Unsecured Credit Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | |||||
$850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Term Loan Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Number of Term Loans | 2 | |||||
Term Loan Facility, Maximum Borrowing Capacity | $ 425,000 | |||||
Debt Instrument, Description | consisting of two term loans | |||||
$50 Million Unsecured Term Loan [Member] | $225 Million Unsecured Term Loan Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Face Amount | $ 50,000 | |||||
Debt Instrument, Maturity Date | Aug. 2, 2023 | |||||
$175 Million Unsecured Term Loan [Member] | $225 Million Unsecured Term Loan Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Description | $100 million was drawn at closing and the remaining $75 million may be drawn by the Company no later than January 31, 2019 | |||||
Debt Instrument, Face Amount | $ 100,000 | |||||
Debt Instrument, Maturity Date | Aug. 2, 2025 | |||||
Total Borrowing Capacity Under Term Loan | $ 175,000 | |||||
Available Amount Under Term Loan | $ 75,000 | |||||
Deadline Under the Term Loan | Jan. 31, 2019 | |||||
Borrowed During 2016 [Member] | Prior $150 Million Unsecured Term Loan Facility Amended and Restated on August 2, 2018 [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Repayments of Unsecured Debt | $ 150,000 | |||||
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 | $ 492,100 | |||||
Number of Hotel Properties Used to Secure Debt | 31 | |||||
Mortgage Debt [Member] | Minimum [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.55% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 3.55% | |||||
Mortgage Debt [Member] | Maximum [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.25% | |||||
Debt Instrument, Interest Rate, Effective Percentage | 4.97% | |||||
$200 Million Unsecured Term Loan [Member] | $850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Term Loan Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Face Amount | $ 200,000 | |||||
Debt Instrument, Maturity Date | Jul. 27, 2023 | |||||
$225 Million Unsecured Term Loan [Member] | $850 Million Unsecured Credit Facility [Member] | $425 Million Unsecured Term Loan Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Face Amount | $ 225,000 | |||||
Debt Instrument, Maturity Date | Jan. 31, 2024 | |||||
$85 Million Unsecured Term Loan [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Face Amount | $ 85,000 | |||||
Debt Instrument, Maturity Date | Jul. 25, 2024 | |||||
Debt Instrument, Description of Variable Rate Basis | one-month LIBOR | |||||
Outstanding Variable-Rate Debt Effectively Fixed By Interest Rate Swaps [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Derivative, Notional Amount | $ 557,500 | $ 557,500 | ||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis of Variable Rate | 2.26% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | $850 Million Unsecured Credit Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | $225 Million Unsecured Term Loan Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.35% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | $850 Million Unsecured Credit Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | $225 Million Unsecured Term Loan Facility [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | |||||
London Interbank Offered Rate (LIBOR) [Member] | $85 Million Unsecured Term Loan [Member] | Minimum [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | |||||
London Interbank Offered Rate (LIBOR) [Member] | $85 Million Unsecured Term Loan [Member] | Maximum [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.60% | |||||
Borrowed During 2015 [Member] | Prior $425 Million Term Loan Facility [Member] | Prior $965 Million Unsecured Credit Facility Amended and Restated on July 27, 2018 [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Number of Term Loans | 3 | |||||
Term Loan Facility, Maximum Borrowing Capacity | $ 425,000 | |||||
Repayments of Unsecured Debt | $ 425,000 | |||||
Borrowed During 2016 [Member] | Prior $150 Million Unsecured Term Loan Facility Amended and Restated on August 2, 2018 [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Term Loan Facility, Maximum Borrowing Capacity | 150,000 | |||||
Borrowed During 2016 [Member] | Prior $150 Million Unsecured Term Loan Facility Amended and Restated on August 2, 2018 [Member] | $50 Million Unsecured Term Loan [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Face Amount | 50,000 | |||||
Borrowed During 2016 [Member] | Prior $150 Million Unsecured Term Loan Facility Amended and Restated on August 2, 2018 [Member] | $100 Million Unsecured Term Loan [Member] | ||||||
Debt (Details) [Line Items] | ||||||
Debt Instrument, Face Amount | $ 100,000 |
Debt (Details) - Schedule of De
Debt (Details) - Schedule of Debt - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Debt [Abstract] | ||
Revolving credit facility | $ 173,400 | $ 106,900 |
Term loans, net | 653,072 | 656,279 |
Mortgage debt, net | 493,528 | 459,017 |
Debt, net | $ 1,320,000 | $ 1,222,196 |
Debt (Details) - Future Minimum
Debt (Details) - Future Minimum Debt Payments - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Future Minimum Debt Payments [Abstract] | ||
2018 (October - December) | $ 3,337 | |
2,019 | 33,805 | |
2,020 | 28,349 | |
2,021 | 47,586 | |
2,022 | 282,652 | |
Thereafter | 929,780 | |
Total | 1,325,509 | $ 1,224,335 |
Unamortized fair value adjustment of assumed debt | 3,654 | |
Unamortized debt issuance costs related to term loans and mortgage debt | (9,163) | |
Total | $ 1,320,000 | $ 1,222,196 |
Debt (Details) - Schedule of To
Debt (Details) - Schedule of Total Fixed-Rate and Variable-Rate Debt - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 | |
Schedule of Total Fixed-Rate and Variable-Rate Debt [Abstract] | |||
Fixed-rate debt | [1] | $ 1,049,609 | $ 1,014,935 |
Fixed-rate debt, Percentage | [1] | 79.00% | 83.00% |
Variable-rate debt | $ 275,900 | $ 209,400 | |
Variable-rate debt, Percentage | 21.00% | 17.00% | |
Total | $ 1,325,509 | $ 1,224,335 | |
Weighted-average interest rate of debt | 3.68% | 3.64% | |
[1] | Fixed-rate debt includes the portion of variable-rate debt where the interest payments have been effectively fixed by interest rate swaps as of the respective balance sheet date. See Note 5 for more information on the interest rate swap agreements. |
Debt (Details) - Revolving Cred
Debt (Details) - Revolving Credit Facility and Term Loans - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | ||
Revolving Credit Facility [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jul. 27, 2022 | ||
Revolving credit facility outstanding balance | [1] | $ 173,400 | $ 106,900 |
Interest rate | LIBOR + 1.40% - 2.25% | LIBOR + 1.55% - 2.30% | |
$200 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jul. 27, 2023 | ||
Outstanding balance | $ 200,000 | $ 0 | |
Interest rate | LIBOR + 1.35% - 2.20% | n/a | |
$225 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jan. 31, 2024 | ||
Outstanding balance | $ 225,000 | $ 0 | |
Interest rate | LIBOR + 1.35% - 2.20% | n/a | |
$425 Million Term Loans [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balance | $ 0 | $ 425,000 | |
Interest rate | n/a | LIBOR + 1.50% - 2.25% | |
Maturity date | repaid 7/27/18 | ||
$50 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Aug. 2, 2023 | ||
Outstanding balance | $ 50,000 | $ 0 | |
Interest rate | LIBOR + 1.35% - 2.20% | n/a | |
$175 Million term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Aug. 2, 2025 | ||
Outstanding balance | $ 100,000 | $ 0 | |
Interest rate | LIBOR + 1.65% - 2.50% | n/a | |
$50 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balance | $ 0 | $ 50,000 | |
Interest rate | n/a | LIBOR + 1.45% - 2.20% | |
Maturity date | repaid 8/2/18 | ||
$100 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balance | $ 0 | $ 100,000 | |
Interest rate | n/a | LIBOR + 1.80% - 2.60% | |
Maturity date | repaid 8/2/18 | ||
$85 Million Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Maturity date | Jul. 25, 2024 | ||
Outstanding balance | $ 85,000 | $ 85,000 | |
Interest rate | LIBOR + 1.80% - 2.60% | LIBOR + 1.80% - 2.60% | |
Term Loans, Net [Member] | |||
Debt Instrument [Line Items] | |||
Outstanding balance | $ 660,000 | $ 660,000 | |
Unamortized debt issuance costs | (6,928) | (3,721) | |
Term loans, net | 653,072 | 656,279 | |
Revolving Credit Facility and Term Loans, Net [Member] | |||
Debt Instrument [Line Items] | |||
Revolving credit facility and term loans, net | [1] | $ 826,472 | $ 763,179 |
Revolving credit facility and term loans, net, Interest Rate | [2] | 3.23% | 3.14% |
[1] | Excludes unamortized debt issuance costs related to the revolving credit facility totaling approximately $3.8 million and $1.7 million as of September 30, 2018 and December 31, 2017, respectively, which are included in other assets, net in the Company's consolidated balance sheets. | ||
[2] | Interest rate represents the weighted-average effective annual interest rate at the balance sheet date which includes the effect of interest rate swaps in effect on $557.5 million of the outstanding variable-rate debt for each respective year. See Note 5 for more information on the interest rate swap agreements. |
Debt (Details) - Mortgage Note
Debt (Details) - Mortgage Note Debt - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | ||
Debt Instrument [Line Items] | |||
Outstanding Balance | $ 1,325,509 | $ 1,224,335 | |
Unamortized fair value adjustment of assumed debt | 3,654 | ||
Unamortized debt issuance costs | (9,163) | ||
Total | $ 493,528 | 459,017 | |
Residence Inn San Juan Capistrano, CA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 15,519 | 15,774 | |
Hampton Colorado Springs, CO [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 7,652 | 7,754 | |
Courtyard Franklin, TN [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 14,181 | 14,368 | |
Residence Inn Franklin, TN [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 14,181 | 14,368 | |
Hilton Garden Inn Grapevine, TX [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 10,181 | 10,412 | |
Courtyard Collegeville/Philadelphia, PA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 10,905 | 11,152 | |
Courtyard Hattiesburg, MS [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 5,098 | 5,212 | |
Courtyard Rancho Bernardo / San Diego, CA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 13,392 | 13,692 | |
Courtyard Kirkland, WA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 10,800 | 11,042 | |
Residence Inn Seattle, WA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 25,122 | 25,687 | |
Embassy Suites Anchorage, AK [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 20,111 | 20,560 | |
Courtyard Somerset, NJ [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 7,754 | 7,932 | |
Homewood Suites Tukwila, WA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 8,357 | 8,549 | |
Courtyard Prattville, AL [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.12% | |
Loan Assumption or Origination Date | Mar. 1, 2014 | ||
Maturity Date | [2] | Feb. 6, 2023 | |
Principal Assumed or Originated | $ 6,596 | ||
Outstanding Balance | $ 5,802 | 5,943 | |
Homewood Suites Huntsville, AL [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 7,306 | 7,483 | |
Residence Inn San Diego, CA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 16,334 | 16,733 | |
Homewood Suites Miami, FL [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 14,668 | 15,022 | |
Courtyard Syracuse, NY [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.75% | |
Loan Assumption or Origination Date | Oct. 16, 2015 | ||
Maturity Date | [3] | Aug. 1, 2024 | |
Principal Assumed or Originated | $ 11,199 | ||
Outstanding Balance | $ 10,428 | 10,637 | |
Residence Inn Syracuse, NY [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.75% | |
Loan Assumption or Origination Date | Oct. 16, 2015 | ||
Maturity Date | [3] | Aug. 1, 2024 | |
Principal Assumed or Originated | $ 11,199 | ||
Outstanding Balance | $ 10,428 | 10,637 | |
Homewood Suites New Orleans, LA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.36% | |
Loan Assumption or Origination Date | Jul. 17, 2014 | ||
Maturity Date | Aug. 11, 2024 | ||
Principal Assumed or Originated | $ 27,000 | ||
Outstanding Balance | $ 24,407 | 24,919 | |
Residence Inn Westford, MA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.28% | |
Loan Assumption or Origination Date | Mar. 18, 2015 | ||
Maturity Date | Apr. 11, 2025 | ||
Principal Assumed or Originated | $ 10,000 | ||
Outstanding Balance | $ 9,200 | 9,386 | |
Hilton Garden Inn Denver, CO [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 32,415 | 33,046 | |
Courtyard Oceanside, CA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 13,142 | 13,332 | |
Hilton Garden Inn Omaha, NE [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 21,829 | 22,145 | |
Hampton Boise, ID [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.37% | |
Loan Assumption or Origination Date | May 26, 2016 | ||
Maturity Date | Jun. 11, 2026 | ||
Principal Assumed or Originated | $ 24,000 | ||
Outstanding Balance | $ 23,119 | 23,422 | |
Courtyard Burbank, CA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 24,417 | 24,917 | |
Courtyard San Diego, CA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 24,330 | 24,828 | |
Hampton San Diego, CA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 18,112 | 18,483 | |
SpringHill Suites Burbank, CA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 28,189 | 0 | |
Courtyard Santa Ana, CA [Member] | |||
Debt Instrument [Line Items] | |||
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 | $ 15,376 | 0 | |
Homewood Suites San Jose, CA [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate | [1] | 4.22% | |
Loan Assumption or Origination Date | Dec. 22, 2017 | ||
Maturity Date | Jan. 1, 2038 | ||
Principal Assumed or Originated | $ 30,000 | ||
Outstanding Balance | 29,354 | 30,000 | |
Total [Member] | |||
Debt Instrument [Line Items] | |||
Principal Assumed or Originated | 528,600 | ||
Outstanding Balance | 492,109 | 457,435 | |
Unamortized fair value adjustment of assumed debt | 3,654 | 4,330 | |
Unamortized debt issuance costs | (2,235) | (2,748) | |
Total | $ 493,528 | $ 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] | Assets securing this loan are under contract to be sold as of September 30, 2018. Under the purchase and sale agreement, the purchaser is required to assume the loan at closing. | ||
[3] | Outstanding principal balance is callable by lender or prepayable by the Company on August 1, 2019. |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Fair Value of Financial Instruments (Details) [Line Items] | ||
Long-term Debt, Fair Value | $ 1,300,000 | $ 1,200,000 |
Long-term Debt | $ 1,320,000 | $ 1,222,196 |
Derivative, Description of Terms | Company pays a fixed rate of interest and receives a floating rate of interest equal to the one-month LIBOR | |
Derivative, Notional Amount | $ 607,500 | |
Net unrealized gains in accumulated other comprehensive income (loss) expected to be reclassified to interest expense within the next 12 months | 5,800 | |
Interest Rate Swap Executed June 2018 Effective January 31, 2019 [Member] | ||
Fair Value of Financial Instruments (Details) [Line Items] | ||
Derivative, Notional Amount | $ 50,000 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements - USD ($) $ in Thousands | 9 Months Ended | ||
Sep. 30, 2018 | Dec. 31, 2017 | ||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | |||
Notional amount | $ 607,500 | ||
Fair value asset (liability) | 19,467 | $ 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) | $ 4,020 | 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) | $ 2,011 | 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) | $ 2,160 | 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) | $ 6,732 | 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) | $ 3,860 | 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) | $ 487 | 109 | |
Interest Rate Swap #7 [Member] | Designated as Hedging Instrument [Member] | |||
Fair Value of Financial Instruments (Details) - Schedule of Interest Rate Swap Agreements [Line Items] | |||
Notional amount | [1] | $ 50,000 | |
Origination Date | Jun. 1, 2018 | ||
Maturity date | Jun. 30, 2025 | ||
Swap fixed interest rate | 2.89% | ||
Fair value asset (liability) | $ 197 | $ 0 | |
[1] | In June 2018 the Company entered into a forward interest rate swap agreement with a commercial bank, which beginning January 31, 2019 will effectively fix the interest rate on $50 million of the Company's variable-rate debt. |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments (Details) - Derivative Instruments, Gain (Loss) Recognized - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Derivative Instruments, Gain (Loss) Recognized [Abstract] | ||||
Net Unrealized Gain (Loss) Recognized in Other Comprehensive Income | $ 2,415 | $ (144) | $ 11,015 | $ (1,154) |
Net Unrealized Gain (Loss) Reclassified from Accumulated Other Comprehensive Income to Interest and Other Expense, Net | $ 758 | $ (403) | $ 1,326 | $ (1,783) |
Related Parties (Details)
Related Parties (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 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 | $ 0.1 | $ 0.1 | |
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 | (0.7) | $ (0.5) | |
Due from Related Parties | $ 0.3 | $ 0.3 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | 20 Months Ended | ||||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Dec. 31, 2017 | |
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 | $ 0.90 | $ 0.90 | |||
Payments of Ordinary Dividends, Common Stock | $ 69.1 | $ 66.9 | $ 207.3 | $ 200.7 | |||
Dividends Payable, Amount Per Share (in Dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 | $ 0.10 | |||
Dividends Payable | $ 23 | $ 23 | $ 23 | $ 23 | |||
ATM Program [Member] | |||||||
Shareholders' Equity (Details) [Line Items] | |||||||
Stock Issuance Program, Authorized Amount | 300 | 300 | $ 300 | ||||
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 | $ 4.8 | $ 139.8 | |||||
Stock Issuance Program, Available for Issuance | 160.2 | 160.2 | 160.2 | ||||
Share Repurchase Program [Member] | |||||||
Shareholders' Equity (Details) [Line Items] | |||||||
Stock Repurchase Program, Authorized Amount | $ 464 | $ 464 | $ 464 | ||||
Share Repurchase Program, End Date | July 2,019 | ||||||
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 | $ 4.3 |
Compensation Plans (Details)
Compensation Plans (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2017 | Mar. 31, 2017 | Sep. 30, 2018 | Sep. 30, 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 | $ (1.2) | $ 2.5 | |||||
Accrued Bonuses, Current | 2.5 | $ 2.5 | |||||
Portion of Awards Paid in Cash | 25.00% | ||||||
Portion of Awards Issued in Equity | 75.00% | ||||||
2018 Executive Management Incentive Plan [Member] | Minimum [Member] | Potential Aggregate Payout [Member] | |||||||
Compensation Plans (Details) [Line Items] | |||||||
Labor and Related Expense | $ 0 | ||||||
2018 Executive Management Incentive Plan [Member] | Maximum [Member] | Potential Aggregate Payout [Member] | |||||||
Compensation Plans (Details) [Line Items] | |||||||
Labor and Related Expense | $ 20 | ||||||
2018 Executive Management Incentive Plan [Member] | Equity Awards Vesting at the End of 2018 [Member] | |||||||
Compensation Plans (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Portion | two-thirds | ||||||
2018 Executive Management Incentive Plan [Member] | Equity Awards Vesting in December 2019 [Member] | |||||||
Compensation Plans (Details) [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Portion | one-third | ||||||
2017 Executive Management Incentive Plan [Member] | |||||||
Compensation Plans (Details) [Line Items] | |||||||
Labor and Related Expense | $ 1.2 | $ 4.7 | |||||
2017 Executive Management Incentive Plan [Member] | Equity Awards Issued in First Quarter of 2018 [Member] | Share Based Compensation [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 | ||||||
2017 Executive Management Incentive Plan [Member] | Equity Awards Issued in First Quarter of 2018 [Member] | Unrestricted Shares at Time of Issuance [Member] | Share Based Compensation [Member] | |||||||
Compensation Plans (Details) [Line Items] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in Shares) | 223,421 | ||||||
2017 Executive Management Incentive Plan [Member] | Equity Awards Issued in First Quarter of 2018 [Member] | Restricted Shares Vesting on December 14, 2018 [Member] | Share Based Compensation [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 | $ 0.9 | |||||
2016 Executive Management Incentive Plan [Member] | Equity Awards Issued in First Quarter of 2017 [Member] | Share Based Compensation [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 | ||||||
2016 Executive Management Incentive Plan [Member] | Equity Awards Issued in First Quarter of 2017 [Member] | Unrestricted Shares at Time of Issuance [Member] | Share Based Compensation [Member] | |||||||
Compensation Plans (Details) [Line Items] | |||||||
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in Shares) | 60,028 | ||||||
2016 Executive Management Incentive Plan [Member] | Equity Awards Issued in First Quarter of 2017 [Member] | Restricted Shares Vesting on December 15, 2017 [Member] | Share Based Compensation [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 | $ 0.3 | $ 0.4 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, shares in Millions, $ in Millions | 1 Months Ended |
Oct. 31, 2018USD ($)$ / sharesshares | |
Subsequent Events (Details) [Line Items] | |
Payments of Ordinary Dividends, Common Stock | $ | $ 23 |
Common Stock, Dividends, Per Share, Cash Paid | $ / shares | $ 0.10 |
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.10 |
Dividends Payable, Date to be Paid | Nov. 15, 2018 |
Share Repurchase Program [Member] | |
Subsequent Events (Details) [Line Items] | |
Stock Repurchased During Period, Weighted Average Market Purchase Price Per Share | $ / shares | $ 16.35 |
Stock Repurchased and Retired During Period, Shares | shares | 1.6 |
Stock Repurchased and Retired During Period, Value | $ | $ 25.8 |
Hyatt Place Jacksonville, FL [Member] | Hotels Under Contract [Member] | |
Subsequent Events (Details) [Line Items] | |
Aggregate Number of Hotel Rooms | 127 |
Purchase Contract Gross Purchase Price | $ | $ 15.5 |